Tewkesbury St Mary the Wirgin with Walton Cardlff Parochlal Church Councll Annual Report and Flnan¢ial Slatements For the year ended 31 December 2022 Charity number 1133813 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Coun¢ll For the year ended 31 December 2022 Contents Page Administrative Information and Annual Report 1to8 Independent Examinerf5 rèport Statement of Finanaal A￿1V￿.e$ 10 Baknce Sheet Statement of Cash Flows 12 Notes lo the Financial Statements 131029 Tewkesbury St Mary the Vlrgln wlth Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2022 ADMINISTRATIVE INFORMATION The Parish ChU￿h of St Mary the Virgin, Tewkesbury with Walton Cardiff, is part of the Diocese of Gloucester within the Church of England. The principal and Correspondence address is The Abbey Offi￿, Church Sireel, Tewkesbury GL20 SRZ. 11 is part of the Benefice of Tewkesbury Abbey with Vvallon Cardiff and Twyning. The PCC 1$ registered with the Charity Commission - number 1133813. PCC members who have setved in the year from 1 January 2022 until this r9PQrt was approved are: The Vicarand Chaimian The Reverend Canon Dr Paul Williams Ito September 20221 Chalmlan John Anthony Parkes {acling Chair from September 20221 The Assistant Minlster The Reverend Wendy Ruffle Ilo June 20221 R&ader appointed to PCC Katherine Elherington {from May 20221 Churchwardans Nicola Hawley- Safeguafding Officer {to May 20221 John Anthony Parkes Nancy Oak&s Deanery Synod r9prg$entatives Cindy Bexfield- GDPR Trustee {to November 20221 Sunoo Varghese Karen Vincent Ifrom May 20221 Electod PCC mgmbgrs Marion Beagley David Bir¢h- Safeguarding Officer lfrom May 20221 Paul Charman- GDPR Trustee {from May 2022} Janet Davis - Treasurer Ben Fosler-smilh Ito May 2022} John Jeffreys (from May 20221 James Lancelot (from May 20221 Andrew Maynard PCC Secretary Marc Vincent Tewkesbury St Mary the Virgin WFth Walton Cardlff Paro¢hlal Church Council Annual report Icontinued} For the year ended 31 December 2022 Independent Examiner Randall & Payne LLP Chartered Accountsnls Chargrove House Shurdinglon Road Chellenham Glou¢eslershir8 GL514GA Bankors Bar¢lay8 Bank plc Leicester LE87 2B8 Solicitors Thomson and Bancks LLP 27 Church Street Tewkesbury Gloucestershire GL20 5RH Abbey Management Carfelon Etheringlon Mark Taylor Katherine Walson lan Bloom Rebe￿a Dun¢ombe Rachel Troll Minister of Music and Organist Head Verger arKI Operations Manager Finance Manager Finance Manager Estates Manager Commercial Manager {to December 20221 Te%vkesbury St Mary the Wirgin with Walton Cardiff Parochial Church Council Annual report Icontinuedl For the year ended 31 December 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Parochial chU￿h Coun¢ll (PCCI Tewkesbury Abbey St Mary the Virgin with Walton Cardiff Parochial Church Council (Tewkesbury Abbèy PCCI is a corp¢rate body established by the Church gf England. The PCC operates undèr the Parochial Church Coun&1 Powers Measure The PCC is registered with the Charity Commission No.1133813. The metho¢J of appolntmenl of PCC members is set out in the Church Representation Rules. The Vicar is Chairman ofthe PCC. The Churchwarden$, those ordained ministers who hold tha 8i$hop's License, and Deanery Synod lepresentslives are ex-officio members. The other members of the PCC are elected by the congregation at the Annual Parochial Chur¢h Meeting, and the members of the PCC then annually elect a Secretary and Treasurer. All regular Church attendees arè encouraged lo register on the Electoral Roll and lo sland for election to the PCC. There may also be ctroptions to the PCC where particular needs are identified. All members of the PCC are Trustees and training in the duties ol Trustees is provided as part of the process of induction of new PCC members. The PCC meets on a regular basis to transa¢l busines5 and receive reports from it5 six wmmittees- Standing, Staffing. Finance, Fabric. Growing in Faith Together, and Liturgy and Music. Representatives who serve on the Deanery Synod mport on 11$ activities. The PCC dorive$ f(5 income from direct gNing by ¢ongre9ation and visitors, fund raising and Gift Aided piofils from Tewkesbury Abboy Ltd., and fiom legacies. Managemont and Employment The PCC employs a number Of full-lime and part-lime staff and benefit5 from the support of numerous voluntèèrs whts offer their services at no cost to th8 PCC. The PCC considers that th& Vicar. Chur¢hwardens and other PCC member3 and certain senior employed staff comprise the key management of the Abbey in charge of directing and controlling, running and operating the Abbey on a day-to-day basis. All other members of the PCC give freely of their lime and no member received remuneration as trustee during the year. The pay of $tsff is reviewed annually and the pay of all staff 1$ normally increased in line wth the percentage annual increase adopted by the Diocese The PCC recognises the ¢onlribub'on of all employed staff and volunteers lo the Abbey's mission and witness and lakes this opportunity to thank them for their service. Tewkesbury Abbey Ltd ITAL) This company, which is limitèd by guarantee IRegistered Number 027555831 was fomed to undertake the commercial and revenue generating activities Carrigd out on behalf of the PCC induding management of the Shop, Touching Souls Tea Room and the hiring of the Abbey and Visitor Centre rooms for concerts, events and tours. The purpose of TAL is to provide effective management and use of its resources to maximi3e the contribution to the running costs of the PCC, within the core values of the PCC. The members of TAL are the Vicar. tsvo churchwardens and the elactèd members of the PCC. The members appoint the Board of Directors from thèir number and from others who bring appropriate skills to the company, all of whom are unpaid. The company employs a numbgr of volunteer helpers where appropriate. As the combined tumover of thg Abbey and TAL did not exceed £1,000,000, under the Charity Commission SORP regulations the financial activities of TAL are not consolidated within these financial statements and 80 have not been consolidated n these 8c¢ounts. Public Benefit The PCC has considered th• Charity Commi$$ion's guidance on public ben8fit and the advancement of religion. Tewkesbury St Mary the Wiryin with Walton Cardlff Par¢xhial Church Council Annual report Icontinuedl For the year ended 31 Decembgr 2022 Risk management There have been no changes to, or further development of, the Abbéy Risk Management process. Following the r¢eommendations of th@ Financi81 Review working party. pre-covid, the Financial Review implementation group needs to be re-established and continue the process of establishing a risk register linked to operational responsibilities. Currently, an annual rewew and consultation wth our Insurance Company and other agencies allows us lo identfy and manage perceived risks. 18ngible and financial. Risk Assessments are routinely carried out whenever rèquired and all recomrnendatrons actioned. General Data Protection Regulations Explicit consent lo hold and process data is sought from all groups and volunleeis within Abbey organi5alions and a policy is in place lo rnonitOT and report on GDPR matter5 to the PCC. A member of the PCC is appointod annually to monrtor and roport to th8 PCC as Trusleeg with oveigight re$pon3ibilities to ensure compliance with the regulations. Safeguarding The PCC remains awar& of ts safeguarding ￿Sponsibl1111es for th03e working with young people and vulnerable aduFts wrthin the Abbey and Parish and continues to retain the vigilance of an appointed person. who takes all ne¢essary 3leps lo ensure that the PCC is complying with the legal requirements. An annual review is mad• of safeguarding policies and the PCC also 6nsurès that tsutside organvialions using the Abbey and Visitor Centre have appropriate policies in place. Disability Discrimination Act 1995 The PCC. ils Committees and staff seek to ensure that 'best practice, under this legislation is achieved wherever possible and lakes every opportunity lo make improvements in the Abbey, Visitor Centre, and Abbey grounds. Report on 2022 The most signfficant event of the last ts¥e￿e months was that tha R8vd. Canon Dr Paul Williams left the Abbey in September atter 19 year5 of dedication, and hard work. It's often when someone is no longer with us that wè rèalise just what leadership and fo¢us he provided. He worked tirelessly on behalf of all of us. He established so much in his lime with us, developing the Abbey's ￿latIonShIp with the l¢iwn. fosleiing music in the Abbey wf(h Schola CanloNm. widening the range of worship within the Abbey and giving so much of his time to pastoral support lo so many in our congregation and beyond. The encouragerrenl he gave lo all who worked for the Abbey, both volunteers and staff was exemplary. His accomplishments are lo(> many t¢ mention. He will be missed. We wish him, Catherine and his family a joyfvl fvlure in his new post as Rector of the Sandringham Group of Pari$he¥. Interrognum and appointm•nt The appointment process for a new vI￿r began in September 2022 with a Parish Profile survey. We had responses from over 260 people. The input to the survey was from the cOng￿9￿10n and wider Church. t¢wn and school commun((ies to provide feedback about the Abbey. It was used by the PCC for the Parish Profile which wa$ publishèd aarly in 2023 to help attract applicants lo the post of the new Vicar of Tewkesbury Abbey. The work involved in producing the Profile itseW after analysing the survey was immen3e and huge thanks are due lo Karen Vincent arKI her team. The interview panel consisted ol our Patron from Christchurch Oxford, the Bishop of Tawkg$bury. the Archdeacon of Chellenham. the Area Dean, fv40 parish representatives from both the Ab4)ey and Twyning parish PCCS and non-voling represenl81ive from Celebrate. The shortlisting trf candidates took place in late February and inteNiews for four candidates were held in early March. After interview. the Revd Canon Ni¢k Davie3 was chosen lo be the next vicar of Tewkesbury Abbey. Fr Nick is curren15y Team Rector for South Cheltenham where he leads a team of eight ¢lergy and lay leaders serving fNe churches representing the breadth of the Church of England. His institution and induction will be held on Thursday 7th September al 7.30 p.m. Towkosbury St Mary the Virgin with Walton Cardlff Parochial Church Council Annual report Icontlnued) For the year ended 31 December 2022 C•l8bratO We also said goodbye to Wèndy Ruffle, our Pioneer Minister. who retired in 2022. The tireless work she dld establishing Celebrate and building a thriving worship comrnunity on Priors Park was exceptional. We ar& fortunatè that the diocese has appointed Sonya Newton, a pioneer minister in her fourth year of curacy, on a temporary basis. Sonya has not only kept Wendy's work alive and flourishing, but is building on it Very successfully. However, il was r￿en￿Y announced by the Archdeacon of Chekanham that Sonya wll be coming lo the end of her temporary posting with Celebrate. She has been appointed Pioneer Evangelist with the Churth Army in South Central Gloucester (Linden Areal. Hgr last service w((h Celebrate will be on 3rd June. Musle in the Abbey Our Minister of Music and Organi81. Carlelon Elheringlon, has continued to lead our music department giving us music of such a very high standard. Schda Cantorum and Simon 8911 ￿lumed lo the Abbey after Covid and il is lovely to seè girls n¢>w singing In both choirs. Musica Deo Sacra was successfully rts-inlroduced in August of 2022 after being cancelled for the fv40 previous years due lo Covid. It was good lo see so many people rètuming. Pattem of S8r¥lc88 We have begun to rtrestablish a retum to our ¢hur¢h ltrfe as it was before Covid struck. The new pattam to Sunday seNices intr¢xluced by Fr. Paul and the PCC after Covid meant that after the 8 o'clock Holy Communion there would be one morning service at 10.30 allemaling betsveen contemporary and tradttional styles of worship. During the interregnum the PCC are restricted in their ability lo makè changes to seNices. The cUr￿nt arrangement of services will likèly be reviewed once our new vicar is in place. The work load on our retired ctergy and lay reader has been ènomous since September. Without their dedicated and tireless woik we ￿vId not have ￿ntinued to keep our services going in the way that we have. So, on behalf of the congregation, we acknowledge their huge contribution Th8nk you too to our vergers and seNers. Their mmitment and the continuity they have provided during the va¢an¢y is truly irnpressive. So much work goes on unseen in the background, without whi¢h the Abbey would struggle. The va(sncy has meant a lot of additional work for volunteers and all our staff. PCC and churchwardens. I would like lo thank everyone for the way th8y havè stèppèd up b the mark and kept the Abbey not only on track, bul also re-lntroducing Remembrance Day services as we knew them in the past and all the Advent and Easter services. Chrith'ngle, although changed. was very Popular and attracted a large congregation of over 1,000. Attendance al some of our regular services is still down on prè-covid levels, but this is due to a variety of reasons. The live streaming equipment. bought and paid for by the Friends of Tewkesbury Abbey has been 8 lrfe-saver for many throughout Covid and still attracts a signfficanl number of view8 every Sunday. We need to find a way of ¢omrnunicaling better with thi5 'Vlrtual' congregation. F•bric and Maintsnance The PCC was able to secure funding for maintenance and repair of the office windows above the Parish Hall. This major project was completed on time and within budget M8ior and minor work recommended in the latest quinquennial inspection is being prioritised and fijnding sources identified. Other minor, mostly reactive work, has been ￿rrIed out throughout the year. Some major projects that were in thè planning stage were unable to be completed due to the Covid epidemic and there 15 a need for fvrther strategic planning in order to move forward. They are in abeyance until we have the new vicar in plac¢. Staff and Volunt••rs I would like to add my thanks to all the unsung heroes of the Abbey, the staff, volunteers, flower guild, choir, bellringers for their hafd work and dedication that kept us going throughout the year. I want lo give my personal thanks to Nancy Oakas. my fèllow ¢hur¢hwarden. lor her 5UPPOrt and all that she has done and keeps on doing. Her work ethic and commrtment to the Abbey over many, many year5 has been outstanding. Tèwk8$bury Abb•y Ltd. The directors, staff and volunteers are working to irnprove incorne from the Tea Room, Shop, Events and Guided Tours. After temporarily closing for a month in January. the shop has now reopened and is steadily improving turnovèr and pr¢fil. 11 is presently staffed and managed by volunteers. My thanks lo all of them and to the PCC treasurer, Janet Davis and our trèasury team for all they do. Tewkesbury St Mary tho Vlrgln with Walton Cardlff Patochlal Church Councll Annual report {continuedl For the year ended 31 December 2022 In 2022 we also saw the publication of Fr. Charles, book 'A History of Tewkesbury Abbey, Celebrating 900 year5,. The re5e8rch he has done ha5 re5utted In a wonderful book. If you haven t bought il yel. copies ale still available from the Abbey shop. All profits are being generously donated to the Abbey. Th8 Frlonds of T9wk8$bury Abbey and Towkg$bury Abb•y Foundatlon These charities have continued their financial and organisational support for the PCC throughout 2022. It is omforting lo know that these two charities work so hard for the interests of the Abbey. Pastoral Contact scheme This was introduced and organi8gd by our Lay Reador, Katie Elheringlon and Paul Harris and has rgcgndy been refined. This initiative is providing contacts and comfort for more vulnerabb m8mbers of our COngr￿ation. To the Futur• 2023 has come with as many challenges as 2021 and 2022. During the pandemic we lost people. Money is tighter with current inflation levels. and some of u5 have formed new habits. no doubl the consequence of lockdown5 which means we are not as regular at worship as we once were. Recovery has been slow. but steady. We look forward with great anticipation lo the Induth'on and Institution of the Revd. Canon Nick Davis. It is inèvitablè that thgre will bè changes and thall8nge$ ahèad. W& must movè forward together giving him all the support he needs. Finally, as a lay person l cannot say that I can Improve on th¥ final paragraph of Fr. Paul's report tsf last year. The Abbey's catholic mission is to offer the very best of who we are back to God in worship, praise, and prayer. We have so much lo celebrate at our APCM 2023. and I commend Ihe3e accounts lo you. May your prayer life deepen. your relationship with the Lord be renewed and grow, and your commitment to the Abbey strengthen in the coming months, as we together proclaim the Word and work of God. FINANCIAL REVIEW l. Nat movement in funds The nel movement in funds for the year is a defiat of £76,745 CoMpa￿d to WTth a gain of £838 in 2021. The, iedudion from 2021 is mainly due to the loss of £74,673 on investments. 2. Unr¥$tri¢t¥d Fund$ Thè Unrestricted Funds show a net deficit of £12.749 before transfers and investment movements, compared to a net deficit last year of £54,459 before transfers. The basic income (Planned Giving, Offertories and Visitor donations) rose 13% against 2021, with Visitor income rising to 21% above 2019 levels, help¢d by &le¢troni¢ payments constrtuting over SO% of Visitor donations. 3. T•wk•sbury Abb•y Ltd. The accounts for Tewkesbury Abbey Limited are not consolidated as the combined turnover of the Abbey and TAL dill not exceed £1,000.000, as required urKler the Charity Commission SORP regulations. Profil8 of £4.407 we made in the yèar to 31 D9c&mb8r 202212021- £14,623) prior to transfèrs to othèr funds and gift aid paymgnls. 4. Parish Share It is the policy of the PCC to pay Parish Share lo the Gloucestgr Dioc98an Board of Finance by regular monthly instslmgnls. The Parish Share contribution for 2022 was £125.000, an incr&asa of 6% on Iha ¢ontribulion for 2021 of £118.347. Tewkgsbury St Mary the Virgin with Walton Cardiff Parochial Church Council Annual report (continued) For the year ended 31 December 2022 5. Fabric Al non-urgent works were suspended during the pandemic. The Friends of Tewkesbury Abbey assisted with additional grants towards nece53ary maintenance. Urgent work on the Visitor Centre windows was carried out wth the assistance of grants from Entrust and the Pilgrim Trust with sornè assistsnce again from the Friends. Substantial fvture works are planned in response to the Quinquennial Inspection wf(h the Tower being the first focus 6. Plans for future poriods The currènt rise in the cost of living has meant that fund-raising at a parish level continues lo be a sensitive area. The Finance Commiitee of the PCC, together with the Tewkesbury Abbey Foundation and the Friend5 01 Tewkesbury Abbey are co-ordinating efforts to create a long-temi strategy lo $e¢uro all aspects of Abbey Llfe. Wllh the Interrègnum somè of this has ne¢4ssarily stslleuncil and hence for taking reasonable slep$ for the prevenb.on and detection of fraud and other irregularities. AII ITUStees at the time of approval of the report lo the Independent Examiners are not aware of any further relevant information and all appropriate steps have been tsken to ensure thi$. Tewkesbury St Mary the Virgin with Walton Cardlff Parochlal chU￿h Coun¢ll Annual ￿POrt l¢ontinuedl For the year ended 31 December 2022 Ind8pènd•nt &xamln8rs A resolution proposing a review of the Independent Examiners of the Parochial Church Council will be put to the Annual Parochial Church Meèting. This report was approved by the Par¢xhial Church Council ar)d signèd on its behalf by.. John Anthony Parkes Churchwarden and Chairman of th• PCC Date: 203 ## **Independent Examiner's Report to the Council Members of Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 10 to 28. ## **Responsibilities and basis of report** As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in Scotland, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed **Ryan Moore CA For and behalf of Randall & Payne LLP Chartered Accountants Chargrove House Shurdington Cheltenham GL514GA** **Date: 12 May 2023** 9 Tewkesbury St Mary the Viryin ￿1th Walton Cardiff Parochial Church Coun¢ll Statement of financial activities For the yoar ended 31 December 2022 Unr•$trict•d R8strict8d Endowmant funds funds funds 2022 Total 2021 Total Not• Incomt and 0nd0v￿ents Voluntary income Activities for generatrng nds Church activities In￿rne from inve51menls 262.558 341,504 61M,062 639.464 219.010 13,469 6,854 2,890 16,680 4.613 221,900 30.139 11,487 120,377 19,756 11,304 Total incom• 501.881 365,687 867,568 790,9f Expenditure Raising funds Church activities 113,9031 1500,7271 112,7271 1342,283) 126,6301 1843,0101 134,5781 1792,6741 Totsl 0X￿nditUr0 {514.630I {355,0101 1869,6401 1827,2521 N•t l•xp•nditurgllincome beforè inv•8tm•nt galn$ I {lossesl {12,7491 10,677 12.0721 136,3521 Net gainslllosseslon Inveslmenl$ 12 156.4751 118.1981 174.673) 37,190 N8t1oxp•ndlturell In¢omo 169.224} 10.6T7 118,1981 176.7451 838 Transfers btheen ft2nds 19 117,7341 17,734 Not movèmant In fund$ 186,9581 28N11 118.198} 176,7451 838 Tot¥1 fvnds brought forward 913.796 166,409 155.282 1,235,487 1.235,487 Total funds ¢arrl•d for4Yard 15.16 17 826.838 194,820 137,084 1,158,742 1,235,487 The above relates to conts'nuing opefations. The notes on pages 13 to 29 fomi an integral part of these fin￿Cial statements. TevA(esbury St Paary the Virgin vlith Walton Cardiff Parochial Church Councll Balance Sheel For the year ended 31 December 2022 Note 2022 2021 Fixod asséts Tangible fixed assets Investments 378,502 476,111 416,674 546,665 12 854,613 965,339 Debtors Cash at bank and in hand 152.503 199,014 163,490 242,042 351.517 405,532 Creditors: amounts falling due within one period 14 147,3881 1135,3841 Net eurrnnt assots 304,129 270,148 Net assets 15 1.158,742 1,235,487 FUNDS Unrestricted income funds Restricted income funds Endowment ftJnd8 16 17 18 826,838 194,820 137,084 913,796 166.409 IS5,282 1,158.742 1.235,487 The financAal ststemenls were approved by the Partxhial Churd) Counal on behalf by.. and signed on ils John Anthony Park•$ Chairni n ofthe PCC Janat Davis asurer 2b'l3 Thé notes on pages 12 10 26 form part tsf these financial statements. Tewkosbury St Mary the Virgin with Walton Cardiff Parochial Church Council Statement of Cash Flo￿3 For the year end¢d 31 Do¢ember 2022 Note 2022 2021 Cash flows ILr¥ed byyprovided by operatlng activitles 22 148,8311 {1,4741 Cash flows from investing activities Interest and diwdend income Proceeds from sales of investsnents Purchase of investments Pur¢ha3e of tangible fixed assets 11A67 78.114 180,2331 13,5451 11,303 53,684 156,1771 124.7451 12 12 Cash (used byllprovided by investing actSvltlas 5,803 115,9351 Ioecreasellincrease in cash and cash equivalents during the year 143.028) {17,4091 Cash and cash equNalents al the beginning of the year 242.042 259.451 Ca$h and cash equivalents at tho end ofthe year 199,014 242,042 The notes on pages 12 to 26 form an integral part of these financial statements. 12 TevA(esbury St Mary the Virgin viith Walton Cardlff Parochial Church Council Notgs to the Financial Statements For the year ended 31 De¢ember 2022 Accounting policies 1.1. A¢¢ounting convgntion Ba$1$ of preparation The PCC is a public benafit antity within the meaning of FRS102. The finanaal slalemenls have been prepared under the Charities Act 2011 and in accordance wth the Church Accounting Regulations 2006 gtsveming the individual accounts of PCC3 and with the Regulations 'true and f8irf prrjvisions. They have been prepared in a¢cordance with the Financial Rèporting Stsndard applicable in the UK IFRS 1021 issugd in October 2019 and the Finanaal Repgrttng Standard applicable in the United Kingdom and the Charities Act 2011 and UK Generally Accepted Practice as il applles from l January 2015. The present*ion cU￿encY is £ Sterling and the roundin9 level to tha n83re$t £. Thefinanoal slalements have been prepared on the accruals basis and underlhe historical cost convention except for the valuation of inv851menl assets. which are shown at market valuè. 1.2. Income and ondowments Voluntary income is received by way of donats'ons and gifts and is included in full in the Statement Of Financial Activities when rtrc8ivable Grfts donated for resale are induded as income when they are sold. Donated assets are included at the value to the eharity where this can be quantified and a third paty is bearing the cost. The value of s¢Ni¢es provided by volunteers has not been included. Legacies are included when the PCC is advised by the personal representative of an estat8 that payment will be made or propety transferred and the amount involved can be quantified. Income Tax recoverable on gift aid donations is reco9nisèd when the income is recognised. Grants, where entitlement is not conditional on the delivery of a specjfic perfomianee by the PCC. are recognised whèn thè PCC becomes unconditionally entitled to the grant. Funds raised by the fete, Christmas Fayre and $imiJar events are accounted for gross of exp&n$es. The PCC is registerad lor VAT and is p8rb.alty exempt. othor Incomo from OPgTating actlvitios to generato funds: Profits donatad under Grft Aid from ancillary trading are accountèd for gross. Loan interest receivable is accounted for when the amount falls due. Rgntal income from the leth'ng of church premises is rKognised when the rental is due. Income from invostmonts: Dividends and interest are accounted for when receivable. Any tax lecoverable on such income is recognised in the Same accounting period. Tewkesbury St Mary tho Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements Icontinuedl For the year ended 31 December 2022 Galn$ and 1098è$ on investments.. Realised gains oi losses are recognised when investments are sold. Unrealised gains or losse$ are ac¢ounled for on rev¥luatK*n of inve31menls al 31 December. 1.3. Exp¢nditur¢ l expenditure is included on an accruals basis and is recognised when there is a legal or eonstructive obligatitsn to pay lor expendf(ure. All support costs have been direcly attributed to church activities category in the Statement of Financial Activities. The irrecoverable elèment of VAT is included with tho item Of expense lo which it relates. Grants G¥anls and donations are accounted for when paid ov•r, or whon awarded, ifth* award ¢￿aleS a binding ot￿lg8￿.0n on the PCC. Activities relating directly to the work of thè Abb The dio¢esan p8rish Share is arLounled for when paid. 1.4. Fixed assets Consecrated and benefice property of any kind is axcluded from tha a¢¢ounls by Section 10121 of the Charf(ies Act 2011. Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC. and which requl a faculty fer disposal. are a¢wunled as inalienable property unless consecrated. They are listèd in th8 church's inventory which can be inspected lat any reasonable timel. For inalienable property acquired prior lo 2002 there 18 insufficient cost information available and therefore such assets are not valued in the account$. Itemg a¢qUi￿d Since 1 January 2003 have been ¢apitsli$ed and depreciated in the accounts over their currently antiapated useful economic lile linitially over twenty years) on a straight line basis. All expenditure incurred in the period on consecrated or beneficed buildings. individual items under £1,000 or on the repair of moveable church furnishings acquired before 1 January 2004 is written off. Flxed assets for use by the PCC Freehold land and buildings are included at cost or valuation. Mov8m8nts in valuations are included in unrestricted funds in the period of rgvaluali¢)n. Depreciation is provided at rates calculated to Write off the assets over their useful e¢onomi¢ lives as follows.. Freehold buildings Computèr equipment Other equipment Church fvrnishings straight line basis over 50 years straight line basis over 4 years 25% reducing balance straight line over 20 yaars 1.5. Leasing Rentals payable under operatin9 leases a￿ charged against in¢tsme on a straight line basis over the lease term. 14 Tewkesbury St Mary the Vlrgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For tho year ended 31 December 2022 1.6. Investments Investments are included at market Value at 31 $1 December. 1.7. Ca$h and cash equivalents Cash al bank and in hand and short term deposits ¢omprise cash and short-lemi highly liquid investments held with the CBF Church of England Deposit Fund or Barclays Bank and other institutions, maturing within three months or less from the o￿nIng of the deposit or similar account. 1.8. Curr•nt assets Amounts owing to the PCC at 31 st December in ¥espect ol fg8s. rents Or other income are shown as debtors less provi$ions, where appropriate, for amounts that may prove uncollectiblg. 1.9. Pensions The PCC makes contributions for the benefit of employees lo personal pension and to auto gnrolmenl scheme8. 1.10. Fund$ G*neral funds General funds represent the fvnds ol the PCC that are not subject to any rèstn"¢lions regarding their use and are available for application on the general purposes c*f the PCC. Funds designated for a particujar purpose by the PCC are also unrestricted. R•$trictsd fvnds Restricted fvnds are funds which are lo be used in accordance with spècifi¢ restrictions imposed by donors. The costs of raising and administèring such fvnds are charged against the specAfic fund. Thg aim and use of each restricted fund is set out in the notes lo the financial statements. Endowed funds Endowed funds of the PCC are those funds where there is no power to ¢onvert the caprtal into income. The income arising from the investment of the funds 15 restricted in use in line with the purpose of the original endowment The financial statemen15 include all transactions, assets and liabilrtie$ for whi¢h the PCC is responsible in law. They do not include the linanaal ststements of churth groups that owe their main affiliation to anothar body nor those that are informal gatherings of Church members. 1.11. Financlal Instrum•nts The PCC only h88 finaneial 88sets and financial liabilities of a kind that qualify ag basic flnancial in31rumenls. Basic financial instruments arg It)￿allY re¢o9nrLed at Ifansaction value and subsequently measured al their $etUemenl value. 1.12. Golng conum The ￿UnCl1 mernbers have reviewed the ongoing future of the PCC and consider that there are plans in place to ntinue thè PCC'S operats'on. 1.13. Provisions Provisions are set up only where it is probable th* a present C>bligation exists as a result of an event prior to the balance Sheet date and that a payment will b¢ requirod in 8ettJement that can be estimated reliably. Where m*arial, provi$ion$ are calculated on a discounted basis. 15 TeV￿e5bUry St Mary the Virgln with Walton Cardiff Parochial Church Council Notes to the Financial Statements Icontinugdl For the year ended 31 December 2022 Voluntary In¢omo Unrostrlcted Restricted funds funds 2022 Total 2021 Total Stewardship and planned giving Income Tax rec()verablÈ Collections al serv￿$ V15rtors' donalKJn5 Votive candles Grants receivable- (Note 8) Other donations and appeals LegacAes 76.323 42,037 22,327 99,948 14,706 78,323 42,037 26,835 99,948 14.706 281,366 55,832 7.015 80,572 2e,647 21.133 78,386 11,594 385,843 29,451 5.838 4,608 281,366 49,615 6,015 6.217 1,000 262,558 341,504 604,062 639,464 In 2021 of the voluntary income, £282,580 was in relath)n to unrgslri¢tgd funds and £356,884, restrfcled funds. Activities for generating funds Unrestrictsd Restricted fund¥ funds 2022 Total 2021 Total Incomè." Profjt donated from commeraal tradin9 opeialions Management charges Music in the Abbey concerts Fund raising a¢tiwtle$ Rents Printing and statior￿ry r￿harged 4,407 100,170 4,407 100,170 2,670 88.504 23.759 2,390 2,547 88,373 1.079 14,264 31,600 2,514 2,670 220 88,284 23,759 2.390 219.010 2.890 221,900 120,377 In 2021, of the activities for generating funds. £115.551 was in relation lo unrestricted funds and £4.826, restricted funds. Church a¢tlvitS&$ Unrostrictad funds R•strictad funds 2022 Total 2021 Total Income.. PCC facility fees PCC fees weddingslfunerals Flowers for weddingslfunerals Organ and choir for weddingsthnerals Musica Deo Sacra Sundry incnme 3,365 7,374 3,366 7,374 1,110 5.968 6.872 5,450 3.367 6,770 920 4,618 2,345 1,735 1.110 5.968 6,872 2,730 2.720 13,4S9 16,680 30.139 19.755 In 2021. of the church activities. £11,722 was in relation to unrestricted fvnds and £8,033, restricted funds. 16 TevA(esbury St Mary the Vlrgln wilh Walton Cardiff Parochial Church Coun¢ll Notes to the Financial Statements (continued} For the year ended 31 December 2022 Church activltles Icontinued) The PCC received parochial fees totalling £12,2191£11,829 - 20211 in the year. Of this. £4,8451£5,059 - 20211 was made up of slatulory fees due lo the PCC and the Oiocese as prepared by the Ar¢hbishops' Council under the Ecclesiastical Fees Measure 1966. The relevant slalutory fees have been passed on in full to thè Glou¢e$ler Diocesan Board of Finance and do not appear in the above finanaal stslemenls. In¢om& from investments Unrestricted R8strictad funds funds 2022 Totsl 2021 Total Bank interest Loan interest Dividends 533 628 360 10.481 39 360 10,905 360 6,401 4.080 6,8S4 4,613 11,467 11.304 In 2021. of the income from investments, £7,338 was in relation to unrestricted funds and £3,966. re31ricted funds. Raising funds Unrestricted Restrictsd lund• nds 2022 Total 2021 Total Expèndrturtr". Fund raising costs Investment management costs Music in the Abbey concerts Other property expenses 11,788 13.756 4282 939 7.653 19,591 4,468 168 10,351 4,282 939 7,653 13,￿3 12,727 26,630 34,578 In 2021, of the expenses to raise funds, £27,221 was in relatK)n lo unre8lricled funds and £7,357. restricted nds. Tewkesbury St Mary the Vlrgln vAth Walton Cardlff Parochlal Church Councll Notes to th¢ Finan¢ial Ststernents {continued) For the year ended 31 December 2022 Church actlvlt1•8 Unrèstrlctsd Rostrletsd funds funds 2022 Total 2021 Total Expendrture.. Missionary and charitable gNing Secular and Local charities Special collectigns paid lo charities 1801 2,558 6,506 6.506 Total grants payable 6,506 6,506 2,498 Ministy parish share clèr9y expenses Staff costs Abbey running expenses Service 3upplie$ Abbey routine maintenance and miTh)r repairs Office costs Human Rèsourcès costs and staff training Major fabric repairs Upkeep of hall and visrf(ors' centre Upkeep of churchyard Junior Church Choir and organ expenses Musica Deo Sa¢ra expenses Concert fees Legal fees Independent Examination fee Accountancy fees 100,824 24176 2.288 69,048 35.067 2.007 41,792 1.887 125,000 4.833 338,313 112.395 7,813 41,792 25,902 5,413 121,903 9.820 14,OSO 103 23,333 2,250 150 278 2,966 1.000 118,347 8,225 288,966 106,308 3.782 28,800 21,835 10,979 169,973 8,486 6,941 252 10.585 66 269,26S 77,328 5,806 23.205 5N13 121,903 9.820 1,814 103 12.236 23,333 2,040 210 150 278 2.966 1.000 820 3,700 1,000 500.727 342,283 843.010 792,674 Office costs comprising printing, postage. Stat￿￿ery, telephone and information technology expenses have been dire¢lly attributed to church activities. In 2021, of the Costs incurred by church activities, £444,429 was in relati¢n to unrestricted funds and £348,245, restricted funds. The PCC actsd as aggnt f￿,. the transactions of Tewkesbury Abbey Foundation, a Charitable Incorporated Organisation registered in England & Wales. The amount processed on ils behalf was net £12,016. The amount owed to the PCC al 31 December 2022 was £6.824131 December 2021 - £NIII. The amounts do not appear in these financial statements. 18 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Councll Notes to the Financial Statements (continued) For Ihe year ended 310ecember 2022 Grnnts r•cgivabl? Unrestricted Restrictsd funds funds 2022 Totsl 2021 Total Unrestr￿ed Friends of Tewkesbury Abbey Listed Places of Worship Pilgrim's Trust- Visrtor Centre Wndows Enovert IEntrusl}_ Visitor Centre VVThndows Cathedral Music Trust Tewkesbury Abbey Foundation HMRC Coronavirus Job Retention Stheme NatDnal Heritage- Culture Rewvery Fund Church of England Covid grant Tewkesbury Borough Coun¢il- Emergency Recovery Fund GIoU￿sterShIre County Council 143.934 327 20.000 $4,700 900 61,505 143.934 327 20,000 54.700 900 61,505 151,187 13,044 10,000 25,502 5,310 80.165 97.829 1,000 1,806 281,36fj 281,366 385,843 In 2021. of the grants received £58,184 relates lo unrestrrted funds and £327,659, restricted funds. Grants payabl• 2022 2021 Unrestrictod funds Secular charitias 1601 {601 R•Stri¢t￿ fund$ Other charltlas: Christian Aid Huntington's Disease Assoaation DEC- Ukraine Humanitarian Appe DEC- Pakistan Floods Appeal Harvest Char￿e8 From Episcopal Servicès The Royal British Legion Choir Schools, Associal￿n Bursary Fund Tewkesbury Abbey Foundation Churches Together Tewkesbury Chrislrnas Charities Income received In year 250 250 952 507 366 96 814 288 288 30 676 897 295 57 6,506 2,558 Total grants payable 6,506 2,498 19 Tewkosbury St Mary the Virgin Y•ith Walton Cardiff Parochial Church Council Notes to the Financial Ststements (continued} For the year ended 31 December 2022 Grants payable Icontinued) Collections from Chislmas ServrES for 2022 induding Epiphany in January 2023, were paid out to the followng charibes in 2023: Tewke5bury Foodbank Age UK Medeans Sans Frontieres Children'5 Sorjety 755 755 755 818 3,083 20 Tewkesbury St Mary the Vlrgln wlth Walton Cardiff Parochial Church Council Notes to the Financial Ststsmgnts {continued) For the year ended 31 December 2022 10. Employo0$ Number of employees The average number of staff, èxcluding trustees, during the period was 31 12021- 241. 17 were engaged in church activities and 14 in the activities of the subsidiary, Tawkèsbury Abbey Limited. staff costs 2022 2021 Wages and salaries Social Securty ¢osts Pension costs 309.134 15.222 13,957 263,384 13,243 12.339 338.313 288,966 No employee received employee benefits of more than £80,000 in the year12021- NIL). No trustee rece+ved any remuneration in the year except as di$¢lo$ed in Note 2012021- NIL). The key manag8m8nt parsonn81 of th$ charity comprise the Trustees, Eslales Manager, Finance Managérs. Minister of Music and Organist, Commercial Manager and Head Verger and Oper*ions Manager. The total employee benelils of the key management personnel Df the PCC were £164,27712021- £167.7141. Pgnsion costs The pension costs charged against nel ineome represent the amount of the contributions payable to three employees, private pension schernes in the accounting ￿ri0￿ and lo len other ernployees, schemes under the auto enrolment provisions. 11. Tangible fixed assets Freehold land and bulldlng$ Furniture and ¢quipm¢nt Total Cost or valuatlon At 31 De￿mber 2021 Addith"ons Disposals 341,240 527.064 3,566 14.8251 868,304 3,566 14.82SI At 31 December 2022 341,240 525,80S 867,045 Doprfr¢latlon Al 31 December 2021 Charge for the year Disposals 108,226 6.825 343,404 34,892 14,8041 451.630 41,717 14,8041 At 31 Dacombor 2022 115,050 373.492 488,543 Net Ix)ok values At 31 tl¢¢¢mbor 2022 226,189 152,313 378,S02 Al 31 December 2021 233,014 183,660 416.674 21 Tewke$bury St Mary the Vlrgln vAth Walton Cardiff Parochial Church Council Notes to thg Financial Statements {continued) For the year ended 31 December 2022 12. InV￿tmentS Total 2022 Total 2021 Markgt valu8 At 31 December 2021 Addith"¢ns Disposals Nel profit on revaluation (notes 16,17,181 548,665 80,233 (78,1141 174,6731 508,982 56,177 153,6841 37,190 At 31 D&¢omb•r 2022 476.111 548,665 His1￿Cal cost al 31 December 2022 344.746 344.746 The investment portfolio consistlng of £324,651 12021 - £379.6511 Managed Funds and £14,37712021 £13,733) cash balances is managed by Quilter Cheviot Ltd. The balance represents holdings in Central Board of Finance managed funds and comprises unlisted investments. Portlolio listed aB89t allocation is as follows: 2022 2021 UK Fi¥ed interèst Foreign Fixed Inte￿$t UK Equities Foreign Equrties AAemative investment markets 108.516 23,787 36,923 72.903 82.522 84,773 54,297 50,820 104,511 85,250 324.651 379,651 13. ￿btOrS 2022 2021 Income Tax reo)verable Other debtors Prepayments and accrued income 8,523 98,266 45,714 14,486 115,622 33,382 152,503 163,490 Induded in net total amounts owed lo the PCC by Tewkesbury Abbey Limited of £94.66212021 £112,346) is a loan of £72,075 on which interest is paid at a rate approximating to the 8ank of England bas& ratè at 31 Dècember. There is no fixed repayment date for this loan. 22 TevA(e$bury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 December 2022 14. Cr&ditors= amounts falling due within ong period 2022 2021 Creditors for gwds and services Other creditors Accruals Delerred income 4,199 5,101 34,857 3,231 5.199 10,002 116,264 3,919 47,388 135,384 Deferred income consists of the follo￿ng amounts.. Wedding d&ptssits Deposit.. inlemient of ashes Rents weived in advance 1,231 soo 3,231 1S. Analy$l$ of not a$s•ts bolNM•n funds Year endod 31 Dgc8mbgr 2022 Unrestrl¢tsd funds Rèstricted fund$ Endowment funds Total Fund balances at 310ecember 2022 as represented by.. Tangible fix&d ass8ts Fixed asset investments Current assets Current liabil￿e$ 378,$02 339,028 142.809 133,5011 378,502 476,111 351,517 {47,3881 137,084 208,707 113,88n 826,838 194,820 137.084 1,158.742 Yoar ondod 31 D•¢emb•r 2021 Unre5trictsd funds Restricted fund5 Endowment funds Total Fund balanL*$ at 31 fjecember 2021 as represented by". Tangible fixed assets Fixed asset investments Current assets Current liabilities 416,674 393,383 206,483 {102,7441 416,674 548,865 405,532 (135.3841 155,282 199.049 132,6401 913,796 166,409 155.282 1.235,487 23 reV￿e$bUry St Mary the Virgin Walton Cardiff Parochial Church Council Notes to the Financial Statements {contlnuedl For the year ended 31 December 2022 16. Unrestricted fund Y•ar •nd•d 31 Dgcambèr 2022 31 Decembar 2021 31 Dè¢èmbar 2022 Incomè Ex￿ndItUre Ganllloss} on nveslments Transfers General fund Desi9natéd fixèd asset fijnd Designated legarye8 fund Tewkesbury Abbey Ltd development fund Abbey Lodge Maintenance fund 429.106 501,881 1471,0691 156.4751 129.4491 373.994 416.674 141,7381 3,566 378.502 36,802 36,802 78.904 3.397 22.301 4.752 4752 Abtey House fund 12,310 11.823} 10.487 913,796 501,881 1514,6301 156,4751 117,7341 826.838 Yoar •nd9d 31 December 2021 31 Decernber 2020 31 December 2021 Incon￿ Expenditure Gainlllossl on investments Tran5fws General fund Designated fixed asset fund Designated legacies fund Tewkesbury Abbey Ltd development fund 444,343 417.191 1426,0241 17,670 124,0741 429.106 434.99 (43,￿1) 24.745 416.674 36,802 36,802 17,442 1,462 18,904 Abbey House fvnd 14,875 12,5651 12,310 948,452 417.191 1471,6501 17,670 2.133 913,796 24 TevAte$bury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements (continued) For the year ended 31 Decembor 2022 16 Unr¥$trl¢ted fundg l¢ontinuedl T•vA(o¥bury Abbey Ltd development fund The PCC designates up to 10% of the profrts of Tewkesbury Abbey Ltd every year as wort¢ing capital foi the development of the company. Profits of £4,406 werg made in the year to 31 December 202212021- £14,623) prior to tran$fer$ to other ￿ndS and grf( aid payments. Abbey House fund Profits donatèd from the annual Food and Drink Festival and other events held in Abbey House and 118 garden8 are designated to be ustrd to rè-dècofat8 and renovate the public rooms in Abbey House and support some of ils running c4Jsls. No such activities took place in 2022. 17. Rostrictgd funds yaarand￿ 31 Docgmb•r 2022 31 Decgmbor 2021 31 December 2022 Incoming Resources Resources Expandèd (Lossl on reval(Jation Transfers Abbey Music fund Fabric fund PCC fumishings and fittings Bells mainlonance Choir Flower MUS￿ in thè Abbey Musrca Deo Sacra Sewing Guild Speaal collections Celebrate Foundation Celebrate Communty Fund 20.21900 years celebratK)n Non material fvnds 43,854 253.678 161,1131 (229,4151 17,259 19,660 49.923 4.812 10,136 4,612 10,338 202 975 3.148 2.680 7,246 11.450) 12,6151 19271 16,7681 1401 16.5061 475 12,204 8,321 29.864 5,503 1,045 12.737 10.074 30,342 5.463 1,04S 26.303 126,3031 27,386 5.263 11,7331 30.916 41,035 6.643 14825 18,094 38,766 6,604 166,409 365,687 1355,0101 17,734 194,820 Collections for 5peryfic charits"e5 al funerals and speaal services amounting to £4.720 were paid over to the charities or schools concerned. 12021 £1.3501. The amount owing at 31 December 2022 was £NIL12021 £1,593). 25 Tewko$bury St Mary the Virgin with Walton Cardiff Parochial Church Council Note$ to tho Financial Ststernents (continued) For the year ended 31 December 2022 Year ended 31 DeC￿nber 2021 31 December 2020 31 December 2021 In￿mIng Resources Reseurce$ Expended ILo8s1 on revaluation Transferg Abbey Music fijnd Fabric fund PCC furnishings and fith'ngs Bells maintenance Choir Flower Music in the Abbey MusieA Deo Saua Sewing Guild Special collections Community Fund Celebrate Fund 4,750 19,030 27,209 282,617 149,0581 {265,2871 17,099 116,7001 19,660 4.612 3,667 4.612 10,138 6,478 100 2,558 1,079 2,345 {91 12731 11,8291 11681 1661 173 11,475 7,410 27,585 5.503 12,203 8,321 29.864 5,503 1,045 6.308 26,042 12,5581 (26,0421 12,7051 26,938 7,771 17,6231 300 27,386 20.21900 years celebration Non ￿aterIal fund8 32,797 6,668 11.742 13.5041 1251 41,035 6,643 150,435 373.709 1355,6021 12,1331 166,409 Purposes of restricted funds Abboy Muslc Fund Originally, the Abbey Music Fund was formed from several legacies and bequests. These have now been exhausted. The no longer generates enough income to cover expenditure so is subsidised, in 2022, by £17.259, from the General Fund. Fabric Fund The Fab￿C Fund receives donations, bequests and grants whose purpose is restricted to the repair, maintenan and adommenl of the Fabric of the Abbey. logetherwilh interest and dividends from the Fabric Fund endowments. The PCC will ensure that this income is applied to axpanditure in accordan¢è with the restrictions plaeed upon it. PCC fumlshlng$ and fitUng$ Funds raised by Ihe sale of pictures to be used for the repair of antique knmiturg. Bèlls malnt•nan¢• Income from deposits, interest and dividends ari$ing from investments and peal fees to be used for repalr and maintenance of bells. Cholr Interest. grants, donations and wedding fees to fund purchase of ch¢￿r music, to pay junior chori$t8rs and to pay ¢h¢ir feès. Flower Interest, grants, donations and wedding fees lo fund the supply of flowers to decorate the Abbey. Music in the Abbey Donations and proceeds from organ concerts and lunchtime recitals lo be used foi Milton Organ maintenance. Musica Deo Sacra Proceeds from 5peual Servi￿3 10 511PPOrt fvlure 5irnilar events and the musical life of the Abbey. A PalrThis Scheme was set up in 2018 to make the fund more financially sustainable. 26 Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council Notes to the Financial Statements Icontinuedl For the year ended 31 December 2022 Sowing Guild Funds held for the maintenance and replacement of vestments and altar linen. Community Fund Donats'ons and fundr8ising proceeds to be used lo support famity activities within the Celebrate ¢omrnunity. Colgbrate Fund This fijnd eomprise$ contributions from The Tewkesbury Abbey Foundation to support tho Celebrate communty. 20.21900 yoars ¢elebration 2021 marked the 900th anniversary ofthe ¢on3ecration of the Abbey and the 550th anniversary of the battle of Tewkesbury. A strategic plan had been prepared and a fvnd sel up wrf(h the vision of renewing people and placè by 2021. Donations to the 2021 fund were to be used towards the objecthies of the 2021 Strategic Plan. Due to the Pandgmi¢ many of the activrties were not possible and in 2023 the PCC decided lo Glose the fund and advise all those still contributin9 of thèir decision 11 is still hoped lo use the funds for a commgmoralivg plaque on the North Path. any remaining fvnds to be transferred to the Music Fund, as ¢riginally determined. 18. Endowmont funds Yèar endad 310•¢omb•r 2022 31 Do¢ember 2021 Gain I Ilossl on revaluation 31 December 2022 Fabric Fund Bells Maintenance 149,435 5,847 117.5131 {6851 131,922 5.162 155,282 {18,1981 137.084 Yoar ended 31 Decombor 2021 31 D8combor 2020 Gain on r•valuation 31 Decembgr 2021 Fabrrc Fund Bells Maintenance 130,650 5,112 18.785 735 149,435 5.847 135,762 19.520 155,282 Purpostt of *ndowment funds These funds comprise.. Fabric èndowment fund.. Unspent fvnds deriving from legacies transferred from The Tewkesbury Abbey Appeal Trust. together with further endowments bequeathed after the Iransler date. have been invested as a capital fund. The income arising will be credited lo the Fabric Fund. Bells Maintenance endowment fund". Thè detsils of the original bequest forming the other endowmènt fund which is invested in 250 Central Board of Finance sha￿S are not known. The income from this holdin9 is for the maintenance of the bells. 19. Transfers betsveen funds Transfers were made lo the Abbtry Music fund and the Choir fund of £17,259 and £475 respectively lo offset overspends from these tsyo funds. The purchasès of fixèd assets. £3,566. £2.634 the Abbey Lodge Maintenance fijnd and IT equipment of £932 from general funds wera transferred to the unrestricted designated Fixed Asset fund INote 161. 27 Tewkesbury St Mary the Vlrgln Walton Cardlff Parochial Church Council Notes to the Financial Ststements Icontinuedl For the year ended 31 December 2022 20. Transaction¥ wtth trustees and other relatsd parties Included within staff costs (Note 101 is.. al £4,37712021 - £10.1991 paid to Gordon Ruffle. husbarKI of Reverend Wendy Ruffle, a Iruslee. £NIL was owèd to him at 31 Dèc6mbar 202212021 - £8851. bl £Nil12021 £3,290) was paid to Harry Williams. son of Reverend Canon Paul Imlliams, a Iru$lge. £NIL was owed lo him al 31 Decernbef 202212021 £NILI. c) £Nil12021- £1481 paid to lan BliW, a trustee employed as a financg manager from 1 January 2021 until he resigned from the PCC on 3 January 2021. This was pemiitted under the Parochial Church Counal Me8$ure ¢>f 1956 amended by $.5 of the Church of England (Miscellaneous Provisionsl Measure 2014 10 include the power to employ trustees (members csf the Coun¢ill subject lo certain condrtion3. dl £22,30212021- £nill paid to Carleton Elheringlon, the spouse ol a trustee employed as a Ministar of Musie & Organist. el £7.34112021 - £nill paid to P* Horsley, the Mother of a Iruslee employed as a Temporary Verger. Q In the year ended 31 December 2022 and in the prior year, the grand¢hildren of Iruslee. David Birch were remunerated non-malerial amounts for assisting in the activits'es of Tewkesbury Abbey Limited and one of them 8$ part tsf the Junior Choir. In the year ended 31 December 2022. the children of Iruslees, Katie Etherington, Paul Charman, and Sunoo Vargh8se w8re remunerated non-material amount5 as part of the Junior ChoiT, choral and organ scholarships. Nicola Hawley, a Iru8lee within the year, rents a flat in Abbey Lodge. a property owned by the PCC at commercial rate. Expenses paid to dergy who are also trustees are disclosed in Note 7. The expenses daim$ are for telephone and broadband. travel. books and iterns requirect lo carry out pioneer ministry work. The amount owing to th8m at 31 December 2022 15 £24712021- £6611. Al 31 December 2021, pension contrfbulions for Reverend Wendy Ruffle of £63,915 were outstanding having been accrued up to 31 December 2019. These were paid during the financial year. Aggregate donations, net of Gift Aid. received from trustees and their related parties amounted lo £7,12612021 £9,4361. Paul Charrnan. a PCC member from 22 May 2022, donated his organist fees of £745 to ihe PCC on 4th & 5th May 2022, prior to his appointment as a PCC member. 21. Obllgatlons undor op8ratlng loases Al 31 December 2021 the charity had annual commitments under non-cancellable operating leases as follows.. 2022 2021 Amounts payable.. thin 1 year Betwe￿ 2 and 5 years After more than 5 years 28 Tewkesbury St Mary the Viryin vlith Walton Cardiff Parochial Church Council Notes to the Financial Slatements (continued) For the year andgd 31 December 2022 22. Rgconclllatlon of n•t ineom• to n•t ¢a5h flow from oporating acUvltl•s 2022 2021 Net income Add back deprecAation AddllDeductl gainlllossl on investments Deduct invastmenl income Ilncreasell decrease in debtors Increasel{decrease} in creditors 176,7451 41,717 74,673 111,4671 10,987 187,9961 838 43,061 137,1901 {11,3031 (24,3591 27,479 N•t eash lu$od byy provided by operating actlvlllos 148,8311 11,4741 29