Charity number: 1133813 tEWLESBUFLY QBBEY TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
TEWKES8URY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL CONTENTS Page Reference and administrattve details of the Charity, its Trustees and advisers Tru$teeG' report Trustees. respon$ibilitie$ Ststement Independent examlner's report Statement of financial activities 10-11 12 Balance sheet 13 Statern?nt of cash flows 14 Notes to the flnanclal statsments 15-38
TEWKESBURY ST MARY THE VIRGIN YIITh WALTON CARDIFF PAROCHIAL CHURCH COUNCIL REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees The Vicar and Chairman.. The Reverend Nicholas Duff Davies lappoinled 7 September 20231 Churthwardens. Paul David Chamian John Parkes (resigned 21 May 20231 Nancy Oakes Deanery Synod Representatives.. Peter James Small (appointed 21 May 2023} Linda Jeffreys18ppoinled 21 May 20231 Sunoo Varghese (resigned 21 May 20231 Karen Vincent Reader appointed to PCC.. Katherine Elheringlon Elected to PCC.. Marion Beagley David Birch Michael David Bristow (appointed 21 May 20231 Hildegarde Elizabeth Charman (appointed 21 May 20231 Janel Edith Mary Davis (Treasurer) Sarah Frodsham lappoinled 21 May 2023, resigned 20 March 20241 Rubin Lee Hart (appointed 21 May 20231 Rowan Ireland (appointed 21 May 20231 John Tudor Jeffreys James Lancelot Andrew Thomas Westenborg Maynard Joy Patricia Pegg (appointed 21 May 20231 Leslie John Stamp lappoinled 21 May 2023} Cctropted to PCC. Susan Rosernary Palmer {appointed 29 November 20231 PCC Secretary: Peter Ireland lappoinled 21 May 20231 Marc Vincent (resigned 21 May 2023} Charity registsred numbgr 1133813 Principal office The Abbey Office Church Street Tewkesbury GL20 5RZ Bankers Barclays Bank plc Leicester LE87 28B Page 1
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Solicltors Thomson and Bancks LLP 27 Church Street Tewkesbury Glouce5ter5hire GL20 5RH Page 2
TEWKES8URY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the financial statements of the Tewkesbury Sl Mary the Virgin with Walton Cardiff Parochial Church Council for the year 1 January 2023 10 31 Dernber 2023. The Charity also trades under the names Tewkesbury Abbey Limited. Structure. Govemance and Management Parochial Church Council {PCCI Tewkesbury Abbey St Mary the Virgin with Walton Cardiff Parochial Church Council (Tewkesbury Abbey PCCI is corpoiate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is registered with the Charity Commission No.1133813. The method of appointment of PCC members is set out in the Church Representation Rules. The Vicar 4$ Chairman of the PCC. The two Churchwardens, those ordained minister5 who hold the Bishop's License, and Deanery Synod representatives are exryofficio members. The other rnernber5 of the PCC are elected by the congregation at the Annual Parochial Church Meeting. and the members of the PCC then annually el8Ct a Secretary and Treasurer. All regular Church attendees are encouraged tg register on the Electoral Roll and to stand for election to the PCC. There may also be COwoplion5 to the PCC where particular needs are identified. All members of the PCC are Trustees and training in the duties of Trustee5 is provided as part of the process of induction of new PCC members. The PCC meets on a regular basis lo transact busines5 and receive reports from ils six committe85 - Standing, Stsffing, Finan, Fabric, Growing in Faith Together, and Liturgy and Music. Representatives who serve on the Deanery Synod report on its activities. The PCC derives its income from direct giving by congregation and visitors, fund raising and Gift Aided profits from Tewke5bury Abbey Ltd., and frorn legacies. b. Managgment and Ernployment The PCC employs a number of full-b'me and part4ime staff and benefits from the support of numerous volunteers who offer their services at no cost lo the PCC. The PCC considers that the Vicar, Churchwardens and other PCC members and certain senior ernployed 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 ol their time and no member received remuneration as trustee during the year. The pay of staff is reviewed annually. The PCC recognises the contribution of all employed staff and volunteers to the Abbey's mission and witness and takes this opportunity lo thank them for their service. Page 3
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structurè, Governance and Managgment Icontinuedl ¢. Tewkesbury Abbey Ltd ITALI This ¢ompany, which is limited by guarantee (Registered Number 027555831 was formed to undertake the commercial ond revenue generating activities carried out on behall of the PCC including management of the Shop, Touching Souls Tea Room and the hiring of the Abbey and Visitor Centre rooms for concerts, events and lour5. The purpose of TAL is lo provide effective management and use of its resources lo maximise the contribution lo the running costs of the PCC, within the core values of the PCC. The seven mernber5 of TAL are the Vicar, Churchwarden5 and up to 4 members of PCC who are appointed by the PCC. The TAL members can appoint up lo further directors Iwho do not need to be PCC members) who bring appropriate expertise and skills lo the company. All TAL members and directors are unpaid. The company engages a number of volunteer helpers where appropriate. As the combined turnover of the Abbey and TAL did not exceed £1,000,000, under the CharTty Commission SORP iegulations the financial activities of TAL are not consolidated within these financial statements. d. Public Bgnofrt The PCC has Gonsidered the Charity Commission'5 guidan on public benefit and the advancement of lIgIOn. g. Risk Management There have been no changes lo, or further development of, the Abbey Risk Management process. Currently, an annual review and consuftalion with our Insurance Company and other agencies allows us t¢ identify and manage perceived risks, tangible and finanaal. Risk Assessments are routinely carried out whenever required and all recommendations aclioned. f. Ggngral Data Protection Regulations Explicit consent to hold and process data is sought from all groups and volunteers within Abbey organisations and a policy is in place to monitor and report on GDPR matters to the PCC. A member of the PCC is appointed annually lo monitor and report lo the PCC as Trustees with oversight responsibilities lo ensure compliance with the regulations. g. Safeguarding The PCC remains aware of rf(s safeguarding responsibilities for those worf(ing with young people and vulnerable adults within the Abbey and Parish and continues to relain the vigilance of an appointed person, who lakes all necessary steps lo ensure that the PCC is complying with the legal requirements. An annual review 1$ made of safeguarding policies and the PCC also ensures that outside organizalions using the Abbey and Visltor Centre have appropriate policie5 in place. h. Dlsability Discrimination Act 1995 The PCC, its Commillees and staff seek to ensure that 'best pracli¢e' under this legislation is achieved wherever possible and tskes every opportunty to make improvements in the Abbey, Visitor Centre. and Abbey grounds. Page 4
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Vicar's Report on 2023 a. Arrival Notes Since my arrival in September of 2023, 1 have enjoyed getting to know the Abbey and Tewke5bury and getting an understanding of both the challenges and opportunitie5 ahead of us. The Abbey congregation, aided by committed retired clergy, has weathered the intergnurn well,. maintaining the pattern of worship, engaging with the wider life of the parish, town and diocese and developing pastoral care to members of the congregation. The building, too. has also been well maintained thanks to the contrnued hard work of the Fabric Committee. our Estates Officer and architect. By the end of the vacancy, many of our volunteers were somewhat exhausted and were keen for the arrival of the new Vicar. b. Worship For some time now the Abbey has sought to review our pattern of worship in order lo develop a pattern which is both enriching and sustainable for the future, nourishing our current congregation whilst also reaching out lo less well represented including families and young people. Following conversations at our Liturgy and Music committee, we introduced a new pattem of worship in May 2024 which ineludes an all age Servi on the first Sunday of the month and balances contemporary language and tradib'onal language Mass over the month. ¢. Celebrate During the vacancy. the Celebrate community has struggled to maintain its previous pattern of worship and activity. We have been grateful for the support of Diane Cluttefbuek in providing pastoral care lo the ongregalion and have recently enjoyed monthly services of Communion in the Lady Chapel. We hope that with the appointment of a new Associate Vicar we will be able to review and develop many of these activities as we lean in to the possibilities for ministry and mission across Priors Park and beyond. d. Installations and events In February of 2024 we hosted Luke Jerram's 'Gaia' as part of a wider partnership with Tewke5bury Cultural Consortium which made a major grant lo enable us to book the installation and promote the event. Gaia was seen by over 23,000 people and raised over £27,000 for the Abbey. This was an exciting opportunity lo see what might be possible with a greater investment in markeb'ng and hosting of cultural even15. Thanks go to the many stsff and volunte@rs who enabled this lo happen. e. Associate Vicar In March 2024 we were able to appoint a new Associate Vicar lo the Benefiee, Revd. Hannah Barraclough. This role includes responsibility for leadership of Celebrate, pastoral care for Priors Park, leading on children and families ministry and being a 51ipendiary ministerial colleague to the Vicar across the Benefice. We look forward lo Hannah taking up her role in May and the skills, experience and insights which she will bring. Page 5
TEWKESBURY ST MARY THE VIRGIN rH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Vlear's Report on 2023 {continu¢d) lconlinuedl f. Flnances Following the COVID pandemic and lockdown, the Abbey faced significant financial challenges as il sought to balance ils core running costs against money raised from congregational giving, trading and other income from visitors, Friends and Foundation. In my first few months I have spent significant b'me with the Finan¢e Committee and the PCC, as we have sought to respond to these challenges. During the autumn of 2023, the PCC agreed a budget recovery plan which included a temporary reduction in parish share payments to the Diocesan Board of Finance. We also negolialed increased short term conlribub'ons from the Friends of Tewkesbury Abbey and the Tewkesbury Abbey Foundation for which we are very grateful. The plans also indude a longer term commitment lo investing in stewardship, the hosting of major installations and a significant increase in the numbers of visitors and subsequent incorne. A stewardship campaign in the autumn of 2023 has led to a significant increase in congregational giving through the Parish Giving Stheme. This will become an annual campaign each autumn. We a currently in conversatTon with the Heritage Lottery Fund about a potential development grant application under the Heritage 2033 scheme and look foM8rd lo prOgsSIng this over the coming months. g. Stsffing In the spring of 2024, the PCC agreed lo a revised staffing structure with the appointment of Heads of Departments including the reeruilment of a new Head of Marketing and Events. We look forward to the new post holder taking up their position in June. We are also shortly lo appointed a full lime eslale manager. as a replacement for Becky Dunscomb. h. Looklng to the future It has been a busy first few months in post and I'm looking fotward to the arrival of new colleagues to share in the workl We also hope that Conversations with Heritage Lottery Fund will lead lo a fruitful outcome and the investment in greater staff resources. The Abbey has many StngthS and at its core is the faithfulness of its congregatron. We also. however, face significant challenge5 and will need to ensure that we develop an entrepreneurial spirit and a learning culture as we seek to engage with new congregation members and significantFy larger numbers of visitors from across the region and the world. Over the summer we will be developing a strategic framework to guide us in this work. We hope that this strategic view will enable us to rise lo those challenges and to mark our progress towards them. My sense is that these have lo dg with Welcoming all as Christ, offering glimpses of glory, growing in farth and living out God'5 love in th8 worfd. In the meantime. can I take this opportunity lo thank the Chur¢hwardens, the Parochial Church Council, Ministerial colleagues and the whole congregats.on for their warm and generous welcome to myself and my family and for the way in which they have supported us as we have settled into life in Tewkesbury. I10gk forward to walking alongside you over the coming years as we both cherish that which we have inherited and discern the new things into which God is calling us. Page 6
TEWKESBURY ST MARY THE VIRGIN MTH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Vicar's Report on 2023 l¢ontinued) Financlal Revlew . Golng concern The net movement in funds for the year is a gain of £534,063, compared with a loss of £76,747 in 2022. In 2022 the loss was mainly due lo a loss of £74.673 on investments. however the gain in 2023 is largely attributable to the revaluation of Abbey Lodge on ils re-assignment as an investment property, representing a movement of £523,809, giving an underlying movement of £10,254. b. Reserves policy The Unrestricted Funds show a net deficit of £8,625 befo transfers and investment movements, compared to net deficit last year of £54,459 before transfers. The b85ic income (Planned Giving, Offerttsries and Visitor donations) rose 13Vo against 2021, with Visitor income rising to 21% above 2019 levels, helped by electronic payments constiluling over 500/0 of Visitor donations. c. T•wkgsbury Abbey Ltd The accounts for Tewkesbury Abbey Limited afft not consolidated as the combined tumover of the Abbey and TAL did not exceed £1.000,000. as required under the Charity Commission SORP regulations. Profits of £13,602 We made in the year lo 31 Dernber 2023 12022 .. £4,407) prior lo transfers to other funds and gift aid payments. d. Parish Sharo 1115 the policy of the PCC lo pay Parish Share lo the Gloucester Diocesan Board of Finance by regular monthly instalmenls. However. in 2023 the PCC reduced the instslrnent5 by 500h lo conseNe Reserves, so the sum paid lo the Diocese in 2023 was £98,958. This feduclion ha$ continued in 2024 with the acceptance of the Diocese as a contribution lo the Abbey's Budget Re¢overy Plan. Fabric All non-urgenl works were suspended during the Pandemic, and during the Interregnum no new projects were commissioned. The Friends of Tewkesbury Abbey continue lo assist with grants towards necessary maintenance, but these are reduced due lo the Friends, reducing funds and their commitment to the Strategic Recovery Plan. l. Plans for future periods In 2023 the Abbey pulled together a Budget Recovery Plan with the active involvement of the Friends ol Tewkesbury Abbey and the Tewkesbury Abbey Foundation, who are conlribuling significant funds lo enable the Abbey lo gel back on track to a sustainable financial futu. The congregation have responded well in 2024 with significant increases in their giving. but inflationary rises in necessary maintenance costs eonlinue to significantly impact the budget. Reserves Pollcy Page 7
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 ReseNes Pollcy Icontlnued) a. Unrestrleted lunds The PCC does not intend to build up large reserves. To minimize the risk of being unable lo meet all ils financial obligations as they fall due, including payment of the Diocesan Parish Share, the Council aims lo hold sufficient liquid Gener81 fund resources to meet six months operating costs. Included in the Unreslricled funds is the new Abbey Lodge Revaluation fund of £750.000, which has been created by the re-classification of Abbey Lodge as an investment property. Also induded in the unrestricted funds are the designated Fixed Assets fund of £141,847 the designated Bequests Fund amounting to £36,802 and Tewkesbury Abbey Ltd Development Fund being £26,028. Total unrestricted funds, Note 20, amount to £1.368,9921£826.832 - 2022). b. Restricted funds The PCC seeks to use restricted funds as fully as wssible within the restrictions placed on them. Total restricted fund5, Note 20, amount to £173.7151£194,820- 20221. c. Endowment funds The endowment funds are capital funds, invested lo provide income which forms part of the incoming resources of the respective funds speafied by the donors. d. Golng concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adopb'on of the going oncern basis can be found in the accounting policies. Approved by order of the members of the board of Trustees on 8 May 2024 and signed on their behalf ty.. Revd. C•non Nick Davles Vicar of Tewkesbury with Walton Cardiff and Twyning & Chair of the Parochial Church Council Page 8
TEWKESBURY ST MARY THE VIRGIN wrrH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicabfe law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable to charikn'es in England & Wales requires the Trustees lo prepare financial ststements for each financial year which give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable acwunling policies and then apply them consislenlly. observe the methods and principles of the Charities SORP IFRS 1021., rnake judgmen15 and accounting eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalements., prepare the financial statements on the going concern basis unless It Is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitses. Approved by order of the members of the board of Trustees on 8 May 2024 and signed on its behalf by.. Revd. Canon Nick Davles Vicar of Tewkesbury with Walton Cardrff and Twyning & Chair of the Parochial Church Council Page 9
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL INDEPENDENT EXAf•llNER'S REPORT FOR THE YEAR ENDED 310ECEMBER 2023 Independènt Examlner's Report to the Trustees of Tewkesbury St Mary the Vlryln with Walton Cardlff Paroehlal Church Councll I'the Charlty'l I report lo the charity Trustees on my examinakn'on of the accounts of the Charty for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the 2011 Aet'l. I report in respe¢t of my examination of the Charity's accounts earned out under $e¢tion 145 of the 2011 Act and in carrying out my examination I have followed the applie8ble Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Indepèndent Examiner's Statement Since the Charity'$ gro$$ income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the ex8minabon because l am a member of ICAEW, which is one of the listed bodies. Your attention is drawn to the fact that the Charity has prePad the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordanee with the Financial Reporh'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Repoth'ng by Charities.. Stslement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulab'ons bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for porting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting cOrdS were not kept in respect of the Charity as required by section 130 of the 2011 Act.. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not 8 matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection ¥wlh the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Tru51ees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulab'ons 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required lo state lo them in an Independent exarniner's report and for no other purpose. To the fullest extent perrnitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or lor thi5 report. Page 10
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Signed. Dated.. 9 May 2024 Robert Stokes FCCA, ACA For and on behalf of Regulatory Audit Vicarage Court 160 Ermin Street Swindon SN3 4NE Pa9e11
TEWKESBURY 8T PMRY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restricted Endowment fund8 fund8 2023 2023 Total funds 2023 Total funds 2022 Note Income •nd endowrnents from: Voluntary income Activities for generating fvnds Investsnents Church activities 301,914 217.307 519.221 604,061 139,652 5,403 f 2,017 3,217 5,599 16,273 142,869 11,002 28,290 221,900 11,467 30,138 Total income and endowments 458,986 242.396 701,382 86T,566 Expenditure on: Raising funds Charitable activities 21,882 330,382 1,575 261,947 23,457 592,329 26,629 843,011 Total expenditure 352.264 263.522 615,786 869,640 Net incornel{expenditurel before net gainslllosses) on investments Nel gainslllossesl on investments 106,722 {21,1261 85,S96 (2,074) 435,458 13,010 448.468 (74,673) Net Incomellexpendlture} Transfers between funds 542.180 121.1261 13,010 534.064 (76, 747) 20 (211 21 Net movement In funds 542,159 {21,105) 13.010 534,064 f76. 74T) Reeonclllation of funds: Total funds brought forward Nel movement in lunds 826,832 542,159 194,820 121.1051 137,08S 13,010 1,158,737 534,064 1.235,484 (T6, 747) Total funds carried forward 1,368,991 173,715 150,095 1,692,801 1, 158, 737 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 38 form part of these financial slalements. Page 12
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed •s$ets Tangible assets Investments Investment propety 14 16 15 141,854 515.818 750.000 378.508 476.111 1,407.672 854,619 Currgnt assots Debtors Cash at bank and in hand 17 183,083 172.087 152,503 199, 014 355,170 351,517 Creditors.. amounts falling due within one year 18 170,0401 (47,399) Net current assets 285,130 304,118 Total assets less current liabilities 1,692,802 1, 158. 737 Net assets excludlng pension a88et 1.692,802 1, 158, 737 Total net assets 1,692,802 1, 158, 737 Charity funds Endowment fvnds Reslricled funds 20 20 150,09S 173.715 1,368.992 137,085 194,820 826.832 Unrestricted funds 20 Total fund$ 1,692,802 1, 158, T37 The financial statements were approved and authori5ed for issue by the Trustees on 08 May 2024 and signed on their behalf by.. Rev Nicholas Duff Davios Vicar & Chair The notes on pages 15 to 38 form part of these financial ststements. Page 13
TEWKESBURY ST MARY THE VIRGIN WtfH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating a¢tlvltles Nel cash used in operating activities {23.1211 (48. 833) Cash flows from investing activltles Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 6,879 (7,5411 S4,740 {57,8841 11,467 (3,545) 78,116 {80,233) Net cash (used Invprovided by investing activities 13.8061 5,805 Cash flows from financing actlvltles Net cash provided by financlng a¢tlvltles Change In cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 126.9271 199,014 143,028) 242,042 Cash and cash equivalents at the end of the year 172,087 199,014 The notes on pages 15 10 38 forn part of these financial stslements Page 14
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEAfjENTS FOR THE YEAR ENDED 31 DECEMBER 2023 G¢neral information The Parish Church of Sl Mary the Virgin, Tewkesbury with Walton Cardiff, is part of the Diocese of Gloucester within the Church of England. The principles and eorrespondence address is The Abbey Office, Church Street, Tewkesbury. GL20 5RZ. 11 is part of the Benefiee of Tewkesbury Abbey with Walton Cardiff and Twyning. The PCC is registered with the Charity Commission - number 1133813. Accountin9 policles 2.1 Basis of prgparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102} Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chalities Act 2011. Tewkesbury St Mary the Virgin with Walton C8rdiff Parochial Church Council meets the definition of public benefit enlily under FRS 102. Assets and liabilities are initially r@cognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. The presentational currency of these financ1 ststement¥ Is pound sterling rounded to the nearest whole number. The financial statements have been prepared on the accruals basis and under the historical cost convention except for the valuation of investment assets, which are shown at market value. 2.2 Going concern The council members have reviewed the ongoing future of the PCC and consider that there are plans in place to conts'nue the PCC'S operation. Page 1S
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued) 2.3 Income All income is recognised once the PCC has entitlement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliabty. The iecognitron of income from legacies is dependent on establishing enlitlemenl, the probabilty of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Eviden of entitlement to a legacy exists when the PCC has sufficient evidence that a gift has been left lo them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in quesbon will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which wll generally be the expected cash amount to be distributed to the PCC. can be reliably measured. Grants are included in the Statement of financial activities on a recewable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of enlillement of receipt. its ognitson is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed lo the projects. Gifts donated for resale are included as income when they are sold. Where the donated good is a fixed asset, il is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance wth the PCC'S accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the PCC which is the anUnt il would have been willing to pay lo obtain services or facilitie5 of equivalent economic benefit on the open market., a coffesponding amount is then recognised in expenditure in the period of receipt. The value of services provided by volunteers has not been included. Income tax recoverable in relation to investment income is recognised al the time the investment income is receivable. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the service. Funds raised by the fete, Christmas Fayre and similar events are accounted for gross of expenses. The PCC is registered for VAT and is partially exempt. Profits donated under Gift A'd from ancillary trading are accounted for gross. Loan interest receivable is accounted for when the amount falls due. Rental income from the letting of church PrniseS is reeognised when the rental is due. Dividends and interest are accounted for when re¢eivable. Any lax recoverable on such income is recognised in the same accounting period. Page 16
TEWKESBURY ST MARY THE VIRGIN wrrH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinugdl 2.3 Income Icontinu8d) Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments al 31 December. 2.4 Expenditure Expenditure is recognised once Ihefe is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is included on an 8ccru8ls basis. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise funds for ils tharilable purposes and indudes ¢osls of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurre(l on directly undertaking the activities which further the Charity's objectives. as well as any associated support costs. Grants and donations are accounted for when paid over. or when awarded, if that award cre8tes a binding obligation on the PCC. All expondilure is inclusive of irCoverable VAT. 2.S Intgrest receivable Interest on funds held on deposit is included when receivable and the amount can be MeaSud reliably by the PCC." this is normally upon notificats'on of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and d8prociation Consecrated and benefice property of any kind is excluded from the accounts by Section 1012} of the Charities Act 2011. Moveable church fvrnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable propety unless consecrated. They are listed in the church's inventory which can be inspected lal any reasonable limel. For inalienable propety acquired prior lo 2002 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2003 have been capilalised and depreciated in the accounts over their currenlty anticipated usefvl economic life linitially over venty y8arsl on a slrai9ht 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. Page 17
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Icontinuedl 2.6 Tanglblo fixed assets and depreclatlon (continued) Freehold land and buildings are included al cost or valuation. Movements in valuations are included in unrestricted funds in the period of revaluation. Depreciation is provided al rates calculated lo write off the assets over their useful economic lives as follows.. Freehokl propety Fixtures and fittings Office equipment Computer equipment 2% straight line basis over 50 years 5.fi straight line ba515 25°A reducing balance 25Yo Straightline ba51S 2.7 Investments Fixed asset investment5 are a form of financial instrument and are inrtially recognised at their transaction cost and stjbsequenlly measured al fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impaimienl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Slalemenl of financial activitie5. 2.8 Debtors Amounts owing lo the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provisions, where appropriate. for arnounts that may prove uncolleclible. 2.9 Cash at bank and in hand Cash al bank and in hand and short term deposits eomprise cash and short-lerm highly liquid investments held with the CBF Church of England Deposit Fund or Barclays Bank and other inslilulions, maturing wrthin three months or less from the opening of the deposit or similar account 2.10 Llabllities and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result ol a past event, it is probable that a transfer of economic benefit will be qUired in settlement, and the amount of the settlement can be ests'mated reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required lo sethe the obligation. Where the effect of the time value gf money is material, the Provision is based on the present value of those amounts. discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 Financial Instruments The Charty only has finanaal assets and financial liabilitses of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their fair value with th8 exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 18
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.12 Operating leases Rentals paid under operating lease5 are charged lo the Statement of financial activities on a straight- line basis over the lease term. 2.13 Penslons The PCC operates a defined contribution plan for its employees, both personal pensions and to an auto enrolmenl scheme (Nestl. A defined contribution plan is a pension plan under which the PCC Pays fixed contributions into a separate entity. Once the conlributs'ons have been paid the PCC has no further payment obligations. The contributions are recognised as an expense in Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the PCC In independently administered funds. 2.14 Fund accounting Gener81 funds are unreslricled fvnds which aTe available for use at the discretion of the Trustees in furtherance of the general objeth'ves of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance wrth specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is Set out in the note5 to the financial slatemenls. Investrnent income, gains and losses are allocated to the appropriate fund. End¢)wed fvnds of the PCC are those funds where there is no power lo convert the capital into income. The income arising trom the investment of the funds is restricted in use in line with the purpose of the original endowment The financial statements include all Iransaclions. assets and liabilities for which the PCC is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members. 2.15 Investment Property Investment propety is initially recognised al the cost of purchase plus any further diiectly attributable costs. Investment properties will also be subject to regular valuab'ons and the financial slalemenls will reflect any change in market value. Page 19
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Voluntsry Income Unrestrlcted Restrleted funds funds 2023 2023 Total funds 2023 Total funds 2022 Stewardship and planned giving Income Tax e0Verable 76,599 25,087 25,032 101,387 13,145 4,923 54,991 750 76.599 25,087 27,293 101.387 13.145 159,373 64,653 51,684 76,323 42,037 26,835 99,948 14,706 281,366 55,832 7,014 Collections al services Visitors donations Votive Candles Grants receivable - Inole 10) Other don8tr'on$ and appeals Legacies 2,261 154,450 9,662 50,934 Subtotsl detalled dlsclogvre 301.914 217,307 519.221 604,061 Totsl 2023 301,914 217,307 519,221 604,061 Total 2022 267,572 336,489 604,061 Page 20
TEWKESBURY ST hlARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 Activities for generating fund$ Unre$trict8d Restri¢ted funds funds 2023 2023 Tot81 fund$ 2023 Total lunds 2022 Profit donated from commercial trading operations Managernenl ¢harge$ Music in the Abbey Fundraising activities Rents Printing and stationary recharged 13,602 86,658 13.602 86,658 3,217 14.519 23,336 1,537 4,407 100,170 2,680 88,504 23, 759 2,381 3.217 14,519 23,336 1,537 Total 2023 139.652 3.217 142.869 221,901 Total 2022 219,001 2,900 221,901 Income from Investments Unrestrlcted Restrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Dividends Loan interest 4.122 360 4,103 8,225 360 10,481 360 626 Bank interest 921 1,496 2,417 Total 2023 5,403 5,599 11.002 11,467 Total 2022 6.854 4.613 71,467 Page 21
TEWKESBURY ST MARY THE VIRGIN WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Church activities Unrestricted Reslri¢tod funds funds 2023 2023 Total fund$ 2023 Total funds 2022 PCC fees weddingslfunerals PCC facility fees Flowers foi weddingslfunerals Organ and choir for weddingslfunerals Musica Dèo Saera 6,126 2,414 153 6,126 2,414 1,076 5,040 9.410 4,224 7,374 3,365 1.110 5.968 6,872 5,449 923 5.040 9.410 900 Sundry 3,324 Total 2023 12,017 16,273 28,290 30, 138 Total 2022 13,459 16,679 30,138 Raising funds Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Fundraising costs Musi¢ in the Abbey concerts Other property expenses Investment management costs 2,711 430 3,141 1.145 15.049 4,122 13,756 939 7, 652 4,282 1,145 15,049 4,122 Tolal 2023 21,882 1,575 23.457 26,629 Total 2022 13,903 12,726 26, 629 Page 22
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Chur¢h actlvltles Summory by fund type Uniestrlcted Restrlcted funds funds 2023 2023 Total 2023 Total 2022 Ministry- parish share Ministry- clergy Staff costs Abbey running expenses Service supplies Abbey rounline maintenance and minor repair5 Office costs other incl. agency payments Inole 111 Major fabrie repairs Upkeep of hall and visitors. centre Upkeep of churchyard Choir and organ expenses Depreciation written back 79,833 664 254,847 53,650 7,382 19.125 1,397 76,077 38,253 2.736 98.958 2.061 330,924 91.903 10,118 I25,to 4,836 338,313 112,396 7,812 52,579 2,309 3,058 32.445 52.579 26,704 15.877 32,445 7,197 15,662 22.950 (115,0491 41,792 25,092 18,661 121, 903 9,820 14,051 23,335 24,395 12,819 7,197 4,644 11,018 22,950 (115,0491 Total 2023 330,382 261.947 592,329 843,011 Total 2022 500,628 342,383 843,011 Office costs comprising printing. postage, stationery, telephone and information technology expense$ have en directly attributed lo church aclivilies. The 'Deprecialion written back,, is £115,049 credit relating lo reversed depreciation in respect of Abbey Lodge. This balance has arisen due lo Abbey Lodge being claSSIfIed from a tangible fixed asset to investment piopety since the property has be¢ome investment led. The PCC acted as agent for". the transactions of Tewkesbury Abbey Foundation, a Charitable Incorporated Organisalion registered in England & Wales. The amount processed on its behalf was nel £8,653 12022.. £12,016). The amount owed lo the PCC at 31 December 2023 was £1,75812022'. £6,824}. The amounts do not appear in these financial statements. Page 23
TEWKESBURY ST MARY THE VIRGIN Yimi WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's remuneration 2023 2022 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charitys independent examiner in respect ot. All other services not included above 2,9SO 2,966 1,850 1,000 10. Grants roceivable Unrestricted Restricted funds funds 2023 2023 Totsl funds 2023 Total funds 2022 Friends of Tewkesbury Abbey Listed Places of Worship Pilgrim's Trust - Visitor Centre Windows Enovert IEntrusll- Visitor Centre Windows Cathedral Music Trust Tewkesbury Abbey Foundation Diocese of Gloucester- energy grant 2023 JH Rausing Trust 83,612 4.150 83.612 4,150 143,934 327 20,000 54, 700 900 61,505 2,350 62,838 2.350 62,838 4,923 1,500 4,923 1,500 Total 2023 4,923 154,450 159,373 281.366 Total 2022 281,366 281,366 Page 24
TEWKESBURY ST MARY THE VIRGIN MTH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Agency income and expenditure Restricted funds 2023 Total funds 2023 Total funds 2022 Christian Aid Huntington's Disease Association DEC- Ukraine Humanitarian Appeal DEC- Pakistan Floods Appeal DEC- Turkey & Syria Harvest charities The Royal British Legion Tewkesbury Abbey Foundation Churches Together Tewkesbury British Red Cr95s- Lybia & Morocco Choir Schools, Association Bursury Fund Diocesan Charities 250 250 952 507 1.116 522 805 406 59 481 233 1.109 522 805 406 59 841 897 295 57 233 1.109 Totsl 2023 4,731 4,731 4,049 Total 2022 4,049 4,049 12. Siaff costs 2023 2022 Wages and salaries Social security costs Contribution to defined contribution pension schemes 303,838 13.971 13,11S 309, 134 15,222 13,957 330.924 338.313 Page 25
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 DECEMBER 2023 12. Staff costs {continuedl The average number of persons employed by the Chaiity during the year was as follow5. 2023 2022 No. Church activities Subsidiary activities 15 12 t7 14 27 31 No employee received remuneration amounting lo more than £60,000 in either year. No employee received employee benefits of more than £60.000 in the year12022- NIL). The key management personnel of the charity comprise the Trustees, Estates Manager, Finance Managers. Minister of Music and Organist and Head Verger and Operations Manager. The total employee benefits of the key management personnel of the PCC were £138.02512022 - £164,277). Pension costs- The pension costs charged against r*el income represent the amount of the contributions payable lo three employees, private pension schemes in the accounting period and to e1ve other employees, schemes under the auto enrolmenl provisions. 13. Trustee8' remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefits (2Q22- £NIL). During the year ended 31 December 2023, expenses totalling £1,085 were reimbursed or paid directly to 2 Trustees (2022- £4.833 10 2 Tmstees). 14. Tangible Ilxed a6sets Freehold Fixtures and property rittings Total Cost or valuation At 1 January 2023 Addib"ons Disposals 341.240 525,806 7,541 867.046 7.541 1341.2401 {341,240} At 31 December 2023 533.347 533,347 Page 26
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Tangible Ilxed assets {continued) Freehold Fixtures and property rittings Total Deprecialion At 1 January 2023 Charge for the year On disposals 115,049 373,488 18,005 488,537 18.005 (115,0491 1115,049} Al 31 December 2023 391,493 391,493 Net book value At 31 December 2023 141,854 141,854 At 31 DeMber2O22 226.190 152.318 378,508 15. Investment property Freehold investment propgrty Valuatlon Additions Surplus on revaluation 341,240 408.760 At 31 December 2023 750,000 The addition in the period is that of Abbey Lodge, which is owned by the PCC. The propety has been reclassified as an investment property since ils use has changed from functional lo investsment led, and has been revalued by an independent surveyor, Cotswold Surveyors Ltd. The addition in the period is the original cost of the property. £341,240. Page 27
TEWKESBURY ST MARY THE VIRGIN WITh WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Investments Li$ted investments Cost or valuatlon At 1 January 2023 Additions Disposals Revaluations 476.111 57.884 154,7411 36,S64 At 31 December 2023 515.818 Net book value Al 31 December 2023 S15,818 At 31 December 2022 476,111 The investment portfolio consisting of £349.26412022 - £324,651) Managed funds and £16.462 12022 - £14,377) cash balances is managed by Quilter Cheviol Ltd. The balan represents holdings in Central Board of Finance managed funds and comprises unlisted inveslmenls. Portfolio listed asset allocation is as follows.. 2023 2022 UK Fixed interest 140,352 Foreign Fixed Interest 24,732 UK Equities 36,255 Foreign Equities 84,885 Alternative investment markets 63,040 Cash 16.462 108,516 23,787 36,923 72,903 82,522 14,377 Page 28
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Debtors 2023 2022 Due within one year Other debtors Prepayments and 8ccrued income Tax recoverable 119,T16 54.755 8,552 98,266 45,714 8,523 183,083 152,503 18. Creditors: Amounts falling due within one year 2023 2022 Trade creditors Other taxation and social security Accruals and deferred income 5,277 5,656 59,106 2,925 4,989 39,485 70,040 47,399 19. Financlal instruments 2023 2022 FinaTrclal assets Financial assets measured al fair value through income and expenditure 1.437.905 675,125 Financial assets measured at fair value through income and expenditure comprise of inveslment propety, investment holdings and cash. P8ge 29
TEWKESBURY ST MARY THE VIRGIN wrrH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds ststement of fund$- ¢urr8nt year Balance at 31 Gainsl December (Los$e$l 2023 8alan¢e at 1 J•nuary 2023 Transfers inlout Income Expenditurè Unrestricted funds General Fund5- all fvnd5 Designated fixed asset fund Designated legacies Tewkesbury Abbey Ltd development fund 373,994 458,987 1448,553 {1S,9551 26,698 395,171 378.502 97,044 {333.6991 141,847 36,802 36.802 22.301 3,727 26,028 Abbey Lodge Mainlen8n fund Abbey House fund Abbey Lodge revaluation 4,753 4,666 9,419 10,480 17551 9,725 341.240 408.760 750,000 826,832 458.987 (352,2641 1211 435,4S8 1,368,992 Endowmont funds Fabrfc Fund Bells Maintenance 131,922 12,520 144,442 5,163 490 S,653 137,085 13,010 150.095 Restrlcted funds Abbey Music Fund Fabric fund 46,243 142,337 {65,8661 1143,9141 27,892 8,269 42,346 43.923 Page 30
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds Icontinuedl statement of funds - current year Icontinuedl Balancg at 31 Gainsl Decernb9r (Losses) 2023 Balance at 1 January 2023 Transfgrs inlout In¢omg Expgnditure PCC fvrnishings and fittings Bells maintenance Choir 4,612 4.612 10.338 658 2,672 3,358 1Sh141 13,1341 12,627) 5,582 462 32 Flower Music in the Abbey Musica Deo Sacla Sewing Guild Special collection5 12,735 13A98 10.074 3.217 {1.599) 298 11,990 30.342 5,463 9.410 (6,7981 32,954 5.463 1,045 38,766 1.045 5,394 20.21900 years Non material funds Sacristy Celebrate Celebrate Giving Celebrate Foundation Funded 6,406 {11.8861 {27,8921 6.606 18 3,434 1371 6,587 3.434 11.406 21,135 30,916 119.510} 18,739 2.261 135 22,382 (22,3821 194.820 242.396 (263.5221 21 173,715 Total of funds 1,158,737 701,383 1615,7861 448.468 1.692.802 Page 31
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds lcontinuedl Statement of funds - prlor year Ba18n al 31 December 2022 Balance at l January 2022 Transfers in/out G8in (Losses) Income Expenditur8 Unrestrictod funds General Funds- all funds Designated fixed asset fvnd Designated legacies Tewkesbury Abbey Ll development fund Abbey Lodge Maintenance fund Abbey House fund 429, 106 501,872 {471,064) (29,449J (56,475) 373,990 416,674 (41. 738) 3,566 378,502 36.802 36,802 18,904 3,397 22.301 4, 752 4, 752 12.308 (7.823) 10,485 913,794 501.872 {514,625) {17, 734) (56,475) 826,832 Endowment funds Fabric Fund Bells Maintenance 149,435 (17,512) 131,923 5.847 (685) 5,162 155,282 (18, 197) 137,085 Restricted funds Abbey Music Fund Fabric fund PCC furnishings and fittings Bells maintenance 43,863 253,678 (61. 122) (229,415) 17,259 19,660 43,923 4, 612 4,612 10, 136 202 10,338 Page 32
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds l¢ontinuodl statement of funds - prior year Icontlnuedl Balance al 31 Decemb8r 2022 Balance al 1 January 2022 Tnsfer5 in/out Gain (Losses) Income Expenditure Choir Flower Music in the Abbey Musica Deo Sacra 975 3. 148 (1,450) (2.615) 475 12,204 12. 737 8,321 2, 680 (927) 10,074 29,864 5,503 7,246 (6, 768) (40) 30,342 5,463 Sewing Guild Special collections Foundation Celebrate Community Fund 1,045 6,506 {6,506J 1.045 26.303 (26,303) 27,386 41,035 5,263 15,825 (1. 733) {18.094J 30,916 38, 766 20 21 900 years Non material nds 6,643 {46) 6,604 166,409 365,696 (355,019) 17,734 194,820 Total of funds 1,235.485 667,568 (869.844) (74,672) 1, 158. 737 Page 33
TEWKesBURY ST MARY THE VIRGIN wrrH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statgmont of funds Icontinuedl Tewkesbury Abbey Ltd development fund The PCC designates up lo 10Yo of the profits of Tewkesbury Abbey Ltd every year as working c3pilal for the development of the company. Profits of £13,602 were made in the year to 31 December 202312022- £4,407) prior to transfers to other funds and gift aid payments. Abbey House fund Profits donated from the previou5 Food and Drink Festivals and other events held in Abbey House and its gardens are designated lo be used to re-decorate and renovate the public rooms in Abbey House and support some of its running costs. No such activities look place in 2023. Fabric endowment fund Unspent funds deriving from legacies transferred from The Tewkesbury Abbey Appeal Trust. together with further endowments bequeathed after the transfer date, have been invested as a capital fvnd. The income arising will be credited to the Fabric Fund. Bells Maintenance endowment fund The details of the original bequest forming the other endowment fund which is invested in 250 Central Board of Finance shares are not known. The income from this holding is for the maintenance of the bells. Abbey Music Fund Originally, the Abbey Music Fund was formed from several legacies and bequests. These have now been exhausted. The fvnd usually no longer genefales enough income to cover expenditure, so is subsidi5ed from the General Fund". 12022.. £17,259). However in 2023 the shortfall of £19,622 was offset by a transfer from the 20.21 Fund of £27,891. Fabric Fund The Fabric Fund receives donations, bequests and grants whose purpose is reslricled to the repair, maintenance and adomment of the Fabric of the Abbey, together with interest and dividends from the Fabric Fund endowments. The PCC will ensure that this income is applied to expenditure in accordance with the restrictions placed upon it. PCC furnishings and fittings Funds raised by the sale of pictures to be used lor the repair of antique furniture. Bells mainlen8nce Income from deposits, interest and dividends arising from investments and peal fees to be used for repair and maintenance of bells. Choir Interest, grants, donations and wedding fees lo fund purchase of choir music, to pay junior choristers and lo pay choir fees. Flower Interest. grants, donations and wedding fees to fund the supply of flowers lo decorate the Abbey. Music in the Abbey Donations and proceeds from organ ¢oncerts and lunchllme recitals to be used for Milton Organ maintenance. Musica Deo Sacra Proceeds from special services held annually to support future similar events and the musical life of the Abbey. A Patrons Scheme was set up in 2018 to make the fund more financially sustainable. Page 34
TEWKESBURY ST MARY THE VIRGIN wrrH WALTON CAROIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 20. Statement of funds {continuedl Sewing Guild Fund5 held for the maintenance and replacement of vestments and altar linen. Sacristy Fund This holds a bequest from Ketth Herbert ieceived in 2023 br the purpose of sacred vessels and vestment5. Abbey Lodge Maintenance Fund This was created in 2022 for future repairs of Abbey Lodge, being 20 per cent of the gross rental income for each year. Community Fund Donations and fundraising proceeds to be used lo support family activities within the Celebrate community. Celebrate Fund This fund comprises eonlributions from The Tewkesbury Abbey Foundation to support the Celebrate community. 20.21 900 years celebration 2021 marked the 900th anniversary of the consecration of the Abbey and the 550th anniversary of the bae of Tewkesbury. A strategic plan had been prepared and a fund sel up with the vision of renewing people and place by 2021. Donations lo the 2021 fund were to be used towards the objectives of the 2021 Strategic Plan. Due to the Pandemic many of the activities were not possible and in 2023 the PCC decided lo close the fund and advise all those sb'll contributing of their decision. 11 is still hoped lo use the funds for a commemorative plaque on the North Path, any remaining funds lo be transferred to the Music Fund, as originally delerrnined. 21. Summary offunds Summary of fund$- current year Balance at 31 Gainsl December (Lossesl 2023 Balance at 1 January 2023 Transfers Inlout In¢offlg Expenditure General funds Endowment fund5 826.832 458,987 1352.264) 435,458 1.368.992 137,085 194,820 13.010 150,095 173,715 Restricted funds 242,396 1263,5221 21 1,158,737 701,383 1615,786) 448.468 1,692,802 Page 35
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Summary of funds Icontinuedl Summary of funds - prior year Balance al 37 Dec8rnb8r 2022 Balance at l January 2022 Transfers in/o(Jl Gain (Losses) Income Expenditure General funds Endowment funds Reslricled fund5 913, T94 501.872 (514,625) (17, 734) (56,475) 826,832 155,282 166.409 (18, 197) 137,085 194, 820 365.696 (355,019) 17,734 1,235,485 867,568 (869,644) (74,672) 1, 158,737 22. Analysis of net assets between funds Analysis of net assets between funds - current year Unrgstricted Restricted Endowment funds lunds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment propety Current assets Creditors due within one year 141,854 365,723 750,0¢)0 146,343 134,928) 141,854 515,818 750.000 35S,170 (TO,040} 150,095 208,827 135,1121 Totsl 1,368.992 173,715 150,095 1,692,802 Page 36
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Analysis of net assets between funds {continuedl Analysis of net assets between funds- prior year Unrestricted funds 2022 Restricted EndownFent fvnds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 378,508 339,026 142,810 (33,521) 378,508 476,111 351,517 (47,399) 137,085 208, 707 (13. 878) Total 826,827 194,829 137,084 1, 158, 740 23. Reconclllatlon of net movement in funds to net cash flow from operating actlvltles 2023 2022 Nel incomelexpenditure for the year las per Statement of Financial Activities) 534,064 (76, 747) Adjustmonts for: Depreciation charges Gainslllosses) on investments Dividends, interests and rents from investments Decreasellincreasel in debtors Increasel{decrease} in creditors 197,044) 1448,4681 16.8791 127,4341 22,640 41,717 74,673 (11,467) 10,987 (87,996) Net Cash used in operatlng aetlvltles 123.1211 (48,833) 24. Analyslg of ¢a$h and cash equlvalents 2023 2022 Cash in hand 172,087 199,014 Total cash and cash equlvalents 172.087 199,014 Page 37
TEWKESBURY ST MARY THE VIRGIN WITh WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. Analysis of changes in net cash At31 December 2023 January 2023 Cash flows Cash at bank and in hand 199,014 126,9271 172,087 199,014 {26.9271 172.087 26. Related paty transadions The reported transactions are limrted lo the duration of the Trustee's service during the relevant year Isee list of Trustees on page 11. Included wrthin staff costs {Note 101 is-. all2022.' £4,377) paid to Gordon Ruffle. husband of Reverend Wendy Ruffle. an ex trustee. He is no longer a related party. b} £38,25312022.' £22,3021 paid to Carlelon Etheringlon, the spouse of a trustee employed as a Minister of Music & Organist. The amount owed al 31 December 2023 was £150. c} £8,461 12022.. £7,341) paid to Pal Horsley, the Mother of a trustee employed as a Temporary Verger. The amount owed al 31 December 2023 was £612. Included in other items in the accounts are-. dl Katie Etheringlon's IPCC member) two children received choral scholarships, one received £550 in the year and one £300. For each child £150 related to 2022. There was no outstanding balance at 31 December 2023. el. Paul and Elizabeth Charman's IPCC membersl, son received a choral scholarship lolalling £550 to Dec 2023. with £150 of that relating to 2022 and their other son received an organ scholarship. detailed below. f) Son of Paul and Elizabeth Charman IPCC membersl, was awarded an organ scholarship in the year of £500, £150 of that related to 2022. He received £132.50 in organ fees in the year and £292 was owed lo him al 31 December 2023. g} Two of David Birch's grandchildren are Abbey Assistants, renumeraled non materi81 amounts for assisting with the activities of TAL and the Abbey. One was paid as Junior member of choir too. h) James Lancelot was paid organ fees for funer8ls and thanksgiving services amounting to £442 in year. £Nil was owed lo him al 31 December 2023. Nicola Hawley, a trustee until May 2022, rented a flat in Abbey Lodge, a propety owned by the PCC al a commercial rate Expenses p8id to clergy who are also Iruslees are disclosed in Note 13. The expenses claims are for telephone and broadband, travel, books and item5 required lo carry out pioneer ministry work. The amount owing to them at 31 December 2023 was £Nil12022.' £2471. Aggregate donations, nel of Gift Aid, received from trustees and their related parties amounted to £10,484 {2022 £7.1261. Paul Charman, a PCC member from 22 May 2022, donated his organist fees of £745 to the PCC on 4th & 5th May 2022, prior lo his appointment as a PCC member. Page 38