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 De￿rnber 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 inter￿gnurn 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 prOg￿sSIng 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 St￿ngthS 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 De￿rnber 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 prePa￿d 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 financ￿1 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 an￿Unt 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 P￿rniseS 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 ir￿Coverable VAT.
2.S Intgrest receivable
Interest on funds held on deposit is included when receivable and the amount can be MeaSu￿d
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,t￿o
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 re￿iVed 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 De￿Mber2O22
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
T￿nsfer5
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
ba￿e 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