Charity number: 1133813 tEWIESBUFIY ABBEY TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TEWKESBURY ST MARYTHE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees The Vicar and Chaimian.. The Reverend Nicholas Duff Davies Associate Vicar.. {appointed 19 May 2024) Hannah Barraclough Churchwardens.. Paul David Chamian Nancy Oakes Deanery Synod Representatives.. Liz Swift (appointed 22 May 2024) Karen Vincent (resigned 22 May 2024) Peter James Small (resigned 22 May 2024) Linda Jeffreys Reader appointed to PCC.. Katherine Etherington {resigned 25 September 20241 Elected to PCC.. David Birch (resigned 25 September 2024) Michael David Bristow Hildegarde Elizabeth Charman Janet Edith Mary Davis (Treasurer) Sarah Frodsham (resigned 20 March 2024) Rubin Lee Hart Rowan Ireland John Tudor Jeffreys (deceased 30 October 2024) James Lancelot Andrew Thomas Westenborg Maynard Joy Patricia Pegg Leslie John Slamp Peter Small (appointed 22 May 2024) Co-opted to PCC.. Julie Northcott (Safegaurding officer (appointed 25 September 2024) PCC Secretary.. Peter Ireland (appointed 21 May 2023) Electoral Roll.. Marion Beagley Charlty registered number 1133813 Principal office The Abbey Office Church Street Tewkesbury GL20 5RZ Page 1
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial statements of the Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council for the year 1 January 2024 to 31 December 2024. The group and the Charity also trade under the name TewkesburyAbbey Limited. structure, Governance and Management a. Parochlal Church Council (PCC) Tewkesbury Abbey St Mary the Virgin with Walton Cardiff Parochial Church Council {Tewkesbury Abbey PCC) is a corporate 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 is Chairman of the PCC. The Churchwardens, those ordained ministers who hold the Bishop's License, and Deanery Synod representatives are exffici0 members. The other members of the PCC are elected by the congregation at the Annual Parochial Church Meeting. and the members of the PCC then annually elect a Secretary and Treasurer. All regular Church attendees are encouraged to register on the Electoral Roll and to stand for election to the PCC. There may also be co-options lo the PCC where particular needs are identified. All members of the PCC are Trustees and training in the duties of Trustees is provided as part of the prOs5 of induction of new PCC members. The PCC meets on a regular basis to transact business and receive reports from its six committees- Slanding, staffing, Finance, Fabric, Mission, 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 Tewkesbury Abbey Ltd., and from legacies. b. Management and Employment The PCC employs a number of full-time and part-time staff and benefits from the support of numerous volunteers who offer their services at no cost to the PCC. The PCC considers thal the Vicar, Churchwardens and other PCC members and certain senior employed staff comprise the key management of the Abbey in charge of directing and controlling, running and operating the Abbey on a day-to-day basis. All other members of the PCC give freely of their 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 Abbeys mission and witness and takes this opportunity to thank them for their service. Page 3
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Vicarfs Report on 2024 a. Arrlval Notes This is my second annual report as Chair of the PCC. Over the past year, we have deepened pastoral relationships, settled into a new pattern of worship, and begun implementing our budget recovery plan. Additionally, we have had the pleasure of welcoming Reverend Hannah Barraclough as Associate Vicar. b. Worship Since introducing our new pattern of worship in May 2024, we have established a strong rhythm as a worshipping community and have welcomed newcomers, particularly young families attending the Family Mass on the first Sunday of the month. Notable highlights from the past year include: Our Choral Evensong broadcast on Radio 3. Services commemorating the founding of the Abbey School. The Musica Deo Sacra festival, where Hugh Morris, Director of the Royal School of Church Music, delivered our annual lecture, and the Dean of Gloucester preached at our High Mass to conclude the week. The joy of witnessing the confimation of e1ve candidates in November, presided over by Bishop Rachel. Mission This year saw the reformation of our GIFT PCC subcommittee. now the'mission Committee.. which explores the Five Marks of Mission. Chaired by the Associate Vicar, the committee has overseen the Celebrate community and the development of our children and families ministry. The arrival of Rev Hannah Barraclough has brought renewed energy to the parish's ministry and mission, particularly through her leadership of the Celebrate community, engagement with Priorfs Park, and the enhancement of safeguarding best practices. Our'celebrate. fresh expression has faced challenges in finding a new home within the Abbey and discerning its future direction. As this congregation marks its fifteenth anniversary in March 2025, we anticipate further retlection on its future direction. Additionally, our Ectrcongregation group has spearheaded inrtiatives that led to achieving our Bronze Award, with work now undeDNay towards a Silver Award. We were also delighted to receive a £15,000 grant from the Cathedral Music Trust, enabling outreach to three local schools, led by Isabel Chesman. Other significant mission initiatives this year have included= Theology Forum meetings, notably addressing the need for peace and justice in IsraellPalestine. Hosting labyrinth walking during the Battle Weekend. A hustings meeting ahead of Ihe General Election. Continued collaboration with Deanery colleagues to develop the Deanery Action Plan and coordinated efforts in the Tewkesbury Mission Area. Page 5
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Vicar's Report on 2024 (continued) (continued) g. Future Reflecting on the past year, we have faced significant challenges but also achieved remarkable success in delivering new initiatives. I want to offer my thanks to the many volunteers and staff whose dedication and hard work have made this possible. The Churchwardens, PCC and ministry team have been Central to these plans, as have our dedicated staff team, who have consistently gone above and beyond. Looking ahead, we will be reviewing our pattern of worship over the next year. We will also need to reftect further as a congregation about our missionary Calling as the people of God in this place. In terms of our installations, events and business planning, it is essential that we consolidate our learning, work hard to build an expanded team of staff and volunteers, and develop robust structures to enable the PCC to provide strategic oversight. A key milestone in this process will be the development of a strategic plan, which the PCC will undertake during 2025. Financlal Review a. Net movement in funds The net movement in funds for the year is £318,049, compared to a gain of £534,063 in 2023. The gain in 2024 includes the grant from the National Lottery of £250,000, giving an underlying movement of £68,049. The gain in 2023 is largely attributable to the revaluation of Abbey Lodge on its re assignmenl as an investmenl property, representing a movement of £523,809, giving an underlying movement of £10,254. b. Unrestricted funds The Unrestricted Funds show a net deficit of £3,233 before transfers and investment movements, compared to a net surplus last year of £106,722 before transfers and investments. The basic income {Planned Giving, Offertories and Visitor donations) rose 22Q/o against 2023, with Visitor income rising to nearly 20Q/o above 2023 levels, helped by electronic payments constituting over 53°/0 of Visitor donations. c. Tewkesbury Abbey Ltd The accounts for Tewkesbury Abbey Limited are this year consolidated as the combined turnover of the Abbey and TAL exceeded £1.000,000, as required under the Charity Commission SORP regulations. Profit5 of £28,572 were made in the year to 31 December 2024 (2023 . £13,602) prior to transfers to other funds and gift aid payments. d. Parish Share It is the policy of the PCC to pay Parish Share to the Gloucester Diocesan Board of Finance by regular monthly instalments. However, in 2023 the PCC reduced the instalments by 50./0 to conserve Reserves, so the sum paid to the Diocese in 2024 was £66,000. Thi5 reduction will cease in 2025 with the Abbey's requested contribution reverting to £158,000. Page 7
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Dlsclosure of information to audltors Each of the persons who are Trustees at the time when this Truslees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit infomiation ofwhich the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charitable group's auditors are aware of that information. Auditors The auditors. Regulatory Audit, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Truslees. Approved by order of the members of the board of Trustees on 8 May 2025 and signed on their behalf by: The Revd. Canon Nick Davies Vicar of Tewkesbury with Walton Cardiff and Twyning & Chair of the Parochial Church Council Page 9
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL Opinion We have audited the financial statements of Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council (the 'parent charity) and its subsidiaries (the'group,) for the year ended 31 December 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effeclive for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent ofthe Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity'5 ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page11
TEWKESBURY ST MARYTHE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL (CONTINUED) Auditors. responsibilltSes for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could aSonablY be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: the nature of the sector, control environment and the Companvs performance,. results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed the Companls documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these pr0dUreS, we considered the opportunities and incentives that may exist within the organization for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, procurement and payroll. We identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included data protection regulations, occupational health and safety regulations, building legislation and employment legislation. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue: enquiring of Trustees and management concerning actual and potential litigation and claims,- performing analytical procedures to identify any unusual or unexpected relationships that may indicate Page 13
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restrlcted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 355,542 41,176 409,266 796 84,910 491.375 2,848 846,917 44,024 409,266 11,328 100,753 519,221 39,141 233, 757 10,642 28,290 10.532 15,843 Total income and endowments 891,690 520.598 1,412,288 831,051 Expenditure on: Raising funds Charitable adivities 332,989 561,934 7,384 218.465 340,373 780.399 153, 509 591. 945 Total expenditure 894,923 225,849 1,120,772 745,454 Net (expendltufe)Ilncome before net gains on investments Net gains on investments (3,2331 294,749 291,516 85,597 23,097 3.435 26,532 448,468 Net income Transfers between funds 19,864 294.749 3,435 318,048 534, 065 22 (3,026) 3,026 Net movement in funds 16,838 297.775 3,435 318,048 534, 065 Reconciliation of funds: Total funds brought fOard Net movement in funds 1,368,995 16,838 173,712 297,775 150,095 3.435 1,692,802 318,048 1, 158, 737 534,065 Total funds carried forward 1,385,833 471,487 153,530 2.010,850 1, 692, 802 Page 15
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments Investment property 15 17 16 120,659 542,351 750,000 141,854 515,818 750,000 1,413.010 1,407, 672 Current assets Debtors Cash at bank and in hand 19 383.680 285,035 183, 083 172,087 668,715 355, 170 Creditors.. amounts falling due within one year 20 (70,875) (TO, 040) Net Current assets 597,840 285, 130 Total assets less current liabllltles 2,010,850 1,692, 802 Net assets excludlng pension asset 2,010,850 1, 692, 802 Total net assets 2,010,850 1, 692,802 Charlty funds Endowment funds Restricted funds Unrestricted funds 22 22 22 153,530 471,487 1,385,833 150, 095 173,712 1,368, 995 Total funds 2,010,850 1, 692, 802 The financial statements were approved and authorised for issue by the Trustees on 08 May 2025 and signed on their behalf by.. The evd. Canon Nick Davies Janet Edith Mary Davis Vicar of Tewkesbury with Walton Cardiff and Twyning & Chair Treasurer of the Parochial Church Council of the Parochial ChurGh Council The notes on pages 19 to 47 form part of these financial stalements. Page 17
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Information The Parish Church of St Mary the Virgin, Tewkesbury with Walton Cardiff, is part of the Diocese of Gloucester within the Church of England. The principal and correspondence address is The Abbey Office, Church Street, Tewkesbury, GL20 5RZ. It is part of the Benefice of Tewkesbury Abbey with Walton Cardiff and Twyning. The PCC is registered with the Charity Commission - number 1133813. Accountlng policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act 2011. Tewkesbury St Mary the Virgin with Walton Cardiff Parochial Church Council meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless other4vise stated in the relevant accounting policy. The presentstional currency of these financial statements 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 al market value. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charty and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Going concern The council members have reviewed the ongoing future of the PCC and consider that there are plans in place to continue the PCC'S operation. Page19
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued 2.3 Income (continued Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it 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 accruals basis. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. All expenditure is inclusive of irrecoverable VAT. 2.5 Glft Aid In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Charity under a legal obligation. Measurement is at the fair value receivable, which will nomially be the transaction value. Where the right to receive Gift Aid has been established. the amount receivable is recognised as investment income in the Consolidated Statement of financial activities. 2.6 Taxatlon The Charity is Considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that Such income or gains are applied exclusively to charitable purposes. Page 21
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (contlnued 2.12 Liabilitles and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement Can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.13 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their fair value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.14 Operatlng leases Rentals paid under operating leases are charged to the Consolidated statement of financial adivities on a straight-line basis over the lease temi. 2.15 Pensions The PCC operates a defined contribution plan for its employees, both personal pensions and to an auto enrolment scheme (Nest). A defined contribution plan is a pension plan under which the PCC pays fixed contributions into a separate entity. Once the contributions 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 a¢¢ruals as a liability in the Balance sheet. The assets of the plan are held separately from the PCC in independently administered funds. Page 23
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Voluntary income (continued) Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Total 2024 355,542 491,375 846,917 519,221 Total 2023 302,047 217,174 519,221 Activities for generating funds Unrestrl¢ted Restrlcted funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Music in the Abbey Fundraising activities Rents Printing and stationary recharged 2,848 2,848 11,029 28,050 2,097 3,217 11,050 23, 336 1,538 11,029 28,050 2,097 Totsl 2024 41,176 2,848 44,024 39,141 Total 2023 35, 924 3,217 39, 141 Page 25
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Church activitles Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Other operating income PCC fees weddingslfunerals PCC facility fees Flowers for weddingslfunerals Organ and choir for weddingslfunerals Musica Deo Sacra Events income 123 123 6,010 3,557 6,010 3,557 6, 126 2,414 1,076 5, 040 9,410 4,224 6,834 8,859 150 6,834 8.859 75,370 75,220 Total 2024 84,910 15,843 100,753 28,290 Total 2023 12,017 16,273 28,290 Raislng funds Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Fundraising costs Music in the Abbey concerts other property expenses Investment management costs Other, including major events 11,371 102 21,294 454 3,247 11,825 3,349 21,294 3,683 56.251 3. 141 1, 145 15,049 4, 122 3,683 56,251 Total 2024 89,018 7,384 96,402 23, 457 Total 2023 18,608 4, 849 23,457 Page 27
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Church activities (continued) Summary by fund type (continued) Office costs comprising printing, postage, stationery. telephone and information technology expenses have been directly attributed to church activities. The PCC acted as agent for.. the transactions of Tewkesbury Abbey Foundation, a Charitable Incorporated Organisation registered in England & Wales. The amount processed on its behalf was net £418 {2023: £8,653). The amount owed to the PCC at 31 December 2024 was £0 (2023.. £1,758). The amounts do not appear in these financial statements. 10. Audltors, remuneration 2024 2023 Fees payable to the Chariws auditorfor the audit of the Charivs annual accounts 6,750 2, 950 Fees payable to the Charity's auditor in respect of.. All non-audit services not included above 4.250 1,850 Page 29
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Agency expenditure Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Schola Cantorum Carol Service Diocesan Charities- Rev HB licensing Diocesan Charities - Confimation Service DEC - Turkey & Syria Harvest charities The Royal British Legion Tewkesbury Abbey Foundation Churches Together Tewkesbury British Red Cross - Libya & Morocco Choir Schools, Association Bursary Fund Diocesan Charities 527 335 253 527 335 253 1,116 522 805 406 128 962 128 962 59 481 233 1, 109 Total 2024 2,205 2,205 4.731 Total 2023 8, 536 8,536 13. Staff costs Group 2024 Gmup 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 390,011 21,775 303,838 13,971 390,011 21,775 303,838 13,971 14.430 13,115 14,430 13,115 426,216 330,924 426,216 330, 924 Page 31
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tangible fixed assets Icontinued) Group (continued Fixtures and fittings Depreclation At 1 January 2024 Charge for the year On disposals 462,613 27,945 (2,325) At 31 December 2024 488.233 Net book value At 31 December 2024 129,342 At 31 December 2023 145, 328 Charlty Fixtures and fittings Cost or valuation At 1 January 2024 Additions 533,347 3,719 At 31 December 2024 537,066 Depreciation At 1 January 2024 Charge for the year 391,493 24,914 At 31 December 2024 416,407 Net book value At 31 December 2024 120,659 At 31 December 2023 141, 854 Page 33
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Investments Listed investments Group Cost or valuation At 1 January 2024 Additions Disposals Revaluations 515,819 53.332 (55,658) 28,858 At 31 December 2024 542,351 Net book value At 31 December 2024 542,351 At 31 December 2023 515,819 The investment portfolio consisting of £364,079 (2023- £349,264) Managed funds and £24,744 (2023 - £16,462) cash balances is managed by Quilter Cheviot Ltd. The balance represents holdings in Central Board of Finance managed funds and comprises unlisted investments. Portfolio listed asset allocation is as follows: 2024 2023 UK Fixed interest 140,206 Foreign Fixed Interest 24,651 UK Equities 37,097 Foreign Equities 111,108 Alternative investment markets 51,017 Cash 24,744 140,352 24,732 36,255 84,885 63,040 16,462 Listed Investments Charity Cost or valuatlon At 1 January 2024 Additions Disposals Revaluations 515.819 53.332 (55,658) 28,858 At 31 December 2024 542,351 Page 35
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Financlal instruments Group 2024 Gmup 2023 Charlty 2024 Charity 2023 Financial assets Financial assets measured at fair value through income and expenditure 386,030 1,437.905 285,035 172,087 Financial assets measured at fair value through income and expenditure comprise of investment property, investment holdings and cash. Page 37
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Ststement of funds (continued) Statement of funds - current year (continued) Balance at 31 Gainsl December {Losses} 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure PCC furnishings and fittings Bells maintenance Choir Flower Music in the Abbey Musica Deo Sacra Sewing Guild Special collections 20.21900 years Non material funds Sacrisly Celebrate & Young People's Mission Celebrate Giving The National Lottery Heritage Fund 4,612 4,612 5,582 858 2,224 3,578 {5,250) 12.525) 3,026 13,498 14,551 11,990 2,898 (755 14,133 32.954 5,463 13,859 (6,733) 40,080 5,463 1,045 5,394 1,045 6.157 363 400 6,587 3,434 6,621 3,434 11.406 21,132 35,690 (2,190) (13,309) 44,906 7,823 250,000 250,000 173,712 520,598 (225,849 3,026 471,487 Total of funds 1,692,802 1,412,288 11.120,772) 26,532 2,010,850 Page 39
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds (continued) Statement of funds- prior year (continued) Balance at 31 December 2023 Balance at 1 January 2023 Transfers in/out Gain (Losses) Income Expenditure Fabric fund PCC furnishings and fittings Bells maintenance Choir Flower Music in the Abbey Musica Deo Sacra 43,923 142,337 (143,914) 42,346 4,612 4,612 10,338 658 2,672 3, 358 (5,414) (3, 134) (2, 627) 5,582 462 32 12,735 13,498 10,074 3,217 (1,599) 298 11,990 30,342 5,463 9,410 (6, 798) 32,954 5.463 Sewing Guild Special collections 20.21900 years Non material funds Sacristy Celebrate & Young People's Mission Celebrate Giving Celebrate Foundation Funded 1,045 38. 766 1, 045 5,394 6,406 (11,886) (27, 892) 6, 603 18 3,434 (37) 6,584 3,434 30,916 (19,5to) 18, 739 11,406 21,135 2,261 135 22, 382 (22,382) 194,817 242,396 (263,522) 21 173, 712 Total of funds 1, 158, 736 701,383 (615, 786) 448,468 1, 692, 801 Page 41
TEWKESBURY ST MARYTHE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statement of funds {continued) Sewing Guild Funds held for the maintenance and replacement of vestments and altar linen. Sacristy Fund This holds a bequest from Keith Herbert received in 2023 for the purpose of sacred vessels and vestments. 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 to support family activities within the Celebrate community. Celebrate Fund This fund comprises contributions from The Tewkesbury Abbey Foundation to support the Celebrate community. 20.21900 years celebration 2021 marked the 900th anniversary of the consecration of the Abbey and the 550th anniversary of the battle of Tewkesbury. A slralegic plan had been prepared and a fund set up with the vision of renewing people and place by 2021. Donations to 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 to close the fund and advise all those still contributing of their decision. It is still hoped to use the funds for a commemorative plaque on the North Path, any remaining funds to be transferred to the Music Fund, as originally determined. The Heritage Lottery Fund A grant awarded to save the heritage of the Abbey and improve environmental sustainability based on a series of fabric investigations including improving environmental sustainability and develop visitorlheritage interpretation facilities. The project timeline is years, completing in November 2026. Grant funding is released upon the submission of costing analysis reports as per the grant terms and conditions. The final 20 /0 of the grant is released in arrears. 23. Summary offunds Page 43
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment propety Current assets Creditors due within one year 129,342 388.821 750,000 117,670 129,342 542,351 750,000 735,543 (146,385) 153,530 617,873 (146,386) Total 1,385,833 471,487 153,530 2,010,850 Analysis of net assets between funds - prlor perlod Unrestricted funds 2023 Restncted Endowment funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 145,328 365, 723 750,000 184,713 (76, 772) 145. 328 515,818 750,000 393,540 (111,884) 150,095 208, 827 (35, 112) Total 1,368,992 173, 715 150,095 1, 692, 802 Page 45
TEWKESBURY ST MARY THE VIRGIN WITH WALTON CARDIFF PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 28. Related party transactions The reported transactions are limited to the duration of the Trustee's service during the relevant year (see list of Trustees on page 1). Included within staff costs (note 10) is-. £40.798 (2023.. £38,253) paid to Carleton Etherington, the spouse of a Trustee, employed as Director of Music and Organist. The amount owed at 31 December 2024 was £446. b) £9,410 {2023.' £8,461) paid to Pat Horsley, the mother of a Trustee employed, as a Temporary Verger. The amount owed at 31 December 2024 was £830. Included within other items in the accounts are: Katie Etherington's (PCC member to 25th September) two children received choral scholarships, both received £400 in the year. d) Paul and Elizabeth Charman's (PCC members) son received a choral scholarship totalling £400 in the year. One of David Birch's grandChildn was an Abbey Assistant until April 2024, remunerated £782 for assisting with the activities of TAL and the Abbey. Expenses paid to clergy who are also trustees are disclosed in Note 14. The expenses claimed are for travel and expense required to carry out pioneer ministrywork and training. Aggregate donations, net of Gift Aid, received from Trustees and the related parties. amounted to £9,341 (2023. £10,484). Page 47