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 ex￿ffici0 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 prO￿s5 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 pr0￿dUreS, 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
fO￿ard
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 grandChild￿n 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