THE WESTMINSTER ABBEY 1953 APPEAL FUND REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 September 2021
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the period ended 29 September 2021 Contents Page(s) Trustees, Advisers and Governing Documents Report of the Trustees Independent Examiner's Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the financial statemenls 9-14
THEWESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 TRUSTEES. ADVISERS AND GOVERNING DOCUMENTS For the period ended 29 September 2021 Trustees The Dean and Chapter of Westminster Contact name Mr Christopher Vyse Governing document Charitable Settlement dated 8 March 1955 status Charitable Trust Registered charity number 1161761 Principal office The Chapter Office 20 Dean's Yard Westminster Abbey London SW1 P 3PA Independent examiner Heather Cheesman Chichester Accounting 104 Stockbridge Road Chichester West Sussex P019 8Q Bankers Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP Page I
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES For the period ended 29 September 2021 The Trustees lake pleasure in presenting their report together with the financial statements for the period ended 29 September 2021. The financial slalements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland IFRS 102) as it applies from 1 January 2019. The legal and administrative information sel out on page 1 forms part of this report. Structure, governance and management The Westminster Abbey 1953 Appeal Fund is an unincorporated trust registered with the Charity Commission and was created by trust deed dated 8 March 1955. It was set up to raise funds to support its declared objectives, which include grant giving. The Trustees at the date of this report are detailed in the legal and administrative information set out on page one, which forms part of this report. The Charity is the Trustees incorporated as a body. The Dean and Chapter are a body corporale, each member appointed by the Crown. As Trustees, they are given informal training as part of their induction to the Charity. This training involves explaining the Trustees, responsibilities and explaining to them the role they are expected to lake and the involvement in the Charity that this enlails. The Trustees meet at least once per year to discuss matters relating to the Charity's performance. None of the Trustees receive any remuneration for their role,. day-to-day financial transactions relating lo the trust are overseen by the staff al Westminster Abbey. Objects and activlties of the Charity The main objectives of Ihe Trust are.. To provide funds to meet the cost of repairs and maintenance to the fabric and precincts of Westminster Abbey, but not residencies. To support the Abbey's Choir School To maintain the provision of religious services al the Abbey The Trustees confimi that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's objectives and in planning future activities and setting the grant making policy. The policy for grants states that expenses should be pertaining to fabric and upkeep. A cornerstone of Westminster Abbey's mission is "to serve pilgrims and all other visitors and to maintain a tradition of hospitality" Over 1.5 million people enjoy worshipping and visiting the Abbey every year. The Trustees believe that financially assisting the Abbey to fulfil its mission, together with its Choir School, contributes to the advancement of religion. Page 2
THEWESTMINSTER ABBEY 1953 APPEAL FUND Charlty No. 1161761 REPORT OF THE TRUSTEES (continued) For the period ended 29 September 2021 Public benefit The Trustees believe the objects of the Charity meet the 'purposes test, fDr public benefit, as set out in the Charities Act 2011. The Trustees refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set. Aims and strategles for achieving objectives The aim is to deliver sufficient income from investments to contribute lo the objectives set out above. Financial review and achievements of the year The total resources of the Trust amounted to £10,387,483 as at 29 September 2021 (2020.. £9,393,293). Net income amounted to a surplus of £994,190 12020: surplus £175,742) Reserves policy The level of reserve5 is primarily determined by Ihe non-expendable Endowments within the Charity and additions to these should Ihe Abbey not be in requirement of funds in the short term. During the year, £391,456 of investments were disposed of {2020'. £183,913). At the reporting date, the Trust had funds of £10,387,483, of which £10,337,053 relates to endowmenls left lo the Abbey and £50,430 relates to restricted funds. Trustees aulhorised Grants to Westminster Abbey of £571,539, of which £42,890 has been applied towards replacement Choir School boilers and £81,930 towards school running costs. £251,815 has been applied towards the Organ Loft project and £34,000 towards the Sacristy site. £160,904 has been applied against essential maintenance across the Abbey estate. The investments returned gains of £1,444,645 {£45,464 realised, £1,399,181 unrealised) and investment income of £120,979. Of the expendable restricted funds, £2,110 is available for maintaining the fabric of the Abbey and £5,430 for offsetting the running costs of the Choir School. A further £42,890 is available for expenditure on the religious activities of the Abbey,. alternatively, this can be applied to supporting the Choir School or maintaining the fabric of the Abbey. Page 3
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES Icontlnuedl For the period ended 29 September 2021 Investment policy The investment objective of the Trust is to maintain the real value of its capital, al the same time ensuring that income returns are maximised, thus providing adequately for the charitable work to which the Trust is committed. The Trustees have opted lo invest the funds of the Charity through the Investment Pool of Westminster Abbey, which ensures that investments are reviewed on a regular basis with a view to maximising long term growth. The principal source of income for the Trust is investment income generated by units in the portfolio managed byWestminsterAbbey Investment Pool. The Investment Pool's ethical policy follows the practices recommended by the Chdrch of England's Ethical Investment Advisory Group., in addition, the funds held are subject to an annual ethical review. The Trustees aim to distribute the net income of the Trust to support the Trust's charitable objectives. Where income is not distributed, it is reinvested to grow the capital and future potential income generated from investments. Risk management The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate the Trust's exposure to them. The greatest threat is a significant downturn in the Stock Market. The Trust's funds are managed as part of Westminsler Abbey Inveslrnent Pool. The Investment Panel, comprised of independent members all with appropriate level of financial experience, meets quarterly to review performance and advise the Trustees Trustees, g04ng concern assessment The Trustees consider the Trust to be a going concern as it continues to have positive fund balances, has a negligible cost base and has been able lo maintain ongoing operations during the COVID-19 pandemic, whilst at the same time providing substantial financial support to Ihe Westminster Abbey. The Trustees Consider the Trust to be a going concern as it continues to have positive fund balances and the continued support ofwestminster Abbey. Page 4
THEWESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES (continued) For the period ended 29 September 2021 statement of Trustees, responsibilities The Trustees are responsible for preparing the Report Df the Trustees and the financial statements in accordance with applicable law 2nd United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial stalements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable a¢counling policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP., make judgments and estimates that are reasonable and prudent., state whether applicable accounting slandards have been followed, subject to any malerial departures disclosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charitable settlement. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. Approved by the Trustees and signed on their behalf by.. The Reverend Canon Dr JDT Hawkey The Reverend Canon DJ Stanton Date.. 28 July 2022 Page 5
THE V¥ESThIINSTER ABBEY 1953 APPEAL FUND Charlty No. 1161761 INDEPENDENT EXAMINER'S REPORT For the period ended 29 September2021 I report on the accounts of the Trust for the year eThled 29 SepteMr 2021, Nthlch are set out on pages 7 to 14. As the charltls trustees, you are responslble for the preparaiion of the accounts Sn accordance with the requirements of th8 Charities Ad 2011 fthe Acr). I report in resped of my examination of the Trusys accounts carried out under section 145 of the 2011 Act and in carrying Out my examination, I have followed all the applicable Directions given by the Charity Commission under sectton 145(5Mb) of the Act. I have completed my examination. I confimi that no material matters have rne to my attention in nnection with the examinatlon (otherthan that disdosed below") vthlch give me cause to believe that in. any material reswt: 1. the accounting records wpre not kept in accordan with section 130 of the Charities Aci: or 2. the accounts did not a¢cord with the accounti1 Rcords: or 3. the accounts did not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Account5 and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fairf view 1¢h is not a matter conSided as part of an indeperKlent examination. I have no concerns and have come across no other matters In connection with the examination to vthich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Heather Cheesman ChithesterAc¢ounting 104 Stod<bridge Road Chithester West Sussex P019 8QP Date: Pa8e 6
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 STATEMENT OF FINANCIAL ACTIVITIES For the period ended 29 September 2021 Restricted funds Endowment funds Total funds Total funds Notes 2021 2020 Income and endowments Donations 105 105 Investments 120,979 121.084 120,979 136,625 136,625 Total income and endowments 121.D84 Resources Expended Grants made underthe Scheme 1571,539) 1571,5391 1403,9981 Total Resources Expended {571,5391 1571,539} (403,998} Net {Expenditure} I Income before galnslllossesl on Investments 1450,4551 1450,455) 1267,3731 Gains on Investments 53,975 1,390,670 1.444,645 443,115 Net (Expendlturel I Income 1396,4801 1,390,670 994,190 175.742 Net Movements in funds 1396,480} 1,390.670 994,19Q 175.742 Fund balances brought forward 30 September 2020 Fund balances carried forward 29 September 2021 446,910 8,946.383 9,393,293 9,217.551 50,430 10,337,053 10.387,483 9,393,293 All recognised gains and losses in the year have been recognised in the Statement of Financial Aclivilies. The results for the years as set out above have been derDied entirely from continuing operations. The notes on pages 9 to 14 fomi part of the financial statements. Page 7
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 BALANCE SHEET As al 29 September 2021 Restrlcted funds Endowment funds Total funds 2021 Total funds 2020 Notes Non-current assets Investments 46,416 10,337,053 10.383,469 9,330,280 Currentas8ets Debtors 298,614 105 298,614 105 51,649 11,364 Cash Current liabilities Creditors 1294.7041 {294.7041 Net current assets 4,014 4,014 63.013 Net assets 50,430 10,337,053 10,387,483 9,393,293 Rgpresented by: Restricted funds 50,430 50,430 446,910 Endowmentfunds 10,337,053 10,337,053 8,946,383 Total Charity fund5 50,430 10.337,053 10,387,483 9,393,293 The financial slalemenls and notes on pages 9 to 14 were approved by the Trustees and aulhorised for issue and signed on their behalf. Date.. 28 July 2022 The Reverend Canon Dr JDT Hawkey The Reverend Canon DJ Stanton Page 8
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the period ended 29 September 2021 Legal Fomi The Westminster Abbey 1953 Appeal Fund is a registered charity in England and is a public benefit entity. The address of the registered office is The Chapter Office, 20 Dean's Yard, Westminster Abbey. London. SW1 P 3PA. The charity, which is registered with the Charity Commissioners, has as its constitution a Trust Deed. Accounting policies a) Convention The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 28 March 2018, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Trust Deed and the Charities Act 2011. The charity has elected to take the exemption from the requirements to prepare a Cash Flow Slalement due to its turnover being less than £500,000, as permitted by the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" (FRS 1021. b) Going concern The Trustees consider the Trust to be a going concern as it continues to have positive fund balances, has a negligible cost base and has been able to maintain ongoing operations during the current COVID 19 pandemi¢. Westminster Abbey continues to provide operational support to the charity and is expected to do for a period not less than 12 months from the date of signing the financial statements. Donations Donations are recognised on a receivable basis. d) Investments and investment income Investments are shown in the balance sheet at fair value. Investment income is recognised on a received basis. Realised and unrealised gains are accounted for in the Statement of Financial Activities. e) Realised gains and losses Realised and unrealised gains are accounted for in the Statement of Financial Activilies. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Grants Grants are accounted for when either Ihe recipient has a reasonable expeclalion that they will receive a grant and the Trustees have agreed lo pay Imlhout condition or the recipient has a reasonable expectation that they will receive a grant and any condition attached to the grant is outside the control of the Trusl. Page 9
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the period ended 29 September 2021 g) Cash When applicable, cash is held in a current bank account and is immediately available for meeting the objects of the Trust. Under FRS 102 the Trust is not required to produce a cash flow statement as it is included within consolidated financial statements thal are publicly available on Westminster Abbey's website. h) Debtors Debtors are recognised al Ihe settlement amount due. Creditors Liabilities are recognised as resources expended as 500n as there is a legal or constructive obligation commilling the Trust to the expenditure. All expenditure is accounted for on an accruals basis. Funds Restricted funds relate to gifts and legacies which have been given or bequeathed lo the Trust to be used in accordance with the wishes of donors or their represenlalives. Both the capital and the income may only be used in accordance with the purposes for which the funds were donated. Endowment funds relate to gifts and legacies which have been given or bequeathed to the Trust to be used in accordance with the wishes of donors or their representatives. The income may be used in accordance wth the purposes for which the funds were donated. kl Financial Instruments The Trust only holds basic financial instruments. Financial instruments held by the Charity are classified as follows-. Cash is held at C05t Investments are held at fair value based on market value for the listed investments at the balance Sheet date Debtors are held at amortised cost using the effective interest method Page 10
THE WESTMINSTERABBEY 1953 APPEAL FUND Charlty No. 1161761 NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2021 2. Investment income Restricted Endowment funds funds Total 2021 Total 2020 Dividends received 120,979 120,979 120,979 136,625 136,625 120,979 All dividends received relate to restricted funds in both current and prior year. 3. Grants issued 2021 2020 Weslminsler Abbey Choir School Salaries Westminster Abbey Choir School Boiler Replacements Westminster Abbey Choir School Running Costs Westminster Abbey El8clrical Maintenance Sacristy Site Essential Maintenance Quire Cushions and the Organ Loft 30,004 42,890 51,927 133,998 120,000 34,000 160,904 251,814 571,539 150,000 403,998 Recipients of grants to institutions.. 1953 Fabric Coronation 1953 General Fund ReseNe 1953 Choir School Fund Westminster Abbey Choir School Abbey Organ Loft Organ Loft 99,131 24,527 1,163 251.814 34,000 General Reserve 43.396 117,508 99,131 101,923 370,485 Page 11
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the period ended 29 September 2021 4. Investments Restricted Endowment funds funds Total 2021 Total 2020 Market value al 30 September 2020 383,897 8,946,383 9,330,280 9,071,078 Disposals (391,4561 {391,456) (183,913) Gain5 in Ihe year 53,975 1,390,670 1,444,645 443,115 Market value as at 29 September 2021 46,416 10,337,053 10,383,469 9,330.280 All investments are carried at their fair value. Investments are made in units held in the portfolio managed by Westminster Abbey Investment Pool. Purchases and sales of units are recognised al their transaction value. Under FRS102 all investments categorised as level 3 owing lo unobservable market data. 5. Dabtors 2021 2020 Accrued income 46,799 51,649 Cash due from sale of investments 251,814 298,613 51,649 6. Creditors 2021 2020 Accrued expenditure (294,7041 1294,7041 Page 12
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS Icontinued) For the period ended 29 Seplernber 2021 7. Analysis of Fund movements Balance b/fwd Galns I IL05ses} Balance c/fwd Income Expenditure Transfers Restricted funds 1953 Appeal General Reserve 358,079 4,106 (370,4851 51,189 42,889 1953 Choir School 53,129 48,646 (99,1311 2,786 5,430 1953 Fabric Coronation Fund 35,702 68,332 {101,9231 2,111 Total Restrlcted 446.910 121,084 {403,9981 53,975 50,430 Endowmentfunds 1953 Choir School 1953 Fabric Coronation Fund 3,718,486 578,020 4,296,506 5,227,897 812,650 6,040,547 Total Endowments 8,946.383 Total Funds 9,393,293 1,390.670 10.337,053 1,444,645 10,387,483 121.084 {403,9981 1953 Appeal General Reserve The Appeal General Reserve is intended to be applied in the maintenance of Divine Services in the Abbey, bul may equally be applied for use as set out for both of the other funds. 1953 Choir School The Choir School fund is to be applied to maintaining the buildings of the Choir School and towards meeting the expenses of lodging, boarding, leaching and clothing the choristers. 1953 Fabric Coronation Fund The 1953 Fabric Coronation fund is used to maintain the fabric and Precincts (excluding residencies) of Westminster Abbey. The above endowment funds are permanent endowments as set oul in the 1953 Trust deed. Income generated from these funds is to be used as prescribed above. Page 13
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charlty No. 1161761 NOTES TO THE FINANCIAL STATEMENTS leontinuedl For the period ended 29 September 2021 8. Related Parties Transactions with the Collegiate Church of Sl Peter in Westrninsler and its wholly owned subsidiaries are exempl from the detailed disclosures required by FRS 102 because the Collegiate Church of Sl Peter in Westminster prepares consolidated Group accounts which are publicly available. The Trustees received £Nil remuneralion during the year {2020.' £Nill and £Nil expenses were reimbursed to any Trustees during the year12020.' £Nil). There are no staff employed by Ihe Charity, with all administration and costs borne by the Dean and Chapter of the Collegiate Church of St Peter in Westminsler. The independent examination fees of £500, were met by the Dean and Chapter. 9. Financial Instruments At the balance sheet date, the Charity held the following Financial Instruments, The fair value of investments is determined by reference lo market value. 2021 2020 Measured at fair value.. Investments 10,383,469 9,330,280 Measured at amortised cost.. Debtors 298,614 1294,7041 51,64g Creditors Total 10,384,379 9,381,929 Page 14