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 SepteM￿r 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 conSide￿d 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