THE WESTMINSTER ABBEY 1953 APPEAL FUND
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
29 September 2023
Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the period ended 29 September 2023
| Contents | Page(s) |
|---|---|
| Trustees, Advisers and Governing Documents | 1 |
| Report of the Trustees | 2 – 5 |
| Independent Examiner’s Report to the Trustees | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the financial statements | 9 – 14 |
Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
TRUSTEES, ADVISERS AND GOVERNING DOCUMENTS For the period ended 29 September 2023
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 The Chapter Office 20 Dean’s Yard Principal office Westminster Abbey London SW1P 3PA Heather Cheesman Chichester Accounting 104 Stockbridge Road Independent examiner Chichester West Sussex PO19 8Q Barclays Bank plc 1 Churchill Place Bankers Canary Wharf London E14 5HP
Page 1
Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
REPORT OF THE TRUSTEES
For the period ended 29 September 2023
The Trustees take pleasure in presenting their report together with the financial statements for the period ended 29 September 2023.
The financial statements 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 applicable in the UK and Republic of Ireland (FRS 102) as it applies from 1 January 2019.
The legal and administrative information set 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 corporate, 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 take and the involvement in the Charity that this entails.
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 to the trust are overseen by the staff at Westminster Abbey.
Objects and activities of the Charity
The main objectives of the 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 at the Abbey
The Trustees confirm 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.
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
REPORT OF THE TRUSTEES (continued)
For the period ended 29 September 2023
Public benefit
The Trustees believe the objects of the Charity meet the ‘purposes test’ for 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 strategies for achieving objectives
The aim is to deliver sufficient income from investments to contribute to the objectives set out above.
Financial review and achievements of the year
The total resources of the Trust amounted to £9,550,078 as at 29 September 2023 (2022: £9,080,004). Net income amounted to a surplus of £140,456 (2022: deficit £1,307,479).
Reserves policy
The level of reserves is primarily determined by the non-expendable Endowments within the Charity and additions to these should the Abbey not be in requirement of funds in the short term. During the year, £Nil of investments were disposed of (2022: £Nil).
At the reporting date, the Trust had funds of £9,550,078, of which £9,550,078 relates to endowments left to the Abbey and £191,108 relates to restricted funds.
No grants were issued during the year.
The investments returned gains of £329,618 (unrealised) and investment income of £140,436.
Of the expendable restricted funds, £89,699 is available for maintaining the fabric of the Abbey and £61,495 for offsetting the running costs of the Choir School. A further £39,914 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.
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
REPORT OF THE TRUSTEES (continued)
For the period ended 29 September 2023
Investment policy
The investment objective of the Trust is to maintain the real value of its capital, at the same time ensuring that income returns are maximised, thus providing adequately for the charitable work to which the Trust is committed.
To achieve this objective, the Trustees have invested the funds of the Charity through the Investment Pool of Westminster Abbey, which ensures that investments are reviewed on a regular basis.
The principal source of income for the Trust is investment income generated by units in the portfolio managed by Westminster Abbey Investment Pool.
The Investment Pool’s ethical policy follows the practices recommended by the Church 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 Westminster Abbey Investment 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’ going 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 whilst at the same time continuing to provide financial support to Westminster Abbey. The Trustees expect it to do so for a period not less than 12 months from the date of signing of the financial statements.
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THEWESTMINSTERA88EY 1953 APPEAL FUND Charlty No. 1161761 REPORT OF THE TRUSTEES {COnndI For the period ended 29 Seplember2023 Statement of Trustses, responslbllltles The Trustees a respMsible for preparing the RepcKt of the Trustees and the financial Statements in )rdance wrih appluble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi}. The law applicable to charrties in England and Wales requires the trustees lo prepare financial staterTEnts 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 charty for that peri(Ml. In preparing these financi81 statements. the Trustees are required lo.. select suitable accounting policies and then apply them consistenlty. obseNe the methods and principles In the appli¢8ble Charities SORP; make judgments and estimates that are reasonabb8 and Fxudent., state whether applicable accounting standards have been followed, subpd to any material departures disclosed and explained in the financial statements., and prepare the financial stalemenl$ on the going concem basis untess it is Inapproprlaté to presume Ihal the chanty will continue in business. The Trustees are responslble for keeping proper accounting records thal disclose with reasonable accuracy at any liffe the financial position of the charty and enable them to ensu that the financial slalements comply with the Charitie$ Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisrons of the charitable settlement. They are also responsible for safeguarding the assels of the charrty and hence for taking reasonable steps for the prevenllon and detectK)n of fraud and other irregularitss. Approved by the Trustees and sp3ned on their behalf by: Thev end Dr DM Hoyle The Reverend DJ Stanton Date: Page 5
THE WESTMINSTERABBEY 1953 APPEAL FUND Charfty No. 1161761 INDEPENDENT EXAMINER'S REPORT For the peri1 ended 29 September 2023 I .)rt on the aCfJ)unts of the Trust for the year ended 2g September 2023, which are set out on pages 7 to 14. As the charitys trustees. you are responslble for the preparatlon of the accounts In accordance with the requiremenls of the Charitios Act 2011 (°the Act.). I report in respect of my examination of the Trust's 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 tho Charity Commission under section 145(5){b) of tho Act. I have completed my examination. I confirm that no material matters have come to my attention in nnection with the examination {otherthan Ihat disdosed below") which give me cause to believe that in, any matorial respect: 1. Ihe accounting records were not kept in accordance with section 130 of the Charities Act: 2. tho accounts did not accord with th8 accounting rocords; or 3. the accounts dld not comply wltfi Ifie applicable requirements conceming the form and content of accountsset out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter nsidered as part of an independent examination. I have no concems and have come across no other matters In connection with the examination to which attentlon should be drawn in this repl in order to enable a proper understanding of the acix>unts to be roached. Heather Cheesman Chichester Accounting 104 SioGkbridge Rtmd Chichester West Sussex P019 8QP Date: 29.07. 2Lk Page 6
THE WESTMINSTER ABBEY 1953 APPEAL FUND
Charity No. 1161761
STATEMENT OF FINANCIAL ACTIVITIES
For the period ended 29 September 2023
| Notes Income and endowments Donations Interest Received Investments 2 Total income and endowments Resources Expended Grants made under the Scheme 3 Bank Charges Total Resources Expended Net Income / (Expenditure) before Gains / (Losses) on Investments Gains / (Losses) on Investments Net Income / (Expenditure) Net Movements in funds Fund balances brought forward Fund balances carried forward |
Restricted funds £ - 23 140,436 140,459 - (3) (3) 140,456 1,473 141,929 141,929 49,179 191,108 |
Endowment funds £ - - - - - - - - 328,145 328,145 328,145 9,030,825 9,358,970 |
Total funds 2023 £ - 23 140,436 |
Total funds 2022 £ - 14 111,200 |
|---|---|---|---|---|
| 140,459 - (3) (3) 140,456 329,618 470,074 470,074 9,080,004 9,550,078 |
111,214 (106,600) - |
|||
| (106,600) | ||||
| 4,614 (1,312,093) |
||||
| (1,307,479) | ||||
| (1,307,479) 10,387,483 |
||||
| 9,080,004 |
All recognised gains and losses in the year have been recognised in the Statement of Financial Activities. The results for the years as set out above have been derived entirely from continuing operations. The notes on pages 9 to 14 form part of the financial statements.
Page 7
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 BALANCE SHEET As at 29 S8plember2023 Restrict•d tunds Endowment funds Total funds 2023 Total funds 2022 Nots¥ Non<urrnnt ag•ets Investments 42,024 9,358.970 9.400,994 9.071,376 Current auots Dablors Cash 140.436 8.648 140,436 8,848 8.000 628 Curr•nt Ilabillg$ Creilitors N•t curront *8•ets 149,084 149.084 8,628 N•t a•••ts 191.108 9,358.970 9,550,078 9.080.004 RoprM•nt•d by: Restricted funds 191.108 191.108 49.179 Endowment funds 9,358,970 9.358,970 9,030,82S Total Charfty fund# 191,108 9.358.970 9.5SO.078 9.080,004 The financial statements and notes on pages 9 to 14 were approved by the Twstees and authorised for issue and signed on their behalf. The Very Rev Hoyle The Rerend DJ Stanton Zg 74 202} Page 8
Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2023
Legal Form
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, SW1P 3PA. The charity, which is registered with the Charity Commissioners, has as its constitution a Trust Deed.
1. Accounting policies
a) Convention
The principal accounting policies adopted, judgements and key sources of estimation uncertainty 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 accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 Statement due to its turnover being less than £500,000, as permitted by the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102).
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 whilst at the same time continuing to provide financial support to Westminster Abbey. The Trustees expect it to do so for a period not less than 12 months from the date of signing of the financial statements.
c) 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 Activities. 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.
f) Grants
Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay without 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 Trust.
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the period ended 29 September 2023
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 that are publicly available on Westminster Abbey’s website.
h) Debtors
Debtors are recognised at the settlement amount due.
i) Creditors
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis.
j) Funds
Restricted 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. 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 with the purposes for which the funds were donated .
k) Financial Instruments
The Trust only holds basic financial instruments.
Financial instruments held by the Charity are classified as follows:
-
Cash is held at cost
-
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
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2023
2. Investment income
| Dividends received | Restricted funds Endowment funds Total 2023 £ £ £ 140,436 - 140,436 140,436 - 140,436 |
Total 2022 £ 111,200 |
|---|---|---|
| 111,200 |
All dividends received relate to restricted funds in both current and prior year.
3. Grants issued
| 3. Grants issued | ||
|---|---|---|
| Westminster Abbey Choir School Running Costs Essential Maintenance Undercroft and the Organ Loft |
2023 £ - - - - |
2022 £ 47,800 35,800 23,000 |
| 106,600 |
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the period ended 29 September 2023
4. Investments
| Market value at 30 September 2022 Disposals Gains / (Losses) in the year Market value as at 29 September 2023 |
Restricted funds Endowment funds Total 2023 £ £ £ 40,551 9,030,825 9,071,376 - - - 1,474 328,144 329,618 42,025 9,358,969 9,400,994 |
Total 2022 £ 10,383,469 - (1,312,093) |
|---|---|---|
| 9,071,376 |
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 at their transaction value. Under FRS102 all investments categorised as level 3 owing to unobservable market data.
| 5. Debtors Accrued income 6. Creditors Accrued expenditure |
2023 £ 140,436 140,436 2023 £ - - |
2022 £ 8,000 |
|---|---|---|
| 8,000 2022 £ - |
||
| - |
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2023
7. Analysis of Fund movements
| Restricted funds 1953 Appeal General Reserve 1953 Choir School 1953 Fabric Coronation Fund Total Restricted Endowment funds 1953 Choir School 1953 Fabric Coronation Fund Total Endowments Total Funds |
Balance b/fwd Income Expenditure Transfers Gains Balance c/fwd £ £ £ £ £ £ 37,959 601 (3) 1,357 39,914 3,219 58,160 - 116 61,495 8,001 81,698 - - 89,699 |
|---|---|
| 49,179 140,459 (3) - 1,473 191,108 |
|
| 3,753,584 - - 136,391 3,889,975 5,277,241 - - 191,754 5,468,995 |
|
| 9,030,825 - - - 328,145 9,358,970 |
|
| 9,080,004 140,459 (3) - 329,618 9,550,078 |
1953 Appeal General Reserve
The Appeal General Reserve is intended to be applied in the maintenance of Divine Services in the Abbey, but 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, teaching 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 out in the 1953 Trust deed. Income generated from these funds is to be used as prescribed above.
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Charity No. 1161761
THE WESTMINSTER ABBEY 1953 APPEAL FUND
NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2023
8. Related Parties
Transactions with the Collegiate Church of St Peter in Westminster and its wholly owned subsidiaries are exempt from the detailed disclosures required by FRS 102 because the Collegiate Church of St Peter in Westminster prepares consolidated Group accounts which are publicly available.
The Trustees received £Nil remuneration during the year (2022: £Nil) and £Nil expenses were reimbursed to any Trustees during the year (2022: £Nil).
There are no staff employed by the Charity, with all administration and costs borne by the Dean and Chapter of the Collegiate Church of St Peter in Westminster. The independent examination fees 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 to market value.
| Measured at fair value: Investments Measured at amortised cost: Debtors Creditors Total |
2023 £ 9,400,994 140,436 - 9,541,430 |
2022 £ 9,071,376 8,000 - |
|---|---|---|
| 9,079,376 |
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