## **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.
Page 2
**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.
Page 3
**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.
Page 4
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**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**|
Page 11
**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**
**£**
-|
|||-|
Page 12
**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.
Page 13
**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**|
Page 14