THE WESTMINSTER ABBEY 1953 APPEAL FUND REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 September 2024
THE WESTMINSTERABBEY 1953 APPEAL FUND Chaiity No. 1161761 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the period ended 29 September 2024 Contents Page(s Trustees. Advisers and Goveming Documents Report of the Truslees Independent Examinerfs Report lo the Trustees Statement of Fin8ncial Activrties Balance Sheet Notes lo the financial statements 9-14
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 TRUSTEES, ADVISERS AND GOVERNING DOCUMENTS For the period ended 29 September 2024 Trustees The Dean and Chapter of Westminster Contact Trame Mr Christopher Vyse Governing document Charitable Settlement dated 8 March 1955 Status Charitable Trust Registered charlty numbér 1161761 The Chapter Office 20 Dean's Yard Westminster Abbey London SW1P 3PA Prln¢lpal office Heather Cheesman Chichester Accounting 104 Slockbridge Road Chichester Wesl Sussex P019 8QP Independent examlnor Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP Bankern Page I
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES For the period ended 29 September2024 The Trustees take pleasure in presenting their P)rt together wth the financial statements for the peri¢>J ended 29 September 2024. The financial statements have been prepared in accordan¢e with the accounting policies set out in note 1 to the accounts and compty with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Chanlies.. Statemenl of Recommended Practice applicable lo charrties preparing their accnunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 as it applies from 1 January 2019. The legal and adminislralive infomation set out on page 1 fnS part of this report. Structure, governance and managemgnt The Westminster Abbey 1953 Appeal Fund is an unincorporated trust registered with the Charity Commission and was created by twst deed dated 8 March 1955. It was set up to raise funds to support its de¢iared objectives. which include grant giving. The Trustees al the Oale of this report are detailed in Ihe legal and adminislralive information set out on page one. which fomis part of this repcKI. The Charity is the Trustee$ incorporated as a body. The Dean and Chapter are a body corporate, each member apFointed by the Crown. A8 Trustees, they are given infomial training as part of their induction to the Charity. This training involv85 explaining the Truslees. responsibilities and explaining to them the role they are expected to lake and the involvement in the Charity that Ihis entails. The Trustees meet al least once per year to discuss matters lating to the Ch8riWs performance. None of the Twslees receive any remuneration for their role,. day-tcpday financial transactions relating lo the tru51 are overseen by the staff al Westminster Abbey. Objects and actlvltles of th• Charlty The main objectives of the Trust are.. To provide funds to meet the Cost of repairs and Maintenan to the fabri¢ and precincts of Vvestrninsler Abbey, bul not residencies. To support the Abbews Choir School To maintain the prowsion of religious seNices at the Abbey The Trustees confinn that they have refeThed to the guidance contained in the Charity Commission's general guidance on publi¢ benefit when reviewing the Trust's objeckives and in planning future activities and setting the grant making policy. The policy for grants stales that expenses should be rtaInIng to fabric and upkeep. Page 2
THE WESTMINSTERABBEY 1953 APPEAL FUND Charfty No. 1161761 REPORT OF THE TRUSTEES {continued} For the period ended 29 September 2024 Public beneflt The TTuslees believe the objects of the Charity meet the 'purposes lest, for public benefil, as sel out in the Charities Act 2011. The Trustees refer to the guidance contained in the Charity Commission's general guidan on public benefrt when reviewing the Charity's aims and objectives 8nd in planning its future activities. In particular. the TTUStees consider how planned activities will contribute to the aims and objectrves that have been set. Alms and stratogles for achieving oblectlves The aim is to deliver sufficient income from investments to o)ntribute to the objectives set o above. Flnan¢lo1 revlew and a¢hlevements of the year The total resources of the Twsl amounted to £10.967.902 as al 29 September 2024 (2023.. £9,550,078). Net incom8 amounted to a surplus of £158,146 12023.. surplus £140,456). Reserves policy The level of reserves is primarity detemined by the nonoxpendable Endowments wthin the Charity and addrtions to these should the Abbey not be in requirement of funds in the Short term. During the year. £Nil of investments were disposed of (2023: £Nill. Al Ihe reporting dale, the Trust had fvnds of £10.967,902. of which £10.613,020 relates to endowments lefl to the Abbey and £354.882 relate8 to restricted funds. No grants were issued during the year. The investrnents retumed gains of £1,259.681 (unrealised) and investment Income of £157,949. or the expendable restricted funds, £181,585 is available for maintaining the fabric of the Abbey and £127,353 for offsetting Ihe runnlng costs of the Choir School. A further £45,944 Is available for expenditure on the religious activities of the Abbey,. allernalively, this can b8 applied lo supporting the Choir School or maintsining the fabric of the Abbey. Page 3
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES Icontlnuèd) For the period ended 29 September 2024 Investment policy The investment objective of the Trust is to maintain the real value of rts capital, at the same lime ensuring thal income relums 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 revlewed 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 dlstribute Ihe net income of the Trust to support the Trust's charitable objeGtive5. Where income is not distributed. it is reinvested to grow the ¢apttal and future potential income generated from inve51mentS. Rlsk management The Trustees have assessed the major risks lo vthich 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 significanl downturn In the Stc¢k 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 quarterty lo review perfomiance and advise the Trustees Trusteès, golng ¢oncem assessment The Trustees consider the Trust to be a going concem as it continues to have positive fund balance$, has a negligible cost base whilst at the same lime continuing to provide financial support to Westminster Abbey. The Trustees expect it to do so for a period not less Ihan 12 months from the dale of signing of the financial Statements. Page 4
THE WESTh11NSTERABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES Icontrnuedl For the period ended 29 SeplembeT 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Report of the Truslees and the financial statements in accordance wlh applicable law and United lQngdom Accounting Standards (United Kingdom Generally Accepled AcGounling Practice). The law applirAble to charities in England and Wales requires the trustees lo prepare financial stslements for each firnancial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of sOurceS of the charity for that period. In preparing these financial statements, the Trustees are required to-. select suitable accounling polioes and then appty nSiStent. observe the methods and principles in the applicable Charities SORP.. make judgments and estimates that are reasonable and prudent; stale whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concem basis unless il is inappropriate to presume Ihal the charty will continue in business. The Trustees are reswnsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charrty and enable them lo ensure that the financial stalemenls comply with the Charilies Act 2011. the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charilable settlement. They are also responsible for safeguarding the assets of the charity and hence for laking Feasonable steps for the prevention and detection of fraud and other irregularities. Approved by Ihe Trustees and signed on their behaw by. The Reverend M Birch The Reverend DJ Slanlon Date.. Page 5
THE WESTMINSTERABBEY 1953 APPEAL FUND ChaTIty No. 1161761 INDEPENDENT EXAMINER'S REPORT For the peri¢JJ ended 29 September2024 I report on the accounts of th8 Trust for the year ended 29 September 2024, which are set out on pages 7 to 14. As the charitys trustees, you are responslble for Ihe preparation of the aco)unts In accordance with the requirements of the Charities Act 2011 fthe Acr). I report In respect of my examinatEon of the Trusfs accwnts carrfed out under sectron 145 of the 2011 Act and in carying out my examinati¢)n, I have folkNed all the applicable Dlrections given by the Charity Commlssion urKler sectic 1445)(b) of the ACL I have completed my examInati. I confim) fhat no material matters have como to my attenuon In connecllon wEth the examlnatlon (otherthan that dtsck6ed beluw") which give me Cause to belleve that In. any materlal respect: 1. the accountlng recfflls were not kept In acc¥)rdance vAth sgctlon 130 of the Charllles Act: or 2. the acCunIS dld not accord with th8 accounllng records: or 3. the accounts dld not comply wlth the appllcabte requlrements concernlng the fomi and content of accountsset out In the Charltles (Accounlsand Reports) Regulation5 2008 Other than any requirement that the accounts gNe a 'trug and falrf vlew whlch Is not a matter consldered as part of an Independent examlnallon. I have no concerns and have ¢ome aeross no other matters In ¢onneclion wlth the examinallon to whl¢h attentlon should be drawn In this report in order to enable a proper understsndlng of tha 8ccounts to be reathed. Heather Cheesman Chithester ALc(wnting 1(M stockbridge Road Chlthester West Sussex P019 8QP Date: 24_07_ 2025 Page 6
THE WESTMINSTERABBEY 1953 APPEALFUND Charfty No. 1161761 STATEMENT OF FINANCIAL ACTIVITIES For the period ended 29 September 2024 Restrictod funds End¢)wment fvnds Total lund$ Totsl funds 2024 2023 Income and endowmgnts Donab'ons Interest Received 197 197 23 Investments 157,949 158, 146 157.949 140,436 Totsl Incomg and endowments 158.146 140,459 Resources Expended Grants made under the Scheme 8ank Charges (3) {31 131 Total Re8ourc•• Exp•nd•d 13) 131 131 Net Income I IExpendlturo1 beforn Galns I ILo88981 on Investments 158,143 158,143 140,456 GansllLos8esl on Investments 5,631 1.2S4,050 1,259,681 329,618 Ngt Income I IExp•ndlturo} 163.774 1,254,050 1,417,824 470,074 Nel Movements In funds 163,774 1.254.050 1.417.824 470,074 Fund balances brought forward 191.108 9.358,970 9,550,078 9,080,004 Fund balancos carrlèd forward 354.882 10.613,020 10,967.902 9.550,078 All recognised gains and1053es in the year have been recognised in the Statement of Financlal Activlties. The results for the years as sel out above have been derived entirely from continuing operab"ons. The notes on pages 9 to 14 lorm part of the financial statements. Pège 7
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charfty No. 1161761 BALANCE SHEET As at 29 September 2024 Restricted funds Endowment funds Totsl funds 2024 Total funds 2023 Notes Non-current assets Investments 47,656 10.613.020 10.660.876 9.400,994 Currgnt assets Debtors Cash 140.436 8,$48 307.226 307.226 Current Ilab51189 Credilcrs Nèt current ag$ets 307.226 307,226 149,084 Ngt assotl 354,882 10.613,020 10.967.902 9,550,078 Roprgsented by: Restricted funds 354,882 354,882 191,108 Endowment funds 10,613,020 10,613,020 9,358,970 Totsl Charfty fundB 354,882 10.613,020 10.967,902 9,550.078 The financial statements and notes on pages 9 to 14 were approved by the Trustees and aulhorised for issue and signed on their behalf. The Reverend M Birch The Reverend DJ Stanton Dale.. Page 8
THE WESTMINSTERABBEY 1953 APPEAL FUND Charfty No. 1161761 NOTES TO THE FINANCIAL STATEMENTS (¢ontinu8d) For the period ended 29 September 2024 Legal Fomi The Westrninster Abbey 1953 Appeal Fund is a registered chaiity in England and is a public benefit entity. The address of the registered office is The Chapter Offi, 20 Dean's Yard, Westminster Abbey, London, SWIP 3PA. The charity. which is registered with the Charity Commissioners. has as rts constitution a Trust Deed. Accounting policles al Conventlon The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparalion of the financial statemenls are as foll¢)ws= The financial statements have been prepared undef the hi51orical cost convention and in accordance wtih the Statemenl of Recommended Practi¢e'. Accounting and Reporting by Charities preparing their accounts in accordance wslh Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 28 March 2018, the Financial Reporting Standard applicable in the Un'rted Kingdom and Republic of Ireland IFRS 1021, the Trust Deed and the CharTtie5 Ad 2011. The charity has elected lo lake the exemption from the requirements to prepare a Cash Flow Statement due to r(s tumover being less than £500,000. as pemilled by the Slalement of Recommended Practice ISORPI "ArLounting and Reporting by Charities" IFRS 1021. b) Going concern The Trustees consider the Trust lo be a going concem as it Gontinues lo have positive fund balances, has a negligible cost base whilst al the same time continuing lo provide financial support lo Weslminsler Abbey. The Trustees expect il lo do so for a period not less than 12 months from the dale of signing of the financial statements. Donatlons Donations are recognised on a ceNable basis. dl Invfrstmenl8 and Investm&nt Income Investments are shown in the balance sheet 81 fair value. Investrnent income is recognised on 8 received basis. Realised and unrealised gains are accounted for in the Statemerlt of Financial AclivitEs. e) Reallsed galns and losses Realised and unrealised gains are a¢¢ounted for in the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carying value or their purchase value rf acquired subsequent lo the first day of the financ1 year. Unrealised gains and losses are calculated as the difference between the fair value al Ihe year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Grants Granls 8re accounted forwhen either the recipient has a reasonsble expectation that they will ceive a grant and the Truslees have agreed lo pay withoul condition or the recipient has a reasonable expectation that they will receNe a grant and any condition attached to ltre granl is outside Ihe control of the Trust. Page 9
THE WESTMINSTERABBEY 19S3 APPEAL FUND harfty No. 1161761 NOTES TO THE FINANCIAL ST ATEMENTS {continu•dl For the period ended 29 September 2024 gl 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 il is included within consolidated financial slalements that a publicly available on Weslminsler Abbey's website. h) Debtors Debtors are reccgnised at the settlement amount due. Credltorn Liabilities are recognised as resources expended as stsjn as there is a *al or constructive obligation commtiting the Trust to the expendrture. All expenditure is accounted for orn an aGcrv31$ basis. Funds Restricted funds relate to grfts and legacies which have been given or tequeathed to the Trust lo be used in accordance Ihe wshes of donors or their representatives. Both the capital and the income may only be used in accordance wsth the purposes for which the funds were donated. Endowrnent funds relate to gifts and legacies which have been given or bequealhed to the Trust lo be used in aCrdan with the wishes of donors or their representatives. The income may be used in accordance with Ihe purposes for which the funds were donaled. kl Flnanclal Instruments The Trust only holds basic financial inslrumenls. Financial instruments hekl by the Charity are classified as foll0v. Cash is hekl al cost Investrnents are held at fair value based on market value for the listed investments at Ihe balance sheet date Debtors are held al amortised cost u8g the effectNe interest method Page 10
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2024 2. Invostment Income Restrlcted Endowment funds funds Totsl 2024 Total 2023 Dividends received 157,949 157,949 140.436 157,949 157,949 140,436 All divideniis received relate to restricted funds in tK)th current and prior year. 3. Grants Issued 2024 2023 None Page 11
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 September 2024 4, Investments Restri¢t¢d Endowment funds funds Total 2024 Total 2023 Market value al 30 September 2023 42.025 9,358.970 9.400,995 9.071,376 Disposa15 Gains l (Losses) nthe 5.631 1,254.050 1,259,681 329,618 Market value as at 29 September 2024 47.656 10,613,020 10,660,676 9,400.994 All investments are carried al their fair value. Investments are made in units held in the portfolio managed by Westminster Abbey Inveslment Pool. Purchases and sales of units are recognised al their transaction value. Under FRS102 all investments c4legorised as level 3 owing to unobservable market data. S. Debtors 2024 2023 Accrued income 140,436 140,436 6. Credltorn 2024 2023 Accrued expenditure Page 12
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS lcontlnuod) For the period ended 29 September 2024 7. Analysis of Fund rnovements Balance blfwd Balance Clfvid Income Expendlture Transfers Gains Restrf¢ted funds 1953 Appeal General Rese8 39.914 131 5,186 45,944 1953 Choir School 1953 Fabric Coronalion Fund 61.495 65.413 445 127,353 89,699 91,886 181.585 Totsl Restrlcted 191.108 158,146 13) 5,631 354,882 Endowment funds 1953 Choir School 3,889,975 521,235 4,411,210 1953 Fabric Coronation Fund 5.468,995 732,815 6,201,810 Total Endovmients 9,358,970 1,254,OSO 10,613,020 1,259,681 10,967,902 Total Funds 9,650,078 158.146 131 1953 Appeal General Reserve The Appeal General Reserve is intended lo be applied in the maintenance of Divine Servlces in the Abbey, but may equalty be applied for use as set out for both of the other funds. 1953 Choir School The Choir School fund is lo be applied lo maintaining the buildings of the Choir School and towards meeting the expenses of lodging, boarding. teaching and clothing the choristers. 1953 Fabrlc Coronatlon Fund The 1953 Fabric Coronation fund is used lo maintain the fabric and Precincts (excluding resldencies) of Westminster Abbey. The above endowment fund5 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
THE WESTMINSTER ABBEY 1953 APPEAL FUMO Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS {continued) For the period ended 29 September 2024 8. Related paeS Transactions with the Collegiate Church of St Peter in Westminster and its wholly owned subsidiaries are exempt from the detailed discbsures required by FRS 102 because the Collegiate Church of St Peter in Westminster prepares consolidated Group accoynts which are publicly available. The Truslees received £Nil remuneration during the year {2023.' £Nil) and £Nil expenses were 1MbUrSe to any Trustees dunng the year (2023.. £Nil). There a no staff employed by the Charity, wth all administration and costs borne by the Dean and Chapter of the Ci)Ilegiate Church of St Peter in Weslminster. The indeFendent examination fees were met by the Dean and Chapter. 9. Flnanclal Instruments At the balance sheet date, the Charity held the following Finanryal Instrurnent8. The fair v81ue of investments 18 determined by reference to markel value. 2024 2023 Measured a ir value.. Investments 10,660,676 9,400,994 Measured at amo Debtor5 140,436 Creditors Total 10,660.676 9,641,430 Page 14