THE WESTMINSTER ABBEY 1953 APPEAL FUND REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 September 2025
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the period ended 29 September 2025 Contents Trustees, Advisers and Goveming Documents Report of the Trustees Independent Examinef s Report to the Trustees statement of Financial Activilies Balance Sheet Notes to the financial statements 9-14
THEWESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 TRUSTEES, ADVSSERS AND GOVERNING DOCUMENTS For the period ended 29 September 2025 Trustees The Dean and Chapter of Westminster Contsct name Mr Christopher Vyse Goveming document Charitable Settlement dated 8 March 1955 status Charitable Trust Registered charlty number 1161761 The Chapter Office 20 Dean's Yard Westminster Abbey London SW1P 3PA Principal offlce Heather Cheesman Chichesler Accounling 104 Stockbridge Road Chichester West Sussex P019 8QP Independent examlner Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP Bankers Poge I
THE WESTMINSTER ABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES For the period ended 29 SepteMr2025 The Trustees take pleasure in presenting their report together with the financial statements for the period ended 29 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in nole 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 appli¢able in the UK and Republic of Ireland {FRS 102) as it applies from 1 January 2019. The legal and administrative infomation set out on page 1 forms part of this report. Structurei 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 ils declared objectives, which include grant giving. The Trustees at the date of Ihis 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 infom)al Iraining as part of their induction to the Charity. This training involves explaining the Trustees, responsibilities and explaining to Ihem the role they are expeGted to take and the involvement in the Charrty 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-to4ay financial transactions relating to the trust are overseen by the staff at Westminster Abbey. Objects and activltlgs 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 residenaes. To support the Abbey's Choir School To maintain the provision of religious seNices 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 activrties and setting the grant making policy. The policy for grants states that expenses should be pertaining to fabric and upkeep. Page 2
THE WESTMINSTERABBEY 1953 APPEAL FUND Charlty No. 1161761 REPORT OF THE TRUSTEES (Conllnuedl For the period ended 29 September 2025 Publi¢ 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 guidan 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 achlevlng obAectlves The aim is to deliver sufficient income from investments to contribute to the objective3 Set out above. Flnanclal rovlew and achlevements of the year The total resour8 of the Trust amounted to £11.804,849 as at 29 September 202512024.. £10.967,902). Net income amounted to a surplus of £198,897 {2024.' surplus £158,146). Reserves pollcy The level of reserves is primarily detemiined by the non-expendable EndowTnents within the Charity and additions to these should Ihe Abbey not b8 in requirement of funds in the short term. During the year, £Nil of investments We dispo$8d of (2024.. £Nil). At the reporting date, the Trust had funds of £11.804,840. of which £11,248,209 relates to endowments left to the Abbey and £556,631 relales to restricted funds. No grants were issued during the year. The investments returned gains of £638,041 (unrealised) and investment income of £194,438. Of the expendable restricted funds, £294.699 is available for maintaining the fabric of the Abbey and £208,100 for offsetting the running costs of the Choir Schoo1 A further £53.832 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 WESTMINSTERABBEY 1953 APPEAL FUND Charlty No. 1161761 REPORT OF THE TRUSTEES qcontlnuedl For the period ended 29 September 2025 Investment policy The investment objective of the Trust is to maintain the real value of tts capital, al the same lime ensuring that income returns are maximised. thus providing adequately for Ihe charitable work to which the Trust is committed. To achieve this objective, the Trustees have invesled the funds of the Charity through the Investment Pool of Westminster Abbey. which ensures that investments are reviewed on a regular basis. The prin¢ipal source of income for the Trust 18 Investm8nt income generated by units in the portfolio managed by Westminster Abbey Investment Pool. The Investrnent Pool's ethical policy follows the praclices recommended by the Church of England's Ethical Investment Advisory Group- in addrtion. the funds held are subj-ect 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 pclential income generated from investments. Rlsk managemenl The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate the Trusfs exposure to them. The greatest threat is a significant downlurn in the Stock Market. The Trust's funds are managed as part of Westrninster Abbey Investment Pool. The Investment Panel. comprised of independent members all with appropriate 18vel of financial experience. meets quarterly to review perfomance and advise the Trustees Trustees, going concem assessment The Trustees consider the Trust to be a going concem as it continues to have positive fund balances, has a negligible cost base whilst al the same time continuing to provide financial support to Weslminster Abbey. The Trustees exped il to do so for a period not less than 12 months from the date of signing of the financial statements. Page 4
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 REPORT OF THE TRUSTEES Icontlnued) For the period ended 29 September 2025 Statement of Trustees, respongibilitses The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generpjly Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resource5 and applicalion of resources of the charity for that period. In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles in th8 applicable Charities SORP., make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any malerial departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that di5¢1ose with reasonable accuracy at any lime the financial position of the ¢hartty and enable them to ensure that the financial stalemenls Comply with the Charrties Act 2011, the Charities {Accounts and Reports) Regulations 2008 and the provisions of the charitable settlement. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by.. io The Very Reverend D Hoyle The Reverend DJ Stanton Date.. Page 5
THE WESTMINSTERABBEY 1953 APPEALFUND Charlty No. 1161761 INDEPENDENT EXAMINER'S REPORT For the period ended 29 September 2025 I report on the accounts of the Trust for the year ended 29 September 2025, which are set out on pages 7 to 14. As the charitrfs trustees. you are responsible for the preparation of the aunts in accordance with the requirements of the Chari118s Act 2011 ('the Acr). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Acl and in carrying out my examination. I have followed all the applicable Dlrections given by the Charity Commission under section 14515)(b> of the Act. I have completed my examination. l Gonfirm that no material matters have come to my attention in connection with the examination (olher than that disclosed below") which give me cause to believe that in, any material resp6Ct'. the accounting records were not kept in accordance with section 130 of the Charities Act., or 2. the accounts dSd not accord with the accounting records.. or 3. the accounts did not comply with the applicable requirements concerning the fom) and ontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as partof an independent examination. I have no concerns and have come across no olher matters In connecllon with the examination to which attention should be drawn in this report in order to enable a proper understanding of th8 accounts to be reached, Heather Cheesman Chichester Accounling 104 Stockbridge Road Chichester West Sussex P019 8QP Date.. 17, July2026 Page 6
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 STATEMENT OF FINANCIAL ACTIVMES For the period ended 29 September 2025 Re$tricted Endowment funds funds Total fund5 Total funds Notes 2025 2024 Income and endowments Interest Received 4,459 194,438 4,459 194.438 197 Investments 157,949 Total Income and endowments 198,897 198,897 158.146 Resourc Expènded Grants made underthe Scheme Bank charges Total Resources Expgnded 131 Net Income I (Expendlturel before Galns I ILo$8e81 on Investments 198,897 198,897 158,143 Galns I (Losses) on Investments 2,852 635,189 638.041 1.259,681 Net Income I (Expendlturnl 201,749 635,189 836,938 1.417,824 Net Movements in funds 201,749 635,189 836.938 1,417,824 Fund balances brought forward 354.882 10.613,020 10.967,902 9,550.078 Fund balan¢•$ ¢arrled forward 556,631 11.248.209 11,804,840 10,967,902 All Tecognised gains and losses In the ye8r have been recognised In the Statement of Financial Activities. The results for the years as set out above have been derived entirety from continuing operations_ The notes on pages 9 to 13 form part of the financial slalements. Page 7
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 BALANCE SHEET As al 29 Seplember2025 Restrlcted fund8 Endowment nds Total funds 2025 Total funds 2024 Notes Non<urrent as8et8 Investments 50,507 11.248.209 11.298.716 10,660,676 Current assets Debtors Cash 194,438 311.686 194,438 311,686 307,226 Current Ilabllltles Creditors Net current assets SC6,124 506,124 307,226 Not assets 556.631 11,248,209 11,804,840 10,967.902 Ropresent•d by: Restrlcled fund5 556,631 556,631 354.882 Endowment funds 11,248,209 11,248.209 10,613,020 Totsl Charlty fund8 $56,631 11.248,209 11.804,840 10,967,902 The financial stalements and notes on pages 9 to 13 were approved by the Tru$t8es and authorised for issue and signed on their behalf. The Very Reverend Hoyle The Reverend DJ Stsnton Date.. 3)z6 Page 8
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEMENTS {continued) For the period ended 29 September 2025 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. SW1P 3PA. The charity. which is registered with the Charity Commissioners, has as ts constitution a Tmst Deed. Ac¢ountlng policies al Conventlon 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 accordan 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 Star)dard applicable in the Unrted Kingdom and Republic of Ireland (FRS 102), the Trust Deed and the Charities Act 2011. The charrty has elected to take the exemption from the requirements to prepare a Cash Flow Statement due lo its turnover being less Ihan £500,000. as pemiitted by the Stalement of Recommended Practice (SORP) "Accounting and Reporting by Charities" IFRS 102). b) Golng concern The Trustees consider the Trust to be a going concern as it continues to have positive fund balan¢es. has a negligible cost base whilst at the same time continuing to provide finanGial support to Weslminster Abbey The Trustees exped it to do so for a period not less than 12 months from the date of signing of the financial statements. c} Donat5ons Donations are re¢ognised on a receivable basis. d) Inveslments and inveslment Income Investments are shown in the balance sheet at fair value. Investment income is recognised on a reiVed basis. Realised and unrealised gains are accounted for in the Statement of Financial Adivtties. e) Reallsed galn5 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 drfference beeen sales proceed5 and their opening carrying value or their purchase value rf 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 ané losses are combined in the Statement of Financial Activities. Grants Grants are accounted for when etther the recipient has a reasonable expectation that they will re1ve a grant and the Trustees have agreed to pay wiihout condition or the recipient has a reasonable expectation that they will receive a grant and any condition attached lo the grant is outside the control of the Trust. Page 9
THE WESTMINSTERABBEY 1953 APPEAL FUND Charlty No. 1161761 NOTES TO THE FINANCIAL STATEMENTS Icontinuodl For the period ended 29 September 2025 g) Cash When applicable. cash is hekj in a Gurrent bank account and is immediately available for meeting the objects of the Trust. Under FRS 102 the Trust is not required to kyoduce a cash flow statement as it is inGluded within consolidated financial statements that are publicly available on Westminster Abbey's website. h) Debtorg Debtors are rects3nis8d at the Settment amount due. Credltors Liabilities are reGognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. All expenditure is acccunted for on an accruals basis. Funds Restricted funds relate to gifts and legacies which have been given or bequeathed to the Trust to be used in accordance wth the wishes of donors or their representatives. Both the capital and the income may only be used in a¢COrdan 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 lo be used in accordance with the wishes of donors or their representatives. The incom8 may be used in a¢¢ordan¢e with the purposes for vthich the funds were donated. k) Flnanc5al Instrumonts The Trust only holds basic financial instrurnents. Financial instruments held by the Charity are classified as follovB'. 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 8ffectiV8 interest method Page 10
THE WESTMINSTERABBEY 1953 APPEAL FUND Charity No. 1161761 NOTES TO THE FINANCIAL STATEPIENTS (continued) For the period endecl 29 September 2025 2. Investment income Restricted Endowment funds funds Total 2025 Total 2024 Dlvidends received 194.438 194,438 194,438 157,949 194.438 157,949 All dividends received relate to restricted funds in both current and prior year. 3. Invastments Restrlcted Endowment funds funds Total 2025 Total 2024 Market value at 30 Sept8mber 2024 47.656 10.613,020 10,680,676 9,400,995 Disposals Gains I (Losses) intrey 2,852 635,188 638,040 1,259,681 Market value as at 29 September2025 50,508 11,248,208 11,298,716 10.660,676 All investments are ¢8rried at theirfair 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 a5 level 3 owing to unobservable market data. 4. Debtors 2025 2024 Accrued income 194,438 Page 11
THE WESTIIIINSTERABBEY 1953 APPEAL FUND Charlty No. 1161761 NOTES TO THE FINANCIAL STATEMENTS {continued) For the period ended 29 September2025 5. Analysis of Fund movements Balance blfvid Balance c/fv4d Income Expenditure Transfers Gains Restrlcted funds 1953 Appeal General ReseNe 45.944 5,260 2.627 53,831 1953 Choir School 1953 Fabric Coronation Fund 127,353 80,524 225 208,102 181.585 113.113 294,698 Total Restrlctod 364,882 198,897 2,852 556,631 Endowment funds 1953 Choir School 1953 Fabric Coronation Fund 4,411,210 264,011 4,675,221 6.201,810 371,178 6,572,988 Total Endowments 10,613,020 635,189 11,248,209 Total Funds 10,967.902 198.897 638.041 11.804.840 1953 Appeal Gonoral Roservo 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 sel 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, tea¢hing 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 pemianent endowments as set out in the 1953 Trust deed. Income generated from these funds is to be used as prescribed above. Page 12
THEWESTMINSTERA8BEY 1953 APPEAL FUND Charlty No. 1161761 NOTES TO THE FINANCIAL STATEMENTS (¢oDtinuedl For the period ended 29 Septernber2025 6. Related Parties Transactions with the Collegiate Church of Sl Peter in Westminster and its wholly owned subsidiaries are exempt from the detailed disclosures required by FRS 102 because the Collegiale Church of Sl Peter in Westminster prepares Consolidated Group accounts which are publicly available. The Trustees received £Nil remuneration during the year (2D24= £Nil) and £Nil expenses were reimbjrsed to any Trustees during the year (2024". £Nil}. There are no staff employed by the Charity. vrith all administration and costs borne by the Dean and Chapter of the Collegiate Church of St Peter in Westminster. The independent examination fees ware met by the Dean and Chapter. 7. Flnanclal Instruments At the balance sheet date, the Chariiy held the following Financial Instruments. The fair value of investments is determined by reference to market value. 2025 2024 Measured at fair value.. Investments 11.298.716 10,660,676 Measured at amortised cost.. Debtors 194,438 Creditors Cash 311,686 307,228 Total 11,804,840 10,967,902 Page 13