The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Annual Report and Financial Statements THE FRIENDS OF ABINGDON ABBEY BUILDINGS TRUST
| Page | |
|---|---|
| Trustees' Report | 1 - 6 |
| Independent Examiners Report | 7 |
| Financial statements | |
| Statement of Financial Activities | 8 - 9 |
| Balance Sheet | 10 |
| Notes to Financial statements | 11 - 17 |
The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Trustees’ Annual Report for the year ended 31 December 2024 (continued)
Welcome
The Friends of Abingdon Abbey Buildings Trust welcomes the interest of anyone concerned with the conservation of heritage buildings, particularly from the medieval period, their future use, particularly by local communities, specifically in Abingdon and the surrounding area and the buildings financing.
Our aims
The aims of The Friends of Abingdon Abbey Buildings Trust are:
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to care for the Abbey Buildings and site (all listed and part of which is a scheduled monument), primarily through their preservation, restoration, development and maintenance which is a continuation of the work of our predecessor charity, The Friends of Abingdon Civic Society.
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to provide public access for all to the Buildings and to promote their use as a centre for community activities.
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to act as a gateway for both local people and visitors to the long and rich history of Abingdon.
Objectives and activities
The Buildings, which date primarily from the 13th, 14th and 15th centuries, were some of the domestic buildings of Abingdon Abbey which was demolished after the Dissolution of the Monasteries in 1538. They were saved from demolition in 1944 by our prior charity, The Friends of Abingdon Civic Society (charity number 225880). They are now both a scheduled monument, and a Grade 1 listed building, and have been developed into a key community asset for Abingdon and the surrounding region.
In line with the Trust’s aims the Buildings are open to heritage visitors in the summer months and are available for hire the whole year round to generate revenue to sustain their maintenance. They contain the Unicorn Theatre, a converted granary, which is the only theatre in Abingdon town centre. The Unicorn is used extensively by drama clubs and companies, by musical groups of all kinds, for revived cinema, for meetings and for presentations by societies, charities and local schools. The Buildings are licensed for weddings and have an alcohol licence, and therefore host many weddings, parties and community events. They are used by the town’s major festivals: the annual Craft Fair, Heritage Open Days, a Jazz Festival, a Beer Festival and many one-off events. The Buildings represent a vital community hub in the town centre.
Use of the Buildings is mainly limited to the warmer months (April to September) as the major range, the Long Gallery, is unglazed and exposed to the north. Also, the whole building is impossible to access for people with a disability. Therefore, the key purposes of the ‘Enhancement Project’ are to improve access and services to create a comfortable building that can be used by everyone for 12 months of the year, whilst respecting the conservation of the medieval fabric.
The trustees have had regard to the Charity Commission’s guidance on public benefit.
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Trustees’ Annual Report for the year ended 31 December 2024 (continued)
Achievements and performance
The Trust worked through 2024 with its development partners (Purcell Architects and Focus Project Management) to develop the detailed delivery plan for its Enhancement Programme, which was submitted to the National Lottery Heritage Fund in November 2024. This plan set out the detailed RIBA Stage 3 capital works that had been proposed in the project scope agreed in 2022. It also included a detailed cost breakdown, business plan, interpretation plan, conservation plan and activity plan (which sets out a detailed and extensive community engagement strategy for the trust over the next four years).
One issue that became obvious in this phase of work was that the projected costs for the works had increased substantially since the initial strategy was outlined in 2020. These increases were mainly linked to the impact of the pandemic and the associated increase in buildings costs. In order to respond to these projected increases, the Trust carried out a value engineering approach to the proposed programme aiming to identify areas in which the work could be deferred or removed, while still aiming to meet the key objectives for the programme as set out in the original application to the National Lottery Heritage Fund. The Trust expects to hear back from the National Lottery Heritage Fund in early Spring 2025.
Building occupancy was at a similar level to 2023 except for the number of weddings which was less than that in the previous year. This reduction was mainly linked to uncertainty about when the project would start and hence how restricted the Trust could be in discussion with couples looking to book their wedding at the Abbey Buildings up to two years ahead. The Trust expects a similarly low number of weddings in 2025 due to the ongoing uncertainty about the timing of any works and also the need to carry out archaeological excavations in preparation to seeking full planning consent from the Vale of the White Horse District Council and Scheduled Monument Consent from Historic England. Both of these were subsequently granted in late 2024 meaning that the scope of works and detailed proposals can now move forward subject to agreement of the programme delivery proposals from the National Lottery Heritage Fund.
The Heritage Open Days weekend in conjunction with the Civic Society and Abingdon Museum was a great success in 2024 with the Museum successfully holding an iron age reenactment in the Abbey Grounds which attracted nearly 100 visitors over the weekend. The Beer Festival and Craft Fair were also successfully held in 2024 with large attendances for both. The Unicorn Theatre was back to its normal level of use by theatre companies and Music at the Unicorn. However, the use of the Buildings by schools and other community groups was still substantially down on pre-Covid levels, mainly linked to access issues which are being addressed as a priority for the Trust in the post enhancement work plan.
Plans for the future
The key challenge for 2025 will be the engagement with the National Heritage Lottery Fund and its hoped for approval of the delivery plan and the revised budget. This is expected in March 2025. If this is granted, the Trust will need to have raised the matched funding target set out by the Heritage Fund in any decision it reaches. This is likely to require the Trust to raise a substantial amount of additional funds, and work has already commenced on identifying and approaching funding bodies and organisations to start this dialogue.
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Trustees’ Annual Report for the year ended 31 December 2024 (continued)
The Trust agreed that the Chair (Gregory Bensberg) should continue to lead on this project and delegated to him the authority to manage the consultants and engage with the Heritage Fund on behalf of the Trust.
Financial review
From sources such as government funds as well as local councils to maintain the operations, retain jobs and secure the future enjoyment of the buildings. The charity’s financial position at the end of the reporting period, 31 December 2024, is funds totalling £33,812.
VAT
The Trust applied to HMRC for VAT registration early in 2023. This is because whilst the normal turnover for the Trust is below the VAT threshold, it was expected that the increased funds for the Development phase of the Enhancement Project would take it above the threshold. The registration was approved and registered for VAT from the 1 April 2023.
Structure, governance and management
The charity is registered as a Charitable Incorporated Organisation (CIO). Its only voting members are its trustees. It is governed through a Foundation Model constitution dated 8th May 2019. It was formed by splitting the Friends of Abingdon charity into this CIO and the Friends of Abingdon Civic Society. New trustees are appointed by nomination for a term of three years with regard to the skills, knowledge and experience necessary for the effective administration of the CIO. Trustees are eligible to be reappointed for two further three-year terms (i.e., appointment for a maximum of nine years). Decisions are taken either at a meeting of the trustees or by written resolution. Trustees may also delegate their powers to suitably constituted committees.
Staffing
The Trust appointed Kate Hunt as part time curator in Sept 2023. Unlike the previous curators, Kate will not be living in the Checker Walk Cottage.
A part time administrator, Fiona Van Galen, was also appointed in November 2023 to support the financial administration of the Trust’s accounts and will work closely with the curator to manage the booking and invoicing system for building hires.
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Trustees’ Annual Report for the year ended 31 December 2024 (continued)
Reference and Administrative Details
The Friends of Abingdon Abbey Building Trust is a Charitable Incorporated Organisation (CIO). The registered number is 1183398. The trustees will be presenting their financial statements rounded to the nearest £, sterling pound.
Registered address Abbey Buildings Trust 18 Thames Street Abingdon OX14 3HZ Trustees who served during the reporting period and since are as follows; Chief executive officer G. Bensberg (appointed as chair 19/03/2024) C. Birks B .W.Brown (resigned as chair 19/03/2024) M. Child P. Connolly G. Cole M.Stevens R.M.Thomas R.A.Nichols M. Castelletti (resigned 23/01/2024) K.W.Senior (resigned 23/01/2024 ) Independent Stuart Bates FCA Examiners Wenn Townsend Victoria House 10 Broad Street Abingdon OX14 3LH Bankers Natwest Bank[1] 11 Market Place Abingdon OX14 3HH
1 Note this branch was closed in September 2025
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Trustees’ Annual Report for the year ended 31 December 2024 (continued)
Additional Disclosures
Compliance with the SORP
Abingdon Abbey Building Trust has generated its annual report and prepared accounts compliant and in accordance with the SORP 2019, both reporting and accounting recommendations of this SORP. Additional disclosures required by FRS102 have been added where deemed necessary by the trustees to always demonstrate a true and fair view. No departures from those required by either the SORP 2019 or FRS102 have been applied to these financial statements.
Exemptions
The trustees have agreed that these financial statements are not required to report a cashflow under the SORP 2019 or FRS102.
In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Fund Accounting
The charity does not hold any funds as custodian trustee on behalf of others.
The charity holds surplus from the charity's operations as unrestricted funds. Designated funds have been created to protect a generous donation left in memory of a member of the Friends of Abingdon charity. The spending from this fund is to be granted by the trustees where they regard the expenditure to be a special enhancement to the charity. Restricted funds currently being held have arrived from donations and grants pledged for the renovation project. The charity does not hold any other funds.
Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give true and fair review of the state of affairs of the charity and of the incoming resources and application of resources 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 the charities SORP 2019 (FRS102);
> make judgements and estimates that are reasonable and prudent;
> state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
> prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Trustees’ Annual Report for the year ended 31 December 2024 (continued)
Trustees Responsibilities (continued)
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 them to ensure that the financial statements comply with the Charities Act 2011, the Charities Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approval
This Trustees’ Report, was approved by the board and signed on its behalf by;
Trustee, Gregory Bensberg MBE Date: 26 October 2025
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Independent Examiner’s Report to the Trustees of The Friends of Abingdon Abbey Building Trust
Independent Examiner's Report to the Trustees of The Friends of Abingdon Abbey Building Trust.
I report to the charity trustees on my examination of the accounts of the charity for the period ended 31 December 2024 which are set out on pages 10 to 19.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect;
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the application requirements concerning the form and content of accounts set out in the Charities Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matter in connection with the examination to which attentions should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stuart Bates FCA Wenn Townsend Victoria House Abingdon OX14 3LH
October 2025
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Statement of Financial Activities
| Note Income resources Donations and legacies Charities activities Grants Other trading activities Total 3 Resources Expended Raising funds Charitable activities Other trading activities Total 4 Net income/(expenditure) Transfer between funds Net movement in funds Reconciliation of funds Total funds bought forward Net movement in funds Total funds carried forward 11 |
Unrestricted funds Restricted funds Designated funds Total 2024 Total 2023 £ £ £ £ £ 3,993 - - 3,993 1,817 40,526 - - 40,526 13,829 - 133,279 - 133,279 183,865 9,325 - - 9,325 11,341 53,844 133,279 - 187,123 210,852 - - - - - 66,408 225,464 - 291,872 198,602 13,596 - - 13,596 12,962 80,004 225,464 - 305,468 211,564 (26,160) (92,185) - (118,345) (712) (10,920) 10,920 - - - (37,080) (81,265) - (118,345) (712) 69,596 81,266 1,295 152,157 140,957 (37,080) (81,265) - (118,345) 11,912 32,516 1 1,295 33,812 152,157 |
|---|---|
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Comparative Statement of Financial Activities
| Note Income resources Donations and legacies Charities activities Grants Other trading activities Total 3 Resources Expended Raising funds Charitable activities Other trading activities Total 4 Net income/(expenditure) Transfer between funds Net movement in funds Reconciliation of funds Total funds bought forward Net movement in funds Total funds carried forward 11 |
Unrestricted funds Restricted funds Designated funds Total 2023 £ £ £ £ |
|---|---|
| 1,817 - - 1,817 13,829 - - 13,829 - 183,865 - 183,865 11,341 - - 11,341 |
|
| 26,987 183,865 - 210,852 - - - - 73,702 124,900 - 198,602 12,962 - - 12,962 |
|
| 86,664 124,900 - 211,564 (59,677) 58,965 - (712) - - - - |
|
| (59,677) 58,965 - (712) 129,273 22,301 1,295 152,869 (59,677) 58,965 - (712) |
|
| 69,596 81,266 1,295 152,157 |
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Balance Sheet
| Notes Fixed Assets Heritage Assets 14 Current assets Stocks 7 Debtors 8 Cash at bank and in hand 10 Total current assets Current Liabilities Creditors failing due within one year 9 Net current assets Total net assets Funds of the Charity 11 Designated funds Restricted funds Unrestricted funds Total funds |
Unrestricted funds Restricted funds Designated funds Total 2024 Total 2023 £ £ £ £ £ |
|---|---|
| - 1 - 1 1 1,101 - - 1,101 700 14,431 - - 14,431 84,964 23,026 - 1,295 24,321 92,459 |
|
| 38,558 - 1,295 39,853 158,582 (6,042) - - (6,042) (5,713) |
|
| 32,516 - 1,295 33.811 152,869 |
|
| 32,516 1 1,295 33,812 152,870 |
|
| - - 1,295 1,295 1,295 - 1 - 1 81,266 32,516 - - 32,516 69,596 |
|
| 32,516 1 1,295 33,812 152,157 |
Signed by Gregory Bensberg MBE on behalf of all the trustees
Date
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Notes
Note 1. Basis of preparation
Basis of accounting
The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and applicable regulations. The accounts have been prepared under the historical cost convention with the exception of fixed assets included at revalued amounts.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
The Friends of Abingdon Abbey Building Trust is a charity in England and Wales. The address of the registered office is given in the charity information on page 4 of these financial statements.
The charity’s main purpose is that of a public benefit entity.
Going concern
The trustees have assessed whether the use of going concern is appropriate and have concluded there are not any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the trust has adequate reserves to continue in operational existence for the foreseeable future and there are no material uncertainties about the trust’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Note 2. Accounting policies
Recognition of income
These are included in the Statement of Financial Activities (SOFA) when:
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the charity becomes entitled to the resources
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it is more likely than not that the trustees will receive the resources; and
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• the monetary value can be measured with sufficient reliability.
Grants and donations
Grants and donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
Volunteer help
The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Notes (continued)
Note 2. Accounting policies (continued)
Governance and support costs
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Heritage Assets
Heritage Assets are valued using detailed historical cost, information regarding the price or value of the property is not available and so a value of £1 has been attributed to the property asset for accounting purposes.
Stocks and work in progress
Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realisable value.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Liability recognition
Liabilities are recognised where it is more likely than not, that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Creditors
The charity has creditors which are measured at settlement amounts.
Note 3. Analysis of income
| ote 3. Analysis of income | |
|---|---|
| Donations and legacies Donations and gifts Total Charitable activities Building Hire Total Grants Received Charity projects Total Other trading activities Fundraising events Total Total Income |
2024 Unrestricted funds Restricted funds Designated funds Total Funds £ £ £ £ |
| 3,993 - - 3,993 |
|
| 3,993 - - 3,993 40,526 - - 40,526 |
|
| 40,526 - - 40,526 - 133,279 - 133,279 |
|
| - 133,279 - 133,279 9,325 - - 9,325 9,325 - - 9,325 |
|
| 53,844 133,279 - 187,123 |
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Notes (continued)
Note 3. Analysis of income (continued)
| Donations and legacies Donations and gifts Total Charitable activities Building Hire Total Grants Received Charity projects Total Other trading activities Fundraising events Total Total Income |
2023 Unrestricted funds Restricted funds Designated funds Total Funds £ £ £ £ |
|---|---|
| 1,817 - - 1,817 |
|
| 1,817 - - 1,817 13,829 - - 13,829 |
|
| 13,829 - - 13,829 - 183,865 - 183,865 |
|
| - 183,865 - 183,865 11,341 - - 11,341 11,341 - - 11,341 |
|
| 26,987 183,865 - 210,852 |
Note 4. Analysis of expenditure
| Expenditure on raising Professional fees Total expenditure on charitable activities Expenditure on charitable activities Fundraising events Operating costs Total expenditure on charitable activities Expenditure on other trading activities Total expenditure |
2024 Unrestricted funds Restricted funds Designated funds Total Funds £ £ £ £ |
|---|---|
| - - - - |
|
| - - - - 28,204 63,055 - 253,666 37,977 162,407 - 37,977 |
|
| 66,181 225,462 - 291,643 13,825 - - 13,825 |
|
| 80,006 225,462 - 305,468 |
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Notes (continued)
Note 4. Analysis of expenditure (continued)
| Expenditure on raising Professional fees Total expenditure on charitable activities Expenditure on charitable activities Fundraising events Operating costs Total expenditure on charitable activities Expenditure on other trading activities Total expenditure Note 5. Staff costs Total Salaries and Wages Average head count |
2023 Unrestricted funds Restricted funds Designated funds Total Funds £ £ £ £ |
|---|---|
| - - - - |
|
| - - - - 33,946 124,900 - 158,846 39,756 - 39,756 |
|
| 73,702 124,900 - 198,602 12,962 - - 12,962 |
|
| 86,664 124,900 - 211,564 2024 2023 £ £ 24,120 10,685 2 1 |
During 2024 no employees (2023; No employees) received employee benefits (excluding employer pension costs for the reporting period of more than £60,000
Note 6. Independent Examiners Remuneration
| Independent examination Fee Other services Total |
2024 2023 £ £ |
|---|---|
| 740 700 840 800 |
|
| 1,580 1,500 |
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Notes (continued)
Note 7. Stocks
| Note 7. Stocks | Note 7. Stocks | ||
|---|---|---|---|
| 2024 2023 Charitable activities £ £ Stocks held at 01.01.2024 700 700 Added in period 401 - Expensed in period - - Impaired - - Total held at 31.12.2024 1,101 700 Note 8. Debtors and prepayments. 2024 2023 £ £ Trade debtors 1,560 10,463 Prepayment 6,598 7,401 Other debtors 6,273 67,100 Total 14,431 84,964 Note 9. Creditors and accruals 2024 2023 Amounts falling due within one year £ £ Trade creditors 1,256 14,009 Other creditors 4,786 11,958 Total 6,042 25,967 Note 10. Cash at bank and in hand 2024 2023 £ £ Cash at bank 24,320 92,459 Note 11. Charity funds 2024 Fund balances 01.01.2024 Income Expenditure Transfers Fund balances 31.12.2024 General unrestricted funds 69,596 53,844 (80,004) (10,920) 32,516 Restricted funds 81,266 133,279 (225,464) 10,920 1 Designated funds 1,295 - - - 1,295 Total funds 152,157 187,123 (305,468) - 33,812 2023 Fund balances 01.01.2023 Income Expenditure Transfers Fund balances 31.12.2023 General unrestricted funds 129,273 26,987 (86,664) - 69,596 Restricted funds 22,301 183,865 (124,900) - 81,266 Designated funds 1,295 - - - 1,295 Total funds 152,869 210,852 (211,564) - 152,157 |
2024 2023 £ £ 700 700 401 - - - - - 1,101 700 2024 2023 £ £ |
||
| 1,560 10,463 6,598 7,401 6,273 67,100 |
|||
| 14,431 84,964 2024 2023 £ £ |
|||
| 1,256 14,009 4,786 11,958 |
|||
| 6,042 25,967 2024 2023 £ £ |
|||
| 69,596 53,844 (80,004) (10,920) 32,516 81,266 133,279 (225,464) 10,920 1 1,295 - - - 1,295 |
|||
| 152,157 187,123 (305,468) - 33,812 2023 Fund balances 01.01.2023 Income Expenditure Transfers Fund balances 31.12.2023 |
|||
| 129,273 26,987 (86,664) - 69,596 22,301 183,865 (124,900) - 81,266 1,295 - - - 1,295 |
|||
| 152,869 210,852 (211,564) - 152,157 |
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398
Notes (continued)
Note 11. Charity funds (continued)
| Fund balances at 31st December 2024 are represented by: Tangible fixed assets Current assets Current liabilities Fund balances at 31st December 2023 are represented by: Tangible fixed assets Current assets Current liabilities |
Unrestricted Reserves Restricted Reserves Designated Reserves Total £ £ £ £ - 1 - 1 38,588 - 1,295 39,883 (6,042) - - (6,042) |
|---|---|
| 32,516 1 1,295 33,812 |
|
| Unrestricted Reserves Restricted Reserves Designated Reserves Total £ £ £ £ - 1 - 1 95,563 81,265 1,295 178,123 (25,967) - - (25,967) |
|
| 69,596 81,266 1,295 152,157 |
Note 12. Summary of funds; Restricted (RF), Designated (DF)
These contributions were made towards the Development phase of the Enhancement Project in 2024:
Fund
The National Lottery Heritage Fund (RF)
Purpose of fund
Multiple grants received in the year, totalling £133,279 towards the renovation project, the trustees are to all agree on the type of expenditure within the project.
Note 13. Transactions with trustees and related parties
Trustee remuneration and benefits
In 2024 no trustees (2023; no trustees) have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
Trustee expenses
In 2024 no trustees (2023; no trustees) expenses have been incurred in capacity of performing their duties or attending meetings nor was any reimbursed during the year.
Transactions with related parties
In 2023 there have been no (2023; none) related party transactions in the reporting period.
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The Friends of Abingdon Abbey Building Trust Year ended 31 December 2024 Charity Number 1183398 Notes (continued)
Note 14. Heritage Asset
During the special meeting held in 2019 on separating the existing charity (The Friends of Abingdon No. 225880, the responsibility and maintenance of The Abingdon Abbey Buildings was transferred to the Trust. The Friends of Abingdon Abbey Building Trust has been registered as holding the legal title at land registry as at 27th February 2021. The Heritage Asset accounting standard provides guidance on how to attribute a cost value, when to recognise such an asset along with the future treatment. It was agreed by the Trustees that a realistic value is unattainable due to the age of the buildings and very little documentation from such time. It was decided that a market value would not benefit the users of the financial statements. Therefore, as the transfer agreement stated the value of £1 would be used within the accounts until another suitable value could be placed on the buildings, and the Trustees will review annually and update accordingly.
| The Abbey Buildings Cost | 2024 2023 £ £ |
|---|---|
| 1 1 |
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