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2022-12-31-accounts

THE TEWKESBURY ABBEY FOUNDATION

REPORT AND FINANCIAL STATEMENTS

31 December 2022

Charity no: 1187090

C O N T E N T S

C O N T E N T S
Page
TRUSTEES’ ANNUAL REPORT 1 - 5
INDEPENDENT EXAMINER’S REPORT 6
STATEMENT OF FINANCIAL ACTIVITIES 7
BALANCE SHEET 8
NOTES TO THE FINANCIAL STATEMENTS 9-16

THE TEWKESBURY ABBEY FOUNDATION

TRUSTEES ANNUAL REPORT

The Trustees present their Annual Report and the unaudited financial statements of The Tewkesbury Abbey Foundation for the year ended 31 December 2022.

The Trustees adopted the provisions of the Standard of Recommended Practice for Charities (Charities SORP) in preparing the annual report and financial statements for the foundation.

CONSTITUTION

The Tewkesbury Abbey Foundation (Charity) is constituted by a Governing Document dated 18 October 2019.

The Charity is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission on 19 December 2019 (registration number: 1187090).

The address of the Charity is Abbey Office, Church Street, Tewkesbury, Gloucestershire, GL20 5RZ.

AIMS AND OBJECTIVES

The object of the Charity is to support Tewkesbury Abbey in the fulfilment of the Abbey’s objectives which are:

Mission and Ministry

To advance the Christian faith in Tewkesbury and the surrounding area for the benefit of the public by empowering Tewkesbury Abbey as a centre of effective Christian mission, ministry and liturgy.

Music and Liturgy

To promote the arts for the benefit of the public in Tewkesbury and the surrounding area by upholding Tewkesbury Abbey as a centre of excellence in music and sung liturgy.

Maintenance and Development

To preserve and maintain Tewkesbury Abbey and its associated buildings for the public benefit, by ensuring that development projects to preserve Tewkesbury Abbey for posterity are adequately funded.

PRINCIPAL ACTIVITIES AND PUBLIC BENEFIT

The main activities of Charity are to:

The Trustees are aware of the public benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charities Commission. They are satisfied that the objectives of the Charity and the activities of the Charity are within the definitions of charitable purposes as set down in the Act.

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THE TEWKESBURY ABBEY FOUNDATION

TRUSTEES ANNUAL REPORT (continued)

TRUSTEES

The Trustees of the Charity for the year to 31 December 2022 and those who approved this report are detailed below:

John Jeffreys Trustee
Chairman
Paul Hunston, Trustee
Secretary
Jonathan Lancashire Trustee Resigned 28 October 2022
Paul Charman Trustee
Janet Davis Trustee (ex officio)
Treasurer of Tewkesbury
Abbey
John Painter Trustee Appointed 22 October 2021
Treasurer
Paul Williams Trustee (ex officio) Resigned 10 September 2022
Vicar of
Tewkesbury Abbey
John Parkes Trustee (ex officio) Resigned 21 May 2023
Church Warden of
Tewkesbury Abbey
Simon Chorley Trustees Appointed 28 July 2023
Rev, Canon Nicholas Trustee (ex officio) Appointed 7 September 2023
Duff Davies Vicar of
Tewkesbury Abbey

All Trustees give their time voluntarily and receive no remuneration or other benefits.

AGENTS AND ADVISERS

The agents and advisers to the Charity are:

Bankers: CAF Bank 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Accountants: Hazlewoods LLP Staverton Court, Cheltenham, GL51 0UX Stockbrokers: Ruffer LLP 80 Victoria Street, London, SW1E 5JL

Cazenove 1 London Wall Place, London, EC2Y 5AU

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THE TEWKESBURY ABBEY FOUNDATION

TRUSTEES ANNUAL REPORT (continued)

MANAGEMENT AND GOVERNANCE ARRANGEMENTS

The Governing Document of Charity (approved 18 October 2019) allows for up to twelve Trustees:

The Trustees are responsible for developing a co-ordinated, strategic, long-term and efficient approach to fund-raising and fund-management and to develop an effective approach to looking after donors, planning and publicising events and exploring external sources of finance such as charitable trust, public sector grant and corporate bodies.

The Trustees have overall responsibility for ensuring the charity has in place appropriate systems and controls, both financial and operational, and they are responsible for the strategic direction of the charity.

During the period from 1 January 2022 to 31 December 2022, the Trustees met 9 times. At each Trustee meeting the latest financial position is shared, together with progress against key strategic objectives.

RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES

New Trustees will be briefed on their legal obligations in line with charity law and the obligations placed on them by the objects. The decision-making processes, business plan and recent financial performance of the Charity will also be covered when inducting new Trustees.

PROCEDURES AND POLICY FOR GRANT MAKING

The trustees have sole discretion in the selection of applicants and the size of the awards. They have discretion to grant funds and in particular grants, scholarships, exhaustions, and stipends to support music, education, mission, ministry, liturgy and maintenance at Tewkesbury Abbey.

GRANT-MAKING

The Trustees of the Charity awarded grants of £117,966 in 2022 (2021 - £77,836) to support the mission, ministry, music and liturgy at Tewkesbury Abbey as follows;

Dean Close Foundation: a grant of £55,427 to support chorister scholarships for Schola Cantorum Tewkesbury Abbey PCC: a grant of £27,337 to support the mission and ministry at Celebrate and £35,202 to support music in the Abbey.

ACHIEVEMENTS AND PERFORMANCE

The main achievements for the period include:

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THE TEWKESBURY ABBEY FOUNDATION

TRUSTEES ANNUAL REPORT (continued)

FUNDRAISING

The main fundraising activities during the period included:

FINANCIAL REVIEW

The Charity’s total resources at the end of the year 31 December 2022 amounted to £963,993 (31 December 2021 - £1,050,938)

The Charity’s total income for the period was £75,578 (2021 - £54,183).

The Charity’s total expenditure for the period for was £136,060 (2021 - £92,577) which included grants of £117,966 (2021 - £77,836) to support Tewkesbury Abbey and the objectives of the Charity.

RESERVES

The level of the reserves is determined by the long-term funding requirements to support the objectives of the charity and Tewkesbury Abbey. The Trustees shall ensure that the minimum level of reserves shall cover the funding commitments and governance costs for any future period of 3 years. The current reserves at 31 December 2022 of £963,993 (2021 - £1,050,938) are above the minimum level of reserves required by Trustees.

INVESTMENT POLICY

The investment objective of the charity is to maintain the real value of the invested funds whilst, at the same time, ensuring that income returns are maximised to provide long-term income to support objectives of the Charity and Tewkesbury Abbey.

The Trustees have agreed to invest the majority of the Charity’s funds and reserves in two separate funds at Cazenove and Ruffer to maintain the real value of the invested funds and provide an annual income.

PLANS FOR FUTURE PERIODS

The Trustee’s plans for future periods shall include:

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THE TEWKESBi]RY ABBEY FOUNDATION TRUSTEES ANNUAL REPORT (Continued) TRUSTEES. RESPONSIBILrrIEs IN RELATION TO THE FINANCIAL STATEMENrs The trustees are responsible for preparing the Tnjstee's Report and the financial stat¢ments in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting St¥J]dard applicable in the UK and Republic of Ir¢land (Unit¢d Kitjgdom G¢nerally Ar￿pted Accountiug Practice). The law applicable to charities in England & Wales requtres th¢ truste¢s to prepare financial statements for each fmancial year which giv¢ a tsve and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these fm2ncial statements, the trustees are required to.. Select suitable &ccounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Mak¢ judg¢m¢nts and accounting estimates th&t are r¢ason&ble and prud¢nt' State whether applicable accounting standards have been followed, subject to any material d¢paitures disclosed and explained in the ftnancial statements, and Prepare the fmancial statements on the going concern basis unless it is inappropriat¢ to presume the charity will continue in busine5S. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at time the fmancial position of the charity and enable them to ensure that the f￿anCIal statements comply with the Charitie5 Act 2011, the Charity (Accounts aud Reports) Regulations 2008 and the provisions of the trust deedlconstitution. They are aIso 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 lrnst¢¢s are responsible for the maintenanc¢ and integrity of the charity and financial inforniation included on the chaTity's website. Legislation in the United Kingdom governing the preparation and dissemination of fllydncial stat¢ments may differ from l¢gislation in other jurisdictions. STATEMENT AS TO DISCLOSURE TO OUR INDEPENDENf EXAMtNER The Trustees confirni thaL so far as they are aware at the ttme of approving th¢ Trust¢¢s' annual report: Th¢re is no relevant infomation. being infonnation n¢¢ded by the independent ¢xatniner in connection with pr¢parin8 their r¢porL of which the independent exatniner is unaware. They have tak¢n all the steps that they ought to have taken to make themselves aware of any relevant ind¢pendent examination inforniation and to estsblish that the independent examiner is aware of that iThfonnation. By order of the Board of TTUStees J H Painter- Tr￿urer Dat¢..

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE TEWKESBURY ABBEY FOUNDATION ON THE UNAUDITED FINANCIAL STATEMENTS

I report on the unaudited financial statements of The Tewkesbury Abbey Foundation for the year ended 31 December 2022, which are set out below.

Respective responsibilities of the Trustees and Examiner

The Charity’s Trustees are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The Trustees consider that an audit is not required for this year (under section 144 of the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Independent examiners’ statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

26 October 2023 …………………………………… …………………………………… Scott Lawrence FCA Date

HAZLEWOODS LLP Staverton Court Staverton Cheltenham GL51 0UX

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THE TEWKESBURY ABBEY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2022

Note
INCOME AND
ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
NET INCOME/(LOSS) BEFORE
INVESTMENT
GAINS/(LOSSES)
Unrealised (loss)/gain on
revaluation of investments
Realised gain on sale of
investments
NET INCOME/(LOSS)
Transfers between funds
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT
FORWARD
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
Funds
£
17,396
889
412
18,697
7,263
2,693
9,956
8,741


-
-
8,741
-
8,741
3,764
12,505		 Restricted
Funds
£
31,490
365
25,026
56,881
8,138
117,966
126,104
(69,223)

(29,115)
2,652

(95,686)


-

(95,686)

1,047,174

951,488		 Total
2022
£

48,886
1,254
25,438

75,578


15,401
120,659

136,060

(60,482)

(29,115)
2,652

(86,945)


-
(86,945)
1,050,938

963,993		 2021
£
30,104
-
24,079
54,183
12,515
80,062
92,577
(38,394)
63,606
2,240
27,452
-
27,452
1,023,486
1,050,938

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the period.

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THE TEWKESBURY ABBEY FOUIYDATION- charity number 1187090 BALANCE SHEET 31 December 2022 2022 2021 Note FIXED ASSETS Investments io 887,934 980,501 CUIiRENf ASSETS Debtors Cash at bank li 5.420 7,356 129.659 105,306 CREDITORS- due Tvithill olle year 12 53.600 NET CURRENT ASSETS 76,059 TqET ASSETS 963,993 1,050,938 REPRISENTED BY: Restricted fvnds Unrestricted funds 13114 13114 951,488 1,047,174 3.764 963,993 1.050.938 We approve th¢s¢ fjnancial statements and confm that we have made avaÈlable all records and inforniation for their preparation. J H Painter- Treasurer, on behalf of th¢ Board The notss on pages 9 to 16 forn) part of th¢se fmancial staternents.

THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2022

1 ACCOUNTING POLICIES

The financial statements are prepared under the historical cost convention (as modified by the revaluation of investments) adopting the following principal accounting policies, all of which are in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

Going Concern

The Trustees have reviewed the financial statements as well as the charity’s budgets, plans for 2023 and beyond and its reserves position up to the date of signing off these financial statements.

The Trustees are fully confident that the charity should be considered as a going concern.

Incoming Resources

Donations, gifts and legacies represent amounts received during the year, together with any associated tax refund. Gifts in kind for use by the Charity are recognised as incoming resources when receivable at a reasonable estimate of their value. Assets given for distribution are only recognised when distributed.

Grants receivable for specific purposes are credited to the statement of financial activities in the year to which they relate as soon as conditions for receipt have been met. Unspent balances are carried forward to subsequent years within restricted funds.

Grants for immediate financial support, or received against costs previously incurred are recognised immediately in the Statement of Financial Activities. Voluntary income is shown gross before deduction of fund-raising expenditure.

Grants Payable

Grant expenditure is recognised only when the grants become payable.

Resources Expended

All expenditure is accounted for under the accruals concept. The irrecoverable element of Value Added Tax is included within the item of expense to which it relates.

The only resources expended by the Charity are grants and governance costs and there is therefore no requirement for any apportionment of resources expended.

Funds

General unrestricted funds comprise accumulated surpluses and deficits on general activities. They are available for use at the discretion of the Trustees in furtherance of the Charity’s objectives.

Restricted funds are funds subject to specific conditions imposed by the donor(s).

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

Investments listed on a recognised stock exchange are stated at mid market value in the balance sheet. All movements in value arising from changes and revaluations are included in the Statement of Financial Activities. Unlisted investments are shown at cost unless there is a permanent diminution in value.

2 EMPLOYEES AND TRUSTEES REMUNERATION AND EXPENSES

Wages and salaries
Other staff costs		 2022
£
11,351
76
11,427
2021

£

8,816

211


9,027

No employee received emoluments of more than £60,000 (2021: nil).

No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the period to any Trustee or to any person or persons known to be connected with any Trustee.

No reimbursement of expenses has been made or is due to be made to any of the Trustees in respect of the period.

Number of employees

The average monthly number of employees in the year was 1 (2021: 1).

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2022

3 INCOME FROM DONATIONS AND LEGACIES

Individual donations
Gift Aid claim
Grants received		 Unrestricted
Funds
£
16,332
1,064
-
17,396		 Restricted
Choral
Scholarship
Fund
£

3,490

-

28,000
31,490		 Restricted
Parish
Trust Fund

£

-

-

-
-		 Total
2022

£

19,822

1,064

28,000
48,886		 2021
£
20,529
2,500
7,075
30,104

Of the total income from donations of £30,104 in 2021, £19,365 related to restricted funds with the remaining £10,739 relating to unrestricted funds.

4 INCOME FROM CHARITABLE ACTIVITIES

Carol services and concerts
Evensong collection
Christmas fair		 Unrestricted
Funds
£
457
295
137
889		 Restricted
Choral
Scholarship
Fund
£

365

-

-
365		 Restricted
Parish
Trust Fund

£

-

-

-
-		 Total
2022

£

822

295

137
1,254		 2021
£
-
-
-
-

There was no income from charitable activities in 2021.

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2022

5 INVESTMENT INCOME

Bank interest
Investment Income		 Unrestricted
Funds
£
412
-
412		 Restricted
Choral
Scholarship
Fund
£

67

23,417
23,484		 Restricted
Parish
Trust Fund

£

-

1,542
1,542		 Total
2022

£

479

24,959
25,438		 2021

£

8

24,071
24,079

Of the total investment income of £24,079 in 2021, £24,071 related to restricted funds with the remaining £8 relating to unrestricted funds.

6 DEFICIT ON ORDINARY ACTIVITIES

Deficit on ordinary activities is stated after charging:

Independent examiners remuneration

2022 2021 £ £ 2,500 2,000

7 EXPENDITURE ON RAISING FUNDS

Fundraising manager salary
and expenses
Portfolio management fees
Support costs		 Unrestricted
Funds
£
4,570
-
2,693
7,263		 Restricted
Choral
Scholarship
Fund
£
6,857

1,281

-
8,138		 Restricted
Parish
Trust Fund

£
-

-

-
-		 Total
2022

£
11,427

1,281

2,693
15,401		 2021

£
9,027

1,262

2,226
12,515

Of the total expenditure on raising funds of £12,515 in 2021, £5,778 related to restricted funds with the remaining £6,737 relating to unrestricted funds.

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2022

8 EXPENDITURE ON CHARITABLE ACTIVITIES

Chorister scholarships
Dean Close School
Tewkesbury Abbey costs
Celebrate costs
Support costs		 Unrestricted
Funds
£
-
-
-
2,693
2,693		 Restricted
Choral
Scholarship
Fund
£
55,427
35,202

-

-
90,629		 Restricted
Parish
Trust Fund

£
-

-

27,337

-
27,337		 Total
2022

£
55,427

35,202

27,337

2,693
120,659		 2021

£
52,817

-

25,019

2,226
80,062

Of the total expenditure on charitable activities of £80,062 in 2021, £77,839 related to restricted funds with the remaining £2,223 relating to unrestricted funds.

9 SUPPORT COSTS

Bank charges
Accountancy
Insurance
ICO
Office costs		 Unrestricted
Funds
£
87
2,500
554
35
2,210
5,386		 Restricted
Choral
Scholarship
Fund
£

-

-

-

-

-
-		 Restricted
Parish
Trust Fund

£

-

-

-

-

-
-		 Total
2022

£

87

2,500

554

35

2,210
5,386		 2021
£
117
2,360
276
-
1,699
4,452

Support costs are allocated 50/50 between fundraising costs and charitable activities. Of the total expenditure on support costs of £4,452 in 2021, £5 related to restricted funds with the remaining £4,447 relating to unrestricted funds.

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2022

10 INVESTMENTS

Market value at 1 January 2022
Additions
Disposal proceeds
Income reinvested
Net unrealised loss on revaluation of investments
Net realised gain on disposals

Market value at 31 December 2022

Historical cost at 31 December 2022
 Listed
Securities
£
980,501
6,354
(74,000)
1,542
(29,115)
2,652
887,934
769,076

All investments are carried at their market value. Investments in equities, fixed interest securities and investment trusts are all traded in quoted public markets, primarily the London Stock Exchange. All of the investments above relate to listed investments.

11 DEBTORS

Gift Aid recoverable
Investment income due		 2022
£
5,420
-
5,420
2021

£

4,356

3,000


7,356
12 CREDITORS - due within one year
2022
2021
£
£
Accrued expenses 53,600 34,869

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

13 STATEMENT OF MOVEMENTS ON FUNDS

2022:

Funds brought
forward
Incoming resources
Outgoing resource
Gains and (losses)
Funds carried
forward		 Unrestricted
Funds
£
3,764
18,697
(9,956)
-
12,505		 Restricted
Choral
Scholarship
Fund
£
872,187
55,339
(98,767)
(19,547)
809,212		 Restricted
Parish
Trust Fund
£
174,987
1,542
(27,337)
(6,916)
142,276		 Total
£
1,050,938
75,578
(136,060)
(26,463)
963,993

2021:

Funds brought
forward
Incoming resources
Outgoing resource
Gains and (losses)
Funds carried
forward		 Unrestricted
Funds
£
1,977
10,747
(8,960)
-
3,764		 Restricted
Choral
Scholarship
Fund
£
823,874
41,974
(58,598)
64,937
872,187		 Restricted
Parish
Trust Fund
£
197,635
1,462
(25,019)
909
174,987		 Total
£
1,023,486
54,183
(92,577)
65,846
1,050,938

The Choral Scholarship Fund supports the music at Tewkesbury Abbey. The Parish Trust Fund supports the advancement of religious education and the mental, moral, spiritual and physical development of young people in the parish of Tewkesbury Abbey.

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THE TEWKESBURY ABBEY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

13 ANALYSIS OF NET ASSETS BY FUND

2022:

Investments
Debtors
Cash at bank
Creditors		 Unrestricted
Funds
£
-
5,420
12,865
(5,780)
12,505		 Restricted
Choral
Scholarship
Fund
£

848,268

-

(7,959)

(31,097)
809,212		 Restricted
Parish
Trust Fund

£

39,666

-

119,333

(16,723)
142,276		 Total

£

887,934

5,420

124,239

(53,600)
963,993

2021:

Investments
Debtors
Cash at bank
Creditors		 Unrestricted
Funds
£
-
4,356
1,408
(2,000)
3,764		 Restricted
Choral
Scholarship
Fund
£

875,461

-

16,018

(19,292)
872,187		 Restricted
Parish
Trust Fund

£

105,040

3,000

80,524

(13,577)
174,987		 Total

£

980,501

7,356

97,950

(34,869)
1,050,938

14 RELATED PARTY TRANSACTIONS

During the period, Tewkesbury Abbey Foundation made grants of £27,337 (2021: £25,019) to Tewkesbury Abbey PCC. John Jeffreys, Paul Charman, John Parkes and Janet Davis are Trustees of both Tewkesbury Abbey Foundation and Tewkesbury Abbey PCC.

15 MERGER

The Tewkesbury Abbey Foundation was created by a merger on 20 December 2019 of Tewkesbury Abbey Schola Cantorum Scholarship Fund (charity number 270751), which supported the music at Tewkesbury Abbey, and Tewkesbury Parish Trust (charity number 1113684), which supported the advancement of religious education and the mental, moral, spiritual and physical development of young people in the parish of Tewkesbury Abbey.

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