## **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: - Manage a programme of fundraising to provide income to support the aims and objectives of the charity; and - Awarding of grants to organisations to support the aims and objectives of the charity 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. -1- ## **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 -2- ## **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: - Six Appointed Trustees (appointed by a resolution passed at a meeting of the charity trustees) - Two ex officio Trustees: the Vicar and a Church Warden of Tewkesbury Abbey; and - Four Nominated Trustees (appointed by the charity trustees for a term of four years) 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: - Developing the work of a fundraising administrator and further establishing a new fundraising office - Successful applications for grants to support Tewkesbury Abbey and the Charity - Making grants to Dean Close Foundation and Tewkesbury Abbey PCC to support the objectives of the Charity and the ministry, mission, liturgy and music at Tewkesbury Abbey -3- ## **THE TEWKESBURY ABBEY FOUNDATION** ## **TRUSTEES ANNUAL REPORT (continued)** ## **FUNDRAISING** The main fundraising activities during the period included: - Applying for grants to support the objectives of the Charity and Tewkesbury Abbey - Securing donations from individual and corporate donors - Establishing a fundraising office for the Charity and appointing a fundraising Administrator. ## **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: - Increasing fundraising activities to generate new income to support the objectives of the Charity and Tewkesbury Abbey - Developing and implementing a longer term fundraising programme to support the mission, ministry, music and liturgy at Tewkesbury Abbey -4- 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: - examine the financial statements (under section 145 of the 2011 Act); - follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and - state whether particular matters have come to my attention. ## **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: - The accounting records were not kept in accordance with section 130 of the 2011 Act; or - the financial statements do not accord with such records; or - the financial statements did not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the methods and principles of the Charities SORP (FRS102). 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 -6- ## **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. -7- 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). -9- ## **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). -10- ## **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. -11- ## **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. -12- ## **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. -13- ## **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| -14- ## **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. -15- ## **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. -16-