Cliarity I'egisti'ation iiumbei. 208584 Friends of Sherborne Abbey Trustees, Report and Financial Statements For the Year Ended 31 December 2024
W, Iii Photograi)hs.' Josie Sturgess Mills Photography
Frlends of Sherborne Abbey Contents (continued) Rcfw¢iir¢ and Adinini51ratiYe Details Trustees, Report 2to9 Indepcndeiil Examiner's Rcport 10 Stalcment of Financial ActLvilies Balonce Sheet 12 Notes to the Financial Stat¢m¢nts 13to21
Friends of Sherborne Abbey Reference And Administrative Details Pre51dent Tli¢ Right Reverend Nicholas Holiam MA PAtrons Thc Right Reveirnd Tijnoiliy Thornton MA The Very R¢ver¢lld Robert Willis DL BA (Died Oclob¢r 20241 Trustees The Reverend Martin Lee Chainnan Mr David Ferguson MT JoDaihall Rodd (resigned April 20241 Mrs AlexandTa (appointed April 20241 Mrs H¢nri¢tla Paul {appoint¢d April 20241 Churcliwèrden Churchw&rd¢D McKenzie Churchwarden Churcliw#rden Treasurer. secretary and rcprc8entalive of Sherborne School Dr Chris H3mo Mr Philip Proui (resigned August 2024) Hortoi*ry S¢cT¢lary C[Inan of PCC Fabric Commillee Public8ti0rb5 Mr Michael Keatinge Mr5 Jacqueline BÈkeT Mrs Franc¢5 Gomme-Duntan Electcd member Elected memb¢r Mrs Saniantha Henderson Elected ynember Mrs Hilaiy Leavty Mr Bill McD¢Trllott Blected member Elected mcmber Canon Charles Mitchell-lttll¢s 208584 Elected m¢mber Charlty Reglstrotlon Number Principal Office 3 Abbey Clos¢ Slierboine Dorset DT9 3LQ lan Dodds Cliartcrcd Atcounlanl Lanhcim & Franci5 77d Cheap Stre¢l SherboiTr¢ Dorset Independent ExAmlntr DT9 3BA Page I
Friends of Sherborne Abbey Trustees, Report The Irusiee8 present Ilie annual report together with th¢ fJnanci&l slatcinenls of the charity for the year ended 31 D¢c¢mb¢r 2024. Trustees The R¢v¢Tend Martit) tt¢ ChliTtn Mr David Fergu50n Mr Jonailian Rodd Ire5igncd April 20241 Mr5 Al¢xandrg (appoinlcd April 2024) Mrs Henrieiia Paul (appointed April 2024} ChurchwaTden Churchwarden McK¢n71¢ Churchwarden ChuirhwHrd¢n TrcaSUr. Secretary represeniaiive of Sherbome School Dr Chris Hamon MT Philip Piout11¢5ign¢d August 20241 Ilonorary SeciEtary Chairman of PCC Fabr*c Cotnffliitec PublicatLOn5 Mr Michael Kcatin8e MTS Jacqueline BaktT Mrs Franc¢8 Gonune-Duncan El¢ol¢d member Elected member Mrs SaJnantl Hcndcrson Elccied Jnember Mrs Hilary LEavey Mr Bill McDermoti El¢cted ¥n¢tnb¢r Elted member Canon Charles Mitcliell-Innc5 Elected member ObJectlve5 and Y4Ctlvltles ObJÉei& tsiidolms Th¢ obj¢rtS #1¢ to SUPPOTI th¢ upkeep of the fabric of Shetborne Abbey. Objecilves, Mraiegies ftiidacriviiles The activities undertaken by the chariiy during the year aiE detailed in the reports thdt follow. Fuiidmising disclosures The piineipal fundin¥ of Ilie charity arises from inembers, subscriptiorts, donlltions, bequests, a5 11 B5 Ihg Salt of publications in the Abbey. Piibli¢ beiiéfil Tli¢ putP05c of thr FTL¢nds of Sh¢i'boTn¢ Abbey is to bind lo¥¢theT all th05¢ who love Sh¢rboEn¢ Abbey in their desire lo lak¢ part in preseTving it for post¢rity. Th¢ truslccs confii'm that thcy havc COTnplied witli Ihc I'equircincnts of scction 17 of the Charities Act 2011 10 have due regard lo ihe public benefit guidajice published by the Charity ConJmissiott for England atjd Wal¢s. Achlevemenls perfornjante Dclails of aclivilics undertaken during the ycar, a5 WCII as future plans are contained within the individtsal reporis Iliat follow. Pag¢ 2
Friends of Sherborne Abbey Trustee5' Report (eontinued) CHAIRMAN'S WELCOME Caring for Ihe fabric of our beautiful Abbey is both a greaijoy and a sigllificanl T¢5ponsibilily, Tli¢ only way lo carc for a building such as this is by constantly inspecting tli¢ buildin8 and ensuring thai repasTS arc tackled proiDpily aiid carried out to th¢ best ofour ability. Thc fabric of our magnificent Abbey can only be earcd for itl this way through th¢ 8¢n¢rostty of the Fricnds. On reading this r¢port you will no duubt b¢ 8ble to 8ee how ffluch work has been ratried out itt the past year. N4y wclcome also ¥iv¢s me a unique OPPOTlunity lo express our rnost sincere thank5 to all who have given 80 generously toward5 the work on Ilie fabi-ic of our building. Pl¢a5e know thai il is iievcr lak¢n fgT ¥ranted but deeply appreciad. I hope you enjoy reoding this rcport. Please 85k to be showtt som¢ of thc work done in the past year look at wlial has been 8rhievcd. With my very best wishes and most 8inccre Ihartks foT all you have done in supporting u5 in the past year and all that you will Coiilinue lo do in hclping tss with your continued support. The Reiyi'eitdmthi'iin Lee Recioi. ofSlJerboriieAbbey PlJnlog14¥pli . J(AFie Siiiigess Mill.¥ Pliologiaplij, PaEC 3
Friends of Sherborne Abbey Trustees, Report (continued) CLERK>S REPORT 2024 saw a full programm¢ of events oveT th¢ LQUTSe of lh¢ y¢ar. Tlie yedT &tarted with a presentaiiort from Francis Browtt, the Friends spoiisored PhD studetti who is cunEnily produ¢in¥ the Cu]JsErvativn MaDa¥em¥ni Plnn. He des¢Tibed ihe aiTtJs ofhi5 PhD and th¢n ¢xpanded on Ihis by de5cI'ibing the development and advance of ga5 lighting in Sh¢TboTne. W¢ thEn had the first of two $ut¢¢$sfiJl, attd increasingly popular, Coffee mtsniiiig$. Whilst th¢5¢ a not intendcd to be fund I'aising. wc arc always grateful for the donalion8 to cover the expcnses and always gain new members and make a few pounds for the Fi'iend5' funds. In May we held our ACJM in the Abb¢y* wliicli was PTeceded by Choral EvEiisong sung by Tneillber5 of the Abbey Choir with pr05ecco, slraivbeiTi¢S and cream to fortify the attendee5. We have jnei'gcd Fricnds day and the AGM iiilo one Sunday evejii athd it would be good to make more of the Friends day portion and encoura8¢ greal¢r niett]betship fiorn tlie COll¥T¢g&lion. As a new deparfure in June we introduced an afternoon tea a la Bath Pump Room with the lovely Helen Cooiiib¢s on the piano. This was very %uctcssfiil. Tca was formal with piopcr china, sandwirhts and rak¢ and the diners wej'e then encouraged io atlelld the gills Choir evensong ill the Abbey. On the back of IhLS success we are ruttning Ihis again in 2025. EaTly S¢pt¢mb¢r, th¢ Fri¢nd5 took a full to ViSlt Win¢h¢st¢i C8tl)¢drBI. Ther¢ wa5 somc fr¢¢ time to shop and lunch, followed by a lour of thc CathedTal, l¢a in ¢h¢ Refectory and Evensong after which we retuined to Sherborjie. 11 was good that our trips liave now become so successful thal we had a full coach and a reserves list. Our trip in 2025 is looking al Exeler. Dec¢mb¢i' 5?w th¢ miE)C¢ Pi¢S 8nd Inulled wine r¢c¢ption in th¢ Lady Chapcl prior lo reserved scating in Ihc Abbey for the Darkness lo Light Advent Carol Service. This was very well attended and, as always, was a eTnoiabl¢ And &lrnvsph¢riG event. The8e events would not have been possible without ihe support of Jo Sams itt the Pari$h Offitt, to whoin l a]n exlTemely gTalelul. DJ- Cliiis Huiiion Slttrboiite Abbgy Pttrisli oifsce Page 4
Friends of Sherborne Abbey Trustees, Report (continued) CHURCHWARDEI NS, AND FABRIC REPORT After the 5ubslaJJiial expendilure oli Ili¢ healing and lighiiiig projects in rhe Iwts PT¢ViOUS years. we have paused to take breatli in 2024. R¢quireinenls from Tlie 2022 Quinqueniiial Siirvey have Inosily bcert resolved, bul wc are still waiting for a contractoi. lo install safety T911s round the Nortli, West and South gable5. A5 nolcd last yeaT, W¢ have [maTked £200,000 10 meei lh¢ n¢¢d for major WOTk in the nexi 5-10 y&its oji Ihc roofs of the Lady Chapel and the South slope of the nave. The Abbey's mllin coiicern in 2024 has been the Facilities Upgiade. This involves converting th¢ present vestry block to ioil¢ts, enclosing th¢ area under the organ loft lo ¢reai¢ a new vestry, and Tecogiiising Ilje inulti-purp05e se of th¢ Lady Chapel wiilJ a p¢rmanent hospitality unit and tt wheelchair lill. The PToject is slowly WOTking ils way Ihroiigh approval* system. There have Iwo foTmal objections which will have to go through the Congtsiory Court process. so Ihal the hDpe of Stalg work in the spring is no loiiger viable. A small fall of stone from a highly decorated baluslradE at the southwest Corner of the Abbey lcd lo detailed condiiiort Teports covcring ihc masonry in this area and the bTaie.4 to the m&in porLh and west door. The conservation work is currently being detuiled and w¢ expect to apply foi. a faculty during 2025. Th¢ Friends are fijnding a PhD project under Exeter University to devclop a Conservation Management Plan to record the history and current eircumslances of (he Abbey, providing R basis for i18 COtJ5¢Tvation and managetnent for many years ahead. FrJiici5 Browm has accumulated an impressive amount of hisioritgl infoHnalioii. presented in a first fvll drall of tlie main se¢tions, cUtIY being revi¢w¢d by key playe[5. Mike KeGIEiige P#¥¢ 5
Frlends of Sherborne Abbey Trustees, Report (continued) MCI MBERSHJP SECRETARY>S RE4 PORT The Friends currenily has 316 Mejnbers. This is dowii by 17 011 2023. Over Ihe couige of Ihe year we g%ined 15 new nieii)bcr5 hut this was offsei by the loss of 32 mcmbcrs. l O of the5¢ sadly hgve di¢d. Of the remainin¥ 22, 16 liave becii icmoved liaving not paid in¢inbEr%liip for the last iwo years, despite remindcrs having been sent to Ih¢ii lusi knjown conlaci addrcs5. 5 liav¢ resigiid having mvved away fTvm I] area. Whilst Ihe nuinbeis reinaiii h¢?Ithy bTi¢iids #Te ertcotsraged lo persuade friends and faiuily lo become IL¢inbe15
nd help tss siipporl the woi'k to whicli Ihc Fricnd5 are committed. It would be good 10 see 2 few more mcmbers
of the regulaT Abbey congrcgation joirt tool Di. Cliris PUBLICATIONS SECRIZTARYIS REPORT Asjolher Eood year for the sale of our publication5. Card sales Te once again bouyani with just under 20,000 cards being sold. and incirasc of nearly 2,000 ovcr 2023. The robin cards continue lo be a big 5cll¢r but viitulllly all of th¢ other cards sell well. Selling Ihcm in packs of 10 seems ID hdvc becn a popular mov4 although we do hav¢ th¢ orcasional issue of cai'ds and envelop¢5 being Temov¢d from p&Lks. This year we introduced two new cards, one of the Abbey al night and one iviili a Clii'istrnas tr¢¢ by tlie MernoTi&I screen. Botli were popular with the Abbey onc sclling alm08t it5 entire sieck of 2,500. Guide Book5- Th¢ Still aT¢ popularwith 820 sold last year and only around 4.200 left. Thc big ncws on sales is that from Ihc 1st of August the Fri¢nd5 look over the tuiining of ihe shop. A small sum ca £1,000 was 5p¢nt on lldding further shelving and lighttng and approximatcly £9.000 was spent on buying th¢ residiial slock froin ihc Abbcy. Thc Stock iiJ the shop wa5 then enhuncd with a few new lines. The ethos of Ihc putchaseb was 4 fold. Relain and cnhance the cunt caid rangc, rctain and ¢nhance tli¢ Taug¢ of r¢ligiou$ good5, IvIi¢i¢ p055ible have Abbey braiided goods and promolc gills aijd items sourced within the Westcounlry aTta. Thi5 5e¢n)s to have been popular wilh lols of very favoiirable coniments. Also we iJitiDduced an honesty paymcnt card machine alongside our hoii¢%ty box. Thi$ h85 proved very popular and has ceri8inly en]nced t&kings. Siocklaking al the end of December showed that pilfeiing v¢ry miniTnal, if happrning at all. The Shop colniJ UEid¢L' th6 FrigtLd5 also coriEGled Ihe 51i¥hily awkward anomly ef the Friends cards beig sold through the shop and then an estimate being made of numbers sold to claim back the cost from th¢ Abbcy. Sales Iiave been bFood wiih th¢ shop l&king £30,000 between August and Ihc cnd of Deccmbcr. Piofils from Ihc sales go directly to thc Friends with tt being iwn entirely on a voluntary basi5. D¢c¢mber's t8king5 WeTt around £8,000. The first 7 Inonihs of 2024 took only £IO.000. Please do use th¢ shop and encourage fi'ieiids &nd family to look in th¢ shop foi. gifts. l am always open 10 su¥gesiion8. I am extrcmely grateful lo all the volunteers wlio help on a tkIY basis in the shop. A fri¢ndly fac¢ bEhind th counter Lertainly helpg salcs. If you are bored or feel you would like to help I an] always glad of Jnore cover ¢v¢n if it 15 only OJ) an ad hoc basi5 to ¢DVCT volunleei holidays and absences. Di. Cliiis Haintsn Shoii Mfjijugei. Page 6
Friends of Sherborne Abbey Trustees, Report (Contlnued) TREASURfi R'S REPORT FinRnclRI revie The cliarily rccoTded a surplus for th¢ year of £20,21812023 deficil of £59,558), wliich incliides nrealIsed gains on inv¢5tments amounting to £19.24312023 £71,687). At the y¢ar end th¢ chaTLty held reserves of£978.70812023 .. £958,490). 2024 w2s a year of coniinued invcstment into the fabric of the Abbcy althtstsgh on a smaller 5c&le than in thc previous few ycaTS. We madc final paymeiit towards the Teplaccmcnl botler5 and hcat pumps although this ivas only in the rcgion or £15.000. Thi5 mcans thai ih¢ PToject lo upgrade the healing is now cojnpleie and tlie Abbey is noiv sccinx (h¢ full effect of the proje¢t. This winter Ihe AIT Soiirce Heal PuTnps provided lis with muth of the heat for Ilie Abbcy backed up by th¢ ga8 boilers in Very cold weather wli¢Te there is insufficicnt ertei.gy in the almospheiE for the hcai purnp% lo Cxtraci. A5 eleclricity becomes increasingly een ill production thi5 will decrease our rcliance on fossil fucls. albeit not complelcly. We also made the final payments for thc lighting project. This too has been a triuTnph in lemis of a grccner Abbey as the LED lamps us¢ al least 500/ty le55 electricity than the old lamp%. This coupled iviih iinproved light levels 4nd better lightittg of the fan vaultirtg has enhanced furth¢i' the Abbey Expcrtdilure on rujjnillg the FTL¢nd5 is relaiively small bul Ihis could be reduced further if all of our mcmbet$ would ¢Tnail and consent lo ceiving communications by emttil, thus reducing stationery and p051age costs. Qutnqucnnial rpairs cost £20,000 and it is surprising how these sinall sums accrue over the tourse of a year. The Fi"iends werc pleased lo be able lo cottiinuE pay the fees for OUT PhD Student Francis Brown. He 15 curiEllily WOTking on Ihc Cunservalion Managemenl Plan for the Abb¢y. and 11118 conlinues to be of great assisiance lo tlie Toilet project and and other repaits lo thc Abbey. Agoin the Friends contributed 50Q/o toward the insurance bill FOT th¢ Abbey. The FTiends also made a £50,000 donalion to lh¢ Abbey lDWllLS the Toilets project. Tliis was half of Ihc promised £1 00.000 and the 5¢cond insLilmen¢ will bc forth£oDiing as the project proceeds fijrthcr. Tjje council were finn when thi5 PToillise was mad¢ tlial further funding would not bc cnleftaitsed and Iljal Ihe Abtw had to make subsisn(iHI effort8 in iaising funding for Ihis important project.. Ijjcomc last year was relatively Inode51. in con)paFi50ll Wjth Som¢ years. Whilsi cards salcs and subsci'ipiions mak¢ a conll'ibutiott and this has been enhanced this year with income, since August, fi'om th¢ shop. Over the ytars Ilje majurily of our income has be¢tL derived frotn legacies and incoine frojn OUT IllV¢StmeJii8. We cojilinue to bc vciy ¥taleful for th08e who so geiitrously leave bcquesls in Ih¢ir wills and it is on the ba¢k of tliese bequests that the majority of tlie Fricnds, work hangs. Projected expertdityr¢ for 2025 is a £50,1100 contiibuiiort towards the loil¢l project, fuither contribiitiotks to both the insurÈnc¢ and Lanham & Francis's fees, and l llin e51iJnaling a 5iTnilar amount lo this year foi quillquennial works and minor rcpaiiE. The council have al%0 ¢armarkcd a surn of £120,000 foT sloncwork Tepairs aroiind th¢ porch and we81 cttd dnd for repairs io the Georgian Poi'ch gales and Wesl end gales. Total sum l am aniicipaliiig in thc region of £200,000. Hopefully we will tJOl incur any Qllier si¥nifJcani cosi ivitli thc building. We arc mindful that there arc some Significant costs. in th¢ order 01 £250,000 + for roof r¢paiiE To the Nave and Lady Chapel in the not loo distant future and Ihal we need to retain a war chest for the unforeseen. Di. Cliiiy Haipion Trets.*tipéi' Page 7
Frlends of Sherborne Abbey Trustee5' Report (continued) Policy ON I%Terves Reserves are critical to Ihe Friend8 flnancial position, and provide.. al Working capital lo support ongoiiig OPeTatl0tt5 and activities (suppliers need lo be paid on timel and to hortuur grnnt commitmen18 b} At Ica81 12 months expenditUT¢. to provide ¢oniinuity in a¢hievinE our charitable activities as laid down in our Coitsiilulion c) Future replace1ent of goods and equiptTr¢nt ne¢ess&ry in our operation Working capital is to be hcld s cash. at)d ilcm5 b) and cl lo bc h¢ld in th¢ forni of IonE tenn investments (with a ten year liiiie hoiizon) iii OUT inveslinenl purifolio. R¢5POl15ibility for itnpl¢mentitl8 this policy rests with the Executive Committee of thc Fri¢nd$ ¢harity ond shall be reviewed every iliree years, lo tllsur¢ it 15 fil foT Putpose and that we are not setting aside too much or loo Stru¢turey gtsvtrtt#nee and mnagement Naliire ufgovérnliig. &Ill¢ll1 The cliarily was fouiidtd at a tneeling held on 24 May 1930. al which Ihe constitution wa5 cr¢at¢d. ThL5 docunieiit has 5iS)ce be¢ii ain¢nded at rtleetittgs on 19 July 1983, 1 l May 2004 and 9 May 2005. Trustees are nominated and subseqntlY ¢lerl¢d al th¢ Annual General Meelittg. in accordance with the cortsiitulien. TNstees hold orfjcc for a period of fjve ytars, after which tliey ar¢ tligibl¢ for TeBlecliott. Objetlives rfiiflpolicRe& The Couiicil of the Friend5 have considered th¢ rn8jQT risks to which the charity IS exposed {both financi*l and non-financial risks) artd the INslee8 coiifii'in Ihal the major risks lo wliich ihc charity IS CXP05¢d, a5 id¢nlifird by th¢ trustees, hav¢ been rewewed and systems have bn e8lablished lo mitigate those risks. Statejllent of Tru5tCC5' Rc5pon$ibiliti¢s Th¢ ITuslees are responsible for preparing (he Irttslccs, rcpom and Ihe fillancial slalements in accordance iviih the Unit¢d Kingdom Ar¢ouiitiDg Sidndards (United Kingdom Gerter211y Acccpted Accounting Practice} and applicable law and regulations. The law applicable lo charilies iequiies Ilie trustees lo prepare fjnanoiol statement5 for ¢aGh financial year whiGII give a liuc and fair view of Ihc slate of affk)irs of Ihc charity and of Ihc incoming rcsourccs and application of i'csources of the chaL"ity for that p¢riod. lrt pr¢paring th¢s¢ financial statements, the Irllslees are required to.. selccl suilablc accounting policic5 aE)d tli¢ll apply ihcm wn5l51¢nilyJ observe the methods and principles in Ilie Chariiie5 SORP. make judgemenis and egliinaleh Ihai are reasonable and prudent. stalc wh¢ihrr applicable ac¢ouiiling slBndllrd5 havr bE¢n fDllowed, $ubj¢¢t to any material depariures discloscd and explaincd in thc financial 5talcments' and prcparc the financial statcments on the gOIg concein basi5 unless it is inappropriate to pr¢surn¢ that the chariiy ivill continue irt business. Page 8
Friends of Sherborne Abbey Trustees, Report (continued) The Iruslees a responsible foT keeping proper arrouiiting records that disclosc with reasonable accuracy ai any lime the fjnancial position of the charity and engble Ihcm lo en%iire that the financial slaiements comply with the Charili¢s Act 2011, tlie Chariiies (Accounts and R¢por151 ReEulaiioDS 2008. and Ihe provisions of Ilie constittition. The Irustecs are also responsible for safcguarding Ihe a%5cls of the charity and hente for takins rea80ble 5t¢p8 for the pr¢v¢ntion and detection of fraud and oihcT Irre8ularilie5. The tlV5tee8 are resp0115ible for the maintenance and integrity of the LOorate dnd financial infoiThation included on Ihe cliaritablc ¢ompllny'5 websitc. Le¥islalion guvcining the prepdtation and di&setninalioii of flnaneial statetD¢nls may differ fTom legislation in othcr jurisdiction5. The annval repon was aPPLY)v¢d by the ttU5te¢s of the charity oll.. signed otl its bebalf by.. DT ChTi51opher Hamon Tru51ec Page 9
Friends of Sherborne Abbey Independent Examiner's Report to the trustees of Friends of Sherborne Abbey I rcporl to ilie Iru51¢¢s on my ¢KHminalioD of th¢ aewunts ofFii¢iids of Sh¢ibome Abbey for Ihc year ended 31 December 2024. Re5pon5ibilitic5 and ba515 of report As tlie cliarily INstces of Friends of Sh¢TboTll¢ Abb¢y you aF¢ responsibl¢ for the pt¢paTalioTb of th¢ atcouols in Aee4)rdance with the requirements of tlie Charities Act 2011 ('the Acl'}. J report in r¢5pecl of Iny examination of th¢ Frs¢nd5 Qf Sh¢rborn¢ Abb¢y's arroiinls rgTtird out undci section 145 of the 2011 Act and in cairying out my examinalion I have followed all the applicabl¢ Diirctions given by Il)¢ Charily Coinittission under section 145{5llbl ofihe Act. Independent examlner'5 statement I hav¢ ¢oiiiplet#d tny ¥xa[niTtltsrt. I cortfirni Ihai no maierial maiicrs havc come to my &ttenlion in cojmeclion with the txamination ¥iving me cause ¢0 beliEve that irt any materi21 respeci.. l. accouiiting records welf not kept in re8ct of Friend5 of Sh¢Tbom¢ Abb¢y a$ r¢qllid by section 130 of Ihc Acl: or 2. Ihe accounts do not accord willi tljose records,. or 3. lh¢ RccuuJ)Is do not coniply wilh Ihe dccourtling requireJnertl& ¢onLernirtg the forni and cvttlejil of *ccounls scl out iii the ChaL'lti¢s IAcwunt5 ai)d Report51 Regulations 2008 oth¢T than any TequirenieDI that the aLLOUrtis give a 'true and fair wiv, wljich is not a Inatter considercd as part of an indep¢Jident eKainiiialion. I have no concems artd hdve comc aeross no oiher maiicrs in coniieclion with the examination to which attention should be drawn in thi5 T¢poII in ord¢T to ¢iiabl¢ a proper und¢rslanding of lh¢ acrouDts lo be r¢arh¢d. lan Dodds Chattered Accountsnt Lanham & Franci5 77& Chetp Street Sherboine DoiEct DT9 3BA Dale.. Page 10
Friends of Sherborne Abbey Statement of Fin4ncial Activities for the Year Ended 31 December 2024 Unrestricted funds Total 2024 Total 2023 Note Ineome td Endowments from: Donaiions and tE¢1¢5 64.272 6,445 41,659 26,415 64.272 6.445 41,659 26,415 50.299 65.899 12,351 26,038 Other Itading Bctivities Invesimenl income Total illf0Tne 138.791 138.791 154,587 Expendlture on.. Raising funds Chariiable aciiviti¢s Other expenditure Total exp¢nditUTe Gain51llosse81 on investment a88cts (22,181) {113,386} 12,249 (22,1811 (113,3861 12,249 15.894} 1279,4931 1445 1137,8161 19.243 {137,8161 19,243 {285,832) 71.687 Nel iJicomellexpetLditurel Net movement in fund5 20,218 20,218 {59,5581 20,218 20.218 (59,5581 Reconclllaflon of fuNd5 Tvlal fullds brought fonvaTd 958.490 958,490 1,018,048 Total fimds carti¢d fonvaid 18 978,708 978,708 958.4YO All of the ch3Nty's activities deriv¢ frorn continuing oper#tlOn5 during the above two periods. The funds bretkdowTr for 2023 18 shown irt not¢ 18. The notes on pages 13 10 21 fomi an integi'al part of the5¢ financial statement8. Pagc 11
Friends of Sherborne Abbey (RegistrAtion number: 208584) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed #ssets Inveslmenis 13 871.068 851,825 Curvtnt Assets Stocks Debioi Casli al bank and in hand 14 31,050 8.472 95,921 15,318 9.402 101,629 16 135,443 126,349 Creditor5'. Am(kuDt5 falling due Jylthin yt•r 17 27,8031 119.6841 Net ¢urr¢nt 955ets 107,640 106.665 Net a55ets 978.708 958,490 Funds of thc charity: Unre5trleted Income lunds UnTcslricled funds 978.708 958.490 TotAI funds 18 978.708 958,490 The finottci81 %lÈtements on PAges I I to 21 were approved by the tru%t¢e$, and tsuthorised for i$sue on 4.1.RI.zs. and signed oil thcir bclialf by.. Dr Christopher Hamon Trustee Rev eiid Martin Paul Lee Trustee The notes on pa¥¢s 13 to 21 forrn an in1c1 part of Ih¢s¢ financial 5tatem¢nt8. Page 12
Friends of Sherborne Abbey Notes to the Fin&nci41 Statements for the Year Ended 31 December 2024 l A¢tounting pollcles Statement of ctsmpliance The financial slalements have b¢¢n PTcpared in accoi'dancc with Ihc second edition of the ChaTi11¢5 Staicn)eni of Rccommended Practice issued in October 2019. tli¢ Finantial R¢poiting Standard applicable in the Unitcd Kingdom and R¢public of Ireland IFRS 1021 and the Chari11¥s Act 2011. Basls of prepar#tio Friends of Sherburtte AbY tneels the definition of a public benefit entity under FRS 102. Thc atcounts Irinancial slaiement51 have been ptepare(J und¢r the liistOTical Cost collvcniiort with iteln5 recognised al cost or transaciion value unless Otherwise stated in ihe relevant tsolel51 to thcse aecDUnts. Colng eotlter The Iruslees consider that Iliere are no mat¢rial uncerlaintlE5 Bboul the charity's ability to conlinlle ss a oing concern. Income •nd endowments Volunlai'y tncomc including dojjations, gifts, l¢¥3cie5 and grants ihal providc core funding or are of a ¥en¢ral natLtiE is recognis¢d when the charity has cntitlcmenl lo the income. it is probablc that the income will be received and tlie amount be Tn¢asured with sufficient reliability. Donfilioiis oiid lesrtcles Donations and legacies are recogni$ed on a receivable basis when receipt is probable and the atnounl can be rcliably measute(L Iiive.flmeiil iiieoiNe Divid¢nds are Tectr¥n15¢d oncc the dividend has been declared fjnd notification ha8 been received of Ihe dsvidtnd due. Expendlture All cxpenditure is Teeogni5ed once there 15 a l¢¥al or constftictive obligation lo thai eKpendilure, it IS PTobable seirlcmeni Is requiTcd and the amount ran be Inea8iired reliubly. All costs aTe gllocatcd lo the upplicablc expenditUL-e heading Iljai aEgTeyt¢ similar costs lu that category. Where ¢051s cannoi be diTecily attributed to pgrticular headings Ihey have bttn allocalcd en 2 basi5 consisteni with tli¢ use of resource5, Wlth ceiiiral staff costs allocated on the basis of lime spent, and depreciation charges allocated on th¢ FKbrtioTh of the a$5¢t's use. Other SUPPQTI c051s are allocated bAsed on the spread of staff coEIs. Roisingfiind Th¢se ale Costs in¢u£d in attracting voluntsry income. the m8na8¢menl of investJn¢nt5 and those irteuTr¢d in trading a¢livitT¢S Ihal raise fiinds. Choyiluble ucriiililes Charitable expenditure comprises those cesls incurred by the thaTity in Ihc delivery of ils activities and 5¢rviccs for ils ben¢fi¢iaries. li includes both c051s that can be allocated directly io $uGh activities and thus¢ costs of indirect nature necessary 10 support them. Grfjitlipivvislviis Provision5 for grants are made when th¢ intclllion lo make J gralll has been ¢oininunicaled lo the rccipiejjl bul there 15 uiicertainty about eiilier the liining of the grant or the amouni of gi'ant payable. P8ge 13
Frlends of Sherborne Abbey Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) GoverBaDc¢ etssts These ittclude Ihe costs aiiributable to the charity's compliance with conslitutional and Statutory r¢quiretn¢Dts, inGludiDg audit, stral¢giG manasemenl artd Irusiees, meetings and reimbursed expenses. Taxwtion The charity 18 considered to pas5 Ihc Icsls 5Ct out iii Paragraph I Schedule 6 of the FinaDct Act 2010 and th¢T¢foTe il meets Ihe definilion of a charitable compatjy for UK cojporalion lax purposes. Accordiiigly. Ihc chai'ity is Potentially exenipt laxalioji in respeol of incott)e or capivdl gaiiis received within calcgorics covered by Chapter 3 Part I l of tlie Coiporalion Tax Act 2010 or SectlOD 256 of thc Taxation of Cliargcable Gttins Acl 1992. to Ihe extent that stjch incomc or gains aye applied exclusively lo charitable purp05¢5. Fix¢d *sstt lnveslments Fixed a88et invcslmcnls. otlier than piDgi?mtnc relatcd inv¢5ttnents, ar¢ it)cludcd at tnark¢t value at the balance sheel ddie. Realised 8aiiis and losses on inve81mcnls arc calculat¢d as ihe diffcrence between 5a1¢ PToce¢d5 and their market valiie at th¢ 51art Df th¢ y¢ar, or their subsequetti cost, and tti'e charEed or credited lo the Siaicmcnl ofFiiiallcial Aclivilies in th¢ period of disposal. Unrcaliscd gain¥ aiid 1055¢s represeDt the movement in inarket values duritig the year and are Credited or charged lo Ihc Slatcment of Financial Activitie5 based on tlie Inark¢l valu¢ at ihe y¢ar ¢nd. Stock Stock is valued at Ihc lower of c05t and ¢5tirngted $¢lling PTiLe less costs ta complete artd sell, after due regard for obsolete and 51oiv iiioviiig stocks. C05115 delertnin¢d using the firsl-in, fiTgi-OUt (FIFO) melhod. C8511 and f B5h ¢quival¢nt5 Cash and rash equival¢nis comprise tash on hand and call deposits. and other short-temi highly liquid investinenls that ar¢ rcadily convertibl¢ to 8 known amount of Cash aTe subject to an insignifJc8nt risk of change in value. Fund structure Unrestricted iiicome funds r¢ ¥¢n¢rul funds that 8T¢ availabl¢ for u5¢ 111 Ili¢ Iru5te¢s' dis¢retion irt fttiih¢ran¢e or the objeciivcs ofthc charity. FlnRnclg1 Instruments Finaiicial assels and financial liabili11¢5 air r¢¢ogrtised when the ¢harity be¢ome% a party to the cortirachjal provisions of the inslrujneiil. Financial liabilities and equity insiNment8 are classificd according lo tlic siibslance of Ihc contractual aff&ngenieiil& enteitd into. Art equity instrument is atty contract that evidences a residual interest in the assets of the charity after deducting all of ils li8bilill. Page 14
Friends of Sherborne Abbey Notes to the Financial St4tements for the Year Ended 31 December 2024 (eontinued) All financial asseL% and liabilittes are initially iiicasured at transaction pric¢ (including Iran.%zclion coslsl, cxtept fur Ihose financial assets classifi¢d as al fair valtse iluough profil OT loss, which are initially Jneasured al fair value Iivhich is normally th¢ transaction price excluding transaction costs). unless Ilie arrangement con5titutC8 a financing Iransa¢iion. If an arrangement constilules a fittan¢it]g transaction, th¢ financial asgel or fiiiajicidl liabilily is measured al Ilic preseni valu¢ of the future P8yrn¢E)Is discvunted at a markei Tal¢ of inlcresi for a similai. debt l1151rumenl. Financial assets and liabilities are only off5el in thc slalement offinancial pThsjtion when, 2ttd only when. ther¢ exists a legally enforceable right to Set off the recoKni5ed amounts and tli¢ charity intends eithcr to seiiie on a nel basiB, or to rcalise the &ss¢t 8nd settle the liability 5imuliancously. Financial a8seis are derecogtjised when. 8nd only when, 91 the coniractual rights 10 (he cash floivs from Ih¢ rinancial as%el cxpire or are settled, bl thc charity IrllDsf¢r5 to another party subsianiiglly all of the risks and rewgTdE of ownership of the fillancial asset, or cl tjie charity. despite havin¥ i'¢tained sojne, bul not all. 5i¥nificanl risks and WardS of ownership> ha5 Iransferred control ofthe asset to another party. FinanLial liabilitie5 are der¢cogrLi5ed only whett Ihe obligatkon specified in tjie contract is discharged. cartccllcd or expires. Foir vrfliie mfflsurenieni Th¢ best evidence of fair vglu¢ is a quoted price foT ali ideniical as5¢1 in an active mBrket. When quoted prices are unavailable, the price of a reccni Iransaelion foi. ali identical asset provides evidencc of fair valiie as long as thcrc has not becn a significant cliange IE) cconomit ClTcuinslances oi. a signifjcani 12PSt of time since the ITan5aclion look place. If th¢ market is noi abliv¢ and IEccnl transactions of an ideiilical asset on IlieiT own are not a good estitnal¢ of fair value, the fair value is estimated by using a valuation technique. 2 Income from donatlort$ ¥nd legacles Unreslrlcted funds Gener*1 Total 2024 Donations and IBgllcies' Subscriptions aiid donations Legacies Gift aid reclaimed 12,077 50.168 2,027 12,077 50,168 2,027 64,272 64,272 Urkre5trlcted lunds Gtnorgl Total 2023 Donations and leg&ci¢s' Subscripiiens and donations Legacies Gift Aid r¢claimed 13.299 34.797 2,203 13,299 34,797 2,203 50,299 50,299 Page 15
Frlends of Sherborne Abbey Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) 3 Intomt Irom chArltAble gctlvltles Unrestricted ftsrtds G¢rt¢ral Tot#1 2024 Recovery of VAT 6.445 6,445 UDr¢5trictrd funds Gener&1 Total 21)23 Recovery ofVAT 65.899 65,899 4 Income from other trAdlng &etlvltles Unre5trictrd funds Gen¢r¥J Total 2OZ4 TTadsng income,. Sales of publications Events incom¢. Other cveiils iiicomc 40.972 40.972 687 687 41,659 41,659 Unre8trltted fund5 General Total 2023 Trading incoiiie. Sales of publications Evcnls income. Other evejjts income 1,260 1,260 12,351 Page 16
Friends of Sherborne Abbey Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) S Investment Income Unreslrltted runds Con¢ral TotAI 2024 Intercsi receivable and 5iTnilar income., Interest receivabl¢ on bank dcposits oiher income froin fixed asset investments 2.704 23,711 2,704 23.711 26,415 26.415 Unrestrieted funds Total 2023 Interest receivabl¢ and simillr incoine. Tnltrcsl rcLcivable on bank dcposits Other ittcome from fjxed asset inve5tm¢nts 2.653 23,385 2,653 23,385 26,038 26,038 6 Expendlture on rglslng fund$ •} C05t5 of tradlng actkvltles Unrestrlcted funds General Total 2024 Cosis of goods sold 20,910 20,910 20,910 20.910 Unrestrl¢ted funds Gentral TotaI 2023 Costs of goods sold 4,730 4.730 4,730 4.730 bl Other costs of gentraLting donatlon5 and legAtles Unrestrieled funds TTrlal 2024 Other dire¢1 cost5 1.271 1,271 Page 17
Friends of Sherborne Abbey Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) Unre5trlcted funds G¢n¢rAI Total 2023 Other direci costs 1,164 1,164 7 Expendlture on ohArltable a¢tlvltles Unrtgtrltt¢.d fund General Total 2024 Note Grant funding of aciiviiies Gov¢inaiice cost5 10.966 2,420 110,966 2,420 113,386 113,386 Unrestrltted fund5 General Totwl 2023 Note Gran¢ funding of aotivitl¢5 GOVernlee cosi8 276.593 2,900 276.593 2,900 279,493 279,493 Page 18
Friends of Sherborne Abbey IYote5 to the Flnancial Statements for the Year Ended 31 December 2024 (Continued) 8 Other expenditure UnrL'slrleted Tot41 2024 Gtneral OiheT Te50urces expended 2,249 2.249 2.249 2,249 Unre$tricted funds General Total 2023 Note Other resourc¢5 expended 445 445 445 445 9 Analy5i5 of governAn¢¢ #nd 5UPPOrt Costs Covernance costs Unrestritted fund5 Generil Total funds IDdcpendeiit amicr'8 fee Exllmijiatton of the financiBI sla¢em¢nts 2.420 Total foi. 2024 2,420 2,420 Total for 2023 2,900 2,900 10 Trusttes remuneration expen8¢5 No li'ustees, nor any persons connected with them, have received arty remuneration from th¢ charity during tILe year. One ttU5¢ee wa5 reimburscd £931 for direct Postage. stsiionery Hnd purchase costs incurred in cottrteciion with the charity, but no Injslees hKLVf bE¢n Teimbursed for any other expenses or re¢eived any bertefit5 from the charity duriJJ¥ Ihe yeaT. 11 Indeptndènt ex4rniner'5 remunerallon 2024 2023 Examination of the financial 51alein¢nt8 2,420 2,900 12 Taxatlon The charity is a regisiered charity and is therefore exempl from laxalion. Page 19
Friends of Sherborne Abbey Notes to the Flnancial Statement5 for the Year Ended 31 December 2024 (continued) 13 Fixed wsset investments Other inYe5tments Llsted InvestinentS Total Cost or Valuation Ai l Januaiy 2024 RaluatIon 851,825 19.243 851,825 19,243 At 31 D¢c¢inb¢r 2024 871.068 871,068 Net book value At 31 December 2024 871,068 871,068 At 31 Dccembcr 2023 851.825 851,825 14 Stoek 2024 2023 Stocks 31,050 15 Debtors 2024 2023 other debtors 8.472 9,402 16 Cash ind e#$h equiYalent5 2024 2023 Cash on hattd Cash at boDk 138 95.783 101,629 95.921 101.629 Pagc 20
Frlends of Sherborne Abbey Notes to the Flnanelal Statements for the Year Ended 31 December 2024 (eontinued) 17 Credltors.. Amounts fylling due ivlthln one ye9r 2024 2023 Other creditors Accruals 25,503 2.300 17.584 2,100 27,803 19.684 18 Funds Other recognised g#lttsl{1o55e51 at 31 December B¥lwDce al I January 2024 Jneomlng rc$ource5 Resources expeiided 2024 Unrestrltttd fttnd5 General 958,490 138.791 19.243 978.708 Other reco%nl$¢d galn$ll1055es} Balance at 31 December Balance ?t I January 2023 Incomlng re$ovrce5 Re5011rceB expended 2023 Unrestrlcted fund$ General 1,018,048 154.587 1285,832 71.687 958,490 19 Analysls ol net Assets behyeen funds Unrestrl¢t¢d Total 9t fund5 31 Detember GenerMI 2024 Fixed 85S¢t inve5tnients CuTr¢nl assets Cent liabilities 871,068 135.443 127.8031 871.068 135,443 27,8031 Total net assets 978,708 978,708 Unyeslriited Total lunds It rund5 31 Dettmber Gener#1 2023 Fixed assei irtveslm¢nls Current assets 851,825 126,349 19.6841 958.490 851.825 126,349 119,684 Current liabilities Total net as$6ts 958.490 Page21
Frlends of Sherborne Abbey Detailed Statement of Financial Activities for the Year Ended 31 December 2024 TotAI 2024 TotAI 2U23 Income aiid Endowments froni: Donations aiid legacie8 lanalyscd below) Charilablc activities (analysed below) Other Iradijig aciiviiies lanalysed below} Inve81nitnl incoine {aii&lys¢d b¢low) 64,272 6.445 41.659 26,415 50,299 65,899 26,0311 138,791 154,587 Expendlture on: Raising funds lanalysed below) ChaTilabl¢ artiVs1i¢s {gllaly5ed below) OilieT exp¢ndilur¢ (aiialysed beloiv) Gov¢manct costs {22,1811 {110,9661 (2,2491 2.420 15.8941 (276,5931 14451 12,9001 Total expcndilure Gainsll1055esl oil invesljnent assets (analysed below) (137,816) 19.243 1285,8321 71,687 Nel incomel{exp¢ndilurel Nel movement in funds 20,218 159,558 20.218 159,5581 Reconclllatlon of ftsrtds Total funds brouglil for%vard 958,490 1,018,048 Totsl fulld5 Cgrried fonvard 978,70 958,490 This page d0¢5 not foi'm part of the slalutory fjnanoial slalcments. Page 22
Friends of Sherborne Abbey Detailed Statement of Flnancial ActivitÉes for ¢he Year Ended 31 December 2024 (eontinued) Total 2024 TotAI 2023 Doiioiloiis oiidlrfgoeies Legacies and b¢quest5 Subscriptions aiid donalions Gifl Aid tax r¢cl3iiTJed 50,168 12,077 2,027 34,797 13,299 2,203 64,272 50,299 Chrtrlloble oclivilie5 VAT recovered 6,445 65,899 6,445 65,899 Olliei. ri¢Tdliig &efflvlile3 Sales of purchased good5 Wclls trip12022 8fyli*bury) 40,972 687 1,260 41,659 12,351 liivesliNeiil income Incoine from listed ijivcsimenls It]l¢resl on cash deposiis 23,711 2.704 23,385 2,653 26,415 Rttrfslirgfiinrfs Opening stock Pui'chases Closing Stock PTinling, postage aiid slalionery Sundry expenses Bank charges 16,040 4,008 36,642 131,050) 173 931 60 60 22,181 5,894 Cli¢ii'ilablÉ dc1ivlil- Upkeep oJSherlJoriieAbb¢y Quinquennial rcpatrs and minor WUTks H¢3lillg projccl Lighting projccl Fire alarm ieplacement Toilets- preliminary consuliatio Insurance conlribtsiion Reium of VAT to Abb¢y GTants payable- inslilulioj 20.781 52,871 36,490 142,890 1,032 7,579 13,190 2,832 51.263 15,196 1,835 20,700 20,700 10,9C?6 276,593 GovÉrntspice cosls Independent examine¢s fee 2.420 2.900 2,420 2,900 This page does not fomi pttrt of the stattitory financial slBl¢m¢nts. Page 23
Friends of Sheyborne Abbey Detailed Statement of Financial Activitie5 for the Ye4r Ended 31 December 2024 (continued) Total 2024 Total 2023 Orliei. expeNrfiiiire Wells tiip12022 Salisbuiyl 2.249 445 2.249 445 G&iii.d(Io¥sE.f) uii iJtve.fliHeitr ussei.* (Lossygain on pro¥tatntll¢ related investments 19,243 71,687 Thss paue dots not form part of the 5tJtutory financial statemertt5. Pag¢ 24