REGISTERED CHARITY NUMBER: 211236
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2020
for
FRIENDS OF TEWKESBURY ABBEY
Haines Watts Worcester Limited Chartered Accountants First Floor Saggar House Princes Drive Worcester WR1 2PG
FRIENDS OF TEWKESBURY ABBEY
Contents of the Financial Statements for the year ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 16 |
| Detailed Statement of Financial Activities | 17 | to | 18 |
FRIENDS OF TEWKESBURY ABBEY
Report of the Trustees for the year ended 31 December 2020
The Members of the Council as Trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Friends' main purpose is to assist the Abbey as set out in the constitution. The Council receives recommendations and information about the needs of the Abbey from the Parochial Church Council, which has the prime responsibility to maintain the Abbey.
The Abbey is in constant need of care, maintenance and repair and, in view of its size and age, some of these demands are likely to be unpredictable in their timing and substantial in their content. The Friends' assets are available to be spent for the purposes of the Friends with the restrictions that the capital endowment funds are required to be invested to produce income and the restricted funds must be used for the purposes specified by the donors.
The Council continues its policy of maintaining income and reserves to fulfil its purpose to assist the Abbey, having regard to the obligations that it may be asked to assume. The unrestricted funds at 31 December 2020 totalled £702,194 which included two designated funds: a maintenance reserve of £300,000, and a designated fund for future grants of £126,508. Also included is a general fund of £275,686.
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
£107,577 was paid in grants during the year, which included £30,691 toward the repair of the roof of the Camera Cantorum and £60,000 for the maintenance of the fabric of the Abbey. Further commitments amounting to £126,508 have been approved.
In October 2019 The Friends launched an Appeal to mark the 900th Anniversary of the Consecration of the Abbey in 2021. The target is £202,100 to support a project to reorder the West end of the Abbey so as to provide a more open, light and welcoming entrance. At 31st December 2020 £89,660 had been raised.
The Friends have continued to develop activities through the Events and Activities Committee and the Young Friends membership scheme.
FINANCIAL REVIEW
Investment policy and objectives
The Charity's Investment Policy is to produce a revenue income to supplement income from other sources in order to satisfy the average annual request for Grants. This will be achieved with the minimum of risk to the assets of the Charity at the same time endeavouring to maintain the real value of its capital
Reserves policy
The level of income (including bequests and legacies) received by the Friends can and does vary from year to year. Similarly, the level of Grants made by The Friends towards the upkeep of the Abbey can also vary widely, particularly in a period of major renovation, which can last up to 5 years. To ensure that sufficient funds are available, so that the Friends can make major contributions to the PCC towards maintenance and improvement of the Abbey, a Reserve is maintained at not less than £300,000.
The "Reserves Policy" is reviewed on an annual basis.
Page 1
FRIENDS OF TEWKESBURY ABBEY
Report of the Trustees for the year ended 31 December 2020
FINANCIAL REVIEW
Unrestricted Income
The unrestricted income for 2020 totalled £47,972 (2019 £65,378) which included bequests and legacies amounting to £11,000 (2019 £13,540). Income from investments totalled £25,324 (2019 £31,715) and continues to form an important part of the Friends' income. Governance costs are met each year from subscriptions. The unchanged level of the Maintenance Reserve follows the guidelines set out by the Charity Commissioners. The value of investments decreased by £11,310 (2019 £119,317 increase).
Grants
Grants paid during the year totalled £107,577 (2019 £193,693). The amounts are detailed in note 4.
FUTURE PLANS
The Charity plans to continue to assist in maintaining the fabric of the Abbey, its services, activities, adornments and preservation, together with its furnishings, vestments and ornaments. The Charity's plans are subject to the constraints of its fundraising which is dependent on bequests, legacies, donations, investment income and income from the members.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is governed by a constitution created in 1933, and amended 2nd July 1989 and on 23rd February 2013.
Recruitment and appointment of new trustees
Members of Council serve for three years and if willing can be re-elected for a further three years at the AGM. A member of Council who has served two continuous terms will not be eligible for re-election until one year after retirement at an AGM.
Organisational structure
The Council is responsible for the management of the affairs of The Friends.
Risk management
The Trustees have assessed the risks, which the Trust takes in the conduct of its affairs and of the controls, and procedures, which need to be in place to minimise those risks. They are satisfied that appropriate steps have been taken to protect the Trust's assets and reputation.
Page 2
FRIENDS OF TEWKESBURY ABBEY
Report of the Trustees for the year ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Accounting and Reporting Responsibilities
The charity Trustees are responsible for preparing a Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity at any time and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provision of the constitution. 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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
211236
Principal address
The Abbey Office Tewkesbury Abbey Tewkesbury Gloucestershire GL20 5RZ
Page 3
FRIENDS OF TEWKESBURY ABBEY
Report of the Trustees for the year ended 31 December 2020
Trustees Names of Officers:
| President: | The Lord Bishop of Gloucester | |
|---|---|---|
| Vice-Presidents: | The Lord Lieutenant of Gloucestershire | |
| The Bishop of Tewkesbury | ||
| The Archdeacon of Gloucester | ||
| The Archdeacon of Cheltenham | ||
| Chairman: | Mr G L Finch | |
| Vice Chairman: | Dr A N Crowther | |
| Council 2017-2021: | Mr J F I Comins | |
| Mrs J Raywood | ||
| Mrs J Smail | ||
| The Rev C E Whitney | ||
| Council 2018-2021: | Mr N H Birdsall | |
| Mr S C Evans | ||
| Prof A Hawley CBE | ||
| Dr I D Parsons - died 27 December | 2020 | |
| Council 2019-2022: | Mrs S Lancelot | |
| Mrs P Purkiss | ||
| Mrs K A Watson | ||
| Dr I White | ||
| Ex-Officio | The Vicar of Tewkesbury - The Rev Canon Paul Williams | |
| The Churchwardens: | Dr P Smail - retired 31 October 2020 | |
| Mrs N Hawley | ||
| Mrs N Oakes - elected 31 October 2020 | ||
| P.C.C Representatives: | Mr I Bloom | |
| Mr J Parkes | ||
| Friends' Table and Card Secretary: | Mrs J Smail | |
| Honorary Treasurer: | R H M Sweet, 10 Cotteswold Road, | Tewkesbury, Gloucestershire, GL20 5DL |
| Secretary: | Mrs K E Vincent, Abbey Office, Church Street, Tewkesbury, | |
| Gloucestershire, GL20 5RZ | ||
| Bankers: | Lloyds Bank Plc, High Street, Tewkesbury, Gloucestershire, GL20 5AW |
Page 4
FRIENDS OF TEWKESBURY ABBEY
Report of the Trustees for the year ended 31 December 2020
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
James Howard FCCA ACA Haines Watts Worcester Limited Chartered Accountants First Floor Saggar House Princes Drive Worcester WR1 2PG
The Friends of Tewkesbury Abbey is registered with the Charity Commission under the Charity number 211236. The principal office of the Charity is at The Abbey Office, Tewkesbury Abbey, Tewkesbury, Gloucestershire. The Charity's Trustees comprise the Members of the Council who are listed within this report. The names and addresses of the Honorary Treasurer, Secretary, Bankers and Independent Examiner are also included.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................................
G L Finch - Trustee
Page 5
Independent Examiner's Report to the Trustees of Friends of Tewkesbury Abbey
Independent examiner's report to the trustees of Friends of Tewkesbury Abbey
I report to the charity trustees on my examination of the accounts of Friends of Tewkesbury Abbey (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Howard FCCA ACA Haines Watts Worcester Limited Chartered Accountants First Floor Saggar House Princes Drive Worcester WR1 2PG
Date: .............................................
Page 6
FRIENDS OF TEWKESBURY ABBEY
Statement of Financial Activities for the year ended 31 December 2020
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Subscriptions, donations and legacies 2 21,880 Charitable activities Greeting Cards and Books 345 Young friends - Investment income 3 25,324 Events and activities 424 Total 47,973 EXPENDITURE ON Charitable activities Greeting Cards and Books 76 Governance costs 4,221 Grants 107,577 Young friends - Other 196 Total 112,070 Net gains/(losses) on investments (11,310) NET INCOME/(EXPENDITURE) (75,407) RECONCILIATION OF FUNDS Total funds brought forward 777,601 TOTAL FUNDS CARRIED FORWARD 702,194 |
Restricted Endowment funds fund £ £ 44,523 3,000 - - 600 - - - - - 45,123 3,000 - - - - - - 27 - - - 27 - - - 45,096 3,000 45,718 145,955 90,814 148,955 |
2020 Total funds £ 69,403 345 600 25,324 424 96,096 76 4,221 107,577 27 196 112,097 (11,310) (27,311) 969,274 941,963 |
2019 Total funds £ 72,279 2,381 496 31,715 4,140 |
|---|---|---|---|
| 111,011 966 6,302 193,693 217 2,969 |
|||
| 204,147 119,317 |
|||
| 26,181 943,093 |
|||
| 969,274 |
The notes form part of these financial statements
Page 7
FRIENDS OF TEWKESBURY ABBEY
Balance Sheet 31 December 2020
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Stocks 8 Debtors 9 Cash at bank and in hand 10 CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ 516,666 545 36,590 150,080 187,215 (1,687) 185,528 702,194 702,194 |
Restricted funds £ - - - 90,814 90,814 - 90,814 90,814 90,814 |
Endowment fund £ 148,955 - - - - - - 148,955 148,955 |
2020 Total funds £ 665,621 545 36,590 240,894 278,029 (1,687) 276,342 941,963 941,963 702,194 90,814 148,955 941,963 |
2019 Total funds £ 776,931 606 18,709 174,959 194,274 (1,931) 192,343 969,274 969,274 777,601 45,718 145,955 969,274 |
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
............................................. Trustee
The notes form part of these financial statements
Page 8
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements for the year ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Church Accounting Regulations 2006 together with Charities SORP (FRS 102) '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), and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Incoming resources
Donations, gifts and legacies represent amounts received or notified during the year, together with any associated tax refund.
Donations for specific purposes are credited to the statement of financial activities in the year in which they are received. Unspent balances are carried forward to subsequent years within restricted funds. Tax refunds are recognised when the incoming resource to which they relate is received.
Life subscriptions received are allocated to Statement of Financial Activities in the year in which they are received.
Annual subscriptions together with the appropriate tax repayment are treated as income at the time they are due.
Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
Governance costs comprise the costs of running the charity and all costs involving the public accountability of the charity and its compliance with regulations and good practice. These costs include the costs of the preparation and examination of statutory accounts.
Grant expenditure is recognised only when the grants are paid. Grants approved for payment in future years are transferred to a designated fund in the year in which they are approved and included in the balance sheet as Designated Fund - future grants until they are paid.
All other expenditure is generally recognised when it is incurred and is accounted for gross.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Fund accounting
Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used as either restricted or unrestricted fund depending upon the purpose for which the endowment was established.
Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objectives provided in the terms of the trust or bequest, and (b) donations or grants received for a specific objective. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The Friends of Tewkesbury Abbey does not usually invest separately for each fund.
continued...
Page 9
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued for the year ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds are general funds that can be used for ordinary purposes.
Investments
Investments listed on a recognised stock market exchange are stated at mid-market value in the balance sheet. All movements in value arising from investment changes and revaluations are included in the Statement of Financial Activities.
2. SUBSCRIPTIONS, DONATIONS AND LEGACIES
| Unrestricted funds |
Restricted funds |
Endowment funds |
31.12.20 | 31.12.19 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Subscriptions - annual | 7,555 | - | - | 7,555 | 7,099 |
| Subscriptions - Life Friends |
1,000 | - | - | 1,000 | 2,900 |
| Donations - 2021 Appeal | - | 13,378 | - | 13,378 | 37,758 |
| Other | 375 | - | - | 375 | 2,323 |
| Tax recoverable on Gift Aid |
1,949 | 2,009 | - | 3,958 | 8,659 |
| Bequests and legacies | 11,000 | 29,136 | 3,000 | 43,136 | 13,540 |
| 21,879 | 44,523 | 3,000 | 69,402 | 72,279 | |
The Friends have been notified of a bequest from the estate of Graham Charles Freeman. The precise amount cannot yet be determined.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Dividends from listed investments Deposit account interest Interest from listed investments |
2020 £ 24,038 1,286 - 25,324 |
2019 £ 29,503 1,867 345 |
| 31,715 |
continued...
Page 10
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued for the year ended 31 December 2020
4. GRANTS PAYABLE
| Unrestricted funds |
Restricted funds |
Endowment funds |
31.12.20 | 31.12.19 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Abbey Flower Guild | - | - | - | - | 750 |
| Christmas gifts | 100 | - | - | 100 | 130 |
| Abbey PCC: | |||||
| Maintenance of fabric | 60,000 | - | - | 60,000 | 55,000 |
| St Edmund's Chapel Seat cushions | - | - | - | - | 900 |
| Conservation Management Plan | 13,333 | - | - | 13,333 | 13,333 |
| Camera Cantorum roof | 30,691 | - | - | 30,691 | 102,012 |
| Minor works | 3,453 | - | - | 3,453 | 21,568 |
| 107,577 | - | - | 107,577 | 193,693 | |
5. SUPPORT COSTS
Governance, Management and Finance costs
| Unrestricted funds |
Restricted funds |
Endowment funds |
31.12.20 | 31.12.19 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Bank charges | 153 | - | - | 153 | 232 |
| Printing and stationery | 602 | - | - | 602 | 1,010 |
| Postage and telephone | 285 | - | - | 285 | 514 |
| Administration costs | 1,289 | - | - | 1,289 | 1,951 |
| Friends' National Conference | - | - | - | - | 610 |
| Sundry expenses | 63 | - | - | 63 | 149 |
| Insurance | 479 | - | - | 479 | 452 |
| Independent Examiner's remuneration | 1,350 | - | - | 1,350 | 1,384 |
| 4,221 | - | - | 4,221 | 6,302 | |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
continued...
Page 11
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued for the year ended 31 December 2020
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
Trustees are paid expenses for attending meetings and duties directly related to their duties as trustee. In 2020, 3 trustees were paid total expenses of £193 (2019 - £1,880).
7. FIXED ASSET INVESTMENTS
| Historical | Disposals | Additions | Market value |
Market value | Profit/(loss) | |
|---|---|---|---|---|---|---|
| cost | at cost | 31.12.20 | 31.12.19 | during year | ||
| Listed Investments | ||||||
| Church of England Investment Fund |
112,599 | 50,000 | - | 372,774 | 396,733 | 26,041 |
| Church of England Global Equity Fund |
40,000 | - | - | 67,821 | 56,974 | 10,847 |
| M&G Securities Charifund |
177,485 | 50,000 | - | 224,985 | 323,154 | (48,169) |
| Lloyds TSB Ordinary Shares |
831 | - | - | 41 | 70 | (29) |
| 330,915 | 100,000 | - | 665,621 | 776,931 | (11,310) | |
8. STOCKS
| Stocks of greetings cards and books DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Subscriptions in arrears Bequests Income tax recoverable Prepayments and accrued income |
2020 £ 545 2020 £ - 32,136 3,958 496 36,590 |
2019 £ 606 2019 £ 50 10,000 8,659 - |
2019 £ 606 |
|---|---|---|---|
| 18,709 |
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
continued...
Page 12
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued for the year ended 31 December 2020
10. CASH AT BANK AND IN HAND
| 31.12.20 £ General current account 54,403 National Savings Income Bonds - Church of England Board of Finance deposit fund 91,292 The Affirmative Deposit Fund 95,197 Virgin Charity Deposit Account - Cash in Hand 2 240,894 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 £ Other creditors 1,687 12. MOVEMENT IN FUNDS Net Transfers movement between At 1.1.20 in funds funds £ £ £ Unrestricted funds General fund 355,444 32,070 (111,828) Designated - Maintenance Reserve 300,000 - - Designated - Future Grants 122,157 (107,477) 111,828 777,601 (75,407) - Restricted funds The Friends' 2021 Appeal 45,137 44,523 - Young Friends 581 573 - 45,718 45,096 - Endowment funds Capital Endowment Fund 145,955 3,000 - TOTAL FUNDS 969,274 (27,311) - |
31.12.20 | 31.12.20 | 31.12.20 | 31.12.19 | 31.12.19 | 31.12.19 |
|---|---|---|---|---|---|---|
| £ | £ | |||||
| 54,403 | 27,367 | |||||
| - | 30,000 | |||||
| 91,292 | 47,390 | |||||
| 95,197 | 24,733 | |||||
| - | 45,427 | |||||
| 2 | 2 | |||||
| 240,894 | 174,959 | |||||
| 2020 £ 1,687 Transfers between funds £ (111,828) - 111,828 - - - - - - |
2019 £ 1,931 At 31.12.20 £ 275,686 300,000 126,508 702,194 89,660 1,154 90,814 148,955 941,963 |
continued...
Page 13
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued for the year ended 31 December 2020
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated - Future Grants Restricted funds The Friends' 2021 Appeal Young Friends Endowment funds Capital Endowment Fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated - Maintenance Reserve Designated - Future Grants Restricted funds The Friends' 2021 Appeal Young Friends Endowment funds Capital Endowment Fund TOTAL FUNDS |
Incoming resources £ 47,973 - 47,973 44,523 600 45,123 3,000 96,096 At 1.1.19 £ 187,207 300,000 309,931 797,138 - - - 145,955 943,093 |
Resources expended £ (4,593) (107,477) (112,070) - (27) (27) - (112,097) Net movement in funds £ 173,578 - (192,813) (19,235) 45,137 279 45,416 - 26,181 |
Gains and Movement losses in funds £ £ (11,310) 32,070 - (107,477) (11,310) (75,407) - 44,523 - 573 - 45,096 - 3,000 (11,310) (27,311) Transfers between At funds 31.12.19 £ £ (5,341) 355,444 - 300,000 5,039 122,157 (302) 777,601 - 45,137 302 581 302 45,718 - 145,955 - 969,274 |
|---|---|---|---|
continued...
Page 14
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued
for the year ended 31 December 2020
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated - Future Grants Restricted funds The Friends' 2021 Appeal Young Friends TOTAL FUNDS |
Incoming resources £ 65,378 - 65,378 45,137 496 45,633 111,011 |
Resources expended £ (11,117) (192,813) (203,930) - (217) (217) (204,147) |
Gains and Movement losses in funds £ £ 119,317 173,578 - (192,813) 119,317 (19,235) - 45,137 - 279 - 45,416 119,317 26,181 |
|---|---|---|---|
Capital Endowment Funds
The capital endowment funds were established as follows:
| 1992 Estate of Major K B Smith |
23,655 |
|---|---|
| To be invested by the Friends in any investment authorised, and the income to be used for the maintenance and repair of the fabric of the Abbey |
|
| 1994 WE Thomas Trust |
18,000 |
| To be invested to produce income for the Friends | |
| 1999 Anonymous |
800 |
| To go into the funds to produce income - the capital to be retained | |
| 2001 Anonymous |
1,000 |
| To go into the funds to produce income - the capital to be retained | |
| 2004 George Cadbury Fund Ltd |
75,000 |
| To go into the funds to produce income - the capital to be retained | |
| 2014 George Cadbury Fund Ltd |
25,000 |
| To go into the funds to produce income - the capital to be retained | |
| 2016 George Cadbury Fund Ltd |
2,500 |
| To go into the funds to produce income - the capital to be retained | |
| 2020 Estate of Mrs A L K Cadbury |
3,000 |
| To be invested by the Friends in any investment authorised, and the income to be used for the maintenance and repair of the fabric of the Abbey |
|
| 148,955 | |
The Friends' 2021 Appeal
Donations to an Appeal with the aim of raising £202,100 for a specific project to transform the West End of the Abbey.
Young Friends
Income and expenditure for the purpose of promoting activities for members of the Young Friends Membership Scheme.
continued...
Page 15
FRIENDS OF TEWKESBURY ABBEY
Notes to the Financial Statements - continued for the year ended 31 December 2020
12. MOVEMENT IN FUNDS - continued
Designated funds - maintenance reserve
To ensure that sufficient funds are available, so that the Friends can make major contributions to the PCC towards the maintenance and improvement of the Abbey, a reserve is maintained at not less than £300,000.
Designated funds - future grants
The Council has designated funds for grants for the following projects which have not yet been undertaken or completed.
| Date approved | 01.01.20 | Approved in year |
Released to SOFA |
No longer required |
31.12.20 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| 2018 Conservation Management Plan |
13,333 | - | (13,333) | - | - |
| 2018 Camera Cantorum roof | 30,691 | - | (30,691) | - | - |
| 2018 Minor works 2019 | 2,633 | - | (1,725) | (908) | - |
| 2019 Grant to Fabric Fund for 2020 | 60,000 | - | (60,000) | - | - |
| 2019 Minor works 2020 | 15,500 | - | (1,728) | (13,772) | - |
| 2020 Grant to Fabric Fund for 2021 | - | 45,000 | - | - | 45,000 |
| 2020 Minor works 2021 | - | 35,000 | - | - | 35,000 |
| 2020 Live streaming equipment | - | 15,728 | - | - | 15,728 |
| 2020 Matched funding - CRCW Fund |
- | 30,780 | - | - | 30,780 |
| 122,157 | 126,508 | (107,477) | (14,680) | 126,508 | |
Funds are designated in the year in which the project is approved.
The provision is released when the grant is paid or if the funds are no longer required.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 16
FRIENDS OF TEWKESBURY ABBEY
Detailed Statement of Financial Activities for the year ended 31 December 2020
| INCOME AND ENDOWMENTS Subscriptions, donations and legacies Bequests and Legacies Subscriptions and donations Investment income Dividends from listed investments Deposit account interest Interest from listed investments Charitable activities Greeting Cards and Books Young Friends Events and activities Events and Activities Total incoming resources EXPENDITURE Charitable activities Greeting cards and books Young Friends Grants to institutions Other Events and Activities Support costs Management Insurance Postage and Telephone Printing and stationery Administration costs Carried forward |
2020 £ 43,137 26,266 69,403 24,038 1,286 - 25,324 345 600 945 424 96,096 76 27 107,577 107,680 196 479 285 602 1,289 2,655 |
2019 £ 13,540 58,739 |
|---|---|---|
| 72,279 29,503 1,867 345 |
||
| 31,715 2,381 496 |
||
| 2,877 4,140 |
||
| 111,011 966 217 193,693 |
||
| 194,876 2,969 452 514 1,010 1,951 3,927 |
This page does not form part of the statutory financial statements
Page 17
FRIENDS OF TEWKESBURY ABBEY
Detailed Statement of Financial Activities for the year ended 31 December 2020
| Management Brought forward Sundries Finance Bank charges Governance costs Auditors' remuneration for non audit work Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2020 £ 2,655 63 2,718 153 1,350 112,097 (16,001) (11,310) (27,311) |
2019 £ 3,927 759 4,686 232 1,384 204,147 (93,136) 119,317 26,181 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 18