**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 yea**r**|
||||||||
|**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