FRIENDS OF MALMESBURY ABBEY
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of FoMA for the year ended 31 December 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Name: Friends of Malmesbury Abbey Other name the Charity uses: FoMA Charity Registration Number: 275203 Charity’s Principal Office: Abbey Office, Old Squash Court, Holloway, Malmesbury SN16 9BA.
Trustees
Elected Diana Crowe Christopher Daws, Treasurer Jamie Lester, Secretary Alison Lewis, Membership Secretary Maria Marsh John Sunderland, Chair
Nominated by Malmesbury Abbey Parochial Church Council Adele Carnegie (until 15 June 2022) Keith Cloke (from 15 June 2022)
Ex Officio Rev Oliver Ross
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution/governing document
FoMA is an unincorporated association and was formed on 25 May 1945, St.Aldhelm’s Day. It is governed by its constitution which was revised in 1978,1996 and 2018. On 22 September 2021 a new constitution was approved by members and subsequently accepted by the Charity Commission. It is registered as a charity with the Charity Commission.
Recruitment and appointment of new trustees
The trustees are elected, appointed and co-opted under the terms of the constitution. There are up to eight elected trustees. Elected trustees are elected every year by the members at the AGM serving until the next AGM. All trustees are eligible for re-election each year. In addition, one trustee is appointed by the Malmesbury Abbey Parochial Church Council and the Vicar of the ecclesiastical parish in which Malmesbury Abbey is situated is by virtue of that office a trustee.
Induction and training of new trustees
The trustees attend trustee meetings and share in discussion and decision making at these meetings.
Organisational structure
The management of FoMA is the responsibility of the trustees (who include the officers - a chair, a secretary and a treasurer). The administration of FoMA is carried out by the trustees.
OBJECTIVES AND ACTIVITIES
The objectives of FoMA are:
To promote the restoration, upkeep and improvement of the fabric of Malmesbury Abbey, its furniture, ornaments and contents, adding to them from time to time. Generally, to assist Malmesbury Abbey in any way the Friends of Malmesbury Abbey shall decide for the enhancement of the Abbey and its contents, for the improvement and beautification of the buildings or the services conducted therein or thereby.
Main activities undertaken to further FoMA’s purposes for public benefit
To work with the Parochial Church Council of Malmesbury Abbey to identify financial needs and projects for which FoMA might make grants.
Grants
An annual grant is made to Malmesbury Abbey each year for the maintenance of the Abbey churchyard. This is the income from a designated fund invested to provide an income. This project has been supported as detailed in the attached accounts.
Publications
Various publications are published by FoMA. They are sold through Malmesbury Abbey Bookshop and other local outlets. They assist visitors to Malmesbury Abbey to understand the history of the Abbey, the personalities associated with the Abbey and its architecture.
Membership
Current membership is for an individual, with life membership no longer open to new applicants. At the end of the year there were 91 members of whom 56 were life members. At the end of 2021 there were 102 members and at the end of 2020 there were 108 members.
Public benefit
The trustees have reviewed the activities of FoMA in the light of guidance published by the Charity Commission on public benefit. The trustees are satisfied that FoMA’s activities are for the public benefit. FoMA supports Malmesbury Abbey for the benefit of the community and visitors alike, and for future generations.
ACHIEVEMENTS AND PERFORMANCE
The ability of FoMA to carry out its objectives is governed by the gifts and legacies it receives. There is a wide variation in the number and amount of donations from year to year. Achievements and performance fluctuate according to the variable nature of the donations. We believe that good husbandry of finances, built up over the years by the goodwill of countless members and nonmembers, should continue to be a distinctive feature of our work and ensure the long term future of FoMA. This in turn will provide long term benefits to Malmesbury Abbey in accordance with our objects.
Membership fees cover the annual administration costs of FoMA. The AGM was hosted in Malmesbury Abbey this year and we returned to our usual format of the AGM including a social aspect. Due to the prevalence of Covid this was limited to a purely business meeting in 2021.
FINANCIAL REVIEW
The financial statements for 2022 follow this report.
A very welcome legacy of £27,888 was received from the estate of Betty Moore.
The Gift Aid receipt of £1,174 mainly relates to the donation of £4,000 received in late 2021 but also includes Gift Aid claimed on members’ subscriptions over the previous four years.
Grant giving was limited to the annual grant towards maintaining the Abbey gardens.
About 86% of FoMA’s money is invested in the CBF Church of England Investment Fund. The Investment Fund aims to provide a long term growth in capital and distributions. It holds an actively managed, diversified portfolio of assets designed to help protect both present and future beneficiaries from the effects of inflation. It has an emphasis on equities but also includes property, bonds and other asset classes, which may be either liquid or illiquid in nature. The Fund is managed in accordance with the policies of the Church of England’s Ethical Investment Advisory Group.
The investments reduced in value in the first six months of the year. The unit price declined by 9.1% during the whole year but over the latest five years it has increased by a net 46.8%.
Total funds ended the year at just over £350,000.
Of this amount just under £83,000 has been designated by the trustees for use for particular purposes as described in the financial statements.
At their quarterly meetings trustees receive accounts for the year to date, with a report by the treasurer.
FoMA has no regular outgoings and so has no requirement to maintain significant reserves. The reserves will be spent on projects in furtherance of FoMA’s aims for the public benefit as and when projects are developed. In the event of the unrestricted funds falling below £5,000 the trustees would consider prospects for FoMA.
FoMA’s investment policy is that money needed to meet expenditure commitments for at least the following 12 months and up to the following 36 months is kept on deposit. All other monies are invested in funds run for charities in which equities and other risk bearing investments predominate, such as CBF Church of England Investment Fund. In the event of particular concern about investment markets, up to 30% of such monies may be placed on deposit for a limited period. The amount held in bank current accounts is the minimum required to enable the practical administration of FoMA.
This report was approved by the trustees and signed on their behalf by: John Sunderland Chair of trustees Date: 27 April 2023
| FRIENDS OF MALMESBURY ABBEY Trustees' Accounts for the twelve months ended 31 December 2022 Statement of financial activities 2022 twelve months) General Fund East Wall Fund (designated ) Garden Fund (designated) Roof Fund (designated ) TOTAL £ £ £ £ Income from: Donations and legacies Donations 20 - - - Bequests 27,888 - - - Subscriptions 255 - - - Gift Aid 1,174 - - - Charitable activities Sales of books etc. 1,106 - - - Tours - - - - Outings and events - - - - Investments Interest 597 - - 78 Dividends - - 350 - Total income 31,041 - 350 78 31,468 Expenditure on: Raising funds - - - - Charitable activities Grants (see note) - - 338 - Publications - - - - Outings and events (see note) - - - - Miscellaneous and admin 80 - - - Total expenditure 80 - 338 - 418 Net income before investment gains 30,961 - 11 78 31,050 Net gains/(losses) on investments (20,125 ) (3,918) (1,340) (2,617) (28,001) Net income/(expenditure) 10,836 (3,918) (1,328) (2,540) 3,049 Funds brought forward 256,686 42,997 13,128 34,473 347,285 Funds carried forward 267,522 39,078 11,800 31,934 350,334 Assets and liabilities Investments - CBF Investment Fund 222,399 39,078 11,750 27,972 301,199 Deposit at CCLA 44,972 - - 3,962 48,934 Lloyds Bank 151 - 50 - 200 267,522 39,078 11,800 31,934 350,334 Notes 2022 2021 Grants £ Commitments Chairs - 15,000 Porch survey Abbey Churchyard 338 327 Total grants 338 15,327 |
2021 (twelve months) Total 4,070 - 180 - 471 - - - 1 338 5,060 - - 15,327 356 - 91 15,773 (10,713) 40,019 29,306 317,978 347,285 289,200 56,160 1,925 347,285 £ 2,800 |
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Independent Examinef s Report Report to the trustees Friends of Malmesbury Abbey On accounts for the year ended 31° Dember 2022 Charty no lif any) 275203 I report to the trustees on my examination of the accounts of the above harity (tthe Trust.) for the year ended 31. Dernber 2022 Responsibilities and basis of report As the Charity's trustees, you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 {'the Acf). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying OLrt my examination, I have followed all the applicable Directions given by the Chanty Commission under section 145(5)(b) of the Act. Independent I have completed my examination. I confimi that no material matters examiner's have come to my attention in connection with the examination which statement gives me cause to believe that in any material respect.. the accounting records were not kept in accordance with section 130 of the Chartties Act," or the accounts did not accord with the accounting records" or the accounts did not comply with the applicable requirements concerning the fomi and content of accounts set out in the CharTties {Accounts and Reports) Regulations 2008 other than any requirement that the aco)unts give a 'true and faif view which is not a matter considered as part of an independent examination. I have no concems 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 propel understanding of the accounts to be reached. Signed: Date: aDZ Name.. Hilary Greene Relevant professional qualification(s) or body {if any): CPFA Address: 3 Rectory Close Stanton St Quintin Chippenham, WIshIre, SN14 6DT