## **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|
|---|---|
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