Charity Registration No. 503003
SELBY ABBEY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
SELBY ABBEY TRUST
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 - 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 - 15 |
SELBY ABBEY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr J R Englehart - Chairman | |
|---|---|---|
| Mr D Barstow | ||
| The Right Reverend Dr. J Thomson | ||
| Mrs J Cooke - PCC Member | ||
| Reverend Canon J Weetman | ||
| Mr S Skilbeck - Vice Chairman | ||
| Mr T Pilcher | ||
| Mr D Caulfield | ||
| Mrs A Crossland | (Appointed 3 October 2020) | |
| Appeal director | Brigadier J J Gaskell OBE (resigned August | 2020) |
| Key Management personel | Mr J R Engelhart - Trustee and chairman | |
| Brigadier J J Gaskell OBE - Appeal director | (resigned August 2020) | |
| Charity number | 503003 | |
| Principal address | 20-24 Park Street | |
| Selby | ||
| North Yorkshire | ||
| YO8 4PW | ||
| Independent examiner | N Clemit ACA, FCCA | |
| JWPCreers LLP | ||
| Chartered Accountants | ||
| Genesis 5 | ||
| Church Lane | ||
| York | ||
| YO10 5DQ | ||
| Bankers | CAF Bank Limited | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent | ||
| ME19 4JQ | ||
| Consultant architect | David Sherriff | |
| Simmonsherriff LLP | ||
| 30 - 38 Dock Street | ||
| Leeds | ||
| West Yorkshire | ||
| LS10 1JF |
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SELBY ABBEY TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2020
The trustees present their report and financial statements for the year ended 30 November 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 published in October 2019".
The legal and administrative information page forms part of this report.
Objectives and activities
The objects of the charity are for such charitable purposes connected with the Abbey as the trustees shall from time to time in their absolute discretion determine.
The trustees confirm that they have referred to the guidance contained in the Charity Commissioner’s general guidance on public benefit when reviewing the charity’s aims and objectives and setting the grant making policy for the period.
Achievements and performance
2020 has been very much disrupted by Covid 19 and particularly so for The Trust. In addition we have also had the retirement of our long serving and much valued Appeal Director Brigadier Jeremy Gaskell OBE.
Raising money for the trust is always a challenge and even more so this last year. Many of our supporters in both the medium term and short term past are receiving less income themselves with demands on them for cash support higher than ever. Fortunately, we have grants and a legacy in place, which, in addition to some cash donations throughout the year, have enabled the trust to reach a figure which will allow us to commence the Phase 1 renovation on the abbey roof at high level in the spring of 2021.
Phase 2 which has a need for £2 Million seems a long way away just now. The National Heritage and Lottery Fund (NHLF) which we would approach to help fund this, is under extreme pressure to deal with requests more linked to the effects of Covid 19 than heritage projects such as The Abbey at present.
The Lunchtime Organ Recitals which would have been in their 6th season had to be cancelled but are being re-arranged for the 2021 Season.
As in the past, the trust has been able when needed to fund smaller “everyday” needs for the fabric and upkeep of the Abbey.
Financial review
Reserves policy
It is the policy of the trust to maintain free reserves at a level which they feel provides sufficient funds to cover administration and support costs for not less than approximately six months unrestricted expenditure. The charity’s free reserves at 30 November 2020 are £102,030.
Investment policy
The trustees manage the funds on a low-risk basis. The charity holds the majority of funds as bank deposits, which allows easy access for the trustees to donate the necessary sums for the repair and maintenance work. A policy of holding such sums as cash is commensurate with their short term nature and the desire not to jeopardise capital. The trustees recognise that greater returns could be achieved through investment but wish to take low risk and retain flexibility.
Risk management
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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SELBY ABBEY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
Plans for future periods
The renovation and repair of the high level south side of the abbey roof and stonework will be the Phase 1 work which is planned to start in the 1st/2nd Quarter of 2021.
The appointment of a new appeal director is on hold just now due to both the current level of finances available and the reduced options for the raising of money at present for The Abbey. This will be kept under constant review.
We are working alongside the Selby Town Council and their heritage project for Selby Town . The Abbey is a centre piece for this project. With the contacts that Selby Town Council have, it is hoped that an income stream to The Abbey can evolve from this direction.
The final work on the reciting of the Medieval Font is expected to be completed by the end of 2021.
Lunchtime organ recitals which were postponed in 2020 will now take place again from late June 2021. We are please to have a wonderful array of highly respected National and International Organists who are especially happy and proud to be playing our famous Hill Organ.
As always The Trust will continue with its efforts to support The Abbey and the fabric of the building.
Structure, governance and management
The charity operates under the trust deed dated 17 December 1973, as amended by deeds dated 30 May 1974 and 20 June 1994.
Appointment of trustees
The body of trustees shall consist of not less than six and not more than twelve members, of whom at least one shall be a lay member of the Parochial Church Council of the Abbey.
Organisational structure
The trustees hold full meetings half yearly when key, strategic decisions are made following a review of progress. Interim meetings are held when necessary and some trustees are involved on a regular basis with progress reviews of specific areas.
Trustee induction and training
New trustees are given a comprehensive induction pack to inform them of their legal obligations. All trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Co-operation with other charities
Care and stewardship of the Abbey rests with the Parochial Church Council of Selby Abbey who issue contracts for restoration work which the trust has agreed to fund. A close working relationship has been established between PCC members, trustees, contractors and professionals with agreed lines for two-way communication so all parties are kept fully informed.
The trustees' r eport was approved by the Board of Trustees.
Mr J R Englehart - Chairman Trustee Date: 4 May 2021
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SELBY ABBEY TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2020
The trustees are responsible for preparing the Trustees' Report and the 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 year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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SELBY ABBEY TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SELBY ABBEY TRUST
I report to the trustees on my examination of the financial statements of Selby Abbey Trust (the charity) for the year ended 30 November 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW and ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
N Clemit ACA, FCCA
JWPCreers LLP
Chartered Accountants Genesis 5
Church Lane York YO10 5DQ
Dated: 1 June 2021
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SELBY ABBEY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2020
CURRENT FINANCIAL YEAR
| Unrestricted Unrestricted Restricted funds funds funds general d esignated 2020 2020 2020 Notes £ £ £ Income Donations and legacies 3 1,215 - 272,415 Other trading activities 4 6,005 - - Investments 5 93 - - Total income 7,313 - 272,415 Expenditure Raising funds 6 5,952 - - Charitable activities 7 - - 78,396 Total expenditure 5,952 - 78,396 Net gains/(losses) on investments 11 (2,785) - - Net (expenditure)/income before transfers (1,424) - 194,019 Gross transfers between funds 2,218 (2,218) - Net movement in funds 794 (2,218) 194,019 Fund balances at 1 December 2019 101,236 4,438 104,446 Fund balances at 30 November 2020 102,030 2,220 298,465 |
Total 2020 £ 273,630 6,005 93 279,728 5,952 78,396 84,348 (2,785) 192,595 - 192,595 210,120 402,715 |
Total 2019 £ 155,581 613 742 156,936 20,655 65,789 86,444 (1,303) 69,189 - 69,189 140,931 210,120 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SELBY ABBEY TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2020
PRIOR FINANCIAL YEAR
| Unrestricted Unrestricted Restricted funds funds funds general d esignated 2019 2019 2019 Notes £ £ £ Income Donations and legacies 3 735 - 154,846 Other trading activities 4 613 - - Investments 5 742 - - Total income 2,090 - 154,846 Expenditure Raising funds 6 20,655 - - Charitable activities 7 420 - 65,369 Total expenditure 21,075 - 65,369 Net gains/(losses) on investments 11 (1,303) - - Net (expenditure)/income before transfers (20,288) - 89,477 Gross transfers between funds 2,218 (2,218) - Net movement in funds (18,070) (2,218) 89,477 Fund balances at 1 December 2018 119,306 6,656 14,969 Fund balances at 30 November 2019 101,236 4,438 104,446 |
Total 2019 £ 155,581 613 742 156,936 20,655 65,789 86,444 (1,303) 69,189 - 69,189 140,931 210,120 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SELBY ABBEY TRUST
STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2020
| Notes Fixed assets Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Restricted funds 16 Unrestricted funds |
2020 £ 15,000 10,680 373,021 398,701 (1,736) |
£ 5,750 396,965 402,715 298,465 104,250 402,715 |
2019 £ 13,057 12,180 180,403 205,640 (4,056) |
£ 8,536 201,584 210,120 104,446 105,674 210,120 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 4 May 2021
Mr J R Englehart - Chairman Mr S Skilbeck - Vice Chairman Trustee Trustee
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, "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) (issued in October 2019)" and the Financial Reporting Standard applicable in the United kingdom and Repulic of Ireland (FRS 102).
The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value. The principal accounting policies adopted are set out below.
1.2 Charitable funds
Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
1.3 Income
Income from donations, fund-raising events etc, is recognised in the accounting records upon receipt by the treasurer.
Income in respect of legacies is recognised when the sum due is ascertainable.
Bank interest received is recognised in the financial statements on an accruals basis.
1.4 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to that category.
Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable objectives.
1.5 Tangible fixed assets
Items costing more than £1,000 are capitalised.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.6 Fixed asset investments
Fixed asset investments are included in the accounts at market value. Realised and unrealised gains and losses on investments are disclosed separately in the appropriate section of the statement of financial activities.
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
1 Accounting policies
(Continued)
1.7 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Taxation
Selby Abbey Trust is a registered Charity, number 503003. All the Charity’s income is applied to its charitable objectives and the Charity is, therefore, exempt under current legislation, from most forms of taxation.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds general 2020 2020 £ £ Donations and gifts 1,215 265,600 Roof appeal income - 6,712 Gift aid income - 103 1,215 272,415 Donations and gifts Michael Uren Foundation - 200,000 Mr and Mrs Bramall Foundation - 50,000 N S Skilbeck - 5,000 Lord Barnby Foundation - 3,000 James Peckitt Charity - 1,000 Rachel Benson - 1,000 Forbes Adams Trust - 1,000 Spooner Charity - 1,000 D M Naylor - 1,000 Material donations and gifts comparative year - - Other 1,215 2,600 1,215 265,600 |
Total Unrestricted Restricted funds funds general 2020 2019 2019 £ £ £ 266,815 735 121,000 6,712 - 28,502 103 - 5,344 273,630 735 154,846 200,000 - - 50,000 - - 5,000 - - 3,000 - - 1,000 - - 1,000 - - 1,000 - - 1,000 - - 1,000 - - - - 114,000 3,815 735 7,000 266,815 735 121,000 |
Total 2019 £ 121,735 28,502 5,344 |
|---|---|---|
| 155,581 | ||
| - - - - - - - - - 114,000 7,735 |
||
| 121,735 |
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
| 4 5 6 |
Other trading activities Unrestricted Unrestricted funds funds general general 2020 2019 £ £ CD Sales 6,005 363 Organ recitals and concert donations - 250 Other trading activities 6,005 613 Investments Unrestricted Unrestricted funds funds general general 2020 2019 £ £ Income from listed investments - 586 Interest receivable 93 156 93 742 Raising funds Unrestricted Unrestricted funds funds general general 2020 2019 £ £ Fundraising and publicity Just Giving monthly fee 216 216 Organ recital expenses 1,306 (5,218) Concert expenses 4,430 25,657 5,952 20,655 |
|---|---|
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
7 Charitable activities
| Restoration work Donations Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds - general Restricted funds Support costs 2020 Support costs Governance costs £ £ Consultancy services 29,952 - Travelling expenses 2,232 - Office stationery, printing costs and postage 931 - Public relations, adverting and website expenses 822 - Bank charges 60 - Legal and professional fees 53 - Book-keeping fees 1,980 - Independent examiners fee - 1,164 36,030 1,164 Analysed between Charitable activities 36,030 1,164 |
Charitable activities Charitable activities 2020 2019 £ £ 41,202 12,836 - 100 41,202 12,936 36,030 51,557 1,164 1,296 78,396 65,789 - 420 78,396 65,369 78,396 65,789 2019 2020 Support costs Governance costs 2019 £ £ £ £ 29,952 39,936 - 39,936 2,232 3,231 - 3,231 931 2,004 - 2,004 822 3,381 - 3,381 60 66 - 66 53 179 - 179 1,980 2,760 - 2,760 1,164 - 1,296 1,296 37,194 51,557 1,296 52,853 37,194 51,557 1,296 52,853 |
Charitable activities Charitable activities 2020 2019 £ £ 41,202 12,836 - 100 41,202 12,936 36,030 51,557 1,164 1,296 78,396 65,789 - 420 78,396 65,369 78,396 65,789 2019 2020 Support costs Governance costs 2019 £ £ £ £ 29,952 39,936 - 39,936 2,232 3,231 - 3,231 931 2,004 - 2,004 822 3,381 - 3,381 60 66 - 66 53 179 - 179 1,980 2,760 - 2,760 1,164 - 1,296 1,296 37,194 51,557 1,296 52,853 37,194 51,557 1,296 52,853 |
|---|---|---|
| 12,936 51,557 1,296 |
||
| 65,789 | ||
| 420 65,369 |
||
| 65,789 | ||
| 2019 £ 39,936 3,231 2,004 3,381 66 179 2,760 1,296 |
||
| 52,853 | ||
| 52,853 |
8 Support costs
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There were no employees during the year.
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
| 11 | Net gains/(losses) on investments | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Revaluation of investments | (2,785) | (1,303) | |
| 12 | Fixed asset investments | ||
| Listed | investments | ||
| £ | |||
| Valuation | |||
| At 1 December 2019 | 8,536 | ||
| Valuation changes | (2,786) | ||
| At 30 November 2020 | 5,750 | ||
| Carrying amount | |||
| At 30 November 2020 | 5,750 | ||
| At 30 November 2019 | 8,536 | ||
| 13 | Stocks | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Goods for sale | 15,000 | 13,057 | |
| 14 | Debtors | ||
| 2020 | 2019 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 10,680 | 12,180 | |
| 15 | Creditors: amounts falling due within one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Other creditors | 236 | - | |
| Accruals and deferred income | 1,500 | 4,056 | |
| 1,736 | 4,056 |
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
16 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1 December 2019 £ Roof appeal 104,446 104,446 Balance at 1 December 2018 £ Roof appeal 6,969 Carillion Bells 4,000 Font 4,000 14,969 |
Movement in funds Incom e Expenditure Transfers Balance at 30 November 2020 £ £ £ £ 272,415 (78,396) - 298,465 272,415 (78,396) - 298,465 Movement in funds Incom e Expenditure Transfers Balance at 30 November 2019 £ £ £ £ 154,846 (57,369) - 104,446 - (4,000) - - - (4,000) - - 154,846 (65,369) - 104,446 |
Movement in funds Incom e Expenditure Transfers Balance at 30 November 2020 £ £ £ £ 272,415 (78,396) - 298,465 272,415 (78,396) - 298,465 Movement in funds Incom e Expenditure Transfers Balance at 30 November 2019 £ £ £ £ 154,846 (57,369) - 104,446 - (4,000) - - - (4,000) - - 154,846 (65,369) - 104,446 |
|---|---|---|
| 104,446 |
The roof appeal is for funding to restore and repair the Abbey's roof.
17 Unrestricted funds - designated
These are unrestricted funds which are material to the charity's activities made up as follows:
| Balance at | Transfers | Balance at | Transfers | Balance at | ||
|---|---|---|---|---|---|---|
| 1 | December | 1 December | 30 November | |||
| 2018 | 2019 | 2020 | ||||
| £ | £ | £ | £ | £ | ||
| Organ running costs | 6,656 | (2,218) | 4,438 | (2,218) | 2,220 |
The designated organ running costs fund represents a reserve set aside by the trustees out of unrestricted funds for the purpose of restoring the Hill Organ and to cover the cost of tuning and servicing this over five years. The Hill Organ has now been fully restored and the fund now exists for the ongoing costs anticipated.
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SELBY ABBEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2020
| 18 Analysis of net assets between funds Unrestricted funds Designated funds Restricted funds 2020 2020 2020 £ £ £ Fund balances at 30 November 2020 are represented by: Investments 5,750 - - Current assets/(liabilities) 96,280 2,220 298,465 102,030 2,220 298,465 Unrestricted funds Designated funds Restricted funds 2019 2019 2019 £ £ £ Fund balances at 30 November 2019 are represented by: Investments 8,536 - - Current assets/(liabilities) 92,700 4,438 104,446 101,236 4,438 104,446 |
Total 2020 £ 5,750 396,965 |
|---|---|
| 402,715 | |
| Total 2019 £ 8,536 201,584 |
|
| 210,120 |
19 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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