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2021-12-31-accounts

Contents ofthe Financial Statements ofthe Financial Statements
Page
Chair and Chief Executive's Reports 1to4
Report ofthe Trustees 5 to 15
Report ofthe Independent
Auditors		 16to 18
Statement ofFinancial Activities 19
Balance sheet 20
Cash Flow Statement 21
Notes to the Cash Flow Statement 22
Notes to the Financial Statements 23 to 32
Detailed Statement of Financial Activities 33 to 34

Unrestricted Restricted
Choral		 Restricted
Fabric		 Restricted
Education		 Total 2021
f		 Tora/2820
6		 Tora/2820
6
Income
Legacies 8,241 1,000 9,241
22,nnn 20,024 42.024
Annual donations 84,260 24,450 1,099 15,443 125,252
/86, 265 72,795 35,125 //, 360 305.545
Covid Grants 86,450 86,450
20,706 20, 706
Events
696 696
General grants 29,250 77,700 86,304 193,254
5,033 69,5nn 574,19n 648, 723
Investment Income 157,600
136482		 30,470
30.695		 188,070 /6. 177
Other income 4,161 4,161
Total Income 369,962 133,620 87,403 15,443 606,428
371,182 196,814 686,31$ 11,368 1,184,87/
~E* ))
Grants to Chapter 60,000 174,000 134,632 12,000 380,632
/n2 n(/n /89, /28 674, /91/ U,nnn 977,3/8
Administrative costs 141,769 2,026 143,795
/42 6'49 2.09/ 144.740
Total expenditure 201,769 176,026 134,632 12,000 524,428
244,649 191,219 674,190 12,888 1,122,0$8
~Ca ital
Legacies received 40,017 40,017
816,571 / I,enn
828,371
Unrealised gains/(losses) 429,592 69,099 498,691
/n4. 406 33.439 137,845
Fund transfers
/6/n/ 64n
Total capital movement 429,592 109,116 538,708
920,337 4$,239 648 966,216
Fund transfers
Total Movement ~637 802 ~66710 ~47229 3~443 ~620 709
1846878 4~7834 ~3$12$ ~648 ~129 829
Net asset value at l Jan 5)282)964 4,253.935
Net asset value at l Dec 5,903,673 5.282 964

Unrestricted Restricted 2021 2020
Funds Funds Total Funds Total Funds
Notes f f
INCOME AND ENDOWMENTS FROM
Donations k legacies 2 208,201 246,013 454,214 1,824,663
Other trading
activities		 3 4,161 4,161 21,402
Investment
income		 4 157,600 30,470 188,070 167,177
Total 369,962 276,483 646,445 2,013,242
EXPENDITURE ON
Raising funds 65,097 2,026 67,123 46,926
Charitable
activities
Grantmaking 136,672 320,632 457,304 1,075,132
Total 201,769 322,658 524,427 1,122,058
Net income before investment movements 168,193 (46,175) 122,018 891,184
Unrealised
gains on investments		 14 429,592 69,099 498,691 137,845
NET INCOME 597,785 22,924 620,709 1,029,029
Transfers between funds 17
Net movement
in		 funds 597,785 22,924 620,709 1,029,029
RECONCILIATION OF FUNDS
Total funds brought forward 4,530,909 752,055 5,282,964 4,253,935
TOTAL FUNDS CARRIED FORWARD 5,128,694 774,979 5,903,673 5,282,964

Unrestricted Restricted 2021 2020
Funds Funds Total Funds Total Funds
Notes
FIXEDASSETS
Tangible assets 13
Investments 14 4,853,129 687,881 5,541,010 4,303,751
4,853,129 687,881 5,541,010 4,303,751
CURRENT ASSETS
Debtors 15 58,690 58,690 788,029
Cash at bank and in hand 248,655 87,098 335,753 363,710
307,345 87,098 394,443 1,151,739
CREDITORS
Amounts
falling due within		 one year 16 (31,780) (31,780) (172,526)
NET CURRENT ASSETS 275,565 87,098 362,663 979,213
NET ASSETS 5,128,694 774,979 5,903,673 5,282,964
FUNDS
Unrestricted
funds		 17 5,128,694 5,128,694 4,530,909
Restricted
funds		 774,979 774,979 752,055
NET ASSETS 5,128,694 774,979 5,903,673 5,282,964

2021 2020
Notes f
Cash flows from operating activities:
Cash generated
from operations		 522,541 64,160
Net cash provided
by operating		 activities 522,541 64,160
Cash flows from investing activities:
Purchase offixed asset investments (3,675,277) (68,523)
Sale offixed asset investments 2,865,823
Movement
on cash held in		 investments 70,886 8,098
Interest received 818 216
Dividends
received		 187,252 166,961
Net cash used in investing activities (550,498) 106,752
Change
in cash and cash		 equivalents in the reporting
period (27,957) 170,912
Cash and cash equivalents atthe beginning ofthe reporting
period 363,710 192,798
Cash and cash equivalents at the end of the reporting period 335,753 363,710

2021 2020
f f
Net income for the reporting period (as per the statement offinancial 620,709 1,029,029
activities)
Adjustments
for:
Depreciation
charges
Gains on investments (498,691) (137,845)
Interest received (818) (216)
Dividends
received		 (187,252) (166,961)
Decrease/(increase) in debtors 729,339 (703,255)
(Decrease)/increase in creditors (140,746) 43,408
Net cash provided by operating activities 522,541 64,160

DONATION
AND LEGACIES
31.12.21 31.12.20
f
Grants from Trusts l Foundations 279,704 579,223
Donations 108,224 347,430
Gilt Aid 17,026 27,615
Legacies 49,260 870,395
454,214 1,824,663

3, OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES
31.12.21 31.12.20
f.
Events 11,352
Eastern Cloister project management charge (Chapter) 10,050
Expenses recoverable 4,161
4,161 21,402
4. INVESTMENT INCOME
31.12.21 31.12.20
f,
Dividend
income		 187,252 166,961
Interest receivable 818 216
188,070 167,177
5. RAISING FUNDS
31.12.21 31.12.20
Direct fundraising expenses 14,556 746
Promotional
material		 3,443 4,292
Payroll costs 20,603 15,490
Support costs apportioned 17,751 14,888
Sub-total-costs of generating voluntary income 56,353 35,416
Investment
management		 costs 10,770 11,510
Total costofraising funds 67,123 46,926
6. CHARITABLE ACTIVITIES - 2021
Direct costs Grant funding Support costs Totals
ofactivities (See note 8)
g (Seenote 7) f 6
Grant making 13,736 380,632 62,936 457,304

6. CHARITABLE ACTIVITIES —2020 ACTIVITIES —2020 ACTIVITIES —2020
Direct costs Grant funding Support costs Totals
ofactivities (See note 8)
(Seenote 7)
f.		 f
Grant making 45,137 977,318 52,677 1,075,132
7, GRANTS PAYABLE
31.12.21 31.12.20
f
Grants and donations 380,632 977,318
The total funds paid to Chapter during the year were as follows: 31.12.21 31.12.20
Fabric
Eastern Cloister Project contributions 89,632 674,190
Deanery and canonical
properties		 45,000
Booth Porch Chapel project 1,875
Font project 14,160
Recovery ofVAT from 20l7-18 93
134,632 690,318
Choral IMusic
Choral Foundation grants 174,000 168,000
St Matthew
Passion		 5,000
174,000 173,000
Education
Education
grant		 12,000 12,000
Other
General Chapter running costs 60,000 102,000
380,632 977,318

Fundraising Grantmaking Totals
6
Support and governance costs 17,751 62,936 80,687
SUPPORT COSTS - 2020
Fundraising Grantmakingf Totals
Support and governance costs 14,888 52,677 67,565
NET INCOME
Net income is stated after charging
31.12.21 31.12.20
f
Auditors'
remuneration		 (net ofVAT)
for audit current year 11,800 5,300
prior year under accrual 2,000
non-audit 7,500 2,750

31.12.21 31.12.20
f.
Wages and salaries 59,800 83,430
Social security costs 2,908 5,050
Other pension costs 5,968 7,857
68,676 96,337
31.12.21 31.12.20
1 2

12. COMPARATIVES F O RTHE STATEMENT OF F INANCIAL ACTIVITI ES
Unrestricted Restricted 2020
Funds
8		 Funds
f		 Total Funds
f
INCOME AND ENDOWMENTS
FROM
Donations & legacies 1,040,266 784,397 1,824,663
Other trading activities 11,005 10,397 21,402
Investment
income		 136,482 30,695 167,177
1,187,753 825,489 2,013,242
Total
EXPENDITURE ON 44,835 2,091 46,926
Raising funds
Charitable
activities		 199,814 875,318 1,075,132
Grants and Donations
244,649 877,409 1,122,058
Total
943,104 (51,920) 891,184
Net income before investment movements
104,406 33,439 137,845
Net gains on investments
1,047,510 (18,481) 1,029,029
NET INCOME/(EXPENDITURE)
Transfers
between		 funds (640) 640
Net movement
in funds		 1,046,870 (17,841) 1,029,029
RECONCILIATION OF FUNDS
Total funds brought forward 3,484,039 769,896 4,253,935
TOTAL FUNDS CARRIED FORWARD 4,530,909 752,055 5,282,964
13. TANGIBLE FIXEDASSETS
Fixtures and
fittings
COST
At
1 January 2021 and		 31 December 2021 20,580
DEPRECIATION
At
1 January 2021		 20,580
Charge for the year
31 December 2021 20,580
NET BOOK VALUE
At 31 December 2021
At 31December 2020

Cash and
Listed settlements
investments pending Totals
6 f, 8
MARKET VALUE
At
1 January		 2021 4,232,865 70,886 4,303,751
Additions 3,675,277 3,675,277
Disposals (2,865,823) (70,886) (2,936,709)
Gains on investments 498,691 498,691
At 31December 2021 5,541,010 5,541,010
There were no investment assets outside the UK.
Represented by:
31.12.21 31.12.20
Cash 70,886
Cazenove
Charity Multi-Asset		 Fund 2,846,062
Cazenove Responsible Multi-Asset Fund 5,541,010 1,386,803
5,541,010 4,303,751
Historic cost ofinvestments 3,200,748 2,462,182
DEBTORS: AMOUNTS FALLING DUE WITHIN ONK YEAR
31.12.21 31.12.20
6
Accrued income 53,466 775,999
Prepayments 3,655 3,655
Other debtors 1,569 8,375
58,690 788,029

31.12.21 31.12.20
Trade creditors 13,079 724
Accruals and deferred income 18,701 171,802
31,780 172,526
MOVEMENT IN FUNDS - 2021
Net
movement Transfers
At 1.1.21 in funds between At31.12.21
funds
Unrestricted
funds
Long term investment 3,507,965 1,345,164 4,853,129
Working
capital		 1,022,944 597,785 (1,345,164) 275,565
4,530,909 597,785 5,128,694
Restricted funds
Education
Fund		 3,443 3,443
Fabric Fund 49,657 (47,229) 2,428
Choral Funds 621,171 66,710 687,881
Eastern Cloister Delivery Fund
Font Project 81,227 81,227
752,055 22,924 774,979
TOTAL FUNDS 5,282,964 620,709 5,903,673
Net movement in funds, included in the above are as follows:
Income Expenditure Gains and Movement
in
lossesf funds
6
Unrestricted
funds
General fund 369,962 (201,769) 429,592 597,785
Restricted funds
Education
Fund		 15,443 (12,000) 3,443
Fabric Fund 1,099 (48,328) (47,229)
Choral Funds 173,637 (176,026) 69,099 66,710
Eastern Cloister Delivery Fund 86,304 (86,304)
Font Project Fund
276,483 (322,658) 69,099 22,924
TOTALFUNDS 646,445 (524,427) 498,691 620,709

MOVEMENT IN FUNDS (CONTIN IN FUNDS (CONTIN IN FUNDS (CONTIN UED) —2021
The comparative figures for movement in funds are as follows:
Net
movement Transfers
At 1.1.20 in funds between At31.12.20
funds
Unrestricted
funds
Long term investment 3,394,787 113,178 3,507,965
Working capital 89,252 1,047,510 (113,818) 1,022,944
3,484,039 1,047,510 4,530,909
Restricted funds
Education
Fund		 (640) 640
Fabric Fund 145,548 111 (96,002) 49,657
Choral Funds 569,809 51,362 621,171
Eastern Cloister Delivery Fund (83,502) 83,502
Font Project 54,539 14,188 12,500 81,227
769,896 (18,481) 640 752,055
TOTAL FUNDS 4,253,935 1,029,029 5,282,964
Net movement in funds, included in the above are as follows:
Unrestricted
funds
General
fund		 1,187,753 (244,649) 104,406 1,047,510
Restricted funds
Education
Fund		 11,360 (12,000) (640)
Fabric Fund 2,079 (1,968) 111
Choral Funds 193,014 (175,091) 33,439 51,362
Eastern
Cloister		 Delivery Fund 590,688 (674,190) (83,502)
Font Project Fund 14,188 14,188
Architectural
Heritage		 14,160 (14,160)
825,489 (877,409) 33,439 (18,481)
TOTAL FUNDS 2,013,242 (1,122,058) 137,845 1,029,029

31.12.21 31.12.20
INCOME AND ENDOWMENTS
Donations
and legacies
Grants 279,704 579,223
Donations 108,224 347,430
Gift Aid 17,026 27,615
Legacies 49,260 870,395
Total incoming
resources		 454,214 1,824,663
Other trading activities
Events 11,352
Income from Chapter (project management charge) 10,050
Expenses recoverable 4,161
4,161 21,402
Investment
Income
Dividend
income —(Cazenove)		 187,252 166,948
Interest receivable 818 229
188,070 167,177
Total income 646,445 2,013,242
EXPENDITURE
Fund raising
Direct fundraising
expenses		 14,556 746
Promotional
materials		 3,443 4,292
Payroll and related costs 20,603 15,490
Apportionment
ofsupport costs		 17,751 14,888
56,353 35,416
Investment
management		 costs
Portfolio management 10,770 11,510
Charitable
activities
Staffcosts 13,736 45,137
Apportionment
ofsupport costs		 62,936 52,677
76,672 97,814

31.12.21 31.12.20
f
Support costs and governance costs
Staffcosts 34,337 35,710
Auditors'
remuneration		 (including VAT) 14,160 8,760
Auditors'
remuneration		 for non-audit work (including VAT) 9,000 3,300
Accountancy 4,420 60
Legal fees 2,400
Other professional
fees		 7,825 2,038
Computer
and sottware		 costs 5,427 2,945
Postage and stationery 601 10,021
Insurance 1,445 1,448
Other overhead 1,072 3,283
Allocation to fundraising ofcharitable activities (80,687) (67,565)
Total expenditure 143,795 144,740
Net income before grants to Chapter 502,650 1,868,502
Grants to Chapter (see note A) (380,632) (977,318)
Net income/(expenditure) excluding investment gains 122,018 891,184
NOTE A
The total grants paid to Chapter during the year were as follows:
31.12.21 31.12.20
f f
Fabric
Eastern Range/Cloister Project contributions 89,632 674,190
Deanery and canonical properties 45,000
Porch Chapel project 1,875
Font project 14,160
Recovery ofVAT from 2017-18 93
134,632 690,318
Choral / Music
Choral Foundation grants 174,000 168,000
St Matthew
Passion		 5,000
174,000 173,000
Educati on
Education
grant		 12,000 12,000
Other
General Chapter running costs 60,000 102,000
380,632 977,318