2023-03-31-accounts

Charity number: 1069305

NORWICH CATHEDRAL TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

NORWICH CATHEDRAL TRUST

CONTENTS

	Page
Reference and administrative details of the Trust, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5 - 6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 17

NORWICH CATHEDRAL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees	J A Ridley
	C W L Barratt DL
	H G Cator OBE DL
	Revd. Canon A S G Platten
	R M Butler MBE DL (resigned 23 March 2023)
	C Carter
	General The Lord R Dannatt GCB CBE MC DL
	The Rt. Hon. The Baroness Shephard DL (resigned 14 October 2022)
	The Very Revd. Dr J B Hedges (resigned 31 May 2022)
	The Very Revd. Dr A J Braddock (appointed 23 March 2023)
	T Sweeting (appointed 23 March 2023)
	A Sinclair (appointed 23 March 2023)
Charity registered number 1069305 Principal office The Chapter Office 65 The Close Norwich Norfolk NR1 4DH Clerk to the Trustees F van Till Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Bankers National Westminster Bank Plc 21 Gentleman’s Walk Norwich Norfolk NR2 1NA

Page 1

NORWICH CATHEDRAL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the Norwich Cathedral Trust ("the Trust") for the year 1 April 2022 to 31 March 2023.

Objectives and activities

a. Policies and objectives

The principal object of the Trust is "the support of such charitable purposes connected with the Cathedral and the Dean and Chapter as the Trustees shall from time to time in their absolute discretion determine".

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Main achievements of the Trust

The Trust was established on 25 March 1998 and has been the recipient of funds raised by an appeal campaign promoted by the Chapter of Norwich Cathedral for restoration and development work on the Cathedral. The campaign target was £10 million and it was announced in May 2007 that the total of donations received and pledged had reached this target. This achievement was made possible through the hard work of a Campaign Executive and the generosity of many.

Building work in relation to the first phase of the overall development, namely the Refectory and Library extension, began in September 2003, and the new facilities were opened at Easter 2004 to great acclaim. Following the completion of extensive archaeological excavations, building of the second phase of the project, the Hostry, commenced in February 2008 and was completed in November 2009. The Hostry, alongside the West Cloister, now provides much needed educational, visitor and communal facilities as well as a dedicated Song School for the Cathedral choirs.The new buildings were formally opened by HM The Queen and HRH The Duke of Edinburgh on 4 May 2010 after a Service of Thanksgiving in the Cathedral. The new buildings are now extensively used and have considerably enhanced the Cathedral's mission and outreach.

The work of the Trust continues with support for projects initiated by the Dean and Chapter.

The Trust has benefitted from a £1,000,000 donation over four years; with three of the four payments received to date via the Chapel and York Foundation in America. Trustees are indebted to the individual donor in the United States for their kindness and generosity in supporting Norwich Cathedral.

During 2021/22 the fundraising for “They Shall Laugh and Sing” , the Norwich Cathedral Music Appeal saw the target of £2,500,000 reached; with £1,800,000 for the refurbishment and rebuilding of the organ, and £700,000 to support the Boy and Girl Choristers. The return of the Cathedral organ has opened up many new opportunities, particularly for musical outreach. There is an opening concert planned for November 2023 and an organ festival planned for July 2024.

Following the success of the Music Appeal, the Statham Society has been established as a membership based fundraising society to fund additional projects for the Music Department. Finances of the Statham Society are managed through the Trustees of the Cathedral Trust. The Statham Society has hosted a number of events for members during the past year, including a ‘behind the scenes’ rehearsal, concert drinks receptions, and a special evensong and tea. Members receive a newsletter three times per year about the Music Department’s activities. Not only does the Society raise much needed revenue to support musical projects, it also enhances that sense of belonging and involvement for members of the community in the musical life of the Cathedral.

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NORWICH CATHEDRAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

The Cathedral Trust, during 2022/23, has helped with revolutionising the sound system in the Nave; with the update of speakers (£63,989). It has also funded the reconstruction of a Cloister Arcade (£11,976); bringing together fragments of carved and worked stone to reconstruct a fragment of the Cathedral’s long-lost Romanesque Cloister. The outstanding importance of its carved capitals has long been recognised, but this was the first time that the capitals, arches, and columns have been recreated as a coherent whole. The reconstruction was exhibited in the Cathedral Hostry early in 2023 and has now been moved to the Presbytery Gallery.

The Dean and Chapter remain indebted to the trustees for their generous support, help and guidance with a number of applications to Charitable Trusts, which helped secure the funding for this project.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Trust receives and holds funds raised by an appeal campaign promoted by the Chapter, and makes grants to the Chapter towards approved expenditure incurred in connection with restoration and development work on the Cathedral.

Such grants will continue to be made against relevant expenditure while funds are available.

Structure, governance and management

a. Constitution

Norwich Cathedral Trust is a registered charity, number 1069305, and is constituted under a Declaration of Trust dated 25 March 1998.

b. Methods of appointment or election of Trustees

The management of the Trust is the responsibility of the Trustees who are appointed under the terms of the Declaration of Trust.

c. Risk management

The Trustees are aware of the Charity Commission's recommendation that they should identify and review the major risks to which the Trust is exposed and establish systems to mitigate those risks.

The Trust is not directly engaged in the restoration and development project on the Cathedral, and restricts its activities to the holding of funds and making of grants towards this work.

A review of the major risks to which the Trust is exposed has been undertaken, and will be re-considered and updated as appropriate on a regular basis.

Page 3

NORWICH CATHEDRAL TrUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Statement of Trustees. responslbllltles The Trustees are iesponsti )le for preparing the Tnjstees. rewt and the financial Stat￿entS in 8ccordance wlh applicable law and Unlted Kingdom Accounting Stsndards {Unfted Kingd(¥n Generdlly A￿pIed Accounting Practice). The law applicable lo charities in Eroland & Wales requires the Tnjstees to prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the Trust and of ils incoming r8sources and application of resources: induding its income and expenditure, for thal period. In preparing these finanaal statements, the Trustees are r￿U[red to.. 8elect suitable accounting policies and then appty them consrslenty, observe the methods and principles of the Charities SORP IFRS 102)., rnake judgments and accounting estinates that are reasonable and prudent,. slate whether appl￿ble UK Attounting Standards {FRS 1021 have kKen followed, subject to any material departures disc105ed and explained in the fina￿al statements- prepare the finan¢rdl statements on the gThng corKem basis unless (( is Inappr￿riate to presume that thè Trust will continu8 in business. The Tiustees are responsible for keeping ad&]uate accounting r￿ordS that are sufficient to show and explain the Trust's Irarnsaclions and disdose ￿th reasonable accJJracy at any tim8 the financial position of the Trust and enable Iham lo efisure that the financial ststements ￿MplY wrth the Charities Act 2011, the CharFty (Accounts and Reports) Regulations 2CK18 and the provisions of the Trust deed. They are also responsible for safeguarding the asgets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other ifTeguLarilies. Approv&1 by ord8r ol the members of the board of Tnjstees and signed on their behaw by. H G Cator OBE DL Date.. 16 June 2023 Page 4

NORWICH CATHEDRAL TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent Examiner's Report to the Trustees of Norwich Cathedral Trust ('the Trust')

I report to the charity Trustees on my examination of the accounts of the Trust for the year ended 31 March 2023.

Responsibilities and Basis of Report

As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Trust has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

1. accounting records were not kept in respect of the Trust as required by section 130 of the 2011 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.

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NORWICH CATHEDRAL TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report.

Signed: Dated: 16 June 2023 Mr F M E Shippam BSc FCA DChA

MA Partners LLP

Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ

Page 6

NORWICH CATHEDRAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net (expenditure)/income Transfers between funds 11 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2023 £ 37,541 - 37,541 601,650 601,650 (564,109) 231,057 (333,052) 406,634 (333,052) 73,582	Unrestricted funds 2023 £ 1,554 1,980 3,534 103,013 103,013 (99,479) (231,057) (330,536) 538,742 (330,536) 208,206	Total funds 2023 £ 39,095 1,980 41,075 704,663 704,663 (663,588) - (663,588) 945,376 (663,588) 281,788	Total funds 2022 £ 267,294 90
				267,384
				215,430
				215,430
				51,954 -
				51,954
				893,422 51,954
				945,376

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 9 to 17 form part of these financial statements.

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NORWICH CAThEDRAL TRUST BAL4NCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Current assets Debtors Cash al bank and in hand 2,200 949,020 282,W 282,964 951,220 Creditors.. amounts falling due within one year 10 11.176 (5,844) Net current assets 281,788 945,376 Total a￿ats less ¢urrent Ilabllltles 281.788 945,376 Total not assets 281.788 945,376 Charlty funds Restricted furKIs Unreslrtcta funds 11 11 73,$82 208,206 406,634 &38,742 Total funds 281.788 945,316 The financial statements were approved and authoTised for issue by the Trusteès and signed on their behalf by.. H G Cator OBE DL Date, 16 June 2023 The nol8s on pages 9 to 17 fomi part of these financial siatements. Page 8

NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

Norwich Cathedral Trust is an unincorporated charity registered with the Charity Commission for England and Wales.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the 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) (effective 1 January 2019), 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 to give a 'true and fair' view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Norwich Cathedral Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Trust, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Donations to the Chapter of Norwich Cathedral are made at the discretion of the Trustees and are recognised when approved.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

2.8 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations Legacies Total 2022	Restricted funds 2023 Unrestricted funds 2023 £ £ 37,541 383 - 1,171 37,541 1,554 23,561 243,733	Total funds 2023 £ 37,924 1,171 39,095 267,294	Total funds 2022 £ 264,294 3,000
			267,294

4. Investment income

Unrestricted funds 2023 £ Bank interest 1,980 Total 2022 90	Total funds 2023 £ 1,980 90	Total funds 2022 £ 90

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Analysis of grants

The Chapter of Norwich Cathedral Total 2022 Analysis of expenditure by activities Support of Norwich Cathedral Total 2022	Grant funding of activities 2023 £ 701,265 211,936	Grants to Institutions 2023 £ 701,265 211,936 Support costs 2023 £ 3,398 3,494	Total funds 2023 £ 701,265 211,936 Total funds 2023 £ 704,663 215,430	Total funds 2022 £ 211,936
				Total funds 2022 £ 215,430

6. Analysis of expenditure by activities

Analysis of support costs

Administration Governance costs Total 2022	Support of Norwich Cathedral 2023 £ 2,200 1,198 3,398 3,494	Total funds 2023 £ 2,200 1,198 3,398 3,494	Total funds 2022 £ 2,400 1,094
			3,494

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Independent examiner's remuneration

	2023	2022
	£	£
Fees payable to the Trust's independent examiner for the independent
examination of the Trust's annual accounts	1,198	1,094

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

9. Debtors

Due within one year Prepayments and accrued income	2023 £ - -	2022 £ 2,200
		2,200

10. Creditors: Amounts falling due within one year

Trade creditors Accruals and deferred income	2023 £ - 1,176 1,176	2022 £ 4,750 1,094
		5,844

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Organ Fund Girls' Choir Fund General funds General Funds Total Unrestricted funds Restricted funds Music Appeal Silver & Vestments Statham Society Total of funds	Balance at 1 April 2022 £ 231,057 24,850 255,907 282,835 538,742 363,343 19,730 23,561 406,634 945,376	Income £ - - - 3,534 3,534 - - 37,541 37,541 41,075	Expenditure £ - (23,650) (23,650) (79,363) (103,013) (594,400) (4,750) (2,500) (601,650) (704,663)	Transfers in/out £ (231,057) - (231,057) - (231,057) 231,057 - - 231,057 -	Balance at 31 March 2023 £ - 1,200
					1,200
					207,006
					208,206
					- 14,980 58,602
					73,582
					281,788

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Organ Fund Girls' Choir Fund General funds General Funds Total Unrestricted funds Restricted funds Music Appeal Silver & Vestments Statham Society Total of funds	Balance at 1 April 2021 £ 400,000 40,000 440,000 50,079 490,079 363,343 40,000 - 403,343 893,422	Income £ - - - 243,823 243,823 - - 23,561 23,561 267,384	Expenditure £ (168,943) (15,150) (184,093) (11,067) (195,160) - (20,270) - (20,270) (215,430)	Transfers in/out £ - - - - - - - - - -	Balance at 31 March 2022 £ 231,057 24,850
					255,907
					282,835
					538,742
					363,343 19,730 23,561
					406,634
					945,376

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Statement of funds (continued)

Designated funds

Organ Fund - represents charitable funds earmarked by the trustees to fund the costs of refurbishment and rebuilding works of the cathedral organ.

Girls' Choir Fund - represents charitable funds earmarked by the trustees towards the running of the girls' choir.

Restricted funds

Music Appeal - Funds to support the rebuilding of the Cathedral Organ and the education of the Cathedral Choristers.

Silver & Vestments - Funds towards commissioned silver and vestments for the Cathedral.

Statham Society - Funds raised for musical projects outside the Cathedral’s normal pattern of worship, including concerts, recordings, new music and educational opportunities.

12. Summary of funds

Summary of funds - current year

Designated funds General funds Restricted funds	Balance at 1 April 2022 £ 255,907 282,835 406,634 945,376	Income £ - 3,534 37,541 41,075	Expenditure £ (23,650) (79,363) (601,650) (704,663)	Transfers in/out £ (231,057) - 231,057 -	Balance at 31 March 2023 £ 1,200 207,006 73,582
					281,788

Summary of funds - prior year

Designated funds General funds Restricted funds	Balance at 1 April 2021 £ 440,000 50,079 403,343 893,422	Income £ - 243,823 23,561 267,384	Expenditure £ (184,093) (11,067) (20,270) (215,430)	Balance at 31 March 2022 £ 255,907 282,835 406,634
				945,376

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NORWICH CATHEDRAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Current assets Creditors due within one year Total	Restricted funds 2023 Unrestricted funds 2023 £ £ 73,582 209,382 - (1,176) 73,582 208,206	Total funds 2023 £ 282,964 (1,176) 281,788

Analysis of net assets between funds - prior year

Current assets Creditors due within one year Total	Restricted funds 2022 £ 411,384 (4,750) 406,634	Unrestricted funds 2022 £ 539,836 (1,094) 538,742	Total funds 2022 £ 951,220 (5,844) 945,376

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