Charity number: 1069305 NORWICH CATHEDRAL TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
NORWICH CATHEDRAL TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Trust, Its Trustees and advlsers Truste68' report Independent examlner's report statem8nt of financial activi'li8s Balance sheet Not6s to the financial stat8ments 10-18
NORWICH CATHEDRAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees J A Ridley C W L Barratt DL H G Cator OBE DL Revd. Canon A S G Platten C Carter G&n6ral The Lord R Dannatl GCB CBE MC DL The Very Revd. Dr A J Braddock T Sweeting A Sinclair Charity regi5terecl number 1069305 Prlnclpal offlce The Chapter Office 65 The Close Norwich Norfolk NR14DH Cl8rk to th8 Trust&es F van Till Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR14DJ Banker5 National Westminster Bank PIC 21 Gentlemen's Walk NorwiGh Norfolk NR21NA Page 1
NORWICH CATHEDRAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustèes près8nt th9ir annual rèport togethèr with th6 financial stat@m6nts of the Trust I thè Trust ) for the y8ar 1 April 2023 to 31 March 2024. ObJectlv&s and actlvltles a. Pollcles and objecllves Th8 principal object of th6 Trust is the support of such charitable purposes connected with the Cathedral and the Dean and Chapter as the Trustees shall from lime to time in Iheir absolute discretion determine" In setting objectiv8s &nd planning for activitl8s, the Trust8es have given due consideration to general guidance published by the Charity Commission in their guidance published 11 September 2019 and last updated 27 September 2023. (htlps'.Ilwww.gov.uklguidancelcharily-commission-yuid2ncel Achlevements and performance a. Main achievements of the Trust The Trust was established on 25 March 1998 and has been the recipient of funds rai8ed by an appeal campaign promoted by the Chapter of Norwich Calhedr81 for restoration 8nd d&v&lopm@nt work on th8 Cathedr&l. 20034 Bullding works - Refecl'ory The campaign target was £10 million and it W85 artnounGed in May 2D07 that the total of donations rec8ived and pledged had reached this target. This achievement was made possible through the h8rd work of s Csmpaign 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. 2008-10 Building works - Hostry 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 2D09. The Hostry, alongside the West Cloislsr, now provides much needed educational, visitor and communal f8ciliti&s as w@1189 a dedic8ted 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 enhanc8d the Cathedral's mission and outreach. The work of the Trust continues with support for projects inÉtiated by the Dean and Chapter. The Trust has benefitted frDm a £1,000,000 donation Over four years-, with the fourth of the four payments received to datè via the Chapel and York Foundation in America. Truslees are indebted to the individual donor in the United Stales for their kindness and generosity in supporting Norwich Cathedral. 2021-22 Muslc Appeal During 2021122 the fundraising for "They Shall Laugh and Sing", the Norwich Cathedral Music Appeal saw the target of £2,500,000 reached,. wilh £1,800,ODO for the rafurbishment and rebuilding of the organ, 9nd £70D,000 to support the Boy and Girl Choristers. The return of the Cathedral organ has opened up many new opportuniti88, particularly for musical outreach. The project for the refurbishment of the organ was completed in March 2024. Page 2
NORWICH CATHEDRAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance (contlnuedl 2022 Statham Society Following the success of th8 Music Appeal, the Statham society was established as a membership based fundraising society to fund additional projects for th& Music D@partment. Finances of th& Stalh8m Society ar& managed through the Trustees of the Cathedral Trusl. The Slatham Society, the cathedral's group of music supporters, has grown in membership with a regular monthly income in excess of £750. This fund ensures the finanGial viability of large musiGal projeGIs. The Slatham Society has hosted a number of. events for members during the past year, including a 'behind the scenes, rehearsal, concert drinks receptions, and a spgcial &ven8ong and t@a. M8mb@rs receive a newsletter three times per year about the Music Department's activities. Not only does the Society rais& much needed revenue to support musical projects, it also enhances that sense of belonging and involvement for members of the Gommunity in the musical life of the Cathedral. 2023-24 Performance Income In this financial year the Charily had an overall income of £286,391. 2024 Building works - Refectory Lavatories In January 2024 the Trust very generously contributed to the refurbishment of the public lavatory facilities located in the Refectory. As the original fundraisers for the building it was very generous to supporl the renewal of these facilities after 20 years of use. Events In 2023124 7th May 2023 Choral Matins were organised followed by sparkling wine and a jazz band in the Cloister, supporting the Statham Society. 5th October 2023 A fundraising concert titled 'A Royal CelebratiDn' was held, half lo the benefit of NoNich Cathedral Trust and half of th& donations given to Norfolk Air Ambulance Charity. 25th November 2023 An organ concert was held inviting all donors to the Music Appeal to celebrate the renewed instrument. December 2023 - a new piece of music by Bob Chilcott was commissioned by the Stalham Society. An organ festival is to b& planned for Summer 2024 to further celebrale the renewed organ. Acknowledgements The trustees extend their special thanks to,, The organisers of the Royal Celebration Concert and all who kindly donated. All the members of Ihe Stalham Society. And all further gènerous anonymous donors, Flnanclal revlew 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. Page 3
NORWICH CATHEDRAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policy The Trust receives and holds funds raised by an appeal campaign proinoled by the Chapter, and makes grants to the Chapter trjwards approved expenditure incurrecl in connection with restoration and dev8lopm@nl work on the Cathedral. Such grants will continue to be made against relevant expenditure while funds are available. Structure, governance and management 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 t'he Trustees who are appointed under the terms of the Declaration of Trust. c. Risk management Th8 Trustees are awsre 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. Thg 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 4
NORWICH CATHEDRAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 IJIARCH 2024 Statement of Trustees, respon8ibllitles The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards <Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial 81atemenls for each financial year which give a true and fair view of the state of affairs of the Trust and of Its incoming resources and application of resourc68, including tts income and exponditur@, for thal pèriod, In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them CDnsistentty', observe the methods and principles of the Charilies SORP IFRS 1021. make judgments and accounting estimates that ar8 r&asonab16 and prud@nt', state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disc105ed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to prgsume that the Trust will continue in business. Thè Tru81ees are responsible for keeping adequate accounting records that are sufficient to show and 8xplain the Trust's transactions and di5cIDse with re850nable accuracy 8t any time the financial position of the Trust and enable them to ensure that the financi81 slatemenls 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 Trust and hence for18king reasonable steps for Ihe prevention and detection of fraud and other irregularities. Approved by er Df the members of the bDard Df Trustees and signed Dn their behalf by.. H G Cator OBE DL Date.. Page 5
NORWICH CATHEDRAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlner's Report to the Trustees of Norwich Cathedral Trust I'the Trust'> I iaport to the charity Truste@s on my examination Df the accounts of the Trust for the year ended 31 March 2024. Responslbllltles and Basls of Report As the Trustees of the Trust you are responsible for the préparation 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 Dir6Ctions given by the Charity Commission under Section 145(51(bl of the 2011 Act. Ind&p6ndènt. Examin&rfs Statement Since the Trust's gross income exceeded £250,DOO your examiner must be a m@mb6r of a body listed in section 145 of the 2011 Act. I confirm Ihat l am qualifi8d to undertake th8 8xamination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. Your attention is drawn to the fact Ih8t the Trust h8s prepared th& accounts in accordance with Accounting and Reporting by Charities= Statement of Recommended Praclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ancl Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charities.. Stalement of R8Gommend@d Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide 8 tru& 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 8xamination. I confirm that no matters have come to my 8ttention in connection with the examination giving me causa tc believe that in any m8lerial respect: accounting records were not kept in respect ofthe Trust as required by Section 130 of the 2011 Act., or the accounts d) not accord with those records., or the accounts do not comply with the applicable requirements Goncerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the accounts give a 'lrue and fair, view which is not a matter consider&d as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which altenlion should be drawn in this report in order lo enabl@ a proper understanding ofthe accounts to be reached. Page 6
NORWICH CATHEDRAL TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This report is made solely lo the Trust's Trustees, as a body, in accordance wilh 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 l am required to state to them in an Independent ex8minerfs report and for no other purpose. To the fullest exlent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and th@ Trust's Trustees as a body, for my work or for this report. Sign8d= Mr F M E Shippam Bsc FCA DChA MA Partners LLP Chartered Accountants 7 Th& Close Notwich Norfolk NR14DJ Dated, Pag@ 7
NORWICH CATHEDRAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations ancl legaGies Investments 15,728 245,708 4,965 261,436 4,955 59,095 1,980 Total income 15,728 250,663 266,391 41,075 Exp8ndituro on: Charitable activities 18,744 195,100 213,844 704, 663 Total exppndlture 18,744 195,100 213,844 704. 663 Net movement In funds (3,016) 55,663 52,647 (663, 588) Reconciliation of fund8: Tolal funds brought fotward Nel movement in funds 73,582 (3,016) 208,206 55,563 281,788 52,547 945,376 (663, 588) Total funds carrled forward 70,568 263,769 334,335 281,788 The Statement of Financial Activities includes all gains and losses recognis8d in the year. The notes on pages l O to 18 form part of these financial statements. Page 8
NORWICH CATHEDRAL TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current assets Debtors Cash at bank 8nd in hand 1,756 333,779 282,gS4 335,535 282, 964 Credilors.. amounts falling due within one year 10 {1,200) (1, 176) Nel Current assets 334,335 281, 788 Total a58ets less curr&nt liabiliti@s 334,335 281, 788 Total net assets 334.33S 281, 788 Charity funds Restricted funds Unrestricted funds 11 70,566 263,769 T3, 582 208,20S Total funds 334,335 281, T88 The financial stalements were approved and aulhorised ft)r issue by the Truslses and signed on their behalf by.. H G Cator OBE DL Date: The notes on pages 10 to 18 form part of these finanoial slatements. Page 9
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 G&noral infonnation Norwich Cathedral Trust is an unincorporated charity registered with the Charity Commission for England and Wales. Accountlng PDllcles 2.1 Basis of preparation of financial statoments The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of ReGommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicabl6 in th8 UK and R&public of Ireland IFRS 102) 1@ff6Ctive 1 JanLJary 2019), the Financial Reporting Standard applicable in the UK and Republic of I reland {fRS 1021 and the Charities Act 2011. The financial statements hav8 been prep8r@d to gIVe 8 'lrua and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to prDvide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charitl85.' Stalernent of Recommended Practice effective from 1 April 2005 which has since been withdrawn. NOlCh Cathedral Trust me8ts the definition of a public benefit entity under FRS 102. Ass&ts and liabilities ar& initially recognised at historical cost or transaction value unless otherwise staled 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 b& measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probabilty of receipt and the ability to eslimat8 with sufficient aoGuf8Cy the ainount receiv8ble. Evidence Df 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 degth Df the benefactor) and the executor is satisfied that the property in question will not b& r@quired to satisfy claims in the estate. Receipt Df a legacy must be recogni8ed when it is probable that it will be received and the fair v8lue 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 inveslmenl income is recognised al the time the investment income is receivable. 2.3 Expendlture Expenditure is recognised once Ihere is a legal or constructive obligation to transfer economic benefit lo a third party, it Is probable that a transfer of economic benefits will be required in settlement and the amount of the Dbligation can be measured reliably, Expenditur8 on charitable activities is incurred on directly undertaking the activities which fLirther the Trust's objectives, as well as any associated support costs. Page 10
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies Icontlnued) 2.3 Expendllure Icontlnuedl Grants payable are charged in the year when the offer 1$ mad& except in those Cases where the offer is conditional, such grants being recogni5ed as expenditure when the conditions attaching are fulfilled, Grants offered Subject to conolitions which have not been met al the year end ere noted Ss 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 16 inclusive Of irrecoverable VAT. 2.4 Interest receivablp Interest on funds held on. deposit is included when receivable and the amount can be measured reliably by the Trust., this is nonnally UPDn notification of the interest paid or payable by the institution with whom th8 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 Gash at bank and in hand includes cash and short-term highly liquid investmenls with a short maturily of three months or less from the d8te of acquisition or opening of the deposil or similar account. 2.7 Llabllltles and provlslons 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 Flnanclal Instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised &t transaction value and subsequenlly measurecl al their getllemenl value with the exception of bank loans which are subsequently measurecl at amoitised cost using the effective interest method. Page11
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policles (contlnued) 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 baen designatèd for other purposes. Design8t&d funds compri86 unre8tricled funds that have been set asid& by the Trustees for particular purposes. The aim and us& of each designated fund is s8t out in th& notes to the fingllGial statements. Restricted funds are funds which ar8 lo be used in accordance with specrfic I'&strictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and adm inistering such funds are chargecl against the specific fund. The aim and use of each restricted fund is set out in the nol8s to the financial statements. Investment income, gains and losses are allocated lo the appropriate fund. Income from donations and legacles Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Donations Legacies 15,486 242 245,708 261,194 242 37,924 1,171 15,728 245,708 261,436 39,095 Total 2023 37,541 1, 554 39,095 Investment income Unrestr5cted funds 2024 Total funds 2024 Total fuiids 2023 Bank interest 4,955 4,955 1,980 Total 2023 1, 980 1,980 Page12
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of grants Grants to Institutions 2024 Total funds 2024 Total funds 2023 The Chapter of Norwich Cathedral 209,944 209,944 701, 265 Total 2023 701,265 701, 265 Analysls of expenditure by activities Grant funding of activities 2024 Support cosls 2D24 Total funds 2024 Total funds 2023 Support of Norwich Cathedral 209,944 3,900 213.844 704, 663 Total 2Q23 701,26J 3,398 794, 6S3 Analysis of support costs Support of NoN¥iGh Cathedral 2024 Total funds 2024 Total funds 2023 Administration Governance costs 2,700 1,200 2,700 1,200 2, 200 f, 798 3,900 3,900 3,398 Total 2023 3,398 3, 398 Page 13
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Independent examlnerfs remuneratlon 2024 2023 Fees payable to the Trust's independent examiner for the independent examination of the Trust's annual accounts 1,200 1,198 Trustees. r6mun6ration and exp&n8e8 During the year, no Trustees re1Ve any remuneration or other benefits {2023- £NIL). DLJring th& year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NILJ. Debtors 2024 2023 Due within one year other d8btors 1,756 1,756 10. Creditors.. Amounts falling due within one year 2024 2023 AcGruals and cleferred income 1,200 I,t76 Page 14
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Statement of funds Stat&mant of funds - current year Balance at 31 March 2024 Balance at I Aprll 2023 Income Expendlture Unrestrictèd funds Designated funds Girls, Choir Fund 1,200 11,2001 General funds General Funds 207,006 250,663 1193,900) 263,769 Total Unrestricted funds 208,206 250,663 1195,100) 263,769 Restricted funds Silver & Vestments statham Society 14,980 58,602 (5,700) 113,044) 9,280 61,286 16,728 73,682 15,728 118,744) 70,566 Total of funds 281,788 266,391 1213,844) 334,335 Page 15
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 statoment of funds Icontlnued) Statement of funds - prior year Balanc6 at 31 MaKh 2023 Balance 8t l April 2922 Translers in/out InGoms Exp8ndiluro Unrestricted funds Deslgnated funds Organ Fund Girls, Choir Fund 231,057 24, 850 (231, 057) (23,65Q) 1, 200 255,907 (23, 65Q) (231, 057) 1, 200 General funds General Funds 282, 835 3,534 (79,363) 207, 006 Total Unrestricted funds 538, 742 3,534 (103,013) (231,057) 208, 206 Restricted fund5 Music Appeal Silver & Veslmenls statham Society 3S3,343 19,730 23,561 (594,40Q) (4, 759) (2,509) 231,057 Y4,980 58, 602 37,541 406, 634 37,541 (601, 659) 231,057 73, 582 Total of funds 945, 376 41,075 (704, 663) 281, 788 Page 16
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Statement of funds (continued Desl nated funds Organ Fund - represents charitable funds earmarked by the trustees lo fund the CDSts of refurbishment and rebuilding works Jf thè Cathedral organ. Girls, Choir Fund - represents charitable funds earmarked by the trust8es lowards the running of the girls, choir. Restricted funds Music Appeal Funcls to support the rebuilding of the Cathedral Organ and the education of Ihg Cathedral Choristers. Silver & Veslmenls - 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 cOnrtS, recordings, new music and educational opportunities. 12. Summary of funds Summary of fund5 . Gurrent year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure DIgnated funds General funds Restricted funds 1,200 207,006 73,582 (1,200) (193,900) (18,744) 260,663 15,728 263,769 70,566 281,788 266,391 (213,844) 334,335 Summary of funds - prior year 5alanG9 a 31 March 2023 Balance al l Apnl 2022 Transfers in/out Incom8 Expenditure D@signated funds General f unds Restricted funds 255, 907 282, 835 406,654 (23,65Q) (231.057) (79, 363) (601, 650) 1, 200 207, 006 73, 582 3.534 37,541 231,057 945,376 41,075 (704, 663) 251,788 Page 17
NORWICH CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analysls of n@t assets between funds Analysis of net assets between funds - current period Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Current ass&ts Creditors due within one year 70,586 264.,969 11,200) 335,535 11,200 Total 70,666 263,769 334,335 Analysis of net assets between funds - prior period RestriGt8d UnreslriGt9d fvnds funds 2023 2023 Total funds 2023 Currenl assets Creditors due within one year 73,582 209,382 (1, 176) 282, 964 (1, 176) Total 73,582 208,206 281, 788 14. Related party transactions During the year the Trust made grant award8 of £209,944 (2023 - £701,265) to The Chapl&r of Norwich Calhedral. Trustees of Notwich Cathedral Trust are also Executiv& M&mb&rs of Chapter. Page 18