Charity number: 1069305
NORWICH CATHEDRAL TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NORWICH CATHEDRAL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Trust, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 18 |
NORWICH CATHEDRAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | J A Ridley |
|---|---|
| C W L Barratt DL | |
| H G Cator OBE DL | |
| Revd. Canon A S G Platten | |
| C Carter | |
| General The Lord R Dannatt GCB CBE MC DL | |
| The Very Revd. Dr A J Braddock | |
| T Sweeting | |
| A Sinclair | |
| Charity registered number 1069305 Principal office The Chapter Office 65 The Close Norwich Norfolk NR1 4DH Clerk to the Trustees F M barones 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 2025
The Trustees present their annual report together with the financial statements of the Trust ("the Trust") for the year 1 April 2024 to 31 March 2025.
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 in their guidance published 11 September 2019 and last updated 27 September 2023. (https://www.gov.uk/guidance/charity-commission-guidance)
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.
2003-04 Building works - Refectory
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.
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 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 the fourth 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.
2021-22 Music Appeal
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. 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 2025
Achievements and performance (continued)
2022 Statham Society
Following the success of the Music Appeal, the Statham Society was 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, the cathedral’s group of music supporters, has grown in membership with a regular monthly income in excess of £750. This fund ensures the financial viability of large musical projects.
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.
2024-25 Performance
Income in 2024/25
In this financial year the Charity had an overall income of £43,229.
With a growing livestream following of Norwich Cathedral, (in the region of 500 people per week (25% Norfolk and Norwich, 20% USA and high uptake in the Low Countries) more international donations were received - total donations via the Chapel & York platform were £7,142.
A donation of £7,000 from an American donor and a number of anonymous smaller donations.
Expenditure / Activities in 2024/25
The Organ Festival - Saturday 6th - Sunday 14th July
The Cathedral Trust financially supported the Organ Festival at Norwich Cathedral.
Over 8 days a wide variety of concerts and events were held to celebrate and showcase the newly refurbished Cathedral Organ. Including concerts by David Briggs, Desmond McKenzie, Anna Lapwood, The BBC Singers, The Britten Sinfonia, as well as a battle of the organs by the Cathedral organists.
In total over 2,200 tickets were sold, with a total of individual customers of almost 900 sold across the week. A special series of events for school children, called WOOFYT (https://www.woofyt.org/) was attended by 226 children from 8 different schools.
The Trust managed the support from the Bumfrey Legacy to renew the curtains for the High Altar sanctuary.
Statham Society
The Statham Society had a target of increasing membership to 100 by the end of the year, and the intention of introducing joint memberships. With its built up resources it supported the production of new Choir robes for the new Senior boys Choir.
The Duke of Edinburgh (as Patron of the Statham Society) had visited in July 2024, on an informal basis, to engage with the choristers and admire the newly refurbished organ.
Acknowledgements
The Trustees extend their special thanks to:
-
all the members of the Statham Society; and
-
all further generous anonymous donors.
Page 3
NORWICH CATHEDRAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 4
NORWICH CATHEDRAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements Sn accordance wilh applicable law and United Kingdom Accounting Standards (United Kingéom Generally AcLepted Accountlng PractiC8). The law applicab18 to chariti8s in England & Wal8s requires the Trustees to prepare financial statements for each financial year which give a Irue and. fair view of the state of affaits of the Tnjst and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trusle8s are required to: select suitable accounting policies and then apply them consislenuy. obsetve the methods and principles of the Charities SORP (FRS 102); make ludgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) hav8 been followed, subject to any material departures disclosed and explained in tre financial stalements: prepare the financial statements on the Ing Conrn basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trusfs transactions and disclos8 Wlth reasonabl8 accuracy at any time the financial position of the Trust and enable them lo ensur8 that the financial statements comply wtlh the Charities Act 2011. Ihe Charity (Accounts and Reports) Regulations 2008 and the promsions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of th8 memb8rs of th8 board of Truste8s and sign8d on th8ir b8half by. H G Cator OBE DL Data: 20 June 2025 Page 5
NORWICH CATHEDRAL TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025
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 2025.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
Page 6
NORWICH CATHEDRAL TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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: 1| Mr F M E Shippam BSc FCA DChA
Dated: 17 September 2025
MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 7
NORWICH CATHEDRAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2025 £ 31,397 - 31,397 20,715 20,715 10,682 70,566 10,682 81,248 |
Unrestricted funds 2025 £ 5,102 6,730 11,832 3,910 3,910 7,922 263,769 7,922 271,691 |
Total funds 2025 £ 36,499 6,730 43,229 24,625 24,625 18,604 334,335 18,604 352,939 |
Total funds 2024 £ 261,436 4,955 |
|---|---|---|---|---|
| 266,391 | ||||
| 213,844 | ||||
| 213,844 | ||||
| 52,547 | ||||
| 281,788 52,547 |
||||
| 334,335 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
Page 8
NORWICH CATHEDRAL TRUST BALANCE SHEET 8 AT 31 MARCH 2025 2025 2024 Note Current assets Debtors Cash at bank and in hand 6.203 347,996 1,756 333, 779 354.199 335,535 Current Ilabllltles Credilors: amounts falling due within one year 10 (1.260) {q,200) Net current a88et8 352,939 334.335 Total assets less current Ilabilitl88 352,939 334,335 Total net assets 352,939 334,335 Charity funds Restricted funds Unrestrlcted funds 81.248 271.691 70,566 263, 769 Total funds 352,939 334,335 The financial statements were approved arKI authorised for Issue by the Trustees and signed on their behalf by,. H G Cator OBE DL Data: 20 June 2025 The notes on pages 10 to 18 form part of these financial statements. Pagè 9
NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 in October 2019 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 2025
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 2025
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 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 21,297 3,214 10,100 1,888 31,397 5,102 15,728 245,708 |
Total funds 2025 £ 24,511 11,988 36,499 261,436 |
Total funds 2024 £ 261,194 242 |
|---|---|---|---|
| 261,436 | |||
4. Investment income
| Unrestricted funds 2025 £ Bank interest 6,730 Total 2024 4,955 |
Total funds 2025 £ 6,730 4,955 |
Total funds 2024 £ 4,955 |
|---|---|---|
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NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Analysis of grants
| The Chapter of Norwich Cathedral Total 2024 Analysis of expenditure by activities Support of Norwich Cathedral Total 2024 |
Grant funding of activities 2025 £ 20,715 209,944 |
Grants to Institutions 2025 £ 20,715 209,944 Support costs 2025 £ 3,910 3,900 |
Total funds 2025 £ 20,715 209,944 Total funds 2025 £ 24,625 213,844 |
Total funds 2024 £ 209,944 |
|---|---|---|---|---|
| Total funds 2024 £ 213,844 |
||||
6. Analysis of expenditure by activities
Analysis of support costs
| Administration Governance costs Total 2024 |
Support of Norwich Cathedral 2025 £ 2,650 1,260 3,910 3,900 |
Total funds 2025 £ 2,650 1,260 3,910 3,900 |
Total funds 2024 £ 2,700 1,200 |
|---|---|---|---|
| 3,900 | |||
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NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Trust's independent examiner for the independent | ||
| examination of the Trust's annual accounts | 1,260 | 1,200 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .
9. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2025 £ 3,453 2,750 6,203 |
2024 £ 1,756 - |
|---|---|---|
| 1,756 |
10. Creditors: Amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 1,260 | 1,200 |
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NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Silver & Vestments Statham Society Choral Music Total of funds |
Balance at 1 April 2024 £ 263,769 9,280 61,286 - 70,566 334,335 |
Income £ 11,832 - 24,385 7,012 31,397 43,229 |
Expenditure £ (3,910) (1,300) (19,415) - (20,715) (24,625) |
Balance at 31 March 2025 £ 271,691 |
|---|---|---|---|---|
| 7,980 66,256 7,012 |
||||
| 81,248 | ||||
| 352,939 |
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NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Girls' Choir Fund General funds General Funds Total Unrestricted funds Restricted funds Silver & Vestments Statham Society Total of funds |
Balance at 1 April 2023 £ 1,200 207,006 208,206 14,980 58,602 73,582 281,788 |
Income £ - 250,663 250,663 - 15,728 15,728 266,391 |
Expenditure £ (1,200) (193,900) (195,100) (5,700) (13,044) (18,744) (213,844) |
Balance at 31 March 2024 £ - |
|---|---|---|---|---|
| 263,769 | ||||
| 263,769 | ||||
| 9,280 61,286 |
||||
| 70,566 | ||||
| 334,335 |
Designated funds
Girls' Choir Fund - represents charitable funds earmarked by the trustees towards the running of the girls' choir.
Restricted funds
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.
Choral Music - Funds received from individual donors, with the condition to be spent on the Norwich Cathedral Choir.
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NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year Designated funds General funds Restricted funds |
Balance at 1 April 2024 £ 263,769 70,566 334,335 Balance at 1 April 2023 £ 1,200 207,006 73,582 281,788 |
Income £ 11,832 31,397 43,229 Income £ - 250,663 15,728 266,391 |
Expenditure £ (3,910) (20,715) (24,625) Expenditure £ (1,200) (193,900) (18,744) (213,844) |
Balance at 31 March 2025 £ 271,691 81,248 |
|---|---|---|---|---|
| 352,939 | ||||
| Balance at 31 March 2024 £ - 263,769 70,566 |
||||
| 334,335 |
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 2025 Unrestricted funds 2025 £ £ 81,248 272,951 - (1,260) 81,248 271,691 |
Total funds 2025 £ 354,199 (1,260) |
|---|---|---|
| 352,939 |
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NORWICH CATHEDRAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Restricted funds 2024 £ 70,566 - 70,566 |
Unrestricted funds 2024 £ 264,969 (1,200) 263,769 |
Total funds 2024 £ 335,535 (1,200) 334,335 |
|---|---|---|---|
14. Related party transactions
During the year the Trust made grant awards of £20,715 ( 2024 - £209,944 ) to The Chapter of Norwich Cathedral. Trustees of Norwich Cathedral Trust are also Executive Members of Chapter.
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