2021-12-31-accounts

Southwark Cathedral Development Trust Registered Office.. Southwark Cathedrnl. London Bridge. London SE19DA Charity Registration number- 1069914 Report of the Trustees for the year ended 31" December 2021

CONTENTS Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Flnancial Statements

Report of the Trustees for the year ended 31" December 2021 The trusrees submit their annual report and the financial sratements for the year ended 31" December 2021. The financL41 statsments have been prepared in accordance wirh The accounting policies set out in noie I to the accounts nd comply with the charity'5 tyusf deed, rhe Chariues Act 2011 and Accounting and Reportyng by Charitses.. Statement of Recommended Praciice applicable to chariiies prep2ring their accounts in accordance with the Financi￿ Reporting Standard applicable in the UK and Republic of Ireland FRS102 leffecove l January 20191. Legal and Administrative Information Full legal name and address Southbydrk Cathedral Development Trust London Bridge London SEI 9DA Telephone.. [phone] Fax: [phone] Contatt email addres5= Charity number 1069914 Trustees The Very Revd Andrew Nunn. Dean Mr Matthew Knight M5 Jennifer Page The Venerable Dr lane Steen, Archdeacon of Southwark (resigned 31 December 20211 Mr Philip Sturrock Corre$pondent and Treasurer Mr Hatchew Kni8hi Banker$ CAF Bank 25 Kings Hill Avenue West Malling Kent, ME19 4IQ Independent Examiners Darren Harding ACA FCCA DChA Richard Place Dobson Service5 LimiTrd 1-7 Station Road Crawley est Sussex RGIO IHT Southwark Cathedrdl Developtnent Trust was esrablished by a Declara¢lon of Trust dated 26" May 1998 as Southwark Cathedral Millennium TrusL The trusLee5 approved a c￿nge to the trust's narne at their meeting on 15 December 2011 (o Southvrark Cathedral Development Trust which camè into effect on I'lanuary 2012 following approydl by the Charity Comrni55ion. This dÈtision was raken to reflect the ¢hanged narure of the trust's work following the completion of the mil￿nnIUm Buildings projett It Southwark C3thedral and the facr that future fundraising efforc would locus on new project5. In 2019 the trus￿e$ made a start tOVdrds changing the constitut¢onal p05irion tts that of a Charitable Intorpordced Organisation ICIOI. This work was completed in September 1021 and the Charity Commission registerd SoLrthwirk Cathedral.Development Trust CIO under Ehe charity number 1195743. Dday5 caused by the pandemic mean that the new CIO is yet ro set up a bank account and the assets of Southwark Cathedral Dev&lopmenE Trust have not yer been transferred to the new entity but this will be completed early in 2022. As a re5uIG Southyrark Cathedral Development Trust continued in operation throughoui 2021 and will do so lor the first part of 2022.

Objectives The truses objett5 Ire". the a¢fv3ncerr*nt of the Christian religion by such leg￿lY charitable means as the trustees from time to time determine.. co provide futds to assist iv developin8an¢J maintaining fabri4 amenities and the work of Southwark Cathedral. There has been no change ro those objects during the year. Structure, Governance and Management After several years of 1nattiv￿. the trus¢ees in 201 l estatrAished the policy of supportyng the Cathedrnl's lund-raising aLtivities and three aspects ofcathedrdl life: the Cathedral'5 musiG major new works and repairs to the Cathedral church and irs precincts idenofied by the Cathedral Architeu either in the Quinquennial Inspection reports or other proposals to the Cathedral Chapter. and new work based on Social mi$5ion in the local area. The Trust 8rant aid5 the operation of the Cathedral'5 FuThdrai5ing Office, which, inter alia, runs the Trust'5 day-to-day attivitie5 under the supervision of the Cathedral's Chief Opernting Officer. Since 2016. the Trust has responded co applications from thè Cathèdral for funds onty when these are approved by Chapter on the recoMm￿￿a00n of the Cathedral Fundraising Panel which. on beh￿f of the Cathedral Chapter. is responsible for. developing and Imp￿men￿n8 a coherent and fully researched fund-raising strategy and ensuring this strategy has the appro¥AI of the Chapter: working with the Cathedral Architea to identify fabric projects suitable for fijndraising and steering those projects to the point at whtch a project manager is appointed and work5 commence- working with the Chapter to develop the social mission project including advising on the creation of a project management committee when the parameters of the projett have been agreed by the Chapter.. working with the Director of Music on fundraising for works to the orKAn and the choir5 endov4ment fuTrd through the creation of a calendar of events and identification ol suitable major donor5- 4or%warding reque5tS. approved by Lhe tull ceam (including adviser3 , to the Developfnent Trustees for the payment ol grants to the Cathedral for specific project5- •d￿tifyIng and recruitiry Patrons who are individuals of excellence and influence in various settors of national life able and willing to assist in fund-raising a¢ivities and initiatives,. developing a budget and sraffing plan. overseeing production of publicity. coristructing fundrdising events programmes and approving all applications to foundations and other granc g'vers. The Trust has five fund5, four of which are res¢rithd. The general fvnd is unrestricted and is used ¢0 pay staff Salaries, Offi￿ costs and some fundraising costs where they Cannot be direcdy attributable to fundraising for a specifie purpose. The restritted fund5 are: Fabric- to provide grants to rhe Cathedrdl for repairs to the Cathedral and it$ precincts. Bells- to provide grants for the re￿a￿n8 of the Cathedral be115 and associated works in the bell chamber,. Music- to r￿e1ve endowment monles whlch would be transferred w the Cathedral's Choirs Endowment Fund to 5ur•ort the cott of music; to provide regular grants to the Cathedral'5 ￿rIs, and boys. choirs from donaiions received.. and to provide grants for work orb the organ., Mi55ion- to prowde grant5 to the cathed￿ to help it realise its mission priorities. The Fundraising Panel membership is as follow5.. The Very Revd Andrew Nunn. Dean. or the Sub Dean, in hi5 absence Matthew Knigh¢ Cathedral Comptroller (until his retirement frgm that role in lune 2021 after which his place w taken by lustine Horseman Sewell. the new Chief Operating Offl￿r Tom Poole, Cathedral Fundraiser assisted, in an adwsory capacity. by. jennifer Pw 2nd Richard Cornwell The Pdnel meets on a monthly basis. Decisions on the use of trust funds for projects are ¢aken by the full trustee board. The trus¢ees are responsible for decisions abour investment or other allocation of tru$t fund5 in adwance of eNpendI￿re on approved projects Trustee5 rneet at least twice a year and additional bu5ine5s can be condUC￿d by email between meeting5. There was one than￿ to the trustee membership during the year with the resignation of The Vener2ble Drjane Stser4 Archdeacon of Southwark following her appointment as the new Bishop of Lymn in the Diocese of Norwich.

Risk The trustees consider that the main ri5k5 arise from adverse movements on investff*nts and from miss-handling of tran5actyons between the Trust and the Cathedrdl. Trustees keep under review the perfOrff0n￿ of invested monie& Until the end of lune 2021, when the separation of roles of Trutt Treasurerand tha¢ ol Cathedral Comptroller was made, one trustee monitored eath transaction involving transfer of funds from the Trust to the Cathedral. In general, trUS￿e$ believe systems and contro15 designed to mitipte the major risks to which the rru5t 15 exp05ed, a5 identified by them, are saiisfactory. Achievements and Performance 2021 was the tenth full year of activiry in the Development Office. The Fundraising Panel met on a monthly basis to co- ordinate variou5 fundrnising projects and grant applications. Opportunities for lund-raising were limiced by the continuation of the Covid-19 pandemic. which depressed opporyunities for engagetnent with both grant &vers and donors. As in 2020, much of the Fundraiser's time wa5 Spent on lundrnising effort5 directly for Southwark Cathedral focusing mainly on the financial challenge5 posed by Covid-19, including successful applications to supporr the costs Df the Cathedral through fijnding schetlle5 set up by the government 2nd the Church Commissioners. Southwark Cathedrnl submitted an applitrdtion tc) rhe Culture Recovery Furbd Second Round (Ya the National Lts[￿ry Heritage Fund) and receiva £75,600 for l April to 30 lune 2021 runTring cost5. An application to the Culture Recovery Fund for Heritage to funij urgent upgrades to the Cathedral's building $ervices (including electrics. lightingand heating) was successful, and Southwark Cathedra5 received a grant of £59,263.20 toward rhe works, which are due to be completed by the end of lune 2022. Successful applications were submitted by Southwark Ca¢hedr21 to the Cathedrals sustainabil￿rY Fund for support toward staff employmentcostS totalling 1196,088 including contributory funding for the salary costs of the new Chief Operating Officer Ifor the period 2021-20241 and funding for a Head of Propercy and Es(ates p05L In addition, funding tor411ing £25.000 was received by Southwirk Cathedral from the Allchurches Trust. This annual grant support provide5 very imwrv4ni funding for the daily mission and ministry of the Cathedral. Aside from the above, the Trust's hjndraising efforts were focussed on secunng targeted amounts of money for the Chapter's Smaller fabric projects in the Cathedral while also developing a long-tern) stratw for encouraging legacy "ving and ￿￿nTrIng for the large-scale fundraising for the Potenti￿{r muki-phase access Improvemen￿ project. During 2021 the Trusr continued to receive grants and donations roward5 the cost of the Cathedral's music including a furthergrant of £B,(M)O frorn Morden College for the Boys, Choir received in August and due to be paid to the Cathedral in early 2022. A nun￿er ol other.donations were received towards the running costs of che Boys.. Gir15' and Merbecke Choirs. The Tru$c Continued to enjoy waluable supptsrt from the Sanderson Foundavon which made a grant of £IO.QOO togeneral funds, which We￿ paid to support the cost of the Cathedral Development Office togerher with 5everdl other large individual ￿ft$ for fabric and restofat4on ol the Cathedral's rare books. During 2021 the Trust received £25,312 toward5 its main areas of fundraising.. £14,572f¢rfabric, £510 for bells. £10,190 for music. In addition, General Fund income totalled £17.500. Fundraising costs in the year We￿ £4&653 and the trustees made grants to Southwark Cathedral of £32,162 for fabric and £16.440 for mus1C. Ac the year end, the balances of restricted fund5 were as follows: Fabric Fund - £104.127 which is being hdd for future 3cces5 works in the C&thedral., Bells Fund - £7.807 which is being held pending add￿OnI1 work5 on the bell-fratne consequenval on the 2016 re.hanging of the bell5.' Music Funa- £3.n7 consisting of 3mouTrt5 due ro be paid over to the Cathedral in 2022., Mission Fund - 1$1.650 held for future grants to support the chap￿r.$ plans for social mission activity from a refurbished All Hallows Church site. Unrestricted Fund- £953,811. In 2dditioTr to resources co grant fund the Cathedral's Development Office. the remaining funds are being held pending a decision on how best to use the money. A more detailed explanation is contained in the Reserves Policy section below.

Financial Review Reserves policy orto 2017 It was the aim ofthe trustees to pass fvnd5 to Southwark Cathedrdl as quickly 2S W2s cornpatib￿ with the project approvds. having regard to agreed procedures ind trustee responsibilities: in general therefo￿ the trustee$ airns were to maintain reserves only to cover one year'$ experted administrative and Staffing cost5 of the Cachedral DevebpJneni Office. Following receipE in March 2017. of the John Trevor Williams le8acy1£688,266} the Trustees decided to keep this unrestritted le￿cY in the general fund pending a decision on how best to Use the money. There 1$ therefore currendy a larger reserve than is needed simply for Developmenr Office purposes. The Trustees consider that these ￿serveS should be used for projects which offer long-term improvement to the physical state of the fabric, to the pre5erRtion of its musical trndition and to the mrssion and operLtiOThS of the Cathedral, but have nor formed a view a5 co the proporrion to be devoted to each. Based on current discussions with the Cathedral Chapter, and in line with this formulation, however. the Trustees intenuon is chat a proportion of this larEer reserye should be used to fiJTrd attÈss itnprovement work5 at the Cathedral. Further stages ol the acces5 works are experted to be carried out in 2022 and 2023 after the TrusE has passed its funds to Southwark Cathedr31 Development Trust CIO15CDT CIO}. The trustees believe that the tinscale over which current lund5 will be appli￿ on acces5 improvement or other proiett5 will extsnd over a period of some years.. the Trustees, while maintaining mI￿rI￿ cash balances, have thwefo 211ocated a subsranrial portion of Currenr lunds ro CCLA investments. It will be for the Trustees of the successor body {SCDT CIO) to determine a reserves polKy for the lon8er term. Summary ofresults The Statement of Financial Actiwties on pge 9 Shows that the trust started the year with a fund balance of £l.CQ8,097. Totsl Incon￿ during the year vns £41812 (compared with £44,787 in 20201- Developmenr O(fiee cosr$ were £43.460 (compared with £41,720 in 20201 the maiority of which consisted of the full- year salarycost5 of the Fundrdiser. Fundraisingc05ts amounted to £2,716 Ir237 in 20201. mainly hospir21ity in connection with frjndrrising events and opportunttie5 W thank donors. The figure in 2020 was much lower as pandemic restrittions made fa￿-t1>face fundraising evty)ts Impossible that year. The trust made grants to Southwark Cathedral of £48,602 in 2021 Icompath ro Q6.031 in 2020). Ofthis. £31162 YA5 ven for fabrit works. print1p￿lY for the ac£e55 project and repair5 ￿ the heating 5ystrm, and £16,440 lor music. The investrnènts in CCLA Propery and Investment Funds achieved ¢Inre￿I$ed pns of £167.468 durlng the course of the year. Total fund5 fdrried for*vard at the year-end are £1,121,122. On the balance sheet at the year end, there is deferred income of £8,000 due to be recogni$ed in 2021 which consist$ of a rjonation from Morden Collese for the Boys, Choir. On behalf of the trustees The Very Revd Andrew Nunn Trustee Dats.. 26 july 2022

Independent Examiner's Report to the Trustees of Southwark Cathedral Development Trust for the year ended 31[st ] December 2021

I report to the Trustees on my examination of the financial statements of Southwark Cathedral Development Trust•for the year ended 31" December 2021.

Responsibilities and basis of report

As the Truste[e] s of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity's financial statements carried out[u] nder section 145 of the 20 I I Act. In carrying· out my examination I have followed all the applicable Directions given by the Charity Commission under section I 45[(] 5[)] (b[) ] of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I 02) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on I April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after I[J] anuary 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:

• I. accounting records were not kept in respect of the charity as required by section 130 of the 20 I I Act[; ] or 2. the financial statements do not accord with those records[; ] or

• the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as pare of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Darren Harding ACA FCCA DChA

Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RGIO IHT

Dated ..........................1 August 2022............. .

7

Southwark Cathedral Development Trust Statement of Financial Activities for the year ended 31" December 2021 Unrestrlcted Restricted Endowment Funds Funds Funds Total Funds 2021 Notè Income from: Donations and legacie5 Trading and fundrai51ri8 activitie5 Other 17.500 25.312 42,812 Total Income 17,500 25.312 42,812 Expenditure on: Raising Funds Charitable acitvities 48,653 48,653 48,602 48,602 Total expendityre 48,653 48.602 97.255 Net income before inveslrnent galns (23.2901 154,4431 Net gain￿(lO$se$l on inve$unents 145,022 22.446 167.468 Net income 13,869 {8441 113,025 Transfers between funds Net movtsment In funds 13,869 18441 113.015 Funds rètontlllatlon Funds brought lotw3rd 839,942 168.155 1.008,097 Total Fund5 Carrled Forward 953,811

Southwark Cathedral Development Trust Statement of Financial Activities for the year ended 31" December 2020 Unrestrlc¢ed Restricted Funds Funds Endowment Total Funds 2020 Note Fund$ Inconie from: Donatior*s and lega£ie5 Trading and fundrni$in2 actNities Other 20,308 24,479 44,787 Ttstal income 20,308 24,479 44,7B7 Expenditure on: Raising Funds Chantsble activities 43,181 3,500 43,181 26.031 22,531 Total expenditure 46,681 22.531 69,212 Net In<ome before investment galns Q6,3731 1.948 Q4,4251 Net 8ain510055e51 on Irbv¢S￿7entr 56,591 56,591 Net income 30.218 1,948 32,166 Transfers between fund5 Net movement in fund$ 30.218 1,948 32.166 Funds reconciliation Funds brought forYdrd Total Funds Carried ForAfard 809.724 166,207 975.931 839.942 168.155 1,008,097

Southwark Cathedral Development Trust Balance Sheet as at 31" December 2021 Not¢ Unrwtrl¢t¢d R¢strlct¢d Endowm•n¢ Total Funds Total Fut)ds 2021 2020 Current A55ets Debt¢rs Cash at b8Ak and in han Investyll￿ts 1,5CK) 18.537 935,574 1300 46,502 1,082,920 10,358 21,287 985,452 27.965 147.346 955,611 1,130,922 .017,097 LIabIll￿*S Creditor& Amwnts falllng dve ￿￿thIn one year 1.800 8.000 9,800 9,000 Net Assets 953.811 ,000,097 Representyn8'. Fund$ Lhresrictsd ￿ndS 953,811 953.811 104.127 7.807 3.727 51,650 839.942 106.999 7,257 9.977 43,922 Fabric Fund 104.127 7.807 3,727 51.650 Bells fund Mu51c Fund Mi5sicffj Fund 953.811 1,008.097 These account5 were approved by the trustees on 26Juty 2022 The Very Revd Andrw Nunn Chairman of the Trustees 10

Southwark Cathedral Development Trust Notes to the Financial Statements Accounting Policies Basis of preparntio These accounis have been prepared on the basi$ of historic C05t (except that investments are shown at wnarket valuel in accordance with Charitses kntement of Recorntnended Practice Accounting and Reporting by Charities. Financial Reporting Standard ap￿Ica￿e in rhe UK and Republic of Ireland {FRSIO21 issued on I january 2019 and the Charities Att 2011. The financial statsmenrs have departed from the Charities (Accounts and Report51 Regulations 2008 only co the extent required to provide a true and fair wew. This departure has invdved following the Statement of Recommendeé Practite for charities applying FRS 102 rather than the version of the Staterr*nt of Recommended Practice which 15 referred to in the Regulauons bu¢ which has since been withijrawn. The charity ha5 taketb advantage tsf the pro￿$10￿5 in the SORP for charitie5 applying FRSI 02 Update Bulletin I not to prepare a ststement of Cash Hows. Incoming resources Recogniliolj orincoming resources These are included in the Statement of Financial ArtNitie$ ISOFAI when: the trust becomes entitled to the resources,. the trustees are virtually certain they will receive the resources- 2nd the monetary value can be measured with sufficient reliability. It)coming resources with reloted expendi￿re Where incoming resource5 have related expenditure 12S With fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOF GrJnts und donations Grants and donations are only included in the SOFA when the charity ha5 unconditional eThudement to the resources. Tox redoirn5 on donotions ¢KJd Eifts Incoming resources from tax reclaim$ are Included in the SOFA at the same time as the co which they relate. DonoteLI seryices roc11￿e$ These are only included in irbcoming ￿$oUrCeS Iwich an equiTrralent amount in resources expendedl where the benefit to the charity is reasonably quanufiable, r￿asUrable and materi￿. The Wdlue placed on these resources is the estimated Ydlue to the charity of the Se￿te or facility received. Volunteer he The Yaltje of any voluntary help received is not induded in the accounts btst is described in the trustees. annual reporL Invesunent incom 15 Included in the account5 when receivable. Investment gains and losses include any gain or loss on the $21e of investments and any gain or loss resulting from revaluin8 investmenrs to market value at the end of the year. Expenditure •nd liabilitles obility reCogn￿ty￿ liabilities are recognised as soon as there is a legl or constructive obligtyon committing the tharity to pay out resources. Support costs These include costs of the preparatlon and examination of 5tacutory accounts. the costs of truttee mÈetings and eost of any legal athfice to trustees on governance or con5Citution21 matters. Gronts with Performonce condttions Where the charity yves a gr2nt with conditions for its payment bsng a specific level of service or output to be provided. such ￿ants are only recognised in the SOFA once the reciwent of the grant ha5 provided the 5pecthed service or outPUL

&ohts poyoble I￿hOul performonce condrtiOn5 These are only recogni5ed in the accounts when 2 commi¢ment has been made and there are no conditions to met relating to the grant which remain in the control of the chariry. SLWort C05t5 Support corts include cost5 of the preparacion and examinarion of stawtory account& the costs of trustee meetings and cost of any legal athce to trustees on governance or constitutional matters and have been allocated to attiwty cost categorie5 on a basis consistent wth the use of resources. Assets Tdngible flxed osset5 for use ty ch(rrJty These are capitalised if they can be used for more than one year, and cos¢ at least £500. They are valued at cott or a reasonable value on receipL Inyestments Investtnents quoted on a recognised stock exchange are valued at market¥rdlueac the year end. Other investment assets are included at tru$ts' best esUrna￿ of market valu Financial Instruments The charity ha5 elerted ro apply the provi5Fons of Secuon I I 'Ba5ic FinaThcial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of its financi21 instruments. Cash and cash equivalents Cash ind cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid inve5tmeTrts w￿h ori&nal maturiries of three months or less. Goin8 Concern At the tirne of approving the financial statements, the Trustees have a re￿nable expecr2tion that the charity has adequate re50urce5 to continue in operation31 existsnce for the foreseeable future. Thus the Trustee$ continue co adopt the g¢yng concern ba515 of accounung in preparing the financial statements. Charitable Funds Unrestrieted funds are afdilable kr use at the discretion of the Trustees in furtherance ol their charitable objettivès. Restri(Eed funds are subject to speufic conditions by donors a5 to how they may be used. The purposes and use5 of the restricte¢S fund5 are Set out in the note5 to the financial statemeThts. Critical accounting judgements.And estimates In rhe application of the charity's attounting policies, the Trustee5 required to m2ke judgements. ewmaos and a55umption5 abouE the carrying amount of assets and liabilittes that are not readKly apparenc from other sources. The es¢ima¢es and associated assumptyons are based on historical experience and other faccors that are Considered to bE relevanL Actual re5uIt5 may differ from thesè estimates. The estimates and Unded￿ng assymptions are reviewed on an ongoing basis. Revisions to accounting estimates are reco￿lsed in the period in which the estimatr is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects borh current and future perKJds. E$timates Investment value- Valuation of investments at market vakje, based on calculation by the invertmentfund manager. The invettments hek4 are all shares listed on a recognised stock exchange and have an easily idencthable market value.

Income Unre5tri¢t*d Funds Restricted Endowmènt Tot￿ Funds Total Funds Funds 2021 2020 Donation$ and le8a£les Donation5 and fiJndrAising appeals Tax recoverable under Gift Aid I6,￿0 1.500 23,637 1,675 39,637 3,175 44.737 50 17,SOO 25,312 41812 44.787 Trading and fundrnlslng activities Income from fundraising even Investments Bank interest Tirt 17,500 25,312 42,812 44,787 Expenditure of raising fund5 Unrestricted Funth Restrifted EThdowment Total Funds Total Funds Funds Funds 2021 2020 De¥el¢pment OFfice staff Fundraising events Development Office Costs Support COSts 43,369 2,716 43,369 2,716 41,631 237 89 1.224 2.477 48,653 2.477 48,6S3 43,181 xpenditure on Charitable Activities Unrtstrictsd Funds Re5trlcted Endgwment Total Funds Total Funds Funds Funds 2021 2020 Grants paid to 5outhwark Qthtdral Other payments 48,602 48,602 26,031 48.602 48,602 26,031 Debtors Unrestricted ftestrlcted Èndowment Total Funds Total Fund5 Fund5 Funds Funds 2021 2020 Tax recoverablè under Gift Aid Other debtors 1,500 1,500 50 10,308 1,50Q 1.500 10,358 13

Creditors: Amounts falling due within one year Unrestricted Restricted End0wm￿t Tot￿ Fund$ Total Funds Funds Funds Funds 2021 2020 Other ryeditors and accruals Deferred inc￿¢ 1,800 1.800 8.000 1.000 8,000 8.0(¥J 1.800 8,0(x) 9,800 9,000 Employees The Devel?pment Trux does not direcdy employ any staff. k makes a ￿an[ to Southwark Cathedral for the annual total salary c05t5 of the Fundrdi5er who is employed by Southwark Cathedral on fundraising efforts. In 2021 the grant wa5 used to pay rhe following amounts {comparable figures for 2020 a150 shtswnl to Southyrark Cathedr41.. 1021 2020 Employet ¢osts for the year Salarie5 Employer's national Insurance costs Employer's pensioTh contribuuons 36,057 3,760 1,803 36.057 3.771 1.803 41,620 41.631 Transactions with Trustees None of the Tru5tee5 (or any person connected with them} received any remuneration or benefits from the charity during the year. Independent examiner's remuneration 2021 2020 Independent examineT5 remuneratsc 1,800 1,000 l O Related party transactions Thère were no di5tlosable related party transaction5 during the year12020 - none).

I l Restricted Funds 2021 Fabric Bells Music Mi551011 Fund Totsl Funds 2021 Fund Fund Fund Inccne from: Donations and legacie5 Tr3d1￿ and fijndraising activites 14.572 550 10,190 25,312 Total 14J72 550 10,190 25,312 ExpeThdibJre on.. Raising FuDd5 Charitsblè activmes 32.162 16.440 48.6Q2 Totsl eMptnditilT• 32.162 16,440 48,6Q2 Net income I lexpendibJrel l>efore investment gaiths 117,5901 550 16.2501 123.2901 gin$lllossesl on investments 14,718 7,728 22,446 mo¥•nrb¢ In ltsnds 12,8721 550 16.2501 7.728 18441 Funds reconciliation Fund5 brought forward 106.999 7257 9,977 43.912 Total Funds Carried Forward 7007 3,727 51,650 Restricted Funds 2020 Fabric 8tlls Music MIs51011 Totsl Funds Fund Fund Fun Fund 2020 Income from.. Donatyons and legaci Tradini and fundraiyng actyvities 142 510 23.827 24,479 Total 510 23.827 24,479 Expendltsre on.. Ratslng Funds charitab￿ a¢ty¥ities 8,552 130 13049 22.531 T(tsl expendltyre 8,552 13049 22.531 Net Income l (expenditure) before Investsn¢n¢ gains 18.4101 380 9.978 1.948 Net gaimsl(losses) on investments Net movement In funds 380 9,978 1.948 Fund5 recontill*tlon Fund5 brtyJghtlorward Totsl Funds Carried Forward 6.877 43,922 166,207 106.999 7.257 9.977 43.922 168,155 For an explafiation ol the funds listed above. see pase 4. 15