COMPANY NUMBER 03961185 CHARITY NUMBER 1087965 THE MANCHESTER CATHEDRAL VISITOR CENTRE (A Company Ilmli•d by guarantsa) Report and Flnanclal Statements Year Ended 31 Decembèr 2020
THE MANCHESTER CATHEDRAL VISITOR CENTRE Annual report and flnan¢lal 8tatements for the year gnded 31 Docomber 2020 Contents Pago: 1-3 Report of the Truste8S Report of the Independant auditors statement of Flnancial Activlties Balance she8t 10-12 Notes forming part of the financial statements TruBteo• The Very Reverend R.M. Govender Mr J. Blakey Ms CA. Feeney J.P Reverend Canon D.A. Holgate Mr O.J. Horan Mr R.H. Lloyd Mr A. O'connor Mr N. Payne Reverend Canon M.Z. Wall S•cr•tsry and rog1st•r offlco Mr D.J. Horan Manchèster Cathedral M8nch88ler M3 1SX Independènt Audltorn BDO LLP Two Snowhill Birmingham B4 6GA Bank•r8 The Royal Bank of Scotland plc Sl. Ann Street Offlce Sl. Ann Street Manchester M60 2SS
THE MANCHESTER CATHEDRAL VISITOR CENTRE Report of the trusto08 for the year endod 31 Docombor 2020 The trustees present their annual report and the audilecl finan¢ial statements for th8 year ended 31 December 2020. Gov•mlng Document The Manchester Cathedral Visitor Centre is a company limited by guarantee governed by its MerrKir8ndum and Arts'cles of Association dated 27 March 2000. It is regist6d as a ¢harity with the Chaiity Commission {10879551. In the event of the charity winding up each m8mber shall contribute an amount not exceeding £10. The Charity's objects in the Memorandum of Association were amènded at an Extraordinary General Meeling of the Company on 10 May 2001. Tha r6vlsed Charlty's objects are to advance the education of the public in the history and heritage of ManGh8ster Cathedral and the surrounding area in PartUlar by the provision of a Visitor Centre. In furtherance ol the oblects but not otherwise the Charity may exercise the following powers.. (i) to provide, manage, operate and maintain the amenits'es and facilits'es of the Cathedral Visitor Centre of Manchester Cathedral., Ill) the preservation. protection and Improvement of any buildlng or buildings of hi81oric, archileclural or artlsti¢ or scientiflc Interést and Importance. and any other buildings, as shall or may at any lime be ve8le¢J In the Charity or In r88pecl of whlch the Charity Shall have any interest.. (111) the pres8rv8tlon, protectlon. and improvement of all furniture, pictures, historic records, books, manusGript8, porcelain, silver and gold, objects d'art and other ¢hattels or items of national, hlstorlc, artlslic. or 8cienllfic interest associated wlth or displayed in any such building or building8 or in Manchester Calhedral., {Iv} the promotlon of the rellglous purp08e8 of Manchester Cathedral., {v) the advancenwnl, improvement, promollon and development of the education of the publlc by promoting Cultural, social and artistlc Including exhibitions, information services on themes relatlng to Manchester Cathedral and the Manchester Millennium Quarter, le¢lures, demonslralions. performances ol drama, music, opera and ballet, dance. film shows, poetry readings, paintings and s¢ulptur8, literature and other arts. Tru8tM• The Articles of Associatlon provide that the number of Irustee5 sh811 not b&18ss than three but shall not exceed elve at any one Ilmo. Th? trustees of the company during the year were.. The Very Reverend R. M. Govender (Chapter Tru8te81 Mr J. Blakey Ms C.A. Feeney J.P Reverend Canon D.A. Holgate Mr D.J. Horan Mr R.H. Lloyd Mr A. O'connor Mr N. Payne Reverend Canon M.Z. Wall Cllr W. Jeavons reSned on 26 October 2020.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Report of tho tru•te for tho year ondod 31 De¢omb¢r 2020 (contlnued) Activity The wholly owned trading subsidiary of the company is Manchester Cathedral Ventures Limited. A company incorporated in England & Wales. In pr8paring these financial statements advantage has been taken of the exemption not to prepare consolldated financial statements incorporallng the resuks of its subsidiary. A¢hl&vemant8 and perfornian¢• During the year the company incurred buildin9 insurance, marf(eting ¢08t8, professional fees and building repairs in runnin9 the Manchester Cathedral Visitor Centre. These costs were mostly covered by the receipt of a deficit funding grant from Millennium Quarter Trust Ltd. The agreement was e$tsblished as part of the arrangement foi the City lo acquire the former Vlsitor Centre shop following the IRA bomb damage in 1996 which allowed them to rebuild the city centr8. The excess of expenditure over incom8 of the company for the year end8d 31 December 2020 was £86212019 £1.1501. The charity has improved the Visitor Centre experience by including better slgnage for Manchester City Centre's only scheduled ancient monument. the Hanging Bridge. In addition, the Volunteer Manager of Volition Community arranges for volunteers lo organise vlsitor tours to commence in thè bulldlng and the Itinerary includes Hanging Bridg& and Cathedral. Pl•n• for th• futum p•rlod The trus18es are concerned thal the trading sub81diary wlll not be profitable during 2021 due to Covld-19 and are revlgwing its activities. Publlc B•noftt The trustees have due regard to the Charrty Commission guldance on publ1¢ benefft. RHorvM policy and golng concorn Reserves ale nèeded lo bridge the gap beeen the Spending and receivlng of income and to cover unplanned emergency repairs and other expenditure. The trustees ¢onsider that the Ideal level of reserves as al 31 December 2020 would be £25.000. The trustees are working with the directors of the trading subsidlary to ensure that the current level of reserve8 improve¥. The Reserves at 31 Decèmber 2020 amounted to £10,447 12019 £11,309) Ihout the support of Mill&nnlum Quarter Trust whlch provides a deficit fundlng grant to the rnPany and its subsidiary it is doubtrul that the company could continue operating. Any profits from the subsldlary will be Gift Aided lo the charity. Rlsk m•n•gam•DI Tho trustees have a risk management stralegy which compri8es-. an annual review of the principal risks and uncertalnties Ih8t the charity and Ils subsidiary Manchester Cathedral Ventures Limited face., the establishment of policies, Systems and procedures to mitigate those risks identified in the annual review,. and the implementation of procedures designed to minimi5e or manage any potential impact on the charity should those risks materialise.
THE MANCHESTER CATHEDRAL VISITOR CENTRE R?port of the trustees for the ygar ended 31 Do¢ember 2020 (continuod) Rlsk manag•ment (contlnued) This work has identified that financial sustainability is the malor ffinancial risk for both the charity and its subsidiary. A key 8lem8nt in the management of financial risk is a regular review of available liquid funds to settle éebls as they fall due. Tegular liaison with the bank, and active management of trade debtors and creditors balances lo ensure sufficient working capital by the Charity and its subsidiary company. Attention has also been focussed on non-financial risks arising from fire. health and safety of conference delegates and other visitors lo the cenlre. These risks ar8 managed by having robust policie5 and procedures in place, and regular awarèness training for staff working in these operational areas. The Trustees have revisited the going concern assessmant in September 2021 following the outbreak of Covid- 19 in early 2020. Although there has been Some impacl this has been quite minimal for the charity and has no material impact on th& financial viability in the foreseeable future. Trustee•. respon•lbllftlo• The charity trustees (who are also directors of The Manchester Cathedral Vlsitor C8nlr8 for the purposes of ¢ompany lawl afe responsible for preparing a Iruslees, annual report and financial slatement8 In accordance wrth applicable law and regulations. Company law requlres the charlty trustees to prepare the financial Statements for each fi'nanclal year. Under that law the Irusle88 have elected to prepare the financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel, including Financlal Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Under company law the charlty trustees must not approve the financial statements unless satisfi8d the giv8 8 true and fair view of the slat8 of the company and the profit or loss of the cornpany for that penod. In preparing the88 ffinancl statemen18, the tru6tee9 are requirèd to.. select suitable a¢Gounting policies and then apply them consistently., make judgements and eslimales that are reasonable and pwdenl., stale whether applicable UK AGGounting Standards hav8 been lollowed, 8ublect lo any matèrial d8partures disclosed and 8xplained in the financial statements., prepare the financlal statem8nls on the going wncem basis unless it 18 inappropriate lo presume that the company will conllnue in business. The trustees ar8 SponSible for ke8ping proper accounting records which disclose wrth reasonable accuracy at any time the financi81 position of the company and to enable them to ensure that the financial statements comply wllh the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable step8 for the prevention and detection of fraud and other irregularities. Dhclo8ure of Inforniatlon to audltorn Each of the person8 who are trustees at the time wh8n this Trustees, rert is approved has ¢onfimied that.. so far as that trustee18 awarè, the is no relevant audll Informatlon of which the ¢ompany'$ auditors are unaware, and that trustee has taken all the 8teps that oughl to havé been taken as a trustee in order to be aware of any relevant audit Infomiatlon and to estsblish that the company's auditors are aware of that infom)ab'on. In preparing this trustees, report advantage has been taken of the small companies, exemption. This report was approved by the board on 23 November 2021 and slgned On behall of tho Board 'CONNOR- Director
THE MANCHESTER CATHEDRAL VISITOR CENTRE R•port of tho Independent audiiors INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF MANCHESTER CATHEDRAL VISITOR CENTRE Opinion on the financial statemgnts In our opinlon. the financlal stslements-. gNe a true and fair view of the state of the Chadtable Company'8 affairs as at 31111 December 2020 and of incoming Trsources and applicabon of resources for the year then ended,. have been properly prepared in accordance with United Kingdom G8nerally Accepted Accounting Practice,. and have been prepared in accordance with the requlrements of the Companies Act 2006. We hav8 audlted the linancial statements of ManGhoster Cathedral Visitor Centre I the Charitable Company } for the year ènded 3111 De¢emb8r 2020 which comprlse the ststemenl of financial activities, the balance shéet and note5 to the financial ststements, including a summary of significant accounting policies. The financial reporting fram8work that has been applied in their preparation 1$ applicable law and United Kingdom Accounting Standard5, including Flnancial Reporting Standard 102 Th8 Financial Reporting Stand8rd 8ppIic8ble In th6 UK and R8publi¢ of Irel8nd (United Kingdom G&n&rally Accepted Accounting PraGts'¢el. Basls for opinion We conducted our audit In accordance with International Standards on Audlting {UK} IISAS IUKII and applicable law. Our responsibili118s under those standards are furth8r described in the Auditor's ffjsponslbili118s for the audit of the financial slalements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our oplnion. Ind•pendonc• We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audll of th& financial statements in the UK, including the FRC'S Ethical Standaré and we have fulfilled our olher elhlcal re3ponsibilitie8 In accordance with these qUIreMentS. Conclusions related to going ¢on¢em In auditing the flnancial slatemenls, we hav8 concluded that the Trustees, Use of the going eoncfrrn basis of accounting in the preparation of thé financlal statements is appropriate. Based on the work we have performed, we have not identified any materSal uncertainties relating to events or conditions that, individually or collectively, may Ga$t significant doubt on the Charitable Company's ability to continue as a going concém for a penod of at least tsvelve mnths from when the financial statements are aulhorised for issue. Our responsibilities and the responsibllllie3 of the Trusteés with respect lo going concern are described in the relevant $eclion$ of this report.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Report of th• Independent audltorn INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF MANCHESTER CATHEDRAL VISITOR CENTRE Icontlnuedl Other infomation The Trustees are responsible for the other information. The other information comprises the information included in the Tfuslees Report, other than the financial statèments and our audilorfs report thereon. The olher information comprises.. the Trustees Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otheMi8e explicitly slated in our report, we do not express any form of assurance conclusion theon. Our responsibility is to read the other information and, in doing so, consider wheth8r the other information is materially inconsistent with the financi81 statements or our knowledge obtained in the audit or otherw15e appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we arè required to determine whether there is a material misstatement in the financial statements or a malerial misstatement of the other information. If, bas8d on the work we have performed. we conclude that Ihare is a material mi5stslement of this other information, we are required to report that fact. We h8ve nothing lo rèport In this regard. Other Companies Act 2006 reportlng In our opinion, based on the work undertaken In the ¢our88 of the 8udlL the information given in th8 Trustees, Report, which Includeg the Directors, Report prepared for the purposes of Company Law, for the financial year lor which the financi816tatements are prepared is consistent with the financial statements,. and the Dir8Ctors' Report, which ara included in the Trustees, Report, has been prepared in accordanc8 wlth applicable legal requirements. In the light of the knowledge and understanding of the Charitable Company and its envlronment obtalned in the course ol the audit, we have not idenliffied material misstatements Ihe Strategic report or the TTu51ee's report. We have nothing lo report In respect of the following matters In r818lion to which the Companies Act 2006 requlre8 US to report to you if. in our opinion., adequate accounting rerdS have not been kept, or returns adequate for our audit hav8 not been rectived from branche8 not visited by u8., or the flnancial stal&monts are not in agement with the accounting records and retum8.' or certain disclosures of Directors, remuneratoon speclfied by law are not made,. or we have not re¢elved all the inf0mtIon and explanatSons we require for our audit.. or the truglees were not enliued to PT&pare the financial statements In accordance with the small companies regime and tak& advantage of the small companies, exemptions in preparing the directors, report R&sponsibilities of Trustees As explained more fulty in the Trustees, responsibilities Statement. thè Trustees (who are also the directors of tho charitable company for the purposes of company lawl are responsible for the preparalDn of the financial statements and for being sat15fied that they give a true and fair view, and for Such internal control as the Trustees determines Is necessary lo enable the prepafation of financial statements that are free from material misstatement, whether due to fraud or error.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Report of the Indopfrndent audltorn INDEPENDENT AUDITOR'S REPORT TO TRUSTEES OF MANCHESTER CATHEDRAL VISITOR CENTRE {Continuodl In preparing the financial statements, the Truste88 are responsible for as88ssing the Charitable Company's ability to continue as a going concem, dis¢losing. as applicab18. matters related lo going concern and using the going concern bas1$ of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for th8 audit of the financial stslements We have been appolnled as auditor under the Companies Act 20C* and report In accord8nce wlth the Act and relevant regulations made or having effect thereunder. Our objectiV88 a to obtain reasonable assurance about whether the financlal slalements as a whole are Ie trom material misstatement. whether due lo fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable 8ssuranc8 Is a hlgh level of assurancé, but is not a guarantee that an audit conducted in accordance with ISA$ IUKI will avaYS delecl a material misstatement whèn it exists. Misslatemenls can ase from fraud or error an¢J are considered material if, individually or In the aggregat8. they could reasonably be expected to influence the economic decisions of u8ers taken on the ba818 of these financial statements. Ext&nt lo which th& audlt was cap8bl8 of detecting lffegu18ri11es. includlng fraud Irregularilles. including frau¢J, are instances of non-compliance with law8 and regulations. We design proceduras in line with our résponsibilities. outlined above, lo detect mal8rial misstatements In respect of irregularities, including fraud. The éxtènt to which oui procedures are capablè of delecung irregularllies. including fraud is detalled below.. We made enquiries of managemènt. This included tho following., how they have identified, evaluated and complied with laws and regulation8 and whether they were awa of any instances of non-¢ompliance', their process for detecting and responding lo the rlsks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.. and which internal controls have been eslabllshed to mltlgate rl8ks r81aled to Iraud or non-compliance with laws and ffjgulations. We obtairsed an understanding ol the legal and regulatory fr8mework$ that are applicable lo Ihe Charity. These include, but are not limited to the Charitle8 SORP and UK GAAP. In addition, the Company 1$ $ublect to many other 18WS 8nd régulallons where the consequences of non- compliance Could have a material effect on amounts or disc108ure$ in the financial slatemenls, for instance through the imposition of fines or litigation. We identified the lollowing areas as those most likely to have such an effect.. data prolection. Audillng standards limit the required audit procedures to identify non-compliance with these laws and regulats'ons tc enquiry of the Thos8 Charged with Governance and other management and inspection of regulalory and legal correspondence rf any. We consldered management's incentives and opportunities for fraudulent manlpulation of the financial statements (Including r8venue recognition and the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting eslimales.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Rfrport of Ihe indgpgndont audliors INDEPENDEKf AUDITOR'S REPORT TO TRUSTEES OF MANCHESTER CATHEDRAL VISITOR CENTRE {Contlnuod) Audit response to risks identified We reviewed the financial statement disclosures and sample tested lo supporting documentation to assess compliance with relevant laws and regulations discussed abov8'. We made enquiries of management,. We reviewed minutes of meetings of those charged with govemanGe', We reviewed any Serious Incident Reports submitted; In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments". assessed whether the judgements made in making accounting estimates are indicative of a potential bias., considered completeness of related paty transactn8,. and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business,. and Our audit procedures waro designed to respond to rfsks of materlal mi8Statement in the financlal statements, recognising that the risk ol not detecting a mal8rial mi$stslement du8 to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Thère a inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected In the financial statements, the le88 likely we arè to become aware of It. A further description of our responsibilities for the audrt of the financlal statements 18 located at the Financial Reporting Council's l FRC'S'I website at.. fes onsibili ie$. Th18 de8cription foms part of our auditorfs wport, U80 ol our rnport Th1$ rep)rt is made solely to the Charitsble Company's members, as a body, in a¢cordarsce with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the Charitsble Company's members those matters we are required to stale to them in an audilor's report and for no other purpose. To the fullest extent pemltted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Docuslgned by.. A11A160130084AC... Kyla Bellingall {Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Birmingham, UK Date 26 November 2021 BDO LLP is a limited liability partnership gIStered in England and Wales (with registered number OC305127}.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Statement of Finan¢lal A¢tlvlllas {Includlng Statomont ol Comprehenslve Income) for the yfrar onded 31 December 2020 2020 2019 In¢om•: Income from donations and legacles 28,164 18,513 Total Incomo 28,164 18.513 Exp•ndltur•: Expenditur8 on charltable activities 29.026 19,663 Total Expfrndlturo 29.026 19,663 Not exyndltur• •nd n•t mov•m•nt of lund• In y••r 18621 {1,1501 Roconclllatlon of fvnd• Unrestrntsd funds brought forward 11,309 12,459 Unrn8trlet•d fund8 Carrlod forw•rd 10,447 11,309 All lund8 are unrestricted. All amounts relate to conllnuing activibes. All recognised gains and108s98 are included in thè stalemnl ol financial activitie8. The notes on page$ 10 to 12 form part of these financial statements.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Balance shegt at 31 December 2020 COMPANY NUMBER 3961186 Not• 2020 2019 Flxod A88et8 Investments Current a880ts Debtors Cash al bank and In hand 25,367 4.624 3,520 23,086 29,991 26.6C Cr•dftor8: •mounts falllng due wlthln onfr yfj•r {19,5471 {1 5,300) Net curr•nt a8•0ts 10,444 11,306 Tot•1 •••ots l•M current Ilabllltl•• 10.447 11,309 N•t a88•t• 10,447 11.309 The funds of the charlty: Unrestricted income fund8 10,447 11,309 10,447 11.309 These financial statements have been prepared Sn accordance wlth the provi8bn8 applicable to companies subject to the small companies, regime. Th8 financlal statements were approvéd by the Board of trustees and authorised for issue on 23 November 2021. R.M. GOVENDER TruBIoo The notes on pages 10 to 12 form part of these flnanclal slatements.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Not•8 formlng part of tho fin•n¢ial statemfrnts for the yoar ended 31 D•¢omb•r 2020 Accounting polkle• The flnancial stalemenls have been prepared under the historical cost convention and in accordance with the Charilles SORP IFRS 1021 Second Edition October 2020, the Financial Reporting Standards applicable in the United KSngdom and the RepubliG of Ireland, applicable UK a¢counb'ng standards, the Charities Act 2011 and the Companies Act 2006. The preparation of financlal statements in compliance with FRS 102 require$ the use if Certain crits'cal accounting estlmate8. It also requires management lo exercise judgement in applying the company's accounting policies. Golng Con¢•rn The financial statements have been prepared on a going concern basis. Al the dale of approval of these financial 8tal8menls, the Trustees have perfomied an assessment of the company's cash positlon and for8casls whlch considers a period of al least 12 months from this date of approval. The deficlt funding grant from Mlllennium Quarter Trust Limlted, which is in Pla until 23 Juty 2082, will covor the limrted overhead8 the company Incurs. The charity's annual incomè and overhead5 are stable, the forecast8 confirm that the charity is able to manage its cashflows around the contribution from Millennlum Quarter Trust Limlled to enable the company to meet ils obligations as they fall du8. On this basis, the trustees conslder that there is no m8lerlal uncert8inty and that il is appropriate for the financial Statements to be prepared on a going Concern basls. The following arxounting policios have been applied.. Flnanclal reportlng standard 102- rgduced dl8clo8ure ex•mptlons the requirements of Section 3 Flnancial Statement Presentslion paragraph 3.17 {d), nam8ly the requlremènt to produce a slalemenl of cash flows for the reporkn'rsg period. Judg•m•nts In applylng •c¢ountlng poll¢l88 and k•y •oure•• of •8tlm•tlon uncertalnty Trade debtors (see note 61. Al each reporting date, trade debtors are assèssed for recoverability. If there is any evidence of Impairment, the carrying amunt of the d8blor16 reduced lo its recoverable amount. The Impairffnl loss is rogniSed immediately in the Income statement. Incomo All Income Is recognised once the charity has entitlement to the incom&, it Is probable that the Sncome will b8 rec8fvod and the amount of inrne receivable can be measured reliably. Donations are recognised in the statement of financial activities when the charlty has been nollfied In wrlting of both the amount and se1118menl date. In the event that a donation is subject to conditions that requ1 a level of performance before the charity is entitled to the funds, the income is deferred and not recognised unts'l either those conditions are fully mèt, or the fulfilmenl of those Conditions is wholly within the control of the charity and il is probable that those conditions wlll be met. Investment in¢omè is included when receivable. Dlrect Charltable ExndIture Liabilities are recognised as expenditure as soon as there is a legal or con5tru¢tive obligation committing the charity lo that expenditure, il is probable that settlement will be required and the amount of the obligation Can be measured or estimated reliably. All expenditure is accounted for on an accruals basis. Charitable expenditure comprises those costs incurred by the charity in the delivery of its a¢ts'vilies and services to Manchester Cathedral Visitor C&ntre and the community seryed by Manchester Cathedral. It includes both costs that can be allocated directly to such actfvities and those costs of an indirect nature necessary to support them including govemance costs. 10
THE MANCHESTER CATHEDRAL VISITOR CENTRE Note• fomilng part of the finan¢lal statsments for the yfrar ondod 31 Decembor 2020 (continu•d) Trustees rgmunorallon None of the trustees received any remun8ratlon in Ihe year12019 -£Nil). No truslee expenses have been incurred in the year12019- £Nil}. Net Income for the year 2020 2019 Thls is arrived al after charging.. Audllors, remuneration 2,278 2,276 Taxatlon Th8 charity is exempt from tax on income and gains tslling within section 505 of the Taxes Act 1998 or section 252 of the Taxatlon of Chargeable Gains Act 1992 to the extent that these are applied lo ils charilabie oblects. Inv•stm•nts 2020 2019 Investment in subsidlary The wholty ownod subsidiary is Manchester Cathedral Ventures Limlted incorporated in England and Wales (Number 042236281 Dèbtorn: 2020 2019 Manchester Cathedral Venture8 Limrted Other debtors 11,831 13,538 3,520 25.367 3.520 Crnditorn: amounts falllng due wlthln one ye•r 2020 2019 Amounts due lo related party {note 81 Accruals and deferred income 1,712 13,588 19,547 19,547 15,300 The anKunts due to th• related part*s were interèst free and unsecured.
THE MANCHESTER CATHEDRAL VISITOR CENTRE Not08 fornilng part of thg flnanGlal 8t•lom?nts for Ihe yoar ondod 31 Decgmbgr 2020 (ntInu*d} Afflounts arn duo to related parti•8 as follows.. 2020 2019 thin one year Manchester Cathedral Venturés Llmlted 1.712 Unr•8tr1ct•d Fund• 2020 2019 1 January Income Expenditure 11,309 28,164 129,0261 12,459 18,513 119,6631 31 Decembor 10,447 11,309 12