2023-12-31-accounts

Charity number 1157705 THE FRIENDS OF ELY CATHEDRAL CIO REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE FRIENDS OF ELY CATHEDRAL CIO REFERENCE AND ADMINISTRATIVE D￿AlLs FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES The Very Reverer>d M P J Bonney. Dean of Ely (Chairman) Mr E J Gifford (Chair of Council) Miss D Man IHonorary Treasurer, appointed 29 Septèmber 20231 Mr R Setchell IHonorary Treasurer, retired 29 September 20231 MrPLB3ck Mrs A L Bishop Mrs M Brooker Mrs l Davie Iretired 29 September 20231 Mrs S Farmer Ms I l Fenton Dr S M Hall lappolnted 29 September 20231 Prof V Lewis (retired 29 SÈptember 20231 Mrs H Merrick (retired 29 September 20231 Canon J S Revelev Mrs I Watts lappointed 29 September 20231 FRIENDS, OFFICER.. Mrs S M Hunting PRINCIPAL BANKERS.. Lloyds Bank plc, Minster Place, Ely. INDEPENDENT EXAMINER.. Shaun Jordan, Price Bailey LLP, Tennyson House, Cambridge Business Park. Cambridgè, CB4 OWZ. REGISTERED ADDRESS: The Chapter House, The College, Ely, Cambs. CB7 4DL CHARITY RESISTRATION NO= 1157705

THE FRIENDS OF ELYCATHEDRAL CIO TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present theÈr report 2nd independently examined financial statements for the year ended 31 December 2023. Objects of thè Charity The Dbjects of the charity are to assist the Dean and Chapter of Ely in the advancement of the religious, pastoral, musical and educational work of the Cathedral including the prese￿atiON of its fabric and the ornaments and furnishings thereof. The Truttees have considered the Charity Commission's guidance on public benefit, and they consider thatthe charity is fulfilling its obligations in this rÈsp@ct by achieving the above objectives. Governing D¢Kument The Charity is regulated by its Constitution dated 29 April 2014. Organisation There tan be a maximum of 14 Trustees (there are 11 at presentl comprising no more than 7 trustees èlected at the annu31 gener31 meeting of the members, l ex officio trustee Ithe Dean of Elyl arld 6 trustees nominated by the Chapter of Ely Cathedral. Trustees shall hold office for three years but shall be eligible for re-election or nomination for up to three consecutive occasions. The day ttr day administration is handled by the Friends, Officer, Mrs S M Hunting. Gifts to Ely Cathèdral up to a value of £40,000 are approved by the Trustees ICoun¢ill and those in excess of £40,CN)O must be approved by the members at the Annual Genèral MeetinE. Trustee induction and training New Trustee5 are selected from the local community, only if they have relevant experiencè, skills and enthusiasm to enable them to make a contributic)n to the administration of the charity. They are inteNiewed and, if thèy are willing to be appointed, they are formally proposed and seconded for appointment either at an Annual General Meeting or, if elected by the Dean and Chapter, by 3 rneeting of that body. No formal training is given to new Trustees but they are briefed thoroughly as to the ch3rity's a¢tivitie5. Charity Governante Code The seven principles that make up this code: organisational purpose, leadership, integrity, decision making risk and control, b03rd &ffertiveness. diversity, openness and accountability, have all been considered by the Trustees who are s3tigFied that the charity meets these principles. Development, Artivrties and Achievements The Trustees approved gifts to Ely Cathedral dtsring the period totalling £32,55012022 £30,4561. In addition a further £305,048 was pledged and approved by the members at the AGM on 29 September 2023 to support the new lighting installation throughout the cathedral12022- £300,0001. Gifts previously agreed and not taken up in full and now written back totalled £012022 - £6,017), making a net charge in the financial statements of £337,59812022 - £324,439).

Review of the Financlal Position and Transactions The financial position of the Charity is Strong and it is well able to meet the agreed gifts from funds which are readily 3vailable. In 2023 the total income of the Friends wès £106,576 12022 - £212,687), expenditure excluding gifts was £31,44912022- £27,874). The value of the investments increased by £25,150. As stated in the previous paragraph gift5 totalled £337.598 leaving a deficit for the year of £237,321 12022 - defictt £251,670) Reserves Policy Normal recurring expenditure can be met by the expected income of the ¢h3rity. Reseroes are required to enable the charity to assist Ely Cathedral with projècts as and when required and thè Trustees have agreed that reseNes should not bÈ allowed to fall below £50,000. Total reserves held 3S at the year end werè £446.28812022'. £683,609) which were all Ltnrestricted. Fundraising The Chartty understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistentfundraising approaches. and undue pressure to donate but does not currently fundr3i5e from thè public or Ljse any internal fundraisers or external fundraising agencies for either telephDnÈ orface to face campaigns and received no fundraising complaints during the v@ar. Riskmanagement The Trustees have examined the charity's operations and considered the risks f3ced. In the opinion of the Trustees the charity has established the resources and review systems which, under norm31 circumstances, should allow any risks to be mitigated to an acceptable level in its day to day operations. Investment Policy Apart from the Designated Fund (sèe below), the trustees dD not envisage holding funds for the long term. As referred to above. it is intended that reserves will not fall below £50,000 and thi5 is covered by cAsh deposits and an investment in M&G Charifund income units which cost £15,245 several years ago ancl at 31 December 2023 had a value of £36,60712022- £37,488). With regard to the Dèsignated Fund, the fund is investÈd in the CBF Church of England Investment Fund with dividends recèived held in a deposit account pending expenditure or re-investment. The commitment to the cathedral to support the new lighting installation of £1,605,048 has necessitated the drawing down of the majority of this investment in 2022 and 2023. The investmènt has a balan￿d investment objettive with low or medium risk and at 31 December 2023 had a value of £302.70812022.. £276,677). On Behalf of the Trustees Ed Gifford (Chair of Council) 16 July 2024

Independent Examiner's Report to the Trustees of The Friends of Ely Cathedral CIO

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 5 to 13.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

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

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

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

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

Signed:

Shaun Jordan ACA Price Bailey LLP Chartered Accountants Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 3 September 2024

THE FRIENDS OF ELY CATHEDRAL CIO srATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER2023 2023 UnrestrictÈd Funds 2022 Unrestritted Funds Note Income Subscriptions, donations and leg3cse5 Fund Raising Investments Total Income 42,711 16,539 47,326 106,576 162,702 12,725 37,260 212,687 Expenditure Raising Fund5 Charitable Activities Ttstal expendlture 6,799 362,248 369,047 5,211 347,102 352,313 IDecrea5el / Increase in valuè of investments Net èxpenditure for the year being net movement in funds 25,150 1112,0441 (237,3211 1251,6701 Reconcilation of funds: Total funds brought fgrward 683,609 935,279 Total funds Carried foFward 446,288 683,609 All income and expenditure derive from continuing activities. Thè statement of financial activities includes all gains and losses recognised during the year. The notes on pages 7 to 13 form part of these accounts

THE FRIENDS OF ELY Q4THEDRAL CIO BALANCESHEEfAT 31 DECEMBER Note 2023 Fixed Asset Investment 2022 339,315 314,165 Current Assets Debtors Stock tsf Merchandise for resale Bank account & cash Depc)sit Accounts 8,362 2,800 7,460 442,692 461.314 1,285 1,138 7,791 1,207,738 1.217,952 Current L5abilities Creditors lamounts falling within one yearl Net Current Assets/lLrabil2tiesl 354,341 848,50S 106.973 369A44 Total Net Assets 446.288 683.609 Funds Unrestrirted funds io 446,288 683.609 The financial statements on pages 5 to 13 were approved by the Council on 16 July 2024 and signèd on its behalf by: Ed Gifford (chair o Council) JknkA Deborah Man (Honorary Treasurorl The notes on pages 7 to 13 form part of these 2¢counts

THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POUCIE5 General informatitsn The Friends Of Ely Cathedral CIO is an unincorporated charity, registered in the United Kingdom. The registered office is The Chapter House, The College, Ely, Cambs, C87 4DL. Basis of Accounting The ch8Fity constitutè5 a public benefit Entity as defined by FRS 102. rhe fin3ncial sratements have been prepared in accordance with Accounting and Reporting by Charitie5.' Statement of R@commended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir&land issued in October 2019, the Charities Act 2011, and UK Generally Accepted Practice. Th@ flnantial statements have been prepared to give a 'true and fairf view 8nd have dep3rted from the Charities IAceounts and Reports) Regulations 200£ onlytothe extent required to provide a'true and tsir vie￿. This departure has involved following Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard 3pplicable in the UK and Republic of Ire13nd issued in Ottober 2019 ￿ther th8n the Actountin8 and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been wthdr3wn. Thefinancial statÈments are underthe historical ctsst convention, modifiod to include invÈsttnents at fairvalue. The financial 5tatÈmÉnts are prepared in sterlinE which is the functional currency of the cha￿ty and are rounded to the nearest £. ThÈ Signifi￿nt accounting policie5 applied in the preparation of these finan¢i31 statements ère Set out below. These policies have been consistently 3pplied to 811 years pr￿ented unless otherwise stated. Going concern The Truttees consider that there are no material unccrtainties about thÈ Charitys ability to continuÈ a5 a going concern. The m3in forrTr of financial risk faced by zhe charity 15 that of volatility in equity m3rkEts and investment markÈt5 due to wider econornic conditions, the attitude of inVe￿orS to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors. The most signtfic8nt areas of adjustment and key 3SSUTllPtions that affert items in the accounts are to do with the gains and losses on revaluation of these investments each year. Thi5 15 covered in more detail in the performance and risk sèctions of the Trustees, annual report for more inform3tion. such tho fin3Thcial statements have been prepare(J on a going toncem basis zs the Trustees are confident that the charty h3s sufficientfunds to enable operBtions to continue lor a pÈriod of at least 12 monthsfrorn tho datè of approval of these financial statements. Income All income is included in thestatement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been mèt, the arnount can be measurèd reliably and it is probable that the incorne will be received. For legacies, entitlement istaken on a case by case basis as the earlier of the dète OF) which the charlty is aware that probate has been g￿nted, the estète has been finali5ed and notification h3s been rnade by the executorlsl to the charity that 3 distribLrtion will be rnade. or when a distribution is received frtsrn the estate. Receipt of a lega￿, in whole or in part, 15 only considered probable when the amount can be measured reliably and the charity h35 been notified of the executorfs intèntion to makÈ a dlstribution. If the legary is in the form of an asset other than c3sh or Bn a55et listed on a recognised stock exchange, recognition is subject to the value of the asset being able tD be reliably measured and title to the asset has passed to the ¢harrty. Where legacies have been notified or the charity is aware of the granting of probate. and the criteria for income recognition havè not been met, thèn the legacy is a treated as a contingent asset and disclosed if materi31.

THE FRIENDS OF ELYCATHEDRAL CIO NOTES TOTHE ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontinuedl Expendkture All expenditure is accounted for on an 8ccru315 basis and has been cla$5ified under headings that 3ggrÈgate 811 costs relatèd to the category. Expenditure 15 recognised whÈrÈ there is a legal or construtt£ive obligation to make payments to third parties, it 15 probable that the settlement will be required and the èmount of the obligatlDn taFb be rneasured reli3bly. It Is c8tegorised under the follDwing headings- Cc>sts of raising funds includes support costs for the management of the investment portfolio, fund- raising and event organisation,. Expenditure on tharitable attivities includes grants made, governance Costs and an apportionment of support CDSts. Grants payablÈ to third parties Ère withln the charitable objectlves. Where uncondrtional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this givès rise to a reason3ble Èxpectètion that the recipiÈnt will receive the grants. Where grants are conditionèl rel3tiThg to perforrnance, the grant Is only accrued when any unfulfilled conditions are outside the control of the ch3rity. Investment Fixed Ass Investment5 8re a form of basic financial instrument 3nd are initially recogni5ed 3t their tran5attion value and subsequently measured at their bid value as at the b3lantè sheet date using the closin8 quoted market price. ThÈ statemÈnt of financi31 activities includès the net gains and 105ses arising on rÈvaluation and disp05als througho the year. The Charity does not acquirÈ put options, dÈrivatives or other complex financial instrument5. The m2in form of financial risk faced by tho charity is that (>f volatility in equity markets" and investment rllarkets due to wider economic conditions. the anitude of investors to investment risk, and changes in sentiment concerning equities and within particular sertors or sub sectors. nvestment income, gains and losses are allocated to the appropriate fund. Funds Restrirted Funds are funds which have been given for particular purpose5 or projerts. Unrestricted funcls are funds given for no particular purpose tsr projects, to be spent as Trustees decide. Stocks Stock consists of purchased goods for resale. Stock is valued at the lower of CDSt and net realisable value. Cost is based on the CO￿ of purchase on a first in, first out basis. Cash at bank and in hand Cash at bank includes cash held in curreni and deposit accounts. Debtors Oth&r debtors are recognised atthe settlement amount due Crèditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in a payment to ) third party and the amount due to settle the obligation can be me3sured or estimated reliably. CTeditDrs are normally recoenisÈd at their settlement amount.

THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2D23 ACCOUNTING POLICIES {continuedl Financlal instruments The tharity only has financial assets and financial liabilities of a kind that Qualify as basicfinancial instruments. Basic financial instrurllents are initially recognised at cost and subsequently measured at their settlement value. At thÈ bBl3nce sheet d8t&. fixed asset investments are recordèd at market value and all other assets and liabilities are recorded at cost Iwhlch is their hir value). The investment note 6 details the origin31 cost of the investments 3nd their kir value Imèrket value) recorded in the accounts. Esttmateg and judgements Estimates and judgements are continually evaluated and are based on historical experience 3nd other fattors, including expectations of future Èventsthat are believ2d to be reasonable underthe ¢ircumst3ncÈs. Although these estimates are based on the trustees, best knowledge of the amount, events or actions. actual r￿ults ultimately differ from these estimates. The trustees do not consider there to be any material estimates and judgements.

THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from subscriptions. donations and legacies Subscriptions including gift aid claims Donations Legacies Total 2023 28,973 530 13,208 42,711 2022 29,827 1,269 131,606 162,702 All relate to unrestricted funds in both years. Incomo from Fund Raising Activities 2023 Expenses 2,468 3.558 773 6,799 2022 Expert5es 2,007 2.858 346 5,211 Incomè 6,097 9,012 1,430 16.539 Net 3,629 5,454 657 9,740 Income 3,819 8,012 894 12,725 Net 1,812 5,154 Friendg sotial events Christmas cards Other Merchandise Total 7,514 All relate to unrestricted funds in both years. Income from Investments Investment fund- dividends Interest- deposits Total 2023 10,455 36,871 47.326 2022 24,290 12,9-10 37,260 All relate to unrestricted funds in both year5. 10

THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable Activities Gifts to Ely Cathedral Balance of gifts previously agrèèd and not taken up in full.. Unrestricted Funds- Streaming equipment New Eifts.. Unrestrictèd Fund5- Disability access ramp outside L3dy Chapel Choristers prize Re-ordèring St Catherine's Chapel Music commission for 1350 year celebrations Christmas Tree Sponsorship Choristèr funding Subtotal 2023 2022 16,0171 396 60 25,000 5,000 50 7.500 25,000 32,550 24,439 Designated Fund New lighting installation Total Gifts to Ely Cathedr31 Governance costs Printin& stationery, postage & telephone Salaries National insurance Pension contributions Sundry expenses Indèpendent examination fees Furniture & equipment Subtotal 305,048 300,000 337,598 324,439 2,266 18,820 1,342 1,223 310 689 1,411 17,923 1,291 1,165 25 561 287 22,663 24,650 Total 362,248 347.102 The average number of employees Ipart-timel during the period was 112022- 11 No employee received emoluments of more than £60,000 during the year12022- None) The tot31 èmployee benefits of the key rnanagement personnel were £21,38512022 - £20.3791 The key managernent personnel were.. Mrs S M Hunting (Friends Officerl, Mr E J GTfford Ichair of Councill and Mr R O Setchell (Honorary Treasurer to 29 September 20231 and Miss Deborah Man (Honorary Treasurer from 29 September 20231 All relate to unrestricted funds in both yèars

THE FRIENDS OF ELY CATHEDRALCIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31DECEMBER 2023 Cost 2023 242,597 Investments At beginning of year Further investment Investments sold Increase / IDècreasel in value in year Open market value 2023 2022 314,165 1,596,209 2022 1.051,083 1808,4861 0 11.170,0001 25,150 1112,0441 339.31S 314,165 242,597 242,597 Comprising 2,551 M&G Charifund income units 13,391.01 CBF Church of England investment fund income share5 As at31 December2023 38,614 38,614 36.607 37,488 203,983 242.597 203,983 242,597 302,708 339,315 276,677 314.165 Debtor5 Income tax recoverable A¢¢rued Income Other dèbtors Total debtors 2023 500 5,737 2.125 8,362 2022 358 927 1,285 Creditor5 Ely Cathedr31- re-imbursement of expenses Ely Cathedral- gifts Total Creditor5 2023 13,512 340,829 354,341 2022 10,201 838,307 848.508 Commitments approved slnce December 2023 Chorister funding 2023 2022 25,000 io. Fund Reconciliatlon Asat 31.12.2022 Investment Asat Gains/lLossesl 31.12.2023 Current Year Unrestritted Funds General fund Designated Fund Total Funds Income Expenditure 393,432 290.177 683,609 77,258 29.318 106.576 163.9991 1305,0481 1369,0471 18811 26,031 25,150 405,810 40,478 446.288 Asat 31.12.2021 Investmènt Galns/lLossesl Asat 31.12.2022 Prior Year Unrestricted Funds General fund Designated Fund Total Funds Income Expertditure 267,972 667.307 935,279 179,984 32,703 212,687 152,3121 1300,0001 1362.3131 12,2111 1109,8331 1112,044) 393,432 290,177 683,609 The designatèd funcl arose from substantial legacies which have been set aside to provide funds for major projects. 12

THE FRIENDS OF ELY CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 ii. Analysis of Fund Assets and Liabilities Unrestrirted Funds Designated Funds Total Funds 2023 Investments Bank current accoLJnt & cash Deposit accounts Other current assets Current liabilities Totsl Fund5 36,607 22,557 392,199 8,898 154,4511 405,810 302.708 115,0971 50,494 2,264 1299.8901 40,478 339,315 7,460 442,692 11,162 1354,3411 446.288 2022 Invèstments Bank current account & cash Deposit accounts Other current assets Current liabilities Total Funds 37,488 7,791 379,856 2,423 134,1261 393,432 276,677 314,165 7,791 1,207,738 2,423 1848,5081 683.609 827,882 1814,2821 290,177 Trusteeg Remuneration During the period, no Trusteè received nor waived any remuneration12022- nill. Expenses reimbursed to the Trustees in the year were Nil12022- Nil) 13. Related Parties During the year the charity committed to gifts to Ely &thedral totalling £337,54812022- £324,439). Amounts outstanding at the end of the yèar were £354,34112022- £848,508] and are included in creditors. ThÈ Very Reverend M J P Bonney is Dean of Ely Cathedral and C3non J 5 Reveley is a Residentiary Canon. There were no further related party transactions. 13