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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1158340

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd Y Parc Parc Menai Bangor Gwynedd LL57 4FE

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 19
Detailed Statement of Financial Activities 20 to 21

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

The Dean and Chapter of Bangor Cathedral, who are also Trustees of the charity, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 (FRS102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal objective of the Charity is the maintenance and upkeep of Bangor Cathedral so that Church Services and other activities can be carried out on regular basis.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Bangor Cathedral exists for the glory of God and as a sign of God's kingdom in the world. The pandemic has presented significant challenges to the Cathedral, causing major adaptations and an inevitable reduction in the Cathedral's provision at some times. The Dean and Chapter are grateful to all who have supported the Cathedral during this time.

Investment performance

The value of the charity's investments increased during the year, reflecting the upward trend of the Stock Market.

FINANCIAL REVIEW

Financial Review

During the year both the Restricted and Unrestricted Funds have increased. The restricted element has increased from £609,922 in December 2020 to £647,883 as at December 2021. The Unrestricted Reserves has increased from £1,011,151 to £1,027,761 in the same period

The Cathedral gratefully acknowledges the financial support from all congregation members, donors, pilgrims and visitors, the All Churches Trust and the Friends of Cathedral Music.

Investment policy and objectives

The trustees seek a level of investment income that is able to support a range of important charitable activities at a time of change, recognising that achieving such a level of income may, in the case of some investments, pose some challenges to the secondary goal of maintaining capital value. The trustees work with their investment managers to assess the ethical dimensions of their investment portfolio, prioritising the use of shareholder rights to achieve the advancement of a progressive ethical agenda through the investment portfolio.

Page 1

Reserves policy

In line with good practice, monies are allocated towards a reserve, the purpose of which is to ensure that the charity continues to be concerned with the maintenance and upkeep of Bangor Cathedral.

The level of the reserve will be reviewed annually by the Trustees. Until otherwise agreed the organisation will maintain a minimum reserve equivalent to 6-12 months running costs of the organisation.

Page 1

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

FUTURE PLANS

The Dean and Chapter are focussing on a refreshed pattern of mission and ministry, developments to the Cathedral fabric, engagement with the Llan project, and revised governance arrangements.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Dean and Chapter (a formerly excepted charity) are a registered Charity under the Charities Act 2011. The Dean and Chapter’s governing documents are The Constitution of the Dean and Chapter adopted on 27 March 2013 together with The Bangor Cathedral Scheme and The Constitution of the Church in Wales.

Recruitment and appointment of new trustees

New trustees are appointed by the Diocesan Bishop.

Related parties

Due to the nature of the charity's operations and the composition of the Board of Trustees it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving organisations in which a Trustee may have an interest are conducted at arm's length. The charity has a policy that all Trustees must declare an interest if a related party transaction occurs.

Risk management

The trustees have a duty to identify and review the risks which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1158340

Principal address

Ty Deiniol Cathedral Close Bangor Gwynedd LL57 1RL

Trustees

The Very Revd K L Jones - Dean of Bangor (resigned 27.6.21) The Venerable M K R Stallard - Archdeacon of Bangor The Venerable A C Jones - Archdeacon of Meirionnydd The Venerable A F Herrick - Archdeacon of Anglesey and Prebendary of Llanfair The Revd Prebendary D Williams - Prebendary of Penmynydd

The Revd Canon S Rhys Evans - Canon Treasurer & Sub-Dean (appointed 26.9.21) The Revd Canon R W Townsend – Canon Secundus (resigned 26.9.21) The Revd Canon R W Townsend – Canon Precentor (appointed 26.9.21) The Revd Canon E C Williams – Canon Quartus (resigned 26.9.21)

Page 2

The Revd Canon E C Williams - Canon Chancellor (appointed 26.9.21) The Revd Canon T J Jones – Canon Quintus (resigned 26.9.21) The Revd Canon T J Jones - Canon Primus (appointed 26.9.21) The Revd Canon K V Williams - Canonicus Tertius (appointed 26.9.21) The Revd Canon A G Gyle - Canonicus Quintus (appointed 26.9.21)

Page 2

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd Y Parc Parc Menai Bangor Gwynedd LL57 4FE

Approved by order of the board of trustees on 27 October 2022 and signed on its behalf by:

..................................................................... The Venerable A C Jones - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

Independent examiner's report to the trustees of The Dean and Chapter of Bangor Cathedral I report to the charity trustees on my examination of the accounts of The Dean and Chapter of Bangor Cathedral (the Trust) for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 Trust 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.

Owain Ap Elfed FCCA The Association of Chartered Certified Accountants Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd Y Parc Parc Menai Bangor Gwynedd LL57 4FE

Date: .............................................

Page 4

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
5
To Advance The Christian Religion of
The Church in Wales
Net gains on investments
NET INCOME
Transfers between funds
16
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.21
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
156,190
7,125
163,315
2,403
-
2,403
10,419
9,527
19,946
169,012
16,652
185,664
212,697
46,857
259,554
61,529
66,932
128,461
17,844
36,727
54,571
(1,234)
1,234
-
16,610
37,961
54,571
1,011,151
609,922
1,621,073
1,027,761
647,883
1,675,644		 31.12.20
Total
funds
£
227,931
10,600
16,179
254,710
254,723
56,052
56,039
-
56,039
1,565,034
1,621,073

The notes form part of these financial statements

Page 5

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

BALANCE SHEET 31 DECEMBER 2021

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.12.21
31.12.20
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
£
£
£
£
386
125,750
126,136
125,490
446,069
589,416
1,035,485
996,334
446,455
715,166
1,161,621
1,121,824
4,490
-
4,490
5,173
-
1,296
1,296
13,152
630,289
(67,803)
562,486
509,730
634,779
(66,507)
568,272
528,055
(53,473)
(776)
(54,249)
(28,806)
581,306
(67,283)
514,023
499,249
1,027,761
647,883
1,675,644
1,621,073
1,027,761
647,883
1,675,644
1,621,073
1,027,761
1,011,151
647,883
609,922
1,675,644
1,621,073

The financial statements were approved by the Board of Trustees and authorised for issue on 27 October 2022 and were signed on its behalf by:

Venerable A C Jones - Trustee

The notes form part of these financial statements

Page 6

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Heating - 25% on reducing balance Equipment - 20% on reducing balance

No depreciation is charged on the freehold property as it is the policy of the charity to maintain the property in its original condition such that depreciation would not be material.

Stocks

continued...

Page 7

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

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 twelve months or less from the date of acquisition or opening of the deposit or similar account.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 7

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES

31.12.21
31.12.20
£ £
Planned giving 16,331 19,998
Loose collections 3,290 1,570
Donations 26,140 34,391
Tax refunds 1,573 1,476
Grants 95,981 160,930
Legacy gifts received 20,000 9,566
163,315 227,931
3. OTHER TRADING ACTIVITIES
31.12.21
31.12.20
£ £
Money raising 2,057 6,768
Bookshop takings - 992
Caffi Deiniol income - 2,652
Fees 346 188
2,403 10,600
4. INVESTMENT INCOME
31.12.21
31.12.20
£ £
Investment income 19,946 16,179

continued...

Page 8

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

5. CHARITABLE ACTIVITIES COSTS

To Advance The Christian
Religion of The Church in Wales
6.
SUPPORT COSTS
To Advance The Christian Religion
of The Church in Wales		 Support
Direct
costs (see
Costs
note 6)
Totals
£
£
£
256,554
3,000
259,554
Governance
costs
£
3,000

7. INDEPENDENT EXAMINERS' REMUNERATION

Remuneration of £3,000 (2020 - £2,880) was paid to the independent examiners for the independent examination of the charity's financial statements.

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

9. STAFF COSTS

Salaries, Scholarships and Pension
The average number of employees during the year was:
No employee received remuneration of more than £60,000.		 31.12.21
£
32,931
32,931
3		 31.12.20
£
29,908
29,908
4

continued...

Page 9

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
193,648
34,283
227,931
Other trading activities
7,845
2,755
10,600
Investment income
10,730
5,449
16,179
Total
212,223
42,487
254,710
EXPENDITURE ON
Charitable activities
To Advance The Christian Religion of
The Church in Wales
174,992
79,731
254,723
Net gains on investments
25,472
30,580
56,052
NET INCOME/(EXPENDITURE)
62,703
(6,664)
56,039
RECONCILIATION OF FUNDS
Total funds brought forward
948,449
616,585
1,565,034
TOTAL FUNDS CARRIED FORWARD
1,011,152
609,921
1,621,073
11.
TANGIBLE FIXED ASSETS
Freehold
property
Heating
Equipment
Totals
£
£
£
£
COST
At 1 January 2021
125,000
23,009
21,866
169,875
Additions
-
-
999
999
At 31 December 2021
125,000
23,009
22,865
170,874
DEPRECIATION
At 1 January 2021
-
22,912
21,473
44,385
Charge for year
-
25
328
353		 10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
193,648
34,283
227,931
Other trading activities
7,845
2,755
10,600
Investment income
10,730
5,449
16,179
Total
212,223
42,487
254,710
EXPENDITURE ON
Charitable activities
To Advance The Christian Religion of
The Church in Wales
174,992
79,731
254,723
Net gains on investments
25,472
30,580
56,052
NET INCOME/(EXPENDITURE)
62,703
(6,664)
56,039
RECONCILIATION OF FUNDS
Total funds brought forward
948,449
616,585
1,565,034
TOTAL FUNDS CARRIED FORWARD
1,011,152
609,921
1,621,073
11.
TANGIBLE FIXED ASSETS
Freehold
property
Heating
Equipment
Totals
£
£
£
£
COST
At 1 January 2021
125,000
23,009
21,866
169,875
Additions
-
-
999
999
At 31 December 2021
125,000
23,009
22,865
170,874
DEPRECIATION
At 1 January 2021
-
22,912
21,473
44,385
Charge for year
-
25
328
353		 10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
193,648
34,283
227,931
Other trading activities
7,845
2,755
10,600
Investment income
10,730
5,449
16,179
Total
212,223
42,487
254,710
EXPENDITURE ON
Charitable activities
To Advance The Christian Religion of
The Church in Wales
174,992
79,731
254,723
Net gains on investments
25,472
30,580
56,052
NET INCOME/(EXPENDITURE)
62,703
(6,664)
56,039
RECONCILIATION OF FUNDS
Total funds brought forward
948,449
616,585
1,565,034
TOTAL FUNDS CARRIED FORWARD
1,011,152
609,921
1,621,073
11.
TANGIBLE FIXED ASSETS
Freehold
property
Heating
Equipment
Totals
£
£
£
£
COST
At 1 January 2021
125,000
23,009
21,866
169,875
Additions
-
-
999
999
At 31 December 2021
125,000
23,009
22,865
170,874
DEPRECIATION
At 1 January 2021
-
22,912
21,473
44,385
Charge for year
-
25
328
353
254,710
254,723
56,052
56,039
1,565,034
1,621,073
Totals
£
169,875
999
170,874
44,385
353

continued...

Page 10

At 31 December 2021 - 22,937 21,801 44,738
NET BOOK VALUE
At 31 December 2021 125,000 72 1,064 126,136
At 31 December 2020 125,000 97 393 125,490

continued...

Page 10

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2021
Additions
Disposals
Unrealised gain/(loss)
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
There were no investment assets outside the UK.
13.
STOCKS
31.12.21
£
Stocks
4,490
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21
£
Other debtors
1,296
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21
£
Taxation and social security
728
Other creditors
53,521
54,249		 Listed
investments
£
996,330
177,922
(267,227)
128,460
1,035,485
1,035,485
996,330
31.12.20
£
5,173
31.12.20
£
13,152
31.12.20
£
-
28,806
28,806

continued...

Page 11

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS

At 1.1.21
£
Unrestricted funds
General fund
940,608
Bookshop
36,626
Permanent General Endowment
33,917
1,011,151
Restricted funds
Freehold Property
125,000
Music Fund
66,390
Chorister Prize Fund
5,821
Thousand Candle Fund
50,008
West Tower Fund
1,133
CCTV Fund
10,858
Handrails Fund
675
Poppy Fund
403
Box Organ Appeal
7,836
Choir Association
10,325
Music Fund Endowment
33,429
Service Fund
3,379
Fabric, Maintenance, Restoration
Fund
214,442
Music Scholars
61,732
Organist Fund
3,864
Caffi Deiniol
452
Cathedral Foodbank
14,175
609,922
TOTAL FUNDS
1,621,073		 Net
movement
in funds
£
(3,003)
10
20,837
17,844
-
12,253
(519)
7,047
(1,133)
-
(1,106)
-
-
-
11,526
381
13,135
(3,481)
(4,667)
-
3,291
36,727
54,571		 Transfers
between
At
funds
31.12.21
£
£
(1,234)
936,371
-
36,636
-
54,754
(1,234)
1,027,761
-
125,000
-
78,643
-
5,302
-
57,055
-
-
-
10,858
431
-
-
403
-
7,836
-
10,325
-
44,955
-
3,760
-
227,577
-
58,251
803
-
-
452
-
17,466
1,234
647,883
-
1,675,644

continued...

Page 12

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 148,314 (212,009) 60,692 (3,003)
Bookshop 698 (688) - 10
Permanent General Endowment 20,000 - 837 20,837
169,012 (212,697) 61,529 17,844
Restricted funds
Music Fund 4,631 (15,241) 22,863 12,253
Chorister Prize Fund 1 - (520) (519)
Thousand Candle Fund - - 7,047 7,047
West Tower Fund - - (1,133) (1,133)
Handrails Fund - - (1,106) (1,106)
Music Fund Endowment - - 11,526 11,526
Service Fund - - 381 381
Fabric, Maintenance, Restoration 4,221 (18,772) 27,686 13,135
Fund
Music Scholars 915 (4,956) 560 (3,481)
Organist Fund - (4,295) (372) (4,667)
Cathedral Foodbank 6,884 (3,593) - 3,291
**16,652 ** **(46,857) ** **66,932 ** 36,727
TOTAL FUNDS 185,664 (259,554) 128,461 54,571

continued...

Page 13

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Bookshop
Permanent General Endowment
Restricted funds
Freehold Property
Music Fund
Chorister Prize Fund
Thousand Candle Fund
West Tower Fund
CCTV Fund
Handrails Fund
Poppy Fund
Box Organ Appeal
Choir Association
Music Fund Endowment
Service Fund
Fabric, Maintenance, Restoration
Fund
Music Scholars
Organist Fund
Caffi Deiniol
Cathedral Foodbank
TOTAL FUNDS		 At 1.1.20
£
861,898
54,848
31,703
948,449
125,000
65,890
5,661
46,946
1,133
10,858
1,106
403
5,836
10,325
30,000
4,217
221,018
64,689
4,484
19,019
-
616,585
1,565,034		 Net
movement
in funds
£
78,710
(18,222)
2,214
62,702
-
800
160
3,062
-
-
(431)
-
2,000
-
3,429
(838)
(6,576)
(3,257)
(620)
(18,567)
14,175
(6,663)
56,039		 Transfers
between
At
funds
31.12.20
£
£
-
940,608
-
36,626
-
33,917
-
1,011,151
-
125,000
(300)
66,390
-
5,821
-
50,008
-
1,133
-
10,858
-
675
-
403
-
7,836
-
10,325
-
33,429
-
3,379
-
214,442
300
61,732
-
3,864
-
452
-
14,175
-
609,922
-
1,621,073

continued...

Page 14

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 211,226 (155,774) 23,258 78,710
Bookshop 997 (19,219) - (18,222)
Permanent General Endowment - - 2,214 2,214
212,223 (174,993) 25,472 62,702
Restricted funds
Music Fund 3,528 (11,488) 8,760 800
Chorister Prize Fund - - 160 160
Thousand Candle Fund - - 3,062 3,062
Handrails Fund - (431) - (431)
Box Organ Appeal 2,000 - - 2,000
Music Fund Endowment - - 3,429 3,429
Service Fund - (1,237) 399 (838)
Fabric, Maintenance, Restoration 4,104 (25,210) 14,530 (6,576)
Fund
Music Scholars 743 (4,000) - (3,257)
Organist Fund - (860) 240 (620)
Caffi Deiniol 12,652 (31,219) - (18,567)
Cathedral Foodbank 19,460 (5,285) - 14,175
42,487 (79,730) 30,580 (6,663)
TOTAL FUNDS 254,710 (254,723) 56,052 56,039

continued...

Page 15

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Bookshop
Permanent General Endowment
Restricted funds
Freehold Property
Music Fund
Chorister Prize Fund
Thousand Candle Fund
West Tower Fund
CCTV Fund
Handrails Fund
Poppy Fund
Box Organ Appeal
Choir Association
Music Fund Endowment
Service Fund
Fabric, Maintenance, Restoration
Fund
Music Scholars
Organist Fund
Caffi Deiniol
Cathedral Foodbank
TOTAL FUNDS		 At 1.1.20
£
861,898
54,848
31,703
948,449
125,000
65,890
5,661
46,946
1,133
10,858
1,106
403
5,836
10,325
30,000
4,217
221,018
64,689
4,484
19,019
-
616,585
1,565,034		 Net
movement
in funds
£
75,707
(18,212)
23,051
80,546
-
13,053
(359)
10,109
(1,133)
-
(1,537)
-
2,000
-
14,955
(457)
6,559
(6,738)
(5,287)
(18,567)
17,466
30,064
110,610		 Transfers
between
At
funds
31.12.21
£
£
(1,234)
936,371
-
36,636
-
54,754
(1,234)
1,027,761
-
125,000
(300)
78,643
-
5,302
-
57,055
-
-
-
10,858
431
-
-
403
-
7,836
-
10,325
-
44,955
-
3,760
-
227,577
300
58,251
803
-
-
452
-
17,466
1,234
647,883
-
1,675,644

continued...

Page 16

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 359,540 (367,783) 83,950 75,707
Bookshop 1,695 (19,907) - (18,212)
Permanent General Endowment 20,000 - 3,051 23,051
381,235 (387,690) 87,001 80,546
Restricted funds
Music Fund 8,159 (26,729) 31,623 13,053
Chorister Prize Fund 1 - (360) (359)
Thousand Candle Fund - - 10,109 10,109
West Tower Fund - - (1,133) (1,133)
Handrails Fund - (431) (1,106) (1,537)
Box Organ Appeal 2,000 - - 2,000
Music Fund Endowment - - 14,955 14,955
Service Fund - (1,237) 780 (457)
Fabric, Maintenance, Restoration 8,325 (43,982) 42,216 6,559
Fund
Music Scholars 1,658 (8,956) 560 (6,738)
Organist Fund - (5,155) (132) (5,287)
Caffi Deiniol 12,652 (31,219) - (18,567)
Cathedral Foodbank 26,344 (8,878) - 17,466
59,139 (126,587) 97,512 30,064
TOTAL FUNDS 440,374 (514,277) 184,513 110,610

17. RELATED PARTY DISCLOSURES

During the year, £129,620 (2020 - Nil) was invoiced from Bangor Diocesan Board of Finance to cover costs paid on behalf of the charity.

18. PURPOSE OF RESTRICTED FUNDS

Freehold Property Fund

The purpose of this fund is to support the mission and ministry of the Cathedral.

Music Fund

continued...

Page 17

The purpose of this fund is provide scholarships for the choristers and choral scholars and assist with any matter relating to continuation of the musical heritage of the Cathedral.

Chorister Prize Fund

The purpose of this fund is to receive income from legacies to provide Chorister prizes.

Thousand Candle Fund

The purpose of this fund is to promote and support Anglican Music and the choral tradition within the Cathedral.

continued...

Page 17

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

18. PURPOSE OF RESTRICTED FUNDS - continued

West Tower Fund

The purpose of this fund is to replace the flagpole and wooden ladder to reach it and other expenditure to be agreed with the donor.

CCTV Fund

The purpose of this fund is to install and update the CCTV system.

Handrails Fund

The purpose of this fund is to install handrails at the Cathedral.

Poppy Fund

The purpose of this fund is to hold sales from poppy items.

Box Organ Appeal

The purpose of this fund is to purchase a portable box organ.

Choir Association

The purpose of this fund is to provide assistance to the Cathedral Choir with fundraising and outreach activities.

Music Fund Endowment

The purpose of this fund is to provide an income for the Music Fund.

Service Fund

The purpose of this fund is to provide the costs of supplies used for services at the Cathedral.

Fabric, Maintenance, Restoration Fund

The purpose of this fund is to fund any form of maintenance, repairs or restoration activity to the Cathedral.

Music Scholars

The purpose of this fund is to cover the costs of the Music Scholars at the Cathedral.

Organist Fund

The purpose of this fund is to cover the costs of salary for the Cathedral Organist.

Caffi Deiniol

The purpose of the fund is to hold money for St Mary's Trust.

Cathedral Foodbank

The purpose of the fund is to finance groceries for those who fall below the poverty line in Bangor.

continued...

Page 18

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

19. PURPOSE OF DESIGNATED FUNDS

Bookshop Fund

The purpose of the Bookshop is to make a meaningful contribution to the ministry of the Cathedral in terms of welcome, supplying Christian books and resources, cards and gifts as well as financial.

Permanent General Endowment Fund

The purpose of this fund is to provide a general unrestricted income to the Cathedral.

Page 19

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

31.12.21 31.12.20
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Planned giving 16,331 19,998
Loose collections 3,290 1,570
Donations 26,140 34,391
Tax refunds 1,573 1,476
Grants 95,981 160,930
Legacy gifts received 20,000 9,566
163,315 227,931
Other trading activities
Money raising 2,057 6,768
Bookshop takings - 992
Caffi Deiniol income - 2,652
Fees 346 188
2,403 10,600
Investment income
Investment income 19,946 16,179
Total incoming resources 185,664 254,710
EXPENDITURE
Charitable activities
Admin staff salary 8,906 -
Admin staff pensions 891 -
Bishop's Ministry Fund 66,840 63,040
Parochial expenses of clerics 5,339 6,147
Maintenance of services 49,038 35,124
General parish expenses 15,630 28,322
Shared Collections 3,663 35,460
Maintenance of churches 95,523 43,885
Maintenance of other property 4,234 15,798
Cost of money raising 86 84
Bookshop outgoings 682 19,219
Music Fund Chorister Scholarships & Outreach 3,726 3,551
Caffi Deiniol expenditure - 1,079

This page does not form part of the statutory financial statements

Page 20

Children and young people activity costs 1,643 -
Heating 25 32
Computer equipment 328 98
256,554 251,839

This page does not form part of the statutory financial statements

Page 20

THE DEAN AND CHAPTER OF BANGOR CATHEDRAL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

31.12.21 31.12.20
£ £
Support costs
Finance
Bank charges - 4
Governance costs
Independent examiners' fee 3,000 2,880
Total resources expended 259,554 254,723
Net expenditure before gains and losses (73,890) (13)
Net gains/(losses) on investments
Realised gains/(losses) on fixed asset investments 8,798 -
Unrealised gains/(losses) on fixed asset investments 119,663 56,052
Net income 54,571 56,039

This page does not form part of the statutory financial statements

Page 21