**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.
- To ensure cashflow
- To cover any unforeseen circumstances
- To provide the opportunity to attract/identify funding should existing funding be subjected to cutbacks
- To ensure that should all funding cease, the organisation would be able to fulfil all of its financial and legal obligations when winding up.
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