Charity registration number 1159545 {England and Wales) THE FRIENDS OF SOUTHWARK CATHEDRAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE FRIENDS OF SOUTHWARK CATHEDRAL LEGAL AND ADMINISTRATIVE INFORMATION Patron: HRH The Duchess of Edinbur President The Bishop of Southwark Members. Council Clare Johnson Jennifer Jones Tessa Bartley Margaret Busgilh Margaret den Brinker Vivienne Baines John Benyon George Martin Guy Rowston Sara George The Rev Canon Michael Rawson. Sub-Dean of Soulhwark Kathryn Dean The Very Revd Dr Mark Oakley, Dean of Southwark Charity number 1159545 Principal address Monlague Chambers Monlague Close LONDON SE1 9DA Independent examiner Kinnaird Hill Brunel House 1 Archers Court Huntingdon Cambridgeshire PE29 6XG Bankers Nalwest Bank plc 10 Souhwark Street London SE1 1TT HSBC Bank plc 1 Kings Parade Ditchling Road BRIGHTON BN16JT
THE FRIENDS OF SOUTHWARK CATHEDRAL CONTENTS Page Council Members, report Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial statements 7-16
THE FRIENDS OF SOUTHWARK CATHEDRAL COUNCIL MEMBERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The members, council present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial slaletnents and comp5y with the charity's governing document, the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in thé UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities-. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" Objectives and activities The Friends of Soulhwark Cathedral is a charitable incorporated organisation which was established on 9 Dember 2014 number 1159545. 11 is the successor to the unincorporated Friends of Southwark Cathedral organisalion, registered charity number 279515. 11 has approximately 700 members. The objects of the charity are the furtherance of any religious or other charitable purpose or PLJrposes in connection with Southwark Cathedral and the maintenance repair and beaulificalion of the Cathedral and ils fabric and furnishings. The charity invites applications from Southwark Cathedral for grants for specific projects which come within its objects. Membership is available lo anyone who wishes to join and who is commilled to supporting the mission and enhancing the fabric of Southwark Cathedral. Throughout the Cathedral there are various places lo collect Friends publicity and different ways in which members can join the organisation.. through the Cathedral website, using an application form in Friends leaflets or via CAFdonate. Members are able lo volunteer to support the charitable work of the Friends more regularly and in doing so will be offered a range of training requirements and opportunities for example safeguarding and first aid. Achievements and performance The Friends had another varied and busy year in 2024. There were numerous opportunities for members to meet together with illustrated lectures, our annual quiz, social gatherings and special Services and our continuing programme of pilgrimages. During 2024 we enjoyed pilgrimages lo Wallham Abbey from the cathedral. along Cuckmere Pilgrims Path in Sussex and began our longer journey from Rochester to Winchester. In April a group of Friends visited Dresden for a long weekend continuing our theme of 'reconciliation'. During the weekend the group enjoyed a tour of the Frauenkirche and also attended a Sunday morning service. The Trustees met four times during the year and were pleased to re1ve a range of requests for funding from the Cathedral, In the financial year the Friends funded the Easter and Christmas flowers as well as the Easter eggs for the congregation. We continued with our regular commitment paying for the ongoing costs of the volunteer management system and donations database. Bigger projects funded by the Friends Foundation Fund included the specialist cleaning of Lancelol's Link and the archaeology chamber logether with the first stage of the conservation of the Lancelot Andrewes book collection. A total of £28,270 was given in grants to the Cathedral durin9 the year. All our events were open to all, ensuring continued public benefit of our organisation. It ha5 been valuable to have the opportunity to illustrate the work of the Friends throughout the Cathedral and in doing so we have been able to invite visitors to join the Friends thereby giving an ongoing commitment lo the Cathedral. Financial review 11 is the policy of the charity that unreslricled funds which have not been designated for a specific use should be maintained in the current account at a level equivalent to beeen three and six month's expenditure. Any excess is placed in the deposit account. The members, council consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity s currenl activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
THE FRIENDS OF SOUTHWARK CATHEDRAL COUNCIL MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The members, council who served during the year and up to the date of signature of the financial slatements were.. Clare Johnson Jennifer Jones Tessa Bartley Margaret Busgith Margaret den Brinker Vivienne Baines John Benyon George Martin Guy Rowslon Sara George The Rev Canon Michael Rawson, Sub-Dean of Soulhwark Kathryn Dean The Very Reiid Dr Mark Oakley, Dean of Southwark Trustees are recruited from within the membership. When a place becomes available on the board of Trustees information is place in the Friends newsletter,'the Cathedral weekly mailing, on Ihe Cathedral website and on social media for both the Friends and the Cathedral inviting members to apply to become a Trustee. There are 12 members of the board plus the Dean and Sub-Dean who are ex-officio members. The Trustees elect a chair and treasurer from their number.and the Friends Director holds the post of secretary lo the Trustees. Organisational Structure Members of the charity are individuals who have paid an annual or life subscription and corporate bodies who have paid an annual subscription. The management of the charity is the responsibility of the Council and the day to day running of the Charity is delegated to the Director Kathryn Dean. The members of the Council who have served during the year and since the year end are set out above. The Council Gomprises a maximum of 12 membèrs, who are Trustees, including: the Dean and Sub-Dean of Soulhwark as ex-officio members 10 trustees who are elected at an Annu81 General Meeting of the members of the charity. The Council has power to Co-opt trustees to fill any vacancies. but those co-opted must stand for election at the next Annual General Meeting. The Council appoinls the Chairman. Treasurer, and Gift Aid Officer from among its memb8rs. The Council advertises for new trusteés in ils Newsletter and the Director, Kathryn Dean, deals with all applications and the induction process for all successful appointees. The Council meets a minimum of four limes annually.
THE FRIENDS OF SOUTHWARK CATHEDRAL COUNCIL MEMBERS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The council members, report was approved by the Board of Members, Council. alhryn Director an Dale..
THE FRIENDS OF SOUTHWARK CATHEDRAL INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS. COUNCIL OF THE FRIENDS OF SOUTHWARK CATHEDRAL I report to the members, council on my examination of the financial slalements of The Friends of Southwark Cathedral (the charity) for the year ended 31 December 2024. Responsibilities and basis of report As the members, council of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51{bl of the Charities Act 2011. Independent examiner's statement Your attention is drawn to the fact that Ihe charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 in preference to the Accounting and Reporting by Charities.. Stslement of Recommended Praclice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come lo my attention in connection wilh the exarninalion giving me cause to believe that in any material respect.. accounting records were not kepl in respect of the charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records. or the financial statements do nol comply with the applicable requirements concerning the form and conlent of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other Ihan any requirement that the financial slalements 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 acr055 no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Kinnaird Hill Chartered Certified Accounlants Brunel House 1 Archers Court Huntingdon Cambridgeshire PE29 6XG Dated..
THE FRIENDS OF SOUTHWARK CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total Unrestricted funds 2023 2024 Notes Income from: Donations and legacies Charitable activities Investments 5,000 5,000 30,978 17,598 8,730 16,250 24,558 30,978 17,598 Total income 48,576 5,000 53,576 49,538 Expenditure on.. Raising funds Charitable activities Other expenditure 12.866 54.548 80 12,866 54,548 80 2,333 53,430 60 12 Total expenditure 67,494 67,494 55,823 Nel gainslllossesl on investments 13 19.226 19,226 27,024 Net income and movement in funds 308 5,000 5,308 20,739 Reconciliation of funds: Fund balances al 1 January 2024 441.364 441,364 420,625 Fund balances at 31 December 2024 441,672 5,000 446,672 441,364 The statement of financial activities includes all gains and1055es recognised in Ihe year. All income and expenditure derive from continuing activities. The notes on pages 7 to 16 form part of these financial statements.
THE FRIENDS OF SOUTHWARK CATHEDRAL BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 578 422,183 791 402,957 422,761 403,748 Current assets Debtors Cash at bank and in hand 17 1,358 27.389 1,234 39,954 28.747 41.188 Creditors: amounts falling due within one year 18 (4,8361 13,5721 Net current assets 23,911 37,616 Total assets less current liabilities 446,672 441,364 Income funds Restricted funds - general Unrestricted funds Designated funds General unrestricted funds 20 5,000 21 264,562 177.110 281,113 160.251 441,672 441,364 446,672 441,364 The notes on pages 7 to 16 fomi part of these financial statements. The financial statements were approved by the Members, Council on QOQS Clare Johnson Chair Vivienne Baines Treasurer
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information The Friends of Souihwark Cathedral is a charitable incorporated organisation registered in England number 1159545. 1.1 Accounting convention These accounts have béen prepared under the historical cost convention with items recognised at cost or transaction value, unless olhemise slated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice.. AGcoLJnling and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} issued on 16 July 2014 and with the Charities Act 2011. 1.2 Going concern The accounts have been prepared on a going concern basis as the trustees believe that no material uncertainly exists. The trustees have considered the level of funds held. and the expected levels of income and expenditure for 12 months from aulhorising these accounts. The budgeted income and expenditure is sufficienl with the level of reserves for Ihe charity to be able lo continue as a going concern. 1.3 Charitable funds Unrestricted funds are expendable, at the discretion of the members. council in furtherance of their charitable objectives. Designated funds are unreslricled funds earmarked by the members. council for a particular project. This does not legally restrict the rnembers, council discretion lo apply the fund in furtherance of the objects of the charity. The designated Foundation Fund represents funds sel aside by the Council lo provide annual endowment for the objecls of the charity. Reslricled funds are subject lo specific conditions by donors or grantors a5 to how they may be used. The purposes and uses of the restricted funds are set oul in the notes lo the financial slatemenls. 1.4 Income All income is recognised once the charity has entitlement lo the income, there is sufficient certainly of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations are recognised when they have been communicated, with notification received in writing of both Ihe amount and selllemenl date. In the event that a donation is subject lo conditions that require a level of performance before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those Gonditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the granting of probate when the adminislr8lorl executor for the eslale has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliable measurable with a degree of reasonable accuracy and the lille to the asset has been transferred to the charity. Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Continued) 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity to that expenditure, il is probable that settlement will be raquired, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs. are allocaled or apportioned to the applicable expenditure headings in the statement of financial activities. Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectalion Ihat they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of Ihe granl and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated lo the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. The expenditure on charitable activities includes grants made, governance costs and other support costs as shown in note 6. 1.6 Tangible fixed assets All assets costing more than £250 are capltalised and valued al historical cost. Depreciation is charged from the year of acquisition on equipment on a straight-line basis over their estimated useful life of four years. Computers 25 % on straight line basis 1.7 Fixed asset investments Investments are initially recognised at their transaction value and subsequently measured al their market value as at the balance 5heel date using the closing quoted market price. The slalement of financial activities includes the nel gains and losses arising on revaluation and disposal throughout the year. The charity does not acquiré, or use put options, derivatives or other complex financial inslrumenls.
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued} 1.8 Church Workers Pension Fund The Friends of Soulhwark Cathedral (PB 20141 participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by Ihe Church of England Pensions Board. which holds the assets of the schemes separately from those of the Employer 2nd the other participating employers. The Church Workers Pension Fund has two sections known as the Defined Benefits Scheme and the Pension Builder Scheme. which has two subsections.. (a) a deferred annuity section known 8$ Pension Builder Classic and Ib) a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both subsections of The Pension Builder Scheme of the Church Workers Pension are classed as defined benefit schemes. Pensian Builder Classic provides a pension, accumulated from contribulions paid and converted into deferred annuity during employment based on terms sel and reviewed by the Church of England Pensions Board from time lo lime. Discretionary increases may also be declared. depending upon the investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits al reliremenl. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account. plus any bonuses declared, is payable, unreduced. from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered lo be a mulli-employer scheme as described in Section 28 of FRS 102. This is because il is not possible to atlribule the Pension Builder Scheme's assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged lo the SOFA in the year are contributions payable12024'. £1,588, 2023.. £1,474). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent scheme valuation was carried out as al 31 December 2019. For the Pension Builder Classic section. the 2019 valuation revealed a deficit of £4.8m on the ongoing assumptions used. Al the most recent annual review effective 1 January 2024, the Board chose lo grant a discretionary bonus of 6.70/0 lo both pensions not yet in payment and pensions in payment in respect of service prior to April 1997., and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5°/. (where usually it would be calculated based on inflation up lo 2.5 /.)- This followed improvements in the funding position over 2023. There is no requiremenl for deficit payments at the current time. For the Pension Builder 2014 section, the 2019 valualion revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payment al the current time. The nexl valuation is due 31 December 2022, which is currently undefway. The legal structure of the scheme is such that if another employer fails. The Friends of Southwark Cathedral IP8 20141 could become responsible for paying a share of the failed employer's pension liabilities. 1.9 Realised gains and losses All gains and losses are taken lo the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent ta the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.10 Contingent liabilities A contingent liability is identified and disclosed for those grants resulting from.. a possible obligalion which will only be confirmed by the occurrence of one or more uncertain fulure events not wholly within the trustees, control.. or a present obligation following a grant offer where settlement is either not considered probable- or the amount has not been communicated in the grant offer and that amount cannot be estimated reliably. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts 5,000 5,000 8,730 8,730 Income from charitable activities Unrestricted funds 2024 Unrestr(cted funds 2023 Subscriptions Events income 13.434 17,544 10,072 6,178 30,978 16,250 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from fixed asset investments Transfer frorn M&G 17,598 16,869 7,689 17,598 24,558 10-
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraising and publicity Staging fundraising events 12,866 2,333 Expenditure on charitable activities Unrestricted Unrestricted 2024 2023 Direct costs Staff costs Depreciation and impairment 19,520 213 18,787 147 19.733 18,934 Grant funding of 3clivilies (see note 7} 28,270 28,741 Share of support and governance costs (see note 81 Support 6,545 5,755 54.548 53,430 Analysis by fund Unreslricled funds 54,548 53.430 Grants payable Unrestricted Unrestricted 2024 2023 Grants lo Southwark Cathedral for.. Regular commitments Composition.. Southwark seNices Memorial Book Christmas Trees Farewell gifts Garden grant and flowers Volunteer Management system Lancelol's Link cleaning LancelotAndrewes Books The Big Knit Archeological chamber clean Other 3,872 1.595 7,524 350 10,464 2,226 2,895 2.697 302 3,500 2,319 9,095 1,881 736 5.575 990 990 28,270 28,741 11
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to activities 2024 2023 Stslionery, post and telephone Travel Insurance Other costs Payroll Conference Independent examination 2,227 313 140 2,058 66 325 129 2,022 90 843 1,235 1,741 6,545 5,755 Analysed between: Charitable activities 6.545 5.755 Net movement In funds 2024 2023 The nel movement in funds is stated after chargingl(creditingl: Fees payable for the independént examination of the charity's financial statements Depreciation of owned tangible fixed assets 1,741 213 1,235 147 10 Members. Council None of the members, council lor any persons connected with them) received any remuneration during .Ihe year, bul one of them was reimbursed a total of£126 Iravelling expenses (2023 - £1031. 11 Employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Other pension cosls 17,932 1.588 17,313 1,474 19,520 18.787 There were no employees whose annual remuneration was more than £60,000. 12-
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Other expenditure Unrestricted Unrestricted funds funds 2024 2023 Bank charges 80 60 13 Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gainsl{losses} arising on.. Revaluation of investments 19.226 27,024 14 Taxation The charity Is exempl from laxalion on ils activities because all its income is applied for charitable purposes. 15 Tangible fixed assets Computers Cosl Al 1 January 2024 1.657 At 31 December 2024 1,657 Depreciation and impairrnent At 1 January 2024 Deprecialion charged in the year 866 213 At 31 December 2024 1,079 Carrying amount Al 31 December 2024 578 At 31 December 2023 791 13-
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Fixed asset investments Listed investments Cost or valuation At 1 January 2024 Valuation changes 402,957 19,226 At 31 December 2024 422,183 Carrying amount At 31 December 2024 422,183 At 31 December 2023 402,957 17 Debtors 2024 2023 Amounts falling due wlthln one year: Trade debtors Prepaymenls and accrued income 1,068 290 1,234 1,358 1,234 18 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 165 4,671 1.317 2,255 4,836 3,572 19 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge lo profit or loss in respecl of defined contribution schemes 1.588 1.474 The charity operates a defined contribution pension scheme for all qualifying ernployees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 14-
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming resources At31 December 2024 5,000 5,000 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These also include designated funds, specifically the Foundation Fund. which have been sel aside out of Ljnrestricted funds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended Transfers Gains and losses At31 December 2024 Foundation fund General funds 281,113 160,251 (16,551) 16,551 264,562 177.110 48.576 167.4941 19,226 441.364 48,576 (67,4941 19,226 441,672 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 Foundation fund General funds 270.113 150,512 11,000 (11,0001 281,113 160,251 49,538 155,8231 27,024 420,625 49.538 155.8231 27,024 441,364 15-
THE FRIENDS OF SOUTHWARK CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Tangible assets Investments Current asselsllliabilitiesl 578 422,183 18,911 578 422,183 23,911 5.000 441,672 5,000 446,672 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 December 2023: Tangible assets Investments Current assetsllliabilities) 791 402,957 37,616 791 402.957 37.616 441,364 441,364 23 Related party transactions TransactSons with related partles During the year the charity entered into the following transactions with related parties: Grants payable to Southwark Cathedral are listed in note 7 of the Accounts. Members. Council reimbLtrsed expenses are disclosed in note 10 ofthe Accounts. There were no outstanding balances at the year end. 16-