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2020-12-31-accounts

Annual Report and Unaudited Financial Statements For Year Ended 31 December 2020

The Dean and Chapter of Brecon Cathedral

Constituted by The Welsh Church Act 1914 and The Welsh Church (Temporalities) Act 1991

Charity Registration Number 1160017

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CONTENTS

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LEGAL AND ADMINISTRATIVE INFORMATION

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Trustees/Canons: The Very Reverend Dr Paul Shackerley (Chair) The Venerable Alan Jevons The Venerable Jonathan Davies Reverend Canon Dr Mark Clavier Reverend Canon Rowland Edwards Reverend Canon Keith Evans Reverend Canon Dewi Roberts Reverend Canon Timothy Hewitt Reverend Canon Hugh Lervy Reverend Canon Peter Brooks Reverend Canon Ian Rees

Chapter Clerk and Treasurer: Dr Mike Williams Charity Registration Number: 1160017 External Examiner: Mr Brian Turner FCCA 61 Gabalfa Road Sketty Swansea SA2 8NA

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TRUSTEES’ REPORT FOR YEAR ENDED 31 DECEMBER 2020

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1. OBJECTIVES AND ACTIVITIES

1.1. Purpose

The principal objectives of The Dean and Chapter of Brecon Cathedral ( Charity ) are to:

1.2. Activities

1.2.1. The Charity ensures that the Cathedral is a focus of worship, spirituality, and prayer for all who visit , by:

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1.2.3 The Charity is committed to mission and outreach , by:

1.2.4 The Charity will ensure that the Cathedral will become financially sustainable and establish a clear building program of maintenance and reordering , by:

1.2.5 The Charity ensures that the Cathedral is a centre of learning and discipleship , by:

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1.3 Public Benefit

From the activities above, public benefit is delivered by the Charity:

The Trustees of the Charity have had regard to the Charity Commission’s guidance on public benefit in assessing their compliance with this requirement.

1.4 Principal Service

The principal service offered by the Charity (as identified in the accompanying accounts) is the provisioning of the Cathedral through undertaking the activities identified in 1.2. All actions of the Charity are in support of delivering the activities listed.

The total income for 2020 was £363,542 plus £503 unrealised investment gain. The total expenditure for 2020 was £337,727.

2. ACHIEVEMENTS AND PERFORMANCE

The accounts cover the period from 31 December 2019 to 31 December 2020, and this section reviews some of the achievements of the Charity between these dates.

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2.1 Financial

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for the project. (£128,200 designated in total). The unspent £9,855 in the Appeal bank account at the end of 2020 has been included in the accounts as Designated Funds and will go towards expenditure on the project in 2021.

2.2 People

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2.3 Outreach

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and churches in Europe. Whilst the Cathedral Choir was unable to sing during periods of closure and Covid-19 restrictions, every effort was made to engage choristers in socially distanced outdoor singing rehearsals and lessons and events such as outdoor picnicking that were allowed. This included carol singing at Christmas.

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online viewing via the Metropolitan Opera and showcased the Cathedral to a worldwide audience.

2.4 Fabric

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to the NLHF in 2021. The project includes reroofing the south transept, north transept, chancel/organ chamber, and Havard Chapel (leaving for a subsequent phase the nave, north and south aisles and St Laurence Chapel/sacristy roofs) and making the Cathedral watertight (which will, in turn, reduce annual maintenance costs significantly), forming a west entrance (with much improved disabled access), and reordering (allowing for a more flexible space), with a smaller allowance for the Tithebarn.

2.5 Management

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2.6 External Approval

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Probation Service, Brecon Beacons National Park Authority, the Brecknock Society, the Brecknock Museum & Art Gallery, Dementia Matters, the Regiment of the Royal Welsh, PAVO, Theatr Brycheiniog, Keep Wales Tidy, and local funeral directors.

3. FINANCIAL REVIEW

3.1 Review of the Charity’s Financial Position

The Cathedral Accounts for 2020 consist of a Statement of Financial Activities and a Balance Sheet. They were prepared by Dr Mike Williams, the Chapter Treasurer, and approved by Mr Brian Turner FCCA, an independent examiner, on 20 August 2021.

To provide more transparency in the accounts (and building on the policy adopted in 2017), netting off has been further reduced in 2020, showing the true expenditure and income under various headings. In some instances, this has resulted in further divisions of income and expenditure and, where this has happened, the corresponding figure for 2019 is included for the prior year figures where this is retrievable. This provides Trustees (and external funding partners through this report) with more clarity with which to make decisions. Management Accounts, in a simpler format but with the same division headings, are presented to the Charity Trustees every quarter and are tracked against the annual budget on income and expenditure.

3.1.1 Expenditure

The total expenditure for 2020 excluding amounts brought forward to 2021 (with comparisons from 2019) can be divided among:

|Raising Funds
Charitable Activities
•
Maintaining the ministry of the Cathedral
•
Delivering the services of a Cathedral
•
Maintaining the Cathedral and grounds
•
Office staffing and costs
•
People | Passion | Priory project
•
Covid Reopening Reports
•
Convivium Expenditure
•
Sub-total
Insurance Claim
Total|2020
£ 1,760
£ 69,661
£ 43,066
£ 63,221
£ 70,138
£ 2,221
£ 3,360
£ 1,197
£254,241
£ 0
£254,241|2019
£ 1,045
£ 67,994
£ 53,154
£ 69,508
£ 42,662
£ 21,670
£ 0
£ 4,526
£259,514
£ 1,073| |---|---|---| |||
£261,632|

Raising Funds

The cost of raising funds comprised prizes for the Cathedral 200 Club (£505), a marked reduction from 2019 due to several prize-winners donating back their prizes into Cathedral funds. All prizes and the license fee came from unrestricted funds. £1,243 was spent on a contactless donation unit to enable cash-free donations through the pandemic. This was paid for by a Welsh Government Covid-19 Cultural Recovery Fund grant.

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Maintaining the Ministry of the Cathedral

The cost of maintaining the ministry of the Cathedral was far lower than 2019 due to the closure of the Cathedral under Covid-19 restrictions and the limited manner in which services could be offered after partial reopening. Only £1,746 was expended on services, down from £5,440 in 2019.

The small overall increase in maintaining the ministry of the Cathedral was solely due to the Ministry Share payment increasing by £5,361 from 2019. This was later offset by refunds and grants from the Diocesan Board of Finance, which are shown under income.

All expenditure comprised unrestricted funds except for £388 on altar requisites, paid for from restricted investment income, £75 on flowers received from a donation, and £134 on altar requisites paid for from expendable endowment income.

Delivering the Services of a Cathedral

The cost of delivering the services of the Cathedral dropped dramatically in 2020 due to the Covid-19 restrictions. Organ tuning, event expenditure, and miscellaneous music costs were all down from 2019 but the largest factor was salary deductions for the Director of Music whilst he was furloughed during the Cathedral closure. The Assistant Organist was also furloughed but his salary was topped up by the Charity from the 80 percent furlough level to 100 percent usual level to avoid hardship. Music license costs remained reasonably static as the cost was expended before lockdown.

Clergy expenses show a small reduction from 2019, mostly in travelling expenses due to the Covid-19 ban on travelling. Property costs were also lower after a high figure for 2019.

All expenditure comprised unrestricted funds except for £37,605 against music salaries, which was from grants received under the Coronavirus Job Support Scheme (£21,019), from the Cathedral Choirs Emergency Grant fund (£2,500), from the Cathedral Choir Trust (£13,086), and St Mary’s Church, Brecon (£1,000). There was a contribution of £807 towards the telephone costs borne by clergy whilst home working from the Welsh Government Covid-19 Cultural Recovery Fund grant. There was a contribution towards costs of an organ scholarship programme (£400) from a restricted grant.

Maintaining the Cathedral and Grounds

The cost of maintaining the Cathedral and grounds decreased from 2019 from £69,508 to £63,221, again, mainly due to the Covid-19 measures. Due to the Cathedral being closed under lockdown restrictions, electricity and gas use were both lower as light and heating could be kept to minimal requirements to maintain building stability and security. Similarly, our Facilities Manager was furloughed during 2020, leading to a reduction in salary costs. Similarly, the two Cathedral cleaners were also furloughed for the time that the Cathedral was closed to any visitors. Insurance was also reduced due to the closure.

There were some increases, such as building maintenance, which sought to plug holes in the roof that were letting in water, grounds maintenance due to several trees having become dangerous and needing to be removed, and signage for Covid-19 secure opening.

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Cleaning supplies also show a large increase due to the additional measures and deepcleaning required by the Covid-19 regulations. Whilst the cleaners were furloughed, the clergy undertook some of the cleaning themselves.

Most expenditure comprised a mixture of unrestricted funds (£24,674), restricted funds (£38,418), and a small amount from expendable endowment income (£129). Of the restricted funds, the following came from the Welsh Government Covid-19 Cultural Recovery Fund grant:

Expenditure
Water Rates
Electricity
Gas
Internet
Insurance & Security
Building Maintenance
Equipment Maintenance
Cleaning
Signage
Total		 Amount
£ 405
£ 2,891
£ 10,824
£ 665
£ 7,114
£ 1,265
£ 2,330
£ 485
£ 198
£ 26,167

Of the remainder, £7,969 for salary costs was funded by the Coronavirus Job Support Scheme, £1,000 private donation was made towards gas costs, £679 donation from the South Wales Borderers Association was made towards security in the Havard Chapel, and £130 private donation was made against cleaning costs. There was a small amount of £129 on Cathedral maintenance paid for from expendable endowment income.

Office staffing and costs

Before analysing office staffing and costs, it is necessary to reduce the figure by £25,000, which represents a grant received on behalf of and immediately paid to the Brecon Cathedral Tithebarn Company Ltd. This occurred since a technical reason made the Tithebarn’s own account unsuitable for accepting the funds directly.

After that deduction, office staffing and costs remained reasonably constant in 2020 (£42,662 in 2019 and £45,138 in 2020, an increase of £2,476). However, this overall constancy hides some large increases and decreases on individual items.

The cost of office accommodation fell, essentially the amount paid to rent office space from the Diocese, but there was a large increase in gas costs. This is due to the gas no longer being netted-off in relation to the fee. As a result, a large refund for gas use was received in 2020 from the Diocese and from clergy, amounting to £7,174. If this is deducted from the gas cost in expenditure, it brings actual use in the office to £2,203, which is considerably less than for 2019 (£3,946), which would be expected as the office was closed during lockdown and heating kept to a minimum. Similarly, electricity use is no longer netted-off and is shown as actual cost of use.

Equipment hire charges are much lower since the photocopier lease has expired and, instead of renewal, the Charity office now pays for the use of the Diocesan photocopier. This is why the printing cost is larger than might be expected with the office closed during

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lockdown. Some equipment needed maintenance this year and there was an issue with keys and locks requiring a callout fee being paid to Chubb.

Hospitality, as expected during lockdown, is much less than in 2019 and this is the same for most office expenses. Indeed, telephone use more than halved, although it was noted above that clergy expenses for home telephone use increased.

A new arrangement was agreed with the car park management company whereby the Charity pays an annual fee of £1,680 but keeps all the parking revenue (excluding fines). This arrangement was agreed before Covid-19 struck and, in hindsight, it might have been better to have left the old arrangement of paying a percentage of revenue (which dropped significantly during lockdown) in place. However, in future years, this new arrangement should maximise revenue. There was also £1,000 paid for professional advice relating to the many applications being made for grant funding; the effectiveness of this is more than borne out by the grant funding received.

All expenditure comprised unrestricted funds except for amounts received from the Welsh Government Covid-19 Cultural Recovery Fund grant of £3,815 and £100 from a public donation.

The Charity administrator was not furloughed, and no money was received for this position under the Covid-19 Job Retention Scheme.

Convivium

With the Covid-19 restrictions in place for 2020, none of the planned Convivium activities could take place in 2020. This meant cancelling the conference planned for the spring. Although costs expended were reclaimed as much as contractually possible, £1,197 was expended towards the conference that was not recoverable. This accounts for the only expenditure made by Convivium in 2020.

People | Passion | Priory Project

The overall amount expended on the project (£5,581) is considerably less than that spent in 2019 (£21,670). Following the rejection of the second application in September 2019, Mr Nigel Morgan, the remaining fundraising consultant following the retirement of Dean Emeritus Michael Bunker in 2018, left the project, resulting in considerable savings to the Cathedral in 2020. Moreover, much of the architectural and structural plans were drawn up in 2018 and 2019, which means costs relating to these areas did not need further expenditure in 2020.

Consultancy fees were paid to DCA Consulting (£1,440) with a view to working up an Expression of Interest for application to the NLHF in 2021.

The Trustees have already allocated £101,000 of investment funds to pay for these project development costs in 2016, 2017, and 2018. During 2019, an additional £25,000 was added from investment reserves and £2,200 from an unrestricted donation. No further sum was added in 2020 since enough remained to cover costs arising. The project funds are maintained in a separate bank account and are internally categorised as designated funds, reserved for project expenditure only. A Chapter resolution governs their use.

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Covid Reopening Reports

Funding was obtained from the Welsh Government Covid-19 Recovery grant to pay for several reports relating to reopening the Cathedral whilst Covid-19 restrictions apply, and then being in a solid and sustainable position to reopen fully once restrictions are lifted. In 2020, £3,360 was expended on consultant fees and an architect’s plan for temporary Covid-19 reordering. A further £28,340 will be carried forward into 2021 and is in a restricted account.

Arwain Project and Brecon Heritage and Culture Network

Income and expenditure relating to the Arwain project has been categorised as Extraordinary Items in Note 7 since the project is entirely self-contained, funded by grants, and ended in September 2020. A full breakdown of expenditure is provided in Note 7. All expenditure comprised restricted funds from grants and donations.

During October 2020, a new organisation was established with the same aims of the Arwain project, named the Brecon Heritage and Culture Network. With the permission of funders and the Charity Commission, the residual amount of £7,458 was passed to the Brecon Heritage and Culture Network account retaining its restricted status. This account was £10,470 in surplus at the end of 2020, and this will be carried forward into 2021.

3.1.2 Income

The sources of income can be divided among:

Donations and Legacies
•
Public donations
•
Grant funding
•
Covid-19 specific grant funding
•
Job Retention Scheme Grant
•
Legacies
•
Choir Trust and St Mary’s Grant
•
Sub-total
Charitable Activities
Other Trading Activities
Income from Investments
Insurance Claim
Total		 2020
£ 54,063
£ 63,097
£ 149,490
£ 28,988
£ 1,000
£ 26,600
£ 323,238
£ 1,898
£ 30,450
£ 7,956
£ 0
£ 363,542		 2019
£ 68,117
£ 61,624
£ 0
£ 0
£ 75,197
£ 29,250
£ 234,188
£ 7,100
£ 27,032
£ 12,609
£ 1,073
£ 282,002

The financial year was dominated by Covid-19 and its many restrictions on opening. This is reflected in reductions in expenditure but also reductions in congregational and visitor giving. However, this reduction was mitigated and reversed by a series of grants available to the Cathedral to weather the downturn and unpredictability in regular revenue. Although some grants were for expenditure either solely or partially in 2021, those available for expenditure in 2020 more than made up for the loss of income experienced.

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Public Donations

The first notable drop in income arises from service collections, which fell from £38,482 in 2029 to £21,984 in 2020 (a drop of £16,498 or 43 percent). This is solely due to the Cathedral being totally closed for services and then only partially reopening with strict restrictions in place. Many existing congregation members have stayed away and, although numbers have been boosted by attracting others from churches that are completely closed, giving tends to be directed to the original place of worship rather than the temporary abode. In contrast to this, many existing congregational members have diverted their regular cash giving into Direct Debits and such direct giving has increased by £6,932 to £11,194 in 2020. In addition, £3,875 was raised by a PayPal gift giving scheme, mostly from the regular Cathedral congregation. £80 was received through our online giving schemes. These sums mitigated but did not extinguish the fall in service collections during the year. Gift aid reclaimed also showed a significant fall but as this is a factor of the money received, this was expected.

As the Cathedral was closed for tourists for much of 2020, collection boxes have also remained empty, resulting in a fall from £8,621 in 2019 to £4,220 in 2020 (a drop of £4,401 or 51 percent). When reopening appeared possible in late autumn, a grant was obtained to pay for a GoodBox cashless donation box (to provide those donating with a hands-free non-cash alternative during restrictions), although it was only used for a very short time before further closure.

Other donations reduced from 2019 by £837, which was not ideal but, due to the nature of these occasional gifts, they are extremely difficult to predict and manage, especially given the circumstances surrounding Covid-19. The donations received in 2020 were, however, still £3,356 over budget as expectations in this regard are kept very modest.

All giving and donations were unrestricted apart from £1,220 of donations that were for specific expenditure (split between utilities charges and cleaning) and therefore restricted. This is reflected in Note 6 of the Accounts.

Legacies

There was a legacy of £1,000 given to the Charity in 2020, which more than made up for the small fall in public donations seen above.

All legacy income was unrestricted.

Non-Covid-19 Grant Funding

Non-Covid-19 related grant funding was slightly higher than in 2019 by £1,473, although most of this (£997) came from deferred income released from 2019 for the Convivium project.

Donations of £2,165 were made towards the costs of providing music tuition and experience for a new position of Cathedral organ scholar.

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The usual grant from the Diocesan Board of Finance was received at the same amount for 2019 of £41,190. No Cathedral Friends’ grant was forthcoming in 2020 due to their own difficulties with fundraising activities during Covid-19 restrictions.

A grant of £11,031 was received from the All Churches Trust at an identical value to that received in 2019. This was unrestricted but a detailed report of expenditure will be forwarded to the All Churches Trust as in other years.

A grant of £679 towards the alarm systems in the Havard Chapel was received by the South Wales Borderers Association and shows a small increase to that received in 2019.

All grants were unrestricted except for the National Lottery Heritage Grant (£9,000), the SWB grant (£679), and the organ scholarship donations (£2,165) which were for specific expenditure already noted. This is reflected in Note 6 of the Accounts.

In addition, £997 was released for use by the Convivium initiative in 2020 with £6,130 being brought forward into 2021. £200 was received as a restricted grant towards Convivium by a member of the public.

A National Lottery Heritage grant was received in December 2020 for funding improved signage (including digital coding) in the Cathedral Close and for a recently initiated gardening project partnership with mental-health charity MIND. Expenditure under this grant will be accounted for in 2021 and the entire sum of £9,000 will be carried forward into next year.

Covid-19 Related Grant Income

In addition to the usual grant, the Diocesan Board of Finance gave further grants related to the effects of Covid-19 of £23,533. This sum reflects the loss of income to the Charity and as a result of various online initiatives that had been taken by the Charity to increase income (including promotion of the Direct Giving scheme).

A major grant was awarded by the Welsh Government under their Covid-19 Cultural Recovery Fund. The grant was divided into two periods: costs relating to the period April 2020 to end August 2020 of £27,027, which was fully spent in the year, and costs relating to the period September 2020 to end March 2021 of £39,724, of which only £7,477 was spent in 2020. The remainder of £32,247 will be carried forward into 2021. The details of expenditure during 2020 have been provided above.

A grant of £5,000 was awarded from Powys County Council and was unrestricted. A further business grant for £25,000 was received from Powys County Council relating to the trading activities of the Brecon Cathedral Tithebarn Limited and this was immediately paid over to that company.

The Cathedral Choirs Emergency Fund grant gave £2,500 towards the cost of employing the Assistant Organist through the latter part of 2020. This is reflected in expenditure above.

A further grant from the Cathedral Choirs Emergency Fund for £25,800 was received in December 2020 for expenditure in 2021 and the full amount will be carried forward into next year.

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As noted above, all grants for Covid-19 recovery were restricted and have been treated accordingly in Note 6 of the Accounts.

Coronavirus Job Retention Scheme

Five staff were furloughed during 2020, initially with no work being possible under the scheme and then on a variable working scheme where the Charity covered worked hours and the scheme paid for non-worked hours on a sliding scale of between 60 and 80 percent. The Charity made up amounts to 80 percent of salary (as required by the rules) except in one case where salary was topped up to 100 percent.

The total furlough payments for 2020 are as follows:

Director of Music
Assistant Organist
Facilities Manager
Cleaner
Cleaner
Total		 £ 14,791
£ 6,228
£ 6,149
£ 910
£ 910
£ 28,988

Choir Trust Grant Towards Salaries

The Choir Trust contribution towards music salaries was £25,600 (a slight reduction from 2019) of which £13,086 was expended (due to other grants received towards salary costs) and £12,514 will be carried forward into 2021.

The St Mary’s Church grant towards salary costs of the Assistant Organist was £1,000 for 2020, lower than for 2019 (£2,500) due to St Mary’s Church being closed over the pandemic.

Both grants were restricted funds and have been treated accordingly in Note 6 of the Accounts.

Charitable Activities

There was a fall in income from charitable activities of £5,202 from £7,100 in 2019 to £1,898 in 2020. This is solely accountable to the closure of the Cathedral for all services during part of the year and restrictions on weddings and funerals for the remainder. All income is attributable to the period before Covid-19 and, if it had been replicated throughout the year, would have provided comparable income to 2019.

All fees received for charitable activities were unrestricted.

Other Trading Activities

There was a welcome increase in other trading activities undertaken by the Charity of £3,418 from £27,032 in 2019 to £30,450 in 2020. Although tours could not take place in 2020 and general events were down, two exceptional events made up the shortfall: filming of Songs of Praise for Remembrance Day and Advent Sunday in the Cathedral, and the filming of a performance by the stars of the Metropolitan Opera Company. Between them, they amounted to £9,012 income for the Charity whilst lockdown restrictions applied.

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Car park revenue was down by half in 2020 due to the Cathedral being closed. This is expected to reverse as the Cathedral reopens.

Reprographics recharging reduced due to the Charity no longer having a photocopier and all printing now being undertaken on the Diocesan machine (previously the Diocese would refund the Charity for use of the Charity’s photocopier). However, utilities recharging is shown as a new category whereas it was previously netted-off against the gas sum for nonCathedral buildings. Miscellaneous income also showed an increase of £1,387 over 2019, mostly due to selling logs after the felling of trees on Cathedral land, which was detailed under expenditure above.

All income received through trading activities was unrestricted.

Investment Income

After good trading conditions in 2019, investment income fell in 2020 by £4,653 from £12,609 in 2019 to £7,956 in 2020. There was some variability between funds held with the Diocesan Board of Finance and the Representative Body and these are highlighted in Note 27.1 of the Accounts. Overall, considering the circumstances prevailing through the year, a return of 2.43 percent is a reasonable sum.

Investment income was divided among unrestricted (£4,832), restricted (£2,861), and expendable endowments (£263). This is reflected in Note 6 of the Accounts. A table showing the conditions regarding restrictions pertaining to each investment fund is contained in Note 27.1 of the Accounts.

Conclusion

The Charity accounts showed an operating surplus of £26,318 for 2020, up from a surplus of £20,370 in 2019. Whilst this is welcome, the Covid-19 related grants received accounted for £149,490 income (of which £25,000 was for the Brecon Cathedral Tithebarn Company Limited and immediately paid over), and the Coronavirus Job Retention scheme accounted for £28,988. Both these sums were unexpected at the start of the year and exceptional. The operating position would have otherwise been a deficit of £35,716.

Expenditure included £2,221 spent on the People | Passion | Priory redevelopment scheme, which, although spending will take place over several years hence, is still exceptional. Further, £3,360 was spent on reopening reports due to the Covid-19 restrictions and was also exceptional. Some other costs were increased, such as cleaning and signage, amounting to £1,714.

Reducing the exceptional expenditure from the true operating deficit provides a true net operating deficit of £28,421. This would have been below the average operating deficit recorded by the Charity but, nonetheless, shows how serious the effect of Covid-19 would have otherwise been without the grants available.

Investment capital rose by £503 during 2020, which, considering the volatility of the markets, is considered very reasonable. Most of the increase is due to a better than average performance of the funds invested with the Representative Body rather than the

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Diocesan Board of Finance. Note 27.1 of the Accounts provides a full breakdown. No drawdowns were necessary in 2020, therefore, all gains are unrealised.

The net addition to Cathedral funds throughout 2020, including investment gains, was £26,318. This increased total funds from £1,013,907 brought forward from 2019 to £1,040,225 carried forward to 2021.

Since the budget for 2020 was set in September 2019 it did not take into account the exceptional conditions relating to Covid-19. Detailed analysis and comparison with actual figures therefore seems futile. However, the projected deficit was £36,488, which was emphatically not the case. Indeed, even without the Covid-19 grants spent in 2020, the deficit would have been (after exceptional expenditure) £28,421, some £8,067 under budget.

Although conditions in 2020 were exceptional, the Charity is maintaining its policy of reducing operating deficits by making savings on expenditure where possible, and, most significantly, through increasing income. As in previous years, the aim is for the Charity to balance its accounts without recourse to investments. This has been achieved in 2019 and now in 2020, albeit through exceptional circumstances in both years.

3.2 TANGIBLE FIXED ASSETS

The Charity holds tangible assets amounting to £481,000 (Note 14 of the Accounts). These comprise Garth Cottage (£235,000), which is occupied by the Director of Music, St John’s Centre (£64,000), which is under lease to Faith in Families, the car park (£160,000), which earns revenue for the Charity, Priory Field (£10,000), which earns a nominal rent for the Charity and is situated to the north-west of the Cathedral, Bishop Williamson’s Garden (£10,000), which is open space to the south-east of the Cathedral, and a toilet block adjoining Bishop Williamson’s Garden, which is under offer to Western Power for £2,000.

It was intended to revalue these assets in 2020 but this proved impossible due to the Covid-19 restrictions. The intention is to complete the revaluation in 2021 if conditions allow.

3.3 HERITAGE ASSETS

The Charity holds heritage assets amounting to £94,500 (Note 16 of the Accounts). These comprise paintings and other artworks (£78,000), the finest being ‘Peace’, 1896, by William Strutt (1825 – 1915), and a sixteenth-century Spanish crucifix in the style of Spanish artist Olanso Cano (1601 –1667), reputedly brought back by a serving soldier at the Battle of Vittoria in 1813 (£16,500).

It was intended to revalue these assets in 2020 (five years after the original valuation) but this proved impossible due to the Covid-19 restrictions. The intention is to complete the revaluation in 2021 if conditions allow.

3.4 RESERVES

The Charity holds the following reserves:

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•
Investment value
•
Other (including net creditors)		 2020
£326,086
£121,379
£447,465		 2019
£325,583
£ 45,090
£370,673

The rise in other reserves includes £96,161 deferred income to be carried forward into 2021.

The Charity holds reserves against deficits sustained on operating income, unexpected and substantial repairs or maintenance, special projects, such as the amount committed to the People | Passion | Priory project, and to allow for match funding against grant applications.

Our reserves policy seeks to hold cash reserves equivalent to six months operating costs at all times.

Of the reserves not held as cash or in current accounts, and not accounted for by net creditors, the following applies:

Funds Held at the Diocesan Trust
Funds Held by the Representative Body		 Unrestricted
£121,210
£ 85,623
£206,833		 Restricted
£100,646
£ 6,285
£106,931		 Endowed
£ 4,896
£ 7,426
£ 12,322

The policy behind investment strategy is governed by the Diocesan Trust and Representative Body to accord with protocols set by the Church in Wales. The Charity are satisfied that these protocols are adhered to by the respective body and match those decisions that would be taken independently by the Charity.

3.5 UNCERTAINTIES

A major risk to the Cathedral is failing fabric as identified in the Parish Return for 2019 (see Section 2.4 above) and this is being addressed through the People | Passion | Priory project. This will tackle major structural work including reroofing (in two phases) and also the other items of concern. These will be identified and costed in the Quinquennial Report scheduled to be prepared in 2021. It is anticipated that an Expression of Interest will be submitted to the National Lottery Heritage Fund in 2021 with a Round 1 application to follow.

Another major risk is the underlying operating deficit (despite exceptional circumstances resulting in a surplus in 2019 and 2020). This is being addressed by the Charity and at a Provincial level within the Church in Wales. Results of discussions with the Church in Wales are expected in 2021.

The remaining risk concerns personnel in that one individual carries out the role of Chapter Clerk and Chapter Treasurer with no pay or expenses. Timesheets kept by the individual show an average of three days per week spent on Cathedral work. Due to the responsibilities of the role (that were not there for the previous incumbent), there is a risk that volunteer(s) would not be willing to take over the role, at least not in its entirety. Three days commitment amounts to c. £35,000 salary, pro-rata compared to comparable full-time appointments in other cathedrals. Expenses would amount to c. £500 per annum. This would potentially leave the Cathedral with a significant shortfall.

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4. STRUCTURE, GOVERNANCE, AND MANAGEMENT

4.1 Structure

The Charity is constituted by The Welsh Church Act 1914 (as modified by subsequent legislation, particularly The Welsh Church (Temporalities) Act 1991).

4.2 Governance

In 2020, the Charity was governed by the Constitution of the Church in Wales. There are separate schemes within that constitution relating to each cathedral, including Brecon. During 2019, each cathedral in Wales has reviewed their schemes and formulated new constitutions to sit under the umbrella of the Church in Wales constitution. The Constitution for Brecon was adopted by trustees in 2020 but will not be implemented until the Covid-19 situation resolves. It is not thought prudent to appoint a new trustee management board during the pandemic.

4.3 Trustees

According to the scheme in place for 2020 in the Constitution of the Church in Wales, the Charity Trustees comprise the Dean of the Cathedral, the Archdeacon of Brecon, the Archdeacon of Gower, and up to ten Canons, drawn from clergy in the Swansea and Brecon Diocese including the Canon Residentiary.

Appointment of Trustees is made via by the Dean under a policy of providing a broad range geographical location, skillsets, and experience. The Dean is conscious of the historic gender and minority imbalance that currently occurs on Chapter and the new Constitution has been worded to allow for this to be corrected.

5. REFERENCE AND ADMINISTRATIVE DETAILS

5.7. Accountants: Dr Mike Williams, Chapter Treasurer Accounts examined by Mr Brian Turner FCCA

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Reverend Canon Alison Jones – retired 31 March 2020

6. EXEMPTIONS FROM DISCLOSURE

The Charity has not relied on any exemptions from disclosure.

7. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

The Charity does not hold funds as custodian on behalf of others.

The Annual Report was approved by the Trustees at a meeting held on 19 May 2021 and signed on their behalf after Independent Examination on 20 August 2021 by the Chair of Trustees, Dean Paul Shackerley.

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INDEPENDENT EXAMINER'S REPORT TO THE DEAN AND CHAPTER OF BRECON CATHEDRAL Reglstered Chanty 1160017 I rep)rt to the trustees {th8 Dean and Chapter) on my examination of the ac£ounts of Brecon Cathedral for the year erKJed 31 D￿ernber 2020 (Slatement of Financial Activities, Balance Sheet and Notes 1- 27) Responsibilities and knis of rermxt As th8 charity's truste6s. you are resFM)nsible f(r the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 {Ihe A<f). I retK)rt in r8SP8Ct of my 8xarninalion of the TFusfs ￿￿nts ￿rrI￿ fxrt uThJer section 145 of the 2011 Act and in carrying out my examinati￿. I Ik3ve fOlk)W￿ all the appkcable Directions given by the Charity ComMiss￿n under Seclion 145(5)(b) of the Act. Independent Examinerfs Stateme The charity's gross income exc88ded £250.OtM) and l am qualified to und8rtake th8 examination being a qualified member of the Ass(Kiali(x) of Chartered Certtfied Accountants. I have completed my examination. I confinn that no malerial matter5 have come to my attention in connection with the examination which give me cause to believe thal in any material respect.. 1. the ac￿unting records ￿Ere not kept in accordance with section 130 of the Charities Act. or 2. the accounts did not accord with the ar￿Unting r￿ds. or 3. the accounts did not comply wilh the applicable requirements Cor￿e￿ing the fomi and content of accounts set out in the Charities (A(xcMJnts arNI Reports) Regulations 2008 other than any requirement that the a¢xiyJnts give a Xtue and fair, view which is not a matter considered as part of an independent examinati￿. I have no COWKEMS and have uxne across rK) other matters in (x)nnection with the examination to vthich attention should be dravm in this report in ￿der to enable a proper understsnding of the accounts to be reached. BRIAN R TURNER FCCA 61 Gabalfa Road Skety Svransea SA2 8NA 20 Augttst 2021 27of55

The Dean and Chapter of Brecon Cathedral Annual Accounts For the Year Ended 31 December 2020

From: 01-Jan-20 To: 31-Dec-20

SECTION A

STATEMENT OF FINANCIAL ACTIVITIES

Notes
Income and Endowments From:
3
Donations and Legacies
Charitable Activities
Other Trading Activities
Investments
Total Income
Expenditure On:
6
Raising Funds
Charitable Activities
Total Expenditure
Gains/Losses on Investments
27.1
Realised Gains/Losses on Investments
Unrealised Gains/Losses on Investments
Total Gains/Losses on Investments
7
27.3
14/16
Total Funds Brought Forward
Total Funds Carried Forward
Separate material item of income
Separate material item of expenditure
Net income/expenditure before
investment gains/losses
Net income/expenditure after
investment gains/losses
Extraordinary Items
Transfers between funds
Gains/Losses on Revaluation
Other Gains/Losses
Net movement in funds		 2019
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Prior Year
Funds
132,447
190,791
0
323,238
234,188
1,898
0
0
1,898
7,100
30,450
0
0
30,450
27,032
4,832
2,861
263
7,956
12,609
0
0
0
0
1,073
2020
169,627
193,652
263
363,542
282,002
505
1,255
0
1,760
1,045
143,292
192,412
263
335,967
259,514
0
0
0
0
1,073
143,797
193,667
263
337,727
261,632
25,830
-15
0
25,815
20,370
0
0
0
0
2,649
2,131
-1,941
313
503
30,326
2,131
-1,941
313
503
32,975
27,961
-1,956
313
26,318
53,345
0
0
0
0
-6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
27,961
-1,956
313
26,318
53,351
893,026
108,872
12,009
1,013,907
960,568
920,987
106,916
12,322
1,040,225
1,013,907

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

`

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SECTION B

BALANCE SHEET

Notes 2020 2020 2019
Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 Total Funds Prior Year
Funds
Fixed Assets
Tangible Assets 14 481,000 0 0 481,000 481,000
Heritage Assets 16 94,500 0 0 94,500 94,500
Investments 27.1 206,833 106,931 12,322 326,086 325,583
Total Fixed Assets 782,333 106,931 12,322 901,586 901,083
Current Assets
Debtors 19 16,825 0 0 16,825 7,293
Cash at Bank and in Hand 24 147,032 97,926 0 244,958 150,621
Total Current Assets 163,857 97,926 0 261,783 157,914
Less Current Liabilities
Creditors (Amounts falling due in one year) 20 24,263 0 0 24,263 17,518
Provisions for Liabilities 0 0 0 0 0
Deferred Income 20 0 97,926 0 97,926 25,756
PAYE Control 20 955 0 0 955 1,816
Total Current Liabilities 25,218 97,926 0 123,144 45,090
Total Assets Less Total Liabilities 920,972 106,931 12,322 1,040,225 1,013,907
Funds of the Charity
Unrestricted Funds
Funds available 27.3 332,445 0 0 332,445 305,416
Funds in property or heritage assets 14/16 575,500 0 0 575,500 575,500
Designated funds (for NLHF project) 24 9,855 0 0 9,855 12,110
Designated funds (for Choir Scholarship) 24 3,172 0 0 3,172 0
Restricted Funds 27.3 0 106,931 0 106,931 108,872
Endowment Funds 27.3 0 0 12,322 12,322 12,009
Total Funds of the Charity 920,972 106,931 12,322 1,040,225 1,013,907
Represented by:
Unrestricted Funds
General Fundbalance as at 1 January 2020 27.3 119,662 0 0 119,662 29,298
Transferred from Investment Fund 27.3 0 0 0 0 70,000
Net movement in fund 25,815 0 0 25,815 20,364
Total 145,477 0 0 145,477 119,662
Investment Fundbalance as at 1 January 2020 27.3 197,864 0 0 197,864 245,397
Transferred to General Fund 27.3 0 0 0 0 -70,000
Net movement in fund 2,131 0 0 2,131 22,467
Total 199,995 0 0 199,995 197,864
Property and Heritage Asset Fundbalance as at
1 January 2020		 14/16
 575,500 0 0 575,500 575,500
Net movement in fund 14/16 0 0 0 0 0
Total 575,500 0 0 575,500 575,500
Total Unrestricted Funds 920,972 0 0 920,972 893,026
Restricted Funds
Investment Fundbalance as at 1 January 2020 27.3 0 108,817 0 108,817 99,601
Transferred to General Fund 27.3 0 0 0 0 0
Net movement in fund 0 -1,941 0 -1,941 9,216

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Total
Appeal Fundbalance as at 1 January 2020
27.3
Net movement in fund
27.3
Total
Total Restricted Funds
Expendable Endowment Funds
Investment Fundbalance as at 1 January 2020
27.3
Net movement in fund
Total
Total Expendable Endowment Funds
Total Funds
27.3		 0
106,876
0
106,876
108,817
0
55
0
55
51
0
0
0
0
4
0
55
0
55
55
0
106,931
0
106,931
108,872
0
0
12,009
12,009
10,721
0
0
313
313
1,288
0
0
12,322
12,322
12,009
0
0
12,322
12,322
12,009
920,972
106,931
12,322
1,040,225
1,013,907

The Financial Statements were approved by the Trustees at a meeting held on 19 May 2021 and signed on their behalf after Independent Examination on 20 August 2021 by Chair of Trustees, Dean Paul Shackerley, and Chair of the Finance Committee and Trustee, Canon Rowland Edwards.

30 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 1: BASIS OF PREPARATION

Charity Information

The Dean and Chapter of Brecon Cathedral is a charity registered with the Charities Commission with the constitution being adopted on the 14 August 2014.

1.1 Basis of Accounting

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011, and “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)” (Second edition, October 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going Concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Change to Accounting Policy

No changes to accounting policy have occurred in the reporting period.

1.4 Changes to Accounting Estimates

No changes to accounting estimates have occurred in the reporting period.

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

1.5 Material Prior Year Errors

No material prior year error have been identified in the reporting period.

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SECTION C NOTES TO THE ACCOUNTS

NOTE 2: ACCOUNTING POLICIES

2.2 Income

Recognition of Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and Donations

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised on receipt.

Legacies

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Government Grants

The charity has received the following government grants in the reporting period:

Welsh Government Covid Recovery Grant - Phase 1
Coronavirus Job Retention Scheme
Powys County Council Grant (Cathedral)
Powys County Council Grant (Tithebarn)
Total		 67,657
28,988
5,000
25,000
126,645

Tax Reclaims on Donations and Gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Contractual Income and Performance Related Grants

In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Donated Goods

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. There were none in the accounting period.

Donated Services and Facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably. There were none in the accounting period.

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Support Costs

The charity has not incurred expenditure on support costs.

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Income from Interest, Royalties and Dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Settlement of Insurance Claims

Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other income in the SoFA.

Investment Gains and Losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

2.3 Expenditure and Liabilities

Liability Recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and Support Costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Grants Payable (with performance conditions)

The charity made no grants with performance conditions during the reporting period.

Grants Payable (without performance conditions)

Liability for the full funding obligation is recognised.

Redundancy Costs

The charity made no redundancy payments during the reporting period.

Deferred Income

Deferred income has been included in the Balance Sheet where grants have been received for expenditure in future years.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

Provisions for Liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date

Basic Financial Instruments

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

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Derecognition of Financial Liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2.4 Assets

Tangible fixed assets for use by charity

These are capitalised if they can be used for more than one year. As all tangible assets are held as land and buildings, a policy of revaluation is adopted.

Intangible fixed assets

There were no intangible fixed assets identified in the recording period.

Heritage assets

The charity has heritage assets, that is, non-monetary assets with historic, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture. A policy of revaluation is adopted.

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Stocks and work in progress

None were held or identified in the recording period.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Current Asset Investments

The charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due. They are valued at fair value except where they qualify as basic financial instruments.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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NOTES TO THE ACCOUNTS

SECTION C

NOTE 3: ANALYSIS OF INCOME

2020 2020 2019
Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 Total Funds Prior Year
Funds
Donations and Legacies
Service Collections 21,984 0 0 21,984 38,482
Direct Giving 11,194 0 0 11,194 4,262
Collection Boxes 4,220 0 0 4,220 8,621
PayPal Giving Scheme 3,875 0 0 3,875 0
Gift Aid Reclaimed 5,005 0 0 5,005 9,757
GoodBox Donations 36 0 0 36 0
Donations 4,299 1,205 0 5,504 6,356
Legacies 1,000 0 0 1,000 75,197
Organ Scholarship 0 2,165 0 2,165 0
Friends' Grant 0 0 0 0 2,000
DBF Grant 41,190 0 0 41,190 41,190
DBF Covid-19 Grant 23,533 0 0 23,533 0
Welsh Government Covid-19 Grant for 2020 (Operation 0 32,050 0 32,050 0
Welsh Government Covid-19 Grant for 2020 (Reopenin 0 3,360 0 3,360 0
Welsh Government Covid-19 Grant for 2021 (Operation 0 3,907 0 3,907 0
Welsh Government Covid-19 Grant for 2021 (Reopenin 0 28,340 0 28,340 0
Powys County Council Grant (Cathedral) 5,000 0 0 5,000 0
Powys County Council Grant (Tithebarn) 0 25,000 0 25,000 0
Cathedral Choirs Emergency Grant (Initial for 2020) 0 2,500 0 2,500 0
Cathedral Choirs Emergency Grant (Second for 2020) 0 25,800 0 25,800 0
National Lottery Heritage Grant 0 9,000 0 9,000 0
All Churches Trust Grant 11,031 0 0 11,031 11,031
Convivium Grants 0 0 0 0 6,101
Convivium Deferred Income Released from 2019 0 997 0 997 0
Convivium Donations 0 200 0 200 0
SWB Grant (for Havard Chapel Security) 0 679 0 679 657
Choir Fund Grant: Organ Tuning 0 0 0 0 645
Choir Fund Grant: Salary Recharge 0 25,600 0 25,600 26,750
St Mary's Recharge: Salary 0 1,000 0 1,000 2,500
Coronavirus Job Retention Scheme 0 28,988 0 28,988 0
Text Giving 0 0 0 0 435
Online Giving 80 0 0 80 204
Total 132,447 190,791 0 323,238 234,188
Charitable Activities
Marriage & Banns Fees 40 0 0 40 715
Service Fees 60 0 0 60 50
Funeral & Memorial Fees 643 0 0 643 2,600
Candle Sales 1,155 0 0 1,155 3,735
Total 1,898 0 0 1,898 7,100
Other Trading Activities
Cathedral and Tower Tours 0 0 0 0 193
Rent Received 500 0 0 500 503
Events 4,477 0 0 4,477 9,991
Songs of Praise 2,857 0 0 2,857 0
Bryn Terfel Concert 6,155 0 0 6,155 0
Wine Sales 44 0 0 44 313
Car Park Income Received 4,461 0 0 4,461 8,846
Reprographics Recharge 339 0 0 339 1,926

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VAT Reclaimed 0 0 0 0 1,915
200 Club 2,281 0 0 2,281 2,570
Utilities Recharge (DBF and Clergy) 7,174 0 0 7,174 0
Miscellaneous Income 2,162 0 0 2,162 775
Total 30,450 0 0 30,450 27,032
Income from Investments
Bank Interest 29 0 0 29 20
DBF Investment Income 3,315 2,752 134 6,201 10,266
RB Investment Income 1,488 109 129 1,726 2,323
Total 4,832 2,861 263 7,956 12,609
Total Income 169,627 193,652 263 363,542 280,929
Separate Material Item of Income
Insurance Claim for Cleaner Salary 0 0 0 0 1,073
Total 0 0 0 0 1,073
All income in the prior year (2019) was unrestricted except for:
Donations 3,004
Church in Wales: Convivium Grant 6,101
Friends Donation 2,000
SWB Grant (for Havard Chapel Security) 657
Choir Fund Grant: Organ Tuning 645
Choir Fund Grant: Salary Recharge 26,750
St Mary's Recharge: Salary 2,500
Insurance Claim Paid 1,073
DBF Investment Income 4,534
RB Investment Income 321
47,585

36 of 55

NOTES TO THE ACCOUNTS

SECTION C

NOTE 6: ANALYSIS OF EXPENDITURE

Raising Funds
200 Club Admin and Prizes
Contactless Donation Unit
Contactless Donation Unit
Total
Charitable Activities
Ministry Share
Clergy Expenses:
Property Expenses
Travelling Expenses
Telephone/Internet
Stationery
Hospitality
Conference Fees
Miscellaneous Expenses
Ministry:
Verger Expenses
Altar Requisites
Flowers
Votive Candles
Miscellaneous Ministry
Music:
Organ Tuning & Repairs
Gross Wages
Organ Scholarship
Garth Cottage
Music Events
Hospitality
Licenses
Miscellaneous Music
Water Rates
Electricity
Gas
Internet
Insurance & Security
Building Maintenance
Electrical / Lighting (Incl. Testing)
Equipment Maintenance
Grounds Maintenance
Gross Wages (Facilities)
Cleaning
Gross Wages (Cleaning)
Signage
Miscellaneous Maintenance
Administration:
Office Accommodation
Gas for non-Cathedral Buildings
Electricity for Office
Equipment Hire
Equipment Maintenance
Security (Chubb Call Out)
Hospitality
Advertising & PR
Printing & Publications
Postage and Stationary
Telephone
Internet & Website Fees
Computer and Software
Gross Wages
Cathedral Maintenance:		 2019
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Prior Year
Funds
505
0
0
505
1,045
0
1,243
0
1,243
0
0
12
0
12
0
2020
505
1,255
0
1,760
1,045
67,915
0
0
67,915
62,554
665
0
0
665
1,016
103
0
0
103
1,098
485
807
0
1,292
1,121
366
0
0
366
315
0
0
0
0
409
156
0
0
156
114
541
0
0
541
0
467
0
0
467
1,314
58
388
134
580
1,453
10
75
0
85
561
400
0
0
400
1,174
214
0
0
214
938
2,322
0
0
2,322
3,624
0
37,605
0
37,605
41,299
0
400
0
0
0
0
0
50
0
0
50
650
10
0
0
10
948
873
0
0
873
929
460
0
0
460
1,631
573
405
0
978
1,142
2,070
2,891
0
4,961
5,810
6,149
11,824
0
17,973
22,032
219
655
0
874
708
6,446
7,793
0
14,239
16,094
384
3,689
129
4,202
3,827
0
0
0
0
110
418
2,330
0
2,748
2,026
2,881
49
0
2,930
128
3,795
6,149
0
9,944
11,060
159
536
0
695
404
1,659
1,820
0
3,479
5,449
0
198
0
198
0
0
0
0
0
718
548
392
0
940
1,667
8,385
819
0
9,204
3,946
43
44
0
87
0
1,418
0
0
1,418
3,273
0
509
0
509
0
1,200
0
0
1,200
0
650
0
0
650
2,065
191
0
0
191
198
317
980
0
1,297
1,724
170
100
0
270
1,099
975
0
0
975
2,302
803
1,071
0
1,874
1,929
0
0
0
0
712
18,456
0
0
18,456
17,701

37 of 55

Legal & Professional Fees
Car Park Management Fee
Accountancy Fees
Audit Fee
Bad Debt Write Off
Events
Collections Passed Over / Donation
Powys County Council Grant to Tithebarn
Consecration Costs
Miscellaneous Administration
Convivium:
Music costs
Brochures
Set-up/materials
Speaker Expenses
Website
Flowers
Hire of Cathedral
Refreshments
Collections Passed Over
Abortive Conference Fees
Miscellaneous Convivium
NLHF Project:
Consultants
Architect
Quantity Surveyor
Structural Engineer
Miscellaneous Project Costs
Covid Reopening Reports: Consultants
Architect
Brought Forward to 2021 (See Note 20)
Welsh Government Covid-19 Grant for
2021 (Operations)
Welsh Government Covid-19 Grant for
2021 (Reopening)
Cathedral Choirs Emergency Grant
(Second for 2020)
National Lottery Heritage Grant
Choir Fund Grant: Salary Recharge
Organ Scholarship
Total
Total Expenditure
Insurance Claim for Cleaner Salary
Total
Separate Material Item of Expenditure		 1,000
0
0
1,000
0
1,680
0
0
1,680
0
2,640
0
0
2,640
2,640
500
0
0
500
500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
325
0
25,000
0
25,000
0
1,745
0
0
1,745
0
502
0
0
502
2,581
0
0
0
0
300
0
0
0
0
129
0
0
0
0
90
0
0
0
0
839
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,275
0
0
0
0
600
0
0
0
0
315
0
1,197
0
1,197
0
0
0
0
0
978
1,440
0
0
1,440
16,000
0
0
0
0
2,364
0
0
0
0
1,260
0
0
0
0
1,266
781
0
0
781
780
0
2,760
0
2,760
0
0
600
0
600
0
0
3,907
0
3,907
0
0
28,340
0
28,340
0
0
25,800
0
25,800
0
0
9,000
0
9,000
0
0
12,514
0
12,514
0
0
1,765
0
1,765
0
143,292
192,412
263
335,567
259,514
143,797
193,667
263
337,327
260,559
0
0
0
0
1,073
0
0
0
0
1,073

38 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 7: EXTRAORDINARY ITEMS

Item 1. Arwain Project

ANALYSIS OF INCOME

2020 2019
Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 Total Funds Prior Year
Funds
Donations and Legacies
Arwain Grants 0 44,368 0 44,368 41,789
Deferred Income Released from 201 0 18,629 0 18,629 0
Bank Interest 0 6 0 6 0
Total 0 63,003 0 63,003 41,789
Total Income 0 63,003 0 63,003 41,789

ANALYSIS OF EXPENDITURE

Project Delivery
Recruitment
Office Equipment
Computers
Telephones
Mobile Telephones
Hospitality
Subscriptions
Gross Wages
Legal & Professional Fees
Translation Fee
Transfer to Brecon Heritage and
Culture Network
Total
Total Expenditure
Net income/expenditure		 2019
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Prior Year
Funds
0
35,600
0
35,600
15,698
0
0
0
0
685
0
0
0
0
740
0
0
0
0
1,956
0
0
0
0
271
0
115
0
115
1,178
0
0
0
0
44
0
0
0
0
31
0
19,830
0
19,830
21,192
0
0
0
0
0
0
0
0
0
0
0
7,458
0
7,458
0
2020
0
63,003
0
63,003
41,795
0
63,003
0
63,003
41,795
0
0
0
0
-6

Item 2. Brecon Heritage and Culture Network

ANALYSIS OF INCOME

2020

2019

39 of 55

Donations and Legacies
Transfer from Arwain
Grants
Donations
Bank Interest
Total
Total Income
ANALYSIS OF EXPENDITURE
Project Delivery
Carried forward to 2021
Total
Total Expenditure
Net income/expenditure		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Prior Year
Funds
0
7,458
0
7,458
0
0
4,000
0
4,000
0
0
500
0
500
0
0
0
0
0
0
0
11,958
0
11,958
0
0
11,958
0
11,958
0
2019
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Prior Year
Funds
0
1,488
0
1,488
0
0
10,470
0
10,470
0
2020
0
11,958
0
11,958
0
0
11,958
0
11,958
0
0
0
0
0
0

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SECTION C NOTES TO THE ACCOUNTS

NOTE 6: FEES FOR THE EXAMINATION OF ACCOUNTS

Independent examiner’s fees
Assurance services other than audit or independent examination
Tax advisory fees
Total
Other fees (for example: financial advice, consultancy, accountancy services)		 2020
2019
500
500
0
0
0
0
0
0
500
500

41 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 11: PAID EMPLOYEES

11.1 Staff Costs

Total staff costs
Salaries and wages
Social security costs
Pension costs (defined contribution scheme)		 2020
2019
£
£
85,490 90,434
1,493 5,420
2,331 1,920
89,314 97,774

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000

Key Management roles are undertaken by three Cathedral clergy, who are all employed and paid for by the Representative Body of the Church in Wales. The only costs borne relating to these persons is in respect of expenses and are as follows:

Property Expenses
Travelling Expenses
Telephone/Internet
Stationery
Hospitality
Conference Fees
Miscellaneous Expenses
Total		 2019
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
Prior Year
Funds
665
0
0
665
1,016
103
0
0
103
1,098
485
807
0
1,292
1,121
366
0
0
366
315
0
0
0
0
409
156
0
0
156
114
541
0
0
541
0
2020
2,316
807
0
3,123
4,073

11.2 Average Head Count in the Year

11.2 Average Head Count in the Year
Fundraising
Charitable
Activities
Governance
Other
Total
The parts of the charity in which the
employees work		 2020
2019
Number
Number
0
0
6
7
0
0
2
2
8
9

11.3 Ex-Gratia Payments to Employees and Others (Excluding Trustees)

No ex-gratia payments were made to employees in the accounting period.

11.4 Redundancy Payments

No redundancy payments were made in the accounting period.

Redundancy benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide redundancy benefits.

42 of 55

SECTION C NOTES TO THE ACCOUNTS

NOTE 12: DEFINED CONTRIBUTION PENSION SCHEME

12.1 Defined Contribution Pension Scheme

Amount of contributions recognised in the SOFA as an expense

NEST (AE) Pension Scheme
One employee has an AVIVA Pension Scheme
Aviva Pension Scheme
Total		 2020
2019
£
£
1,481
1,475
2020
2019
£
£
850 445
2,331
1,920

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SECTION C NOTES TO THE ACCOUNTS

NOTE 14: TANGIBLE FIXED ASSETS

14.1 Cost or Valuation

The proceeds of any sale would become unrestricted funds.

At the beginning of the
year
Additions
Revaluations
Disposals
Transfers
At Year End		 Garth
Cottage
St John's
Centre
Car
Park
Priory
Field
Bishop
Williamson'
s Garden
Toilets
Fixtures
and
Fittings
Total
£
£
£
£
£
235,000
64,000
160,000
10,000
10,000
2,000
0
481,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
235,000
64,000
160,000
10,000
10,000
2,000
0
481,000

14.5 Revaluation

The effective date of the revaluation

The name of independent valuer, if applicable

The methods applied and significant assumptions

The carrying amount that would have been recognised had the assets been carried under the cost model.

Garth Cottage and St John's Centre valued at 19 February 2019. The other valuations have been calculated in-house pending revaluation following Covid-19 restrictions. David Price, Clee Tompkinson Francis, Brecon. The other valuations carried out by Cathedral Treasurer.

Follows RICS UKGN7 "Valuations for Charities". Garth Cottage is valued with vacant possession, St John's Centre is valued subject to lease.

N/A

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SECTION C

NOTES TO THE ACCOUNTS

NOTE 16: HERITAGE ASSETS

16.1 General Disclosures for all charities holding heritage assets

(i) Explain the nature and scale of heritage assets held

Art comprises pictures decorating the Cathedral building. The Spanish Cross is used in services, otherwise is on occasional display.

(ii) Explain the policy for the acquisition, preservation, management, and disposal of heritage assets Heritage assets are items owned by the charity, mostly resulting from historical donations. They are not considered investments. The proceeds of any sale would be unrestricted funds.

16.2 Cost or Valuation

At the beginning of
the year
Additions
Revaluations
Disposals
Transfers
At Year End		 Art
Spanish
Cross
Total
£
£
£
78,000
16,500
94,500
0
0
0
0
0
0
0
0
0
0
0
0
78,000
16,500
94,500

16.6 Revaluation

The effective date of the revaluation:

The name of independent valuer, if applicable: Qualifications of Independent Valuer: The methods applied and significant assumptions: Any significant limitations on the valuation:

15 December 2015 Emma Sykes, Bonhams, Bath Regional Picture Specialist, Bonhams Figures are midpoint auction values The valuation needs updating in 2021.

45 of 55

SECTION C NOTES TO THE ACCOUNTS

NOTE 19: DEBTORS AND PREPAYMENTS

19.1 Analysis of Debtors

19.1 Analysis of Debtors
Trade Debtors
Prepayments and Accrued Income
Other Debtors
Total		 2020
2019
£
£
12,315
202
4,510
6,908
0
183
16,825
7,293

19.2. Analysis of debtors recoverable in more than 1 year (included in debtors above)

Trade Debtors
Prepayments and Accrued Income
Other Debtors
Total		 2020
2019
£
£
0
0
0
0
0
0
0
0

46 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 20: CREDITORS AND ACCRUALS

20.1 Analysis of Creditors

20.1 Analysis of Creditors
Accruals for grants payable
Bank loans and overdrafts
Trade creditors
Payments received on account for contracts or
performance-related grants
Accruals
Taxation and social security
Other creditors
Total
PAYE Control		 2020
2019
2020
2019
£
£
£
£
0
0
0
0
0
0
0
0
135
9,319
0
0
0
0
0
0
24,128
8,064
0
0
0
0
0
0
0
0
0
0
Amounts falling due
within one year
Amounts falling due after
more than one year
24,263
17,383
0
0
955
1,816
0
0

20.2 Deferred Income

Grants were received in 2020 related to Arwain and Brecon Heritage and Culture Network expenditure. Grants and donations were received from the Welsh Government Covid Recovery Fund, the Cathedral Choirs Emergency Fund, the National Heritage Fund, and the Brecon Cathedral Choir Trust.

Only part of those grants were spent in 2020 or were restricted to expend next year. The residuary income has been deferred into 2021.

Movement in deferred income account

Balance at the start of the reporting period
Amounts added in current period
Amounts released to income from previous periods
Comprising:*
Amounts added in current period
Brecon Heritage and Culture Network
Arwain
Welsh Government Covid-19 Grant for 2021 (Operations)
Welsh Government Covid-19 Grant for 2021 (Reopening)
Cathedral Choirs Emergency Grant (Second for
National Lottery Heritage Grant
Choir Fund Grant: Salary Recharge
Organ Scholarship
Convivium
Balance at the end of the reporting period***		 2020
2019
£
£
25,756
10,922
91,796
25,756
19,626
10,922
97,926
25,756
10,470
0
0
18,629
3,907
0
28,340
0
25,800
0
9,000
0
12,514
0
1,765
0
0
7,127

47 of 55

Sub-Total
Amounts Brought Forward from 2019
Convivium
Sub-Total
Balance at the end of the reporting period		 91,796
25,756
6,130
0
6,130
0
97,926
25,756

48 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 24: CASH AT BANK AND IN HAND

NOTE 24: CASH AT BANK AND IN HAND
Short term cash investments (less
than 3 months maturity date)
Short term deposits
Cash at Bank and On Hand
Lloyds Current Account
Lloyds Bus Bank Instant
Appeal Account
(Restricted/Designated
Funds)
Churchyard Account
Arwain/Brecon Heritage
and Cultural Network
Petty Cash
Other
Total
Annual Total*		 Unrestricted
Restricted Unrestricted Restricted
£
£
£
£
0
0
0
0
126,874
5,530
90,002
1,575
9,623
57,350
18,858
0
9,855
28,340
12,110
0
569
0
525
0
0
6,706
27,492
111
0
59
0
0
0
2020
2019
147,032
97,926
121,554
29,067
244,958
150,621

49 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 27 CHARITY INVESTMENTS

27.1 Details of Material Funds Held and Movements during the Current Reporting Period (2020)

File Number Title
Unrestricted Investments
Funds Held at Diocesan Trust
M66
Enoch Miles Legacy
M81
Sale of 25 High Street (Ethel
Gane Legacy)
Totals
Funds Held at RBCW
N/A
Sales of Land
Totals
Restricted Investments
Funds Held at Diocesan Trust
M13
Elizabeth Williams
M16
Bishop Bevan Trust Fund
M18
Bishop Bevan Fabric Fund
M41
Bishop Williamson Bequest
M54
Miss MC Bowen Fabric Trust
M67
Margaret Greaves Smith
Legacy
Totals
Funds Held at RBCW
N/A
J Crichton Parry de Winton
Bequest
Totals
Expendable Endowment Investments
Funds Held at Diocesan Trust
M10
AM Games
Totals
Funds Held at RBCW
N/A
Cathedral Endowment Fund
Totals
Total Investment Funds
Restricted Investment Values
Unrestricted Investment Values
Expendable Endowment Investment
Values		 Investment
Balances
Brought
Forward
Income
Expenditure
Transfers
Gains and
Losses
Investment
Balances
Carried
Forward
115,668
3,093
-3,093
0
-2,584
113,084

8,312
222
-222
0
-186
8,126
123,980
3,315
-3,315
0
-2,770
121,210
80,722
1,488
-1,488
0
4,901
85,623
80,722
1,488
-1,488
0
4,901
85,623
204,702
4,803
-4,803
0
2,131
206,833
1,849
49
-49
0
-41
1,808
14,518
388
-388
0
-324
14,194
46,434
1,242
-1,242
0
-1,038
45,396
18,990
508
-508
0
-425
18,565
9,252
247
-247
0
-207
9,045
11,904
318
-318
0
-266
11,638
102,947
2,752
-2,752
0
-2,301
100,646
5,925
109
-109
0
360
6,285
5,925
109
-109
0
360
6,285
108,872
2,861
-2,861
0
-1,941
106,931
5,008
134
-134
0
-112
4,896
5,008
134
-134
0
-112
4,896
7,001
129
-129
0
425
7,426
7,001
129
-129
0
425
7,426
12,009
263
-263
0
313
12,322
325,583
7,927
-7,927
0
503
326,086

50 of 55

INVESTMENT PURPOSE AND RESTRICTIONS

Fund names Units Held Type PE, EE,
**R, or UR ***
Purpose and Restrictions
Funds Held at Diocesan Trust
M10 AM Games 2,887
EE		 Services provided by the Cathedral
M13 Elizabeth Williams Benefaction 1,066
R		 Cathedral grounds
M16 Bishop Bevan Trust Fund 8,370
R		 Any except fabric
M18 Bishop Bevan Fabric Fund 26,770
R		 Repair or restoration of fabric
M41 Bishop Williamson Bequest 10,948
R		 Fabric
M54 Miss MC Bowen Fabric Trust 5,334
R		 Repair of fabric
M66 Enoch Miles Legacy 66,685
UR		 No restriction
M67 Margaret Greaves Smith Legacy 6,863
R		 Maintenance of Cathedral
M81 Sale of 25 High Street (Ethel Gane Legacy) 4,792
UR		 No restriction
Funds Held at RBCW
Sales of Land 40,436
UR		 No restriction
J Crichton Parry de Winton 2,968
R		 Maintenance, decoration, or improvement
Cathedral Endowment Fund 3,507
EE		 Maintenance and service

51 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 27 CHARITY INVESTMENTS

27.1 Details of Material Funds Held and Movements during the Current Reporting Period (2019)

File Number Title
Unrestricted Investments
Funds Held at Diocesan Trust
M48
GA Always Bequest
M66
Enoch Miles Legacy
M81
Sale of 25 High Street (Ethel
Gane Legacy)
Totals
Funds Held at RBCW
N/A
Sales of Land
Totals
Restricted Investments
Funds Held at Diocesan Trust
M13
Elizabeth Williams
M16
Bishop Bevan Trust Fund
M18
Bishop Bevan Fabric Fund
M41
Bishop Williamson Bequest
M54
Miss MC Bowen Fabric Trust
M67
Margaret Greaves Smith
Legacy
Totals
Funds Held at RBCW
N/A
J Crichton Parry de Winton
Bequest
Totals
Expendable Endowment Investments
Funds Held at Diocesan Trust
M10
AM Games
Totals
Funds Held at RBCW
N/A
Cathedral Endowment Fund
Totals
Total Investment Funds
Unrestricted Investment Values
Restricted Investment Values
Expendable Endowment Investment
Values		 Investment
Balances
Brought
Forward
Income
Expenditure
Transfers
Gains and
Losses
Investment
Balances
Carried
Forward
0
0
0
0
0
0
106,140
4,857
-4,857
0
9,528
115,668

75,457
875
-875
-70,000
2,855
8,312
181,597
5,732
-5,732
-70,000
12,383
123,980
70,638
2,002
-2,002
0
10,084
80,722
70,638
2,002
-2,002
0
10,084
80,722
252,235
7,734
-7,734
-70,000
22,467
204,702
1,697
78
-78
0
152
1,849
13,322
610
-610
0
1,196
14,518
42,609
1,950
-1,950
0
3,825
46,434
17,425
797
-797
0
1,565
18,990
8,490
389
-389
0
762
9,252
10,924
500
-500
0
980
11,904
94,467
4,324
-4,324
0
8,480
102,947
5,185
147
-147
0
740
5,925
5,185
147
-147
0
740
5,925
99,652
4,471
-4,471
0
9,220
108,872
4,595
210
-210
0
413
5,008
4,595
210
-210
0
413
5,008
6,126
174
-174
0
875
7,001
6,126
174
-174
0
875
7,001
10,721
384
-384
0
1,288
12,009
0
362,608
12,589
-12,589
-70,000
32,975
325,583

52 of 55

INVESTMENT PURPOSE AND RESTRICTIONS

Fund names Units Held Type PE, EE,
**R, or UR ***
Purpose and Restrictions
Funds Held at Diocesan Trust
M10 AM Games 2,887
EE		 Services provided by the Cathedral
M13 Elizabeth Williams Benefaction 1,066
R		 Cathedral grounds
M16 Bishop Bevan Trust Fund 8,370
R		 Any except fabric
M18 Bishop Bevan Fabric Fund 26,770
R		 Repair or restoration of fabric
M41 Bishop Williamson Bequest 10,948
R		 Fabric
M54 Miss MC Bowen Fabric Trust 5,334
R		 Repair of fabric
M66 Enoch Miles Legacy 66,685
UR		 No restriction
M67 Margaret Greaves Smith Legacy 6,863
R		 Maintenance of Cathedral
M81 Sale of 25 High Street (Ethel Gane Legacy) 4,792
UR		 No restriction
Funds Held at RBCW
Sales of Land 40,436
UR		 No restriction
J Crichton Parry de Winton 2,968
R		 Maintenance, decoration, or improvement
Cathedral Endowment Fund 3,507
EE		 Maintenance and service

53 of 55

SECTION C

NOTES TO THE ACCOUNTS

NOTE 27.3 TRANSFERS BETWEEN RESERVES

Current Year (2020) Figures

Accumulated Fund
Balances at 31
December 2019		 Transfer
Between
Funds		 Net
Incoming/
Outgoing
Resources		 Gains/Losses
on
Revaluations		 Accumulated
Fund
Balances at
31 December
2020
Unrestricted Funds
General Fund 119,662 0 25,815 0 145,477
Investment Fund 197,864 0 0 2,131 199,995
Total 317,526 0 25,815 2,131 345,472
Restricted Funds
Investment Fund 108,817 0 0 -1,941 106,876
Appeal Fund 55 0 0 0 55
Total 108,872 0 0 -1,941 106,931
Expendable Endowment Funds
Investment Fund 12,009 0 0 313 12,322
Total 12,009 0 0 313 12,322
Total 438,407 0 25,815 503 464,725
Prior Year (2019) Figures
Accumulated
Accumulated Fund Transfer Net Gains/Losses Fund
Balances at 31 Between Outgoing on Balances at
December 2018 Funds Resources Revaluations 31 December
2019
Unrestricted Funds
General Fund 29,298 70,000 20,364 0 119,662
Investment Fund 245,397 -70,000 0 22,467 197,864
Total 274,695 0 20,364 22,467 317,526
Restricted Funds
Investment Fund 99,601 0 0 9,216 108,817
Appeal Fund 51 0 0 4 55
Total 99,652 0 0 9,220 108,872
Expendable Endowment Funds
Investment Fund 10,721 0 0 1,288 12,009
Total 10,721 0 0 1,288 12,009
Total 385,068 0 20,364 32,975 438,407

54 of 55

SECTION C NOTES TO THE ACCOUNTS

NOTE 28: TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity excluding management expenses paid to clergy who are also trustees (See Note 11).

55 of 55