## **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**
- 3 Legal and Administrative Information
- 4 Trustees’ Report for Year Ended 31 December 2020
- 27 Independent Examiner’s Report
- 28 Statement of Financial Activities for Year Ended 31 December 2020
- 29 Balance Sheet for Year Ended 31 December 2020
- 31 Notes to the Accounts
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## **LEGAL AND ADMINISTRATIVE INFORMATION**
**___________________________________________________________________________**
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**
## **___________________________________________________________________________**
## **1. OBJECTIVES AND ACTIVITIES**
## **1.1. Purpose**
The principal objectives of The Dean and Chapter of Brecon Cathedral ( **Charity** ) are to:
- Advance the Christian religion of the Church in Wales for the public benefit.
- Promote the mission of the Church in Wales in and through the Cathedral by promoting the statement of faith more particularly described in: The Constitution of the Church in Wales; The Royal Charter 1919; The Welsh Church Act 1914; and The Welsh Church (Temporalities) Act 1991.
- Resource the Cathedral for future ministry and mission.
- Achieve and develop lay and ordained vocations that will enable and equip ministers and laity in mission, education, and evangelism.
## **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:
- Maintaining a daily pattern of corporate prayer and worship, giving glory to God, and holding the needs of the Church, the Diocese of Swansea and Brecon, and the wider society.
- Exploring innovative styles of worship alongside sustaining the centuries-old Cathedral sacramental and choral tradition.
- Supporting the Bishop in his ministry and developing links with parishes across the Diocese.
- Enabling tourists and pilgrims to grow and flourish through new patterns of spirituality and prayerful explorations.
- Nurturing God’s people in the Christian faith and tradition, rooted in the study of Holy Scripture and prayer in the pattern of the Cathedral’s Benedictine heritage.
- Working to encourage children, young people, and families to feel welcomed and embraced by the variety of worship and events.
- **1.2.2. The Charity ensures that the Cathedral is an inclusive and hospitable space that welcomes those of faith, other faiths, and no faiths, as well as tourists and visitors** , by:
- Bringing the Cathedral’s heritage and spiritual resources to a wide range of backgrounds and ages, providing opportunities to learn and respond to the Gospel.
- Extending welcome to those of all faiths and none who visit to pray, attend a community event, or want to explore the Cathedral’s rich history and heritage.
- Witnessing the sacred by exploring new ways of interpreting the building for tourists and visitors, and ensuring that is remains a light, open space that is clean, safe, and an uncluttered environment.
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- Working in partnership with external organisations to develop ways to attract more visitors to Brecon and to the Cathedral, recognising that people visit faith destinations for varied reasons.
- Developing the Tithebarn as a flexible learning and hospitality suite, as an adaptable space for multiple use, and to provide new income streams for the Charity.
- Develop the Cathedral shop as a welcoming destination for visitors.
## **1.2.3 The Charity is committed to mission and outreach** , by:
- Working in partnership with other organisations in the public and private sectors, the civic and military groups, and charities for the common good of the communities served by the Charity.
- Developing ways to engage afresh with the parishes and Diocese through the newly developing Ministry Areas.
- Working with the Brecon Ministry area to ensure that the members of all the churches in the Ministry Area are able to contribute to the Cathedral and its mission.
- Safeguarding that Ministry initiatives are not duplicated but shared, recognising each church has its particular strengths to reach varied communities across the area.
## **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:
- Ensuring the future sustainability of the Cathedral in order to ensure it has the capacity to develop its mission and grow its ministry.
- Ensuring that the Cathedral achieves a gender balance in governance and ministry as outlined by the Province.
- Developing a financially sustainable future through good use of the buildings and the Cathedral Close, offering annual teaching on Christian stewardship, and practicing robust financial protocols and procedures.
- Replenishing reserves and generating a surplus budget through identifying ways to increase revenue, particularly through charitable giving by those who visit the Cathedral and shop.
- Addressing the recommendations of the current (2015) Quinquennial Report through a major development and refurbishment project for the Cathedral, grounds, and Tithebarn.
## **1.2.5 The Charity ensures that the Cathedral is a centre of learning and discipleship** , by:
- Engaging with Church, county, and local schools throughout the Diocese.
- Developing partnership with local schools through teaching music through the chorister and concert initiatives.
- Developing programmes of theological learning as a resource for Ministry Areas across the Diocese.
- Developing a partnership with the Education and Access Officer of y Gaer (formerly Brecknock Museum & Art Gallery) to deliver children’s workshops in the Cathedral and Tithebarn.
- Offering a series of events under the newly formed Convivium initiative, bringing the environment, sustainable living, local communities, and heritage together, rooted in a sacramental view of the world.
- Running a weekly bible study group and running courses leading to baptism and confirmation.
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## **1.3 Public Benefit**
From the activities above, public benefit is delivered by the Charity:
- By encouraging adults, children, young people, and families to find something of benefit to them in visiting the Cathedral, whether this is heritage-related, spiritual, or improving health and wellness.
- By welcoming all people of faith and those with none who come to the Cathedral for a spiritual experience, to join in a community event, to study the history and heritage of the site, or even just to find a few moments of peace in a beautiful building.
- By working in partnership with external tourist-based organisations and taking a lead-partner role in the newly created Brecon Cultural and Heritage Network, which seeks to bring together tourist-reliant organisations within Brecon to share ideas and stories with which to market the town.
- By partnering with faith and non-faith organisations in the public and private sectors, the civic and military populations within Brecon and the Diocese, and charities for the common good of the communities we jointly serve.
- By working with Young Offenders’ Institutions to offer work placement and training to those on probation.
- By developing a partnership with mental health charity MIND to deliver projects for people affected through mental health issues and the wellbeing of people in general.
- By growing our engagement with Church, county, and local schools throughout the Diocese.
- By developing partnerships with local schools through teaching music through the chorister and concert initiatives.
- By expanding programmes of theological learning as a resource for Ministry Areas across the Diocese.
- By partnering the Education and Access Officer of y Gaer (formerly Brecknock Museum & Art Gallery) to deliver children’s workshops in the Cathedral and Tithebarn.
- By fostering the Convivium initiative aiming to bring together the environment, communities, and heritage.
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**
- The accounts for 2020 show a total surplus to the Charity of £26,318 including a small rise in investment value of £503. Covid-19 made this an exceptional year both for income and expenditure and it is difficult to relate the financial situation to previous years. Accordingly, no reference is made to budget figures unless they have been unaffected by the pandemic.
- Exceptional Covid-19 related grants received by the Charity accounted for £149,490 income (of which £25,000 was for the Brecon Cathedral Tithebarn Company Limited and immediately paid over). The Coronavirus Job Retention scheme accounted for another £28,988. The operating position without these grants (excluding amounts carried forward) would have been a gross deficit of £35,716.
- Exceptional expenditure included £2,221 spent on the People | Passion | Priory redevelopment scheme. Further, £3,360 was spent on reopening reports due to the Covid-19 restrictions. Some other costs increased, such as cleaning and signage, adding another £1,714 to the total.
- Reducing the exceptional expenditure from the operating position without Covid-19 grants (excluding the amount carried forward to 2021) leaves net operating deficit of £28,421, demonstrating how seriously the effect of Covid-19 would have otherwise been.
- However, for the past 17 years, the Charity has experienced operating deficits (averaging _c_ . £30,000), which have been covered by calling upon investment capital. Through receiving the Covid-19 grants, this has not been the case in 2020 and a £26,318 surplus has been recorded. However, the Trustees remain aware that to return to deficit is not sustainable and considerable effort is being made to reduce expenditure and increase income and to discuss with the Church in Wales Representative Body new ways of funding Cathedrals.
- The highest expenditure this year was on salary costs (£69,484 to include National Insurance and pension contributions), reduced through the Coronavirus Job Support scheme by £28,988, and further reduced through a Cathedral Choirs Emergency grant of £2,500, a Choir Trust grant of £13,086, and a contribution from St Mary’s Church of £1,000. The actual spend on salaries during 2020 was, therefore, £23,910.
- Ministry Share was £67,915, although refunds from the Diocesan Board of Finance (£41,190 grant plus £23,533 Covid-19 specific grant) reduced the actual payment to £3,192. Other significant costs include utilities costs; gas use overall cost £27,177, offset by a rebate from the Diocese and clergy of £7,174 to give a net cost of £20,003. This is commensurate with previous years. Insurance and security costs totalled £15,439, electricity cost for all buildings cost £5,048, building maintenance (mostly to repair the aging roof) cost £4,202, grounds maintenance (mostly clearing dangerous trees) came to £2,930, advice andpost-Covid-19 reopening costs came to £2,760, equipment maintenance was £2,748, accountancy fees were £2,640, and organ repairs came to £2,322. All other itemised costs were below £2,000.
- Expenditure to take forward the People | Passion | Priory appeal and development project for roof repairs, a new west entrance, internal reordering, and improvements to the Cathedral Close and Tithebarn (‘NLHF Project’ in the accounts) totalled £2,221 for 2020. This was mostly incurred to develop an Expression of Interest to the National Lottery Heritage Fund (NLHF) for submitting a new Round 1 application in 2021. Expenditure to develop the project and formulate the NLHF application was taken from the investment capital allocated for this purpose in 2016 and 2017 and supplemented by a £25,000 drawdown from investments in 2019 and £2,200 in unrestricted donations
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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.
- Unexpected expenditure in 2020 related to provisions surrounding Covid-19 opening, mostly on additional cleaning (£536), directional signage, and additional printing/laminating (£1,178), and, as noted above, safe opening advice (£2,760). These amounts were all covered by a Welsh Government Covid-19 Recovery Fund grant.
- Extraordinary items have been shown separately in the accounts and relate to income and expenditure on the Arwain project, and the Brecon Heritage and Cultural Network (as the organisation became at the end of September 2020). Although the project is run by and through the Cathedral all income and expenditure are restricted and reliant on grants. There is no material effect on the Charity’s accounts except that £10,740 has been carried forward into 2021.
- The existing fundraising initiatives have been continued during 2020, albeit all have been affected by Covid-19 and provided less income than for 2019. These initiatives include the promotion of a 200 Club for congregation members, online donating methods through JustGiving, and establishing an online shopping portal to raise commission-based donations for the Charity through GiveAsYouLive. In the last Annual Report, it was noted that the existing contactless donation unit was faulty, and this was replaced by a new model and podium from GoodBox in December 2020. The £1,243 and monthly fee of £12 are covered by a Welsh Government Covid-19 Recovery Fund grant.
- 2016 saw a significant investment in tarmacking the Cathedral car park and initiating a pay-and-display system of parking with camera enforcement. This remains a highly successful initiative, albeit affected by the lack of visitors during Covid-19 closures in 2020 to bring in £4,461 less £1,680 fees, resulting in a net gain of £2,781. Notwithstanding, this brings the total raised to £31,454 or a net £21,439 on initial costs of £10,015. No income is taken from fines.
- After volatile trading conditions throughout 2020, the investments held as reserves by the Cathedral showed a small gain of £503. As provisions had been made in the management accounts for a significant loss this year, the final figure was very welcome.
- The Trustees are responding positively to past funding deficits and are seeking to put the Charity on a more sustainable financial footing. This will not happen without considerable investment and the People | Passion | Priory fundraising project will provide this.
## **2.2 People**
- The Charity started 2020 with 12 Trustees (The Dean, the Archdeacon of Brecon, the Archdeacon of Gower, and nine Canons drawn from Diocesan clergy including the Canon Residentiary of Brecon Cathedral). There was one retirement during the year. The number of Trustees will be brought up to the entire complement allowed for in the constitutive documents (13) during 2021 if conditions allow.
- Canon Rowland Edwards remained Chancellor, Canon Keith Evans remained Treasurer, and Canon Dewi Roberts remained Precentor during 2020. These are all honorary positions with no specific tasks allocated to holders.
- Dr Mike Williams, the Chapter Clerk and Chapter Treasurer, remained in position for 2020.
- Due to Covid-19, the usual Eucharist, lunch, and presentation to the Cathedral congregation in March and September had to be cancelled.
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- Sadly, and at great loss to the Charity, the volunteer Cathedral verger, Jan Roberts, was profoundly ill through 2020 and died on 10 December. She had worked at the Cathedral for over 20 years. Her funeral took place, under Covid-19 restrictions, at the Cathedral.
- The Director of Music, Mr Stephen Power, remained in post for 2020.
- The Assistant Organist, Mr Jonathan Pilgrim, remained in post for 2020.
- The Administrator and Facilities Manager both remained in post for 2020.
- The Cathedral Cleaner was incapacitated through health for most of 2019 until she ceased to be employed at end September 2019. Whilst she was incapacitated and paid by the Charity, she was replaced by two job-share cleaners whose salaries were paid through an insurance claim. From October 2019, the two job-share cleaners became permanent employees and remained in post throughout 2020.
- Canon Residentiary Dr Mark Clavier started the process of assembling a team of Pastoral Assistants comprising four lay persons to take communion to the sick and housebound in 2018. This remains outstanding.
- The Arwain project (administered by the Charity as lead-partner) employed two parttime staff through 2020 until end September. From the beginning of October, the organisation was renamed the Brecon Heritage and Culture Network and a new member of staff was appointed, employed directly from that organisation.
## **2.3 Outreach**
- As for many organisations, outreach by the Charity was severely affected by Covid-19 closure and restrictions. Many of our usual events and activities could not take place and the following list is severely truncated as a result. Note is made where the Charity’s regular programme has been significantly compromised. During closure, and whilst restrictions continued thereafter, the Sunday 11:00am service has been live-streamed via the Charity Facebook page and watched by the regular congregation and others from around the world. The hope is that such outreach will lead to tangible relationships going forward.
- Throughout 2020, the Dean has written regular pastoral letters to the Cathedral community, making reference to mental and spiritual heath during the lockdown. A telephone-tree was established to offer support for those who needed it.
- The Charity has been working with the Education and Access Officer of y Gaer (formerly Brecknock Museum & Art Gallery) to deliver children’s workshops in the Cathedral and Tithebarn. The partnership opens educational and Christian teaching opportunities for a new audience and satisfies national curriculum requirements relating to religious and historical study. Covid-19 prevented any events happening in 2020 but the partnership will continue into 2021.
- The Charity provides work for young people on probation, principally through Mr Richard Williams, the Cathedral Facilities Manager (and ex-Police Officer), and this helps rehabilitate offenders back into society and provides them with experience of working. Some work was possible in early and late 2020.
- The Charity worked with local mental health charity MIND to expand its joint gardening initiative to apply for a NLHF grant to make-over the gardens outside the Diocesan Centre. The grant was received in December 2020 and work will begin as soon as restrictions allow in 2021.
- The Charity contracts the Director of Music to select boys and girls with singing promise from local schools and invite them to become Cathedral choristers. The Director of Music has a duty to ensure that socially deprived children have equal access to joining the choir. This provides selected choristers with voice and instrument lessons, as well as the opportunity to sing at services. There is also a bi-annual foreign tour to cathedrals
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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.
- The Charity encourages the Director of Music to invite those reaching the age limit to remain choristers, as well as adults from the community, to join the Cathedral consort, a less formal Cathedral choir that performs evensong on Thursdays and at selected events. Due to Covid-19 restrictions, evensongs were not allowed for much of 2020 but will restart as soon as allowed in 2021.
- The Charity runs a mini choir project coordinated by the Director of Music to enable those too young to join the Cathedral choir to sing at the Cathedral. It is anticipated that these children will become the choristers of the future. Again, Covid-19 took its toll on events but encouragement and some contact was maintained after schools reopened.
- The Charity welcomes the staff and children of Priory School, Brecon to make use of the Cathedral for services and events, including an annual school leavers’ service and a carol concert. Both were affected by Covid-19 restrictions and the Charity offered a
- recorded ‘virtual service’ as an alternative to gathering in the Cathedral.
- The Charity has an active bell ringer group, as far as Covid-19 restrictions allowed them to meet in 2020.
- The Charity makes the Cathedral available to many groups including the Franciscans for monthly services, the Mother’s Union for events and services, the local Cubs group, as well as supporting initiatives such as weekly peace prayers, visiting choirs, and meetings of local groups. Much of these could not go ahead in 2020 but will resume as soon as Covid-19 restrictions allow in 2021.
- The Charity has a good relationship with the Regiment of the Royal Welsh and held the usual annual Rorke’s Drift service in January (prior to Covid-19 restrictions) to commemorate events in the 1879 Zulu War. Military presence at the Remembrance Day service was curtailed but compensated through involvement in a special Songs of Praise held at the Cathedral.
- Brecknock Sinfonia regularly hold concerts in the Cathedral, and these will restart in 2021, Covid-19 restrictions permitting.
- The Charity hosted Diocesan events in the Cathedral during 2020, such as the ordination of six new deacons and eight priests on 26 and 27 September, but with severely reduced numbers attending due to Covid-19 restrictions.
- The Charity engages with the Brecon Street Pastors and gives support to the Cathedral member on the team. The Pastors patrol the streets of Brecon through the evenings and nights at selected weekends and at festival occasions to keep locals and visitors’ safe whilst they are out. Again, Covid-19 has meant regular patrols were suspended in 2020.
- The Charity usually engages with the local Jazz Festival in August 2020, but this was cancelled in 2020 due to Covid-19.
- The Charity engaged with the Brecon Baroque Festival in October, which, due to Covid19, was held online. Filming over three days took place in the Cathedral.
- A special _Songs of Praise_ was recorded in the Cathedral over 18 to 19 October, which was broadcast of Remembrance Sunday. Simultaneously, filming took place for a special service from Brecon Cathedral to be broadcast on Advent Sunday as part of the BBC’s _Morning Worship_ series.
- The Charity hosted the _Met Stars Live in Concert_ on 12 December starring Sir Bryn Terfel, Natalya Romaniw, Trystan Llŷr Griffiths, harpist Hannah Stone, and pianist Jeff Howard (after a week of preparation and setting up). The concert was available for
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online viewing via the Metropolitan Opera and showcased the Cathedral to a worldwide audience.
- The Charity continued its bible study group in 2020, taught by Canon Residentiary Dr Mark Clavier, initially meeting weekly in term-time in the Tithebarn before Covid-19 restrictions were put in place. Attendance has averaged at around 25 people. In addition, teachings around the period of Lent were offered online.
- The third Convivium festival for 2020 was cancelled and is unlikely to take place until summer 2022. Similarly, an academic conference planned for spring 2020 was cancelled until spring 2022.
- Due to its ongoing popularity, the Charity continued printing its Cathedral trail leaflet for children visiting the Cathedral in the style of a detective hunt. Stickers are presented to those who take part. This has again proved extremely popular when the Cathedral has been open, although Covid-19 restrictions saw the removal of all shared printed material due to Covid-19 restrictions.
- The Summer Fair, usually held on 1 August, to mark the Feast Day of local saint, Eluned, whose now-disappeared Chapel on the Slwch in Brecon was once owned by Brecon Priory (now the Cathedral) was cancelled for 2020 and is likely to take place again in 2022.
- The Harvest Supper in October, in partnership with the Brecon Food Festival and in support of the Brecon Food Bank, was cancelled for 2020. However, a Christmas collection was made during December for the food bank, including presents for children; this was extremely popular.
- The Charity has formed a new Fellowship Team from congregational members that was offering coffee and tea after every Sunday 11:00am service until Covid-19 forced its suspension.
- The popular lunchtime music recitals planned for 2020 were also cancelled.
- The singing weekend at the Cathedral was cancelled for 2020.
- The Charity ran a regular service in the Welsh language at the Cathedral every Monday until Covid-19 closure and restrictions caused it to be suspended. This will restart in 2021. Around a dozen congregation usually attend.
- A new Charity website was created in 2020 with thousands of visits each week from Wales, the United Kingdom, and throughout the World. It is regularly updated with news, events, and stories from the Cathedral. In addition, the Cathedral now has active Twitter and Facebook accounts, which were used for outreach while the Cathedral was closed including live streaming and videos of services, talks, and presentations.
## **2.4 Fabric**
- Expenditure on fabric was kept to the minimum during 2020, with £4,202 spent on maintenance, mostly on repairs to the roof where slipped tiles were letting in water, emptying gullies that had become blocked, and repairs to the tower, and £2,026 for equipment maintenance, mostly relating to electrical maintenance, servicing the disabled stair lift, work to the central heating, and outdoor equipment maintenance.
- There was no unexpected expenditure on fabric as repairs to the roof are ongoing and, increasingly, an annual problem. The expenditure for building maintenance was almost exactly the budgeted sum of £4,000 and was unaffected by Covid-19.
- Expenditure on grounds maintenance was £2,930, mostly on removing trees that had become dangerous over the winter of 2019/20. This was unexpected and not in the regular maintenance budget. Some return was gained by selling the felled wood.
- As noted above, the Charity has continued its preparations for the launch of the People | Passion | Priory project throughout 2020, working towards an Expression of Interest
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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.
- The Cathedral Architect, Mr Stephen Oliver, was reappointed for 2020.
- In the Parish Return for 2019 (submitted July 2020), the Cathedral boundary walls, lych gate, roof, rainwater goods, external pointing, and the existence of damp in the building were all recorded as poor. The path and steps, windows and guards, heating systems, and internal decorations were also noted as of concern.
## **2.5 Management**
- The Trustees meet every two months under the guise of the Cathedral Chapter, providing for six meetings every year. In 2020, the January meeting was in person, the March to July meetings were held through email correspondence and voting, and the remaining meetings in September and November were held virtually over Zoom. There was no interruption of Charity governance or oversight and time was provided for everyone to contribute fully. The Fabric and Buildings Committee, the Finance Committee, and the People | Passion | Priory Executive Committee, were suspended from March 2020 and all business was conducted through Trustees.
- Usually, the Fabric and Building Committee, chaired by the Dean (a Trustee), reports to the Charity on the building challenges highlighted in the Quinquennial Report and the urgent need for repair and restoration. This committee has lay-members. When the Covid-19 situation lifts, it will meet again.
- Usually, the Finance Committee, chaired by Canon Chancellor Rowland Edwards (a Trustee), oversees the annual budget, and manages cost savings and fundraising initiatives with the aim to extinguish the operating shortfall and replenish reserves. It reports to the Charity. This committee has lay-members. When the Covid-19 situation lifts, it will meet again.
- The People | Passion | Priory Executive Committee, chaired by the Dean (a Trustee), was stood down in September 2019 whilst new consultants were appointed. Since appointing DCA Consultants in February 2020, the Dean (a Trustee) and the Chapter Clerk have met regularly with them over Zoom. Since the NLHF was not accepting applications for most of this period, it was not deemed necessary to reconvene the Committee.
- The commercial arm of the Cathedral is operated by the Brecon Cathedral Tithebarn Company Limited, a company limited by guarantee. Its meetings are arranged by its Directors, which comprises four Trustees.
- Through 2019, the Charity began the process of rewriting its constitutional scheme under the Church in Wales Constitution. This was adopted by the Trustees in 2020 but, due to the Covid-19 situation, has not yet been implemented. In brief, it provides for new Trustees to be brought onto a revised Chapter, including lay people. This will radically change the composition, diversity, and skill set of the governing body and is seen as an essential part of restoring the Cathedral both materially and financially. Once implimented, this new Constitution, with suitable reference to the overarching Church in Wales Constitution, will be the governing document of the Charity. It has already been lodged and approved by the Charity Commission as it matches their aspirations for greater diversity of trustees.
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## **2.6 External Approval**
- It is difficult to provide accurate attendance figures at services for 2020 since most were cancelled and the Sunday 11:00am service attracted congregations from other churches that were closed and are not, therefore, likely to stay beyond the Covid-19 opening restrictions. However, the Parish Return for 2019 (submitted July 2020) showed the average number attending Sunday services was 85 communicants ( _i.e._ those who take Eucharist rather than merely being present), with the highest number of 246 communicants attending the Easter Sunday service. The weekday services were attended by an average of 20 communicants. There is no reason to conclude that,
- under normal circumstances, the same or better could not have been achieved in 2020.
- Baptisms, weddings, and funerals were severely restricted in 2020 and no meaningful comparison with 2019 can be made. The financial returns from these events ceased from April 2020.
- The Charity received voluntary donations from its visitors (service collections and collection boxes including electronic donations and any Gift Aid claimed thereon) in 2020 amounting to £54,063, reduced due to being closed for some of 2020 (it was £68,117 in 2019) but still demonstrating an expression of goodwill and approval by Cathedral visitors.
- The Charity received a Traveller’s Choice award from Trip Advisor in 2020, where 95 percent of independent reviews are either Excellent or Very Good. All 2020 reviews were five-stars ‘excellent’ reviews. The two percent poor reviews all relate to charging in the car park, which was foreseen by the Charity. Letters to the local press in previous years have explained the justification for charging, which seems to have been accepted by the overwhelming majority. However, complaints still occasionally arise, and these are handled personally by the Dean.
- The Charity keeps a Visitor’s Book within the Cathedral, where feedback is unanimously positive. Work undertaken on the Visitor’s Book by a university graduate as part of his MA research demonstrated the geographical spread of visitors from all parts of the United Kingdom, European Union countries, Australia, New Zealand, the United States of America, Brazil, Japan, China, and Russia. This is also borne out by visitors to the website, which are also worldwide.
- The Charity received positive feedback from schools and other organisations, including y Gaer (Brecknock Museum & Art Gallery), involved in working in partnership with the Cathedral. Indeed, in their report for 2018, y Gaer called their relationship with the Cathedral “one of our closest partnerships”.
- The Charity received non-Covid-19 related grant funding from external bodies in 2020 amounting to £54,097, representing independent positive endorsements of the Charity and its running by the Trustees. The grants obtained as a result of Covid-19 restrictions set criteria for the good governance and financial management of organisations helped, providing a validation of the Cathedral’s efforts through the pandemic.
- Visitor numbers were significantly reduced by Covid-19 restrictions and closures but those that did visit commented on the welcome and the thought behind the visitor experience. When the Cathedral was open, a reduced Welcomer provision was provided with due regard to Covid-19 safety for staff and volunteers.
- As part of the Charity’s second NLHF bid in 2019, 30 letters of support for the project and the Cathedral in general were received from individuals and organisations including the Archbishop of Wales, the local Member of Parliament, Member of the Senedd, and Lord Lieutenant of Powys, Christ College, Brecknock Sinfonia, Brecon Access Group, the
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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**
- 5.1. Registered name: The Dean and Chapter of Brecon Cathedral
- 5.2. Charity registration number: 1160017
- 5.3. Jurisdiction: England and Wales
- 5.4. Principal office of the Charity: Cathedral Office, Cathedral Close, Brecon, LD3 9DP
- 5.5. Registered office: Cathedral Office, Cathedral Close, Brecon, LD3 9DP
- 5.6. Administrator: Ms Karen Schiebe
5.7. Accountants: Dr Mike Williams, Chapter Treasurer Accounts examined by Mr Brian Turner FCCA
- 5.8. Solicitors: Legal services provided by the Church in Wales 5.9. Secretary: Dr Mike Williams, Chapter Clerk
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- 5.10 Changes to Trustees/Canons:
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 Dernber 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**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.
`
28 of 55
## **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 Fund**balance 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 Fund**balance 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 Fund**balance 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 Fund**balance 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|
29 of 55
|Total
**Appeal Fund**balance as at 1 January 2020
**27.3**
Net movement in fund
**27.3**
Total
**Total Restricted Funds**
**Expendable Endowment Funds**
**Investment Fund**balance 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.
31 of 55
## **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.
32 of 55
## **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.
33 of 55
## **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.
34 of 55
**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|
35 of 55
|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**|
40 of 55
**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**|
43 of 55
## **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
44 of 55
## **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**|
* Of which, £3,171.96 comprises designated funds for the Organ Scholarship Fund
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|
* Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
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|
* Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
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**|
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## **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).
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