REGISTERED (>IARITY NUMBER: 207096 REPORT OF ThE TRUSTEES AND AUDITED ANANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR THE FRIENDS OF EXETER CATHEDRAL Bush & Co Limited Statutory Auditors 2 Bamfield cresnt Exeter t)evon EX1 1QT
THE FRIENDS OF EXEfER CATHEORAL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page Reference and Administrative Infom)ation Report of the Counul 2to4 Report of the Independent Auditoys 5t06 Statement of Financial Activities Balance Sheet Statement of Cash Flow5 Notes to the Statement of Cash Flows io Notes to the Financhal Statements 11to20
THE FRIENDS OF EXEfER CATHEDRAL REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020 Patron HRH The Prince ofW8le5 KG KT PC GCB President The Bishop of Exeter Vice PresideTrts H¥r Majesty's Lord-Lieuienant for Devon The Chairman of Devon County Council The Right Wotshipful the Mayor of Exeter The Right Worshipful the Mayor of Plymouth Office and Re9iSt•r•d Address The Friends ol¢e. The West WirvJ, The Palace, Exeter, EX1 1 HY Honorary Tre•$urnr Peter Bal$om Peter J Privett Audilors Bush & Co Limited. Chartered Accountants 2 Barnfield Crescent. Exeter. EXI IQT Bankers National Westminster Bank PLC Exeter Bank Branch, High St. Exeter. EX4 3DP Investment Advisors CCLA Investment Management Ltd 85 Queen Victoria St. London. EC2V 6DZ Charles Stanley & Co Ltd Broadwalk House, Southemhay West. Exeter. EXI ITS Th• Coun¢il The Very Revd Jonathan Greener Mr Peter Balsom Mr Chris Paterson Mr Joe Roderick Mrs Anne Foreman The Rev Canon lan Morter Mr Peter Owen-Pav4son Mr James Frampton Mrs Fion8 Thompson Mrs Diane Walker Mr Jonathan Walker Dr Reuben Ayres Dean Treasurer Chairman Deputy Chairman Ico-opted from 25 August 20201 Pa98 1
THE FRIENDS OF EXETER CATHEDRAL ANNUAL REPORT OF THE COUNaL FOR THE YEAR ENDED 31 DECEMBER 2020 The members of the Council. who for the purposes of this report are the trustees. present their report with the financial statements of the charity for ihe ye8r ended 31 December 2020. The trustees have adopted the provtrsions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reportin9 Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 (effective l J8nuary 20151. 0ECTIVEs AND ACTivmES Objectives and Artiviti•s The object of The Friend5 of Exeter Cathedral (The Friends) is to co-oper8te wiih the Dean and Chapter, principally through financial support, in furthering the religious and other Charitable work of the Cathgdral Church of St Peter in Exeter by.. Arousing and m8intaining public interest in the Cathedral including the en¢oura9ement of the inierest and participation of young people. Assisting and supporting the t)ean and Chapter in maintaining, improving 8nd adding to the f8bri¢. furniture. ornaments. seNices and music of the Cath8dral and ID maintaining, adding to. and improving the precincts thereof lexcludTrng the houses of residen) and in the publication of literalure having reference to the Cathedr81. Establishing and maintaining scholarships for those seeking to enter the Cathedral School at Exeter as choristers. Mainl8ining and adding lo the books 8nd archNes of the Cathedral Libr8ry. Publishing literature fvrthering the objects of The Friends. including an annual report. Such other means as the Council from time to time thinks fit. There have been no policy changes during the year. Public benefft As shown elsewhere in this rek)Ort, the whole of our annual income. after allowing for small amounts of administration expenditure. is available for the benefit of the Dean and Chapier of Exeter Cathedral. which has stood for over a thousand years. and since the Refom)ation has been a pillar of the Church of England. Being one of the major donors to the Cathedral and its mission. the Friends help maintain the fabric. support its music and library and its educational and spiritual aims. The Council members have had due regard to the Charwty Commission's guidance on public benefit. ACHIEVEMENT AND PERFORMANCE Charitsble 8etivities Full details of the grants in aid to the Dean and Chapter appear in the Financial Statements. The Council of The Friends look to be able io continue the support as in the past. FINANCIAL REVIEW nan¢ial position Total incoming resources reduced by £774.359 to £412,319 including sums received for the Endowment Fabric Fund Isee note 161. The Trustees are able to report th8t dividends and interest received are accounted for on a receivable basis as per Note l on page 11. Some sums are held on deposit pending being drawn by the Dean and Chapter. Total resources expended InCaSed by £166,353 to £509.753 as sums paid to the Dean and Chapter increased by £178.689 to £468,718 an exceptionally high level due io an Extraordin8ry Grant of £250.000 to assist with the effea of ihe Coronavirus Pandemic on the finances of the Cathedral, the net effect being that net incoming resources before other reco9nised gains or losses decreased by £940.712 to a deficit of £97.434. There was an increase in the valuation of investments of £442.966. Accordingly. the increase in funds held was £345,532. Page 2
THE FRIENDS OF EXETER CATHEDRAL ANNUAL REPORTOF THE COUNUL FOR THE YEAR ENDED 31 DECEMBER 2020 ANANCIAL REVIEW Investment policy and obj¢¢tiv•s The investment policy is to maintain a balanced porttolio of investments. and aiming to adopi ihe Eihi¢al Investment policies of the Church of England. so as to enjoy the optimum income compatible with sustaining. in real terms, the capital value of the portfolio. R¢serves policy Under the constitulion all ihe resources may be applied towards the charity objeclives. li is the policy of the Council. however, to recognise that the charity has prospective obligations in perpetuity and accordingly. subjeth to any overriding direction from the donor. to invest the endowment funds to secure the optimum income compatible with maintaining. in real terms. the capital value of the portfolio. With the current level Imay 20211 of bank base rate of O. l% pa, income on cash balances remains at a very low hisiorical level. Therefore. such cash balances have been kept to a minimum level consistent with the aniicipated demands for draw down of grants. The balance of fvnds not required are invested in a selection of managed funds Imainly equities and propertyl operaied by CCLA Investment Management Limited and a segregaied fund of equities managed by Chartes Sianley & Co Limiied. The charity's unrestricted free reserves at the year end were £6.119.3. STRUCTURE. GOVERNANCE AND MANAGEMEKr Governing document The charity is controlled by its governing document, a deed of trust. and Constitutes an unincorporat8d charity. The Charity was founded in 1929 by the Charity Commissioners. Scheme and is currently governed by revised Constitution approved by the Charity Commissioners and dated 29 June 1992. The Constitution was amended at the Annual General Meeting on 25 June 1999 and again at the Annual General Meeling on 29 June 2000 each of the amendmenls being subsequently approved bythe Charity Commissioners. Amendments made at the Annual General Meeting on 28 June 2013 did not requir8 Charity Commission approval. Org•nisational structure The affairs of The Friends are manage(J by 8 Council consisting of not less ihan eight and not more than twelve members 818thed 8t Annual General Meetings in accordance wilh the Constilution. and up to five members who may be co-opted by the Council itself. The Council has power to appoint sub- committees. No remuneration is paid to any member of Council. The following documents are provided to assist new members in their new rol6: A copy of the Charity Cornmission's Guidance'The Essential Trustee.. what you need to know.. bl A copy of the last financial stsiemenis. A copy of the Charity's Constitution. dl A copy of the last minutes. Risll man•9•mt The Council considers that the principal risk to which the charity is exposed is loss of capiial due to fluctuatton$ in ihe markets which could le8d to a sudden drop in income. To counter this risk a cash reserve is maintained 81 least equal to ihe amount currently committed to the Dean and Chapter for the following twelve months $0 that commitments made are certain to be hOnoUd. The Coun¢il employs professional fund managers to help mitigate the consequences of markei fluctuations. Page 3
ThE FRIENDS OF EXEfER CATHEDRAL ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2020 THE MEMBERS OF THE COUNCIL'S RESPONSIBILTIES The members of the Council are responsible for prep8ring the Annual Report and the fin8n¢ial stalements in accordance with applicable law and United Kingdom Accounting Stand8rds (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charities Act 2011. Charity (Accounts 8nd Reports) Regulations 2008 and the provisions of the trusi deed requires the members of the Council to prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the charity and of the incoming resources and application of resources, including the income and expendilure. of the charity for th period. In preparing those financial stalements. the members of the Council are required to- select suitsble accounting policies and then apply them consistently: observe the methods and principles in ihe Charity SORP., make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going COnM ba$is unless li is inappropriate to pSume that the charity will continue in business. The members of the Council are responsible for keeping proper aCuntIng records which disclose with reasonable accuracy at any time the financial position of the charity and io enable them to ensure that the financial statements Comply with the Charities Ad 2011. the Charity IAccounts and Reports) Regulations 2(W)8 and the provisions of the trust deed. They are 81so responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irwularities. Approved by the Council of The Friends of Exeter Cathedral on on its behal by.. . and signed Chris Paterson - Chairman ett- Honorary Secretsry Page 4
REPORT OF ThE INDEPENDENT AUDITORS TO THE TrUSTEES OF THE FRIENDS OF EXETER CATHEDFIAL Opinion We have audited the financial statements of The Friends of Exeter Cathedral Ithe "Charity") for the ye8r ended 31 December 2020 which comprise the Staiement of Financial Activities, the Balance Sheet the Statement of Cash Flows and Dotes to the financial Statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard l 02.. The Finaw)cial Reporting Siandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prol¢e>. In our opinion, the financial statements: giv8 a true and fair view of the state of the Charity's affairs as at 31 December 2020 and of its income and expenditure for the year then ended,- have been properly pr8pargd in accordance with United Kingdom Generally Accepted Accounting Practice: have been prepared in accordance with the requirernents of the Charitie5 Act 2011. B•si$ frjr opinion We conduded our audit in a¢¢ordan¢e with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are independent of the Charity in accordance wilh the ethical requirements that are relevant io our audit of ihe financial slalements in the UK, including the FRC'S Eihical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropri8t8 to provide a basis for our opinion. Us• of our ieport This report is made solely lo the Charity's trustees. as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to ihe Charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity s trustees as a body. for our audil work. for this report. or for the opinions v4e have formed. Conclusions relating to going eon¢wn We have nothing io report In respect of the following matters in relation to which the ISAS IUKI require us to report to you where: the trustees, use of the going concern ba$1$ of accounting in the preparation of the financial statements is not appropriate: or the trustees have not disclosed in the financial statements any identified maierial uncertainties that may cast significant doubt aboul the Charity's ability to continue to adopt the going concern basis of accounting for a pertod of at least twelve months frorn the date when the fin8nci81 statements are auihorised for issue. Other inforniation The trustees are responsible for the other inforniation. The other information comprises the information included in the annual report othgr than the financial statements and our auditorfs report theOn. Our opinion on the financial statemenis does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any fom) of assurance conclusion thereon. Page 5
REpoirr OF THE INDEPENDENT AUDITORS TO THE TrUSTEES OF THE FRIENDS OF EXETER CATHEDRAL In connectton with our audit of the finaneial statements. our responsibility is to read the other information and. in doing so. consider whether ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears io be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial sl8tements or a material misstatement of the other infomiation. If. based on the work W have performed, we conclude ihat there is a maierial misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we •re rUIred to report by exception In ihe lTrght of the knowledge and underslanding of the Charity and its environment obtained in the course of the audit. we have not identified malerial misstatements in the Tnjslees. Annual RekKJrt. We have nothing to report in respect of ihe following rnatters in relation io which the Charities Ad 2011 requires us to report to you if. in our opinion= sufficient accounting r8¢ord$ have not been kept; the financi81 statements are not in agreemenl with the accounting records and returns.. or we have not obtained 811 the infomiation and explanations necessary for the purposes of our audil. Responsibilities of the trustees As explained more fully in ihe trustees, responsibilities statement set out on page 4, Ihe trustees are responsible for the preparation of the financial siatements and for being satisfied ihal they give a true and fair view. and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In pparing ihe financial statements. the trustees are responsible for assessing the Charity's ability to conlinue as a going coneern. disclosing. as applicable. matters lated to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Chartty or to cease operations. or have no realisiic alternative bul to do so. Our responsibilitiés for the audit ol the fin•neial statements Our obje¢iives are to obtatn reasonable assurance about whether the financial statements a$ a whole are free from material misstatement, wh•her due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee thai an audit conducled in accordance with ISAS IUKI will always detect a materi81 mi5Statement when it exists. Misstalements Can arise from fraud or error and are considered material if, individually or in the aggregaie. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial siatements. A further description of our responsibilities for the 8udit of the financial statements is located on the Financial Reporting Council's website at.. wbvw.frc.org.uklauditorsresponsibilities. This description forms p8rt of our auditorfs report. Bush & Co Limited Statutory Auditors Eligible io act as an auditor in temis of Section 1212 of the Companies Ad 2006 2 Barnfield creSnt Exeter Devon EXI IQT D¥te= . P8ge 6
THE FRIENDS OF EXEfER CATHEDRAL STATEMETr OF FINANCIAL ACTIVMES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 Total fund$ 2019 Total fvnth nd funds fvnd Noles INCOME AND ENDOWMENTS FROM Donations and legacies 107231 41,283 4,187 152,801 940.212 Other trading activities Inveslment income 2.582 256.936 9,475 236.991 181.073 15,477 Total 2.986 56.760 64.573 412,319 1,186,678 EXPENDtruRE ON Raising funds Chjritsble activilies Grants and donations 27,485 11.605 39.090 48,771 131.327 470,663 294,629 Totsl 366.821 131.327 11.605 509.753 343.400 Nel gainslllossesl on investments 334.792 77,831 442.966 1.040.973 NET INCOMEI IEXPENDMJREI 258.957 144.2241 130.799 345.532 1,884,251 RECONCIUATION OF FUNDS Totsl funds brought forward 5,860,995 532.015 1,968,552 8,361.562 6.477.311 TOTAL FUNDS CARRIED FORWARD 6119.952 487,791 2.099.351 8.707.094 8,361,562 COPrnNUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fomi part of these financial ststements Page 7
THE FRIENDS OF EXETER CATHEDRAL BALANCE SHEET AT 31 DECEMBER 2020 2019 Total funds Totrl funds fvnd fvnd FIXED ASSETS Tangible assets Investments 10 592 5,937.377 592 8.542.882 514 8,189,328 552,765 2,052.740 5.937, 552.765 2.052.740 8,543.474 8.189.842 CURRENT ASSErs Stocks Debtors Investments Cash at bank and in hand 12 13 14 619 52.267 619 52.267 35.000 169.852 974 7.647 35.000 252,258 35.OlXI I95.5) 218.246 46.611 271.132 160.0051 46.611 257,738 295.879 CREDITORS Amounts falling due within one year 15 189.1491 14,9691 194,1181 1124.1591 NEf CURRENT ASss 181.983 164.9741 46.611 163,620 171,720 ASSErs 6.119.952 487.791 2.099.351 8,707,094 8.361,562 FUNDS Unreslricted funds: General fund 6.119,952 5,860.995 Restricted funds.. Musi¢ Fund Choral Music Fund Norman England Fund 16 257.193 174.769 55.829 250,478 164,948 116.589 487,791 532,015 Endowrnent funds.. Endowment f8bric fund 16 2,099.351 1.968.552 TOTAL FUNDS 8.707,094 8,361,562 The financia on its behal atements were approved by the Council on ... 8nd were signed Chris Paterson- Ch8im)an Joe Rodenc - Deputy Chairman The notes fonn part of these financi81 statements Page 8
THE FRIENDS OF EXETER CATHEDRAL STATEMEprr OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2019 Cash flows from operating aetiviti•s'. Net cash provided by operating activities 1428,2251 681,410 Cash flows from investing activities: Dividends, interest and rents from investment Purchase of equipment Proceeds from sale of investments Purchase of investments 256,936 15291 250.000 236,991 17161 369.922 Net cash providedllused inl by inv•sling •thrb 345,819 1584,1761 Chang• in cash and u$h equivalents ITr the r•porting poriod Cash and cash equivalents at tho beginning of the reporting period Cash and cash gquivalents at the end of th• rwrting p•riod 182.4061 97,234 The notes fom part of these financial statements Page 9
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 RECONCIUATION OF INCOME TO NET CASH FLOW FROM OPERATING AcnviTIES 2019 Net in¢om• for the rwrting peri( l•s pw the statsment tsl finan¢ial a¢ti¥itses) 345,532 1,884.251 Adjustments for. Depreciation charges Gains on investments Dividends. inteTe51 and rents from investment Ilncreaselldecrease in stocks Ilncreaselldecrease in debtors Increaselldecreasel in creditors Net rAsh provided by op•rnting a¢li¥rb¢s 451 1442.9661 1256.9361 355 144,6201 293 11,040.9731 1236,9911 493 86,855 ANALYSIS OF CASH AND CASH EQUIVALENTS 2019 Cash at bank and in hand Notice deposits (less than 3 months) Totsl cash and c•$h 8qui¥alents 169216 11.848 41 The notes form part of these financial statements Page 10
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES Basis ol pr¢p•ring the financial statemonts The financial statements of the charity. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland IFRS 1021 (effective l January 20151,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial stalements have been prepared under the historic81 cost convenlion with the exception of investments which are included at market value. as modified by the revalualion of ¢ertain assets. The financial statements have been prepared on a going concem basis as there are no material uncertainties about ihe charity's ability to continue operating. In¢ome All incoming resources are included in the Statement of Financial Activities vthen the charity is entitled to the income and the amount can be quantified with reasonable ae¢uracy. The following specific policies are applied to particular categories of income: Voluntsry incorne is received by way of donations and membership fees and ts included in full in the Statement of Financial Activities when receivable. Legacies are a¢counied for as income once the represeniatives of the esiate have 8(fvised the amount receivable whether received as a pecuniary or residuary bequest or $ubje¢t io a life tenancy. Assets received by way of lega¢Tres are included as legacy income at Maet value on ihe date of transfer. Incoming resources from charitable trading activity are accounted for when earned. Investment income is includ8d when receivable. Expendilure Expenditure is recognised on an a¢¢rual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to vthich it relates. Costs of generating funds MProMise the costs associated with attrauing voluntary income and the costs of fundraising. Charitable activities compromises those costs Incur by the charity in ihe delivery of its athivities and seNice$ for benefbciaries. Grants and donations are awarded on approval bythe Charity's Council in accordance with the objects of the charity- The gr8nls re charged to the accounts for the period in which they are approved for payment. Governance costs includg those costs associated with meeting the constitutional and statutory requirements of the charity. All costs are allocated between the exndItuTe categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a parti¢ul8r a¥vIty are allocated directly and others are apportioned on an appropriate basis. The note5 form part of these financial statements Page 11
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE FINANCIAL sfATEMENTS . CONllNUED FOR THE YEAR ENDED 31 DECEMBER %)20 AccouimNG POUCIES . ntInued Tangible fix assets Fixed a$sels are stated at Cost. Additions under £150 are nol ¢apitali$ed. Depreciation is provided so as to wnite off the cost of tangible assets on a straight line basis over their estimated useful lives al the following annual rates. orrice equipment Investments Investments are stated at rn8fket value at the balance sheet date which gives rise to unrealised gains and losses which are included in the staiemeni of financial auivilies. Realised gains and losses arising on disposal of investments are separately id8ntified in the Statement of Financial Activities. Stocks Stocks 8re stated at the lower of cost and net realisable value. Debtors Debtors are included at the settlemeni amount due. Prepayments are valued at the amount prepaid. Current asset investments Current asset investments includes short term highly liquid investments with a maturity gre81er than three months but less than one year from the date of opening of th¢ deposit. C•$h at bank and in h•nd Cash ai bank and in hand includes cash and short term highly liquid inve5tment5 With a $hort maturity of three months or less from the date of opening of ihe deposit. Cr¢ditors and provisions Creditors and provisions are recognised where the charity h8s 8 present obligation arising from 8 past event that will probably result in the transfer of funds to a ihird party 8nd the amount due io settle the obligation can be measured or estimated reliably. Credbtors and provisions are recognised at their settlement amount. FiThan¢ial instrumwts The charity only has financial assets 8nd li8bilities of a kind that qualify as basic financi81 instruments. Basic finaD¢iaS instnJmentS 8re initially recognised at transaction value and subsequently measured at their settlemeni value. Taxation A5 a charity, The Friends of Exeter Cathedral 1$ not liable to taxgtion on its investment income, or on any surplus arising from its activities, and so no taxation provision is required in the financial statements. Fund a¢eounting The charity's unrestricted funds consist of general funds which the charity can uso for its own purposes. The Charity's endowment 'fabric' fund consisls of amounts to be used specifically for the maintenance of the f8bric of the cathedral. The Charity's restricted funds consist of amounts to be used for ¢hor81 music of cathedral. other musical purposes in the ¢athedral, 8nd for maintaining the fabric of the cathedr81. The notes form part of these financial statements Page 12
THE FRIENDS OF EXEfER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS . CONnNUED FOR THE YEAR ENDED 31 DECEMBER 2020 DONATIONS AND LEGACIES 2020 2019 Donations Legacies Membership subscriptions 54.718 66,452 31,631 956,722 149.6941 33.184 152,801 940,212 In 2020 £41.283 ofthe donations were restricted12019.. £11xII and £4.187 was endowment income 12019.. £951.1831. Ltya¢1 advised and le1vabl0. Ann Barter James Baker John Loarridge Jean Hall Arthur Brown Mona Harrison Doris Wilson 2,500 11,064 6,000 10,000 3,000 1.000 32.888 66,452 All of the legacies relate to Unrestricted Funds. OTHER TRADING AGnvmES 2020 2019 Ch8ritable trading income Festival income Friends Gatherings income 1.850 1.712 310 7,453 732 2.582 9.475 In 2020 of the other trading activities all £2.582 was unrestricted income12019: 9.4751. INVESTMENT INCOME 2019 Invesimeni income from quoted investments Deposit account interest 254,512 2.424 233,219 3.772 256,936 236.991 In 2020 of th8 investment income £15,477 was festrithed12019.. £15.65818nd £ 60.386 was endowment income12019= £40.2291. The notes fonn part of these financial ststernent$ Page 13
THE FRIENDS OF EXETER CATHEDRAL NOTES TO ThE FINANCIAL sfATEME1s- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 TOTAL RESOURCES EXPENDED Charitable ActivrtiOS 8asig of Grants & Alloc•tion Donion$ R•ising FuTrd$ 2019 Totsl Totsl Grants (Note 71 Cosi of sales INote 61 Festival costs Friends Gatherings costs Postage Stationery and telephone Wages Investments management charge Depreciation 9 Anniversary Costs Repairs and renewals Sundry expenses Annual report Newsletter Audit fee5 Legal Fees Direcl Dire Direct 468,718 468.718 7.314 2.029 1.314 378 Dire Usage Usage 362 574 362 574 4.457 352 572 15.397 Staff time 1.631 14.682 16.313 txrect Usage 11.605 451 11.605 451 11,459 293 Direct Usage 3,276 226 734 3.582 2.730 2,830 226 734 3.582 2.730 3,144 Dbrect Usage Usage Direct Direct 1,171 2.826 3,060 5.382 314 470.663 39.090 509.753 In 2020 of the total expenditure £68.383 was expendiiure from $trIcted funds12019- £63.4391 and £11,605 was expenditure from endowment funds12019: £45,4591. CHARITABLE TRADING 2019 Chrimas cards ries 1775 75 1,442 270 1A50 1,712 Cost of Sales Christmas cards Tie5 11.2661 1481 19601 11281 11.3141 11.0881 Gross profit on trading activities 536 624 The notes form part of these financi81 statements Page 14
THE FRIENDS OF EXEfER CATHEDRAL NOTES TO THE FINANCIAL sfATEMETrrrs . copinNUED FOR THE YEAR ENDED 31 DECEMBER 2020 CHARITABLE GRANTS AND DONATIONS 2020 2019 Grants to the Dean and Chapter for the benefit of the Cathedral 468.718 2&,029 The grants to Dean and Chapter for the benefit of the Cathedrol are 8n8lysed as follows.. 2020 2019 Flower fund Library & archive Clock maintenance Bells maintenance East End Windows Fire Alarm System Hoist Exceptional Pandemic Grant from Reserves Special Appeal to Members for Pandemic Costs Choral scholarships Environmental Monitoring South Quire Materials IEngland Fund) South Clerestory Quire Project (England Fundl South Nave Aisle Window Education of stonemasons Image Screen Eleclrification of Bells Photography Scala Book Monument Repairs North Porch Sionemasons (England Fund -20201 Extraction of Salcombe Stone Organ Maintenance 1,500 1.500 5,000 2Cw) 250 12.000 12.500 12.000 200 250 11,2661 250,0 41.283 15.000 15.000 11.000 40,0 1,919 26.500 35,000 1.707 12.1)00 3,500 2,500 15.1)00 20,000 36.444 10.000 12,100 468,718 121,226 14,000 2W.029 COUNCIL OF MEMBERS REMUNERATION AND BENEFITS There We no remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 Oecember 2019 for Council Members. Council m•mber5' expenses There were no Council members, expenses paid for the year ended 31 December 2020 nor for the year ended 31 De¢ember 2019. The notes forrn part of the$8 financial ststements Page 15
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS . COIfflNUED FOR THE YEAR ENDED 31 DECEMBER 2020 STAFF COSTS 2019 Wages and salaries 16.313 15.397 The average monthly number of ernployees during the year was as follows: 2019 Administration No employees received emoluments in excess of £60.000. 10. TANGIBLE RXED ASSErs equipment COST At 1 January 2020 Additions Disposals 5,735 529 13,3381 As 8t 31 December 2020 2.926 DEPRECIATION Ai 1 January 2020 Ch8rge for year Eliminated on disposal 5,221 451 13,3381 At 31 December 2020 NET BOOK VALUE At 31 December 2020 592 At 31 December 2019 514 The notes form part of ihese fin8ncial statements Page 16
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 FIXED ASSEf INVESTMENrs Analysis of change in inv8slmwts during the Yr. 2019 Market V81ue at l January 2020 Additions at cost Disposal$ Net G8in on revaluation 8.189.328 160,588 1250,IXIOI 442.966 6.287.904 1,190.373 1329,9221 1.040.973 Market value at 31 December 2020 8,542,882 8,189,328 Cost at 31 December 2020 6,176,125 5,023,528 CBF Investment Fund Church of England Property Fund 7.013.151 425,869 6.651.294 448.148 Charles Stanley Portfolio - listed Charles Stanley Portfolio - cash Cambridge & Counties Fixed Rate Bond 950.803 71.886 81.173 981.609 28.700 79.577 8,542,882 8,189,328 12. STOCKS 2020 2019 ries & C8rds 619 974 13. DEBTORS.. AMouKfs FALUNG DUE WITHIN ONE YEAR 2019 Income tax recoverable Legacies receivable Other debtors 10.958 39,888 1,421 3.641 52,267 7.647 7 CURRENT ASSET INVESTMENTS 2020 2019 Cash equivalents on deposit 35.000 35,000 The notes forrn part of these financial statements Page 17
THE FRIENDS OF EXETER G4THEDRAL NOTES TO THE FINANCIAL sfATEMEKrs . coKnNUED FOR THE YEAR ENDED 31 DECEMBER 2020 15. CREDrroRS: Amoumfs FAWNG DUE WITHIN ONE YEAR 2019 Grants oulstanding to Dean and Chapter Accrued expenses 82.395 11,723 112.384 11,775 94.118 124.159 mOvEMEP IN FUNDS Endowment F•bri¢ Fund Gains •nd AtlJ•n Incoming Rwour¢es At 31 D¢¢ Endowment Fund 1.968.552 64,573 111.6051 77,831 2,099.351 The fvnd is represented by: 2020 2019 CBF Deposit Account Natwest 8ank Chades Stanley Portfolio Accrued expenses CBF Church of England Investment Fund 129.753 46.611 1.022.689 1,010.309 16,6821 835.172 1.030.051 2,099.351 1,968,552 By Deed of Gift dated 7 Novemb8r 1997. £10,000 was don8ted by Mr J F G Mi¢helmore as a Permanent Endowment for the repair and maintenance of ihe Fabric of the Cathedral and the permanent fixtures therein. Various donations and legacies have been given for the Fabri¢ Fund over the years and further sums may be added with or without any provision for the accumulation of income. In the Year to 31 December 2020 the Trustees of the Exeter Cathedral Preservation Trust used their Power of Advancement to transfer investments and funds to the value of £2.631 12019.. £835,109) to the Friends of Exeter Cathedral with the proviso that it is held in the Fabric Endowment Fund. In ihe Year to 31 December 2019 there was 8 90th Anniversary fundraising appeal which raised £116,074 which is held in the Fabric Endowrnent Fund. A further £1,306 was raised in 2020. The notes fomi part of thtse financial siatements P8ge 18
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE FINANCIAL sfATEMENfs . CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 I& MOVEMENT IN FUNDS- continu R?ricted Fund At1Jan In¢omin9 Gains and At31 Dec 2020 Music Fund Choral Music Fund 250,478 164.948 8.020 5,273 119.6001 17.5001 18,295 12.048 257,193 174,769 415.426 13,293 127.1001 30,343 431,962 Legacies of £1 12,754 were received in 2009 to be used on choral music in Exeter Cathedral, £230.675 in 2012 and £10.oc in 2018 10 be used for the purposes of Music in Exeter Caihedral. A Legacy of £25.0 was received in 2016 for the m8intenance of the Organ. of which £9.033 was granted in the year, the fund is now exhausted. A special appeal was made lo Members of the Friends to make a contribution to running expenses of the Cathedral as there was a shortfall of income due to the Covid Pandemic. A sum of £41,283 was raised and paid over to the Dean and Chapter, it is included in the list of grants a$ per noie 7. It is not included in the summary above. The fund is represented by: 2019 CBF Deposit Account Natwest Bank C8F Church of England Investment Fund Sundry Creditors 536 135.1971 471.592 14.9691 123,5921 441,249 12.2311 431.962 415.426 Nomian Engl•nd Fund (Restri) A Sum of £255,840 was received from the N W J England Trusi No 1. It was the express wish of the Donor and The Trustees that ihe whole of the Fund be used towards the repair and maintenance of the Fabric of Exeter Cathedral and for no other purpose. Any expenditure is to be agreed on an annual basis. It is noi an endowment fund. Interest of £2,184 was r9C8ived in the year and grants of £62.944 vRre made. The funds ¢arri8d forward of £55.829 are held in temi bonds in two banks pending an agreement with the Dean and Chapter as to which project will be funded by ihese monies. The notes form part of these financial statemenis Page 19
THE FRIENDS OF EXETER CATHEDRAL NOTES TO THE FINANCIAL STATEMEKfs . CONnNUED FOR THE YEAR ENDED 31 DECEMBER 2020 Lega¢ies RKeivab The Charity has been nolified of leg8cies not received by 31 December 2020 but which have been included in the Sialement of Financial Activities at a figure of £39.888 as The Council have made a reasonable estimate of the sum to be re¢eived. 17. RELATED PAFITY DISCLOSURES In the year under review, the Very Revd Jonathan Greener was a member ofthe Chapter of Exeter Cathedr81 as well as being Dean of Exeter Cathedral and member of ihe Council of the Friends of Exeter Cathedral. Grants made to the Chapter totalled £468,71812019= £290.0291 as detailed in Note 7. There were no other related party transactions for the year ended 31 December 2020. The noies form part of these financial statement$ Page 20