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 cres￿nt
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 o￿l¢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.
0￿ECTIVEs 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 InC￿aSed 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•m￿t
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 hOnoU￿d.
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 COn￿M ba$is unless li is inappropriate to p￿Sume
that the charity will continue in business.
The members of the Council are responsible for keeping proper aC￿untIng 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 Pro￿l¢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
the￿On. 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 r￿UIred 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 p￿paring 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 creS￿nt
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 ASs￿s
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 $ubje¢t io a life tenancy. Assets
received by way of lega¢Tres are included as legacy income at Ma￿et value on ihe date of
transfer.
Incoming resources from charitable trading activity are accounted for when earned.
Investment income is includ8d when receivable.
Expendilure
Expenditure is recognised on an a¢¢rual basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered and is reported as part of the expenditure to vthich it relates.
Costs of generating funds ￿MProMise the costs associated with attrauing voluntary
income and the costs of fundraising.
Charitable activities compromises those costs Incur￿ by the charity in ihe delivery of
its athivities and seNice$ 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 ex￿ndItuTe 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 le￿1vabl0.
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 sfATEME1￿s- CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2020
TOTAL RESOURCES EXPENDED
Charitable
ActivrtiOS
8asig of Grants &
Alloc•tion Don*ion$
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
Chri*mas 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 Y￿r.
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