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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 207096

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR THE FRIENDS OF EXETER CATHEDRAL

Bush & Co Limited Statutory Auditors 2 Barnfield Crescent Exeter Devon EX1 1QT

THE FRIENDS OF EXETER CATHEDRAL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Reference and Administrative Information 1
Report of the Council 2 to 4
Report of the Independent Auditors 5 to 6
Statement of Financial Activities 7
Balance Sheet 8
Statement of Cash Flows 9
Notes to the Statement of Cash Flows 10
Notes to the Financial Statements 11 to 20

THE FRIENDS OF EXETER CATHEDRAL

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Charity No. 207096

Patron HRH The Prince of Wales KG KT PC GCB President The Bishop of Exeter Vice Presidents Her Majesty’s Lord-Lieutenant for Devon The Chairman of Devon County Council The Right Worshipful the Mayor of Exeter The Right Worshipful the Mayor of Plymouth

Office and Registered Address The Friends Office, The West Wing, The Palace, Exeter, EX1 1HY Honorary Treasurer Joe Roderick (From 26 June 2021) Peter Balsom (To 26 June 2021) Secretary Peter J Privett Auditors Bush & Co Limited, Chartered Accountants 2 Barnfield Crescent, Exeter, EX1 1QT 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, Southernhay West, Exeter, EX1 1TS

The Council The Very Revd Jonathan Greener Dean Mr Joe Roderick Treasurer Mr Chris Paterson Chairman Mr James Frampton Deputy Chairman

Dr Reuben Ayres Mrs Anne Foreman (To 26 June 2021) Dr Peter King (Co-opted from 25 May 2021) The Rev Canon Ian Morter Mr Peter Owen-Pawson Mr Joe Roderick (To 26 June 2021) Mrs Fiona Thompson Mrs Diane Walker Mr Jonathan Walker Dr Rosemary Yallop (Co-opted from 23 November 2021)

Page 1

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

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 the year ended 31 December 2021. The trustees have adopted the provisions of 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) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and Activities

The object of The Friends of Exeter Cathedral (The Friends) shall be to co-operate with the Dean and Chapter in furthering the religious and other charitable work of the Cathedral Church of St Peter in Exeter by:

There have been no policy changes during the year.

Public benefit

As shown elsewhere in this report, the whole of our annual income, after allowing for small amounts of administration expenditure, is available for the benefit of the Dean and Chapter of Exeter Cathedral, which has stood for over a thousand years, and since the Reformation 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 Charity Commission’s guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

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 to continue the support as in the past.

FINANCIAL REVIEW

Financial position

Total incoming resources reduced by £47,599 to £364,720 including sums received for the Endowment Fabric Fund [see note 16]. The Trustees are able to report that dividends and interest received are accounted for on a receivable basis as per Note 1, some sums are held on deposit pending being drawn by the Dean and Chapter. Total resources expended reduced by £182,984 to £326,769 as sums paid to the Dean and Chapter reduced by £180,218 to £288,500 due to the Extraordinary Grant of £250,000 in 2020 to assist with the effect of the Coronavirus Pandemic on the finances of the Cathedral, the net effect being that net incoming resources before other recognised gains or losses increased by £135,385 to a surplus of £37,951. There was an increase in the valuation of investments of £1,148,490. Accordingly, the increase in funds held was £1,186,441.

Page 2

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW

Investment policy and objectives

The investment policy is to maintain a balanced portfolio of investments, and aiming to adopt the Ethical 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.

Reserves policy

Under the constitution all the resources may be applied towards the charity objectives. It is the policy of the Council, however, to recognise that the charity has prospective obligations in perpetuity and accordingly, subject 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 (May 2022) of bank base rate of 0.75% pa, income on cash balances remains at a very low historical level. Therefore, such cash balances have been kept to a minimum level consistent with the anticipated demands for draw down of grants. The balance of funds not required are invested in a selection of managed funds (mainly equities and property) operated by CCLA Investment Management Limited and a segregated fund of equities managed by Charles Stanley & Co Limited. The charity’s unrestricted free reserves at the year end were £7,032,737.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The Charity was founded in 1929 by the Charity Commissioners' Scheme and is currently governed by a 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 Meeting on 29 June 2000 each of the amendments being subsequently approved by the Charity Commissioners. Amendments made at the Annual General Meeting on 28 June 2013 did not require Charity Commission approval.

Organisational structure

The affairs of The Friends are managed by a Council consisting of not less than eight and not more than twelve members elected at Annual General Meetings in accordance with the Constitution, 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 role:

a) A copy of the Charity Commission's Guidance "The Essential Trustee; what you need to know".

Risk management

The Council considers that the principal risk to which the charity is exposed is loss of capital due to fluctuations in the markets which could lead to a sudden drop in income. To counter this risk a cash reserve is maintained at least equal to the amount currently committed to the Dean and Chapter for the following twelve months so that commitments made are certain to be honoured. The Council employs professional fund managers to help mitigate the consequences of market fluctuations.

Page 3

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2021

THE MEMBERS OF THE COUNCIL’S RESPONSIBILTIES

The members of the Council are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the members of the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the members of the Council are required to:

The members of the Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Council of The Friends of Exeter Cathedral on ............................................. and signed on its behalf by:

............................................. ............................................. Chris Paterson - Chairman Peter Privett – Honorary Secretary

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FRIENDS OF EXETER CATHEDRAL

Opinion

We have audited the financial statements of The Friends of Exeter Cathedral (the “Charity”) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and notes 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 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Use of our report

This report is made solely to the Charityʼs 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 the Charityʼs trustees those matters we are required to state to them in an auditorʼs 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 Charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FRIENDS OF EXETER CATHEDRAL

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to 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 statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that 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 preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Bush & Co Limited Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 2 Barnfield Crescent

Exeter Devon EX1 1QT Date: …………………………

Page 6

THE FRIENDS OF EXETER CATHEDRAL

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grants and donations
Total
5
Net gains/(losses) on
investments
NET INCOME/
(EXPENDITURE)		 Unrestrict
ed fund
Restricted
funds
£
£
91,481
5,000
3,583
-
182,287
13,680
277,351
18,680
24,027
-
190,730
70,829
214,757
70,829		 Unrestrict
ed fund
Restricted
funds
£
£
91,481
5,000
3,583
-
182,287
13,680
277,351
18,680
24,027
-
190,730
70,829
214,757
70,829		 Endowme
nt fund
£
2,406
-
66,283
68,689
12,188
28,995
41,183		 2021
Total
funds
£
98,887
3,583
262,250
364,720
36,215
290,554
326,769
1,148,490
1,186,441		 2020
Total
funds
£
152,801
2,582
256,936
412,319
39,090
470,663
509,753
442,966
345,532
850,191 67,410 230,889
912,785 15,261 258,395

RECONCILIATION OF FUNDS

Total funds brought forward

6,119,952

487,791

2,099,351

8,707,094

8,361,562

The notes form part of these financial statements

Page 7

TOTAL FUNDS CARRIED FORWARD

7,032,737 503,052 2,357,746

9,893,535

8,707,094

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 7

THE FRIENDS OF EXETER CATHEDRAL

BALANCE SHEET AT 31 DECEMBER 2021

Note
s
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Stocks
12
Debtors
13
Investments
14
Cash at bank and in hand		 Unrestrict
ed fund
Restricted
funds
£
£
13,821
-
7,012,512
544,002
7,026,333
544,002
1,182
-
30,637
-
35,174
-
154,891
(40,950)
303,997
(40,950)		 Endowme
nt fund
£
-
2,285,935
2,285,935
-
-
-
71,811
71,811		 2021
Total
funds
£
13,821
9,842,449
9,856,270
1,182
30,637
35,174
185,752
252,745		 2020
Total
funds
£
592
8,542,882
8,543,474
619
52,267
35,000
169,852
257,738

CREDITORS

Amounts falling due within one year

15

(215,480)

(215,480) (94,118)

NET CURRENT ASSETS

88,517

The notes form part of these financial statements

Page 8

(40,950) 71,811 37,265 163,620

NET ASSETS
7,032,737
503,052
2,357,746
9,893,535
FUNDS
Unrestricted funds:
General fund
7,032,737
_
Restricted funds:
16
Music Fund
299,492
Choral Music Fund
203,560
Norman England Fund
-
503,052
_
Endowment funds:
16
Endowment fabric fund
2,357,746
TOTAL FUNDS
9,893,535
The fnancial statements were approved by the Council on ..................................
were signed on its behalf by:
.............................................
.............................................
Chris Paterson - Chairman
Joe Roderick - Treasurer		 8,707,094
6,119,952
___
257,193
174,769
55,829
487,791
____
2,099,351
8,707,094
........... and

The notes form part of these financial statements

Page 8

THE FRIENDS OF EXETER CATHEDRAL

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £ £
Cash fows from operating activities:
Net cash provided by operating activities 1 (81,629) (428,225)
Cash fows from investing activities:
Dividends, interest and rents from investment 262,250 256,936
Purchase of equipment (13,644) (529)
Proceeds from sale of investments 491,456 250,000
Purchase of investments (642
,532
)		 (160
,588
)
Net cash provided/(used in) by investing activities 97
,529		 345
,819
Change in cash and cash equivalents in the reporting
period 15,900 (82,406)
Cash and cash equivalents at the beginning of the
reporting period 169
,852		 252
,258
Cash and cash equivalents at the end of the reporting
period 2 185
,752		 169
,852

The notes form 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 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the
statement of fnancial activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interest and rents from investment
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
2.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2021
£
1,186,441
415
(1,148,490)
(262,424)
(563)
21,630
121
,362
(81
,629)
2021
£
185,216
____536
185
,752		 2020
£
345,532
451
(442,966)
(256,936)
355
(44,620)
(30
,041)
(428
,225)
2020
£
169,316
____536
169
,852
____ ____

The notes form part of these financial statements

Page 10

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as there are no material uncertainties about the charity's ability to continue operating.

Income

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly and others are apportioned on an appropriate basis.

The notes form part of these financial statements

Page 11

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Fixed assets are stated at cost. Additions under £150 are not capitalised.

Depreciation is provided so as to write off the cost of tangible assets on a straight line basis over their estimated useful lives at the following annual rates.

Computers - 33%

A new Friends desk installed in the cathedral in March 2022 at a cost of £13,644 will be depreciated for the first time in 2022 at an annual rate to be determined.

Investments

Investments are stated at market value at the balance sheet date which gives rise to unrealised gains and losses which are included in the statement of financial activities. Realised gains and losses arising on disposal of investments are separately identified in the Statement of Financial Activities.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Debtors

Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Current asset investments

Current asset investments includes short term highly liquid investments with a maturity greater than three months but less than one year from the date of opening of the deposit.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

As a charity, The Friends of Exeter Cathedral is not liable to taxation on its investment income, or on any surplus arising from its activities, and so no taxation provision is required in the financial statements.

Fund accounting

The charity's unrestricted funds consist of general funds which the charity can use for its own purposes. The Charity's endowment "fabric" fund consists of amounts to be used specifically for the maintenance of the fabric of the cathedral. The Charity's restricted funds consist of amounts

The notes form part of these financial statements

Page 12

to be used for choral music of cathedral, other musical purposes in the cathedral, and for maintaining the fabric of the cathedral.

The notes form part of these financial statements

Page 13

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Legacies
Membership subscriptions		 2021
£
11,022
56,440
31,425
98,887		 2020
£
54,718
66,452
31,631
152,801

In 2021, none of the donations were restricted (2020: £41,283) and £100 was endowment income (2020: £4,187).

Legacies advised and receivable:

Anthony Bulgin
Joy Calvert
David Conway
Barbara Hamer
Joan Hobby
George Raymer
Margaret Rossall
Mary Williams		 £
5,000
29,336
5,000
2,000
500
500
13,104
1,000
56,440

All of the legacies relate to Unrestricted Funds, except for £5,000 for the Music Fund and £2,306 for the Endowment Fund.

3. OTHER TRADING ACTIVITIES

Charitable trading income
Friends Gatherings income		 2021
£
1,976
1,607
3,583		 2020
£
1,850
732
2,582

In 2021 of the other trading activities all £was unrestricted income (2020: £2,582).

4. INVESTMENT INCOME

Investment income from quoted investments
Deposit account interest		 2021
£
261,865
385
262,250		 2020
£
254,512
2,424
256,936

In 2021 of the investment income £13,680 was restricted (2020: £15,477) and £66,283 was endowment income (2020: £60,386).

The notes form part of these financial statements

Page 14

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS – CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

5. TOTAL RESOURCES EXPENDED

Charitable
Activities
Basis of
Grants &
Raising
Allocation Donations
Funds
£
£
Grants (Note 7)
Direct
288,500
-
Cost of sales (Note 6)
Direct
-
401
Friends gatherings
costs
Direct
-
-
Postage, stationery and
telephone
Usage
-
448
Salary
Staf time
1,688
15,187
Investments
management
charge
Direct
-
9,188
Depreciation
Usage
-
415
Repairs and
renewals
Usage
-
124
Sundry expenses
Direct
-
736
Annual report
Usage
-
3,702
Newsletter
Usage
-
2,720

Audit fees
Direct
366
3,294
__
_
290,554
36,215		 2021
Total
£
288,500
401
-
448
16,875
9,188
415
124
736
3,702
2,720
3,660
__
326,769		 2020
Total
£
468,718
1,314
362
574
16.313
11,605
451
226
734
3,582
2,730
3,144
__
509,753

In 2021 of the total expenditure, £70,829 was expenditure from restricted funds (2020: £68,383) and £41,183 was expenditure from endowment funds (2020: £11,605).

6. CHARITABLE TRADING

Sales
Christmas cards
Ties
Cost of Sales
Christmas cards
Ties
Gross proft on trading activities		 2021
£
1,841
135
__
1,976
_
(534)
133

(401)
___
1,575		 2020
£
1775
75
_
1,850
_
(1,266)
(48)
_
(1,314)
_
536

The notes form part of these financial statements

Page 15

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

7. CHARITABLE GRANTS AND DONATIONS

CHARITABLE GRANTS AND DONATIONS
2021 2020
£ £
Grants to the Dean and Chapter for the beneft of the Cathedral 288,500 468,718
__ ___
The grants to Dean and Chapter for the beneft of the Cathedral are analysed as follows:
2021 2020
£ £
Flower fund - 1,500
Library & archive 5,000 5,000
Clock maintenance - 200
Bells maintenance - 250
East End Windows QI - (1,266)
Fire door in tower 5,000 -
Exceptional Pandemic grant from reserves - 250,000
Special appeal to members for Pandemic costs - 41,283
Choral scholarships 15,000 15,000
South quire materials 30,000 26,500
South aisle roof & East window 50,000 35,000
Education of stonemasons 2,500 1,707
Image screen (9,376) 12,000
Monument repairs 3,000 3,000
North porch - 20,000
Stonemasons 18,786 36,444
Extraction of Salcombe Stone 11,000 10,000
Organ maintenance - 12,100
Beer Quarry geology 6,000 -
Chapter House lighting 125,000 -
Stained glass windows 26,590 -
288,500
_____ 468,718
___

8. COUNCIL OF MEMBERS REMUNERATION AND BENEFITS

There were no remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020 for Council Members.

Council members’ expenses

There were no Council members' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

The notes form part of these financial statements

Page 16

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

9.
STAFF COSTS
2021
£
Wages and salaries
16,875
The average monthly number of employees during the year was as follows:
2021
Administration
1
No employees received emoluments in excess of £60,000.
10. TANGIBLE ASSETS
New Desk
Ofce
Equipment
£
£
COST
At 1 January 2021
-
2,926
Additions
13,644
-
Disposals
-
-
_
_
At 31 December 2021
13,644
2,926
_
_
DEPRECIATION
At 1 January 2021
-
2,334
Charge for year
-
415
Elimination on disposal


_
_
At 31 December 2021
-
2,749
_
_
NET BOOK VALUE
At 31 December 2021
13,644
177
_
____
At 31 December 2020
-
592


2020
£
16,313
2020
1
Total
£
2,926
13,644
-
__
16,570
_
2,334
415
-

2,749

13,821
___
592



___ _

Note: A new ‘Friends’ desk installed in the Cathedral in March 2022 at a cost of £13,644 will be depreciated for the first time in 2022 at an annual rate to be determined.

The notes form part of these financial statements

Page 17

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

11.
FIXED ASSET INVESTMENTS
Analysis of change in investments during the year:
Market value at 1 January 2021
Additions at cost
Disposals
Net Gain on revaluation
Market value at 31 December 2021
Cost at 31 December 2021
CBF Investment Fund
Church of England Property Fund
Charles Stanley Portfolio - listed
Charles Stanley Portfolio - cash
Cambridge & Counties Fixed Rate Bond
12.
STOCKS
Ties & Cards
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Income tax recoverable
Legacies receivable
Other debtors
14.
CURRENT ASSET INVESTMENTS
Cash equivalents on deposit		 2021
2020
£
£
8,542,882
8,189,328
642,532
160,588
(491,456)
(250,000)
1,148,490
442,966
9,842,449
8,542,882
6,326,262
6,176,125
8,654,278
7,013,151
-
425,869
1,083,458
950,803
22,600
71,886
82,113
81,173
9,842,449
8,542,882
2021
2020
£
£
1,182
619
2021
2020
£
£
5,498
10,958
25,039
39,888
100
1,421
30,637
52,267
2021
2020
£
£
35,174
35,000

The notes form part of these financial statements

Page 18

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants outstanding to Dean and Chapter
Accrued expenses		 2021
£
203,401
12,079
215,480		 2020
£
82,395
11,723
94,118

16. MOVEMENT IN FUNDS

Endowment Fabric Fund

At 1 Jan.
2021
Incoming
Resources
£
£
Endowment Fund
2,099,35
1
68,689
The fund is represented by:
NatWest Bank
Charles Stanley Portfolio
CBF Church of England Investment Fund		 Resources
Expended
£
(41,183)		 Gains
and
Losses
At 31 Dec.
2021
£
£
230,889
2,357,746
2021
2020
£
£
71,811
46,611
1,106,058
1,022,689
1,179,877
1,030,051
2,357,746
2,099,351

By Deed of Gift dated 7 November 1997, £10,000 was donated by Mr J F G Michelmore as a Permanent Endowment for the repair and maintenance of the Fabric of the Cathedral and the permanent fixtures therein.

Various donations and legacies have been given for the Fabric 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 (2019: £835,109) to the Friends of Exeter Cathedral with the proviso that it is held in the Fabric Endowment Fund.

The notes form part of these financial statements

Page 19

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

16. MOVEMENT IN FUNDS - continued

Restricted Fund - Music

Music Fund
Choral Music Fund		 At 1
Jan.
2021
£
257,193
174,769
431,962		 Incoming
Resource
s
£
11,115
7,565
18,680		 Resource
s
Expende
d
£
(8,925)
(6,075)
(15,000)		 Gains
and
Losses
£
40,109
27,301
67,410		 At 31
Dec.
2021
£
299,492
203,560
503,052

Various donations and legacies have been given for the Music and Choral Music Funds over the years.

The fund is represented by:

CBF Deposit Account
NatWest Bank
CBF Church of England Investment Fund
Sundry Creditors		 2021
2020
£
£
536
536
(41,486)
(35,197)
544,002
471,592
-
(4,969)
503,052
431,962

Norman England Fund (Restricted)

A sum of £255,840 was received from the N W J England Trust No 1. It was the express wish of the Donor and The Trustees that the 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 not an endowment fund.

As 31 December 2020 the remaining sum brought forward was £55,829 and this sum was utilised in the early part of 2021 on projects, following discussion with the Dean and Chapter.

The notes form part of these financial statements

Page 20

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021

Legacies Receivable

The Charity has been notified of legacies not received by 31 December 2021 but which have been included in the Statement of Financial Activities at a figure of £25,039 (2020: £39,888) as The Council have made a reasonable estimate of the sum to be received.

17. RELATED PARTY DISCLOSURES

In the year under review, the Very Revd Jonathan Greener was a member of the Chapter of Exeter Cathedral as well as being Dean of Exeter Cathedral and member of the Council of the Friends of Exeter Cathedral. Grants made to the Chapter totalled £288,500 (2020: £468,718) as detailed in Note 7. There were no other related party transactions for the year ended 31 December 2021 (2020: Nil).

The notes form part of these financial statements

Page 21