|||||Page|
|---|---|---|---|---|
|Reference|and Administrative
Information||||
|Report of|the Council|||2 to 4|
|Report of|the Independent||Auditors|5 to 6|
|Statement|of Financial|Activities|||
|Balance Sheet|||||
|Statement|ofCash Flows||||
|Notes to the Statement||of|Cash Flows|10|
|Notes to the Financial||Statements||11 to 19|
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|||FO|R THE YEAR E|NDED 31 DEC|EMBER 2022|||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||||Unrestricted|Restricted|Endowment|Total|Total|
||||fund|funds|fund|funds|funds|
|||Notes||||||
|INCOME AND||||||||
|ENDOWMENTS
FROM||||||||
|Donations
and legacies||2|200,871|500||201,371|98,887|
|Other trading
activities||3|2,672|||2,672|3,583|
|Investment
income||4|182,721|14,282|67,857|264,860|262,250|
|Total|||386,264|14,782|67,857|468,903|364,720|
|EXPENDITURE ON||||||||
|Raising funds|||30,586||12,064|42,650|36,215|
|Charitable
activities||||||||
|Grants and donations|||257,105|15,000|30,000|302,105|290,554|
|Total|||287,691|15,000|42,064|344,755|326,769|
|Net gains/(losses)
investments|on||~815,002)|~64,038)|~303,829)|~1,182,869)|1,148,490|
|NET INCOME/||||||||
|(EXPENDITURE)|||(716,429)|(64,256)|(278,036)|(1,058,721)|1,186,441|
|RECONCILIATION|OF|||||||
|FUNDS||||||||
|Total funds brought||||||||
|forward|||7,032,737|503,052|2,357,746|9,893,535|8,707,094|
|TOTAL FUNDS CARRIED||||||||
|FORWARD|||6,316,308|438,796|2,079,710|8,834,814|9,893,535|
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||||AT 31|DECEMBER 20|22|||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
||||Unrestricted|Restricted|Endowment|Total|Total|
||||fund|funds|fund|funds|funds|
|||Notes||f.||||
|FIXEDASSETS||||||||
|Tangible assets||10|14,418|||14,418|13,821|
|Investments||11|6,197,510|479,964|1,982,106|8,659,580|9,842,449|
||||6,211,928|479,964|1,982,106|8,673,998|9,856,270|
|CURRENT ASSETS||||||||
|Stocks||12|1,145|||1,145|1,182|
|Debtors||13|47,606|||47,606|30,637|
|Investments
Cash at bank and|in hand|14|35,088
105,216|~41,168)|97,604|35,088
161,652|35,174
185,752|
||||189,055|(41,168)|97,604|245,491|252,745|
|CREDITORS||||||||
|Amounts
falling due within||||||||
|one year||15|(84,675)|||(84,675)|(215,480)|
|NET CURRENT ASSETS|||104,880|~41,168)|97,604|160,816|37,265|
|NET ASSETS|||6,316,308|438,796|2,079,710|8,834,814|9,893,535|
|FUNDS||||||||
|Unrestricted
funds;||||||||
|General
fund||||||6,316,308|7,032,737|
|Restricted funds:||||||||
|Music Fund||||||261,259|299,492|
|Choral Music Fund||||||177,537|203,560|
|||||||438,796|503,052|
|Endowment
funds:||16||||||
|Endowment
fabric|fund|||||2,079,710|2,357,746|
|TOTAL FUNDS||||||8,834,814|9,893,535|
##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|E||
|Cash flows from operating|||activities:|||||||
|Net cash||provided
by operating
activities||||||(287,892)|(81,629)|
|Cash flows from investing|||activities:|||||||
|Dividends,||interest and rents|from investment|||||264,860|262,250|
|Purchase||ofequipment||||||(1,068)|(13,644)|
|Proceeds||from sale of investments||||||981,683|491,455|
|Purchase||of investments||||||~981 683)|~642 532)|
|Net cash||provided/(used
in) by investing|||activities|||263 792|97529|
|Change|in cash and cash equivalents|||in the||reporting||||
|period||||||||(24,100)|15,900|
|Gash and||cash equivalents|at the beginning|||ofthe||||
|reporting||period||||||185752|169852|
|Cash and
period||cash equivalents|at the end|ofthe||reporting||1f~g|~1~72|
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|RECONCILIATION
OF NET INCOME TO NET CASH FLOW FROM OPERATING|RECONCILIATION
OF NET INCOME TO NET CASH FLOW FROM OPERATING|RECONCILIATION
OF NET INCOME TO NET CASH FLOW FROM OPERATING|ACTIVITIES|
|---|---|---|---|
|||2022|2021|
|Net income for the reporting
period (as per the||||
|statement offinancial activities)||(1,058,721)|1,186,441|
|Adjustments
for:||||
|Depreciation
charges||471|415|
|Gains on investments||1,182,869|(1,148,490)|
|Dividends,
interest and rents from|investment|(264,774)|(262,424)|
|(Increase)/decrease
in stocks||37|(563)|
|(Increase)/decrease
in debtors||(16,969)|21,630|
|Increase/(decrease)
in creditors
Net cash provided
by operating|activities|(~130605
@87~2|121 362
~12!6|
|ANALYSIS OF CASH AND CASH|EQUIVALENTS|||
|||2022|2021|
|Cash at bank and
in hand||161,109|185,216|
|Notice deposits (less than 3 months)
Total cash and cash equivalents||543
~11~|536
~1~72|
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|DONATIONS|AND LEGACIES|||
|---|---|---|---|
|||2022|2021|
|Donations||9,311|11,022|
|Legacies||161,878|56,440|
|Membership|subscriptions|30,182|31,425|
|||201,371|98,887|
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||||2022f|2021|
|---|---|---|---|---|
|Charitable|trading|income|1,142|1,976|
|Friends Gatherings||income|1,530|1,607|
||||2,672|3,583|
##
|In 2022 of|the other trading|activities|activities|all was unrestricted|income (2021:E3,583).||
|---|---|---|---|---|---|---|
|INVESTMENT INCOME|||||||
||||||2022|2021|
|||||||E|
|Investment|income from quoted||investments||264,297|261,865|
|Deposit account interest|||||563|385|
||||||264,860|262,250|
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|TOTAL RESOURC|ES EX|PENDED|||||
|---|---|---|---|---|---|---|
||||Charitable||||
||||Activities||||
|||Basis of|Grants &|Raising|2022|2021|
|||Allocation|Donationsf|Funds
E|Total
f.|Total|
|Grants (Note 7)||Direct|300,000||300,000|288,500|
|Cost ofsales (Note|6)|Direct||560|560|401|
|Friends gatherings||Direct||37|37||
|costs|||||||
|Postage, stationery|and|Usage||361|361|448|
|telephone|||||||
|Salary||Staff time|1,745|15,705|17,450|16,875|
|Investments||Direct||12,064|12,064|9,188|
|management|||||||
|charge
Depreciation||Usage||471|471|415|
|Repairs and||Usage||||124|
|renewals|||||||
|Annualreport||Usage||3,902|3,902|3,702|
|Newsletter||Usage||3,314|3,314|2,720|
|Audit fees||Direct|360|3,240|3,600|3,660|
|Bank Charges||Direct||440|440||
|Legal fees||Direct||1,650|1,650||
|Trustee Insurance||Direct||678|678|678|
|Sundry expenses||Direct||228|228|58|
||||302,105|42,650|344,755|326,769|
##
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||||2022|2021|
|---|---|---|---|---|
|||||E|
|Sales|||||
|Christmas|cards||985|1,841|
|Ties|||157|135|
||||1,142|1,976|
|Cost ofSales|||||
|Christmas|cards||(425)|(534)|
|T~es|||(135)|133|
||||(560)|(401)|
|Gross profit on trading||activities|582|1,575|
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|CHARITABLE GRANTS AND DONATIONS||||
|---|---|---|---|
|||2022|2021|
|||E||
|Grants to the Dean and Chapter for the benefit ofthe Cathedral||300,000|288,500|
|The grants to Dean and Chapter for the benefit ofthe Cathedral|are analysed|as follows:||
|||2022|2021|
|||E||
|Library 8 archive||5000|5,000|
|Fire door in tower|||5,000|
|Choral scholarships||15,000|15,000|
|South quire scaffold||50,000|30,000|
|Stonemasons
ln House Projects||26,722|50,000|
|Education ofstonemasons||3,500|2,500|
|Image screen|||(9,376)|
|Monument
repairs|||3,000|
|Brewer Door Lobby||60,000||
|Stonemasons
—Labour||110,000|18,786|
|Extraction ofSalcombe Stone||13,000|11,000|
|Preliminary
Work to Vestries WC||13,000||
|Beer Quarry geology|||6,000|
|Chapter House lighting||3,278|125,000|
|Stained glass windows
Other||500-|26,590|
|||300,000|288,500|
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|STAFF COS|TS|||||||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
|Wages and salaries||||||17,450|16,875|
|The average|monthly|number ofemployees||during|the year was as follows:|||
|||||||2022|2021|
|Administration||||||1|1|
|No employees|received emoluments||in excess of||F60,000.|||
|TANGIBLE ASSETS||||||||
||||||Office|||
||||New Desk||Equipment||Total|
||||||||K|
|COST||||||||
|At 1 January 2022||||13,644|2,926||16,570|
|Additions||||1,068|||1,068|
|Disposals||||||||
|At 31 December|2022|||14,712|2,926||17,638|
|DEPRECIATION||||||||
|At 1 January 2022|||||2,749||2,749|
|Charge for year||||294|177||471|
|Elimination
on disposal||||||||
|At 31 December|2022|||294|2,926||3,220|
|NET BOOK VALUE||||||||
|At 31 December|2022|||14,418|||14,418|
|At 31 December|2021|||13,644|177||13,821|
##
||THE FRIENDS OF EXETERCATHEDRAL|THE FRIENDS OF EXETERCATHEDRAL|THE FRIENDS OF EXETERCATHEDRAL||
|---|---|---|---|---|
||NOTES TO THE FINANCIAL STATEMENTS - CONTINUED||||
||FOR THE YEAR ENDED 31 DECEMBER 2022||||
|11.|FIXEDASSET INVESTMENTS||||
||Analysis ofchange
in investments|during the year:|2022|2021|
||Market value at 1 January 2022||9,842,449|8,542,882|
||Additions
at cost||981,683|642,532|
||Disposals||(981,683)|(491,455)|
||Net (Loss)/Gain
on revaluation||(1,182,869)|1,148,490|
||Market value at 31 December 2022||8,659,580|9,842,449|
||Cost at 31 December 2022||6,326,262|6,326,262|
||CBF Investment
Fund||7,635,526|8,654,278|
||Charles Stanley Portfolio - listed||919,462|1,083,458|
||Charles Stanley Portfolio - cash||21,658|22,600|
||Cambridge
&Counties
Fixed Rate Bond||82,934|82,113|
||||8,659,580|9,842,449|
|12.|STOCKS||||
||||2022|2021|
||Ties 8 Cards||1,145|1,182|
|13.|DEBTORS:AMOUNTS
FALLING DUE WITHIN ONE YEAR||||
||||2022|2021|
||Income tax recoverable||4,951|5,498|
||Legacies receivable||12,700|25,039|
||Other debtors||29,955|100|
||||47,606|30,637|
|14.|CURRENT ASSET INVESTMENTS||||
||||2022|2021|
|||||F|
||Cash equivalents
on deposit||35,088|35,174|
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|CREDIT|OR|S: AMO|UNT|S
|FA|LLING|DU|E WITHIN O|NE YEAR|||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||2022|2021|
|Grants outstanding|||to Dean||and Chapter|||||77,019|203,401|
|Accrued|expenses|||||||||7,656|12,079|
|||||||||||84,675|215,480|
|MOVEMENT||IN FUNDS||||||||||
|Endowment||Fabric|Fund|||||||||
|||||||||||Gains||
||||||At|1Jan.||Incoming|Resources|and|At 31 Dec.|
|||||||2022||Resources|Expended|Losses|2022|
||||||||||F|||
|Endowment||Fund||2,357,746||||67,867|~42,064)|~303,829)|2,079,710|
|The fund|is represented|||by:||||||||
|||||||||||2022|2021|
|NatWest|Bank|||||||||97,604|71,811|
|Charles|Stanley Portfolio|||||||||941,120|1,106,058|
|CBFChurch||of England||investment|||Fund|||1,040,986|1,179,877|
|||||||||||2,079,710|2,357,746|
##
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||||At 1Jan.|Incoming|Resources|Gains and|At 31Dec.|
|---|---|---|---|---|---|---|---|
||||2022|Resources|Expended|Losses|2022|
||||E|||E||
|Music
Choral|Fund
Music|Fund|299,492
203,560|8,795
5,987|(8,925)
~6,075|(38,103)
~25,935)|261,259
177,537|
||||503,052|14,782|~15,00D|~64,D38|438,796|
|The fund is represented|by:||||
|---|---|---|---|---|
||||2022|2021|
||||F|f.|
|CBFDeposit Account|||543|536|
|NatWest Bank|||(41,711)|(41,486)|
|CBFChurch of England|Investment|Fund|479,964|544,002|
||||438,796|503,052|
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