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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 207096

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 2023

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 19

THE FRIENDS OF EXETER CATHEDRAL

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Charity No. 207096

Patron His Majesty The King President The Bishop of Exeter Vice Presidents His 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

Chairman Dr Rosemary Yallop Honorary Treasurer Joe Roderick 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 Dr Rosemary Yallop Chairman The Rev Canon Ian Morter Deputy Chairman Mr Joe Roderick Treasurer

Dr Reuben Ayres Mr James Frampton Mr Peter Owen-Pawson Mrs Fiona Thompson Mrs Diane Walker Mr Jonathan Walker

Page 1

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023. 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 decreased by £159,135 to £309,768, including sums received for the Endowment Fabric Fund [see note 16], on account of a much lower level of legacies receivable. 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 increased by £1,028,258 to £1,373,013, principally on account of the £1m grant to the Cathedral for the Cloister Project, to be paid in equal instalments of £250,000 in each of the years 2023 to 2026 inclusive. The net effect being that net incoming resources before other recognised gains or losses decreased by £1,187,393 to a deficit of £1,063,245. There was an increase in the valuation of investments of £759,243. Accordingly, the decrease in funds held was £304,002.

Page 2

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023

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. 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) 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 £5,813,765 (2022:£ 6,316,308).

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:

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 2023

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:

............................................. Rosemary Yallop - Chairman

............................................. Peter Privett – 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 2023 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 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 the 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 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 2023

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
48,301
Other trading activities
3
3,310
Investment income
4
187,191
Total
238,802
EXPENDITURE ON
Raising funds
34,428
Charitable activities
Annual Grants
282,198
Cloister Grant 2023
250,000
Cloister Grant 2024-26 inc15
750,000
Total
5
1,316,626
Net gains/(losses) on
investments
575,281
NET (EXPENDITURE)
/INCOME
(502,543)
RECONCILIATION OF
FUNDS
Total funds brought
forward
6,316,308
TOTAL FUNDS CARRIED
FORWARD
5,813,765		 Restricted
funds
£
-
-
14,378
14,378
-
15,000
-
-

15,000
45,157
44,535
438,796
483,331		 Endowment
fund
£
-
-
56,588
56,588
11,387
30,000
-
-
41,387
138,805
154,006
2,079,710
2,233,716		 202 3
Total
funds
£
48,301
3,310
258,157
309,768
45,815
327,198
250,000
750,000
1,373,013
759,243
(304,002)
8,834,814
8,530,812
2022
Total
funds
£
201,371
2,672
264,860
468,903
42,650
302,105
-
-
344,755
(1,182,869)
(1,058,721)
9,893,535
8,834,814

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 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
14,516
Investments
11
6,689,857
6,704,373
CURRENT ASSETS
Stocks
12
775
Debtors
13
5,097
Investments
14
-
Cash at bank and in hand
(35,419)
(29,547)
CREDITORS
Amounts falling due within
one year 15(a)
(361,061)
NET CURRENT
(LIABILITIES)/ ASSETS
(390,608)
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS: Amounts
falling due after more than
one year 15(b)
6,313,765
(500,000)
NET ASSETS
5,813,765
FUNDS
Unrestricted funds:
General fund
Restricted funds:
16
Music Fund
Choral Music Fund
Endowment funds:
16
Endowment fabric fund
TOTAL FUNDS		 Restricted
funds
£
-
525,121
525,121
-
-
-
(41,790)
(41,790)
-
(41,790)
483,331
-
483,331		 Endowment
fund
£
-
1,959,524
1,959,524
-
-
-
274,192
274,192
-
274,192
2,233,716
-
2,233,716		 202 3
Total
funds
£
14,516
9,174,502
9,189,018
775
5,097
-
196,983
202,855
(361,061)
(158,206)
-
(500,000)
8,530,812
5,813,765
____
287,757
195,574
483,331
2,233,716
8,530,812		 2022
Total
funds
£
14,418
8,659,580
8,673,998
1,145
47,606
35,088
161,652
245,491
(84,675)

160,816

8,834,814
-
8,834,814
6,316,308
___
261,259
177,537
438,796
2,079,710
8,834,814

The financial statements were approved by the Council on ............................................. and were signed on its behalf by:

............................................. ............................................. Rosemary Yallop - Chairman Joe Roderick - Treasurer

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 2023

2023 2022
Notes £ £
Cash flows from operating activities:
Net cash provided by operating activities 1 (466,559) (287,892)
Cash flows from investing activities:
Dividends, interest and rents from investment 258,157 264,860
Purchase of equipment (588) (1,068)
Proceeds from sale of investments 244,321 -
Purchase of investments - -
Net cash provided/(used in) by investing activities 501,890 263,792
Change in cash and cash equivalents in the reporting
period 35,331 (24,100)
Cash and cash equivalents at the beginning of the
reporting period 161,652 185,752
Cash and cash equivalents at the end of the reporting
period 2 196,983 161,652

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 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023 2022
£ £
Net income for the reporting period (as per the
statement of financial activities) (304,002) (1,058,721)
Adjustments for:
Depreciation charges 490 471
Gains on investments (759,243) 1,182,869
Dividends, interest and rents from investment (258,157) (264,774)
(Increase)/decrease in stocks 370 37
(Increase)/decrease in debtors 42,509 (16,969)
(Increase)/decrease in investments 35,088 -
Increase/(decrease) in creditors 776,386 (130,805)
Net cash provided by operating activities (466,559) (287,892))
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
£ £
Cash at bank and in hand 196,415 161,109
Notice deposits (less than 3 months) 568 543
Total cash and cash equivalents 196,983 161,652

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 2023

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 2023

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 £14,712, is being depreciated on a straight line basis, at an annual rate to be 2%.

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 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 12

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

2. DONATIONS AND LEGACIES

Donations
Legacies
Membership subscriptions
 2023
£
10.905
10,160
27,236
48,301		 2022
£
9,311
161,878
30,182
201,371

In 2023, None of the donations were restricted (2022: None) and None was endowment income (2022: None).

All of the legacies relate to Unrestricted Funds, except for £500 for the Music Fund in 2022.

3. OTHER TRADING ACTIVITIES

Charitable trading income
Friends Gatherings income
n 2023 and 2022 all other trading activities were unrestricted income.
INVESTMENT INCOME
Investment income from quoted investments
Deposit account interest		 2023

£
2,016
1,294
3,310
2023
£
257,680
477

258,157		 2022
£
1,142
1,530
2,672
2022
£
264,297
563		 2022
£
1,142
1,530
2,672
264,860

In 2023 and 2022 all other trading activities were unrestricted income.

4. INVESTMENT INCOME

In 2023 of the investment income £14,378 was restricted (2022: £14,282) and £56,588 was endowment income (2022: £55,793).

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 2023

5. TOTAL RESOURCES EXPENDED

Charitable
Activities
Basis of
Grants &
Allocation Donations
£
Grants (Note 7)
Direct
325,000
Cost of sales (Note 6)
Direct
-
Friends gatherings
costs
Direct
-
Postage, stationery and
telephone
Usage
-
Salary
Staff time
1,808
Investments
management
charge
Direct
-
Depreciation
Usage
-
Friends Conference
Usage
-
Annual report
Usage
-
Newsletter
Usage
-
Audit fees
Direct
390
Bank Charges
Direct
-
Legal fees
Direct
-
Trustee Insurance
Direct
-
Sundry expenses
Direct
-
__
327,198
 Raising
Funds
£
-
1,871
-
917
16,272
11,387
490
418
3,766
3,427
3,510
524
2,550
678
5
_
45,815

 2023
Total
£
325,000
1,871
-
917
18,080
11,387
490
418
3,766
3,427

3,900
524
2,550
678
5
_

373,013

 2022
Total
£
300,000
560
37
361
17,450
12,064
471
-
3,902
3,314
3,600
440
1,650
678
228
__
344,755

In 2023 of the total expenditure, £15,000 was expenditure from restricted funds (2022: £15,000) and £41,387 was expenditure from endowment funds (2022: £42,064) .

6.

CHARITABLE TRADING
Sales
Christmas cards
Ties
Cost of Sales
Christmas cards
Ties
Gross profit on trading activities		 2023
£
1,033
983
__
2,016
_
(908)
(963)

(1,871)
___
145
 2022
£
985
157
__
1,142
_
(425)
(135)

(560)
___
582

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 2023

7. ANNUAL CHARITABLE GRANTS

2023
£
Grants to the Dean and Chapter for the benefit of the Cathedral
325,000
__
The grants to Dean and Chapter for the benefit of the Cathedral are analysed as follows:
2023
£
Library & archive
5,000
Choral scholarships
15,000
South quire scaffold
-
Stonemasons In House Projects
30,000
Education of stonemasons
4,500
Monument repairs
3,000
Brewer Door Lobby
-
Stonemasons - Labour
120,000
Extraction of Salcombe Stone
14,000
Preliminary Work to Vestries WC
-
Quire Floor
133,500
Chapter House lighting
-
Other
-
325,000
_____		 _ 2022
£
300,000
___
2022
£
5000
15,000
50,000
26,722
3,500
-
60,000
110,000
13,000
13,000
-
3,278
500
300,000
__

8. COUNCIL OF MEMBERS REMUNERATION AND BENEFITS

There were no remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022 for Council Members.

Council members’ expenses

There were no Council members' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

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 2023

9. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Administration
No employees received emoluments in excess of £60,000.
TANGIBLE ASSETS
New Desk
Office
Equipment
£
£
COST
At 1 January 2023
14,712
2,926
Additions
588
Disposals
-
-
_
_
At 31 December 2023
14,712
3,514
_
_
DEPRECIATION
At 1 January 2023
294
2,926
Charge for year
294
196
Elimination on disposal
-
-
_
_
At 31 December 2023
588
3,122
_
_
NET BOOK VALUE
At 31 December 2023
14,124
392
_
_
At 31 December 2022
14,418
-

 2023
£
18,080
2023
1
-



2022
£
17,450
2022
1
Total
£
17,638
588
-
__
18,226
_
3,220
490
-

3,710

14,516
___
14,418




___
 _

10. TANGIBLE ASSETS

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 2023

11.
FIXED ASSET INVESTMENTS
Analysis of change in investments during the year:
Market value at 1 January 2023
Additions at cost
Disposals
Net (Loss)/Gain on revaluation
Market value at 31 December 2023
Cost at 31 December 2023
CBF Investment 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		 2023
£
8,659,580
-
(244,321)
759,243
9,174,502
6,206,660
8,353,904
806,560
14,038
-
9,174,502
2023
£
775
2023
£
5,097
-
-
5,097
2023
£
-		 2022
£
9,842,449
-
-
(1,182,869)
8,659,580
6,326,262
7,635,526
919,462
21,658
82,934
8,659,580
2022
£
1,145
2022
£
4,951
12,700
29,955
47,606
2022
£
35,088

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 2023

15(a) CREDITORS: (Amounts Falling Due Within One Year)

Current grants outstanding to Dean and Chapter
Accrued expenses
Includes Cloister Grant for 2024 - £250,000
15(b) CREDITORS (Amounts Falling Due After More Than 1 Year)
Cloister Grant for 2025 & 2026
16.
MOVEMENT IN FUNDS
Endowment Fabric Fund
At 1 Jan.
2023
Incoming
Resources
Resources
Expended
£
£
£*
Endowment Fund
2,079,710
56,588
(41,387)
The fund is represented by:
NatWest Bank
Charles Stanley Portfolio
CBF Church of England Investment Fund		 2023
£
353,225
7,836
361,061
500,000
Gains
and
Losses
£
138,805
2023
£*
274,192
820,598
1,138,926
2,233,716

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.

During 2020 and 2021 the Trustees of the Exeter Cathedral Preservation Trust used their Power of Advancement to transfer investments and funds to the value of £837,740 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 18

THE FRIENDS OF EXETER CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023

16. MOVEMENT IN FUNDS - continued

Restricted Fund - Music

Music Fund
Choral Music Fund		 At 1 Jan.
2023
£
261,259
177,537
438,796		 Incoming
Resources
£
8,555
5,823
14,378		 Resources
Expended
£
(8,925)
(6,075)
(15,000)		 Gains and
Losses
£
26,868
18,289
45,157		 At 31 Dec.
2023
£
287,757
195,574
483,331

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		 2023
£
568
(42,358)
525,121
483,331		 2022
£
543
(41,711)
479,964
438,796

17. LEGACIES RECEIVABLE

The Charity has not been notified of any legacies not received by 31 December 2023 (2022: £12,700).

18. 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 £325,000 (2022: £300,000) as detailed in Note 7. In addition, in June 2023 The Friends of Exeter Cathedral made a commitment to The Dean and Chapter of Exeter Cathedral to grant £1M towards the cost of the Cloister Development Project, payable in equal instalments of £250,000 in each of the years 2023 to 2026 inclusive. There were no other related party transactions for the year ended 31 December 2023 (2022: Nil).

The notes form part of these financial statements

Page 19