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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 207096

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE FRIENDS OF EXETER CATHEDRAL

Streets Audit LLP 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 2024

Page
Reference and Administrative Information 1
Report of the Trustees 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 2024

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 Lord Mayor of Exeter The Right Worshipful the Lord 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 Streets Audit LLP, 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 One Angel Lane, London, EC4R 3AB Charles Stanley & Co Ltd Broadwalk House, Southernhay West, Exeter, EX1 1TS Trustees Dr Rosemary Yallop Chairman The Rev Canon Ian Morter Deputy Chairman Mr Joe Roderick Treasurer Dr Reuben Ayres Mr Robin Barlow (from 28 June to 21 Aug 2024) Mr James Frampton Prof Nicholas Gutowski (from 28 June 2024) Mr Peter Owen-Pawson (to 28 June 2024) Mrs Fiona Thompson Mrs Diane Walker (to 28 June 2024) Mr Jonathan Walker

Page 1

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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. 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 Trustees 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 Trustees look to be able to continue the support as in the past.

FINANCIAL REVIEW

Financial position

Total incoming resources increased by £22,545 to £332,313, including sums received for the Endowment Fabric Fund [see note 16], on account of a higher level of both legacies receivable and donations. 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 decreased by £1,001,445 to £371,568, on account of the £1m grant to the Cathedral for the Cloister Project reserved in the 2023 financial statements.

The net effect being that net incoming resources before other recognised gains or losses decreased by £1,023,990 to a deficit of £39,255. There was an increase in the valuation of investments of £224,410. Accordingly, the increase in funds held was £185,155.

Page 2

THE FRIENDS OF EXETER CATHEDRAL

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 Trustees, 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 latter having been liquidated by 31 December 2024 in order to fund the £1M grant to the Cathedral for the Cloister Development Project. The charity’s unrestricted free reserves at the year-end were £5,916,650 (2023:£ 5,813,765).

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 Meetings on 28 June 2013 and 28 June 2024 did not require Charity Commission approval.

Organisational structure

The affairs of The Friends are managed by a Board of Trustees consisting of no fewer than five and not more than twelve members elected at Annual General Meetings in accordance with the Constitution. The Board of Trustees has power to appoint sub-committees. No remuneration is paid to any Trustee.

The following documents are provided to assist new members in their new role:

Risk management

The Trustees consider 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 Trustees employ professional fund managers to help mitigate the consequences of market fluctuations.

Page 3

THE FRIENDS OF EXETER CATHEDRAL ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEE RESPONSIBILTIES

The Trustees 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 Trustees 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 Board of Trustees is required to:

The members of the Board of Trustees 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 Board of Trustees 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 2024 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 (continued)

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.

Streets Audit LLP 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 2024

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
74,120
Other trading activities
3
3,110
Investment income
4
187,297
Total
264,527
EXPENDITURE ON
Raising funds
33,761
Charitable activities
Annual Grants
281,256
Cloister Grant 2023
-
Cloister Grant 2024-26 inc15
-
Total
5
315,017
Net gains on investments
153,375
NET INCOME/
(EXPENDITURE)
102,885
RECONCILIATION OF
FUNDS
Total funds brought
forward
5,813,765
TOTAL FUNDS CARRIED
FORWARD
5,916,650		 Restricted
funds
£
-
-
13,899
13,899
-
16,000
-
-
16,000
12,273
10,172
483,331
493,503		 Endowment
fund
£
-
-
53,887
53,887
10,551
30,000
-
-
40,551
58,762
72,098
2,233,716
2,305,814		 2024
Total
funds
£
74,120
3,110
255,083
332,313
44,312
327,256
-
-
371,568
224,410
185,155
8,530,812
8,715,967		 2023
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

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 2024

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
14,026
Investments
11
6,793,232
6,807,258
CURRENT ASSETS
Stocks
12
150
Debtors
13
20,695
Cash on deposit
14
699,517
Cash at bank and in hand
(1,012,300)
(291,938)
CREDITORS
Amounts falling due within
one year 15(a)
(598,670)
NET CURRENT ASSETS /
(LIABILITIES)
(890,608)
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS: Amounts
falling due after more than
one year 15(b)
5,916,650
-
NET ASSETS
5,916,650
FUNDS
Unrestricted funds:
General fund
Restricted funds:
16
Music Fund
Choral Music Fund
Endowment funds:
16
Endowment fabric fund
TOTAL FUNDS		 Restricted
funds
£
-
487,394
487,394
-
-
-
6,109
6,109
-
6,109
493,503
-
493,503		 Endowment
fund
£
-
1,270,346
1,270,346
-
-
-
1,035,468
1,035,468
-
1,035,468
2,305,814
-
2,305,814		 2024
Total
funds
£
14,026
8,550,972
8,564,998
150
20,695
699,517
29,277
749,639
(598,670)
150,969
8,715,967
-
8,715,967
5,916,650
____
293,809
199,694
493,503
2,305,814
8,715,967		 2023
Total
funds
£
14,516
9,174,502
9,189,018
775
5,097
-
196,983
202,855
(361,061)
(158,206)
9,030,812
(500,000)
8,530,812
5,813,765
___
287,757
195,574
483,331
2,233,716
8,530,812


The financial statements were approved by the Board of Trustees 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 2024

Notes
Cash flows from operating activities:
Net cash provided by operating activities
1
Cash flows from investing activities:
Dividends, interest and rents from investment
Purchase of equipment
Proceeds from sale of investments
Net cash provided/(used in) by investing activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
2		 2024
2023
£
£
(571,212)
(466,559)
--------------
--------------
255,083
258,157
-
(588)
847,940
244,321

1,103,023
501,890
531,811
35,331
196,983
161,652
728,794
196,983

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 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£ £
Net income for the reporting period (as per the
statement of financial activities) 185,155 (304,002)
Adjustments for:
Depreciation charges 490 490
Gains on investments (224,410) (759,243)
Dividends, interest and rents from investment (255,083) (258,157)
(Increase)/decrease in stocks 625 370
(Increase)/decrease in debtors (15,598) 42,509
(Increase)/decrease in investments - 35,088
Increase/(decrease) in creditors (262,391) 776,386
Net cash provided by operating activities (571,212) (466,559)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2024 2023
£ £
Cash at bank and in hand 29,277 196,415
Notice deposits (less than 3 months) 699,517 568
Total cash and cash equivalents 728,794 196,983

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 2024

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 (SOFA) 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 2024

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 2024

2. DONATIONS AND LEGACIES

Donations
Legacies
Membership subscriptions
 2024
£
16,106
30,980
27,034
74,120		 2023
£
10.905
10,160
27,236
48,301

All of the income from donations, legacies and member subscriptions in both 2024 and 2023 relate to Unrestricted Funds.

3. OTHER TRADING ACTIVITIES

4.

Charitable trading income
Friends Gatherings income
n 2024 and 2023 all other trading activities were Unrestricted Income.
INVESTMENT INCOME
Investment income from quoted investments
Deposit account interest		 2024

£
806
2,304
3,110
2024
£
252,811
2,272

255,083		 2023
£
2,016
1,294
3,310
2023
£
257,680
477		 2023
£
2,016
1,294
3,310
258,157

In 2024 of the investment income £13,899 was Restricted (2023: £14,378) and £53,887 was Endowment Income (2023: £56,588).

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 2024

5. TOTAL RESOURCES EXPENDED

Charitable
Activities
Basis of
Grants &
Allocation Donations
£
Grants (Note 7)
Direct
325,000
Cost of sales (Note 6)
Direct
-
Postage and stationery
Usage
-
Salary
Staff time
1,866
Investment management
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
-
Repairs and renewals
Direct
-
_
327,256
_		 Raising
Funds
£
-
1,020
1,682
16,798
10,551
490
-
5,416
3,513
3,510
575
-
678
14
65
_
44,312
_
 2024
Total
£
325,000
1,020
1,682
18,664
10,551
490
-
5,416
3,513

3,900
575
-
678
14
65
_

371,568
__
 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
_

In 2024 of the total expenditure, £16,000 was expenditure from Restricted funds (2023: £15,000) and £40,551 was expenditure from Endowment Funds (2023: £41,387) .

6. CHARITABLE TRADING

Sales
Christmas cards
Ties
Cost of Sales
Christmas cards
Ties
Gross (loss)/profit on trading activities		 2024
£
701
105
__
806
_
(675)
(345)

(1,020)
___
(214)
 2023
£
1,033
983
__
2,016
_
(908)
(963)

(1,871)
___
145

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 2024

7. ANNUAL CHARITABLE GRANTS

2024
£
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:
2024
£
Library & archive
5,000
Choral scholarships
16,000
Stonemasons In House Projects
40,000
Education of stonemasons
4,000
Monument repairs
-
Stonemasons - Labour
120,000
Extraction of Salcombe Stone
14,000
Work to Vestries WC Roof
116,000
Quire Floor
-
CAD Software Package
4,000
Publications – Cathedral Archaeologist
6,000
325,000
 2023
£
325,000
___
2023
£
5,000
15,000
30,000
4,500
3,000
120,000
14,000
-
133,500
-
-
325,000

8. TRUSTEE REMUNERATION AND BENEFITS

There was no remuneration or other benefits paid for the year ended 31 December 2024 nor for the year ended 31 December 2023 for Trustees.

Trustee expenses

There were no Trustee expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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 2024

9. STAFF COSTS

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 2024
14,712
3,514
Additions
-
-
Disposals
-
-
_
_
At 31 December 2024
14,712
3,514
_
_
DEPRECIATION
At 1 January 2024
588
3,122
Charge for year
294
196
Elimination on disposal
-
-
_
_
At 31 December 2024
882
3,318
_
_
NET BOOK VALUE
At 31 December 2024
13,830
196
_
_
At 31 December 2023
14,124
392

 2024
£
18,664
2024
1



2023
£
18,080
2023
1
Total
£
18,226
-
-
__
18,226
_
3,710
490
-

4,200

14,026
___
14,516




___
 _

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 2024

11.
FIXED ASSET INVESTMENTS
Analysis of change in investments during the year:
Market value at 1 January 2024
Disposals
Net Gain on revaluation
Market value at 31 December 2024
CBF Investment Fund
Charles Stanley Portfolio - listed
Charles Stanley Portfolio - cash
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		 2024
£
9,174,502
(847,940)
224,410
8,550,972
8,545,112
5,162
698
8,550,972
2024
£
150
2024
£
5,444
15,200
51
20,695
2024
£
699,517		 2023
£
8,659,580
(244,321)
759,243
9,174,502
8,353,904
806,560
14,038
9,174,502
2023
£
775
2023
£
5,097
-
-
5,097
2023
£
-

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 2024

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

Current grants outstanding to Dean and Chapter
Accrued expenses
Cloister Grant
15(b) CREDITORS (Amounts Falling Due After More Than 1 Year)
Cloister Grant		 2024
£
91,944
6,726
500,000
598,670
-
__		 2023
£
103,225
7,836
250,000
361,061
500,000
_

16. MOVEMENT IN FUNDS

Endowment Fabric Fund

At 1 Jan.
2024
Incoming
Resources
£
£
Endowment Fund
2,233,716
53,887
The fund is represented by:
NatWest Bank
Charles Stanley Portfolio
CBF Church of England Investment Fund		 Resources
Expended
£
(40,551)		 Gains
and
Losses
£
58,762
2024
£
1,035,468
5,860
1,264,486
2,305,814		 At 31 Dec.
2024
£
2,305,814
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 2024

16. MOVEMENT IN FUNDS - continued

Restricted Fund - Music

Music Fund
Choral Music Fund		 At 1 Jan.
2024
£
287,757
195,574
483,331		 Incoming
Resources
£
8,270
5,629

13,899		 Resources
Expended
£
(9,520)
(6,480)
(16,000)		 Gains and
Losses
£
7,302
4,971
12,273		 At 31 Dec.
2024
£
293,809
199,694
493,503

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		 2024
£
-
6,109
487,394
493,503		 2023
£
568
(42,358)
525,121
483,331

17. LEGACIES RECEIVABLE

The Charity has been notified of legacies not received by 31 December 2024 amounting to £15,200 (2023: Nil).

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 non-voting attendee at the Trustee meetings of The Friends of Exeter Cathedral.

Grants made to the Chapter totalled £325,000 (2023: £325,000) 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 2024 (2023: Nil).In November 2024, at the request of The Dean and Chapter of the Cathedral, it was agreed to bring forward the payment of the instalment for 2026 to 30 June 2025.

The notes form part of these financial statements

Page 19