Charfty rnglstratlon rkumber 215663 THE FRIENDS OF HEREFORD CATHEDRAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE FRIENDS OF HEREFORD CATHEDRAL LEGAL AND ADMINISTRATIVE INFORMATION Tru8tees Mr DA Baat DrT D RoderiL* Wg Cmdr P J Hereford OBE Dr B J Roderick Mrs E Hlllman MrD(knn Mrs l HovAett Mrs N O'Byme Mrs G Semple I Wllmott Very Re¢d S Brown Mr P Grifffths (Appo(nted 11 June 2022) Charlty number 215663 Prlnclpal addreBs 5 College Cl¢isters Hereford Herefordshire HR1 2NG Independent examlner Hawknns Prfday Ltd 5 Bridge Street Hereford HR4 9DF Bankers Central Board of Finance of th8 Church of England Onekngel Lane London EC4R 3AB Bardays Bank Ple 113 Broad Street Hereford HR4 9BH
THE FRIENDS OF HEREFORD CATHEDRAL CONTENTS Page Truste88' report Independent examinerfs reF Statement of tlnandal adivibes st8lemenl of finanual p0son Notss lo th8 ffinan0 statements 10-18 Detai19d statement of finanoal al*¥"e5 19
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustee8 wasenl their annual report arKI financial statements for the year ended 31 December 2022. The financial statements have bn prepared in accordance Trmth the accwnling policies set out in note 1 to the finanoal slalemenls and comply with the ¢hariVs goveming documenL th8 Charilias Act 2011 and 'Accounling and Reporting by Charities.. Statèmanl of Recommended Practice applicable to charities preparing their accounts in accor(Sance th the Finanaal Reporting Standard applicabla in tho UK and RepubliG of Irdand {FRS 1021. las amended for accounttng periods MmenC1rj from 1 January 2016)- Objectlveg and actIvF98 The Objgcts ofthe Charlty 11 To encourage the sxjmmunity in gener8J, and persons of the Diocese In parlicular. to intere8t themselves in Hereford Cathedral, ils preuncts. worship, music, hislwy and education. 21 To maintain or assist in maintaining the fabric and fvmishings of the Cathedral. and to supplement the resour¢8& of the Dean and Chapter available for sud) maintsnanc8. 31 To undertake any such work as shall, in the oynion of the Board of Trustees, improve and beautify th& Cathèdral, ils precincts, worship, music and education. subjectto the consent of the Dean and Chapter. 4> To receive subscriptions and donations arNJ to raise fvnils for all or arry of the oblècts of the Society and to eyFend them in such manner as the Souety shall think fft. S} To do all such Ihlngs as are conclusNe or anallary to the carying out of 8ny of the SociW8 objects. Alm8 of the Charity To foster interest in the care and preservation of Ihe Cathedral through the financing of particular projects and by involving m8mbers and others in acbwbes airaryed by Ihe Friends in Ihe dirxese. l our charitable activlti8s are undertaken lo fvrther our charitable purposes for th8 public b8nefil. Maln objectlve for the year Routine support, such as the Choral Grant, continued during the year but addilionally a pledge was given to mark the 90th Anniversary of the formation of the Friends to make £90,000 available for a major project to be agreed with the Dean and Chapter and in accordance wth the Friends, objecs. That apart, the Friends 8re commilled to support various current and futsjre projects of the Dean and Chapter. Charlty's 5trategles To maintain the investm•its of the Charrty to promde adequate income to rrent and futurè profvcts. Slgnlflcant Actlvltles These are detailed in th8 89th annual report to the members for 2022-23. Publ1¢ bènoflt In drafting this report, the Trustee5 have complied ¥th the dlty in Section 4 of the Charithes Aet 2011, to have due regard to publlc benefft guidance pubEished by the Chartty Commission_ 11 does this by assisting in the work of the Cathedral linduding worship, fabric, 8ducation). Volunteers All adivities rely on the contn'bution of v(Aunteers to take pl. The volunteers are mainly the trustees but may also indude Other mernbers of the charity.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Achlevements and perfomiance 11 was wth CDnsid&rable relief that th8 Cathedral and th8 Friends. Sooety were able. along with the rest of th& world, to return lo some form of normality after the 'Cowd Years.. By the nature of the Cathedral's actNilios and the unpredictability of donations and legacies there is inevitably a variation in our financial and related achievements and perfomiance year on year and 2022 followed that pattem. The Events Team were delighted to be able to clear the backlog of postponed events and actlvities. not lea$t thè thrtce postponed major residents'al pibrimage lo Canlerbury. The appeb'te of the Friends for opening up was ewdenl in the popularty of th8 8V8nls. Our belief, that the careful husbandry of ff nances built up over the years shoukl C£ntinue, certainly paid ofl, It is a distinctive feature of our work and has proved its Worth as we hope lo asslst In ensuring the long-term future of gur Cathedral. To this ond the value of our investments has now broken half a million pound5 albeit giving the Treasurer some pause lor thcwght as the market value of the investments slumped as a result of the various world cnses. Nevertheless, the investments conkn'nue lo generate a comfortablo additi¢Thl inc(rfne. Although at a reduced lev81 th8 Fri8nds were able to aswst th8 Dean and Chapter with grants of nearty £18,ODO during the year. This was prinrypally throlh the annual Choral Grant of £15,000. Of course. thore was 8150 the pledge of £9CI,000 lo Dean and Chapter at the Annual Genera Meeting of The Fri8nds in June 2022 to rrork the 90th Anniv8rsary of the Friènds. Soaety- As w811 as providing financial gJJpport lo the cattra1. the Trustees arranged a seS of events for members with a social and educational wrpose. A8 MentiCed above the residential pilgrimage to Cantsrbwy in cbration of the Two Thomases, whlch was originally planned for 2020. at last took and proved ID be a memorable occasion. Similarfy, the eagerfy ant¢upale(I vIt to Churches in Monmolthhire with Tim Bridges eventually took place y8ars late. Along wth the usual excellent series of lecaures laid on by the Events Team during the year, the Friends, Weekend Festival IncorpatIng the Annual Gen&rd Meeling resume(l its customary formal with members returniThJ from far and near to cdebrate Ihe 91)th Anniversary and TerW old acquaintsnces. Control factors By regular reporting lo the Trustees the current finarmxal posrbon is adequatety monitored. Flnanclol revlew Results for the year For the year ended 31 Decemtser 2022 net movement in funds amounted lo £54,028 (2021: £85,084). Net asgels amounted to £e60,46212021.' £606.4341. Details of the financial posibon of the Charity are sel tyjl in the follLwng 8cwJnts. It Is the policy of the {*rity that unrestricted furKls whith hav8 not been designated for a SpefiC use Sul ba maintaine¢J at a level equivalent to between three and six mLth's expenditure. The trustees consider that reserves al this level wll ensure that, in the event of a significarrt drop in funding, they will b8 ab18 to conb'nue th8 charity's cutrenl activities while consideration is given lo ways in Ithich additional funds may be raised. This level of resetves has been mairttsined throughout the year. Reserves Pollcy Al the balance sheet date thg Charity held £660.462 (2021.. £.434) of unrestricted reserves. The Charity raains the level of resources lo SUre that capital is adequate to FKovKle income lo meet its regular donations. Of this figure, £529.118 12021.. £506,543} is held in fixed asset investmonts. These investments generate income lo be Used in support of the Dean and Chapter. Free reserves amounting to £131,34412021.' £99.891} enatrAe Ihe Charity to (£rry oul its day to day actlvtlles. These were excessive al year end due lo our recent receipt of a substantial legacy and the Treasurer and Flnance Committee are xtively pursuing a suitable fomi of short temi investsn6nt fur thes2 fund5.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Prlnelpal Fundlng Sources and Investment Pollcy The long-lemi aim is lo follow a knw-risk strategy conststent with protecting and enhanThng the Charlty's financial re80urces. Our invesbnenls are therefore diversffied as far as possible. About on8 fifth of the finances arè customarily held in cash deposits, of which around a quarter is with the Central Board of Finance ICBFI. Al the start of 2022 and In anticApalion of the settir#J aside of £90,000 as a 90th Anniversary ¥edge to support a major project of th8 Dean and Chapter, we invested a I[her £100,000 in CBF Investment Fund AccumulatiDn Units to be drawn upon whèn the proieet is realised wthout havtng to touch our main core investments. These investments are in a range of stocks 8ncl share5 funds held wth the C8F and administered by the Investment managers CCLA IChurch8s, Charities and Local ALthoritiesl. Thè advantage of this form of investment is a higher rdle of return, bul it Is important to remember that these Islock Exchangel investments ar& d@sign lo last for al least 1 (k15 years, thereby giving the polontial long temi caFxtal gro1 as well as higher annud rates of retum compared with cash deposits. The Irusl8es have assessed the m8lor risks to which the chanty is exposed. and are satisfied that systems are in place to mitigate exposure to the major risk8. Plans for future perk)ds Future plans 11 remalns the poliw of the Friends to continue its prjramMe of carefijl firtaal husbandry in der lo contribute to the work of the Cathedral, its precincts, fabric. worship. music, history and education. Tho Friends will conb.nue lo encourage wida parbcipation in and supwt of the ofthe Dean & Chapter. Structur8p governance and management Th8 charity 18 conlrdled by its governing document is regIsted the Charity Commi%son and constituteg an unincorporated chartty. The sety was formed 90 year8 2go, in the autumn tsf 1932, for the purpose of g8thering round the Cathedr31, in ssocialion with the Dean and Chapter, a body of sJJpporter5 who were anxious to tske Some share in caring for il and preserving il for poslerily. Regulations were revised in April 194S, amended January 1979 and June 2006 and revised further June 2013. In 2Ct18 the Counol and thè Executive Committee reviewed the constitution and govemance and agreed on a rationalisation of the comm¢it* structure vthich will now have one committee lo be known as the Board ofTruste8s. The consb"tutional amendmenlg wère caffied nem. con. at a Special Meeting of the Friends, on 20 October 2018. The new Congtituhon came into effect immediately and thg Chgrity Commission wa5 infom)ed of the changes. Finally, there were minor administrative amendmerrts to the Constilulicn implèmenle nem. con. at the Annual General Meeting on 11 September 2021. The Iruslees who sorved during the year and up to the date of signature of the finanaal 81atements were: Mr DA Baat OrT D Roderick Wg Cmdr P J Herefud OBE Dr B J Roderick Mrs E Hillman Mr P R Harris Mr D Owen Mrs l ett Mrs N O'Byrne Mrs G Semple Mrs I lIMOtt Very Retrd S Brown Mr P Griffiths IResign8d 11 June 2022) (Apwinted 11 June 22)
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 R8cruitmgnt and appolntment of new Trugtee9 Trustees are selected from those members of the Friends who 8re already dosely involved in the work of the Frfends and who partiapale in Calh8dral and Diocesan 1vIlle$. Nominations fc)r all the 0erS and Iruslee vacancies are r8ceived prior to theAGM and are then dected by majority during the AGM. The Dean of Hereford. as appoinlgj by Hereford catt1r, is an ex-offiiio trusle8.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Organl8atlonal structure The decision-making body of the Friends were until 20 Odober 2018 the Executtve Commrtt88 and Counal, but after that dale, as slated above, there is a &nyle b*. the Board of Twstees. wP#) havé sole re5ponsibillty for th work and funds of tre Friends. Thè admlnislralion of the Frid$ is ccwrdinatwl by the Secretary, with the Treasurer responsible for finances and accounts, the Events, Secretary responsible for planning and arranging social events throughout the year, and the Membership Secretary for maintaining the membership records. Charlty Organlsatlonal Structure Presldonts Th8 Rl Rev'd The Lord Bishop of Hereford The Lord Lieutenant of Herefordshire The Lord Lieutenant of Shropshire Vlce-Presldents The Very Rev'd S Brown D8an of Hereford Honorary Vlce-Presldents Mrs J Chase M8E The Very Rev'd M Tawnor Dean Emeritus of Hweford Board of Trustees Offlcers Chalrman Mr D A Barrat Vlce¢hairTnan Dr B J Rodertck Hon. Treasurer Wg Cdr P J Hereford OBE Hon. Secretary DrT D Rodarick Hon. Membershlp Secretary Mrs E Hillman Hon. Events. Secretsry Mrs l How]ett Caterlng Secr8tary Mr D Owen Elocted Members Mr P R Harris lunlil June 2022) Mrs N O'Byrne Mrs G Semple Mrs I Willmott Mr P Griffiths (from June 2022) Ex-offlclo Trustee The Very Rev'd S Brovm Dean of Hereford Inductlon and tralnlng of new tru$tegS The Trustees attend regular mtttee meetings and share in dis(yJssron and deasion making at these meetings.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, port was approved by the Board ofTrustees. Mr D A Barrat Trustee Date..
THE FRIENDS OF HEREFORD CATHEDRAL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF HEREFORD CATHEDRAL I report to the trustees on my examination of the finanaal statements ofThe Friends of Hereford Calhodral Ith charity) for the year ended 31 De¢ember 2022. Rosponslbllltles and basls of report As the trus18es of th& tharity you are responsille for the preparab.on of the financial stsiernents in ordanCe th th¢ qUIrementS of tha Gharities Act 2011 Ilhe 2011 Ac*). I report in respect of my exam1rtIOn of the tharity's finarriat ststements carried out under section 145 of the 2011 Ad, In carrying out my examination I have folk)wefl all the appJi¢able Drli0n$ giv by tho Charity Commission under section 145151(bl of the 2011 Act. Indgpgndgnt examlnèfs statsment Your attenb'on is drawn to the fact that tharrty has prepared finanual statements In accordarce wlh Accounting and Reporting by Chariknes preparing their acccxjnls in accordanc£ with tho Financial Reporting Standard apICable in the UK and Republic ol Ireland (FRS 102} in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Pra1 issued on 1 April 2005 which is referred to in the extanl regulations bul has now been wfÉhdrawn. l understand that this has been done in order for financ?a 5tat8mwts lo prowde a true and fair vlew in acLordanc8 With Generally Accepted AuntIng Practlce effective for reporting periods beginning on or after 1 January 2015. I have completed my examinab'on. I c(Mffimi that no matters have (xjme lo my attention in conn8Ction with the examination giving me cause lo b81KgVe that in any malerfal respect.. actounting records not kept in rèspect of the tharity as requi by section 130 of the 2011 Act,. or the finanaal statements do not accord th those reeords., or the financial ststemenls do not comply the applicable requ1mentS ncemIng thè lomi and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the a¢counls give a true and fair view which is not a matter considered as part of an independent examinalion. I have no concems arKI have come across no other mattets in rnnngction with the examination lo vA)ich attention should be drawn in thi$ report in order to erle a p¥oper understsnding of thè firffjncial stalemgnls to be reached. Mr Kelvin Paul Alexander FCCA Hawkins Priday Ltd Chartered CertifiedAccounlants S Bridge Street Hereford HR4 gDF Dated.. 2010312023
THE FRIENDS OF HEREFORD CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrlcted Unrestrfcted fund8 funds 2022 2021 Notes Donations and legacies Subscriptions Investments Publleity and events 117,462 6,782 14,243 43,601 4,129 7,141 14,577 12.243 Totsl Incomo 182,088 38,090 Publicity and events 25.748 1.075 Charitable advttigs 24,011 20,184 Olh8r expenditure 10 876 265 Total oxpendtture 50,635 21,524 Ngt gainsl{lossesl on Investments 11 IT7,4251 68,518 Ngt movomgnl in funds 54,028 85,084 Fund balance5 at 1 January 2022 6C6,434 521,350 Fund balances at 31 December 2022 e60,462 606,434 The statement of finanoal acti¥Akn'es indudes 811 gains and losses recognised In the year. l income and expendrture derive from continuing 8c*viknes.
THE FRIENDS OF HEREFORD CATHEDRAL STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 2022 2021 Notes Flxed assgts Inv8stments 12 529.118 506,543 Current assets Trade and other teceivables Cash at b8nk and in hand 13 5.OiKJ 136.734 5,245 121.616 141,734 (10.39)) 126.861 126,9701 Currgnt Ilabllltles 14 Ngt current assets 131.344 99,891 Total assets less current llablllfjS 660.462 606,434 Income fund8 Unrestricted funds 660,462 606,434 660.462 606,434 The financial statements were approved by the Trustees on......................... Mr DA Barra Trustee
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlno pollclos Charlty Information The Friends of Hereford Cathedral is 8n unlpated charlty and its nPaI address is stated on the legal and admini8trative infomiati'on page. 1.1 Accountlng conventlon The financial statements have been prepared in acurd8nce y¢h the tharity's governing document, the Charities Act 2011 and 'Accounling arKI Reng by Charities.. Statement DI R8comm8nded Practice applicable to charib'es preparing their accounts in acoydan(* wth the Financial Reporting Standard applicab[& in th8 UK and ReputAic of Ireland {FRS 1021" las ametvjed for auntIng pgriods commencing from l January 2016). The charbty is a Public Berfft Entity as defined by FRS 102. Thè charity has taken advantage of proviwons in the SORP for charlties ap ng FRS 102 Updats Bull&dn 1 not to prepare a Stslement of Cash Flow$. The financial slalements have departed frn Ihe Charities IAcccMJnls and Reports) Regulations 2008 only lo the extent required lo provide a true and fair wew. This d8partufft has involved followng the Slalemert of Recommended Practice for charities apptying FRS 102 rather than the version of the Statement of R0MMended Practice which Is referred to in the Regulations bul which has since b&en w[thd[vn. The finanoal statements are prepared in sterfing, which is the futIOnal cutyenw of the charity. Monetary amounts in these fIrtanal statement5 are rounded to the nearest £. The financial slalemenls have been prepared under the historical cost convention, with th8 eXC8Ptn ol certain financial instruments whith are induded at thr fair value. The principal accounting polioes adopted are set out below. 1.2 Golng concern At the time of apprDying Ihe finanual slalements. the trustees have a reasonaLle èxpectation that the charity has adeqle resou¥ to conb'nue in Operati¢al existen¢e for the foreseeable fLrture. Thu8 the trle&S continue to adopt the going concem basis of accourTbng in preparing the financial stslements. 1.3 Charltsble funds Unrestrict&l funds are available for use al the discretion of thè trustees in fvtherance of their charilable objèctives. Reslrided fvnds are subje(X lo specrfic CondOn$ by dorr5 as lo how they may bè used. The purposes and Uses of the restricted funds are set (Art in the notes lo the finanaal statements. Endowmènt funds arè subject to specrfi¢ ¢(l.0n$ by donors that Ihe capital must be maintained by the charity. 1A Income Incomè is recognised when the charity is legally enbued lo it after any perf0mn(£ condibons h8ve been met, the amounts car) be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt Other donabon5 are recognis8d once the charrty has baen nolifled of the donation, unless perfomiance conditions rè]uire dèfeffal of the amount. Income tax recoverable in relation lo donations received under GtftAid or deeds of coven8nt is recognised at the time of ils receipt. LegaThes are recognised on receipt or othemse rf the d)arity has been notifi of an impending distrtbulion, thè amount is known, and recelpt Is expected. IF the amunt is not known, the legacy is tiealed as ntingent asset. 10-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 DECEMBER 2022 Accountlng pollclès Icontlnugdl Deferred income Indudes amounts lel¥ed in respe(* of trips and 8venls lo be undertaken in the rExt flnancial year. Subscriptions are accounted for only when they a received. knfe members. subscriptions ar& taken into thè Incorne and expenditure account in ten equ inslalments o)mmencing in the year of receipt. Investment income has been indud8d on the dale payable and bank deposit Inte81 has been included on the awruals basis. 1.5 Expenditur• Liabilitigs are rKognised 88 expènditure as soon as thwe 15 a legal or constructive obligation committing the tharity to that expenditure, 11 is probable that a transfer of onomiC benefits will be required in setuemenl and the amount of the obligab.on can be measur8d rdiably. Expenditure is accounted for on an accruals basi8 and has been classrf18d under headings that aggregate all costs retated lo the category. Where costs cannot be directly attributed lo particular headin95. tsy have been allocated to acti¥e5 on a basss Consistent wlh the use ol resCus. Grants offered subject to corKlitions vthich have not been met at the yèarend dale are noted as a cemmitment bul not accrued as expènditure. 1.6 Non.¢urrent Investments Fixed asset Investments are inty measud at transaction price 8xduding transactlon Costs, and are subsequently meosured al fair value at eath reporbng dale. Changes in fair valu8 are recognised in net incomellexpendilurel for the ye¥. Transaclion costs are expensed as inrred. 1.7 Cash and cash equlvalents Cash and cash equivalents indude $h in hand, deposits held at call wth banks, other short-lemi liquid investments with original malurtties of three month5 or less, and bank overdrafts. Bank overdrafts are shown thin borrgwings in current liabile$. 1.8 Flnanclal Instruments The charity has elected lo apply the provisions of Section 11 '8asic Finanal Instruments. and Section 12 'Olher Financial Instruments Issues, of FRS 102 lo all gf its ffinancial inslwm&nts. Finanaal instruments are recognised in the Charitys balance Sheet when the charity becomes party lo the contractual provisions of the inslrument. Financial a&88ts and lialilthes are offset, ihe net amounts prnted in the ffnand81 gtalements, wh8n there is a legally enforTrable right to set off the recognised amounts and there is an intention Ic) setue on a net basis or to realise the ass81 and setue the liability StmulLe0us1y. Baslc flnanclal assets Basic financial assets, whlch include tradè and other receivable5 and cash and bank balances, are initially measured al transaction price induding transaction wsts. Finawal assets c18ssified as receivable within one year are not amortised. 11
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollci Icontlnued) Basic financial liabililigs Basic financial liabilities, induding trade and other payables and bank loans are initially racognised al Iran8aclion kyice unless the arrangement wnstitutes a fjnanung tran8actton. Finanal liabilities classified as payable withln one year a rK)t amorb"sed. Trade payables are obligations to pay for goods or serwces that hav8 been auld in the cdinary coursè of operalions from suppliers. Amounts payable are dassified as rJJrrent liabilil'es if payment Is due within one year or less. 1.9 Taxatlon The charity is exempl from c(V(lOn tax on ils tharrttite athities. Donatlons and legacle6 Unrestrlcted Unrestricted nds fund5 2022 2021 Donations and gifts Legacles receivable 3,030 114,432 2.157 1.972 117,462 4.12g Legacies recelvablg Rev W Massey Mr R Backhouse Ms J Slapl8lon Dr R Parish Mr L Chase Mr E Btjlman R Godsall Ms M ght 1,000 9.182 250 100,000 5,000 272 200 500 114,432 1,972 As at 31 December 2021, the charity had been notified of one residuary legacy the value of which is uncertaln as the executor is taking steps to liquidate the assets in the &state.' however it is expected to be approxlmalely £86,000. As al the y8ar 8nd of 31 December 2022. no lurther infOation has been received and so this legacy has not been provided for. 12-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Sub5crlptlons Unrestrfctsd Unr8slrict8d funds funds 2022 2Q21 Membership subseriptions 6,782 7,141 Investm•nt8 Unrèstrleled Unrestrirted funds funds 2022 2021 Incorno from Ilsted investments Interest re1Vable 14,143 13,849 728 14,243 14,577 Publlclty and events Unrestrlcted Unrestricted nds fund8 2022 2021 un Staging fundraising events 25,748 1.075 25.748 1,075 13-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charftsblo acuvltles 2022 2021 Annual TeFQrt 1,252 891 Grant fvnding of a'tieS (see note 7) 18,857 16,809 Share of support costs {8ee note 8) Share of govemance costs (see note 8) 1,102 2,800 432 2.052 24,011 20,184 Grants payable 2022 2021 Grants lo Dean and Chapter of HeIOn1 Cathedral: - Choral grant - Gardens . Refreshments - Toddlers group - Chapter Room kitchen tk)nations to chUhe$ 15,000 720 47 2,000 15,000 645 1,090 1,104 18,857 16,809 A pledge has been made of £90,CQO to Hereford Cathedral for a major project to be agreed wth tha Dean and Chapter. Currently the pro11 is awaiting agreement before thè grydnt is made. 14-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Supportcosts Support Governancg costs 2022 2021 Printing and stationery Postage 569 533 569 533 90 342 Accountsncy & Independent Examinerfs fees Printing and ststionery Postag8 1,698 569 533 1,698 569 533 1,e20 90 342 1,102 2,80D 3,902 2,484 Analysed between Charitable aLtivities 1,102 2,800 3,902 2,484 Prints'ng arKI statnery and postsge have been allocated SO%..50% (2021: 50%'.50%1 been support costs and governance costs, which i8 consldered an appropriale sk4it according lo usage. Governance costs includes payments to the actxuntsnts of £566 (2021.. £540} for independent examination f88S. Trustees None of the trustees lor any persons conneGted with them) received aw remuneratic during Ihe year, bul 6 of them were reimbursed a total of £2,999 exwses {2021'. 4 were reimbursed £1,078). Trustees. expenses During the year the following Trustees were reimbursed the followng expenses In rtlaliDn lo charitable axpens8s incurred on behalf of the Charity. Nature of expenses Mr D Barrat Mr D Owen Dr B J RDd8rick Mrs I Willmott Mrs l Howlett Mrs E M Hillman Refreshments Refreshments Refreshments & event expen8es Refreshmenls Event expenses Postsge, stakn'onery & event expenses 445 26 800 89 50 1s-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Other expendSture UnrgstrIGted fvnd$ Total 2022 2021 Financing costs Other eyoenditure 336 540 265 876 265 11 Net galnsl(108sesl on Investmants Unre5tr1cted Unrestrictsd funds funds 2022 2021 Revaluallon of investments 177,4251 e8,518 12 Flxed asset Investments Llsièd Inve8tm&nts C08t or valuatlon Al 1 January 2022 Additions Valuatiffi thanges 506,543 100.000 (77.4251 At 310ecembeT 2022 529.118 Carrying amount At 31 Oecember 2022 529.118 At 310ecember 2021 506,543 2022 2021 Investrnents at falr value Comprise.. Investment Fund Property Fund UK Equity Fund Global Equity Fund Investment Fund Aciwmulation 171,347 41,089 93,099 129,721 93.862 193,948 45,830 115,981 150,784 16-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 12 Flxad asset Investmonts Icontlnuedl 529,118 506,543 Flxed assot invosthienis revalued Al funds are held by the Central Board of Finan of Churth of England aThJ are valued as per the slod( market al the year end. The FTSE 100 8131 December 2022 was 745212021.. 7385). Historical cost al 31 December 2022 was £379,35512021." £279.3551. 13 Tradg and other recelvabl 2022 2021 Amounts falling due wlthln one year. Other receivables Prepayments- Trips 5,000 5,245 5,000 S,245 14 Current Ilabllltles 2022 2021 Note$ Deferred income Other payables 15 8,692 1,e98 25.350 1,620 10,390 26,970 15 Deferred Income 2022 2021 DefeThed income,. Lrfe membership Deferred incom8.' Trips 4,040 4,652 5,197 20,153 8,692 25.350 Deferred income is Induded in the financial statements a5 follows.. Released to Incoming resources At1Jan 2022 t)ef8rred in the year At 31 Dec 2022 Deferred Income Life membership Fundraising events and trips 5.197 20.1 {1,357) 200 4,(MO Lrfe member¥hip subscriptions are fftleased in &]ual instalmenls commenctng in the year of ceIpt. 17-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 16 Relatsd party transactlon# There wer8 no disdosable related paty trans8thS during the year (2021- none). 18-
THE FRIENDS OF HEREFORD CATHEDRAL DETAILED STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 INCOME AND ENDOWMENTS Donatlons and legacle8 Donations Legaaes 3,030 114,432 2,157 1,972 Charltable actlvltles Subscriptions Publicity and avènts 6,782 43,601 7,141 12.243 Invostmont Incomè Dividènd income Deposit account int8rest 14,143 100 13,849 728 Total Incomlng resour¢os 182,088 38,090 EXPENDITURE Charltable actlvltles Events Printing, stationery & wstage Annual report Grants payable & don81ions 2S.748 1.102 1,252 18.857 1,075 432 891 1e,809 Governance Accountancy Printing, stslionery & postage 1.698 1,102 1,620 432 othfrr oxpendlture 876 265 Total resources expend 50.635 21,524 Net gain81llossesl on Investments {77,425 88,518 Net Incomellexpendlture) 54,028 85,084 19-