REGISTERED CHARnY NUMBEFL. 218573 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR TOMSON'S CHARITY
TOMSON'S CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page Report of the Trustees Ito4 Report of the Independent Auditors 5t06 Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 9t012
TOMSON'5 CHARITY REPORT TO THETRU5TEES FOR THE YEAR ENDED 31 DECEM8ER 2022 The trustees present their report with the financlal ststements of the charty for the year ended 31 December 2022. The trustees have adopted the provisions of Actountin8 and Reporting by Charities: Ststetnent of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporung Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151. OBJECTIVES AND ACTIVITIE5 Objectives arKi aims of thecharity The Charity is established to tnaintain choral scholarships at the Cathedral School in the City of Hereford for boys resident in the Diocese of Hereford. The Charity aims to fulfil its object Set out above by sound investment management to m3ximise irtome concomitant with preservation of pits1. to provide finantial support for the cathedral chori5ter5 at Hereford Cathedr21 School. The main Dbjective for the year is to maximise income to provide maxitnum support for chorister Significant actlvitles There were no new si8nrfi¢antartivities during the year ended 31 Detrmber 2022. Publlc benefit The trustees confvrm that they have referred to the guidance tontained in the Charity Commission's generdl guidance on public benefit when reviewng the Charl5 aims and objectives and in determinin8 the grdnt making policy forthe year. Grantmakin8 All grant making is in accordance wth the wovislons of the Charity Commission Scherne Sealed 1st Detember 1977. ACHIEVEMENT AND PERFORMANCE Reviewof proyess and achtevement The ch3ritable attiwty remains, as set out in the scheme. the promsion of money for the establishmentand maintenance of chor315cholarship5 3t the Cathedrydl School. The cost of these scholahips is a major part of the cost of the Qthedral's Choral Foundation and it is unlikelythat. withoutthe aid of Tomson's Charity. the Chapter of Hereford Cathedral would be able to rakse sufficient money to maintsin the thoirkt its present strength. Material Imfestsnents The Charity dr3W5 tts income from investments. Income h3s been made overto the Chapter of Hereford Cathedr31 to rnÈet the cost of educatin8 ch0ri5ters and scholarships totalling £69,16812021.. É66,3601 durin8 the year. Given the rising cost of the choral 5cholarship5, the entire annual income of this Charity is in5ufficiÈnt tts meet the shortfall betrrfeen the costs of choral scholèrships of £161.02812021.. £151,710) and the income gener3ted for this purpose in their own right by the Chapter of Hereford Cathedral. The is unlikely tc be any further surplus income for the Charity in the futu. FINANCiAL REVIEW Investment Powers The trustees have p)weTS of investment. Investment policy and objectNe5 The truste have considered the most 3ppropriate pollcy for investing fvnds and con51der that a mix of primarily UK and overseas equitie5 Cotnplimented byfixed interestand aernatIVe holdings meettheir requirementstogenerate both income and capital growth. To flect more accurately the nature of the charity the trustees have decided to slit the fund5 between the origin21 endowment and the net income available after charging charity govemante cost. This net income is recogni5ed a5 unrestricted funds and is distributed to cover part of the annual cost of the Cathedral choral h0rship Page 1
TOMSON'S CHARITY REPORT TO THE TRUSTEES Icontlr*uedl FOR THEYEARENDED 31 DECEMBER2022 Re$erves policy The greater part of the charity's assets is presented by its endowment. These fund5 are held as investments. The cost of managing investments in 2022 was £10,404.,12021 £8,719) is charged againsttheendowment fund. Investments generated net loss of £262,799 in 202212021 net gain of £2602071. Total endowment net assets at the year-end amounted to £1,651.04412021.. £1,952,994). Income from investment5 is rekased to the unrestricted fund based on a 4% rebjrn of the market valuation of investmetit5 at 30th June of the 3 k¥evious years. Thlg income is applled 45 a grant to Chapter to help cover the cost of the choral scholarship5. The dividend income Benerated by the investments in 2022 was £40,42112021.. £33,7921. The result for the year show5 a decaSe in unrestricted net income of £3,69012021.. decrease of £3,321). It is the pollc¥ of the trustees to malntaiti a Small unrestricted fund to meet day-to-day costs. This stsnds at £1,076 at 31 December 202212021.. £4,766). Risk revlew and Management The main rlskaffecting the charity is poorperformanceof Investments givinglower Income returns. Thls Is tnitigatedthrough 800d management of the funds a5 highlighted above. The trustees keep thls Ltnder revlew at all tirne FUTURE PLANS To continue to maxlm15e income without leopardisin8 the pital base by constsnt revRw of investment performance for the better provFsion of choral 5cholarship5. STRUCTURE, GOVERNANCEAND MANAGEMENT Govemlng document Charity Commi55ion Scheme Sealed l December 1977. Recrultment and appolnbnent of new trustees The Charity Commission scheme provides for the Chapter of Hereford Cathedral tri be the trustees. Olganisational structure The clerk to the trustees oversee5 the day-to-day operation of the Charity in accordance with the accounting instructions that have been adopted by the trustee5. Administrative and finantial dutie5 are carrled out by the trustees or dele8ated #s appropdate. Induttlon and tralnlng of new trustee$ New members of Chapter are brfefed on thelr dutle5 as trustees as appropriate and attend courses covering the responsibllitie5 of the tr¢Jstee Related partles Related parties transactions are set out in the notes to the accounts. Page 2
TOMSON'S CHARrrY REPORTTO THE TRUSTEES Icontiftuedl FOR THE YEAR ENDED 31 DECEMBER 2022 REFERENCEANDADMINISTRATIVE DETAILS ReEjStered Charity number 218573 Prfnclpal address 5 College Cloisters The Close Hereford Herefordshire HRI 2NG Trustees The Trustee of the Charity who h35 day to day management responsibility is The Chapter of Hereford Cathedral. whose members at 31 Detember 2022 and subsequendy appointed, are listed below.. The Very Revd Sarah Brown (Dean of Hereford) The Revd Canon Andrew Piper The Revd Canon Chris Pullin Canon Duncan Jones Canon B3rry Forrester 08£ Canon David Howell non Benjamin Pardoe Cèntrn Marc Leppard Canon Clare Wlchbold IRe5igned 31st August 20221 IResiEned 22 September 20221 (Appointed 25th September 20221 (Appointed 25th September 20221 (Appointed 5th March 20231 (Appointed 5th March 20231 Auditor5 Haysmacintyre LLP 10 Queen Street Hace London EC4R IAG Page 3
TOMSON'S CHARITY REPORT TO THE TRUSTEES FOR THEYEAR ENDED 31 DECEMBER 2022 REFERENCE ANDADMIN15TRATIVE DETAILS Charlty Name Richard Lane Otherwise Tom50n Charfty Worklng Name Tomson's Charity Clerk tD the Trustee& Chrlstopher Milton Bankers Lloyds TBS plc 8 High Town Hereford HRI 2AE Investmerbt Advi$ers Rathbone Investment Management Ltd 8 Fin5bury Circus london EC2M 7AZ STATEMENT OF TRUSTEES RESPONSIBILITIES The trustee5 are responsible for preparing the Report of the Trustee5 and the financial statements In accordan wth applicable law and United Kingdom Attounbng Standards Iunited Kingdom Gener311y Accepted Aecounting Pr3cUcel. The law applicable to charltie5 in England 2nd Wales. the Charltles Act 2011. Ch3rfty (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed require5 the trustees to prepare financlal 5tatement5 foreach financial yearwhlch give a true and fair vlew of the st3te of affairs of the charity and of the incoming resources and application of resource5, including the intome and expenditure. of the charity forthat period. In preparing those financial statements. the trustees are reqUId to select suitable accounting politie5 and then apply them consistentlv., observe the methods and prlnciples in the Charity SORP; make judgetDents and estlmate5 that are reasonable and prudent.. prepare the financial statements on the golng concem basls unless It Is Inappropriate to prE5urne that the tharfty will contlnue In business. The trustee5 are reswnsible for keeping proper accounting CordS which disclose with reasonable accuracy at any tirne the flnancial position of the charity and to enable thern to ensure that the finanti315tstements totnth with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also respon5iUe forsafe8u?rdingtheassetsofthecharityand hence fortaking reasonablestepsforthe preventionand detedion of traud and other irregularitlÈs. Approved byorder of the board of trustees on 23 May 2023 and sl8ned on its behalf by.. The Very Revd Sarah Brown- On behalf tsf the Trustee5 Page 4
REPORT OFTHE INDEPENDENT AuDoR$ TO THE TRUSTEES OFTOMSON'S CHARITY Opinlon We have 3udited the linantial ststements of Tomsons Charity (otherwise Richard L3nel for the year ended 31 Dember 2022 which cornpri5e the 5tstement of financial activities. the balance sheet and note5 to the finantial ststements, including a summ2ry of significant accounting policies. The financial reporting framework that h35 been applied in their pparatItsn is applicable law and United Kin8dom Accounting Stsndards, irKluding Fin2nci21 Reporting Stsndaré 102 The Financial Reporting Stsndard applicable in the UKand Republic of Ireland (United Kingdom Generalfy Accept& Accounting Practice). In our opinion. the financial 5tatetnents'. give a true and fairviewof the stste of the charity's affairs as at 310ecember2022 and of thecharity'5 net Tnovement in funds forthe year then ended.. have been properly prepared in accordarKe with United Kingdorn General Accepted Accounting Pradice., and havE been prepared in accordance with the QUIreMents of the Charitie5 Act 2011. B3s1sfor oplnlon We have been appointed as auditor under5ection 144 of the Charities Act 2011 and report in ac£ordance wrfch the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordante with International Standards on Auditing IUK) IISAS IUK)13nd applicable law. Our responsibilitie5 under those 5tsndards are further descrlbed in the Auditorf5 re5pon5ibilities for the audit of the financial statements section of our rep)rt. We are independent of the charity ¢n accordance with the ethical requirements th4t are relev3llt to our audit of the financial ststements in the UK including the FRC'S Ethical Standard. and we have fulfilled our other ethic31 re5pon5ibilitie5 Ill ÈICOTdancÈ with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for ouropinion. Coficlu5ion5 rdating to going COrM In auditing the financial ststements. we have concluded that the trustees, use of the going conc&m basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned, we have not identified any material untrrtainties relating to events or condition5 thac individuallyorcollectively, rrL4ycast5ignificant doubt onthecharity's ability to continue as a goingconcefn for3 period of at least tweble months from when the finantial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concem are dexribed in the relevant Sections of thi5 report. Other Infonnatlon The trustees are responsible for the other Info110n. The other informètion comprise5 the infomation included in the Tru5tees' Annual Report. Our opinion on the financial ststements does not coverthe other information and. except to the extent otherw5e explicitly 5tsted in our reporL we do not express any form of assur3nce condu5ion thereon. In connection wth our audit of the financial ststernents, our responsibility is to read the otherinform3tion and, in doing so, considerwhether the other information is materi311y incon515tent with the financial ststements or our knoWIge obtsined in the2udittsrotherwiseappears to be materially misststed. If we identify such material inconsistencies orapparent material tnisstÈternents, we are required to determine whether there 15 a material misstatement in the financial statements or a material tni55tatemÈnt of the other information. If. based on the work we have perfonned. we conclude that there 15 material misstatement of this other information. we are required to report that fact We have nothing to report in thi5 regard. Matters on which we are required to report by exception We have nothing to port in respect of the followlng matters in relation to which the Charitie5 IAccounts and Reports) Regulation5 2008 require us to report to you if. in our opinion: adequate accounting records have not been kept by the charity,. or sufficient accounting records have not been kept,. or the charity financial ststements are not in agreementwith the accounting records 2nd turn5- or we have not received all the information and explanations we require for our audit. Responslbillties of trusteeslorthe financial ststements explained more fully in the trustee5' responsibilities statement set out on page 4. the trustees are re5pon5ible for the preparation of the financial ststements and for being satisfied that they give a true and fair Mew, 3nd for Such internal control as the trustee5 determine is necessary to enable the preparation of financkil ststements that are free frorn material misststernent. whetherdue to fraud or error. Page 5
REPORT OF THE INDEPENDENT AuDOR$To THE TRUSTEES OF TOMSON'5 CHARITY ICONTINUEDI In preparlng the financial statements. the twstees are re5pon51ble for 355e55ing the charfty's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of )¢tounting unles5 the trustees either intend to liquidate the charity or to cease operation5, or have no realistic èltemative but to do so. Audltor's re5ponslbllltles fo¥theaudlt of the flfiancial statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole a free from rnaterial mi5ststement. whether due to fraud or error, and to 155uÈ an auditor'5 report that includes our opinion. Re250nable assurance is a high level of a55urance. but is not a gu2r3lltpe that an audit conducted in accordance with ISAS (UK) wlll alway5 detect a material tlli55taternent when it exlsts. Misstatement5 can arise from fraud or error and are considered material if, Indlwdu311y or in the aggregate, they could reasonatsty be expected to Influence the economic decislons of u5er5 taken tsn the b35is of these financlal ststernents. Irregularities, includingfr3ud, are instances of non-compliancewith lawsand regulations. We design procedures in linewth cur responsibilities, ouuined above, to detect materi31 rnisststements in respect ol irregutarities, including fr¥ud. The extent to which our procedures are c¥able of detecting irregularities. Sncluding fraud is detailed below. Based on our understsnding of the charity and the environment in which it operates. we identified that the principal risks of non-cornpliance with laws and regulations related to registered charities. and we considered the extent to which non- compliance might have a materi31 effect on the h'nanclal statement5. We also considered those laws and regul3tion5 that have a direct impact on the preparation of the finantial statements such as the Charitie5 Act 2011 and other fact¢)rs such as tsxation. We evaluated managements incentive5 and oprx)rtunities forfraudulent manipulation of thefinanclal ststernents (including the risk of overdde of ¢ontrolsl. and determined that the principal rlsks were related to manual ac¢ounting journals. Audlt procedures performed by the engagement team included.. Discussions wlth rnanageffnt includingconsideration of known or5U5pected instsnces of non-compliance w4th law5 and reglation and frdud., Evaluating managemellt's controls designed to prevent and detect irregularities,. and IdentifylnE and testing journals, In particular joumal entries posted with unusual at¢ount combinations, p¢)stlng5 bv unusual users or with unusual descriptions. Because of the inherent lim1tatlon5 of an audit, there 1$ a risk that we wlll not detect all irregu13rltle5, includlng those leading to a materlal mlsstaternent In the flnancial statements or non-cornpliance wlth regulation. Thls rf5k Increases the miye that compliance th a law or regulatlon is rernoved from the events and transactlon5 refiecled in theflnancial 5taternents, as we will be less Ilkely to become aware of Instance5 of non-compllance. The risk Is also greater regardlng Irregulaiities occurring due to fraud ratr than error, as fraud Involve5 intentional corthlrnent. forgery, collusion. omission or mlsrèprentation. A further descrSptioft of our responsSbllitses for the audlt of the financial statements 15 located on the Financial Report4ng Counc51'5 webs aL' www. aud re onsibilities. This desCrIpOn fornis part of our auditor's reporL Use ofourreport This report is made solely to thetharity's trustees. as a body. in accordan¢ewith sectlon 144 of the Charfties Act 2011 and regulations mède undersection 154 of that Act. Ouraudit wotl( has been undertaken so thatwe might state to the charitvs trusteesthose tn¥tters weare required to stètetothem in an Audltorf5 report and for noother purpose. To the fullestextent permitted by raw, we do not accept or assume responsibility to anyone other than the charity's tnJstee5 as a body for our audit wod¢, for this reporL ororthe opinions we have formed. Haysmaclntyre LLP StatutoryAuditors 10 Queen Street Place London EC4R IAG Haysmaclntyre Is eligible to act as an auditor In terms of sectlon 1212 of the Cornpanle5 Act 2006 Date.. l June 2023 Page 6
roM50N'S CHARrrY STATEMENT OF FINANCIALACTIVITIES FOR THEYEAR ENDED 31 DECEMBER 2022 Unrestrtcted Funds Endowment Funds Total Funds Totsl Funds 2022 2021 Note5 INCOME AND ENDOWMENTS FROM Investment income 40,421 40,422 33.792 EXPENDITURE ON R3i5ingfunds- inve5tTnent manaKementfees Charitable xtivities 10,404 10.404 8,719 Totsl 72,859 10,404 83.263 78.4CfJ Investment gainslllossesl 260 307 NET INCOMEIIEXPENDrruREI 172.8581 1232,7821 1305.6401 215,699 Transfers between funds MOVEMENT IN FUNDS io 13.6901 1301.9501 1305.6401 215.699 RECONCILIATION OF FUNDS Total fur5 brought forward 1952 994 1957 760 1742 061 TOTAL FUNDS CARRIED FORWARD All income and expenditure has arisen from continuing activiles. The notes numbered I to 13 form part of these fin>nci>l ststements. The note5 forrn part of these finantial staiements Page 7
TOMSON'S CHARITY BALANCE SHEET AT 31 DECEMBER 2022 Unrestricted Funds Endowment Fund$ Total Funds Total Funds 2022 2021 Notes FIXEDASSETS Investments 4,107 1.651,044 1,655,151 1,955,115 CURRENT ASSETS Debtor5 Cash at bank 19727 135 19,727 22,355 19,727 CREDITORS Amounts falling due th5n one year 758 NETCURRENT AsSS1[LIA81LIT1E$l TOTALASSETS LESS CURRENT UABILITIES 2120 1957 NET ASSETS FUNDS Unrestricted funds Endowment fund 1,076 1.076 4,766 51044 994 TOTAL FUNDS The notes numbered I to 13 form part ¢f these financl31 statemen The financial statements were approved by the Board of Trustees on 23rd May 2023 and were Signed on its behatf by. Very Revd S Brown- On behalf of the Trustee5 The notes form part of these flnanclal staten)ent5 Page 8
TOM'ON'S CHARtrY NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES Ba515 of preparingthe fitwncial statsments The fin3nci31 staternents of the charity. which 15 3 public benefit entity under FRS 102, have been prepared ln accordance with the Charities 50RP IFRS IO'I'Accounting and Reporting by Ch3rities- Statement of Recommended Practice applicable to charities preparing their 8ccounts in accordance with the Financial Reporting Standard applitsble in the UK and Republic of Ireland IFRS 1021 (effective l January 20.51.. Financi31 Reporting Stsndard 1,2 The Financi31 Reporting Stsndard applicable in the UK and Republic of Ire13nd' and the Charities Art 2011. The financial statements have been prepared under the historical cost convention with the exception of investrnents which a included at market value. 35 modified by the revaluation of certain assets. Incc*ne l incotne is recogni5ed in the StstetTient of Financial Adivities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be Tnea5ured reliab. Expendlture Llabilities are recognised as expenditure ks soon as ther& is a legal or constructive obligation committin8 the charity to thatexpenditure, It 15 probablethat a trÈnsferof economic benefits will be reouired in 5ÈtdÈment andtheamount of the oblig2tion can be rne35ured reliably. Expenditure 15 accounted foron 3n accruals ba515 and ha5 been Classified under headings that aggregate all cost related to the category. Where costs c3nnot be directly attributed to Particular headin8S they have been allocated to 3ctivitie5 on a basis consistent with the use of resource5. T3xati•n The charity 15 nOtgeneral liable to torporatlon tsx on Its surplus. The charity is not registered for value added tsx purpx)5es. accounting Unrestricted funds can be used in accordance wrth the charitable objective5 at the discretion of the trustees. The investments. and any income arKL expenditure in managing the capital assets of the charty are recognised as Part of the OriEin31 endowrnent by the Tomson Ch3rity and shown as Endowtnent Funds. Further Èxplanation of the nabJre 8nd purpose of each fvnd 15 included in the note5 to the financial statements. Irwestments Investments are stated 3t market value at the balance sheet date and unrealised 8aiThs or bsses are shown on the Sttttement of Financial Actiwties. Llabilities Liabilities are recognised when the Charity has a present obligation arising from past events. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account Debtors Tr3de and other debt0 are recognised at the settlement arnount due. PrepayTDents are valued at the amount ppaId. Credltors and provlslons Creditor5 3nd provisions are recognised where the charity has a present obligation resukin8 frorn a p35t event that will probably result in the transfer of fund5 to 3 third party and the amount due to settle the oblig3tion can be measured or estimated reliably. Creditors and provisions are nortn311y recognised at their settlement amount Page 9
TOM'ON'S CHARITY NOTES TOTHE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENT INCOME 31.1222 31.12.21 Dividends 40,422 CHARITABLEACTMTIES COSTS Dlrert costs Support costs (See rv)ts 51 Totals Choristers. school fee5 8Tant 3,691 72,859 NET MOVEMENT ON INVESTMENTS 31.1222 31.12.21 Galnslllossesl on investments Investment management fees 1262,7991 110.4041 260,307 18.7191 273,2031 251588 SUPPORTCOSTS G)vemance Auditors, remuneration Bank charges 3,450 241 3,691 TRUSfEES' REMUNERATrON ANC* BENEFs There were no efflployees during the year orthe prlor year. No emoluments orexpen5es were paid to the trustee5 durinÈ the year or the prioT year. Trustees. expenses There were no tnjstees, expenses paid for the year ended 31 December2022 nor for the year ended 31 Detrmber 2021. Page 10
TOMSON'S CHARrrY NOTES TO THE FINANCIAL STATEMENTS Icontlnued> FOR THE YEAR ENDED 31 DECEMBER 2022 COMPARATIVES FOR THÉ STATEMENTOF FINANCIALACTIVITIES 31.12.21 31.12.21 Unrestricted Endowrnent Funds Funds 31.1221 Total nds Investr))ent Income 33,792 33,792 Total 33.792 33.792 Ralslng Funds Inve5ttnent tnatwment fees 8,719 8.719 Clk4ritable 3CtNitles 69,681 69.681 Totsl 69.681 8,719 78,400 IAve5tsnent8ain5111ossÈsl 260.307 260,307 NINcOmE 169,6811 285.380 215.699 Transfers btheenfunds 66,360 166,3601 Net movement on funds 13,3211 219,020 215.699 Totsl fur5 broughtforward 8.087 1.733.?74 1,742,061 Total fvnd$ tarried forward 4.766 1,952,994 1,957 760 FIXED ASSET INVESTMENTS Cash and setdements nding Listed investsnents Totals MARKVALUE At l January 2022 Additions Dlsposals Gain5 on Tnvestments Movement on tash 1.958.032 747.376 1785.8521 1262,7991 12,9171 1,955,115 747.376 (785,8521 1262,7991 1,311 1.311 At 31 December 2022 1,656 757 1.606 1,655,151 F1xed asset investments are quoted on a reco8nised stock exchange and held within the Unlted Kingdom. Page11
TOMSONS CHARrrY NOTESTO THE FINANCIAL STATEMENT5 Icontinuedl FOR THÈ YEAR ENDED 31 DECEMBER 2022 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.22 31.12.21 Other credltors 22,758 io. MOVEMENT IN FUNDS Net movement In funds Transfers between fvvds At 1.1.22 At 31.1222 Unrestrfcted funds General fund 4,766 172.8581 69,168 1,076 Endowment ftjnd 1.952,994 1232.7821 169,1681 1,651,044 TOTAL FUNDS 1.957,760 1305,6401 1,652.120 Net movernent in fijnds. included in the above are as folows.. Income and endowments Expendlture Galn5 and Movement In losses funds Unrestricted funds General fund 172.8591 172.8581 Endowmentfund 40,421 110.4041 1262,7991 1232.7821 TOTAL FUNOS 40,422 183,2631 262,7991 1305,6401 UnTrstricted funds present the fur>ds of the charity thatare not subjectto any restrictions ¢egarding thelr useand are available lor application ol the general object5 of the charity. The Endowment fund is the capital a55ets of the charlty which are used to generate the income pald over to the unrestricted fund lor distribution In furtherance of the aims of the charfty. RELATED PARTY DISCLOSURES 12. There were no related partytransactions f¢T the yearended 31 December 202212021.. none). ULTIMATE CONTROLUNG PARTY 13. The charity is controlled by Hereford Cathedral on the bas15 that the ChÈpterof the Cathedral is the 501e trustee of the charity. Hereford Cathedral 15 charity but as an ecclesiastical corporation is not required to be registered wlth the Charity Commission. A copy of the con501idated accounts of the cathedral mgy be obtained trorn its principal office at the address shown on page 2. Page 12