## Annual Report and Financial Statements Friends of Winchester Cathedral
## **For the Year Ended** 31 March 2023
**Charity No.** 220218
Friends of Winchester Cathedral Annual report and financial statements for the year ended 31 March 2023
|Index||
|---|---|
|Report of the Trustees|1 – 4|
|Report of the independent examiner|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 15|
Friends of Winchester Cathedral
1
Annual report and financial statements for the year ended 31 March 2023
## Report of the Trustees
The Trustees present their report and the associated financial statements of the charity for the year ended 31 March 2023.
## Reference and administrative details
**Charity registration number** 220218
**Registered office**
2 The Close Winchester SO23 9LS
## **Trustees**
Chairman of the Board of Trustees: Mr Bruce Parker Treasurer: Mr David Fellowes Elected members: Mrs Angela Forder-Stent (elected from 16 July 2022) Miss Jenny Hilton Ms Natalie Shaw (resigned on 31 December 2022) Mr Nigel Spicer Prof Tom Watson, vice-Chairman Dr Cindy Wood Mr Richard Green-Wilkinson (co-opted from 14 September 2021; elected on 16 July 2022) Ex-officio member:
The Dean of Winchester, the Very Reverend Catherine Ogle Members appointed by the Dean The Precentor and Sacrist of Winchester Cathedral: the Reverend Canon Andrew Trenier Mr George Medd, Lay Canon
**Director**
Mrs Lucy Hutchin
**Investment advisers**
Rathbone Investment Management Limited Fiennes House, 32 Southgate Street, Winchester, SO23 9EH
## **Bankers**
Barclays Bank plc 50 Jewry Street, Winchester, SO23 8TN
**Independent examiner**
Amanda Francis Buzzacott LLP 130 Wood Street, London EC2V 6DL
Friends of Winchester Cathedral
2
Annual report and financial statements for the year ended 31 March 2023
## Structure, governance and management
The charity is managed by a Board, the members of which also act as the charity’s Trustees. The names of the Board members are set out on page 1. The governing document of the charity is its Constitution adopted at a Special General Meeting held on 14th July 2001 but since amended (most recently at the Annual General Meeting on 11th July 2015). Amongst other things, the Constitution provides for the appointment and election of Board members.
The Board is supported by a number of Committees, each chaired by an elected trustee, which have specific responsibilities for the detailed running of the charity and the achievement of its objects. Four Committees are at present established which cover Activities, Administration, Finance & Investments and Membership & Fundraising.
## Objects
The charity’s objects are to:
- assist the Chapter in maintaining the fabric and monuments and the fittings and furnishings of Winchester Cathedral and its associated ground-works within the precincts, excluding property used for residential or administrative purposes;
- stimulate interest in the Cathedral;
- encourage and support activities calculated to preserve and beautify the Cathedral, its music and its history.
The Trustees worked closely with the Chapter to ensure that Friends’ support was channeled effectively to meet the charity’s objectives.
## Achievements
## **Events**
During this year, talks have taken place in a hybrid format with good audiences attending in person and joining by Zoom. Six talks during the year were on subjects such as Cathedral glass, the history of church music, and Remembrance in Winchester. Canon Tess Kuin Lawton and Bruce Parker, the Friends’ chairman, talked about their own careers. In October, the Annual Lecture featured the historian Michael Wood interviewing the renowned archaeologist, Martin Biddle, about the excavations in Winchester over the past sixty years. A day trip to Hereford took place in July, which had been postponed from June 2020. The regular monthly coffee mornings have continued with an ever-growing group of Friends enjoying the opportunity to meet socially. In July, the Friends’ Festival was celebrated with well-attended morning tours, an afternoon AGM in the Cathedral, followed by tea and Festal Evensong.
## **Fundraising**
After much planning, the Friends launched their public fundraising appeal towards the restoration of the Cathedral organ which is planned for Spring 2023 with two evening receptions in June and July. Friends were asked to donate via a tiered fundraising scheme whereby £1,000 was required to sponsor a ‘Stop’, £500 to sponsor a ‘Note’ and £250 for a ‘Pipe’'. By the autumn, the initial target of £100,000 had been exceeded and £130,000 was raised for this appeal. A wonderful response from our members.
## **Publications**
The 91[st] edition of Winchester Cathedral Record was published in September and a copy provided to each member. The Record is supplemented by an online publication, Record Extra, which allows more scholarly and historical articles to be available to a wider audience. This year, two new Christmas card designs were produced and two old designs reprinted, all sold through the Friends’ office and the
Friends of Winchester Cathedral
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Annual report and financial statements for the year ended 31 March 2023
Cathedral shop. Again, this year, both mail-order and a free-delivery service was offered for local Friends, leading to a strong year of sales.
## **Volunteers**
Volunteers have started helping in the Friends' office again, after a gap for Covid, to prepare mailings. Friends enthusiastically delivered the mailings five times this year, thereby saving a significant amount of postage costs.
## **Plans for 2023/24**
The Friends plan to continue to run ‘hybrid’ talks in the future to attract a greater number of members attending in their preferred ways. Talks have already been arranged on the history of the _Hampshire Chronicle_ , textiles throughout history, and medieval manuscripts; there will also be a summer concert sung by the Girl Choristers. In the autumn and winter, monthly talks will continue. A four-day holiday to Durham is planned for June. During this trip, Friends will visit three cathedrals and the workshops of Harrison and Harrison where the Cathedral’s organ pipes are being refurbished. A day trip to Sherborne is also organised for August 2023.
## Financial review
The Statement of Financial Activities on page 6 shows net income (i.e. a surplus) of £198,955 for the 2022/23 financial year (2021/22: £91,660).
During this past financial year trustees approved grants to Chapter totaling £262,399, of which £133,032 has been spent on the Organ Restoration, £32,978 is to be spent on a stone bridge-saw and £20,750 on the Inventory Project. Regular annual grants of £75,500 are included in the above total, the major items being £51,000 for the choirs and £16,500 for Gardens, Grounds and Trees in the Cathedral precincts. Full details of grants approved in the year are given in note 7 to the Financial Statements, on page 11.
We continue to benefit from a steady flow of income from legacies, this year amounting to £273,896 (2022: £176,499). We remain enormously grateful for this crucial source of income.
Our two portfolios (General and Legacy) have had a difficult year, under-performing against our agreed benchmark, and ended up showing losses, both realised and unrealised, of £35,770 (2021/22: gains of £11,674). The Trustees continue to review their ‘attitude to risk’, their latest Policy Statement being dated September 2020. The performance of our portfolios is closely managed by our investment managers and monitored by the Finance & Investment Committee.
The net profit from the sale of Christmas cards and publications was £3,027 (2021/22: £5,438), whilst our activities produced a net profit of £5,983 (2021/22: £9,037).
The charity has no subsidiary and associated undertakings. All investments held by the charity have been acquired in accordance with the powers available to the Trustees. The charity is not financially dependent upon any one individual or corporation but relies on the continuing support of all its members.
## **Reserves policy**
The Trustees have agreed a policy to maintain reserves within the General Fund at such a level as would enable it, in the event of a sudden loss of income, to cover ongoing direct expenses of running the charity for a period of about nine months, and to cover annual grants to Chapter for a full year. The Board is content that the current level of reserves i.e. £778,553 meets this policy.
## **Risk management**
The Trustees have streamlined and improved the charity’s Risk Management Register which identifies areas of risk to which the charity is exposed in undertaking its activities and seeks to manage those risks.
4
Friends of Winchester Cathedral
Annual report and financial statements for the year ended 31 March 2023
While ultimate responsibility for risk management rests with the Board, for practical purposes the task of developing detailed risk assessment plans has been delegated to the Administration Committee, with input from the Finance & Investment Committee. These Committees regularly assess actual and potential risks arising and endeavour to mitigate them through the introduction of appropriate and effective systems and practices. The Administration Committee is responsible for the assessment of risks associated with governance & management, operational processes, environmental/external factors and compliance. The Finance & Investment Committee is responsible for the assessment of risks associated with finance and investment.
The Board receives full quarterly management accounts, which include a detailed analysis of the investment portfolio and regular reports from the portfolio manager, Rathbones.
The charity has also continued to work to improve its governance by the adoption of a conflict-of-interest policy, a safeguarding policy, employment policies and data protection. All Board members have undertaken training on safeguarding issues, using NSPCC material, and a Board member has taken on responsibility for the management of this policy.
## Trustees' responsibilities for the financial statements
The Trustees are responsible for preparing the Trustees’ 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 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 income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 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.
BY ORDER OF THE TRUSTEES
Bruce Parker Chairman Date: 23[rd] May 2023
Friends of Winchester Cathedral
5
Financial statements for the year ended 31 March 2023
## Independent Examiner’s Report to the Trustees of Friends of Winchester Cathedral
I report to the charity’s Trustees on my examination of the financial statements of Friends of Winchester Cathedral for the year ended 31 March 2023, which are set out on pages 8 to 15.
## Respective responsibilities of trustees and examiner
As the Trustees of the charity, you are responsible for the preparation of the financial statements of the charity in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner’s statement
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that in any material respect:
- accounting records were not kept in respect of Friends of Winchester Cathedral in accordance with section 130 of the 2011 Act; or
- the financial statements do not accord with those accounting records; or
- the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Amanda Francis, Chartered Accountant (ICAEW) Buzzacott LLP 130 Wood Street London EC2V 6DL
Date: 31 May 2023
Friends of Winchester Cathedral
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Financial statements for the year ended 31 March 2023
## Statement of financial activities
|||**Unrestricted**|**Restricted**|**2023**|2022|
|---|---|---|---|---|---|
||**Note**|**funds**|**funds**|||
|||**£**|**£**|**£**|£|
|**Income**||||||
|Voluntary income|2|**372,682**|**136,555**|**509,237**|274,636|
|Activities for generating funds|3|**18,372**|**-**|**18,372**|23,652|
|Investment income|6|**8,906**|**-**|**8,906**|5,338|
|||----------------------------------------------|----------------------------------------------|----------------------------------------------|-----------------------------------------------|
|**Total income**||**399,960**|**136,555**|**536,515**|303,626|
|||**-----------------------------------------------**|**-----------------------------------------------**|**-----------------------------------------------**|-----------------------------------------------|
|**Expenditure**||||||
|Costs of generating funds|4|**12,943**|**4,790**|**17,733**|12,474|
|Charitable activities|5|**186,795**|**133,032**|**319,827**|199,492|
|||**-----------------------------------------------**|**-----------------------------------------------**|**-----------------------------------------------**|-----------------------------------------------|
|**Total expenditure**||**199,738**|**137,822**|**337,560**|211,966|
|||**-----------------------------------------------**|**-----------------------------------------------**|**-----------------------------------------------**|-----------------------------------------------|
|**Net income (expenditure) for the**||||||
|**year**||**200,222**|**(1,267)**|**198,955**|91,660|
|**(Losses) / gains on investment assets**|11|**(35,770)**|**-**|**(35,770)**|11,674|
|||----------------------------------------------|----------------------------------------------|----------------------------------------------|-----------------------------------------------|
|**Net movement in funds**||**164,452**|**(1,267)**|**163,185**|103,334|
|Fund balances brought forward||**614,101**|**1,267**|**615,368**|512,034|
|||----------------------------------------------|----------------------------------------------|----------------------------------------------|-----------------------------------------------|
|Fund balances carried forward||**778,553**|**-**|**778,553**|615,368|
|||====================|====================|**====================**|====================|
The accompanying accounting policies and notes form part of these financial statements.
Friends of Winchester Cathedral
7
Financial statements for the year ended 31 March 2023
## Balance sheet
||**Note**|**2023**|2022|
|---|---|---|---|
|||**£**|£|
|**Fixed assets**||||
|Tangible assets|10|**-**|508|
|Investments|11|**503,825**|416,908|
|||**-----------------------------------------------**|-----------------------------------------------|
|||**503,825**|417,416|
|||**-----------------------------------------------**|-----------------------------------------------|
|**Current assets**||||
|Stocks||**872**|445|
|Debtors|12|**210,906**|76,288|
|Cash on deposit||**140,356**|383,483|
|||**-----------------------------------------------**|-----------------------------------------------|
|||**352,134**|460,216|
|||**-----------------------------------------------**|-----------------------------------------------|
|**Current liabilities**||||
|Grants outstanding||**52,823**|253,057|
|Other creditors|13|**24,583**|9,207|
|||**-----------------------------------------------**|-----------------------------------------------|
|||**77,406**|262,264|
|||**-----------------------------------------------**|-----------------------------------------------|
|**Net current assets**||**274,728**|197,952|
|||**-----------------------------------------------**|-----------------------------------------------|
|**Total assets less current liabilities**||**778,553**|615,368|
|||**====================**|====================|
|**Representing:**||||
|Unrestricted funds|14|**778,553**|614,101|
|Restricted funds|14|**-**|1,267|
|||**----------------------------------------------**|----------------------------------------------|
|Total funds||**778,553**|615,368|
|||**====================**|====================|
Charity Number - 220218
The financial statements were approved by the Board of Trustees on 23 May 2023
David Fellowes – Treasurer
23[rd] May 2023
The accompanying accounting policies and notes form part of these financial statements.
Friends of Winchester Cathedral Financial statements for the year ended 31 March 2023
8
1
## Principal accounting policies
## Basis of preparation
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
## Going concern
The financial statements have been prepared on the basis that the charity is a going concern. When determining the going concern assessment the Trustees have consider the charity’s activities, together with factors likely to affect its future development, performance and position; these are set out in the Trustees’ Report. The Trustees consider that there are no material uncertainties on the charity’s ability to continue its activities for the foreseeable future. The Trustees are satisfied that the charity’s assets are available and adequate to fulfil its obligations for a period of at least twelve months from the signing of these financial statements.
## Income
## **Subscriptions**
Following a decision by the Board of Trustees on 14[th] December 2022, life subscriptions are no longer amortised over a period of five years, but accounted for in the year in which they are received. The previously accrued £4,270 was therefore taken into account in the current year. No adjustment has been made to the prior year figures to reflect this change in policy given the immaterial impact.
Other subscriptions (including those under Gift Aid together with the associated income tax recoveries) are accounted for in the year in which they are received.
## **Legacies**
Legacies are accounted for only upon evidence of entitlement, probable receipt and where the amount receivable can be estimated reliably after taking account of unknown costs and other uncertainties inherent in winding up estates.
## **Investment income**
Investment income, including associated tax recoveries, is accounted for when receivable.
## Allocation of expenditure
Costs of generating funds consists of investment management fees and costs associated with the events and activities of the charity (as detailed in note 3).
Costs of charitable activities include grants made and costs associated with the management of the charity, not included as direct costs.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulations and good practice. These costs include the fees of the independent examiner.
Friends of Winchester Cathedral Financial statements for the year ended 31 March 2023
9
## Grants to the Chapter of Winchester
Grants to the Chapter of Winchester are charged to the accounts for the period in which they are approved by the Board of Trustees.
## Fixed assets
Items costing less than £500 are written off immediately to the statement of financial activities of the period in which they are purchased.
Depreciation is calculated so as to write off the cost of a capitalised asset, less its estimated residual value, over the useful economic life of that asset as follows:
Membership database - 5 years Computer equipment - 5 years
## Investments
Investments are included at their market value at the balance sheet date. Unrealised and realised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.
## Stocks
Stocks are valued at cost, less a provision for items considered slow moving.
## Judgements in applying accounting policies and key sources of estimation uncertainty
In the preparation of the 2023 financial statements, it is the responsibility of the Trustees to make informed judgements and estimates in the provision of liabilities and expenses and in the assessment of going concern.
Friends of Winchester Cathedral acknowledges the requirements of this disclosure. As such the Trustees of the charity can confirm that there are no significant assumptions made or other key sources of estimation of uncertainty at the reporting date of 31 March 2023. The trustees consider the charity to be a going concern (see above).
10
2
4
5
## Friends of Winchester Cathedral
Financial statements for the year ended 31 March 2023
## Voluntary income
## 3
|||||**2023**||**2023**||2022|2022|
|---|---|---|---|---|---|---|---|---|---|
|||||**£**||**£**||£|£|
||||**Unrestricted Restricted**||||Unrestricted||Restricted|
|Subscriptions||||||||||
|- Life members||||**8,655**||**-**||3,043|-|
|- Under Gift Aid||||**57,255**||**-**||59,592|-|
|- Other||||**16,789**||**-**||17,714|-|
|- Refund of tax||||**14,727**||||16,286||
||||**-----------------------------------------------**||**-----------------------------------------------**||-----------------------------------------------||-----------------------------------------------|
|||||**97,426**||**-**||96,635|-|
|Legacies||||**273,896**||**-**||176,499|-|
|Donations||||**1,360**||**136,555**||1,502|-|
||||**-----------------------------------------------**||**-----------------------------------------------**||-----------------------------------------------||-----------------------------------------------|
|||||**372,682**||**136,555**||274,636|-|
||||**===================**||**===================**||===================||===================|
|Activities for generating funds||||||||||
||**Publications**|**Activities**|**Total**|Publications||Activities||Total||
||**2023**|**2023**|**2023**|2022||2022||2022||
||**£**|**£**|**£**||£||£||£|
|Income|**5,017**|**13,355**|**18,372**|8,287||15,365||23,652||
|Expenditure|**(1,990)**|**(7,373)**|**(9,363)**|(2,849)||(6,328)||(9,177)||
||**-----------------------------------------------**|**-----------------------------------------------**|**-----------------------------------------------**|**-----------------------------------------------**||**-----------------------------------------------**||**-----------------------------------------------**||
|Net surplus|**3,027**|**5,982**|**9,009**|5,438||9,037||14,475||
||**===================**|**===================**|**===================**|**===================**||**===================**||**===================**||
## Activities for generating funds
Activities include events, trips and lectures, and the Friends' annual festival, all of which are designed principally to meet the charity's objective to stimulate interest in the Cathedral and not primarily to raise funds.
## Cost of generating funds
|Cost of generating funds|||||
|---|---|---|---|---|
||**2023**|**2023**|2022|2022|
||**£**|**£**|£|£|
||**Unrestricted**|**Restricted**|Unrestricted|Restricted|
|Publications|**9,363**|**-**|9,177|-|
|Fundraising costs|**-**|**4,790**|-|-|
|Management fees|**3,580**|**-**|3,297|-|
||**-----------------------------------------------**|**-----------------------------------------------**|-----------------------------------------------|-----------------------------------------------|
||**12,943**|**4,790**|12,474|-|
||**===================**|**===================**|===================|===================|
|Charitable Activities|||||
||**2023**|**2023**|2022|2022|
||**£**|**£**|£|£|
||**Unrestricted**|**Restricted**|Unrestricted|Restricted|
|Grants to the Chapter of Winchester (note 7)|**129,367**|**133,032**|147,348|-|
|Management and administration (note 8)|**57,428**|**-**|52,144|-|
||**-----------------------------------------------**|**-----------------------------------------------**|-----------------------------------------------|-----------------------------------------------|
||**186,795**|**133,032**|199,492|-|
||**===================**|**===================**|===================|===================|
## Charitable Activities
Friends of Winchester Cathedral
11
Financial statements for the year ended 31 March 2023
6
## Investment income
## 7
||**2023**|2022|
|---|---|---|
||**£**|£|
|Interest on deposits|**1,181**|160|
|Income from investments|**7,725**|5,178|
||**-----------------------------------------------**|-----------------------------------------------|
||**8,906**|5,338|
||**====================**|====================|
|Grants to the Chapter of Winchester|||
|**Grants to the Chapter of Winchester**|**2023**|2022|
||**£**|£|
|Unrestricted:|||
|Trees in Public Areas|**9,000**|7,800|
|Girls' Choir|**17,000**|16,500|
|Baker Choristership|**17,000**|16,500|
|Friends' Choristership|**17,000**|16,500|
|Cathedral Flowers|**7,500**|5,600|
|Planned Maintenance of Cathedral Precincts|**7,500**|9,000|
|Broderers|**-**|1,100|
|West End Christmas tree|**500**|500|
|1,000 Chairs in the Nave|**1,681**|240,679|
|Electric-powered Truck for maintenance team /|||
|gardeners|**-**|25,005|
|Fleeces for Cathedral staff|**-**|824|
|Inventory Project|**20,750**|-|
|Stone bridge-saw for Stonemasons’ Department|**32,978**|-|
|Retrochoir Tiles Conservation Symposium|**3,500**|-|
|Repair / restoration of Nativity figures|**-**|199|
|Restoration / reinstatement of Dean Garnier Gate|**-**|11,262|
|East Window Project|**(1,463)**|(1,333)|
||**-----------------------------------------------**|-----------------------------------------------|
||**132,946**|350,136|
|Visitor Centre – application was withdrawn|**-**|(200,000)|
|Unspent grant allocations written back|**(3,579)**|(2,788)|
||**-----------------------------------------------**|-----------------------------------------------|
||**129,367**|147,348|
|Restricted:|||
|Windows project|**1,267**|-|
|Organs restoration|**131,765**|-|
||**-----------------------------------------------**|-----------------------------------------------|
||**133,032**|-|
||**-----------------------------------------------**|-----------------------------------------------|
||**262,399**|147,348|
||**-----------------------------------------------**|-----------------------------------------------|
Friends of Winchester Cathedral
12
Financial statements for the year ended 31 March 2022
8
Grants written back in the prior year are primarily as a result of the cost of the anticipated work being lower than the original estimate on which the grant application was based, or in respect of which the work associated with the project was no longer required to be undertaken.
## Management and administration expenditure
|Management and administration expenditure|||
|---|---|---|
||**2023**|2022|
||**£**|£|
|Staff costs:|||
|Wages and salaries|**41,111**|37,766|
|Pension costs|**941**|573|
||**-----------------------------------------------**|-----------------------------------------------|
||**42,052**|38,339|
|Cathedral Record and Friends’ Newsletters|**2,406**|2,016|
|Printing, copying and stationery|**2,104**|144|
|Office rent, telephone, insurance and|||
|maintenance|**2,501**|2,177|
|Postage|**2,596**|2,508|
|Staff training and advertising costs|**125**|160|
|Depreciation|**508**|677|
|Independent examination|**1,350**|1,260|
|Digitisation of Cathedral Record|**-**|-|
|Bank charges|**2,135**|2,200|
|Sundry expenses|**1,651**|2,663|
||**-----------------------------------------------**|-----------------------------------------------|
||**57,428**|52,144|
||**====================**|====================|
a. The average number of employees during the year was 3 (2021/22 – 3), all of whom worked part-time. No employee’s emoluments exceeded £60,000.
b. No expenses were reimbursed to Trustees in the year (2021/22 - £nil).
## Governance costs
The amount payable for the independent examination (inclusive of VAT not recoverable by the Charity) totals £1,350 (2022 - £1,260), and no amounts were paid to the examiner in respect of other services.
9
Friends of Winchester Cathedral
13
10
Financial statements for the year ended 31 March 2022
|Tangible fixed assets|||
|---|---|---|
|**Computer equipment**|**Computer**|**Total**|
||**equipment**||
||**£**|**£**|
|Cost|||
|At 1 April 2022|5,661|**5,661**|
||----------------------------------------------|**----------------------------------------------**|
|At 31 March 2023|5,661|**5,661**|
||===============================================||
|||= ============================================|
|Depreciation|||
|At 1 April 2022|5,153|**5,153**|
|Charge for the year|508|**508**|
||----------------------------------------------|**----------------------------------------------**|
|At 31 March 2023|5,661|**5,661**|
||=============================================|=============================================|
|Net book value|||
|**At 31 March 2023**|**-**|-|
||==============================================|==============================================|
|At 31 March 2022|508|508|
||==============================================|==============================================|
## 11 Investments
## **Listed investments at market value**
|**Listed investments at market value**||||
|---|---|---|---|
||**General**
**Portfolio**|**Legacy**
**Portfolio**|**Total**|
||**£**|**£**|**£**|
|At 1 April 2022|197,855|219,053|**416,908**|
|Additions|-|125,909|**125,909**|
|Disposals|-|(3,222)|**(3,222)**|
|Change in market value|(15,249)|(20,521)|**(35,770)**|
||**-----------------------------------------------**|**-----------------------------------------------**|**-----------------------------------------------**|
|At 31 March 2023|182,606|321,219|**503,825**|
||====================|====================|**====================**|
|Historical cost at 31 March 2023|158,458|328,829|**487,287**|
||====================|====================|**====================**|
|Historical cost at 31 March 2022|158,291|201,754|**360,045**|
||====================|====================|====================|
Uninvested Cash of £27,084 (2021/22 - £36,875) was also held with Rathbones and is included in the balance sheet as cash on deposit.
14
## Friends of Winchester Cathedral
Financial statements for the year ended 31 March 2022
## 12
## Debtors
|12|Debtors||||
|---|---|---|---|---|
||||**2023**|2022|
||||**£**|£|
||Trade debtors||**-**|-|
||Sundry debtors including legacies receivable||**209,965**|75,317|
||Prepayments||**941**|971|
||||-----------------------------------------------|-----------------------------------------------|
||||**210,906**|76,288|
||||====================|====================|
|13|Creditors||||
||||**2023**|2022|
||||**£**|£|
||Sundry creditors||**1,350**|1,260|
||Deferred income||**23,233**|7,947|
||||**-----------------------------------------------**|-----------------------------------------------|
||||**24,583**|9,207|
||||**====================**|====================|
|14|Funds||||
|||**At 1 April**|
**Net surplus**|**At 31 March**|
|||**2022**||**2023**|
|||**£**|**£**|**£**|
||Unrestricted funds|614,101|164,452|**778,553**|
||Restricted funds|1,267|(1,267)|**-**|
|||-----------------------------------------------|-----------------------------------------------|**-----------------------------------------------**|
||Total funds|615,368|163,185|**778,553**|
|||====================|====================|====================|
Friends of Winchester Cathedral
Financial statements for the year ended 31 March 2023
15
## Five year summary
|**Income**
Subscriptions:
Life Membership
Gift-Aided (including tax)
Non Gift-Aided
Legacies
Donations
Investment income
Other income
**Expenditure**
**Surplus of income over**
**expenditure**
Grants to the Chapter of
Winchester
**Surplus/(deficit) for the year**
Investment gains/losses
Reserves brought forward
**Reserves carried forward**
**Represented by:**
Fixed assets - tangible
Investments at market value
Deposits
Cash, stock and debtors
Less:
Grants outstanding
Other liabilities|**2023**
**£**
8,655
71,982
16,789
97,426
273,896
137,915
8,906
18,372
536,515
(75,161)
461,354
(262,399)
198,955
(35,770)
615,368
778,553
-
503,825
140,356
211,778
855,959
(52,823)
(24,583)
778,553|**2022**
**£**
3,043
75,878
17,714
96,635
176,499
1,502
5,338
14,475
294,449
(55,441)
239,008
(147,348)
91,660
11,674
512,034
615,368
508
416,908
383,483
76,733
877,632
(253,057)
(9,207)
615,368|**2021**
**£**
2,993
70,372
26,804
100,169
50,019
11,030
4,847
13,438
179,503
(51,113)
128,390
(181,581)
(53,191)
63,823
501,402
512,034
1,185
378,829
362,346
23,010
765,370
(240,400)
(12,936)
512,034|**2020**
**£**
3,668
61,105
27,591
92,364
408,338
5,855
6,343
13,552
526,452
(60,209)
466,243
(564,564)
(98,321)
(40,335)
640,058
501,402
2,084
256,735
432,455
2,399
693,673
(177,571)
(14,700)
501,402|**2019**
**£**
2,736
54,513
22,337|
|---|---|---|---|---|---|
||||||79,586
123,104
23,053
5,703
15,777|
||||||247,223
(59,351)|
||||||187,872
(93,533)|
||||||94,339
5,125
540,594|
||||||640,058|
||||||487
246,553
425,051
22,553|
||||||694,644
(39,148)
(15,438)|
||||||640,058|