CHARITY REGISTRATION NUMBER: 249460
Friends of Norwich Cathedral Unaudited financial statements
31 December 2021
Friends of Norwich Cathedral
Financial statements
Year ended 31 December 2021
| Page | |
|---|---|
| Council's report | 1 |
| Independent examiner's report to the council members of Friends of Norwich | |
| Cathedral | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
Friends of Norwich Cathedral
Council's report
Year ended 31 December 2021
The Board of management present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and administrative details
Registered charity name Friends of Norwich Cathedral Charity registration number 249460 Principal office 65 The Close Norwich Norfolk NR1 4DH
The Council members
The Council members who served during the year and at the date of approval were as follows:
The High Steward of Norwich Cathedral, Mr Charles Barratt DL (Chairman) The Dean of Norwich, The Very Reverend Dr Jane Hedges (Vice Chairman) Mr Christopher Dicker DL (Treasurer) Canon Andy Bryant Mrs Angela Capper Mr Tim Cawkwell Miss Frances Jenkinson Lay Canon Lucy Heywood Mr Rodney Mayson Mr Jeremy Robson Mr Christopher Sanham Mr Andrew Sinclair Mrs Sheila Steward Mrs Gwyneth Yallop Nominated by the Chapter of Norwich Cathedral Patron Her Majesty The Queen President The Bishop of Norwich Vice Presidents* The High Sheriff of Norfolk The Chairman of Norfolk County Council The Lord Mayor of Norwich
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Friends of Norwich Cathedral
Council's report (continued)
Year ended 31 December 2021
Secretary Ms Helen Frayer Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Barclays Bank Plc 3 St James Court Norwich Norfolk NR3 1RJ
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Friends of Norwich Cathedral
Council's report (continued)
Year ended 31 December 2021
Objectives and activities
The objects of Friends of Norwich Cathedral are to further the religious and other charitable work of the Chapter of Norwich Cathedral by promoting the restoration, maintenance, repair and improvement of the fabric and furnishings of the Cathedral Church in the spirit which inspired its founder, Herbert de Losinga, when he caused its building to be undertaken.
Public benefit
The Council has had due regard to the Charity Commission guidance on public benefit.
The objects of Friends of Norwich Cathedral are to raise funds for the restoration, maintenance and repair of the fabric and furnishings of Norwich Cathedral. The Cathedral is open for worship and visits by all members of the public.
Achievements and performance
During the year the Charity continued to raise funds through membership subscriptions, sales of cards, donations and legacies with total income amounting to £218,660 (2020: £307,607) including legacies of £124,595 (2020: £216,254). Regular income, excluding legacies, increased by approximately £20,000 and support costs increased by £2,000.
Fundraising for the organ restoration came to an end with the Friends having raised £275,000. Payments of £183,000 were made during the year leaving a balance of £92,000 outstanding at the year-end.
During the year Council committed £159,620 towards the following projects:
| Quinquennial repairs Organ restoration Spire turrets Power assisted doors Library windows Choir cushions and kneelers Infirmary columns Music boards St Saviour’s Chapel roof Survey / planning work for roofs Variations for previous commitments: Health and Safety / Nave plaster repairs Communion rails Apse stained glass windows Surge protection |
£ 25,000 5,805 25,000 3,697 26,000 5,000 3,600 7,500 23,000 50,000 (1,000) (2,500) (10,000) (1,482) 159,620 |
|---|---|
Payments to the Chapter of Norwich Cathedral totalled £269,459.
Financial review
The net increase in funds amounted to £29,404 as shown on page 7.
The Council considers the year-end financial position to be satisfactory and confirms that the Charity can meet all known obligations.
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Friends of Norwich Cathedral
Council's report (continued)
Year ended 31 December 2021
Financial review (continued)
Principal funding sources
The principal sources of funding for the Charity are in the form of subscriptions, donations and legacies.
Reserves policy
It is the Council's policy to:
-
retain sufficient reserves (free unrestricted funds) to support the costs of the Charity's management and administration for a 12 month period, which currently amounts to approximately £29,000.
-
gift all additional funds to the Chapter of Norwich Cathedral, when requested, for specific projects in accordance with the objectives set out above.
There were free unrestricted funds of £237,047 at 31 December 2021 (see note 26). Council will be considering new projects in 2022 and making further grants in line with its policy of gifting surplus funds to the Chapter of Norwich Cathedral as and when requested.
Investment policy
Aside from retaining a prudent amount in reserves, most of the Charity's funds are to be spent in the short term as contributions to the Chapter of Norwich Cathedral, and so there are few funds available for long term investment. Having considered the options available the trustees have decided to place their available funds on short term deposit.
The Charity holds a number of COIF accumulated shares which are retained in a restricted fund in order to provide investment income which is to be put towards repairs to the Yeomanry Window.
The deposit accounts in the year, interest rates and their balances at the 31 December 2021 were as follows:
| Interest Rate | £ | Period | |
|---|---|---|---|
| COIF charities deposit fund | Instant | ||
| 0.02% | £31,430 | Access | |
| Virgin charity savings account | Instant | ||
| 0.40% | £85,298 | Access | |
| Hampshire Trust Bank deposit account | 1.81% | £80,576 | 24 Months |
| Julian Hodge Bank deposit account | 0.25% | £85,219 | 12 Months |
| United Trust Bank deposit account | 0.75% | £86,367 | 12 Months |
| Shawbrook Bank deposit account | 0.45% | £84,768 | 12 Months |
Plans for future periods
In order to continue its objectives, the Council will maintain its existing commitments, and do as much as possible over and above this to assist the Chapter. It will continue to endeavour to recruit new members, and to ensure that subscriptions are paid on time and in full.
Structure, governance and management
Governing document
Friends of Norwich Cathedral was founded in 1930 and was registered with the Charity Commission (registration number 249460) on 31 August 1966. It is governed by a Constitution dated 2 May 2012.
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Friends of Norwich Cathedral
Council's report (continued)
Year ended 31 December 2021
Structure, governance and management (continued)
Appointment of Council members and Trustees
The Council consists of the Chairman, the Vice Chairman, the Honorary Treasurer, up to three members appointed by the Chapter of Norwich Cathedral ("the Chapter") and a maximum of nine ordinary members elected at the Annual General Meeting. Any member of the Friends is eligible for appointment to the Council, subject to their nomination. Council Members may serve for a term of four years, after which time they are eligible for re-election for one further term of four years.
Induction and training of Council members
All new Council Members are encouraged to visit and read the Charity Commission website's guidance notes CC3 - "The Essential Trustee, what you need to know, what you need to do", they are also provided with a copy of the Charity's Constitution, the latest accounts of the Charity, and other relevant paperwork. In addition Council Members are encouraged to read Charity Commission and other newsletters designed to keep them abreast of their duties and responsibilities.
Risk assessment
The Council has identified the major risks to which the Charity is exposed and has established systems to mitigate those risks; the document is reviewed regularly.
Organisational structure
The Council administers the Charity, meeting three times a year to consider and approve expenditure towards Cathedral repairs and refurbishment, and annually for the AGM. The Friends' Secretary is appointed by the Council to manage the day to day operations of the Charity. Sub-committees are the Events Committee and the Card Committee. No individual member of the Council has control of the Charity.
Current members of the Council, who also act as trustees of the Charity under the 2011 Charities Act, are listed on page 1.
All Council members held office throughout the year.
Related parties
Donations are made each year to the Chapter of Norwich Cathedral. The Very Reverend Dr Jane Hedges, Canon Andy Bryant and Lay Canon Lucy Heywood represent The Chapter on the Council.
The council's report was approved on 21 March 2022 and signed on behalf of the board of trustees by:
Charles Barratt DL Chairman
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Friends of Norwich Cathedral
Independent examiner's report to the council members of Friends of Norwich Cathedral
Year ended 31 December 2021
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2021 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Mark Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
23 May 2022
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Friends of Norwich Cathedral
Statement of financial activities
Year ended 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 196,287 | 3,116 | 199,403 | 289,876 |
| Other trading activities | 5 | 14,145 | – | 14,145 | 9,817 |
| Investment income | 6 | 968 | 2,689 | 3,657 | 5,333 |
| Other income | 7 | 1,455 | – | 1,455 | 2,581 |
| ------------------------------- | ---------------------- | ------------------------------- | ------------------------------- | ||
| Total income | 212,855 | 5,805 | 218,660 | 307,607 | |
| =============================== | ====================== | =============================== | =============================== | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | (29,702) | – | (29,702) | (24,002) |
| Expenditure on charitable activities | 9 | (159,543) | (5,805) | (165,348) | (205,249) |
| ------------------------------- | ---------------------- | ------------------------------- | ------------------------------- | ||
| Total expenditure | (189,245) | (5,805) | (195,050) | (229,251) | |
| =============================== | ====================== | =============================== | =============================== | ||
| Net income and net movements in funds | |||||
| before gains and losses on investments | 23,610 | – | 23,610 | 78,356 | |
| Net gains on investments | 11 | – | 5,794 | 5,794 | 2,968 |
| ------------------------------- | ---------------------- | ------------------------------- | ------------------------------- | ||
| Net income and net movement in funds | 23,610 | 5,794 | 29,404 | 81,324 | |
| =============================== | ====================== | =============================== | =============================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 213,978 | 33,209 | 247,187 | 165,863 | |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | ||
| Total funds carried forward | 237,588 | 39,003 | 276,591 | 247,187 | |
| =============================== | ========================== | =============================== | =============================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 21 form part of these financial statements.
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Friends of Norwich Cathedral
Balance sheet
31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 17 | 142 | 282 | ||
| Investments | 18 | 39,402 | 33,608 | ||
| -------------------------- | -------------------------- | ||||
| 39,544 | 33,890 | ||||
| Current assets | |||||
| Stocks | 19 | 535 | 1,230 | ||
| Debtors | 20 | 8,860 | 57,711 | ||
| Cash at bank and in hand | 484,275 | 519,405 | |||
| ------------------------------- | ------------------------------- | ||||
| 493,670 | 578,346 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 21 | 256,623 | 355,049 | ||
| ------------------------------- | ------------------------------- | ||||
| Net current assets | 237,047 | 223,297 | |||
| ------------------------------- | ------------------------------- | ||||
| Total assets less current liabilities | 276,591 | 257,187 | |||
| Creditors: Amounts falling due after | |||||
| more than one year | 22 | – | 10,000 | ||
| ------------------------------- | ------------------------------- | ||||
| Net assets | 276,591 | 247,187 | |||
| =============================== | =============================== | ||||
| Funds of the charity | |||||
| Restricted funds | 39,003 | 33,209 | |||
| Unrestricted funds | 237,588 | 213,978 | |||
| ------------------------------- | ------------------------------- | ||||
| Total charity funds | 25 | 276,591 =============================== |
247,187 =============================== |
These financial statements were approved by the board of trustees and authorised for issue on 21 March 2022 and are signed on behalf of the board by:
Mr Charles Barratt DL Chairman
Mr Christopher Dicker DL Treasurer
The notes on pages 9 to 21 form part of these financial statements.
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Friends of Norwich Cathedral
Notes to the financial statements
Year ended 31 December 2021
1. General information
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is 65 The Close, Norwich, Norfolk, NR1 4DH.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
True and fair override
The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. The departure has involved Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain items measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
(b) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The trustees have taken into account the effects of Covid-19 in making this assessment.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
(d) Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Life subscriptions are recognised on payment of £350 for single membership and £450 for joint membership.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
investment income is included when receivable.
-
income from charitable trading activity are accounted for when earned.
(e) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Tangible assets
Fixed assets (excluding investments) are stated at cost less accumulated depreciation. Items costing below £100 are not capitalised.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment - 20% straight line
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
(h) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
(i) Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(j) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
(k) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
(l) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 20,910 | 2,511 | 23,421 | ||
| Legacies | |||||
| Legacies | 124,595 | – | 124,595 | ||
| Subscriptions | |||||
| Annual subscriptions | 37.939 | – | 37,939 | ||
| Life subscriptions | 1,700 | – | 1,700 | ||
| Other donations and legacies | |||||
| Income tax recoverable | 12,493 | 605 | 13,098 | ||
| ------------------------------- | ---------------------- | ------------------------------- | |||
| 196,287 | 3,116 | 199,403 | |||
| =============================== | ====================== | =============================== | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 5,810 | 6,825 | 12,635 | ||
| Legacies | |||||
| Legacies | 216,254 | 12,532 | 228,786 | ||
| Subscriptions | |||||
| Annual subscriptions | 37,533 | – | 37,533 | ||
| Life subscriptions | 1,150 | – | 1,150 | ||
| Other donations and legacies | |||||
| Income tax recoverable | 8,672 | 1,100 | 9,772 | ||
| ------------------------------- | -------------------------- | ------------------------------- | |||
| 269,419 | 20,457 | 289,876 | |||
| =============================== | ========================== | =============================== | |||
| 5. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from advertising in annual report | 560 | 560 | 560 | 560 | |
| Gross income from events (note 16) | 3,575 | 3,575 | 1,298 | 1,298 | |
| Gross income from the sale of cards | |||||
| (note 15) | 10,010 | 10,010 | 7,959 | 7,959 | |
| -------------------------- | -------------------------- | ---------------------- | ---------------------- | ||
| 14,145 | 14,145 | 9,817 | 9,817 | ||
| ========================== | ========================== | ====================== | ====================== |
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
6. Investment income
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Dividend income | 71 | – | 71 | |
| Bank and deposit interest receivable | 897 | 2,689 | 3,586 | |
| ------------- | ---------------------- | ---------------------- | ||
| 968 | 2,689 | 3,657 | ||
| ============= | ====================== | ====================== | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Dividend income | 71 | – | 71 | |
| Bank and deposit interest receivable | 1,577 | 3,685 | 5,262 | |
| ---------------------- | ---------------------- | ---------------------- | ||
| 1,648 | 3,685 | 5,333 | ||
| ====================== | ====================== | ====================== | ||
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Covid-19 Job Retention Scheme | 1,455 | 1,455 | 2,581 | 2,581 |
| ====================== | ====================== | ====================== | ====================== |
7. Other income
Government grants received during the year totalled £1,455 (2020: £2,581) in relation to the Coronavirus Job Retention Scheme.
8. Costs of raising donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Staff salaries | 16,311 | 16,311 | 16,080 | 16,080 |
| Staff pension costs | 965 | 965 | 965 | 965 |
| Sundry | 31 | 31 | 16 | 16 |
| Insurance and rates | 449 | 449 | 202 | 202 |
| Printing, postage and stationery | 2,938 | 2,938 | 1,479 | 1,479 |
| Display board costs | 1,182 | 1,182 | – | – |
| Computer & IT support | 392 | 392 | 176 | 176 |
| Depreciation | 140 | 140 | 140 | 140 |
| Cost of card sales (note 15) | 6,008 | 6,008 | 4,894 | 4,894 |
| Events (note 16) | 923 | 923 | 50 | 50 |
| Bad debt write off | 363 | 363 | – | – |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 29,702 | 29,702 | 24,002 | 24,002 | |
| ========================== | ========================== | ========================== | ========================== |
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
9. Expenditure on charitable activities by activity type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Commitments made to the Chapter of | ||||
| Norwich Cathedral (note 10) | 159,620 | – | 159,620 | 198,142 |
| Governance costs | – | 5,728 | 5,728 | 7,107 |
| ------------------------------- | ---------------------- | ------------------------------- | ------------------------------- | |
| 159,620 | 5,728 | 165,348 | 205,249 | |
| =============================== | ====================== | =============================== | =============================== | |
| Analysis of governance costs: | ||||
| Unrestricted | Restricted | Total Funds | Total Funds | |
| Funds | funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Independent examination and accountancy fees | ||||
| Current year independent | ||||
| examination fees | 2,900 | – | 2,900 | 2,815 |
| Irrecoverable VAT on independent | ||||
| examination and accountancy fees | 580 | – | 580 | 563 |
| Annual report | 2,248 | – | 2,248 | 3,729 |
| ---------------------- | ------------- | ---------------------- | ---------------------- | |
| 5,728 | – | 5,728 | 7,107 | |
| ====================== | ============= | ====================== | ====================== |
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
10. Commitments made to the Chapter of Norwich Cathedral
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Quinquennial repairs | 25,000 | 25,000 |
| Electrical installation | – | 27,000 |
| Organ restoration | 5,805 | 48,142 |
| St Catherine's Chapel Roof | – | 48,500 |
| Communion rails | – | 2,500 |
| 2021 Quinquennial inspection | – | 12,000 |
| Apse stained glass windows | – | 10,000 |
| Surge protection | – | 5,000 |
| Architect's retainer | – | 20,000 |
| Spire turrets | 25,000 | – |
| Power assisted door | 5,000 | – |
| Library windows | 26,000 | – |
| Choir cushions and kneelers | 5,000 | – |
| Infirmary columns | 3,600 | – |
| Music boards | 7,500 | – |
| St Saviour’s Chapel roof | 23,000 | – |
| Survey/planning work for roofs | 50,000 | – |
| Reallocations and decreases on prior year commitments | ||
| Communion rails | (2,500) | – |
| Health and safety | (1,000) | – |
| Apse stained glass windows | (10,000) | – |
| Surge protection | (1,482) | – |
| Power assisted door | (1,303) | – |
| ------------------------------- | ------------------------------- | |
| 159,620 | 198,142 | |
| =============================== | =============================== |
11. Net gains on investments
| Restricted | Total Funds | Restricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on other investment | |||||
| assets | 5,794 | 5,794 | 2,968 | 2,968 | |
| ====================== | ====================== | ====================== | ====================== | ||
| 12. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 140 ============= |
140 ============= |
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Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 16,311 | 16,080 |
| Employer contribution to pension plans | 965 | 965 |
| -------------------------- | -------------------------- | |
| 17,276 | 17,045 | |
| ========================== | ========================== |
The average head count of employees during the year was 1 (2020: 1).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
The total amount of remuneration by key management personnel is £16,311 (2020: £16,080).
14. Trustee remuneration and expenses
The members of the Council received no remuneration or expenses from the Charity during the year.
15. Sale of cards
The trading activity is as follows:
| The trading activity is as follows: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Sale of cards | 10,010 | 7,959 |
| Cost of sales | (6,008) | (4,894) |
| -------------------------- | ---------------------- | |
| 4,002 | 3,065 | |
| ========================== | ====================== | |
| Events | ||
| The gross profit from events is as follows: | ||
| 2021 | 2020 | |
| £ | £ | |
| Income from events | 3,575 | 1,298 |
| Cost of events | (923) | (50) |
| ---------------------- | ---------------------- | |
| 2,652 | 1,248 | |
| ====================== | ====================== |
16. Events
- 16 -
Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
17. Tangible fixed assets
| Equipment | ||||
|---|---|---|---|---|
| and database | Total | |||
| £ | £ | |||
| Cost | ||||
| At 1 January 2021 and 31 December 2021 | 8,099 | 8,099 | ||
| ====================== | ====================== | |||
| Depreciation | ||||
| At 1 January 2021 | 7,817 | 7,817 | ||
| Charge for the year | 140 | 140 | ||
| ---------------------- | ---------------------- | |||
| At 31 December 2021 | 7,957 | 7,957 | ||
| ====================== | ====================== | |||
| Carrying amount | ||||
| At 31 December 2021 | 142 | 142 | ||
| ====================== | ====================== | |||
| At 31 December 2020 | 282 | 282 | ||
| ====================== | ====================== | |||
| 18. | Investments | |||
| Listed | Other |
|||
| investments | investments | Total | ||
| £ | £ | £ | ||
| Cost or valuation | ||||
| At 1 January 2021 | 33,208 | 400 | 33,608 | |
| Additions | – | – | – | |
| Net gains | 5,794 | – | 5,794 | |
| -------------------------- | ------------- | -------------------------- | ||
| At 31 December 2021 | 39,002 | 400 | 39,402 | |
| ========================== | ============= | ========================== | ||
| Impairment | ||||
| At 1 January 2021 and 31 December 2021 | – | – | ||
| ============= | ========================== | |||
| Carrying amount | ||||
| At 31 December 2021 | 39,002 | 400 | 39,402 | |
| ========================== | ============= | ========================== | ||
| At 31 December 2020 | 33,208 | 400 | 33,608 | |
| ========================== | ============= | ========================== | ||
| All investments shown above are held at valuation. | ||||
| 19. | Stocks | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Cards held for resale | 535 | 1,230 | ||
| ============= | ====================== |
- 17 -
Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
20. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 3,998 | 2,625 |
| Prepayments and accrued income | 2,222 | 4,803 |
| Legacies receivable | 500 | 48,156 |
| Other debtors | 2,140 | 2,127 |
| ---------------------- | -------------------------- | |
| 8,860 | 57,711 | |
| ====================== | ========================== | |
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 6,203 | 4,790 |
| Commitments to the Chapter (note 23) | 250,420 | 350,259 |
| ------------------------------- | ------------------------------- | |
| 256,623 | 355,049 | |
| =============================== | =============================== | |
| 2021 | 2020 | |
| £ | £ | |
| Deferred income brought forward | 1,310 | 2,001 |
| Released during the year | (957) | (1,065) |
| Deferred during the year | 2,268 | 374 |
| ---------------------- | ---------------------- | |
| Deferred income carried forward | 2,621 | 1,310 |
| ====================== | ====================== |
21. Creditors: amounts falling due within one year
Deferred income consists of income received in advance of £2,621 in relation to events.
Due to Covid-19 2020 events were cancelled and credited to members accounts to use for future events, at the year-end the balance of credit was £353 (2020: £1,016). The remaining £2,268 was income received for events scheduled for 2022.
22. Creditors: amounts falling due after more than one year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Commitments to the Chapter (note | 23) | – ============= |
10,000 ========================== |
- 18 -
Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
23. Commitments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Architect's retainer | 10,000 | 20,000 |
| Health and safety/Nave plaster repairs | – | 1,000 |
| Quinquennial repairs | 27,026 | 27,347 |
| Electrical installation | 11,885 | 11,885 |
| Organ restoration | 92,042 | 268,766 |
| St Catherine's Chapel Roof | 486 | 1,761 |
| Communion rails | – | 2,500 |
| 2021 Quinquennial inspection | 12,000 | 12,000 |
| Apse stained glass windows | – | 10,000 |
| Surge protection | – | 5,000 |
| Library windows | 12,920 | - |
| Choir cushions and kneelers | 5,000 | – |
| Infirmary columns | 3,600 | – |
| Music boards | 2,461 | – |
| St Saviour’s Chapel roof | 23,000 | – |
| Survey/planning work for roofs | 50,000 | – |
| ------------------------------- | ------------------------------- | |
| 250,420 | 360,259 | |
| =============================== | =============================== |
24. Pensions and other post retirement benefits
Defined contribution plan
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £965 (2020: £965).
- 19 -
Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
25. Analysis of charitable funds
Unrestricted funds
| Gains and | At 31 Dec | |||||
|---|---|---|---|---|---|---|
| At 1 Jan 2021 | Income | Expenditure | Transfers | losses | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 213,978 | 212,855 | (189,245) | – | – | 237,588 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------- | ------------- | ------------------------------- | |
| 213,978 | 212,855 | (189,245) | – | – | 237,588 | |
| =============================== | =============================== | =============================== | ============= | ============= | =============================== | |
| Gains and | At 31 Dec | |||||
| At 1 Jan 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| General funds | 135,622 | 283,465 | (181,109) | (24,000) | – | 213,978 |
| Designated - The | ||||||
| Organ fund | – | – | (24,000) | 24,000 | – | – |
| ------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | ------------- | ------------------------------- | |
| 135,622 | 283,465 | (205,109) | – | – | 213,978 | |
| =============================== | =============================== | =============================== | ========================== | ============= | =============================== | |
| Restricted funds | ||||||
| Gains and | At 31 Dec | |||||
| At 1 Jan 2021 | Income | Expenditure | Transfers | losses | 2021 | |
| The Yeomanry | ||||||
| Window fund | 33,209 | – | – | – | 5,794 | 39,003 |
| The Organ fund | – | 2,689 | (2,689) | – | – | – |
| The Organ fund - | ||||||
| individual | ||||||
| donations | – | 3,116 | (3,116) | – | – | – |
| ------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | ---------------------- | ------------------------------- | |
| 33,209 | 5,805 | (5,805) | – | 5,794 | 39,003 | |
| =============================== | =============================== | =============================== | ========================== | ====================== | =============================== | |
| Gains and | At 31 Dec | |||||
| At 1 Jan 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| The Yeomanry | ||||||
| Window fund | 30,241 | – | – | – | 2,968 | 33,209 |
| The Organ fund | – | 16,217 | (16,217) | – | – | – |
| The Organ fund - | ||||||
| individual | ||||||
| donations | – | 7,925 | (7,925) | – | – | – |
| ------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | ---------------------- | ------------------------------- | |
| 30,241 =============================== |
24,142 =============================== |
(24,142) =============================== |
– ========================== |
2,968 ====================== |
33,209 =============================== |
The Yeomanry Window fund was set up in 1991 to provide funds for future repairs to the window commemorating the Norfolk Yeomanry.
The Organ fund was set up with funds from a legacy from Miss M Lovejoy, for the repair of the organ. The individual donations fund was set up from donations received from the appeal. The Organ fund has been included as a commitment totalling £92,042 (note 23).
- 20 -
Friends of Norwich Cathedral
Notes to the financial statements (continued)
Year ended 31 December 2021
26. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 142 | – | 142 |
| Investments | 399 | 39,003 | 39,402 |
| Current assets | 237,047 | – | 237,047 |
| Creditors: amounts falling due after more than one year | – | – | – |
| ------------------------------- | -------------------------- | ------------------------------- | |
| Net assets | 237,588 | 39,003 | 276,591 |
| =============================== | ========================== | =============================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 282 | – | 282 |
| Investments | 399 | 33,209 | 33,608 |
| Current assets | 223,297 | – | 223,297 |
| Creditors: amounts falling due after more than one year | (10,000) | – | (10,000) |
| ------------------------------- | -------------------------- | ------------------------------- | |
| Net assets | 213,978 | 33,209 | 247,187 |
| =============================== | ========================== | =============================== |
27. Financial instruments
| The carrying amount for each category of financial instrument is as follows: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Financial assets measured at fair value through income and expenditure | ||
| Fixed asset listed investments (note 18) | 72,210 | 33,208 |
| ========================== | ========================== |
28. Related parties
The Very Reverend Dr Jane Hedges, Canon Andy Bryant and Lay Canon Lucy Heywood represented the Chapter on the Council during the year.
During the year, Friends of Norwich Cathedral made charitable commitments of £159,620 to the Chapter.
- 21 -