Friends of Norwich Cathedral
Treasurer’s Report and Summarised Accounts
For the year ended 31 December 2022
The summarised accounts which follow are an abbreviated version of the full financial statements which have been approved by Council and independently examined by Lovewell Blake. The full financial statements can be viewed on the Charity Commission website or are available from the Secretary.
I am pleased to report that 2022 proved to be another very satisfactory year for the finances of the Friends. The accounts show that our regular income less support costs increased to £54,000 (2021 £51,000) and with legacy income of £330,000 (2021 £126,000) we raised a net £384,000 (2021 £183,000).
Following two years of reduced activity during the pandemic it was very pleasing to see a bounce back in the number of Events - 18 in 2022 as compared with 8 in 2021 and just 4 in 2020. Well done to the Events Committee and for raising net income of £11,000 as compared with £2,700 in 2021. Income from card sales was similar to the previous year with a slightly reduced profit margin of 37% (2021 40%), another creditable performance in view of the postal strikes and the gradual move away from sending cards at Christmas. Sending cards is still a great way to publicise the Friends and promote membership. Although annual subscriptions were a little down, the number of members remained constant but with fewer paying more than the basic subscription. We were pleased to welcome 7 new Life Members.
During the year we were notified of six new legacies which boosted our income by £329,955. One particularly generous legacy was for £300,000 and is included as a debtor at the year end. This is the third year running that legacies exceeded £100,000 and as always, we are grateful to those Friends and others for remembering the Charity in their wills.
Our aim is to support the Chapter by providing grants towards its ongoing task of restoring, maintaining, repairing, and improving the fabric of the Cathedral. During the year Council committed £296,953 towards the various projects including £280,778 towards repairs to the roofs of St Saviour’s Chapel, the South Aisle and the Locutory. The full list is shown on page 11. At 31 December 2022 we held £250,000 available for further grants.
An Expendable Endowment Fund was set up during the year, the purpose being to retain certain categories of donations and legacies which are invested for the longer-term benefit of the Cathedral, with income generated from the investments being used for making immediate grants to The Chapter. The Fund was set up with two £6,250 donations (including gift aid). Council agreed in November 2022 that 5% of future legacies would be transferred to the Fund with discretion to invest a greater percentage from very large legacies. 10% of the £300,000 legacy notified in 2022 is being invested in the Fund. The value of that Fund at 31[st] December 2022 amounted to £43,850. Whilst donations will normally be used for immediate grants, Friends may wish to make donations specifically to this Fund.
My thanks again go to Helen Frayer for her sterling work in managing the finances. Over the last five years she has looked after the accounting records with great care and we shall miss her when she retires in August. Thank you, Helen.
Christopher Dicker FCA DL Honorary Treasurer
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Friends of Norwich Cathedral Summarised Statement of Financial Activities For the year ended 31 December 2022
| Income Regular income Annual subscriptions Life subscriptions Donations and collections Income tax recoverable Net profit from events Net profit from sale of cards Income from advertising in annual report Interest receivable Dividend income – endowment funds Dividend income - other Support and other costs Salaries and staff costs Annual report Accountancy and independent examination fees Printing, postage and stationery Display board costs Other support costs Regular income less costs Other income less other expenditure Legacies Organ restoration restricted donations and legacies (including gift aid) Interest on organ restoration donations HMRC Covid-19 Job retention scheme grant Charitable donations Contributions to the Chapter of Norwich Cathedral Organ restoration Other Investment gains Net (loss)/gains on investments Net increase in funds |
2022 £ £ 34,370 1,700 17,962 10,782 11,181 3,770 685 2,870 226 71 83,617 17,803 3,290 3,972 2,889 - 1,964 29,918 53,699 329,955 - - - 329,955 383,654 (168) (296,785) (296,953) (3,732) 82,969 |
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COUNCIL’S STATEMENT
The accounts set out on pages 9 to 11 are a summary of information extracted from the full unaudited accounts. These summarised accounts may not contain sufficient information to allow for a full understanding of the financial affairs of the charity. For further information, the full annual accounts, the Independent Examiner’s Report and the Council’s Annual Report should be consulted; copies of these can be obtained from the Friends’ Office. The full unaudited accounts were approved on 22 March 2023 and will shortly be submitted to the Charity Commission.
On behalf of the Council
Christopher Dicker FCA DL Honorary Treasurer
Friends of Norwich Cathedral
Balance Sheet at 31 December 2022
| ___________ Fixed assets Tangible assets (equipment) Quoted investments at year end market value Unquoted investments at cost Current assets Stock Legacy debtor Other debtors Short term deposits - General funds - Organ restoration Cash at bank and in hand - General funds Creditors Amounts falling due within one year: Commitments to the Chapter Commitments to the Chapter – Organ restoration Other creditors Net current assets Accumulated funds Endowment funds Expendable endowment Restricted funds The Yeomanry Window fund Unrestricted funds General funds |
_____ £ 1,182 300,000 8,372 299,631 - 9,558 618,743 (297,238) - (10,115) (307,353) |
______ 2022 £ - 47,770 400 48,170 311,390 359,560 43,850 35,494 280,216 359,560 |
______ £ 535 - 8,860 361,614 92,042 30,619 493,670 (158,378) (92,042) (6,203) (256,623) |
___ 2021 £ 142 39,002 400 39,544 237,047 276,591 - 39,003 237,588 276,591 |
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INDEPENDENT EXAMINER’S STATEMENT TO THE COUNCIL OF FRIENDS OF NORWICH CATHEDRAL
In my opinion the unaudited summarised financial statements are consistent with the full unaudited financial statements and the Council’s Annual report of Friends of Norwich Cathedral for the year ended 31 December 2022.
Mark Proctor FCA DChA Bankside 300 Independent Examiner Peachman Way Lovewell Blake LLP Broadland Business Park Chartered Accountants Norwich
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Commitments and Projects
For the year ended 31 December 2022
| Commitments | Increase in | Commitments | ||
|---|---|---|---|---|
| brought forward | commitments | Payments | carried forward | |
| 1 January 2022 | less variations | in year | 31 December 2022 | |
| £ | £ | £ | £ | |
| Repairs to St Saviour’s Chapel, | South Aisle | |||
| and Locutory roofs | 73,000 | 280,778 | (114,308) | 239,470 |
| 2021 QuinquenniaI inspection | 12,000 | - | - | 12,000 |
| Cleaning South Aisle stonework | - |
12,000 | - | 12,000 |
| Electrical installation | 11,885 | - | - | 11,885 |
| Quinquennial repairs | 27,026 | - | (17,472) | 9,554 |
| Choir cushions and kneelers | 5,000 | - | - | 5,000 |
| Repairs to Hostry Porch wall | - | 5,500 | (632) | 4,868 |
| Music boards | 2,461 | - | - | 2,461 |
| Architect’s retainer | 10,000 | - | (10,000) | - |
| Organ restoration | 92,042 | 168 | (92,210) | - |
| St Catherine’s Chapel roof | 486 | (486) | - | - |
| Library windows | 12,920 | - | (12,920) | - |
| Infirmary columns | 3,600 | (1,007) | (2,593) | - |
| 250,420 | 296,953 | (250,135) | 297,238 |