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2024-12-31-accounts

CHARITY REGISTRATION NUMBER: 249460

Friends of Norwich Cathedral Financial statements

31 December 2024

Friends of Norwich Cathedral

Financial statements

Year ended 31 December 2024

Page
Council's report 1
Independent auditor's report to the trustees 9
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15

Friends of Norwich Cathedral

Council's report

Year ended 31 December 2024

The trustees present their report and the financial statements of the charity for the year ended 31 December 2024.

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.

- 1 -

Friends of Norwich Cathedral

Council's report (continued)

Year ended 31 December 2024

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 trustees

The trustees 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 Revd Dr Andrew Braddock (Vice Chairman) Mr Christopher Dicker DL (Treasurer) Canon Andy Bryant Mrs Angela Capper Miss Frances Jenkinson Ms Lucy Heywood Mr Rodney Mayson Mr Jeremy Robson Mr Christopher Sanham Mrs Sheila Steward Mr Peter Hornor Janet Benson (appointed 17 May 2024) Mr David Vyse (appointed 17 May 2024) Canon Elizabeth Wiggins (appointed November 2024) Nominated by the Chapter of Norwich Cathedral Patron His Majesty The King President The Bishop of Norwich Vice Presidents The High Sheriff of Norfolk The Chairman of Norfolk County Council The Lord Mayor of Norwich Secretary Ms Sarah Acklam Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich

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Friends of Norwich Cathedral

Council's report (continued)

Year ended 31 December 2024

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 2024

Objectives and activities

The objects of the 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 the 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, Friends events, donations and legacies with total income amounting to £2,691,610 (2023: £196,333). Gross income from events totalled £69,172 (2023: £66,799) and income from legacies £2,544,176 (2023: £54,928) with a further £12,625 (2023: £6,270) being donated to the Endowment Fund.

Regular income (excluding legacies and donations to the Endowment Fund) less support costs totalled £xx,xxx (2023: £46,502). Grants to the Chapter of Norwich Cathedral totalled £450,451 (2023: £180,000) and after a small gain in the value of investments funds increased by £2,150,550 (2023: decreased by £70,665).

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Friends of Norwich Cathedral

Council's report (continued)

Year ended 31 December 2024

Achievements and performance (continued)

During the year Council made commitments towards the following projects:

2024
Repairs to the roofs of St Saviour’s Chapel, the South Aisle and the Locutory £363,502
Electrical installation £21,500
Quinquennial repairs £35,000
Tank room roof £7,000
Architect’s retainer £5,000
Ambulatory plaster conservation £15,000
Repairs to Clock/Bells mechanism £3,477
Less variations in previously committed expenditure (£11,382)
Total £450,451

Payments to the Chapter totalled £257,583 and outstanding commitments at the year-end amounted to £418,157.

The value of the Endowment Fund at the year-end was £308,133.

Financial review

The net increase in funds amounted to £2,150,550 as shown on page 11 (2023: decrease of £70,665).

The Council considers the year end financial position to be satisfactory and confirms that the Charity can meet all known obligations.

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:

There were free unrestricted funds of £1,946,764 at 31 December 2024 (see note 24) due to the receipt of exceptional legacies during 2024. Council will be considering new projects in 2024 and making further grants in line with its policy of gifting surplus funds to the Chapter of Norwich Cathedral as and when requested.

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Friends of Norwich Cathedral

Council's report (continued)

Year ended 31 December 2024

Financial review (continued)

Investment policy

The expendable endowment fund donations and legacies, when received, are invested for the long term in the M & G Equities Investment Fund for Charities (Charifund).

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.

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 deposit accounts in the year, interest rates and their balances at the 31 December 2023 were as follows:

Interest Rate £ Period
COIF charities deposit fund 4.93% £142,759 Instant Access
United Trust Bank deposit account 5.25% £87,267 120 day notice
Shawbrook Bank deposit account 0.77% £86,006 60 day notice

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

The Friends of Norwich Cathedral was founded in 1930 and was registered with the Charity Commission (registration number 249460) on 31 August 1966. A new Constitution was approved 2 May 2012. A Deed amending the administrative provisions was approved 11 May 2022.

Appointment of Council members and Trustees

The Trustees, referred to as Council, comprise the Chairman (the High Steward of Norwich Cathedral), the Vice-Chairman (the Dean), the Treasurer (appointed by Council), a maximum of nine elected members (who serve for a term of four years and retire by rotation), a maximum of three nominated Trustees (appointed by the Chapter of Norwich Cathedral) and up to two co-opted Trustees. Every Friend is entitled to stand for election and to vote at the Annual Meeting.

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.

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Friends of Norwich Cathedral

Council's report (continued)

Year ended 31 December 2024

Structure, governance and management (continued)

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 Andrew Braddock (appointed 28 January 2023), Canon Andy Bryant and Lay Canon Lucy Heywood (until XXX) represent The Chapter on the Council.

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. This 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.

Fundraising standards

The charity carries out limited fundraising activities in connection with its activities. No professional fundraisers or third party commercial participators are used. There have been no complaints about the charity's fundraising this year.

Trustees' responsibilities statement

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 year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

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Friends of Norwich Cathedral

Council's report (continued)

Year ended 31 December 2024

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper 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 Charities (Accounts and Reports) Regulations 2008 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.

The council's report was approved on 25 March 2025 and signed on behalf of the board of trustees by:

Charles Barratt DL Chairman

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Friends of Norwich Cathedral

Independent auditor's report to the trustees of Friends of Norwich Cathedral

Year ended 31 December 2024

Opinion

We have audited the financial statements of Friends of Norwich Cathedral (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Friends of Norwich Cathedral

Independent auditor's report to the trustees of Friends of Norwich Cathedral (continued)

Year ended 31 December 2024

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement (set out on pages 7 to 8), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Friends of Norwich Cathedral

Independent auditor's report to the trustees of Friends of Norwich Cathedral (continued)

Year ended 31 December 2024

A further description of our responsibilities is available on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Proctor FCA DChA (Senior Statutory Auditor)

For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

22 May 2025

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Friends of Norwich Cathedral

Statement of financial activities

Year ended 31 December 2024

2024 2024 2023
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 4 2,342,374 – 253,678 2,596,052 109,303
Other trading activities 5 74,882 – – 74,882 74,172
Investment income 6 20,676 – – 20,676 12,858
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total income 2,437,932 – 253,678 2,691,610 196,333
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on raising funds:
Costs of raising
donations and
legacies 7 (80,463) – – (80,463) (80,673)
Expenditure on charitable
activities 8 (464,969) – – (464,969) (187,960)
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total expenditure (545,432) – – (545,432) (268,633)
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Net income/(expenditure) and
net movements in funds
before gains and losses on
investments 1,892,500 – 253,678 2,146,178 (72,300)
Net gains on investments 10 – 2,032 2,340 4,372 1,635
Net income/(expenditure)
before transfer of funds 1,892,500 2,032 256,018 2,150,550 (70,665)
Transfers between funds (400) – 400 – –
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net movement in funds 1,892,100 2,032 256,418 2,150,550 (70,665)
Reconciliation of funds
Total funds brought forward 196,798 39,941 52,156 288,895 359,560
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total funds carried forward 2,088,898 41,973 308,574 2,439,445 288,895
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

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 15 to 25 form part of these financial statements.

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Friends of Norwich Cathedral

Balance sheet

31 December 2024

2024 2023
Note £ £ £ £
Fixed assets
Tangible fixed assets 16 562 750
Investments 17 142,013 89,273
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
142,575 90,023
Current assets
Stocks 18 1,247 2,600
Debtors 19 1,141,063 47,422
Cash at bank and in hand 1,594,847 387,471
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
2,737,157 437,493
Creditors: Amounts falling due within
one year 20 440,287 238,621
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net current assets 2,296,870 198,872
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total assets less current liabilities 2,439,445 288,895
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net assets 2,439,445 288,895
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Funds of the charity
Endowment funds 308,574 52,156
Restricted funds 41,973 39,941
Unrestricted funds 2,088,898 196,798
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total charity funds 23 2,439,445 288,895
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

These financial statements were approved by the board of trustees and authorised for issue on 25 March 2025, and are signed on behalf of the board by:

Mr Charles Barratt DL Chairman

Mr Christopher Dicker DL Treasurer

The notes on pages 15 to 25 form part of these financial statements.

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Friends of Norwich Cathedral

Statement of cash flows

Year ended 31 December 2024

2024 2023
£ £
Cash flows from operating activities
Net income/(expenditure) 2,150,550 (70,665)
Adjustments for:
Depreciation of tangible fixed assets 188 188
Net gains on investments (4,372) (1,635)
Dividends, interest and rents from investments (3,317) (2,652)
Other interest receivable and similar income (17,359) (10,206)
Changes in:
Stocks 1,353 (1,418)
Trade and other debtors (1,093,641) 260,950
Trade and other creditors 201,666 (68,732)
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Cash generated from operations 1,235,068 105,830
Interest received 17,359 10,206
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net cash from operating activities 1,252,427 116,036
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Cash flows from investing activities
Dividends, interest and rents from investments 3,317 2,652
Purchase of tangible assets – (938)
Purchases of other investments (49,598) (39,468)
Proceeds from sale of other investments 5,602 –
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net cash used in investing activities (40,679) (37,754)
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Net increase in cash and cash equivalents 1,211,748 78,282
Cash and cash equivalents at beginning of year 387,471 309,189
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Cash and cash equivalents at end of year 1,599,219 387,471
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

The notes on pages 15 to 25 form part of these financial statements.

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Friends of Norwich Cathedral

Notes to the financial statements

Year ended 31 December 2024

1. General information

The charity is a registered charity in England and Wales and is unincorporated. The address of the prinicipal 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 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.

(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.

An expendable endowment fund, the purpose being to retain certain categories of donations and legacies which will be invested for the longer-term benefit of the Cathedral. Although intended as a very long-term fund, Council has the power to withdraw funds, at its discretion, if needed for a major unexpected project. The income generated from the investments is used for making immediate grants to the Chapter.

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Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

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:

(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:

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:

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Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

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.

4. Donations and legacies

Unrestricted Endowment Total Funds
Funds Funds 2024
£ £ £
Donations
Donations 6,504 240 6,744
Legacies
Legacies 2,290,779 253,397 2,544,176
Subscriptions
Annual subscriptions 34,372 – 34,372
Life subscriptions 2,950 – 2,950

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Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

4. Donations and legacies (continued)

Unrestricted Endowment Total Funds
Funds Funds 2024
£ £ £
Other donations and legacies
Income tax recoverable 7,769 41 7,810
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
2,342,374 253,678 2,596,052
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Unrestricted Endowment Total Funds
Funds Funds 2023
£ £ £
Donations
Donations 6,154 5,020 11,174
Legacies
Legacies 50,080 4,848 54,928
Subscriptions
Annual subscriptions 34,266 – 34,266
Life subscriptions 350 – 350
Other donations and legacies
Income tax recoverable 7,335 1,250 8,585
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
98,185 11,118 109,303
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
5. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Income from advertising in annual report 585 585 490 490
Gross income from events (note 15) 69,172 69,172 66,799 66,799
Gross income from the sale of cards
(note 14) 5,125 5,125 6,883 6,883
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
74,882 74,882 74,172 74,172
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
6. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Dividend income 3,317 3,317 2,652 2,652
Bank and deposit interest receivable 17,359 17,359 10,206 10,206
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
20,676 20,676 12,858 12,858
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

- 18 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

7. Costs of raising donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Staff salaries 15,938 15,938 18,693 18,693
Staff pension costs 885 885 1,065 1,065
Sundry (12) (12) 18 18
Insurance and rates 569 569 755 755
Travel and conference expenses – – 570 570
Printing, postage and stationery 3,740 3,740 2,482 2,482
Depreciation 188 188 188 188
Cost of card sales (note 14) 3,864 3,864 4,267 4,267
Events (note 15) 55,291 55,291 51,903 51,903
Recruitment – – 732 732
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
80,463 80,463 80,673 80,673
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
8. Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2024 2023
£ £ £ £
Commitments made to the Chapter of
Norwich Cathedral (note 9) 450,451 – 450,451 180,000
Governance costs – 14,518 14,518 7,960
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
450,451 14,518 464,969 187,960
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Analysis of governance costs:
Unrestricted Restricted Total Funds Total Funds
Funds funds 2024 2023
£ £ £ £
Auditor's remuneration
Current year audit fees 8,857 – 8,857 –
Prior year independent examination
fees – – – 3,560
Irrecoverable VAT on auditor's
remuneration 1,771 – 1,771 712
Annual report 3,890 – 3,890 3,688
ৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄ
14,518 – 14,518 7,960
৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶

- 19 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

9. Commitments made to the Chapter of Norwich Cathedral

2024 2023
£ £
Quinquennial repairs 46,354 54,869
Electrical installation 21,500 45,000
Repairs to St Saviour's Chapel, South Aisle and Locutory roofs 363,502 40,000
Tank Room Roof 7,000 20,000
Architect's retainer 5,000 10,000
Flood investigation and prep for protection – 10,000
Refectory lavatories – 10,000
Ambulatory Plaster Conservation 15,000 –
Repairs to Clock/Bells mechanism 3,477 –
Reallocations and decreases on prior year commitments
Repairs to Hostry Porch wall (11,382) –
Choir cushions & kneelers – (5,000)
Cleaning to stonework south aisle – (4,869)
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
450,451 180,000
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
10. Net gains on investments
Restricted Endowment Total Funds
Funds Funds 2024
£ £ £
Gains/(losses) on other investment assets 2,032 2,340 4,372
৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶
Restricted Endowment Total Funds
Funds Funds 2023
£ £ £
Gains/(losses) on other investment assets 4,447 (2,812) 1,635
৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶
11. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible fixed assets 188 188
৶৶৶৶ ৶৶৶৶

- 20 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2024 2023
£ £
Wages and salaries 15,938 18,693
Employer contribution to pension plans 885 1,065
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
16,823 19,758
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

The average head count of employees during the year was 1 (2023: 1).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

The total amount of remuneration by key management personnel is £15,938 (2023: £18,693).

13. Trustee remuneration and expenses

The members of the Council received no remuneration or expenses from the Charity during the year.

14. Sale of cards

The trading activity is as follows:

The trading activity is as follows:
2024 2023
£ £
Sale of cards 5,125 6,883
Cost of sales (3,864) (4,267)
ৄৄৄৄৄৄ ৄৄৄৄৄৄ
1,261 2,616
৶৶৶৶৶৶ ৶৶৶৶৶৶
Events
The gross profit from events is as follows:
2024 2023
£ £
Income from events 69,172 66,799
Cost of events (55,291) (51,903)
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
13,881 14,896
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

15. Events

- 21 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

16. Tangible fixed assets

Equipment
and database Total
£ £
Cost
At 1 January 2024 and 31 December 2024 8,872 8,872
৶৶৶৶৶৶ ৶৶৶৶৶৶
Depreciation
At 1 January 2024 8,122 8,122
Charge for the year 188 188
ৄৄৄৄৄৄ ৄৄৄৄৄৄ
At 31 December 2024 8,310 8,310
৶৶৶৶৶৶ ৶৶৶৶৶৶
Carrying amount
At 31 December 2024 562 562
৶৶৶৶৶৶ ৶৶৶৶৶৶
At 31 December 2023 750 750
৶৶৶৶৶৶ ৶৶৶৶৶৶
17. Investments
Listed Other
investments investments Total
£ £ £
Cost or valuation
At 1 January 2024 88,873 400 89,273
Additions 49,598 – 49,598
Disposals – (1,230) (1,230)
Fair value movements – 830 830
Net gains 3,542 – 3,542
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
At 31 December 2024 142,013 – 142,013
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Impairment
At 1 January 2024 and 31 December 2024 – –
৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Carrying amount
At 31 December 2024 142,013 – 142,013
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
At 31 December 2023 88,873 400 89,273
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
All investments shown above are held at valuation.
Financial assets held at fair value
All investments shown above are held at valuation.
18. Stocks
2024 2023
£ £
Cards held for resale 1,247 2,600
৶৶৶৶৶৶ ৶৶৶৶৶৶

- 22 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

19. Debtors

2024 2023
£ £
Trade debtors 2,336 3,352
Prepayments and accrued income 919 935
Legacies receivable 1,130,000 40,000
Other debtors 7,808 3,135
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
1,141,063 47,422
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

20. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 21,989 13,227
Commitments to the Chapter (note 21) 418,157 225,289
Other creditors 141 105
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
440,287 238,621
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
2024 2023
£ £
Deferred income brought forward 8,822 6,053
Released during the year (8,822) (6,053)
Deferred during the year 11,234 882
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄ
Deferred income carried forward 11,234 8,822
৶৶৶৶৶৶৶ ৶৶৶৶৶৶

Deferred income consists of income received in advance of £11,234 in relation to events.

21. Commitments

2024 2023
£ £
South Aisle, Locutory and St Saviours Chapel roof 304,911 103,516
Electrical installation 20,267 56,885
Quinquennial repairs 71,471 30,218
Tank room roof 1,508 16,929
Repairs to Hostry Porch wall – 11,416
Architect's retainer 5,000 5,000
Refectory lavatories 15,000 1,325
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
418,157 225,289
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

22. 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 £885 (2023: £1,065).

- 23 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

23. Analysis of charitable funds

Unrestricted funds

Gains and At 31 Dec
At 1 Jan 2024 Income Expenditure Transfers losses 2024
£ £ £ £ £ £
General funds 196,798 2,437,973 (545,432) – – 2,089,339
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
196,798 2,437,937 (545,432) – – 2,089,339
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Gains and At 31 Dec
At 1 Jan 2023 Income Expenditure Transfers losses 2023
£ £ £ £ £ £
General funds 280,216 185,215 (268,663) – – 196,798
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
280,216 185,215 (268,663) – – 196,798
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Restricted funds
Gains and At 31 Dec
At 1 Jan 2024 Income Expenditure Transfers losses 2024
The Yeomanry
Window fund 39,941 – – – 2,032 41,973
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
39,941 – – – 2,032 41,973
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Gains and At 31 Dec
At 1 Jan 2023 Income Expenditure Transfers losses 2023
The Yeomanry
Window fund 35,494 – – – 4,447 39,941
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
35,494 – – – 4,447 39,941
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Endowment funds
Gains and At 31 Dec
At 1 Jan 2024 Income Expenditure Transfers losses 2024
£ £ £ £ £ £
Expendable
endowment fund 52,156 253,637 – – 2,340 308,133
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
52,156 253,637 – – (2,340) 308,133
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Gains and At 31 Dec
At 1 Jan 2023 Income Expenditure Transfers losses 2023
£ £ £ £ £ £
Expendable
endowment fund 43,850 11,118 – – (2,812) 52,156
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
43,850
৶৶৶৶৶৶৶৶৶		 11,118
৶৶৶৶৶৶৶৶৶৶৶		 –
৶৶৶৶৶৶৶৶৶		 –
৶৶৶৶		 (2,812)
৶৶৶৶৶৶		 52,156
৶৶৶৶৶৶৶৶৶৶৶

The Yeomanry Window fund was set up in 1991 to provide funds for future repairs to the window commemorating the Norfolk Yeomanry.

- 24 -

Friends of Norwich Cathedral

Notes to the financial statements (continued)

Year ended 31 December 2024

An expendable endowment fund was set up in 2022, the purpose being to retain certain categories of donations and legacies which will be invested for the longer-term benefit of the Cathedral. Although intended as very long-term fund, Council has the power to withdraw funds, at its discretion, if needed for a major unexpected project. 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. The income generated from the investments is used for making immediate grants to the Chapter.

24. Analysis of net assets between funds

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Tangible fixed assets 562 – – 562
Investments – 41,943 100,040 141,983
Current assets 2,088,777 – 208,093 2,296,870
ৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄ
Net assets 2,089,339 41,943 308,133 2,439,415
৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2023
£ £ £ £
Tangible fixed assets 750 – – 750
Investments 399 39,941 48,933 89,273
Current assets 194,318 – 4,554 198,872
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net assets 195,467 39,941 53,487 288,895
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

25. Financial instruments

The carrying amount for each category of financial instrument is as follows:

2024 2023
£ £
Financial assets measured at fair value through income and expenditure
Fixed asset listed investments (note 17) 142,013
৶৶৶৶৶৶৶৶৶		 88,873
৶৶৶৶৶৶৶

26. Analysis of changes in net debt

At
At 1 Jan 2024 Cash flows 31 Dec 2024
£ £ £
Cash at bank and in hand 387,471 1,207,376 1,594,847
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶

27. Related parties

During the year, The Friends of Norwich Cathedral made charitable commitments of £491,232 (2023: £180,000) to the Chapter.

During the year total income of £2,266 was received from five trustees (2023: £934 four trustees) for donations, Christmas cards, events and a subscription.

- 25 -