xstPAULS CATHEDIiAL FRIENDS Friends of St Paul's Cathedral Report and Accounts for the year ended 31 December 2020 Registered Charity No. 261905
Friends of St Pi¢ ill's Cathednl Report and Accounts for the year ended 31 December 2020 Contents Contents Reference & Administration Information Report of Council Independent Auditor5, Report to the Council 8-11 Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-18
Friend5 of St Pi< Lil 5 LaLhedri11 Reference and Administration Details Regisrered Ch1¢Y Nome Frlends ol St Paul's Carhedral Chariry Number 261905 ajartty Correwdent Nicky Wynne Dlrector of Development The Ch8p¢er House. Si UrS Churchyard. LoTrdon EC4M 8AD Telephone 0207 246 8329 0207 248 3104 frlends@stP3vlscathedral.org.uk www.stpauls.co.uklfrlend5 Emoil Web51te Potron Htt Royal Hlghness The Duchess ol Gloucester GCVO Presidents The Lord Bishop of London & The Lord Mayor of London Choirmon Thp Reverendlonathan Brewster Vke Cholrnju Dr Phillip R¢ce Honorory Treosu Mr Robert Palmer Coundl Appotnted by Chopter Mr Nlvl Dillon Hatcher Ms Yodia Lo Mr Mike Tadman Ms Shella NScoll Elected ty the A*1 Geer0( Meethg.. Mr Samud Enn1s Mr Robert Palmer, Honorary Treasurer Mrs lean Reed Ms Elixabeth Foy Authtors Wpst Wake Price LLP 4 City Road. London ECIY 2AA Hofft>rnry legolAdthr Mr Owen Carew.loTre5 W1nckworth Sherwood, Minerya Hou¥< S Montague C105e, London SEI 9BB 8onkers NatWe5t plc Iuxgn Hovs?. 98 St Paul'5 Chvrchydrd. Londoft EC4M 88U Investmetti Monogef CCLA Ipvestment Management Limited 80 Cheapsldè, London EC2V 6DZ
Friencls of St PaLII's Li£ theclral
Report of Council for the year ended 31 December 2020
concIl present their annual reprt a#d the finantlal statements for rhe year end$d 31 December 2020.
The fin2nclal Strments have been prepared in accordarsce with the accountlng policie5 Set out in note l ¢0 the
accounts and comply wlth the Charlt5 governing documents, the Charity'5 Aci 201 land AccoundTrg and
eporring by Charities.. Statements of Kecommended Practice applicable to charlties preparlng their accounts In
accordancé wlth the Finantial Repordng Sr2ndard applicable In the UK and Republlc of Ireland publi¥hed 90 16
july 2014.
History of the Friends of St Paul's
A Cathedral dedlcated to St Paul hos overlooked the City of London since 604 AD and 15 probabty the nith to
occupy this sits. It was designed by Sir Christopher Wren and built between 1675 and 1710 aft?r the Great Fire
of 1666 had destroyad Irs predewsor.
Vvhen r31ds on London began durlng World Vlar I, a group of men 2nd women who loved the current Carhedral
formed the St Pattl'5 Rre WAt
Friends of Sc Paiil's Catliedra
Report of Council for the year ended 31 December 2020 continued
Friends beneftt from free 3dmi5510n to the Cathedrnl. & l 0% discount irt the Cathedral shopi reserved 5eat5 by
applltatton lor CErtain Cathedral events and a quarterly e-newsletterof news about the Cathedral and its wiirk.
Froffl time to ¢ime, there are $0 opportunldes to enjoy aEtiYities such as lectures and Friends-exclusiye social
events at additlDnal cost.
Structure. GovèYnan¢e and Management
On 4 january 1971 Friends of St Paul's Cathedral was rewstered with rhe Charity Commission. and its Governing
Document was est#bllshÈd on 20 O¢tober 1971 by 8 Scheme of the Clurlry Cornmission.
In 2013 a thorough const*tutional review was undertaken byWi150ns. retyned by the Frfends Council. in order
to cornply with best practlce and new Charities Act legislation. An Amondod SchÈme was approved on 21 M8y
2013 and mor2 deuiled associatsd rules and re8ulatlon$ otk 5 May 2015.
The Council as Trustees are responsible tsnder the Governing Document for controlling the management and
adTninislration of the Friends.
The Frlends Councll eoft$is¢s of two members of the Chapter. one of whom will be Chairman or Vlce Chairman,
and not more than nlne Tnetnber5 01 the Frieivts of whom three 1[ be appoinled by Chapter. and six wik be
ele
rriends of St Paul s Cie thedr1<1 Report of Council for the year ended 31 December 2020 continued Achievements and Perforn)ance contlnued In iddition to thi5 a performance tsf Quortei foy the End of Time was 5rreamed online from St Paul's in October offering Frlends an opportunity for ContemplaOn and relecrlon durlng the COVIEI-19 pandeml¢. In the Chri5tma5 Friend5 newslettÈr. links to the St Paul's dira1 advent calendar were shared, offering IS virtual wirldows, each wirh their own surprise and for the first time In its hlstory. St Paul's live $Ereamed A Celebration of Christmas. $0 that FrlÈnds whÈrever thèy are can watth one of our most magical concÈrt5 from the cotnfort of their own homes. The Frfends Counal met three time5 durlng the year and financlal grAnr5 were Made to support the work and m1$5bn ol the cathedr?K fr>r which Chapter were ¥n05t gratelul. Flnanclal Review, Reserv¢s and Investment Policies The financial results are set ovt Dn pages 12 ¢0 18. Net In¢omel{ExPendlture) ond Fund$ Net expemditure for the year was a dEftclt Df £1,263 (2019.. deficlt of £13.1261 Fund5 arnounted w £373.051 at J l December 2020 (2019.. £374,314). Voluntory Income The level ol voluntsry income was £72.392 P019.. 168.8591. Considerable tlme and re50uree5 Continue to be freaty wen by many Friend5. Through their dedicatsd commitment to thls great Cathedral olst Paul they provide invaluable voSuntary help. ¥vpporr and adviee. whilst performlng a huge amount of work and activity behind the scenes. Grahts uworded to Chvpter Durlng the year, the thlrd payment of a five year grant of £20,IK)O each year wa$ agreed to the C8thedrafs Schools & hn7ilies department and the third of i four year grant of £10,000 eath year wa5 agreed for the chorlsters. From bmeto lime, Chapter regue5t fintnclal supportfor specrfic projects. After 3pproval and when the Cathédral has incurred the sp&clflc approved Expenditure. grants are disbursed by Council on behall of th¢ Frlends on the formal application of the Chapter. In thls connpctlon reference should be fflade to the policie5 on reserve5 and Investment whlEh lollow. Durlng 2020. Council awarded £SO,000 to the Cathedral's Remember Me prolecc tts create 3 physlcal memorial to remember ihosE who have dled due to CoYld-19. The memorlal wlll be in the form of a new inner portlc to the North Transept. Subsequently at thé Merch 2021 CounEIS meering 1¢ was agreed that rhe 150.000 should be redeslgnared ro th¢ Caihedral's project to ensure the safety of w51tors to the Whisparlthg Gallery. as the Remember Me project was almost fully funded by the Cathedral'5 fijndralslng efforts.
Fi-iencls of .%t PclLII's C'atliedric I Report of Council for the year ended 31 December 2020 continued ReserYe$ Pollcy Counctl acknowledges thai funds rY¢i5ed Should generally be expended as soon as possible ¢x) thÈ ablècts of the Friends. However. Courtcil tetognises that mrsy projects involve the expendsture of large sums. the funding of whlch tan only be met by the arcumulathon of income over 2 pertod and therÉfoi'4 from ume to time, the balance of the funds will be 211owÈd tr> Introa$e to provlde su¢h SUTll5. Ctsuncll agreed in May 2014 to hold minimum reserves of £100.Q¢XI with future grants being assessed In light of chi5 ind that the levÈl of reseryes ro be reviewed each year. As at 31 Decembcr 2020. the tot21 funds of the charity were £373,05112019.. £374,J141, of which £311,450 were unrestricted (2019.. £314.2541. Invertment Pollcy The funds hdd bythe Frlend$ are essentt•lly ola shon rerm nature. held $0 2$ to be avaihble to meet aFbpropriate reque5t5 from Chapter. Therefore the policy is for these fiJnd5 to be Invested in the CCLA'S COIF aritIeS Deposit Fund, which pvlncipally invests in sierling denomlnated Call Accounts. Term Dep051ts and Money M3rket Instruments and lollows an othlcal investment Poli cotbS1Steniwtrth the Friends, objettive Five Yeor Flnan¢lql Suh7mory P[naal Yegr End Income E¥pendkure Total Funds 31 December 2016 31 Derember 2017 31 December 2018 31 December 2019 31 Deceryiber 2020 226,033 116,768 97,168 81,172 74,082 176.02£ 401.807 115,739 94,298 75.345 50,005 1285,0391 691.050 406,011 387.440 374,314 373.051 Future Plans Councll will continue to eneovrage Frlends In thelr support of Cathedral actitIeS. Itwlll also, as it has the past contlnue to provsde funds for specific projett5 or general financlal support. Statement of Councll's Re5ponslbllltles Charity law require5 Council as Trustees to prepare a Lfustees, annual report and financial starernents for ¥dch rinancial year whlch show a true and fair view of the State of affairs of the Ch?rity and its financitl activitie5 lor that period. In prepiring thD5e ftnancial 5taternents, the Trustee5 are requlred to.. select suitable accountlng polick$ 2nd then apply them ¢on51stently-, observe th¢ methods and prlnciples in the applicable Charitle$ SORP,. makÈ ludgemÈnts and estimates ¢h*t ire reasonable and prudenL state whether tpplicèble accountlng srandards have beefi followed subject tts any departures df$clcsed 2nd expkined In the financial statements: and prepare th2 finallcial statements on the going contrrn basis unl#s It is 1th2pprtspr&te to PresMe that the Charity 11 continue In operattonal existence.
Frieiicls of St Pl<LII s CaLhedr1<1
Report of Council for the year ended 31 December 2020 continued
The Trustees are re5pon5ible ltsr keepSng propor #¢counting record5 which disclose with reasonable 2ccura£y at
any tirne the financlal ptrsltl<)n of the Charty and to enable them to enstsre that the financial statements
rripncls of St Pic Ll I's Cclthecli.,
Independent Auditors, Report to the Council
Opinion
We have audired the fin?ncial s(atements of the Frlends of St ul $ Cathedral for the year ended 31 December
2020 which comprise the Statemeni of Financlal Activitie5, the Statement of Flnanc121 Posltlon and the related
nores. The financlgl reporting framework that ha5 beefi applied sn thelr preparation is applicable law and the
UnlTed Kingdom A¢countlng Standard5, ¢nduding FRS 102 The Fin&ncFal Reporting Standard applicable Èn the UK
and Republlc ol Ireland Iunlted Klngdom GÈnerdlty Aceepted Accounting Pr2cricel.
In our opinlon the fEnanelal statements..
give a twe and fair view of the state of the ChariLy'$ affairs as a¢ 31 December 2020 and of Its incoming
resources and appllcatign of resources for the year then ended.,
have been prtspérly pPared In accordance with United Klngth>m Generalty Accepted Accountlng
Przctyce,. and
haye been prepared in accord&nce wlth the requlremejts of the Charities Act 2011.
Basls for opinion
We conductEd our audit in accordanctr wlth International Standards on Auditing (UK) IISAS IUKII and appllcable
law. Our responslbllldes under those stand3rds are further described In the audltor's responsibilities lor the audit
of the finanerdl statements 5ectlofi OF our report. We are independent of thts (harlty In aceordance with ihe
èthical requlrernpnrs that are relevant to our audit of the flnanclal statemenrs in the UK. in
Friencls of Sr PaLII's C"aEliedral Independent Auditors, Report to the Council (continued) ID connectJon wlth our audit of the financiÈl st2tp_ments. our r•sponsibiliLy15 to read the other information and, in doing so, consider whether the other inloi'mation is materially tnconsisttnr wlth the finantlal statements or our knowledge obtwned in the audit or orherwise appears to be m3¢erlalty misstated. If we identify such materlal Inconsistenc1es or 2ppareDt miterlal mlsstAtements, we are re9Utred to determ1nE whether there Is a materlal misstatement In the Inanclal 5taternent5 or a tnaterihl m1$51atement of the other Informatlon. If, ba$eé on the work we have perfortned, we concludo that there Is 2 materi21 mlssrdtÈmenc of thls other informaDn. WE are required to report that facL We have nothing to repor¢ in this rerdrd. Matters ott whlth we are required to report by è¥eep¢lon We have nothing to report In respect of the followlng rnatter5 in retIon to whlch the Charltles (Accounts and Reports) RegUtIonS 1008 requiro u5 tu report to you if, in our oplnlon: the Informaor>I1¥e the financial Statements is inconslsrent in any m2terlal respe¢tvAth tho Councll's reporL', or suffl¢lentawountyng records have not been kepL or thè financial statements are not in agreement wlth the accountsng records.. or we have ntst receivèd 211 the Inform•tlon and explaTratl¢ns we reqlre for Dur audlL Responsibilities of the Ctsuncll As explalned more fully in the Council'5 responsibilitles starement (set out on page 6 and 7 of thè Coundl's annual report). the Council are responsible for the prépardtion of the financial statements and for belng s&usfied that they 8iye a irue and f3ir view, and for such internal control as the Councll detyrmlnt is nÈc¢ssary to en2blÈ the prepir4tioD ol financlal statements that are free Irtsm materPdl mlssratemEnt, whe¢her due to fraud or error. Auditor'5 responslbllities for the audlt of the financial statements We have been appointed as auditor under section 145 of the Charlttes Act 201 l and report in Cordan wlth the Act and relevant regula¢ions made of hawlng effect thereund2r. Our objecti$ are to obtsin re33onable a55urance about whether the fir¢ancial statements as a whole are IreE from materi31 rnisstatement, whether duÈ to fraud or error, and to issue an auditor's report th3¢ includes our opinion. Rea$onable a$SrInce Is 2 hlgh level of assurance, bui is not a guarantee that an audit eonducred in accordance wilh ISAS (UK) will always detect a material mlsstatemenL when it exists. Missrarements can arise from fraud or error and aro con51dered tnaterial rf, indlvidually or In the aggregate, they could reasonab be exp?cted to influence the economic decisions of users takert on the ba$ls of these financial statsments. As part of an audlt in accordance wlth ISA5 IUKI. we exeirise profe50nal judgment and rnlntalTr professlon21 scepticlsm throughout the audit We also.. Identlfy and assess the risks of marerlal mi$5tatemenc of the ftnarndal statements, whether due to Iravd or error. design and perform audit procedures responsive to rh05e ri5k5. and obc8ln audst evidence that sufficient and appropriare to PrOde * bas15 lor our opinioTh. The risk of no¢ detecting a m8tÈrial m15$tat¢ment resulting from fraud is hIer than fDr one resulting from Error, a5 fraud may Involve collusion, forgery, Inte¢1nal omissions, misrepresentatiDns, or the overrlde of internal control. Obtain an understandirbg of Internal cantrol relewdnt to the audic ITh order to design audlt procedures that are approprlatÈ In the clrcum5tances, but not for the purpose of Èxpresslng 2n optnlon the effectTveness of the Internal ¢oTrtrol.
F'rieiids of SL PaLII 5 fathedral Independent Auditors, Report to the Council (continued) Evaluate the appropriatene55 of accounting poliaes used and the reasonableness of accounting estimates 2nd related disclosures rnadÈ by the tru$teÈ$. Conclude on the appropriateness of the Ctsuntsl's use ol the going concern basls of accounting 3nd, based on the audit evidence obtoined. whether a materpal uncertainty exists related tv events or cundiriDns tha¢ may cast 51gftifitant doubt on the charity's abillty to continue as a going concertL If we conclude thata material uncertainty exists, we are required to dr&w attention in our iudlror's report to the re12ted discla5ures in the financial 5tatemeTrts or. if such disc105ures are inadequate, to modify our opinlon. Our conclusions are based on the autht èvidence obt21nÈd up ro the Ilate of our.audltor's repor¢ However. future events or conditlolls may cause the charlty to cease to continue as a going concern. Evaluate thÈ overall presentatlon, structure and content of the financial statements. including the dlse105ures, and whether the finanelal statetnents reprÈsent the underlwng trnD5actlOnS and pvents In a manner that achieves lair presenta¢ion. We communicate wlth th05E charged w]th 8ovErfiance regarding, among other tnatEers, th8 planned scope and rlming of the audlt and significant audit findings. IncludinE any Significant defidencles In Internal control ihat we IdÈntlfy during our audt. Explanatlon as to what exten¢ the audit was ¢on$ldered ¢apable of detertlmg Irregularltles. including fraud. Irregularities,1ncludlng fraud, are InstancE5 of non-complièn¢e wl¢h law5 atsd regulatlgll5. We de51gn procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of Irregularliies. Including fraud. The extent to which our procedure5 are capable of dptecting irre8ulariEies, Includitig fraud Is detalled belovr. ased on our understanding of the ch3rity, we identlfied that the princlpal risks of non compliance wlth laws and regu12tions related tts the regulatory framework for charities, and we considered the axtent to whith non. complsanEe might have a matsAal effect on the financlal statements. We 21so considered those laws and regulatlons that have 2 dlrect Impact on the prepdr4tloD of the ffiThancial statements such as the Ch9rities Art 2011, Charities SORP FRSI 02. We eyaluatsd the Councll's sncentlve5 and opportunlde$ for fr2Udu1et manlpulatlon of the financlal staternents (Including the risk of override ol controls) and determined that the overAII risk is low becausÈ wlth regard to income, whlch 1$ predomin2ntly voluntsry. Is mosdy recelyed by direct dÈblts and stsnding ordÈr$ or by cheques in respect of legacies which are prompdy banked. All expense5 are Yerifted by the Finance Manager. Audit procedures performed by the engagernenL team Induded.. Revlew of the financlal statemÈ#t dlsclosures to thThderlying stspportlng docdMent&tioii', Dlscu$$ions with management includlng Consideration of knowrk Of Suspected itmnces of noncompliance with law5 and regulation and fraud- Evaluatlng the Council's controls designed to prevent and detect irregularitses,. Identif8 and testing jDurnals and evaluating whether there wa5 evidence of blas by the Councll that represented a risk ol matertal mis$tatemen¢ due tcb fraud.. Review of other correspL)ndence with the Finance Manager. A further description of our responsib111¢ies for the audit of the financi21 statements 15 located on the Financial Repordng Council's website it.. This de5crlption forms p8ri of our auditoWs report.
k'i"iends of St Paiil s Cathedrcll Use of our rÈport Thi5 report is made 501ely to the Council ol Frtends of St Paul's Cathedral, as a body. In actordance wlth sectlDn 145 of the Charitie5 Acc 2011 and regulations lde under secrion 154 of that ACL Our audit work has bee undertgken so that we might state to the Councll ol Frlends of St Paul's Cathedral those mitrer$ we are requtred to stxte to them in an Ruditors, report and lor no other purpose. To the fullest extent ptrrnltted by Itw, we do not aceept or assume re5pon$lb11ity to anyone other than Frtends ol St Paul's Cathedral and irs Countll as body, lor our audlt worl lor this report, or for the oplnlon5 we have fortned. West Wake Price LLP Statut¢ry Auditors Chartered Accountant5 Date.. 16 September 2021 4 City Road Londo# ECIY2AA West Wake Price LLP is ellgiblo for appolntment as tudltor of the char1ty by virtue ol It5 ellwblllty for appcintment as audltor Of a company under sectyon 1212 of the Companie5 Act 2006.
Fi-iends of St PaLII's C¢iLhedrcil Statement of Financial Activitles for the year ended 31 December 2020 Notes 2020 2019 Inconie Valuntèry Incomo Subscriptions Don8¢ions 40,275 39,953 18,906 i o,ot 31,417 700 Le£]eS n,392 68,859 Actwitles for generating funds Events & A¢rlvlrles Interest Received 9,343 1.690 2,970 Total Income 74,082 81,172 Expendlturé Expendifur¢ on Raislngfunds Staff Costs 35,000 35,QQO Costs of Eyents & AcrirIes 9.7B9 Printing 8TTrd mzlling ctssts Adrninistratyon 3.209 120 1,499 1,202 Audlt Fee 2,280 2,606 2,280 Bank Charges 1,273 43,214 51,043 Exp¢ndlture on Chèrlt2ble Actlvltle5 Publicatlon costs l Dome Magolne Grants to St Paul's Cathedral 3,672 28.459 13,25S 30,000 43,255 Total Expènditure 75,345 94,298 Net Expenditure 1.263 13,126 Reconciliation of Funds Total Fund5 brought forward Total Funds Carried forward 374,314 387,440 373.051 374,314 The notes orb pages 14 to 18 form p2rt 01 these flnanclal 5tstements. 12
Fi'iei)rls of SL I. ILII s C.arhedric I Balance Sheet as at J l December 2020 Note5 2020 2019 Curront Assets Due from Si Paul's Cathedral Founditlon 11,329 399,794 134,624 8.681 CBF Deposit ACCO*t Cash at bank and in hand 398,103 67.476 Gif¢ Aid Income T8x Ketovernble 545,747 474,260 Current Liabilitiès Accru% 2,280 7,395 C?thedral 168,136 90,051 dry Creditor5 2.2eo 2,500 172.696 99.946 Net Cupvent A$$¢ts 373,051 374,314 Net Assets 373.051 374.314 Funds of the Chavlty Restrlcied Funds 61.601 311.450 60.060 UnrescrlctÈd Funds 314.254 Total FuTh15 373.051 374,314 The financlal staLemÈnts on page5 12 to 18 were approved by Council 31 March 2021 and signed Dn its behalf by= The Reverend Jonath74n Brewster Cknimwn Robert Palmer Honorary fre05ur The notE5 page5 14 to 18 form part of these f5nancitl $Earements.
F-i-iends of Sr PaLII's Cathedral Notes to the Financial Statements for the year ended 31 December 2020 l. Accountlng pollcies Busls of PrePar¢7t1on and 0ssessmeTrt of iolng ton¢ern The accounts have been prepared under the historical convehtion. Tht accounts have been prepared i accordance with the Stst¢ment of Recommended Practice.. Accounting ind Reporting by chariti preparing thelraccounts in accordance wlth the Financial Reportlng Stsndard applicable In the United Kingdom and Republic of Ireland IFRS IQ2 SORP) and the Financial Reporting Standard applicable in the Llnited Kingdo and thÈ Republi< of Ireland IFRS 102) and the Clwkles Act 2011, The accounts have beon prepared to Klve a 'true and fair, vlew and have departed Irotn th¢ Charltles (AccDuntS and Reports) Regulations 2Q08 only ro the extent required to provide a 'true and lalr. view. Thi5 depxrLure has Involved following Accounting and Reportlng by Charities prep2rlng rhelr accounts in accordante with the Finanoal RÈport1 Standard appllcable in the UK 2nd RÈpubllc of Ireland IFRS I D?) rather than the Acco¢Jntlng and Reportlng by Charitiey.. Ststemènt ol RecommendÈd Practlce effective from l Aprll 2005 which ha5 slnce bèen withdrawn. The trust con$tltutÈs a publTC benefEt tsntlty a5 defined by FRS 102. In accordance wlth FRS 102 styctlon 7. IB, the charity ts enttded ttr exernption from preparlng a statement of 5h flo. The trustees ¢on55der tha¢ there are no materlal uThCertairss about che trust's abllity to conmUe as a golng concern. Th¢ flnancFal statements have been prepared on 3 going concern basis. Income Where income h35 related expendlture (as wlth eyents, aetivities and merchandise) the income and related expendiwre are reported gr055. Income from sub5cription5, donations, events and activitiE5 are accouThted lor a retelvable b35iS. Legacles arè Rccounted lor 2$ Income where there is cle2r enthletneDeL the amount can b& measured reliablyi a#d is pr¢bable. Recelpt 15 probable when.. Confirmation has been received Irom the represethtatlyes of the estats that probate ha5 been granted.. and The executtrr& have establi$hed there are $ufficlent assets In the e5¢ate w pay the legacy., and All conditions attached ro the legacy h2ve been fulfilled or are wthln the eharltls conirol. MÈasurempnt is b25ed on the value listed in the wlll for pBcuniary gifts. provlded the estate has suffjclent funds, and on ihe estaiÈ a¢couTh¢s for reslduary glfts. IKome ¢HX recoverable is included at the Same time as the lThcome to whlch It relattrs adlusted for admltt15tratNa delays as necessary. Investment Incom2 Includtd when recelwable. Glfts in klnd are ?ccounted for at a reasonable estimate of their ¥4lue or the amount aetualty realised. Donaied $¢ryT¢¢% ind facSlltlès are onty Included In Income Iwth an equbvaknt amoun¢ In expenditure) where the benefit 15 reasonably quantrfiable, m¥dsurable and material. The value plad on these resources Is thÈ e$timated Yalue of the servlce or facility rKeived. The value of volurtsry help received is not quafttÉfied arkd not included.
Friends of St PILII s Latheclral Expe•dlturÈ 17nd LlobJlltles EKpendlture. Includlng Irreco¥erable wélue added tsx, Is Included Dn an accruals basis. Liabilitie5 are recognised as s¢on as there Is a legal or Constructive abligation to pay out resource%. Current li8biliti?s, being those payable wlthin one yexr of the balsnce sheet dale, are separately diKlosed from non<vrrent IMbilitie& Grants awarded the Chapter are mlr¢uted onco Cout)cll has made uneondltlonal commltmÈnts to pay the grants and rellectsd in the accounts under notss 5 and 10. Goyemance costs indude the costs of the preparatlon of statttrory and mtT7agement acwunrs. accounts $upervlslon. tax servlces, Counell meetlDgs ?nd ?dwce on governance or consututlonal mattsrs. Forelgn rren(les TraD53Ction5 4Jenomlnited In foreign currencies are trAnslatod #t the exchange rate5 rullng at the date ol trans2Ctions. Monetary assets and Ilabllitie5 denominated Tn foreign curroncie5 al'e trxttslated at the rate rulinE at the balance sheet date. All foreign exchange galn$ Jnd Ios5e5 are recogni5ed Tfi the 5tatemefit of Flnantial Actwitle5. Assets Tangible fixed assets are capitallsed if they can be used for more than one year. tosr at least 1500. They are Ydlued at C05t or. if gifted, at the value on recelpt, depreciation Is provided at 25% per 2nnum over four years. Other items are exptnsad ttn aequlsltlon. There were no tangiNe assets as at 31 December 2020. Restrlcted and Unvestrl£ted Funds Restricted lunth comprlse of funds that arg subjectto re5triction5 and can only be apptsed for partkular purp05e5 within their objects. Unrestricted fund5 comprlse offijnds that are jotsubject to any re$rri¢ilons regardlng thelr USÈ. and are avallable for any charitablp purpose of the Friends. Flnanclal lttstvuments The company has finonogl as$ets and liabllities ol a kind thar qualify as b?sic th)an<lal instruments. 8aslc Inandal Instruments are Initlally recognised at trkfisactlon value and sub5equen¢ly rTre3$ured ac rheir settlement Yalue. Cash and cash equivalents Cash and cash equlvalents knduded cash In hd, dep051t5 held at call with banks and other short-term liquid Investrments with original maturitles of three months or lus. Crlti¢al ac¢ounting estimates and areas of judgmènts In vlew of the tru5teE5 3pplyng the accounting policies adopted, no judgements were requlred that h?ve a significant effect on the amounts recognised in the flnancl31 st2temÈnts nor do any Èttimates or a55umptions tnade carry a significant risk olmaterial adlusiment in the ne¥t financlal year. 2. Taxation Frlends of St Paul's Cathedral is a retered thiriry. and 15 exempt from tax on Its 5r¢com8 and 1n$ WIre they 2re applied for charitable purpose*
Friends ol .£L PTriLII 5 CaL hedr<il 3. Lègaciès 2020 2019 Legxies 700 10,000 4. Events and Activities Unfortunatsly. due to the Covi¢kl 9 pandemic there were no Events ènd Actiyiues during 2020. surplu$l {deficit) Income Expendlture 2019 Robert Bowles Talk Frlends Fe5tlval AGM and supper Frlends Lecture Mulled WIDe and Mince Ples Tour ofCharterhou5e Advent Procession and Recepvon 216 4,387 3,266 346 92 1,482 P161 12,6371 11261 414 308 1,750 3,140 760 400 3,293 9,343 9.789 4461 5. Grants 2020 2019 Grants to St Paufs Cath¢dr21 for Chorlster Grants to Si Paul's Cathedral Schoo15 & Families Release of grant creditor (Organ TransMS1On) i 0.000 20,000 10.000 20.000 28,459 30.000 6. Staff Costs and Remuneyatlon of Key Management Per$onn¢l 2020 2019 Staff Management Charge 35,000 35,000 The charicy considers its key m8n2geinent personnel comprise Rev Jonathan Brewester Ichalrmanl and Rober¢ Palmer (Honorary Treasurer) who have no employmen¢ benefits PO19.- Thonèj. 7. St Paul's Cathedral Foundatlon Thls represents 5ubscrlpons p8ld by credit and debit cords to the St Piul's C•thedral Foundation. 16
Friend5 01 St l?1¢ Lil's Ci¢ tliedr¢l1 8. Accruals 2020 2019 Audlc Fee 2.280 FrlÈnds L¢ciur 3.574 5,854 2.280 9. Creditors 2020 2019 Cathedral- Grant creditor Cathedral- Managpmpnt 3tTd adrni5Érative recharges C8thedral- OrKan tran5mi%sion ¥rant 130,000 38.136 65.000 2S,052 168.136 ?.280 170.416 91.593 1500 94,093 Sundry credir$ l Q. Contlngont Grant Liabllltle5 brought [Onrd Gronts tecognrsed In Carried forwGrd 202(1 SDFA Wh55perlng Gallery Rep3Ylng Cathedral Schoo15 & Families Depamieni (Organ TraAsml$slon) Qulre Sound Systetn Chorister Grant Remember Me Memorlal Porth 7,461 60,000 60,060 15,000 20.000 7,461 40.000 61,601 Is,000 10.000 50.000 {20,0001 11 o,oooi 50,000 162,521 PB,4591 50,000 184,062 Brougbt fvnyurd Grottts recognised In SOFA Carried rotwoid 2019 WhispÈrlng Gttllery Repavlng Cathedral Schools & Familles Dep3rtn)ent Music {Organ Trnnsmissionl Qulre Sound System Chor15tor Grant 7,461 80.QQO 60.060 Is.000 30.000 192.521 7,461 60,000 60.060 15.000 20,000 162,521 120,0001 {10,(w) 130.0(101 Grant awards are conditional and recognlsed as contlngent1I2blllties. consequent they are only Included In the Statemen¢ of Fingnthl Activlties, once all such condidons are fulfilled. Such grant awards 8re noted as a 17
Fi-iends of Sc PLILII'S Catliedri< I commitment in rhe notes to the accounts but not ¥£cruad ¥ expenditure. A brief descrlp£ion of eath of the lund5 Is included below. The Whispering Gallery Repaving fund wa5 orignally designaied in 2012 at an arnount of £20,000. £12,539 was paid to the Cathedral In 2018. The &thedral Schools & Famille$ departrneTrt fund supports the 2ctSvltles of the Cathedral'5 Srhools & Familie5 depxrtmenL The late5¢ de5ignatlon ()f £IQO.000 wa5 rnade in 2017 to cover fwe 8T2nts of £20,000 per arjnum running to December 2022. The Muslt {OrgaD Transmissionl fund was established in 2016 {£80,8721. Amounts of £20,812 havg been granted.1113,780 in 2016: £4.080 in 2017., and £2,952 in 20181. Of the £4,080 from 2017, Dnly £2,539 has been drawn down by the Cathedr21 and the rema1ng £1.541 vras released from trediror5 kn 2020. The Qulre Sound System fund PStab115hed at £15,000 In 2015 IredlrecTrd from fund5 orlgin8Uy designated For Choir Stsll Mock p1. No amounts have been u¢t1158d. The Chorister Grnnt fur¢d. The13tesL de51gnation of £40,000 was nrdde In 2017 to toYÈr ftsur grant5 of £10,000 per annurn runnlng to December 2021. Thè Remember Me Memorial Porch fund. During 2020, Council designated £50,000 to the Cathedrnl's Remember Me project to ereate a physical momorlal to rernernber those wlio have died due to Covtd_19. Svbsequendy, at the M8rch 2021 Councll meeting. It wa5 yfEed that this 2wnount should be redesignated to the C2thedral's projott for Wllsperlng Gallery Safety, as the Aetnember Me project was almost fully funded. In both 2020afid 2019, the TrustEe5 agreed the further paymentsto be made ort the Cathedrdl Schools & Famllles Department grant1£20,000 Tt5 eAch 012020 and 201918nd the Chttr15ter Grant I£IO,000 in each Of 2020 and 2019). I l. Charity Funds The funds of 1373,051 as at 31 December 2020 12019.. £374,314) represent the unexpended resources hdd within the fvnd. belng It5 a$5ets less liabilities. The fiinds con$l$t of £61,601 12019..£60.0601 restrirted funds and 1311.450 (2019.. £314,2541 uDrÈstricred funds. 2020 2019 Unrestrl¢ted . Desi8nated Qulre Sound System IOri&inil deslgnation 20151 Chor15ter Grant ICI Ok per annum to Dec 211 Whlspering Gallery Repavlng Cathedral Schools & Famille5 Department1£20k per annurn to Dec 22) COVID memori31 porch {designated in 2020) Other unre$trieted- and undè$l8nated Total Unrestricted Restrlcted Mu$lc Iorgan TrdnswnissioDI Total Funds 15.000 10,000 7,461 I s.o(M) 20.000 7,461 60.0 50.000 588,989 311,450 211,793 3 Id.254 61,601 373,051 60,060 374.314 12. Rèlatèd party transactions and Trustees expensès There were no Expen5e5 pald to a Tnjstee 202012019.. Nill.