xstPAULS CATHEDRAL FRIENDS Friends of St Paul's Cathedral Report and Accounts for the year ended 31 December 2022 Registered Charity No. 261905
Friends of St Paul's Cathedral Report and Accounts for the year ended 31 December 2022 Contents Contents Reference & Administration Information Report of Council Independent Auditors, Report to the Council 8-11 Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-19
Friends of St Paul's Cathedral Reference and Administration Details Reglstered Charlry Name Friends of 5t Paul's Cathedral Charity Number 261905 Charity Correspondent Membershlp Manager The Chapter House, St Paul's Churchyard, London EC4M 8AD Telephone 0203 463 9435 Email friends st aulscathedral.or .uk Patron Her Royal Highness The Duchess of Gloucester GCVO President5 The Lord Bishop of London & The Lord Mayor of London Council Members ofcha ter The Revd Canon Dr Neil Evan5 (Chairl lappolnted 13 July 20221 Sheila Nicoll ointed b Cha Elizabeth Foy Niul Olllon Hatcher Elected at the Annual General Meetin or b Councll Yodia Lo Ire-appointed at the AGM on 13 July 2022, Vice-chair from 11 January 2D231 Samuel Ennis (Honorary Treasurer from 21 September 20221 Mike Tadman Ire-appolnted at the AGM on 13 July 20221 Alexander (Sandy) Hendry lappointed at the AGM on 13 July 20221 Alexandra Scott lappointed by Council on 21 September 20221 ter Audltors West Wake Prlce LLP The Mezzanine Floor 68 Cornhill, London EC3V 3QX Honorary Legal Adviser Mr Owen Carew-jones Winckworth Sherwood, Minerva House, 5 Montague C105e, London SEI 9BB Bankers Natwest plc Investment Managers CCLA Investment Management Llmlted
Friends of St Paul's Cathedral Report of Council for the year ended 31 December 2022 Council presents their annual report and the financial statements lor the year ended 31 Deeember 2022. The financial statements have been prepared in ateordance with the accounting policles set out In note I to the ccounts and comply with the Charity's governing documenc5, the Charitles Act 201 land Accounting and Reporting by Chiritie5.' Sratement Df Reeommended Prictice applicable to charitles preparing their accounts in accordance with the Financi Reporring stadard applieable in the UK and Republic of Ireland effective Irom I Ivary 2019. History ofthe Friends of St Paul, A Cathedrdl dedicatsd to St Paul has overlooked the City of London Since 604 AD and is probably the fifth to occupy this site. The current Cathedral was designed by Sir Christopher Wren and built between 1675 and 1710 afw the Great Fire 011666 had de$troyed its predecessor. When raids on London began during Wodd War l. a group of men and women who loved rhe current Cathedr21 formed the St Paul'5 Fire Witch to patrol the buildlng. They re-formed duringworld War11, inviting their friends and familie$ 10 loin them to guard the Cathedral each night. The Vvatch was di$banded at th¢ end of the war. The Friends ol St Paul's took root from the Watrh and was formilly founded on Tuesday 29 Apr¢1 1952 with 84 members. The Friends, first Festival Servlce on Thursday 21 May 1953 wa5 attended by NM The Queen Mother who w2s Patron from 1952 until 2002. succeeded by HRH The Duchess of Gloucester GCVO. The whole cathedral cotnffluty is moscgr2oful to Her Royal Highness for herdedicatlon to the whole Cathedral and to the Friends and the choristers in particular. Object5 and Activities The Friends of St Paul's have the twin aims of fellowship and fundraising and exist to promote the work ol the C2thedrnl through prayer and support Ofte ITr boch and money. Its objects include contributing to the pre$eTh2tion of the fabric of St Paul's Cathedral,. the malntenance tsf the Caihedral and its buildings.. the ornament5 and furnishings., the serwces held in the Cathedral., the musical fOUndaOn and the library. Council aim$ to achieve these object5 by promodng Ihe benefirs of the Cathedral's Friends mernber5hip. These itKlude reteiying a quarterly newsletrer sent out by email, the opportunity to partic1pare in activities and events lor supporters and contributing to the awarding olfinanci21 grants to Chapter {The Corporation of the Cathedrdl Churth of St 14ul in London). There were approximatety 1,900 12021.- 1.900) Friends members as it 31 December 2022, of which approximately 68012021: 6801 werè lifetime members and of which, over nlnew five percent were liylng in the Unlted Kingdom. St Paul's receives little regular or significant funding from the state, but the cost ol maintaining It is high. Contrlbutlon5 from Friends through their subscriptions and additional Gift-Aided donations. or through a yj.ft In a Will are mos¢ gratefully received by Chapr. Frlend5 benefit from free admls5ion to the Cathedral, a IO% di5counr In the Cathedral shop, re5erYed seats by application lor certain Cathedral evencs and a quarterly e•newsletter of news about the Carhedral and its work. From titne to time, there are also opportunitie5 to enjoy activities such as lectures and Friends-exclu51Ye sooal events at additional c05f.
Friends of St Paul's Cathedral Report of Council for the year ended 31 December 2022 continued Structure, Governance and Management On 4 january 1971 Friend5 of Sc Paul'5 Cathedral was registered with the Charity Cornmi5si0n. and its Governing Document was established on 20 October 1971 by a Scheme of the Charity Cornrnis$ion. ID 2013 a rhomugh ton5Cltutional review wa$ undertaken by Wilsons, retained by the Friends Council, in order to cornply with best practiee and new Charities Act legislation. An Amended Scheme was approved on 21 May 2013 and more detailed a550ciated rules and regulatlons on 5 May 2015. The Councll as Trnstees are responsible under the Governing Document for coritrolling the management and administration of the Friends. Council meets at least three tirne5 a year. and the members of Council gwe their tlme Voluntarily and receive no remuneration or other benefirs. The Friends Council consists of two members ef the Chapter, one ol whom will be Chairman or Vice Chairman. and not more chan nlne members of the Friends of whom threE will be appointed by Chapter, and six will be elected at the Annual General Meeting. The Honorary Treasurer is appointsd from within that group. The name5 of those currently serving on Council are g1ven on page 2. During 2022 the ftsllowing Councll members sTrpped down due to retirement andlgr at the end of their period of office. Retiring at the AGM in July 2022.. Dr Phillip Rlce., Mr Robert Palmer and Mrsjean Reed. Reiiring in September 2022.. The Very Reverend Dr Divid Ison. Achievements and Performance In recognition of the Friends suppor¢ events are typically held throughout the year whith provide us with the opportunity to come together ès Friends and as a community. The Frlends were delighted ¢0 Celebrate the 70th Anniversary ol the organisation in April 2022, with the first in-person event since 2020. At Lhis anniversary event the Friends enjoyed lectures on che St Paul's Waich Irom fellow Friend5 and Cathedral Volunteers and had the opportunity co view artefatts from the archive5 which were used in the 70th AnDiver5ary online exhibition. The artefacts were kindly curited by the Cathedral Archivis¢. The event wa5 well attended, and the Friends enjoyed comp1imentAry refreshment5 lollowed by Even50ng attended by the Patron, HRH the Duchess of GloUCesr. On the 5aTne day at 9am the Friends 70th Anniversary OnliThe Exhibition went live and a Ilnk co view was sent to all Friends members. We give thanks to all involved, including our Patron and The Very Reverend Dr Dxwd Ison, former Dean of St Paul, The decision was Laken ro hold rhe AGM In person this year and che Friends gathered in July. in the 08E Chapel in the Crypt ol St Pauls. After the AGM the Friends were trÉ2ted to a lecture'medieval Pilgrimage.. Faith, Fun, or Folly, from Nichola5 Orrne, Emeritus Prolessor of History at Exeter University. The Friends then had the )porEunity to catch up with fellow member5 over tea and coffee. The Membership Manager orpnised for reserved seat5 under the Dome where the Friends 2tbjoyed a wonderful Evensong and ChOrisr recl¢al in the presence of our Patron, HRH the Duchess ol Gloucester. September $aw the first Outside tour of St Paul'¥ in exclusive event for the Friends. Volunteer guides 2nd fellow Friends took u5 on a fascinaring tour of the history ol the Outside of the Cathedral. Relreshtnents were Served in the Crypt at the end of the tour. The Friends had another opportunity to learn tnore about the St Paul's Wacch and In particular Harry Sharr, who held the impressive resume of being a member of the Cathedral's Works departmenL a member ol rhè St Paul's W&tch as wdl a5 a founding member ol the Friend5. We thank David Morse for h15 clme and providing the talk. The Friernd$ were once again given priority bookng access to Handel's Nessiah. whlch was performed twice at the Cathedral in 2022, and to che Celebration of Christmas carol concert. The Advent Service proved Yery popular amongst Friends with 150 seats re5eTved und¢r the Dome.
Friends of St PaLII's Cathedral Report of Council for the year ended 31 December 2022 continued Achievements and Performance continued In 2023 we will ¢elebrate the 300, anniversary of Sif Christopher Wren. The Frlends can look forward co the -opening of the great Librdry with an exclu$ive tour ol the Triforlum. There will also be an exhibltitrn celebrating Wren which will open in the Crypt in May and admission to this will be free with Friends membership. In April the Friends wlll also have the opportunty to prevlew the exhsbition wlth 2 private tour, ahead of the goneral public. The Friends have generously contributed to the safeguarding of the Whispering Gallery which we $0 look forward ¢0 rePenIng in 2023. We hope to run the Outside tour of Sr Paul's again in 2023 as this was extremely successful and very well attsnded. The Friends Festival will once again be held in july, where we will enjoy a letture, Choral Evensong and a Chorister Recital held under Wren's magnificent Dome and in the presence ol the Patron HRH, the Duchess of Gloucester. The Friends Council rnet three tlmes during 2022 and financial Irants were made to suppon the work and mission of Ehe Cathedral. Financial Roview, Reserves and Investment Policies The financial resulrs are set out on pages 12 to 19. Net Expendlture ond Funds Net expenditure for the year was £103,45512021.' ner expenditure of £72,631) Funds amounted to £196.965 at 31 December 2022 {2021.. £300,420). Voluntory Income The level of voluntary income was £65,302 (2021: £97,8071. Conslderable time and resources concinu¢ ¢0 be freely &4Yen by many Friends. Through their dedicated commitrnent to Lhis great Cathedral of St Paul they provide invaluable voluntary help, support and adwtt wh115t performing a huge amounr of work #nd activity behind the scenes. Grants oworded to St Poul's Cdthedrol During the year grants were made to the Cathedral as follows.. 2022 2021 Grants to St Paul's Cathedral for Chori5¢er5 Grants to St Paul'5 Cathedral Schools & Families Organ Transmlsslon grant Grant to St Paul'5 Cathedral for the Remember Me Covid-19 memorlal Grant to St Paul's Cathedral for VVhi$pering Gi11ery Safety 11,247 20,000 i 0.000 20,000 1.541 50,OC 50.000 100,000 131,247
Friends of St Paul's Cathedral Report of Council for the year ended 31 December 2022 continued ReseThes Pollcy In january 2023. Council reviewed the resetves policy. It was agreed that funds ralsed should generally be expended as socn as possible on the objects of the Friends, subject to maintaining a target level of Iree reserves. The target level of free reserves was agreed 2t £40,000 to approximalY coyer the anvual rvnning costs crf the Friend4 thereby allowing for an tsrderly closure of the Charlw In unforeseen circumstance5. At thelanuiry 2023 Council meeting it was agreed that under che new policy. grants to the Cathedral each year WOLld be made ar a levpl to maintain the year-end free reserves close to the target level. Pri¢>r to thls change. the serVeS poliey Ila5t revlewed in May 20141 had bpell to hold minlmum free reserwes ol £1 00,000. As at 31 December 2022 the total funds of che charity were £196,96512021.. £300.420}- Of the to reservos £136,905 were unrestricted 12021.. £240,360). Under the Trew reserves policy, as at 31 December 2022 unrestricted reserves were above the minimum free reserves tsrget of £40,000 by £96,905. At thelanuary 2023 meeting, Council agreed that this exce5s1£96,90515hould be granted to the Cathedral towards the Whispering Gallery Safety project. As this was agreed by Council after the year-end this amountwill be accounted f¢r within 2023 grant expenditure. lts¥ertm*nt Poll¢y The lunds held by the Friends are essentially of a 5hort-term Tracure, held 50 as w be aw411able to make grants to the Cathedr. Therelore, the policy is for these funds to be invested in the CCLA'S COIF Charitye5 Deposit Fund, which principally invests in sterling denomrnated Call Accounts. Term Deposits 2nd Money Market Instrument5 and follows an ethical investment pollcy tOn515tent with the Friends. objectives. Flye Y¢or Flnan¢l¢71 Summary linonciol Yeor Epjd Income Fxpendiiure Suolu51(Defi(it) Totol Funds 31 December 2018 31 December 2019 31 De£emb¢r 2020 31 December 2021 31 December 2022 97,168 81.172 74.082 98.027 68.060 115,739 94,298 75.345 170,658 387.440 374,314 373,051 300,420 196,965 11,2631 172,6311 1103,4551 Future Plan5 Council will continue to encourage Friends in their support of Cathedral activitie5. As explained above. under the new reserves policyb the expectation is to award granu to the Cathedral annually at a level such th&t the rninirnum free reserves are in line with rhe tsrget figure. to be reeWed each year. Statement of Council's Respon5ibilitTes Chariw Law requires Councll as Tnjstees to prepare a trustee5' annual report and financlal statement5 lor each financial year whith show a true and lair view of the state of affairs of the Charity and it5 fin3ncial activities for that period. In preparing thos¢ financial statements, the Tru5tee5 are re9uired to.. 5elecc sulrable accounring policies and then apply them consistently., observe the methods and principles in the appllcable Charities SORP.. make judgements and estimate5 that are reasanable and prudent., state whether applicable accounting $tandards have been followed, subject to any departure5 disc105ed and explained in the financial statement5,' and prepare the financial stttements on the going concern basis unles5 It is inappropriate to presume that thp Charily will etsntinu? in operational existence.
Friends of St Paul s Cathedral Report of Council for the year ended 31 December 2022 continued The Trustees responsSble for keeping proper accounring records which di5clk)5e with reasonable a<curdCy at 2ny time the financial position of the Charity ind to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also reSPo$1ble for safeguarding the a$5ets of the Charity and hence for takin8 reasonable steps for the preventioTh and detection olfrnud and other irreEularltl¢s. The Council arelullyaware of the guidance from Charity Commissioners underthe Charlties Att 201 l in relation to Public Benefits and are mlndful ol their obligations to haye regard to this. The Council are confide¢)t th Friends, activlties are in pursuit of 1¢5 objects and are delivering Public Benefit Independent Auditors West Wake Prlce LLP, who had previously acted as audltors to the Friend5 of St Paul's Cathedral, were re- appointed by Council. Conclusion Covncil expres5 sincere apweciation to 211 member5 of the Friends of S¢ Paul's for Ihelr loyalty, suppgrr and encouragÈmen¢ 8y Order of the Coundl The Revd Canon Dr Neil Evans Chair 27 March 2023
Friends of St Paul's Cathedral Independent Auditor5, Report to the Council Oplnlon We hive audited the financial stacement5 of the Friends ol Si Paul's Cathedral for the year ended 31 Decernber 2022 which comprlse the S¢atement of Flnancial Activltles. the Statement of Financial Position and che related note5. The financial reporting framework that has been applied in their preparation 1$ applicable law and the United Kingdom Accounting Standards. including FRS 102 The Financial Reportin8 Standard applicable In the UK and Republle of Ireland (United Kingdom Generally Acceptsd Accounting Practycel. In our opinlon the financial statements-. give a true and fwr view of the state of the Charity's affairs as at 31 December 2022 and of its incomit resources and applicauon of re50urce5 for the year then ended.. havÈ been properly prepared In accordance wlth United Kingdom Generalty Accepted Accounting Prattice,. and have been prepared in accordance with the requlrements of the Charitie5 Att 2011. Basis for opinion We CodCd our audit in accordance with InternitioTral Standard5 on AUdtIng (UK) IISAS IUKII and appllcable 12w. Our responsibilities under those standards are further described in the auditor's responsibilicies for the avdlt of the financial statements section of our report. We 2re independent of the charity in accordan with the ethical requirement5 that are rdevant to our audit of the financial Statements in the UK. including the FRC'$ Ethic21 Standard. and we have luifilled our other ethical responsibilities in accordance with those requirement5. We believe that the audir evidence we have obtained is sufficient and appropriate to provide a basi5 for our oplnion. CoTrdu5ion5 relating to going concern We have nothing to report in re5peet of che followSng matters Sn relation to which the ISAS (UK) require us to report to you where.. the Council's use of the going concern basi5 of accounting in the preparation of the financlal statement5 is not 2ppropriate', or the Council have not disclosed in the financial 5tatemenrs any identified macerial uncert2inties that may cast significant doubt about the charity's ability to continue to adopt the goin8 concern basis of accounting for a period of at leasr twelve months from ihe d3t¢ when the financial rtatements are au¢horised for issue, Other information The other infomiition comprises the infomiation included In the annual reporL Other than the financlal statetnenrs and our auditor's report chereon. The Council are responsible for the other information. Our opini¢)n on the financiat statement5 does not cover che other infortnation and we do n(x express any form ol assurance Conclusion thereon.
Friends of St Paul's Cathedral Independent Auditors, Report to the Council (continued) In c¢nnectlon with our wdit ol the financial statements, our resFK)nsibility Is to read the other informacion ind. In doing 50, eon51der wheiher the other Inlorrnation is materially inconsistent wlch the financial statements or our knowledge obtalned in the audit or otherwise appears to be materially misstats¢J. If we identify such material inconslstsncips or apparenc material misstatements, we are required w determine whether there Is a tnatsri21 misstatement in the financial Statements or a marerSal missrarement of the other informatlon. If, based on the work we have perlormed, we conclude that there 15 a material misscaTrment of thi5 Other informaOn, we are required to report that lact. We have nothing ¢0 report in this regard. Matters on which we art required to report by exception We have nothing to report in respect of the lollobyng mitters in relation to which the charle8 (Accounts and Reponsl RÈgula¢ion$ 2008 require us to report to you if. in our opinion.. the information given in the financi215tatements is intonsistent In any Materi respect with the Councll's repori or sufficient accountlng records have not been kepc or the financial statements are not in agreement with the actt*untiftg records.. or we have not received all ihe infomiation and explanations we require for our au¢Jit. Respon51blllties of the Council As explained more fully in the Council's responsibilities statement {set out on page 6 and 7 01 the Coun¢ll's annual reporrl. the Council are responsible for the preparation of the financial statements and for being 5ati5fied that they give a crue and fr view. and for such internal control as the Coun¢ll deEermine is necessary to enable the preparation of financlal statetnonts chat ar¢ free frorn material misstatemenL whether due rty fraud or error. Audltor's re$ponsibilitles for the audit of the financial Statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report accordance wSth the Act and relevant regulations made of hawng effect thereunder. Our oblecdves are to obtain reasonable a5sur&ftce about whether the financial StsMents a5 a whole are free Irom material mi$statement, whether due to friud or error, and to issue an avditor's report that includes our opinion. Reasonable assurance is a hi8h level ol assurance. but is not a guardntee char an audit conducted in ac¢¢rd2nEe with ISAS IUKI will always dect a material mi$$tatement when it exist5. Ni55tatemeDts can arise from fraud or error and are ¢onsidered material il. individua51y or in the aggregate, they could reasonably be eXPeCd to inlluence the economic decisions ol users raken on the basis of these financial statetnents. As part of an audit in accordance with 15As (UK). we exercise professional judgment and maintain professional 5cepcici5m throughout the audit. We also- Identify and assess the risk5 of mIri)I mIsS¢arnent of the financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those r15ks, and obtain audit evidente that is sufficient and appropriate to PrOe a basis for our opinion. The risk of not dececclng a material mlsstatemenc resulting fmm fraud is higher than lor one resulting Irom error. as fraud may involve collusion, (orgery, incet¥¢ioDal Dmissions, misrepresentations, or the override ol Inrnal control. Obtain an understanding ol intern21 control relevant to che audit order to design wdit procedures that are appropriate in the Circumstan5. but not for the purpose of expressin8 an opinion on the effecclveness of the intsrnal ctsntrol.
Friends of St Paul's Cathedral Independent Auditors, Report to the Council (continued) EVUte tho appropriatenes5 01 accounting polide$ used and the re250nableness of accounting e5tirnates and relatsd disclosures made by the trustees. Conclude on the appropriateness of the Couneil's use ol the going concern basis of accounting and. based on the audic evldence obtained, whether a material uncertainty exists relatsd to events or conditions that may cast significant doubt on the chariLy'S ability to continue a5 3 going concern. 11 we collclude that a acerial NCertainty exists. we are required to draw attention in our auditor's reporE to the related disclosures in the financial ststements or, if such disclosures are inadequare, to mod5fy our oplnlon. Our conclusions are based on the audit evidence obcained up to the date of our audiior's report. However, future events Lir conditions may cause the charity to cease to continue as a gng concern. Evaluate the overall pres¢ntation, structure and content ol che financial staternents. Including the disclosures, and whather the finantial statements represent the underlylng rransaction5 and evenu in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other tnatters. Ihe planned scope 2nd timing of the audit and slgnificant audit findings. including any 5iyificant deficiencies in internal control that we identify during our audit. Explanation a5 to what extent the audit wa$ con5tdertd capable of detecting irregularltles, including fvaud. Irregularitles, including fraud. are in5tance5 01 non-complice with laws and reguladons. We design procedures in line with our responsibilities, oudined above. to detect m2reri21 misstatsment5 in respect of irregularities, including fraud. The extwt tts whSch our procedures are capable ol detecting irregularities. including fraud is detailed below.. Based on our underst3nding of the charity, we Identified that the princlp21 risk5 of non cornpllance with laws and regulations related to the regulatory Irimework lor charitie5. and we considered the extent to vthich non. compliance might have a material effecc on the financial Sydtements. We a150 Considered those laws and reguladons that have • direct impact on the preparacion of the financi21 statements such as the Charities Ac¢ 2011, Chariues SORP FRS102. We evaluated the Ctruncifs incentives and opportunittes for Iraudulent manipulation of Che financial ststements (including the dsk of override ol controls) and determined that the overall risk is low because with regard to income, which 15 predominantly vtsluntary, is mostly received by dlrect debits Jnd standing orders or by eheques in respect ol legacios which are promptly banked. All expenses are verified by the Finance Manager. Audlt procedures perforrned by the engagement team illcluded.. Review of the financlal statement disclosures to underlyin8 SUPPOrting documentation.. Discussions with rnanagernent including considernrion of known or sv5pected instsnces ol oncotnpliance wth laws and regulation and fraud.. Evaluating the Council'5 controls de5igTred to prevent and detect irregularitie5,' Identifying and testing journals and evaluating whether there was Emdence of blas by the Council that represented a rlsk of material mlsstttement due ¢0 fraud.. Review of other correspondence with the Finance Manager. A further description of our responsibilities lor the audiL of Ihe financial staternent5 is located on the Financlal Reporting Council's Webs1 at.. w.fr -uWauditorsres Thi5 de%cription forms parL ol our audltor's report 10
Friends of St Paul's Cathedral Usè of our report Thls report 15 made solely to the Council of Friends of St Paul'5 Cathedr35, a5 a body. in accordance with section 145 of the Charities Act 201 l and gUlationS made under section 154 of that Act. Our audit WDrk ha5 been ndertaken 50 Ihatwe might state to the Council of Friends of St Paul'5 Cathedral those matter5 we are required to state to them ill an auditors. report and for no other purpose. To the fullest exnt permitted by law. we do not accept or assume respon$lbiliry to anyone other than Friends ol St Paul's Cathedral 2nd its Council as & b¢xly, for our audit work, lor this report, or lor the opinions we have formed. West Wake Price LLP Statutory Auditors Chartered ACconn[S Date.. J7 A¢rLK l.ll The Mezzanlne Floor 68 Cornhill London EC3V 3QX West Wake Price LLP is eligible for appointment a5 auditor of the ¢harity by virtue of its eli8ibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Friends of St Paul's Cathedral Statement of Financial Activities for the year ended 31 December 2022 Notes 2022 2021 Income Voluntary Income Subscriptions Donations 43.512 35,625 30,072. 32,110 18,208 Legac?es 3,582 65.302 97,807 Actlmties for generating funds- Events & Activities Interest Received 785 1,973 220 Total Income 68.060 98,027 Expenditure xpenditure on Ralslng Funds Staff C05t5 35.000 391 35.000 Costs af Events & Activitie5 Prin¢in8 and Mailing Costs Adminlstration 1.280 720 1.253 Audlr Fee 2,500 377 2.280 584 8ank Charge5 40.268 39,117 Expenditure on Charitable Acuvities Grants to St Paul's Cathedral 131.247 131.247 Total Expenditure 171,515 170,658 Nét Expenditure (103.455) (72,631) Recorbciliation of Funds Totsl Funds brought forward Total Funds carried forward 300,420 373,051 196.965 300,420 The notes on pages 14 to 19 form par¢ gf these finandal statements. 12
Friends of St Paul's Cathedral Balance Sheet as at 31 December 2022 Notes 2022 2021 Current Assets Debtors 2.741 151.954 47,448 44,317 CBF Deposit Account Cash at bank and In hand Total 149,981 108,402 202,143 302,700 Current Liabllltles Accruals 2,500 1,478 2,280 Amounts owing to St Paul's Cathedral Sundry Credltors Total 1,200 5,178 1280 Ngt Current Assets 19&965 300,420 Net A$$ets 19A965 300,420 Funds ofth* Charfty Restrlcted Funds 60,060 136,905 60,060 240,360 Unrestricted Funds Total Funds 196,965 300,420 The financial ststsments on page$ 12 to 19 We approved by CouTrcll on 27 March 1023 and siwed on its behalf by.. The Revd Can¢)n Dr Nell Eyans Chatr Samuel EniS HDnorory Treosurer c 4 fr-Ti- C(dts,} The notss on page5 14 to 19 forni part of these financial statements.
Friend5 of St Paul's Cathedral Notes to the Financial Statements for the year ended 31 December 2022 Accountlng policies Basls of preporutlon ond ossessment of ¢oneern The cOunt$ have been prepared under the historical convention. The aecounts have been prepared In accordance with the Statement ol Flecommended Practice= Accounting and Reporting by Charities prepartng Eheir accounts in accordance with the Flnanclal Reporting S¢4ndard applicable in the United Kingdom and Republic of Ireland IFRS 102 SORP) and the Financial Reporting Standard applicable in the Unitsd Klngdom and the Republic ol Ireland IFRS 1021 and the Charltles Act 2011. The accounts have been prepared to give a 'crue and fair, vlew and have deyarLed from the Charitie5 {Atcount5 and Reports) Regulttions 2008 only to the extent required to provide i 'true and fai4 view. This departre h25 Involved following Accounting and Reponing by Charities preparing their accounts in accordance with the Financial Reportlng Srand2rd applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting &nd Reporting by Charities.. Statement ol Kecommended Practice effective from l April 2005 whieh has sin been withdrdwn. rhe trust constitute$ a public benefit ent(ty as defined by FRS 102. In accordance wlth FRS 102 Sec0 7.1 B. the charity is entitled to ex4nption from preparing a statement of cash llows. The trustee5 C0115ider that there are no material uncertaintlE$ about the trust's ability cts continue as a going concern. The financial 5tatement5 haye btÈTh prepared on a going concern basis. Income Where &ncome has relatd expendicurè (as wlth events, activities merchandise) the income and related expenditure are reported 8ros5. Income from sub5crlptyon& donations. events and activitie5 are accountsd lor on a receivable ba$ls. Legacles are atcoun¢ed for as incorne where there is clear enudemen( the amount be measured reliably., and is probable. Receipc Is probable when-. Confrrmatlon has been received from the representatives ol the estate thar probate has been granted.- and The executor5 have established there are suificient assets In che estate 10 pay the legacy,. and All condition5 attached to the Segacy have been fulfille¢S or are within the charit15 Colltrol. Measurement is based on the value li5red in the wlll for p¢cuniary giftst provided the estate ha5 suificiert funds and on the estate accounts for re5iduary <s. Income tax recoverable is included at the same time a5 the income to which it relate5 adjusted for administrative delays as ne$s2ry. Investment Income is included when receivable. Gifts in kind are accounted for at a reasonable estlmate of ¢hr value or the amount actually rea115ed. Dontted serwces 2nd facilitie5 are onty included in income (with an equiyalent amount in expenditure) where che benefit 15 rea50nibly quantifiable, MeaSubIe and maferial. The value placed these resources is Ihe estimatsd vlue ol the 5erYice or facility received. Tha value of voluntary help reteived is not quantified and not included.
Friends of St Paul's Cathedral Expendlture ond Llobllltles Expenditure, including irrecoverable value added tax, is included on an accrua15 basis. Liabilities are recognised as soon as there15 a legal or conttruttive obligation to ply out resources. Current liabllities, being those payable within one year of the bilance shee¢ date, Ire separdtely disclosed frorn non-curreDt liabilitles. Grants awarded to the Chapter are minuted once Council has made unconditional commitment5 to pay the 8rant5 and reflec¢ed in the accounts under notes 5 and l O. Goyernance costs in¢lude the costs ol the preparation of Statutory and management accounts. aOlts supekvision. tax serwice4 Council meecin8s and advice on governance or ConStU[l0nal matters. Forelgn Currencies Transactions denorninated In loreign <urrencles are translad it the exchange rates ruling at the date of traftsacrions. Monetary a$5ets and liabilities denorninaied in foreign currencies are tran51itrd a¢ the rate ruling at Che aTrce sheet date. All foreign exchange gains 2nd 105ses Ire recogni$ed in the Statement of Flnantial Activities. Aets Tan&ble fixed asset5 a capitslised if they can be used lor more than one Yr, and c05t at leasc £500. They are valued tt cost or, il gifted. at the value on rKeipt, and depreciation is provided 2E 25% per anThum over four year$. Other items ire expensed on acqui51tion. ThÈrè were no tangible assets as at 31 December 2022 or 31 December 2021. Restricted and Unrestrrcted Funds Restricted funds comprlse funds that are subject to re5crlcuons and can only be applied for particular purposes within the objects of the char5w. Unrestricted fundg cotnprise lunds that are noc 5ublect to any res¢riCttons regarding thelr us< and are available for any charitable purpose of the Friends. Finanelal Instrument5 The cotnpany ha5 financial assets and liabilitie5 of a klnd Ihit qualify a5 basic financial iTr5truments. Basic financi31 instrurnents are Inldally recognlsed at transaction value and 5ubsequent¢y measured at thelr settlement valu& Cash and ¢2sh equivalents Cash and cash equi¥21onts included cash in hand, deposits held at call with banks and ¢xher shotern) liquid investements with or5&nal maturitles of three months or le55. Crltical accounting estimates and area5 of Judgments In the view ol the trustees, in 2pplylng the accounting policies adopted. no judgements were required that have l Significant effeci on the amounts recognised in the financial statements nor do any estimates or as$umptions made carry a Significant risk of mJteri31 adjustment in the next financial year. 2. Taxation Friend5 o)1 St Paul's C2thedral is a registered charlty. and is exempt from tax on it5 Intome and gain$ where they are applted for charitable purposes.
Friends of St Paul's Cathedr31 3. Legacies 2022 2021 Legacie5 3,582 32,110 There were 4 legacie5 in 2022, to>lllng £3,58212021: 4 todling £32,110). All of the legci¢s were unrestricted in both 2022 and 2021. 4. Events and Activitie5 In 2021 the Friend5 calendar of events was as follows.. April 2022= 70 Anniversary event july 2022.. The Anr¢u21 Friends Festival and AGM October 2022.. ATr Outslde Ttsur October 2022.- Talk on Alfred Henry"Harry" Sharr November 2022.. Advent Talk Ticket 5ale$ lor th& Advent Talk and Outside Tour totalled £785. All other events were free to attend lor Friends. Donations made In connection with events are incILed in Voluntary Incorne. Unfortunately. due ro the disruption caused by the Covid-19 pandemlc there were no physical Events and Activities in 2021. S. Grants 2022 2021 Grants to St Paul'$ Cathedral for Choristers Grants ¢0 St Paul's Cathedral Schools & Families Organ Transmission grdnt Grant to St Paul'5 Cathedral lor the Remember Me Cowd-19 memorial Grant to St P&ul'5 CathedRI lor Whispering Gallery Safety 11,247 20,000 10.ooo 20,0? 50.0 50,000 100.000 131.247 Further information on the Srants aw2rded is included in note l O. 6. Staff Cost5 and Remuneration of Key Management Personnel 2022 2021 Staff Managemenr Charge 3S,DOO 35.000 The charity conslders its key management personnel cotnprise the Chair and the Honorary Treasurer, neSther of whom had any employment benefit512021'. none}-
Friends of St Paul's Cathedr21 7. Debtors 2021 Z021 Arcrued Income, induding Gift Aid recoverable Due Irom 5( Paul's Cathedral Foundation 1.666 1,073 12.133 32,184 44.317 2.741 As at 31 December 2022, arnouncs due from St P&ul'5 Cathedral Foundation OF £1,073 ptlnclpally related to Friends membership sbSCriptiOnS paid for by credir and debit cards to St Paul's Cathedrai Foundation. As at 31 December 2021, amounts due frorn St Paul's Cathedral Foundation Included £20,000 in respec¢ ol a legacy as well a5 amounts related to subscriptions paid by Cdit arjd debit tard. 8. Accruals 2022 2021 Audit Fee 2,500 2,500 12BO 1280 9. Creditors 2022 2021 Cathedral- Management and adrnlnlscrntive recharges Sundry Creditor5 1.478 1,200 2,678
Friends of St Paul's Cathedral l O. Contingent Grant Liabiliti95 8rwEht Designotedl fonvdrd (Undesignoted) Gronts recogni5ed in Corrled forward 2022 SOFA Whispering Gallery Safety Whispering Gallery Repavlg Cathedral Schools & Families Department Music (Organ fransmissionl Quire Sound System Chorister Grant 100.ooo 17.461} 1100,0001 7.461 20,000 60,060 15,000 120.C4)0} 60.060 115.0001 {11.2471 131.247 102,521 77,539 60.060 Broulht fonvord Designated Grfjnts recognised In SOFA CGrried fowward 2021 Whispering Gallery Safety Whispering Gallery Repayinx Carhedrnl Schools & Families Department Music Iorgan Transmissionl Quire Sound System Chorister Grant 50,000 150.0001 7.461 40,000 61,601 15.000 i 0,000 50,000 7.461 20,000 60,060 15.000 120,0001 (i 0,0001 {50.0001 Remember Me 184,062 50.000 101521 Grant awards are included in the Statement of Financial Activitie5 once any applirable tonditions are fulfilled. A brief description ol each of the funds is included below. The Cithedral's Whispering Gallery has been cl¢>sed to visitor5 51nee 2019. The work belng undertaken as part ol che WhisperSng Gallery Safety prujett will enable the Gallery. which is one ol the most spectacular and memorable archlcectural features of the Cathedral. TO be open to vlsitors again in 2023. Council granted £50,000 tOW2rd tha project in October 2021 (paid in 20211 and a further £1 00,000 in 2022 (paid ill 2022). A further £96,905 award for the projeci was agreed in January 2023 {to be accounted for in 2023}- The Whispering Gallery Repang fund wa5 originally designated In 2012 ar 2n amount of £20,CfjO. 112.539 w23 paid to the Cathedral in 2018. This repaving work is now being carried out by the Cathedral as part of the VVhisperin£ Gallery Safety project and $0 the remaining amounL of £7,461 was undesignated in 2022. The Cathedral Schools & Familles department fund supportg the activities of the cathedr.5 Schools & Fimllles department. The latest destgnation of £ 100,000 was made in 2017 to cover five grants of £20,000 per annum running to December 2022. In both 2022 and 2021. the Trustees agreed the further payments to be made on the Cathedral Schools & Familie5 Department grdnt1£20,000 in each 012022 afjd 20211. The Music (Organ Transmission) lund was e5tsbllshed 20161£80,8n, Includrng 170,872 from the l D Worker legacy Specifically lor the Organ). Amounts of £20,812 have been grar*ted. {£13,780 in 2016,- £4,080 in 2017- and £2,952 in 20181. Off5ett4ng deblt and credit amounts of £1,541 were recognised in 2020 and 2021 on full reconciliacion of balances due to and from the Cathedral. The Quire Sound System lund wa5 escablished at £15,000 in 2015 Iredirecred from funds orlginally deslgnated lor Choir Stall Mock upl. No amounts have been utilis&. At the Council meeting ofi 7 March 1022. Council agreed to un-de5ignJte these lunds. 18
Friends of St Paul's Cathedral The Chorister Grant fund. £40,000 was designated in 2017 to cover four grnnts ol £10,000 per annum running co December 2021. From 2022 rhe grant is being agreed on an annual basis. In 2021 a grant of £l1.247 was agreed by Council and pald In the year12021.. £10,000 agreed 2nd paid). Durtng 2020, Council designaced £50,000 ro the Carhedril's Remember Me project to create a memorial and space to remember those who have died due to Covid-19. During the first half of 2021, at the Cathedral's requesr, Council agreed to redirecc these funds to the Whispering Gallery Safety project. Sub5equendy at the October 2021 Counal meeting. at the Cathedral'5 reque5r. the Trustees approved payment of both the £50,000 Remember Me grant and ISO,000 for the Whispering Gallery Safety project. I l. Charity Funds The funds of £196,965 as at 31 December 2022 12021.. £300,420) represent the unexpended resources held within the charity, being its assets less liabilities. The lunds consist of £60,06012021: £60,060) resmcted funds 2nd £136.90512021: £240.360) unrestrlcted fuTrd& 2022 2021 Unre5tricted- Desi8nated Quire Sound System (Original deslgnation 2015) Whispering Gallery Repavlng Cathedral Schoo15 & Families Department Other unrestricted and unde5ign#ted Total Unrestricted Restricted Music (Organ Transmtsslon) Total Fund5 15,000 7,461 20,000 197,899 240,360 136,905 I J6.905 60.060 300,420 60,060 300,420 * As described in Note l O, these funds were undesignated in 2022. 12. Related party transactions and Trustees expenses The Reverend Canon Dr Neil Evans, and Sheila Nicoll arB metTrbers of the Chapter of St Paul's Cathedral. The Very Reverend Dr David Ison wès also a member of the Chapter until his retirement in September 2022. The ChariW5 trustee5 give their time freely and receive no remuneration for the work thac they undertake a5 trustees. No trustee was reimbursed for any c05t5 Incurred in fulfilling their duties12021: £nil). Shella Nlcoll is also a Trustee ol the St Paul's Cathedral Choir School. During the year the Charity awarded 5t Paul's Cathedral grants totalling £131,24712021: £131,541 l. As at the year-end grants totalling £ftil 12021: £nil) were owed to the Cathedral. As at the year-end £1,47812021= £nil} was owed to che Cathedral and Included in creditors tn relatlon to the rwmbursement ol rnanagement and admir*istrative costs paid for by the Cathedral and recharged to rhe Charity. 19