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 sta￿dard applieable in the UK and Republic of Ireland effective Irom I I￿vary 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$banded at th¢ end of the war. The Friends ol St Paul's took root from the Watrh and was formilly founded on Tuesday 29 Apr¢1 1952 with 84 members. The Friends, first Festival Servlce on Thursday 21 May 1953 wa5 attended by NM The Queen Mother who w2s Patron from 1952 until 2002. succeeded by HRH The Duchess of Gloucester GCVO. The whole cathedral cotnfflu￿￿ty is moscgr2oful to Her Royal Highness for herdedicatlon to the whole Cathedral and to the Friends and the choristers in particular. Object5 and Activities The Friends of St Paul's have the twin aims of fellowship and fundraising and exist to promote the work ol the C2thedrnl through prayer and support Ofte￿ ITr boch and money. Its objects include contributing to the pre$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 fOUnda￿On 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 Chap￿r. 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 GloUCes￿r. 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 ChOris￿r 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 ￿$0 look forward ¢0 re￿PenIng in 2023. We hope to run the Outside tour of Sr Paul's again in 2023 as this was extremely successful and very well attsnded. The Friends Festival will once again be held in july, where we will enjoy a letture, Choral Evensong and a Chorister Recital held under Wren's magnificent Dome and in the presence ol the Patron HRH, the Duchess of Gloucester. The Friends Council rnet three tlmes during 2022 and financial Irants were made to suppon the work and mission of Ehe Cathedral. Financial Roview, Reserves and Investment Policies The financial resulrs are set out on pages 12 to 19. Net Expendlture ond Funds Net expenditure for the year was £103,45512021.' ner expenditure of £72,631) Funds amounted to £196.965 at 31 December 2022 {2021.. £300,420). Voluntory Income The level of voluntary income was £65,302 (2021: £97,8071. Conslderable time and resources concinu¢ ¢0 be freely &4Yen by many Friends. Through their dedicated commitrnent to Lhis great Cathedral of St Paul they provide invaluable voluntary help, support and adwtt wh115t performing a huge amounr of work #nd activity behind the scenes. Grants oworded to St Poul's Cdthedrol During the year grants were made to the Cathedral as follows.. 2022 2021 Grants to St Paul's Cathedral for Chori5¢er5 Grants to St Paul'5 Cathedral Schools & Families Organ Transmlsslon grant Grant to St Paul'5 Cathedral for the Remember Me Covid-19 memorlal Grant to St Paul's Cathedral for VVhi$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 soc*n 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 approxima￿lY 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 WOL*ld 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 re￿eWed 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 $tandards have been followed, subject to any departure5 disc105ed and explained in the financial statement5,' and prepare the financial stttements on the going concern basis unles5 It is inappropriate to presume that thp Charily will etsntinu? in operational existence. Friends of St Paul s Cathedral Report of Council for the year ended 31 December 2022 continued The Trustees ￿ responsSble for keeping proper accounring records which di5clk)5e with reasonable alllng £3,58212021: 4 todling £32,110). All of the legci¢s were unrestricted in both 2022 and 2021. 4. Events and Activitie5 In 2021 the Friend5 calendar of events was as follows.. April 2022= 70 Anniversary event july 2022.. The Anr¢u21 Friends Festival and AGM October 2022.. ATr Outslde Ttsur October 2022.- Talk on Alfred Henry"Harry" Sharr November 2022.. Advent Talk Ticket 5ale$ 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 incIL￿ed 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 s￿bSCriptiOnS 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 C￿dit 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 Repavl￿g 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 Repa￿ng 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