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2023-03-31-accounts

Registered Charity Number: 1033089

LINCOLN CATHEDRAL MUSIC FUND

Annual Reports and Financial Statements

for the year ended 31 March 2023

LINCOLN CATHEDRAL MUSIC FUND

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

The Dean, The Very Reverend Christine Wilson (Retired 31 March 2023) Interim Dean, The Reverend Canon Dr Simon Jones (Appointed 24 March 2023) The Precentor, The Reverend Canon Nicholas Brown The Chancellor, The Reverend Canon Dr Paul Overend (Resigned 30 June 2023) The Chair of The Music Council, Mr Andrew Clark The Vice-chair of The Music Council, Mrs H M L Reeve Principal Address 4 Priorygate Lincoln LN2 1PL Music Council Mr Andrew Clark, Chair Mrs Henrietta Reeve, Vice Chair The Very Revd Christine Wilson, Dean (Retired 31 March 2023) The Revd Canon Nicholas Brown, Precentor Mrs Gunilla Carlbom Mrs Angela Chappell Mrs Janis Daly Mrs Sandra Gratrick Dr Laurence Oliver Mr Aric Prentice Mrs Lindsey Sutton Lady Charlotte Tyrwhitt Mrs Jenny Worth Independent examiner Jane Marshall FCA DChA BHP LLP One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH Investment managers Cazenove Capital Management, Schroder & Co Limited Registered charity number 1033089

1

LINCOLN CATHEDRAL MUSIC FUND

Trustees’ Report for the year ended 31 March 2023

The Trustees present their report and the financial statements of the Charity for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

Structure, Governance and Management

The Music Fund is a registered charity governed by a Trust Deed dated 28 January 1994, subject to a Deed of Variation dated 26 February 2002, to include girl as well as boy choristers. The charity further amended its Trust Deed on 31 December 2020 to remove “… South Humberside” as a geographical area of benefit within the objectives, as it no longer exists, and amend to “… North Lincolnshire and North East Lincolnshire” and to provide for two additional exofficio trustees.

The body of Trustees shall consist, when complete, of six ex officio trustees:

Day to day management of the Charity is delegated to the Lincoln Cathedral Music Council.

Governance

The Trustees shall hold at least two ordinary meetings in each year. The Trustees are elected at special meetings with no less than 21 days notice being given to the current Trustees. Every matter is determined by a majority of votes of the Trustees present at the meeting.

Policies

The policy agreed with respect to the release of capital to the Cathedral unrestricted fund is as follows:

The Investment Policy of the Trustees seeks to produce the best financial return within an acceptable level of risk. The investment objective for long term reserves is to generate a return in excess of inflation over the long term whilst generating an income to support the ongoing activities of the charity. In this way, income generation should continue to be sustainable in perpetuity. The investment object for short term reserves is to preserve capital value with minimal levels of risk, ensuring high liquidity of assets in order to meet short term cash flow needs. The current long term investment target is CPI +4% or better over a 10 year cycle.

Risk management

The Trustees continue to monitor the major risks to which the Charity is exposed and keep under review the adequacy of systems, which they believe, are adequate and appropriate to the size of the charity and the nature of its operations. Particular to financial controls, the accounts are scrutinised by the Lincoln Cathedral Chapter Finance Committee.

Objectives and Activities

To advance the education of the public in the art of liturgical and other music, both choral and instrumental at Lincoln Cathedral.

The Music Fund aims to create a permanent music foundation to support the Lincoln Cathedral Choir, organists and organ for the benefit of future generations.

2

LINCOLN CATHEDRAL MUSIC FUND

Trustees’ Report for the year ended 31 March 2023 (continued)

The Trustees have had due regard to the Charity Commission for England and Wales’ guidance on public benefit when planning its aims and objectives.

Strategies

Raising funds through annual giving, one-off donations, profit-making ticketed events, legacies, trust applications, promotional literature to past & potential donors and media coverage particular to giving opportunities.

Achievements and Performance

The Music Fund Council has delivered a series of highly successful events during the year. Highlights included a Summer Concert at Fulstow Hall, the choristers’ performance of Benjamin Britten’s Ceremony of Carols and a bridge day with Andrew Robson at Stubton Hall. The programme was well received and the Music Council were pleased to return to the pre-pandemic social calendar.

Throughout the year, the opportunity to play Lincoln Cathedral’s famous Father Willis organ also continued to be hugely attractive, with many guests taking up the unique offer to pay-to-play.

Sponsorship of the cathedral choristers continues to be generously supported and there were some exceptional legacy receipts in the year. The sustained support and giving of individuals has far surpassed expectations and we remain exceedingly grateful that the Cathedral’s music department can continue to be financially supported both in the current year and in the future.

Administrative Structure

The Corporate Body of Lincoln Cathedral has agreed to provide administrative support to the Trustees at no charge.

Financial Review

Total income during the year amounted to £452,948 (2022: £248,715) and £131,060 (2022: £109,076) of this was released to The Corporate Body of Lincoln Cathedral (hereafter referred to as Lincoln Cathedral) to help toward the annual costs of choir and organists.

Generous legacy receipts were recognised in the year, totalling over £0.27m (2022: £88k). Other income sources remained consistent with prior periods, with generous support from individual giving and an increase in grants supporting choristers. There have been three main fundraising events this year, all well attended, raising a net contribution of £14,730.

Funds have been bolstered by significant recovery of income distribution within the investment portfolio however capital values have been impacted by world events and the current economic climate. This has resulted in a net loss on investment value of just over £150,000.

The Trust continued to support the work of the Cathedral’s musical provision during the period in line with the policy outlined on Page 2. The Choral Scholar contribution increased on the prior period to £32,869 (2022: £24,658) reflecting the return to a full cohort of choral scholars during the period.

Reserves policy:

At 31 March 2023, the value of total funds is £2,884,619 (2022: £2,724,338).

3

LINCOLN CATHEDRAL MUSIC FUND

Trustees’ Report for the year ended 31 March 2023 (continued)

In view of the long-term nature of the charity's objective aim to create a permanent music foundation to support the Lincoln Cathedral Choir, organists and organ for the benefit of future generations, the Trustees intend to build reserves each financial year. The Trustees have elected to hold the majority reserves as investments, operating as a de facto endowment, to ensure the future sustainability of income streams which fund the day-to-day activities of the broader charitable objectives.

The funds comprise an endowment of £261,468 (2022: £257,886) a restricted fund of £1,000 (2022: £10,608) and unrestricted funds of £2,622,151 (2022: £2,455,844). The unrestricted funds are considered to be equivalent to the charity’s free reserves; these have increased on the prior year, in line with the reserves policy. Drawing down of restricted funds is in line with the resumption of the choral scholar programme and the application of a generous grant received in the prior year.

Plans for future periods

The charity remains committed to supporting the choir and organists of Lincoln Cathedral through financially contributing to annual costs and continuing to build a de-facto endowment to support future provision. The method of distribution toward current year music costs has been reviewed for future periods. Consideration has been given to the current economic climate and needs of the choir following the impact of the coronavirus pandemic, which presented significant challenges of continuity and progression. As such, the distribution to Lincoln Cathedral will be maximised each year, to match in year fundraising efforts. The Music Fund will continue to ring-fence legacy receipts and take care to retain investment gains to support future stewardship, in line with our objectives.

The fundraising social calendar will continue in the next financial period with a number of musical fundraising events planned; these include the much loved Benjamin Britten’s Ceremony of Carols and the Andrew Robson Bridge Day.

Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on behalf of the Trustees on Dec 16, 2023

SM Jones SM Jones (Dec 16, 2023 12:04 GMT)

The Reverend Canon Dr Simon Jones Trustee

4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LINCOLN CATHEDRAL MUSIC FUND

I report to the charity Trustees on my examination of the accounts of Lincoln Cathedral Music Fund for the year ended 31 March 2023 which are set out on pages 6 to 14.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER’S STATEMENT

Your attention is to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jane Marshall (Dec 18, 2023 14:41 GMT)

Jane Marshall FCA DChA

BHP LLP One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH

Date: Dec 18, 2023

5

LINCOLN CATHEDRAL MUSIC FUND

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations (including gift aid)
Legacies
2
Grants receivable
3
Raising funds: Events
4
Investment income
Total incoming resources:
Expenditure on:
Cost of generating funds
Cost of charitable activities
5
Raising funds: Events
4
Total resources expended:
5
Net (losses)/gains on investments
Net income/(expenditure)
Other recognised gains and losses:
Balances as at 1 April
Balances as at 31 March
9
Net movement in funds		 Unrestricted Endowment
Restricted
Total
Total
Funds
Funds
Funds
Funds
Funds
2023
2023
2023
2023
2022
£
£
£
£
£
28,325
7,550
7,549
43,424
44,186
271,448
-
-
271,448
87,535
335
-
18,346
18,681
11,000
19,304
-
-
19,304
15,138
100,091
-
-
100,091
90,856
419,503
7,550
25,895
452,948
248,715
103,159
-
35,503
138,662
117,162
3,719
-
-
3,719
4,898
106,878
-
35,503
142,381
122,060
(146,318)
(3,968)
-
(150,286)
177,715
166,307
3,582
(9,608)
160,281
304,370
-
-
-
-
-
166,307
3,582
(9,608)
160,281
304,370
2,455,844
257,886
10,608
2,724,338
2,419,968
2,622,151
261,468
1,000
2,884,619
2,724,338

All income and expenditure is derived from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

6

LINCOLN CATHEDRAL MUSIC FUND

BALANCE SHEET

YEAR ENDED 31 MARCH 2023

Note
FIXED ASSETS
Investments
6
CURRENT ASSETS
Debtors
7
Cash as bank
Current Liabilities
Creditors
8
NET CURRENT ASSETS
NET ASSETS
Represented by:
Restricted Funds
Endowment Funds
Unrestricted Funds
Total funds
9		 £
£
2,448,939
30,588
435,469
466,057
30,377
435,680
2,884,619
1,000
261,468
2,622,151
2,884,619
2023		 £
£
2,550,089
38,457
159,766
198,223
23,974
174,249
2,724,338
10,608
257,886
2,455,844
2,724,338
2022		 £
£
2,550,089
38,457
159,766
198,223
23,974
174,249
2,724,338
10,608
257,886
2,455,844
2,724,338
2022
466,057 198,223
30,377 23,974
2,724,338
10,608
257,886
2,455,844
2,724,338

Approved and authorised for issue on Dec 16, 2023

SM Jones

SM Jones (Dec 16, 2023 12:04 GMT)

The Reverend Canon Dr Simon Jones Trustee

7

LINCOLN CATHEDRAL MUSIC FUND Notes to the Financial Statements for the year ended 31 March 2023

1. ACCOUNTING POLICIES:

(a) Entity Status

The Trust is an unincorporated charity registered with the Charity Commission in England and Wales.

(b) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a Public Benefit Entity as defined by FRS102.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Fair value movements are dealt with through the Statement of Financial Activities. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

(c) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In view of the level of assets held, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(d) Income

All income is included gross in the Statement of Financial Activities on the following bases:

(e) Expenditure

Expenditure is included in the Statement of Financial Activities as soon as it is incurred.

Governance costs comprise the annual accountancy charges as well as the costs of running the charity i.e. Trustee meetings.

(f) Tangible fixed assets

Purchases of equipment are written-off in the Statement of Financial Activities in the year of purchase.

8

LINCOLN CATHEDRAL MUSIC FUND Notes to the Financial Statements for the year ended 31 March 2023

1. ACCOUNTING POLICIES (Continued)

(g) Taxation

The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes

(h) Investments

These are investments held in the UK and are included in the balance sheet at market value (Note 6), with realised and unrealised gains and losses included in the Statement of Financial Activities.

(i) Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

(j) Cash at bank and in hand

Cash at bank and in hand includes cash and short-time highly liquid investments.

(k) Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimate reliably.

(l) Fund accounting

Unrestricted funds are those given to further the charity’s purposes, applied at the discretion of the trustees. Restricted and endowment funds are subject to restrictions placed by the donor for specific projects or activities.

(m) Financial instruments

A financial asset or a financial liability is recognised only when the charitable entity becomes a party to the contractual provisions of the instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any transaction costs.

(n) Critical accounting estimates and areas around judgement

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

9

LINCOLN CATHEDRAL MUSIC FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

2. LEGACIES:
B Bennett
M Chambers
T Pyatt
E Walker
J Ward
C Watson
C Williams		 Unrestricted
Endowment
Restricted
Total
Total
Funds
Funds
Funds
Funds
Funds
2023
2023
2023
2023
2022
£
£
£
£
£
1,000
-
-
1,000
-
270,000
-
-
270,000
-
-
-
-
-
72,522
(1,052)
-
-
(1,052)
12,000
1,000
-
-
1,000
3,000
500
-
-
500
-
-
-
-
-
13
271,448
-
-
271,448
87,535

Of the £87,535 received for the year ended 31 March 2022 £87,535 related to unrestricted funds and £nil to endowment or restricted funds.

3. GRANTS RECEIVABLE:
The Association of Friends of Lincoln Cathedral
The Kochan Trust
A H Worth Charitable Trust		 Unrestricted
Endowment
Restricted
Total
Total
Funds
Funds
Funds
Funds
Funds
2023
2023
2023
2023
2022
£
£
£
£
£
335
-
12,346
12,681
10,000
-
-
1,000
1,000
1,000
-
-
5,000
5,000
-
335
-
18,346
18,681
11,000

Of the £11,000 grants received in 2022, £Nil related to unrestricted funds, £nil to endowment funds and £11,000 to restricted funds.

10

LINCOLN CATHEDRAL MUSIC FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

4. EVENTS INCOME AND EXPENDITURE
Bridge Master Class
Ceremony of Carols
Play the Organ
Concerts and Services
2022 totals		 2023
2022
Net
Net
Incoming
Outgoing
Contribution
Contribution
£
£
£
£
8,344
1,775
6,569
4,054
8,135
1,170
6,965
3,614
1,125
270
855
125
1,700
504
1,196
2,447
19,304
3,719
15,585
10,240
15,138
4,898
10,240

Events income and expenditure is all to unrestricted funds in both years.

5. EXPENDITURE
Event Expenditure
Investment Management Fees
Chapter Contribution
Choral Scholar Contribution
Chorister Contribution
Sundry Expenses
Governance:
Trustee Meetings
Independent Examiner's Fees
Charged to Unrestricted Funds
Charged to Restricted Funds
2022 totals		 Total
Total
Charitable
Funds
Funds
Activities
Events
2023
2022
£
£
£
£
195
3,719
3,914
5,128
4,336
-
4,336
4,951
83,546
-
83,546
70,095
32,869
-
32,869
24,658
14,645
-
14,645
14,323
275
-
275
221
-
-
-
140
2,796
-
2,796
2,544
138,662
3,719
142,381
122,060
103,159
3,719
106,878
83,079
35,503
-
35,503
38,981
138,662
3,719
142,381
122,060
117,162
4,898
122,060

The charitable activities in the prior year were £78,181 charged to unrestricted funds and £38,981 charged to restricted funds and the events expenditure of £4,898 was all charged to unrestricted funds.

No employee earned more than £60,000 per annum (2022: £nil). There are no salary costs for the year. No remuneration has been paid to any of the charity's trustees (2022: £nil - 0).

Expenses of £2,019 were due to one trustee during the year (2022: £1,653) these related to reimbursed event costs.

The Chapter contribution is a donation to the Lincoln Cathedral General Fund to help towards the cost of music at Lincoln Cathedral in line with the policy outlined on page 2 of these accounts.

11

LINCOLN CATHEDRAL MUSIC FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

6. INVESTMENTS
Market value as at 1 April
Additions at cost
Disposal proceeds
Net (loss)/gain on revaluation in the year
Market value as at 31 March
Historical cost at 31 March
The investment comprises:
2022
2023
Charities Property Fund
239,332
239,332
M & G Securities
Charifund
8,200
5,000
Global Dividend Income Unit - PP
199,894
99,894
Cazenove Investment Fund
Equity Income Trust for Charities - Unit Class S
244,421
164,421
Fidelity Global Dividend Fund
Class W Income Units
124,518
124,518
Trojan Ethical Income Fund
Class S Units
63,000
-
Schroder Asian Income Fund
Class S Units
135,155
120,155
Atlas Giobal Infrastructure Fund
B - Unhedged
367
367
SUTL Cazenove Charity Responsible
Multi-Asset Fund
2,216,323
2,889,477
Capital Account
Market value as at 31 March
No. Shares		 2023
2022
£
£
2,550,089
2,151,340
708,865
919,508
(659,729)
(698,474)
(150,286)
177,715
2,448,939
2,550,089
1,869,384
1,820,248
2023
2022
£
£
301,941
345,068
74,159
129,535
128,075
259,602
84,562
129,423
127,630
125,265
-
77,587
99,140
118,260
52,982
51,904
1,542,403
1,261,531
38,047
51,914
2,448,939
2,550,089

All the fixed asset investments are in the UK.

7. DEBTORS
Legacies receivable
Gift Aid
Dividend income
8. CREDITORS
Trade creditors
Due to Lincoln Cathedral
Accruals
Deferred income		 Total
Total
Funds
Funds
2023
2022
£
£
-
15,000
4,768
2,005
25,820
21,452
30,588
38,457
Total
Total
Funds
Funds
2023
2022
£
£
-
1,541
25,646
17,951
4,106
3,857
625
625
30,377
23,974

12

LINCOLN CATHEDRAL MUSIC FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

9.
MOVEMENT ON FUNDS
Current year
Restricted Funds
Organ maintenance
Choristerships
Choral Scholarships
Total Restricted Funds
Endowment Funds
Choristerships
Total Endowment Funds
Unrestricted Funds
General Fund
TOTAL FUNDS
Prior year
Restricted Funds
Organ maintenance
Choristerships
Choral Scholarships
Total Restricted Funds
Endowment Funds
Choristerships
Total Endowment Funds
Unrestricted Funds
General Fund
TOTAL FUNDS		 Balance at
Balance at
01-Apr-22
Incoming
Outgoing
Gains/(losses)
31-Mar-23
£
£
£
£
£
1,000
-
-
-
1,000
-
14,645
(14,645)
-
-
9,608
11,250
(20,858)
-
-
10,608
25,895
(35,503)
-
1,000
257,886
7,550
-
(3,968)
261,468
-
257,886
7,550
-
(3,968)
261,468
2,455,844
419,503
(106,878)
(146,318)
2,622,151
2,724,338
452,948
(142,381)
(150,286)
2,884,619
Balance at
Balance at
01-Apr-21
Incoming
Outgoing
Gains/(losses)
31-Mar-22
£
£
£
£
£
1,000
-
-
-
1,000
-
14,323
(14,323)
-
-
23,016
11,250
(24,658)
-
9,608
24,016
25,573
(38,981)
-
10,608
211,250
7,250
-
39,386
257,886
-
211,250
7,250
-
39,386
257,886
2,184,702
215,892
(83,079)
138,329
2,455,844
2,419,968
248,715
(122,060)
177,715
2,724,338

RESTRICTED FUNDS

Organ Maintenance - relates to legacy money received specifically to support organ/and or organ pipe maintenance.

Choristerships - relates to monies specifically granted to support choristerships. Choral Scholarships - relates to monies specifically granted to support choral scholars.

13

LINCOLN CATHEDRAL MUSIC FUND

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

10. NET ASSETS BETWEEN FUNDS

Current year
Investments
Debtors
Cash at bank
Creditors
Prior year
Investments
Debtors
Cash at bank
Creditors		 Unrestricted
Endowment Restricted
Total
Funds
Funds
Funds
Funds
£
£
£
£
2,206,084
242,855
- 2,448,939
30,588
-
-
30,588
415,856
18,613
1,000
435,469
(30,377)
-
-
(30,377)
2,622,151
261,468
1,000 2,884,619
Unrestricted Endowment
Restricted
Total
Funds
Funds
Funds
Funds
£
£
£
£
2,349,453
200,636
- 2,550,089
23,457
15,000
-
38,457
106,908
42,250
10,608
159,766
(23,974)
-
-
(23,974)
2,455,844
257,886
10,608 2,724,338

11 RELATED PARTY TRANSACTIONS

The following contributions were made to The Cathedral Church of the Blessed Virgin Mary of Lincoln ('Lincoln Cathedral') during the financial period in support of the Trust's objectives:

2023 2022
£ £
Chapter Contribution 83,546 70,095
Choral Scholar Contribution 32,869 24,658
Chorister Contribution 14,645 14,323

The following balances existed as at the year end:

2023 2022
£ £
Due to Lincoln Cathedral 25,646 17,951

No further related party transactions took place.

12. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent undertaking and controlling party is The Cathedral Church of the Blessed Virgin Mary of Lincoln. Copies of the group financial statements are available from the Chapter Office, 4 Priory Gate, Lincoln, LN2 1PL.

14