2022-12-31-accounts - The Hereford Cathedral Perpetual Trust

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		Page
Chairman's Report	1	to	3
Report of the Trustees	4	to	13
Report of the Independent Auditors	14	to	16
Statement of Financial Activities		17
Balance Sheet
Cash Flow Statement		19
Notes to the Cash Flow Statement		20
Notes to the Financial Statements	21	to	29
Detailed Statement of Financial Activities	30	to	31

for the Year Ended 31 Decem	ber 2022
					31.12.22	31.12.21
			Unrestricted	Restricted	Total	Total
			fund	funds	funds	funds
		Notes	E	E	E	E
INCOME AND ENDOWMENTS	FROM
Donations and legacies		2	648,221	104,302	752,523	454,214
Other trading activities		3	13,417		13,417	4,161
Investment income		4	203 184	37 280	240 464	188 070
Total			864,822	141,582	1,006,404	646 445
EXPENDITURE ON
Raising funds			75,224	1,574	76,798	67,123
Charitable activities
Grantmaking			167,493	192,000	359,493	457,304
Total			242,717	193,574	436,291	524,427
Net gains/(losses) on investments			(498,846)	~93,665)	~592,511)	498 691
NET INCOME/(EXPENDITURE)			123,259	(145,657)	(22,398)	620,709
RECONCILIATION OF FUNDS
Total funds brought forward			5,128,694	774,979	5,903,673	5,282,964
TOTAL FUNDS CARRIED FORWARD			5,251,953	629,322	5,881,275	5 903 673

Balance Sheet 31 December 2022
				31.12.22	31.12.21
		Unrestricted	Restricted	Total	Total
		fund	funds	funds	funds
	Notes	E	E	I:	E
FIXED ASSETS
Investments	14	4,811,743	824,588	5,636,331	5,541,010
CURRENT ASSETS
Debtors Cash at bank and in hand		51,415 410,773	9,360 ~204,626)	60,775 206,147	58,690 335,753
		462,188	(195,266)	266,922	394,443
CREDITORS
Amounts falling due within one year	16	(21,978)		(21,978)	(31,780)
NET CURRENT ASSETS		440,210	~195,266)	244 944	362,663
TOTAL ASSETS LESSCURRENT LIABILITIES		5,251,953	629,322	5,881,275	5,903,673
NET ASSETS		5,251,953	629,322	5,881,275	5,903,673
FUNDS	17
Unrestricted funds				5,251,953	5,128,694
Restricted funds				629,322	774,979
TOTAL FUNDS				5,881,275	5,903,673

Cash Flow Statement
for the Year Ended 31 December 2022
				31.12.22	31.12.21
			Notes	E
Cash flows from operating	activities
Cash generated from operations				317,762	522,541
Net cash provided by operating activities				317,762	522,541
Cash flows from investing	activities
Purchase of fixed asset investments				(687,832)	(3,675,277)
Sale offixed asset investments					2,936,709
Interest received				1,846	818
Dividends received				238 618	187 252
Net cash used in investing	activities			(447,368)	~550,4983
Change in cash and cash equivalents		in
the reporting period				(129,606)	(27,957)
Cash and cash equivalents	at the
beginning ofthe reporting	period			335,753	363 710
Cash and cash equivalents	at the end	of
the reporting period				206 147	335 753

RECONCILIATION	OF NET (EXPENDITURE)/INCOME	OF NET (EXPENDITURE)/INCOME	OF NET (EXPENDITURE)/INCOME	FROM OPERATING ACTIVITIES	FROM OPERATING ACTIVITIES
				31.12.22	31.12.21
				E	E
Net (expenditure)/income		for the reporting	period (as per the
Statement of Financial Activities)				(22,398)	620,709
Adjustments for:
Losses/(gain) on investments				592,511	(498,691)
Interest received				(1,846)	(818)
Dividends received				(238,618)	(187,252)
(Increase)/decrease in debtors Decrease in creditors				(2,085) ~9,802)	729,339 (140,746)
Net cash provided	by operations			317,762	522,541

ANALYSIS OF CHANGES IN NET FUNDS
	At 1.1.22	Cash flow	At 31.12.22
	E	E	E
Net cash
Cash at bank and in hand	335,753	)129,606)	206,147
	335,753	)129,606)	206,147
Total	335,753	L)29,606)	206 142

DONATIONS AND LEGACIES
			31.12.22	31.12.21
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	E	E	E	E
Grants	23,600	59,500	83,100	279,704
Donations	54,715	41,288	96,003	108,224
Gift aid	7,574	3,514	11,088	17,026
Legacies	562,332		562,332	49,260
	648,221	104,302	752,523	454,214

								31,12.22	31.12,21
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	E
Events						13,417		13,417
Expenses	recoverable								4,161
						13,417		13,417	4,161
INVESTMENT INCOME
								31.12.22	31.12.21
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	f.
Dividend	income		-	(Cazenove)		201,345	37,273	238,618	187,252
Interest receivable						1 839	7	1 866	818
						203,184	37,280	240,464	188,070
RAISING FUNDS
Raising donations				and legacies
								31.12.22	31.12.21
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						E	E	E	E
Staff costs						22,387		22,387	20,603
Direct fundraising				expenses		29,668		29&668	14,556
Promotional		materials				50		50	3,443
Support costs						14,853		14,853	~17 751
						~66 958		66,958	56,353
Investment		management			costs
								31.12.22	31.12.21
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
						f.	E	f.	E
Portfolio	management					~8266	1,574	9,840	10,770
Aggregate		amounts				75,224	1,574	76,798	67,123

CHARITABLE ACTI	VIT	IE	S COSTS
							Grant
							funding of
							activities	Support
						Direct	(see note	costs (see
						Costs	7)	note 8)	Totals
						E	E	E	E
Grantmaking						17,332	289,500	52,661	359,493
GRANTS PAYABLE
								31.12.22	31.12.21
								E	E
Grantmaking								289,500	380,632
The total grants paid to			institutions		during the year	was as follows:
								31.12.22	31.12.21
								E	E
Fabric - Eastern Range/Cloister				Project contributions					89,632
Fabric - Deanery and canonical				properties					45,000
Choral / Music - Choral			Foundation		grants			174,000	174,000
Education - Education		grant						18,000	12,000
Other - General Chapter			running	costs				97,500	60,000
								289,500	380,632
SUPPORT COSTS
								Governance
							Management	costs	Totals
							E	E	E
Raising donations	and	legacies					14,853		14,853
Grantmaking							52,661		52,661
Governance								6,200	6,200
							61,314	6,200	67,514
NET INCOME/(EXPENDITURE)
Net income/(expenditure)			is stated		after charging/(crediting):
								31.12.22	31.12.21
								8	E
Auditors' remuneration								6,000	14,160
Auditors' remuneration			for non	audit work					9,000

				31.12.22	31.12.21
				E	E
Wages and salaries				67,718	59,800
Social security costs				1,179	2,908
Other pension	costs			6,740	5,968
				75,637	68,676
The average	monthly	number of employees	during the year was as follows:
				31.12.22	31.12.21
Administration				1	1

		Unrestricted	Restricted	Total
		fund	funds	funds
		E	E	E
INCOME AND ENDOWMENTS	FROM
Donations and legacies		208,201	246,013	454,214
Other trading activities		4,161		4,161
Investment income		157600	30 470	188,070
Total		369,962	276 453	646,445
EXPENDITURE ON
Raising funds		65,097	2,026	67,123
Charitable activities
Grantmaking		136,672	320,632	457,304
Support costs
Total		201,769	322,658	524,427
Net gains on investments		429,592	69 099	498,691
NET INCOME		597,785	22,924	620,709

The Hereford Cathedral Per etual	The Hereford Cathedral Per etual	Trust
Notes to the Financial Statements		- continued
for the	Year Ended 31 December 2022
12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL		ACTIVITIES - continued
			Unrestricted	Restricted	Total
			fund	funds	funds
			E	E	E
	RECONCILIATION OF FUNDS
	Total funds brought forward		4,530,909	752,055	5,282,964
	TOTAL FUNDS CARRIED FORWARD		5,128,694	774 979	5,903,673
13.	TANGIBLE FIXED ASSETS
					Fixtures
					and
					fittings
					E
	COST
	At 1 January 2022				20,580
	Disposals				~20,580)
	At 31 December 2022
	DEPRECIATION
	At 1 January 2022				20,580
	Eliminated on disposal				~20,580)
	At 31 December 2022
	NET BOOK VALUE
	At 31 December 2022
	At 31 December 2021
14.	FIXED ASSET INVESTMENTS
					Listed
					investments
					E
	MARKET VALUE
	At 1 January 2022				5,541,010
	Additions				687,832
	Revaluations				~592, 511 3
	At 31 December 2022				5,636,331
	NET BOOK VALUE
	At 31 December 2022				5,636,331
	At 31 December 2021				5,541,010

							Listed
							investments
							E
	Valuation in	2022					5 636 331
15.	DEBTORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
						31.12.22	31.12.21
						E	E
	Other debtors					2,275	1,569
	Prepayments						3,655
	Accrued income					58,500	53,466
						60,775	~58 690
16.	CREDITORS:	AMOUNTS		FALLING DUE WITHIN ONE YEAR
						31.12.22	31.12.21
							6
	Trade creditois					4,955	13,079
	Social security and other taxes					2,642
	Other creditors					1,130
	Accruals and	deferred		income		13,251	18,701
						21,978	31,780
17.	MOVEMENT	IN FUNDS
						Net
						movement	At
					At 1.1.22	in funds	31.12.22
					E	E	f.
	Unrestricted	funds
	General Fund				5,128,694	123,259	5,251,953
	Restricted funds
	Education Fund				3,443	6,152	9,595
	Fabric Fund				2,428	774	3,202
	Choral Funds				687,881	(152,583)	535,298
	Font Project	Fund			81 227		81,227
					774 979	~145,657)	629,322
	TOTAL FUNDS				5 983 673	~22 398)	5 881 275

Net movement	in funds,	included	included	included	in the above	in the above	are as follows:
							Incoming	Resources	Gains and	Movement
							resources	expended	losses	in funds
							E	E	E	E
Unrestricted	funds
General Fund							864,822	(242,717)	(498,846)	123,259
Restricted funds
Education Fund							24,152	(18,000)		6,152
Fabric Fund							774			774
Choral Funds							116,656	~175,574)	~93,665)	(152,583)
							141,582	~)93,574)	~93,665)	(145,657)
TOTAL FUNDS							1,006,404	~436,291)	~592,511)	(22,398)
Comparatives	for movement			in	funds
									Net
									movement	At
								At 1.1.21	in funds	31.12.21
								E	E	E
Unrestricted	funds
General Fund								4,530,909	597,785	5,128,694
Restricted funds
Education Fund									3,443	3,443
Fabric Fund								49,657	(47,229)	2,428
Choral Funds								621,171	66,710	687,881
Font Project	Fund							81 227		81 227
								752,055	22,924	774 979
TOTAL FUNDS								5,282,964	620,709	5,903,673
Comparative	net movement		in	funds,		included	in the above are	as follows:
							Incoming	Resources	Gains and	Movement
							resources	expended	losses	in funds
							E	E	E	f.
Unrestricted	funds
General Fund							369,962	(201,769)	429,592	597,785
Restricted funds
Education Fund							15,443	(12,000)		3,443
Fabric Fund							1,099	(48,328)		(47,229)
Choral Funds							173,637	(176,026)	69,099	66,710
Eastern Cloister Delivery		Fund					86,304	$86,304)
							276,483	(322,658)	69,099	22,924
TOTAL FUNDS							646,445	(524,427)	498,691	620,709