|||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|
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|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|
##
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|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|
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|RECONCILIATION|OF NET (EXPENDITURE)/INCOME|OF NET (EXPENDITURE)/INCOME|OF NET (EXPENDITURE)/INCOME|TO NET CASH FLOW|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|
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|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|
##
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|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|
##
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|||||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|
##
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