THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND TRusfEES' REPORT AND FINANCIAL STATEMENTS 30 SEPTEMBER 2021 CHARITY REGISTRATION NUMBER: 1056374
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page.1 LEGAL AND ADMINISTRATIVE DETAIiS Charity Registration No: 1056374 Address.. Marlbon)u8h House Victoria RO South Chelmsford Essex CMI ILN Governing Instrument: The trust is established by a Trtt Deed dated 31 May 1996 Investment Powers: There are no striCt10n$ on the wwers of investmenls. Trustees.. Alan William& Bishop of BrentwocKi Gerdld Vincent Bodenham Thompson. DL Philip John Tolhurst - Chair Simon Andrew Dalton Hall. MBE DL marian O'sullivan Christopher Hunter GoTh*)n Rev Martin Boland Bankers: HSBC 91 High Street Brentw(NJJ Essex CM14 4RU Lloyds Bank 13 Comhill North Ipswich Ipi It Independent Examiner Adam Halsey Haysrnacintyre LLP 10 Queen Street Place EC4R IAG
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRusf FUND Page 2 TRUSTEES REPORT FOR THE YEAR ENDED 30 SEYfEMBER 2021 The trustees have pleasure in presenting their rep)rt for the year ended 30 September 2021. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The trust was ¢stablishcd by a Trust Deed dated 31 May 1996. Trustees and Management Strutture The trustees who served during the year and since the year end are list on page l. Where additional trustees are required. the Charity encourages existing trusiees to put forward name5. adverti5e5 the position and discusses with similar OTganisations wh¢th¢r th¢y a aware of suilabl¢ candidates. Prospective irusiees are provided with full infomiation on the charity's Constitution. obj¢th5 and fina¢5. OBJECTIVES. AcrtVlTIES AND ACHIEVEMENTS Obje¢¢ives The advancement of education in establishing and maintainin8 scholarships and bursaries for lay clerks and choristers and organists of the choir of Brentwood Cathedral in order to promot¢ the ¢xc¢llence of choral music in BntW(m)d Cathedrnl. The advancement of religion thmugh the maintenance and management of the fabric of the Brenlwood Cathedral Building. Capithl and itKome may be applied towards the objects 81 the discretion of the Trusiees, subject to the requirement Ihat at least 5Wo of unr¢stri¢ted income be applied to the choral fund. Activities, Achir¥ements and Flltu PlaL8 The trustees have continued their trf)licy of tryin8 to accumulate funds to meet future costs. The Cathedral is a relatively new building and while maint¢nance costs for the structure arc cunrntly modest these. tO8ether with general maintenance costs are knth likely to increas¢ in the future. It is intended that the building should be maintained to a high standard so that it benefit future generations. The insurance valuc of approximately £7.5m gives an indi¢*ion of the scale of mainlenance costs that will arue in ihe future. Investment Performamee During the year the investment [rOllO incr¢as¢d in value by I5.5Yo s1 generated £61.484 of income for ihe Trust. FINANCIAL REVIEW Th¢ total income ofthe charity ir¢aSed from £53.472 in 2020 to £61.584 in 2021 due to an increasc in investment income. Expenditure increased from £52.772 10 £63.449 mainly due io higher payments to lay clerks in 2021. Investment Powers and Poi There are no restrictions on the werS of investmettis. The policy ofihe Charity is to invest into a mixed portfolio of stocks and shares through the management of Investec. The Chariry's wlicy is also to look for socially responsible investments consistent with a Catholic Fndation.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Pag¢3 TRusfEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Reyerves Poli¢y At 30 September 2021. the unrestricted reserves of the Charity were £l.184.738. A5 Stated above, the trustees. policy is to accumulate funds to meet the future mainlenance costs of the Cathedral, which are expected to increase in the futu. The trust¢¢s aim to continue building up the free serveS over the next f¢w years so a5 lo ¢ontinu¢ to provide the support nKcssary for th¢ Charity to fulfil its objectives. PUBLIC BENEFIT The Trust¢¢s confinn that they have complied with the requirements of 5tIOn 17 of ihe Chariti¢5 Act 201 I to have du¢ r¢gard to the Charity Commission's general 8uidanc¢ on public benefiL 'Charitie5 and Public Benefit,. The Choir which is support¢d by the Trust. is open to all members of the Di(Kese, and a150 recruits lay clerks from the community generally. In addition to participating in church services, the Choir also provides free concerts for the public. The Calhra] Church. which the tru helps io maintsin, is not only ihe mother church of the Brentwothj Diocese and a cent of worship l)ut also a ¢entre for charitable activitie5 wilhin the community of Essex and is open to all members of the public. STATEMENT OF TRUSTEFS. RESPONSIBILITIES Th¢ purpose of this statement is lo distinguish the trustees. resp)n5ibilitie5 for the accounts from those of the auditors as staled in their rewrt. The Charities Act 201 I requires the truslees to pr¢par¢ for each financial year financial slatements which give a true and fair view of the charity's financial activities during the year and of its financial p05ilion at the year end. In preparing the financial atementS the Iruslees are ru]red to.. Select suiiable accounting 11¢1¢$ and apply them consistently. Make judgements and estimales that are reasonable and prudenL Stale wheiher applicable accounting standards hav¢ been followed. subject to any material departu5 dIl05Cd and explained in the fTnancial ststements- and Pr¢par¢ ih¢ financial stat¢m¢nts on the going concern basis unless it is inappropriate to presume ihat this basis applies. The tru51ees 8re responsible for ensuring a¢UntIng rewrds ar¢ k¢pl which di]05¢. with reasonable accuracy at any lim¢, th¢ financial position of the Charity and enable them to ensure ihat the financial statements comply with the Trnst Deed and the disclosure regulations. They are also responsible for safeguarding the assets of the Charity and hence for takin8 reasonable steps for the prevention and detection of error, fraud and other irregularilies. roved by the Trnstees on ................. ...... 2022 and signed as authorised on their behalf by: P J Tolhurst Truslee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF Page 4 THE BREIYTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND I report on th¢ aoUnts of ihe Twst for the year ended 30 Seoember 2021 which are set out on pages S to 13. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charily's Truslees you are re5wnsible for the preparation of the accounts- you consider that an audit is not required for this year under seetion 14412) of the Charklies Act 2011 (the 201 l Act) and that an independent examination is needed. It is my responsibility to: examine tk CoUnt$ under section 145 of the 2011 Act. io follow the procedures laid down in the general Directions given by the Charity Commission under tion 145(5Xb) of the 2011 Act. and ate wlther particular matters have wme to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in aecoTdan¢¢ with th¢ g¢neral DIrli0n5 given by ihe Charity Commission. An examination includes a vieW of the accounting records kept by the charity and a comparison of the accounts prcsenled with those records. It also includes consideration of any unusual items or disclosures in the account& and Ihe kIng of expl8nations frown you as Trustee concerning any such matters. The procedures und¢rtaken do not provide all the cvidencc that would k required in an audit and Consequently no opinion is given as to whether the accounts present &'lru¢ and fair view. and the is limited to those matters set out in the stst¢m¢nt below. INDEPENDENT EXAMINER'S STATEMENT In connection wilh my examinaiion, no matter has come to my attention: which gives m¢ reasonabk cause io believe ihat, in any material respecL the requirements: to keep accounting rerdS in ardance with S130 of the 2011 Act. and io prepare accounts which a¢o)rd with the accounting reconls and to comply wilh the accounting requirements of the 2011 A have not been met- or 2) to which, in my opinion, attention should be drawm in ord¢rto enable a prop¢r under5tandingof the aceounts to be reached. Adam Halsey Haystnariniyre LLP Chartered Accountants 10 Queen Street Place London EC4R IAG Date.. 20 luly 2022
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page.5 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEwfEMBER 2021 Pernianenl Endowment Re5trided Unrestricted Fund FuThls Funds 2021 Total 2020 Total INCOME FROM: InvnI in¢ome i*gaci¢5 and donations received 6,405 55.079 100 61.484 loo 50.953 2.519 Total irorne 6,405 55.179 61.584 53,472 EXPENDITURE ON.. of rdi5ing fvnd5 Inv¢5tm¢nt manag¢ment fees Ch4ritsbl¢ Artiviti¢5= Chordl expen5¢5- lay clerks and choir Depreciation of grand piano Support costs .732 6,6fAI .235 16,627 15,748 37,520 1,000 8,302 37,520 I,O(M) 8,302 27,977 1,000 8,047 Total expendiiure 1.732 55.057 63.449 52,772 (1.732) (255) {1,865) 700 (Lossesygains on investments 31.464 120.971 149.580 302,015 (109.702) Ne¢ incom¢ 29.732 120.716 149,702 300,150 (109,NJ2) Recortciliation of funds.. Accumulated funds brought forward 191516 755.or2 1.035,036 1,981,624 2,090,626 Accumulated funds carried forward 6. 7&8 £221248 £875.788 £1.184,738 £1281,774 £1,981,624 The staiemeni of financial aciiviiies includes all gaIr and losse5 in ihe period. All incoming resources and resources expended derive from conunuing aaiviiies. The compwmive year's 51aiement of fmancial activiiies is included in nole I l.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 6 BALANCE SHEET AS AT 30 SEvfEMBER 2021 2021 2020 Nol TANGIBLE FIXED ASSETS 23,(KlO INVESTMENTS 2.123,726 1,838,338 CURRENT ASSETS Debtors- ac¢ru¢d income & prepayinents 15.184 9,260 Cash- COIF tkposii - Cash at bank 50,(KM) 63,826 75,094 140,278 123,086 CURRENT LIABILITIES Creditor: Accrued expenses fallingdue within one year (4230) (2.800) Net C1Jen1 Assets 136.048 120,286 Toial A55ets £2,281,774 £1,981,624 FUNDS Unre5tricied Funds Trust Fund Received Chornl Fund Cathedral Fund 1.009,193 49.818 52.111 859,612 42.809 46,104 1.111,122 73,616 948,525 86,51 Designated Funds 1.184.738 1.035,036 R¢stri¢trd Funds Permaneni Endowmeni Fund 875.788 221.248 755.072 191,516 £2.281,774 £1.981,624 ApkYovedbyth¢Trulle¢s... ............... . 2022 and sigr*d on their behalf by Trustee
THE BREiYfwooD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page.7 ACCOIJNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Th¢ financial statemenis have been prepared in accordance with FRS102 The Financial Reporling Siandard applicable in ihe UKandlrelandand the Statement of Recommended Practice forCharities{SORP 2015) (Second Edition). effective l January 2019. The financial statements comply wilh all slalutY requirements and th¢ requirements of the charity's govcming dlMent. The particular accounting policies adopted described below. The financial statements are prepared und¢r the historical cost convention. as modified to include fixed asset investmenis at mark¢t value. Fi8ures are presend in sterling and rounded to the nearest pound. The Charity is a Public Benefit Enlity a5 defined by FRSIO2. Going confern The Trustees consider that there are no maierial uncertsinties which would $t doubi on the Charity'$ ability to continue as a going ¢oncern. The Tnbst continues to receive substsntial income from its investments and tailors its expenditure to reflect what it has received and the advice on fulure income. General inforniation The Charity is a charity registered in Enand and Waleg (charity number: 1056374). Ineome Legacies and donations are gnIS when receivable or when ihe Charity becomes legally entitled to them and they can reasonably be measured in financial t¢Tm5. Investment income is accounted for as it accrues. Th¢ trust deed provides that at least 5¢Y/o of unrestricted income shall be applied to the choral fund and thi5 allocation is shown in no 6 to the accounts. Expenditure Charitable activities ¢onsists of all exnditre diTectly relating to the objects of the Charity. Govemance costs incl¢ expenditure on managemenr and compliance with constitutional and statutory requirements. The grants for Cathedral atKI Chornl eXnSeS are made io the Roman Catholic Di(eSe of BrentW(KJd, Registered Charity No 234092. Irr¢coverdble VAT is Incled with the ca*gory of expense to which it relates. Fixed assets Tangible fixed assets are stsi¢d at historical cost less accumulated depreciation. Depreciation is charged so as to allate the cosi of ihe asset less residual value over their eslimaied useful life. Depreciation is provid¢d on the grand piano on a rnIght line basis over 16 years. The residual value ofthe grand piano is estimated at £1 O,IM)O. Financial instruments Basic financial inslrnments Iransa¢tions that result in the recognition of financial assets and liabilities like trade and oth¢r ?oUnt5 receivable and payable are accounted for on the following basis: Inveytmenls Investmenis held for the long-terni io genwat¢ income or wital gro carried at fair value as fixed assets. Th¢ Stafrm¢nt of Financial Acliviiies includes the nel gains and losses arising on revaluations and disposals throughout the year.
THE BREWTWOOD DIOCESAN CATHEDRAL AND CHORAL TRusf FUND Page 8 ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2021 Cash andcash equivalenls Cash and cash equivalenls includes cash Tn hand, deFM)sits held at banks. other shorl-lerm highly liquid investments with original maturities of three months or less and bank ov¢rdrafts. Bank overdrafts, when applicable, are shown within eurrent liabilities. Debior5 andcredilurs Debtors and creditors are meLsured ot the transaction price less any provision for impairmenl. Any losses arising from impairment are reco8nised as ¢X[ditUr¢. Restricted Fullds These funds are subject to rcstrirtions imposed by the donor.
THE BRENTWOOD DIOCKSAN CATHED114L AND CHORAL TRUST FUND Page.9 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 TANGIBLE FIXED ASSETS Grand Piano Cost: Opening and closing Cost 26.0 DeplatIOn.. Ai l October 2020 Charge in year 3.000 1.000 At 30 S¢pt¢mber 2021 4,000 Nei book valu¢: 30 Sepiember 2021 £22,(YY) 30 Sepfyrnr 2020 £23,1 INVEsfMENTS 2021 2020 Opening markei value Additions Disposals Gainsl(losses) .838.338 1.963,788 (16,627) 302,015 (15.748) (109,702) Closing markei value £2.123,726 £1.838,338 LOAN IN RESPEcf OF CATHEDRAL CHOIR SCHOOL This loan io the diocese which is free of ifvieTest is repayable on & change of use of the Cknir School {whether it is sold or not), and the repaymeni is infiation linked. The likelihood of a change of use of the Choir School is Considered to be remote. therefore the loan has a fair value of £Nil. If ihe loan had become repayable at 30 Sept¢mber 2021, il would have had a value of £291.07Q. INCOME FROM INVEsfMENTS 2021 2020 DivideThJ incorne Bank and deposit interesi 61,480 50,953 £61,484 £50.953 SUPPORT COSTS 2021 2020 Support costs include: Independent Examination fee Accounling fee5 £2.280 £5,856 £2,070 £5.856
THE BRENTWOOD DIOCFSAN CATHEDRAL AND CHORAL TRUST FUND Page 10 NOT&$ TO THE ACCOUKTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021 UNRESTRICTED FUNDS Opening I)mIng BalaTKe Resou Outgoing R¢sour¢es Gainsl Trdnsfers Closing Balance General Funds Designaied Funds: Bursary Fund 948.525 30.554 (17537) 149,580 86.511 24.625 (37520) 73,616 £1.035,036 £55.179 £(55,057) £149.580 £1,184,738 Unrestrieted funds for the eompxrtlv¢ year. Opening Incoming Balance Resources Outgoing Resources Gainsl Transfers Closing Balance General Funds Designated Funds- 8ursary Fund 991.032 27.835 (16.840) (53,502) 948,525 94,160 20.328 (27.977) 86.511 £1.085.192 £48,163 £(44.817) £(53,502) £1,035,036 GENERAL FUNDS The futxl balances * th¢ end of the year is derived from: Trust Fund Chordl Fund Cathedral Fund Tal Income &xpenditure Gains on investments 15.277 {8,268) 15.277 19269) 30.554 (17,537) 149.580 149.580 Net movement of fuThls Initial amount received on foundaiion of the charity Balances brought forward 149.580 7,009 6.008 162.597 500,(KM) 359.613 500,000 448.525 42.809 46,103 Year end fund balance £1.1)09,193 £49.818 £52,111 £1,111,122 General funds for the tomparative yer. Ineome Expenditure Gains on investments 13,918 (7.920) 13.917 18,920) 27.835 (16,840) {53,502) (53.502) Net moveTnent of futNIs Initial amount received on foundation of the charity Balances broughi forward (53,502) 5,998 4.997 {42,507) 5(M),(KKJ 413.115 500,000 491,032 36.811 41.106 Year end fund balae £859.613 £42.809 £46.103 £948.525
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHOIi4L TRUST FUND N(wfES TO THE ACCOUNTS (conli#ued) FOR THE YEAR ENDED 30 SEFfEMBER 2•21 RESTRICTED FUNDS oFn1 Incoming Balance ResouYc¢5 Outgoing ReUrceS Gainsl Transfers Closing Balance Elizabeih Atkin5 Herniione Lang Olga RIpn Harold Ho(MJ M8r.Christopher Creede Ames Legacy Income Bishcy of Brentwood Friends of Cathedral M$1¢ Doris Blooman Non Bursary Miss Eileen Keary Mgr David Donnelly 111.21r) 269,216 41.703 134,351 41,703 18.730 27.803 20.851 6.949 69,506 13.051 (1.006) (2.435) (377) (1,215) (377) 18,270 44,229 6,851 22.072 6,851 128,473 311,010 48,177 155,208 48,177 25,135 32,120 24,087 8.028 80,296 15.077 6.405 (251) (189) (63) {629) {118) 4.568 3.425 1,142 11,419 2,144 £755,072 £6.405 £(6,660) £120.971 £875,788 Re5¢ri¢ted fu#ds for the eompArtive yur. Oni 1jMTng Balae R¢souTc¢5 Ouigoing Resources Gain Trnnsfers Closing Balance Elizabeth Atkins Hemione L8ng Olga Rippon Harold Hood Mgr.Christopher Cffede Am¢s Legacy Income Bishop of Brentwood Friends of Cathedral Music Doris Blooman Nott BuT5ary Miss Eileen Keary Mgr David Donnelly 118.798 2875&1 44,549 143.519 44,549 13.421 29.7(KJ 22.274 7.424 74,249 13,942 (953) (2,306) (357) (6,636) (16,065) (2,489) (8,017) (2,489) 11.209 269,216 41.703 134,351 41,703 18,730 27,803 20.851 6.949 69,506 13,051 (357) SJ09 (238) (179) (60) (595) (112) (1.659) (1.244) (415) (4,148) (779) £81Kl.012 £5.309 6.308) £(43,941) £755.072 The income earned from th¢ Ames Legacy IoMe fund is io be ud towards ik stnKtural maintenance of the Cathedral. The Friends of caldra1 Music and Harold H(1 funds are for the support of the choir and the other funds are to provide bursaries for memb¢rs of the choir including lay clerks.
THE BRENTWOOD DIOCLSAN CATHEDRAL AND CHORAL TRUST FUND Page 12 NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 SEYTEMBER 202] PERMANENT ENDOWMENT FUND Opening Incoming Balance Resources Ouigoing Resources Inveslment GaIn(LOSses) Closing Balance Ames Legacy Capithl £191.516 £(1.732) £31,464 £221,248 Permnen¢ endowmeDt fund for tht comparalive Y. Opening Incoming Balanc¢ Rewrces Outgoing Resources Investment GaIn(Los$t$) Closing Balance Ames Legacy Capitsl £205.422 1.647) 412,259) £191,516 Th¢ in¢ome earned frorn the Ames LY fund isto be used towards the yrnctural maint¢nance of Cathedral. The capital of the fund is to be maintsined. ALLOCATION OF NET ASSETS Endowment Restricied Funds Fund General Fund DeSignad Fund Tothl Fixed assets Inveslmenis Net Currenl Assets 22.0(K) 1.051.825 37.297 22.000 2.123,726 136.048 221.248 850.653 25.135 73.616 £221,248 £875.788 £1.111.122 £73,616 £2,281,774 AlloetSon of #et ssets for compartiYe year. Fixed asseis Investments Nei Current Assets 23.1K)O 910,480 15.045 23,000 1,838,338 120,286 191.516 736.342 18,730 86,511 £191.516 £755.072 £948,525 £86,511 £1.981,624 10. TRusfEES The Trusiees receive no remunerntion or re-imbursement of exnSeS. One trusiee is a partner with a firm of solicitor5. The firn) charged the charity £5.856 {2020: £5,856) for accountanGy 5ervice5 during the yearaThl £Nil (2020: £Nil) of this w&$ owed by Ihe charity at the year end.
THE BREiYfwooD DIOCESAN CATHEDRAL AND CHORAL TRU FUND Page 13 NOTES TO THE AccouNfs (¢onlinued) FOR THE YEAR ENDED 30 SEtryEMBER 2W21 11. STATEMENT OF FINANCIAL AcrIvrriES FOR THE YEAR ENDED 30 SEITEMBER 2020 Pevmarent EndowmeDI Furtd R¢ari¢ied Unrestricted Fund fjeneral 2020 Total INCOME FROM.. Investment iOrne Legacie5 donations received 5J09 45.644 2,519 50.953 2.519 Total incoming TOur¢t$ 5J09 48,163 53.472 EXPENDITURE ON: Cosi of raising funds Invesimeni management ftts Charimble Aciiviiies.. Chordl expenses: ]ay clerks and choir Depreciation of nd PiaT Support costs 1.647 6,308 7,793 15.748 27,977 1,000 8,047 27.977 i.(M)o 8.047 Total expenditure 1,647 6,308 44,817 52,772 (1,647) (999) 3.346 700 Gains on InVementS {12,259) {43.941) (53,502) (109,702) Net income (13.906) (44,940) (50.156) (109,002) Reconciliaiion offunds.. Accumulaied funds brought foTward 205,422 s.012 .085.192 2,090.626 Accumulated fund% varried fon¥ard £191.516 £755,072 £1.035.036 £1,981.624