THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND TRUSTELS. REPORT AND FINANCIAL STATEMENTS 30 SEPTEMBER 2022 CHARITY REGIRATION NUMBER: 1056374
THE BREIYTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND P8ge I LEGAL AND ADMINISTRATIVE DETAILS Charity Regisiration No= 1056374 Address.. MarllM)rough House Viaoria Ro*1 Swth Chelmsford Essex CMI ILN Governing Instrument-. The trust is established by a Trust tked dated 31 May 1996 Investment Powers: There are no restriciions on the powers of investments. Trusttts.. Alan William& Bishop of Bren01 Gerdld Vincen( Bodenham Thompwn. DL Philip John Tolhursi Chair Simon Andrew Trdlion Hall. MBE. DL Marianne O'sullivan Christopher Hunter Gordon Rev Martin Boland Banker5'. HSBC 91 High Strtet Brenlwood Essex CM14 4RU Lloyds Bank 13 Cornhill North Ipswich Ipi It Independent Examiner Adaffl Ha15ey Haysmacintyre LLP l O Qucen Street Place London EC4R IAG
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 2 TRUSTELS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 21122 The trusiees have pleasure in presenting their report for the year ended 30 September 2022. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The trust was e51ablished by a Tru Deed ded 31 May 1996. Trustees and Management Strneture The trusltts who served during ihe yvar and since the year end are li&ed on page l. Where additional trustees are rquired. the Charity encourdges exsstingtrustee5 to put forward names, advertises the tK)sition and discusses with similar organisations whether they are aware of suitable L7ndides. Prospective trnstees are provided with full inforniation on the charity's Constitutio objects and finatKe5. ORJECTIVES ACTIVITIES AND ACHIEVEMENTS Objectives The advancement of ojucation in establishing and maintaining scholarships and bursarie5 for lay clerks and Choristers and organIS of the choiT of BreniwooA Cathedrnl in order to promote the excellence of choral mu51¢ in Brcntwood Cathedral. Th¢ adv2n¢emeni of reli8ion thr(yJth the mainienan¢e and management of ihe fabric of the Brentwood Cathedral Building. Capital and incorne may be applied ioward$ihe objects at the dire110ft ofthe TnLs¢ee& subje¢t ¢0 the requirement that ai least 500/0 of unrestricted income be applied to the chornl fund. A¢tiviti¢s, Aehlevemernts #md Futxre Plan5 The trustees have continued their policy of trying to accumulate funds to meet fviure costs. The Cathedral is a relatively new building and while maintenance costs for the structure are currently modest these. together with general maintenance costs are boih likely to increase in the fijiure. It is iniended ihai the building should be mainiained to a hi8h siandard so that li can ber1 future generations. The insurance value of approximately £7.5m gives an indication of the scale of maintenance costs that will accrue in the ture. InvestJneNt P¢rftsrm4nre During the year the investmeni p)rtfolio fell in value by 15.60/ts and genttated £53 J30 of income for the Trust. FINANCIAL REVIEW The total income of the dwity decreased from £61,584 in 2021 to £53.330 2022 due to a fall in investment income. Expenditure in¢rea5ed from £63.449 to £76.756 mainly due to hi8her payments lo lay clerks in 2022 and repair costs at the Cathedrdl. Investment Powers and Policy There are no restrictions on the power5 of inveslments. The policy of the Charity is to tnve5t into a mixed portfolio of stocks and shares through the rnanagemcnt of Investec. The Charity's policy 15 a150 to look for socially re5pon5ible investments consi51ent with a C*holi¢ Foundalion.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 3 TRUSTEES REPORT FOR THE YEAR ENDED 30 SEtqEMBER 2021 Reserves Poli¢y At 30 September 2022, the unreslricted reserves of the Charity were £1,008,310. As stated above, the tnjstees. poILCy 151oa¢cumulate funds to meet the future maintenance costs ofthe Cathedral, whheh are expected to increase in the future. The tniste¢s aim to continue building up the free reserves over the next few years 50 as lo coniinue to provide the support necesw for the Charity to ffijlfil its objeciives. PUBLIC BENEFIT The Trustees confirm that they have complied with the requiremenis of section 17 of the Charities A¢t 201 I to have due rcgard to the Charity Commission's general guidance on public benefi1. 'Charities and Publi¢ Benefit,. The Choir which is suppxted by ihe Tntst. is open to all members of the Diocese, and a150 r¢miiiS lay clerks from the eommuniiy generally. In addilion lo participating in church servi¢e& the ¢hoiralso provides frtt concerts for the public. The Caihedrdl Church. which the iTUSt helps to maintain. is only the moiher church of the BrentWO(Kl Diocese and a cenire of worship but a150 a centre charitable aclivities within the community of Essex and is open to all MemiS of the bIle. STATEMENT OF TRUSTEES, RESPONSIBILITIES The purpose of thi% statement is io disiinguish ihe inJees. responsibiliiies for the accounts from ihose of the audilors as slaied in their rert. The Chariiies Aci 201 I requires the irusiees to prepare for ¢a¢h financial year financial ststements whieh give a true and fair view of Ihe chariiy's financial acriviiies during the year and of its financial POSLlion at Ihe year end. In preparing ihe financial stalements the twst¢¢5 are required to.. Select suitable accounting policies and apply them consistently; Make judgement5 and estime5 that are r¢a50nable and prudent. Stale wherher applicable accounting 51andards have b¢¢n follow, subjeet io any merial departures disclosed and explained in the financiai 5tatem¢nts: and Prepare ihe financial 5tstements on the going ¢oneem blS unless it is inappropriale lo presume that thi5 basis applie5. The trustees are r¢5p(Trn5ible for ensjjring proptt accounting records are kept which disclose, with reasonable a¢¢ura¢y at any time, the financial position of the Chariiy and enable ihem 10 ensure tha¢ the financial 51atemen15 comply with the Trust t)eed arml the disclosure regulations. They are also responsible for safeguarding the assets of the Charity and hence iaking reasonable steps for the preveniion and dt10ft of err, fraud and other irregul3Titi¢s. ved by the TT$( . 2023 and signed as authori5ed on their Ethalf by.. urs
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF Page 4 THE BRENTWOOD DIOCFSAN CATHEDRAL AND CHORAL TRUST FUND I report the account5 of thc Trust for the ycar ended 30 Septanber 2022 whith are set oul on pages 5 to 13. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charity's Trustees you are responsible for the preparation of the accounts. you consider th an audit is not required for this year under seciion 144(2) of the Charities Aa 2011 (the 2011 Act) and thai an independent examination is nealed. li is my resw)sibility lo.. examine the accounts under section 145 of the 2011 AL. to follow the procedure5 laid down in the gener Directions given by the Charity Comrnission under section 145(5Xb) of the 2011 Act. and io sthte whether paff i¢tsl¥r matters have ¢ome to my 4ttenlion. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried in ac¢(thce wilh the general Dire¢tion$ given by the Charity Commission. An examination includes a review of the accounting records kepi by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and the Seeking of explanations from you as Tnce concerning any suth mallers. The proizdures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as io whether the accounts present a'true and fair view, and the report is limiied io those matters sd out in the siaiemeni below. rNDEPENDENT EXAMINER'S STATEMENT In connection with my examination. JM) matter h&8 come io my aiiention: whi¢h gives me rewnabl¢ cause to believe thal in any material r¢specL the requiremenls.. to keep accounting records in accordance with S130 of the 2011 Act. and to prepare aceounts which accord with the accounting records and to comply wilh the accounting requirements of (he 2011 A have been met. or 2) towhi¢h. in my opinion, 4itention should be drawn in orderto enablea proper understanding of the accounts to be reached. Adam Halsey Haysmacintyre LLP Chanered Accounianis 10 Queen Sireei Place London EC4R IAG Date.. 27 MaTch 2023
THE BRENTWOOD DIOCLSAN CATHEDRAL AND CHORAL TRUST FUND Page 5 STATEMENT OF FINANCIAL A[VITIEs FOR THE YEAR ENDED30 SEvfEMBER 2022 Endoi%merti liestriaed vreStrIed Furtd Funds 2022 To1 2021 Toial Note5 INCOMf. FROM: Itxi¢simert income L¢gacie5 and donaiions Tccei%ed 5.532 47.798 53.330 61.484 100 Tal irKomc 5.532 47.798 53.33U 61.584 EXPENDITURE ON.. Cos1 ol'raising lund% In%¢%Effl¥fiI managLmcni lee5 ChariiablL Aciii iiiLs- Choral exFWS¢S= la! clerk5 and choir Grnni lor C.tha] retmirs DepreLiaiion ol'grdnJ Pfamy Sup]kn eosis 1.763 6.777 8.378 16.yl 8 16.627 41.649 8.580 1.000 8.609 41.649 8.580 i.0 8.609 37.520 1.000 8.302 Toial expendiiurt 1.763 6.777 68.216 76.756 63.449 11.7631 112451 {20.4181 123.426) 11.8651 (Lossesygains OTh ini¢simcn15 132.8161 (126.170 (156.0101 1314.9961 302.015 Ncl itKome 134.5791 Il27.4l51 1176.4281 1338.4221 300.150 R¢¢onciliaiion offtst)ds-. A¢¢umulaied fund5 221.248 875.788 1.184.738 2.281.774 .981.624 Accumula1¥ fund5 rarrittl torward 6. 7&8 £186.669 £748.373 £1.008.310 £1.943.352 £2.281.774 sta¢emert of financial a¢ts%iiies inclth all gains and losse5 in rKriod All in¢oming r¢sour¢¢s and resgur¢es pended deriie from continuing actiiilie& The ¢ompraiii¢ lear s eMen1 ol-financial 111 iii¢5 15 itKluded in rKbie I l.
THE BRENTWOOD DIOCESAN CA THEDRAL AND CHORAL TRUST FUND Page 6 BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 2021 N(Aes TANGIBLE FIXED ASSETS 21.0(Kl 22,0(M) tNVESTMENTS 1.791.812 2,123,726 CURRENT ASSETS tkbiors- accrued income & prqAymeNs 12.986 15.184 Cash. COIF De]1 - Cash at knk 50,( 75.094 79.494 142.480 140.278 CURRENT LIABILITIES Cwthior.. Accrned eXnSeS f178 d within orte >"ear (11,9401 14.230} Nei Current As5etS 130.540 136.048 Total Assets £1.943.352 £2.281.774 FUNDS UDresirieied Funds Trust Fund Received Choral Fund CattraI Furnl 853.183 54.587 47.302 1.009,193 49.818 955.072 53.238 De5L8nated Fun 73,616 1.008.310 1.184,738 Resirieicd Funds Permaneni EndoiYm¢nt Fund 748,373 186.669 875,788 221,248 £l.943.352 £2,281,774 ApFYov¢d by ¢k Tjwstees......... . 2023 and signed ikir behalf by PJT Trust rst
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 7 ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2022 The financial &temenis have been prepared in accordance with FRS102 rhe FinLvKial Reporiing Siandard applicable in ihe UK andlrelandandihe Siaiemeni of Recommended Practice forchariiies (SORP 2015) (Second Edition), effertive l January 2019. The financial siatement5 comply with all statutory requirements and the requiremenls of the eharity's governing document. The particul8r accounting policies adopled are described below. The finaneial statemenis are prepared under ihe historical cos1 convention. as modified to include fixed asset investments * market value. Figures are presented in sterling and rounded io the nearest p)und. The Charity is a Public Benefit Entity a5 defined by FRS102. The frusttts consider ihat ther¢ are no Tnaierial uncertainties which would doubt on the Charity's ability to continue as a going concern. The Trusl continu¢5 to rtteive subsianiial income from 115 investments and tailors lis expenditure to reflecl what it ha5 received and the advice on fuiure income. Gew¢rl inforniatio The Charity is a charity regi5tercd in England and Wales (charity number.. 1056374). Intome Lega¢i¢s and donaiions are recogni5 when receivable or whcn the Charity become5 legally entitled to them and they can reasonably be measured in financial terms. Investment income is accounted for as il accrues. The iru# deed provides thai 4¢ least 51V/o of unrestricted income shall be applied to the choral fund and this allocation is shown in nole 6 10 the a¢count5. EXpethd1trt Charitable aciivities CODSiSls of all expcnditure diredly relating io the objecls of the Charity. Governance costs include expendiiure on management and compliance with constitutional and statutory requirernents. The gr4nt5 for Cathedral and Choral expenses are mad¢ to lh¢ Romxrt Catholic Diocese of Brentwood, Registered Charity No 234092. Ier0Verable VA T is included with the rategory of pen* to which it relates. Fixed •ssets Tallgible fixed assets are stated at historical cost less ¥cumulated depreciarion. tkpreciatlon is charged so as to allocate the cost of the asset less residual valu¢ over their estimated useful life. Depreciation is provided on the gr8nd PiaTM) on a rAIght line basis over 16 ye¥rs. The residual value of the grand piano is estimated at £10,000. Finlntial instrnments Basic financial insiruments transactions that result in the recognition of financial assets and liabilities like trade and oiher accounts receivabl¢ and payable are accounied for on ihe following bas15'. Iniysfmenls Investrnenis held for the long-term to generate income or capilal growth are carried at fair value as fixed assets. The Siatement of Finat]cial Activilies includes the w gains and losses arising tsn revaluations and disposals throughout the year.
THE BRENTWOOD DJOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 8 ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEVtEMBER 2022 Cash 01CaSh equivalews Cash and cash equivalents includescash in hand, d¢wJsits heldatbank& othershon-ierni highly liquid investments with original maturities of three months or le55 and bank overdrafts. Bank overdraft& when applicable. are shown wiihin current liabilities. Debiors andcrdEtor5 Debtors and creditors are measured at the transacti price less any provision for impainneni. Any losses #rising from impairnient are recognised as expenditure. Restricted Funds These funds are subject to r¢5tri¢tions imp05uI by the donor.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRusf FUND Page 9 NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED311 SEPTEMBER 2(122 TANGIBLE FIXED A&SETS Grand Pia Cosi.. CeIng artd elosin8 Cost 26,000 Depre¢ioiM)rt'. Ai l October 2021 Charge in year 4,0¢ 1,0 AI 30 Septemb¢r 2022 S,0 Net book va]ue'. 30 September 2022 £21,000 30 September 2021 £22.000 INVESTMENTS 2022 2021 Openitlg Tnarkel value Additions Disposals ILosses>'8ains 2,123,726 1.838.338 116,9181 1314.996) 116.6271 302,015 Closing Mark value £1,791.812 £2,123.726 LOAIY RESPECT OFCATHEDRALCHOIRSCHOOL This loan io Ihe diocese which is ftee of in*rest is repayable on a change of use of the Choir S¢hool {wheiher it is sold or noil, and the repayment 15 inflaiion linked. Ihe likelihood of a change of tsse of ihe Choir School 15 considered to be remote, therefore the loan has a fair value of £Nil. If ihe k)an h1 become repayable ai 30 Sepiember 2022, it would have had a value of £316.707. INCOME FROM INVEsfMENTS 2022 2021 Dividend income Bank and deposit iniere 53.104 226 61,480 £53 J30 £61.484 SUPPORT COSTS 2021 2020 Support 515 includE'. Independen¢ Examination fee Accounting fees £2,520 £5.856 £2,280 £5,856
THE BREMVOOD DIOCFSAN CATHEDRAL AND CHORAL TRU FUND Page 10 NOTES TO THE ACCOUNTS {contlDued) FOR THE YEAR ENDED 311 SEPTEMBER 2022 UNREsfRicfED FUNDS Opening Incoming Bance Eiesources Ouigoing Resources Gain Transfers Closing Balance Genernl FuTwJs DesiBnated Funds.. Bursary Fund 26J27 126,5671 {156,0101 955.072 73.616 21.271 141,6491 53,238 £1.184.738 £47.798 £(682161 £1156.0101 £1,008,310 Vnrestricted for the compantive yur. Openin8 Incoming Balance Resources Outgoing Resources Gainsl Trdnsfus Closin8 B818n¢¢ G¢n¢Tal Funds Designated Funds: Bursary Fund 948,525 30.554 (17J37} 149,580 86.511 24.625 (37.520) 73.616 £1.035.036 £55.179 q55.057) £149.580 £1,184,738 GENERAL FUNDS The fund balances af ihe end of the year is derivryj from: Tr1 Fur Chor Fund Cathedral Fund Total Income Expendilure Lo$ on InVeMentS 13.263 {8.4941 13264 {18.073 26.527 (26.567) 156.010) (156,0101 Net movemenl of funds Initial amount received on foundation of ihe charity Balan¢¢5 brought forward (156.0101 4.769 14.8091 1156,0501 500,000 509.193 s(1,000 611.122 49.818 Year end fund bakn¢e 853.183 £54.587 £47.302 £955.072 Gener*1 fundj for the romp•r•tiv¢ yeAr. Income Expendittjre Gains on inveslments 15277 (8268) 15,277 {9,2691 30554 117537} 149,580 149,580 Nei movement of funds Initial amount received on foundation of the eharity Balances brought forward 149.580 7.009 6.(M)8 162.597 500.0 359.613 500,000 448,525 41809 46,103 Year end fund balan¢¢ £1.009.193 £49.818 £52,111
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRusf FUND Pa8ell NOTES TO THE ACCOUNTS (tfjffttined) FOR THE YEAR ENDED30 SEPTEMBER2O22 RESTRicfED FUNDS Openin8 Incoming Balance Resources Outgoing Resources Gainsl Transfers Closing Balance Elizabeth Atkins Hermione ian8 Olga RipwTrn Harold Hood Mgr.Chrisiopher Creede Ames Le8acy Income Bishop of BreThNo(Ml Friends of Chedral Musi¢ Doris B1Man Nou Bursary MLSS Eile¢n Keary Mgr David Donnelly 128.473 311.010 48.177 155208 48.177 25.135 32.120 24.087 8.028 80.296 15.077 11,0231 {2.4781 13841 {1,236} 13841 119,0541 146,1301 17.1461 123,0201 17.1461 108,396 262.402 40,647 130.952 40,647 30,667 27,100 20.322 6,773 67.746 12.721 5.532 1256) 1192) 1641 16401 1201 14.764) 13.5731 12.2361 £875.788 £5.53? £16,777) £1126,1701 £748.373 Restricted fuDd5 for the comparative yar. Opening IncoTninS Balanc¢ Resourees 0gOIng Resources Gainsl Transfer5 Closing Balance Elizabeth Atkin5 Hermione Lang Olga Rippo Harold Hood Mgr.ChT15topher Cr¢¢d¢ Arnes Lcgacy Income Bishop of Brentw(M)d Friends of Chedral Mvsic Doris Blooman Nou Byrsary Miss Eileen Keary Mgr David Donnelly 111.209 269.216 41.703 134.351 41,703 18.730 27,803 20.851 6.949 69506 13.051 11.0061 12,4351 13771 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 13771 6.405 12511 11891 631 16291 4.568 3.425 1,142 11.419 2.144 £755.072 £6.405 46.660} £120.971 £875.788 The income earned fffjm ihe Ames L¢gacy Income fuThJ is to be used WardS the structurdl maintenance of the Cathedral. The Friends of Cathedral Music and Harold Ho(Ml fund5 are for the 5UPPK>rt of ihe choir and the other fuNls are to provide burwie5 for members of the Choir including lay clerks.
THE BRENTWOOD DIOCLSAN CATHEDRAL AND CHORAL TRUST FUND Page 12 NOTES TO THE ACCOUNTS (eontlned) FOR THE YEAR ENDED 30 SEPTEMBER 2022 PERMANENf ENDOWMENT FUND Opening Incoming Balance Resources Ouigoing ResOUt5 Investmeni Gainsl{Lossesl Closing Balance Ames 18a¢y Capitsl £221248 £(1.763} £(32.816) £186,669 PenDgDent endowment fund for the £ornprntive yur. Opening Incorning Balance Resources Out80ing Rey)ur¢es lThve5tment GainsllL£Jssesl Closing Balance Ames Legacy Capithl £191.516 {1.732) £31,464 £221.248 The incomeearned from the Ames Legacy fvnd iStobeus wwardsthe $tThCiUTal mainlerthnce of thecathedral. The Capital of the filnd is to be maintained. ALEnCATION OF NET A&8Yrs Elowment Restricted Fut)ds Fund General Fund Desi8nated Fund Total Fixed assets Investm¢n15 Net Current As5Ct5 21.(0 887.438 46.634 21.000 ,791.812 130,540 186.669 717.705 30ffi68 53238 £186,669 £748.373 £955,072 £53238 £1,943.352 Allocstion of net Assets for comparntive yer: Fixed ets Investments Nei Current Assets 22.000 1,051,825 37.297 22,0(M) 2,123.726 136.048 221248 850,653 25.135 73.616 £221.248 £875.788 £1.111.122 £73.616 £2.281.774 TRusfEFS The Trusttts receive no r¢mwieraiioD or re-imbursemeni of expenses. On¢ trusie¢ is a partner with a firn) of Soli¢1. The fimi charged the chariiy £5.856 12021: £5.8561 for acwulllarLEy rviCeS during the year and £Nil {2021.. £Nill of thhs wa5 owed by the charity at the year end.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHOBAL TRUST FIJND Page 13 NOTES TO THE AccourS {continu¢d) FOR THE YEAR ENDED30 SEPTEMBER2Q22 11. srATEMENTOF FINANCIAL ACTivrriES FOR THE YEAR ENDED30SEPTEMBER 2021 Pemane Ethdoi%"meM FutMI Reswicied un51TLId Fwjd &Lyal 2021 Total INCOME FROM: Ini'cstment income l.cga¢i¢s and thnaiions reLYiied 6.405 55.079 61.484 "I"i#al irKx)ming 6.405 55.179 61.584 I.:XPkNDI I"UIiE ON.. Cosi ol'raising fund5 In%esimcni mana8emeni ftts Chariiable Actii iiies.. Ch(ral expenses.. lai clerk.s and choir Depretiaiion of yand piano Support cost5 1.732 6.6 .235 16.627 37.520 37.520 8.302 8.302 Toial e%p¢nditure 1.732 6.6M 55.Oi7 63.449 11.732 12551 122 11.8651 Gain5 on in%csimcn15 31.4fA 120.971 149.580 302.015 Nei irt¢om¢ 29.732 120.716 149.702 300.150 ReconLiIi41iion orrutth.. Accumulaied lunds brgh1 foniard 755.072 1.035.036 1.981.624 Accumulaied furKLs ¢hTried foniard £221.248 £875.788 £1.184.738 £2.281.774