THE BREWOoD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS 30 SEPTEMBER 2023 CHAIUTY REGISTRATION NUMBER: 1056374
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page I LEGAL AND ADMINISTRATIVE DETAILS Charity Registration No: 1056374 Address.. Marlborough House Victoria Road South Chelmsford Essex CMI ILN Goveniing Iiistrument.. Th¢ trust is ¢stablish¢d by a Trust Deed dat¢d 31 May 1996 Investment Powers: Th¢re are no restrictions on the powers of inve5tment5. Tru5tee5'. Alan Williams, Bishop of Brentwood Gerald Vincent Bodenham Thompson. DL Philip John Tolhurst- Chair Simon Andr¢w Dalton Hall. MBE. DL Marianne O'sullivan Christopher Hunter Gordon Rev Martin Boland Banker5'. HSBC 91 High Street Brentwood Essex CM14 4RU Lloyds Bank 13 Cornhill North pswich IPI IDG Independent Examiner Adam Halsey Haysmacintyr¢ LLP l O Queen Str¢¢t Pla¢¢ London EC4R IAG
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 2 TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees have pleasure in presenting their report for the year ended 30 September 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon The trust was established by a Trust Deed dated 31 May 1996. Trustees and Management Structure The trustees who served during the year and since the year end are listed on pa8e l. Where additional trustees are required. the Charity encourages ¢xisling trustees to pui forward names. advertises th¢ posilion and discusses with similar organisalions whether ihey are awar¢ of suitable Candidates. Prospective trust¢¢s ar¢ provided with full inforrnation on the charity's Constitution. objects and finan¢es. ORJECTIVES, ACTIVITIES AND ACHIEVEMENTS Objectives The advan¢¢m¢nl of education in establishing and maintaining scholarship5 and bursaries for lay clerk5 and choristers and organists of the choir of Brentwood Cathedrdl in order to promote the excellence of choral music in Brentwood Cathedral. The advancement of religion through the maintenance and management of the fabric of the Brentwood Cathedral Building. Capital and income may be applied towards the objects at the discretion of the Trustses. Subject to the requirement that at least 500/0 of unrestricted income be applied lo the choral fund. Aetivities, Achievements And Future Plans The trustees have continued their policy of trying to accumulate funds to meet fulure costs. The Cathedral is relatively new building and while maintenance costs for the structure are Currently modest these, together with general tnaintenance costs are both likely to increase in the future. It is inlended that the building should be maintained to a high standard so that il can benefit future generalions. The insurance value of approximat¢ly £7.5m gives an indication of th¢ scale of mainl¢nanc¢ Costs Ihat will a¢¢ru¢ in the future. Investment Performance During the year the investment portfolio increased in value by 1.5Yo and generated £53.371 of income for the Trnst. FINANCIAL REVIEW The total income of the charity increased slightly from £53,330 in 2022 to £53,371 irt 2023. Expenditure increased from £76,756 to £90.987 mainly due to higher repair costs at the Cathedral. lttvestment Powers and Policy There are no restriclions on ihe powers of inv¢slm¢nts. The policy of the Charity is to invest into a mix¢d portfolio of stocks and shares through the managemenl of Investec (a subsidiary of Rathbones Group Plc)- The Charity's policy is also to look for socially responsible investments consistent with a Catholic Foundation.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 3 TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Reserve8 Poliey At 30 Sepf¢mber 2023, the unrestricted reserves of the Charity were £993.787. As stated above, the trustees. policy is to accumulate funds lo meet ihe future maintenance ¢osts of the Cathedral, which are expected to increase in the fulure. The trustees aim to continue building up the free reserves over the next few years 50 a5 to continue to provide th¢ support necessary for the Charity to fulfil its objectives. PUBLIC BENEFrr The Trustee5 Confirm that they have coiiiplied with the requirements of section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. 'Chariti¢s and Public Benefit,. The Choir which is supported by ihe Trust, is open to all members of the Diocese, and also recruits lay clerks rroi1) the community generally. In addilioii lo participating in ¢hur¢h services. the choiralso provides free conc¢rts for Ilic public. The Cathedral Churcli, which the trust helps to maintain, is not only the mother church of the Brci)twood Dii)cese and a centre of worship bul also & centr¢ for charitable activities within th¢ Community of Lsscx and is open lo all members of the public. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ purpose of thi5 statement is lo distin8uish the trustees, responsibililies for the accounts from those of the auditors as sial¢d in their r¢port. The Charities Act 2011 requires the Irusle¢s to prere for e8¢h financial year finaiicial statements which give a Irue and fair view of the charity's financial activities during th¢ y¢ar and of its fiiiancial position at the year end. In preparing the financial statements the Irustees are required io.. Select suitable accounting policies and apply them consislently. Make judgem¢nis and ¢stimates that are reasonable and prudent. State whether applicable accounting standards have been followed. subject to any malerial departUS disclosed and explained in the financial statements. and Prepare th¢ finan¢ial statements on the going concern basis unless it is inappropriate to presume that this basis applies. The trustees are responsible for ensuring proper accounting records are kepl which disclose, wtth r¢8sonable accuracy at any time, the financial position of the Charity and eiiable them to eiisure that the finan¢ial stat¢m¢nts comply with the Trust D¢¢d and the disclosure regulations. They are also responsibl¢ for safeguarditig the assets of the Charity and hence for taking reasonable steps for the pr¢venlion and detection of error. fraud and other irre8ulorities. ro edbytheT 2024 and signed as authorised on their behalf by- P J Tolhursl Trustee
INDEPENDEwf EXAMINER'S REPORT TO THE TRUSTEES OF Page 4 THE BRENTWOOD DIOCESAN CATHE RAL AND CHORAL T KST FUND I report on the accounts of the Trusi for the year ended 30 September 2023 which are set out on pages 5 to 13. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the charity's Trustees you are re5tM)nsible for the preparation of the accounts. you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the 2011 Act. to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 201 l Aci. and to State whether particular matters have come to my att¢nlion. BASIS OF tNDEPENDENT EXAMINER'S REPORT My exatnination was Carried out in a¢¢ordanc¢ with the general Dir¢ction5 given by the Charity Commission. An examination includes a review of the accounting re¢ords kept by the charity and a comparison of ihe accounts presented with those records. It also includes considerdtion of any unusual items or disc105ures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'tru¢ and fair view, and the repot115 limited to those matters set out in the Statement below. INDEPENDENT EXAMINER'S STA TEMENT In connection with my examination. no matter has come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requiremellt5'. to keep accounting records in accordance with S130 of the 2011 Act. and to prepare account5 which accord with the accounting records and to cotnply with the accounting requiretllents of the 2011 Act have not been met. or 2) to which, in my opinion, attention should be drawn in orderto enable a proper understanding of the a¢¢ounls to be reached. Adam Halsey Haysmacinryre LLP Chartered Accountan15 l O Queen Street Place London EC4R IAG Date.. 28 May 2024
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 5 STATEME OF FINANCIAL AcfIviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Pernianent Endowment Fund Restricted Unrestri¢ted Funds Funds 2023 Total 2022 Total Notes INCOME FROM.. Investmenl income 5,376 47,995 53,371 53.330 Total income 5.376 47.995 53.371 53,330 EXPENDITURE ON.. Cost ofraising funds Investment tnanagemcnt fees Cli£irktsble Activities: Clioral expenses.. lay clerks and choir Grant for Cathedral repairs Depreciation of grand pi8no Support ¢osts 1.625 6.250 7,722 15,597 16,918 41.082 23,778 1.000 9.530 41,082 23,778 1,000 9.530 41,649 8,580 I,oDo 8.609 Total cxpenditure 1,625 6250 83,112 ,987 76.756 (1,6251 (874) (35.117) (37.616) (23,426) (iuinsl(losses) on inve5thients 4.332 16,656 20,594 41,582 (314,996) Net income 2,707 15.782 (14,523) 3.966 (338,422) R¢¢on¢iliation of funds.. Accumulated funds brought forward 186.669 748.373 1,008,310 1.943,352 2,281,774 Accumulated funds Caled forward 6, 7&8 £189,376 £764.155 £993.787 £1,947,318 £1,943,352 The statement of financial activities includes all gains and 1055es in th¢ period. All in¢oming resources and resources ¢xp¢nded deriv¢ from ¢ontinuing aciivities. The comparative year's statement of finan¢ial a¢tivities is included in noie I l.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 6 BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Notes TANGIBLE FIXED ASSETS 20,000 21.000 INVESTMENTS 1.819.560 1.791.812 CURRENT ASSETS Debior5- accrued income & prepayment5 12,986 Cash- COIF Deposii Cash at bank 50,000 69,193 50,000 79,494 131,008 142.480 CURRENT LIABILITIES Creditor. Accrued expenses falling due within one year (23,250) (11,940) Net Current A55¢ts 107,758 130,540 Totsl Assels £1.947.318 £1.943,352 FUNDS Unrestricled Funds Trust Fund Received Choral Fund Cathedral Fund 873,777 59,624 27,560 853,183 54,587 47,302 960,961 32,826 955,072 53,238 Designated Funds 993,787 1.008,310 Restricted Funds Permancnt Endowment Fund 764,155 189,376 748,373 186,669 £1,947,318 £1,943,352 Approved by ihe Trustees ... 2024 and signed on their behalf by PJTO Trustee rst
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 7 ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 The financial statements have b¢¢n prepared in accordance with FRS102 The Finoncial Reporling Siandard applicable in the UKandlrelandand the Statement of Recomtnend¢d Practice forcharities (SORP 2015) (Second Edition), eff¢¢tive l January 2019. The financial statemenls comply with all statutory requirements and the requiremen15 of the charity's governing documenl. The particular accounting policie5 adopted are described b¢low. Tlie financial stalcments are prepared under the historical cos1 convention, as modifid lo include fixed ass¢1 investments al markel value. Figures are presented in sterling and rounded to the nearest pound. The Charity is a Public Benefit Entity as defined by FRS102. Going ¢oncerD Tli¢ Trustees consider that th¢r¢ ar¢ iio Inaterial uncertaintie5 which would cast doubt on th¢ Charity's ability to coi)tliiue as a going concern. The Trusl ¢oiilinu¢s lo receive sub51antial income from its inveslments and tailors il% Lxpeiiditure to reflect whot it has received and the advice on fuiure income. General inforniation 'I'IIL Cliarity is a charily regFiStered in England and Wales (charity number= 1056374). Income Legacies aiid donations are recognised when receivable or when the Charity be¢omes legally entiiled to them and they cali reasonably b¢ measured in financial terms. InVlment income 15 accounted for a5 it a¢¢rues. Tli¢ Iriisi deed provides that al least SO /• of unrestricted income shall be applied to the chor&1 fund and this allocatioii is shown in note 6 to the a¢count5. Expendl¢ure clritable activities consist5 of all expenditure dir¢¢tly relating to the objects of the Charity. Governance costs include expenditure on mana8ement aiid compliance with constitutional and slatutory requirements. 1.lie grants for Cathedral arKI Choral expenses are made to the Roman Catholic Diocese of Brentwood, Registered Charity No 234092. rrecoverable VAT is included with th¢ ¢at¢gory of expense to which it relates. Flxed assets Tangible fixed assets are stated at historical ¢ost less accumulated depreciation. Depreciation is charged so as to allocate the cost of the asset less residual valu¢ over their estimated useful life. Depreciation is provided on the grand piano on a straight line basis over 16 years. The residual value of the grand piano is estimated at £1 0,000. Financial instruments Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and oih¢r a¢¢ounls r¢ceivable and payable are account for on the following basi5.' Invesliiienis Invesunents held for Ihe long-terrn to generate income or rapilal growth are carried at fair value as fixcd ass¢ts. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHOIL4L TRUST FUND Pa8¢ 8 ACCOUNTING POLICIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Cash andcash equivalenls Cash and cash ¢quivalenls include5 cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities. Debtors andcrediiors Debtors and creditors are measured at the transaction price less any provision for impairnient. Any losses arising from impairnient are recognised as expenditure. Restrleted Funds These fund5 are subject to restrictions imposed by the donor.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 9 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 TAIYGIBLE FIXED ASSETS Grand Piano Cost.. Opening and closing cost 26.000 Deprecialion- At l October 2022 Charge in year 5.000 1.000 At 30 September 2023 6,0 Nei book value- 30 September 2023 £20,0(K) 30 September 2022 £21,000 INVESTMENTS 2023 2022 Openingi market value Additions Disposals Gain(lOs5e5) ,791,812 679,003 (692,837) 41,582 2,123.726 259,326 (276,244) (314.996) Closing markei value £1,819,560 £1.791,812 LOAN IN RESPECT OF CATHEDIL4L CHOIR SCHOOL This loan to rhe diocese which is free of iniere5t 15 repayable on a change of use of ihe Choir School (whether il is sold or not), and the repayment is inflation 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 the loan had b¢¢ome repayable at 30 September 2023, it would have had a value of £336,905. INCOME FROM INVESTMENTS 2023 2022 Dividend income Bank and deposit interest 51.604 1.767 53,104 226 £53,371 £53,330 SUPPORT COSTS 2023 2022 Support ¢osis include: Independent Examination fee Accouniing fees £2.574 £5,856 £2,520 £5,856
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 10 NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 30 SEPTEMBER 2023 UNRESTRICTED FUNDS Opening Incoming Balance Resources Outgoing Resources Gainsl Transfers Closing Balance General Funds Designated Funds: Bursary Fund 955,072 27.325 (42,030} 20.594 960,961 53.238 20.670 (41,082) 32,826 £1,008.310 £47,995 £(83,112) £20.594 £993,787 Unrestrleted funds for the eompiritive yt*r: Opening Incoming Balance Resources Outgoing Resources ainsl Transfers Closing Balance General Funds Designated Fund5'. Bursary Fund 1,111,122 26.527 (26,567) (156.010) 955,072 73,616 21.271 (41,649) 53,238 £1.184.738 £47.798 £(68.216) £(156,010) £1,008,310 GENERAL FUNDS The fund balances at the end of ihe year is derived from.. Trust Fund Caihedral Fund Fmd Total Income Expenditure Gainsl (1055es) on investTnenls 13.663 (8,626) 13,662 (33,404) 27.325 (42.030) 20,594 20,594 Net movement of funds Initial amount received on foundation of the charity Balances broughi forward 20,594 5.037 (19.742) 5.889 51K).000 353,183 500.000 455.072 54,587 47,302 Year end fund balance £873,777 £59.624 £27,560 £960.961 General funds for the ¢omparative year: Income Expendiiure Gains on investments 13,263 (8,494) 13,264 (18.073) 26.527 (26.567) (156,010) (156.010) Net movement of funds Inilial amount received on foundation of the charity Balances brought forward {156,010) 4,769 (4,809) (156.050) 500.000 509,193 500.000 611.122 49,818 52.111 Year end fund balance £853.183 £54,587 £47,302 £955.072
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Pagell NOTES TO THE ACcOUs (tontinued) FOR THE YEAR ENDED 30 SEvfEMBER 2023 RESTRICTED FUNDS Opening Incoming Balance ResouTces Outgoing Resources Gainsl Transfers Closing Balance Elizabeth Atkins Herniione Lang Olga Rippon Harold Hood Mgr.Christoph¢r Creede Ames Legacy Incotne Bishop Thomas Mcmahon Friends of Cathedral Miisic Dori5 Blooman Nott Blirsary Miss Eileen Keary Mgr David Donnelly 108,396 262,402 40,647 130,952 40,647 30,667 27.100 20,322 6,773 67.746 12,721 (945) (2,284) (354) (1,140) 1354) 2,515 6,090 944 3.038 944 109,966 266.208 41,237 132,850 41,237 36.043 27.493 20,617 6,871 68,728 12,905 5,376 (236) (177) {59) (590} 629 472 157 1.572 295 £748.373 £5,376 6.250) £16.656 £764,155 Restricted funds for the Comparative year: Opening Incoming Balance Resources Outgoing Resource5 Gainsl Transfers Closing Balance Elizabeih Atkins Hemiione Lang Olga Rippon Harold Hood MgT.Christopher Creede Ames Legacy Incoine Bishop Thomas Mcmahon Friends of Cathedral Music Doris Blooman Nott Bursary Mis5 Eileen Keary Mgr David Donnelly 128.473 311,010 48,177 155.208 48,177 25,135 32,120 24,087 8,028 80,296 15,077 (1.023) (2.478) (384) (1.236) (384) {19.054) (46,130) {7,146) (23,020) (7,146) 108,396 262,402 40,647 130,952 40,647 30,667 27,100 20,322 6,773 67,746 12,721 5.532 (256) {192) 164) (640) (120) (4,764) (3.573) (11.910) (2,236) £875.788 £5.532 £(6,777) 126,170) £748,373 The income earned from the Ames Legacy Income fund is to be used toward5 the structural mainienance of the Cathedral. The Friends of Cathedral Music and Harold Hood funds are for rhe support of the choir and the other funds are to provide bursari¢s for members of tlie clioir includin8 lay clerks.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 12 NOTES TO THE ACCOUNTS (¢on¢inued) FOR THE YEAR ENDED 30 SEPTEMBER 2023 PERMANEIYT ENDOWMENT FUND Openin8 Incoming Balance Resourc¢s Outgoing Resources Invesimenl Gaing(Losses) Closing Balan¢¢ Ames Legacy Capital £186,669 £(1.625) £4,332 £189,376 Permanent endowment fund for the ¢omparatlve year: Opening Incoming Ba1ce Resources Outgoing Resources Investment Gainsl(Loss¢s) Closing Balance Ames Leg&¢y Capital £221.248 £(1,763) £(32,816) £186,669 The income eamed from the Ames Legacy fund is io be used towards the structural maintenance of the Cathedral. The Capiial of the fund is io be maintained. ALLOCATION OF NET ASSETS Endowment Restricted Funds Fund General Fund Designated Fund Total Fixed assets Invesiments Net Current A55ets 20,000 902,072 38,889 20,000 1,819.560 107.758 189,376 728,112 36.043 32.826 £189,376 £764,155 £960,961 £32.826 £1,947,318 Allocation of Det assets for comparative yeAr: Fixed asseis Investments Net Current Asset5 21,000 887,438 46,634 21,000 1,791,812 130,540 186,669 717,705 30,668 53,238 £186.669 £748.373 £955,072 £53.238 £1,943,352 10. TRUSTEES The Trustees receive no remuneration or re-imbursement of expenses. On¢ trust¢e is 8 partner with a fimi of solicitors. The firm charged ihe charity £5.856 (2022.. £5,856) for accountancy services during the year and £Nil (2022.. £Nil) of this was owed by the chaTlty at the year end.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 13 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 SEPTEMBER 2023 11. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEvfEMBER 2022 Pem)anent Endowment Fund Resiricted Unrestricted Fund General 2022 Total INCOME FROM.. Investment income 5,532 47,798 53,330 'I'(bliil incoming resources 5,532 47,798 53,330 I.:XPENDITURE ON: Cost of raising funds Inve51meni manag>ei)ient fee5 Charilable Ac¢ivities: Choral expense5'. lay clerk5 and choir Gniit for Caihedral repairs Dcpreciation of grand piano Support C05t5 1,763 6,777 8,378 16,918 41,649 8,580 1,000 8,609 41,649 8,580 1,000 8,609 '] oiul expenditure 1.763 6.777 68216 76,756 (1,7631 (12451 (20,418) (23.426) Gains on inve51ment5 (32,816) (126,170) (156,0101 (314.996) Net income (34,579) (127.415) (176.4281 (338,422) Reconciliation of funds.. Accumulated funds brought fonvard 221.248 875,788 1,184,738 2.281.774 Accumulated funds carried forward £186,669 £748.373 £1,008,310 £1.943.352