THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST TrUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS 30 SEpfEMBLR 2024 CIIARITY REGISTRATION NUMBFR: 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 Governing Instrument.. The trust is established by a Trust Deed dated 31 May 1996 Investment Powcrs: There are no restrictions on the powers of investm¢nts. Trustees.. Alan Williams, Bishop of Brentwood Gerald Vincent Bodenham Thompson, DL Philip John Tolhurst - Chair Simon Andrew Dalton Hall, MBE, DL Marianne O'sullivan Christopher Flunter Gordon R¢v Martln Bol<ind Bankers: HSBC 91 Fligh Streel Brentwood CM144RU Lloyds Bank 13 Cornhill North Ipswich IPI IDG Independent Examiner Adam Halsey Haysmac LLP l O Queen Street Place London EC4R IAG
IHL 1SKLIY I VYUVIJ VIVLL)AIry LA'I HLDKAL ALYU LHVI<AL'I'KUb' I. uriv Page 2 TRUSTEES REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees have pleasure in presenting their rq)ort for the year ended 30 September 2024. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution The trust was established by a Trnst Deed daied 31 May 1996. Trustees and Management Structure The trnstees who served during the year and since the year end are lisied on page l . Where additional trustces are required, the Charity encourages existing trustees to put forward names. advertises the position and discusses with similar organisations whether they are aware of suitable candidates. Prospective tNstees are provided with full infomiation on the charity's constitution, objects and finances. OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS Objectives The advancement of education in establishing and maintaining scholarships and bursaries for lay clerks and choi'isters and organists of the Choir of Brentwood Cathedral in order to promote the eXCell]Ce of choral music in Brentwood Cathedral. The advancement of religion through the maintenance and mailagemcnt of the fabric of the Brentwood Cathedral Building. Capital and income may be applied towards the objects at the discretion of the Trustees, subject to ihe requireinent that at l¢ast 50 % of unrestricted income be applied to the choral fund. Activities, Achievements and Future Plans The trustees have continued tlieir policy of trying to accumulate funds to meet future costs. The Cathedral is a relatively new building and wliile maintenance costs for the structure arc currently mode8t the8e. tog¢th¢r with general inaintenance costs are both likely to incrcase in the future. It is intended that the building should b¢ maiiitained to a high standard so thal it can benefit future generations. The insurance value of approximately £7.5m gives an indication of the scale of maintcnancc costs that will accrue in the future. Investment Performance During the year the investment portfolio increascd in value by l OQ/o and gcnerated £51,976 of income for ih¢ Trust. FINANCIAL RLVIEW The total income of thecharity decreased slightly from £53,371 tn 2023 to £52,076 in 2024. Expcndtturedccreased from £90,987 to £66,265 mainly due to higher repair Losts at the Cathedral in 2023. Investment Powers and Policy There are no restrictions on the powers of investmcnts. The policy of the Charity is to iiivcst into a mixed portfolio of stocks and shares through tlie management of Investec (a subsidiary of Ratlibones Group Plc). The Cliarity's policy ts also to look for socially responsible investments consistent with a Catholic Troundation.
THE BREINTWOOD DIOCESAIY CATHEDRAL AND CHORAL TRUST FUND Page 3 TRUSTEES REPORT FOR THE YEAR EIYDED 30 SEPTEMBER 2024 Reserves Policy At 30 September 2024, the unrestricted reserves of the Charity were £1,082.449. As stated above, the trustees, policy is to accumulate funds to meet the future maintenance costs of the Cathedral, which are expected to increase in the future. Thc trust¢es aim to continue building up the free reserves over the next few years so as to continue to provide the support necessary for the Charity to fulfil its objectives, PUBLIC BENEFIT The Trustees confimi that they have complied with th¢ requirements of section 17 of the Charities Act 2011 to have due r¢gard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit,. The Choir which is supported by the Trust, is open to all members of the Diocese, and also recruits Eay clerks from the community generally. In addition to participating in church services, the choir also provides free concerts for the public. The Cathedral Church, which the trust helps to maintaiw is not only the mother church of the Brentwood Diocese and a centre of worship but also a centre for charitable activities within the community of Essex and is open to all members of the public. STATEMENT OF TRUSTEES, RESPONSIBILITIES The purpose of this statement is to distinguish the truslees, responsibilities for the accounts from thos¢ of the auditors as stated in their rq)ort. The Charitie5 Act 2011 requires the trustees to prepare for cach financial year financial statements which give a true and fair view of the charity's financial activities during the year and of its financial position at the year end. In preparing the financial stat¢ments the trustees are required to: Select suktable accounting policies and apply ihem consistently. Make judgements and estiinates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and Prepare the financial statemcnls on the going coiicem basis unless it is inappropriate to presume that this basis applies. The trustees are responsible for ensuring proper accounting records are kept which disclose, with reasonable accuracy at any time, the finanLial positioIi of the Charity and enable ihem to ensure that the financial statements comply with the Trust DLed aiid the disclosure regulations, They are also responsible for safeguarding the as%ets of the Charity and hence for taking r¢asonablc steps for thL' prcvention aiid dctection of error, fraud and other irregularities, App dbythe st es on... 2025 and signed as authorised on thelr behalf by: PJTolh Trustee st
Yage 4 THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND I report on the accounts of the Trust for the year ended 30 September 2024 which are set out on pages 5 to 13. RESPECTIVE RESPONSIBILITIF.S OF TRUSTEES AND EXAMINER As the charity's Trnstees you are responsible for the preparation of the accounts. you consider that an audit is not required for this year under section k44(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 2011 Act. and to state whether particular matters have come to my altention. BASIS OF INDEPENDENT EXAMINER'S REPORT My ¢xamknation was carried out in accordance with the general Directions given by the Charity Commission, An examination includes a review of the accounting records kept by the charity and a comparison of the accounts prcsented wilh those records, It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustecs concerning any such matters. The procL'dures undertaken do not provide all the evideiice that would be required in an audit and consequenily no opiiiion is given as to whether the accounts present a 'true and fair view, and the report is limited to those Inatters set out in tlie statement below. INDEPENDENT F.XAMINER'S STATEMENT In connection with my examination, no matter has come to my attention.. i) which gives me reasonable cause to believe that, in any material respect, the requirements; to keep accounling records in accordance with S130 of the 2011 Act. and to prepare accounts which accord with the accounting records and to comply with the accounting requiremenis of the 2011 Act have not been met. or 2) to which, in my opinion, attention should be drawn in ordcr to enable a proper understanding of the accounts to be reachcd. Adain Halsey Haysmac l.I.P Chartercd Accountants 10 Queen Street Place London EC4R IAG 9 !uly.2025
THE BRENTWOOD DIOCESAIY CATHEDRAL AND CHORAL TRUST FUND Page 5 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED30 SEPTEMBER 2024 Pernianent Endowment Fund Restricted Unrestricted Funds Funds 2024 Total 2023 Total Notes INCOME FROM.. Investment income Donations receiv¢d 5,145 46,831 loo 51.976 loo 53,371 Total income 5,145 46,931 52,076 53,371 EXPENDITURE ON: Cost of raising funds Investment manag¢ment fees Charitable Activiti¢s'. Choral expenses.. lay clerks and choir Grani for Cathedral repairs Depreciation of grand piuno Support costs ,701 6,539 8,106 16,346 15,597 44,555 (5.l46) 1,000 9,510 44,555 (5,146) 1,000 9,510 41,082 23,778 1,000 9,530 Total expendilure 1,701 6.539 58,025 66.265 90,987 (1,701) (1,394) (11,094) (14.l89} (37,616) Gainsl(losses) on investments 20,942 80.519 99,756 201,217 41,582 Net income 19,241 79,125 88,662 187,028 3,966 Reconciliation of funds.. Accumulated funds bioughl forward 189.376 764,155 993,787 1,947,318 1,943,352 Accumulated funds carried forward 6, 7&8 £208,617 £843,280 £1,082,449 £2,134,346 £1,947,318 The statement of financial aclivities iiiclude5 all gaiii.% and losses in the period. All incoming re8ourcc8 and resouree8 expended derive from ¢onlinuing activities, Th¢ comparative year's statement of financial activiti¢b is included in note I l.
I 15KLIN I VVVViJ VIULLJAIY LAI HLDI<AL ALYU LHUKAL 'I'KUS 1. l*'ULY Vage 6 BALANCE .SHEET AS AT 30 SEvfEMBER 2024 2024 2023 TANGIBLE FIXED ASSF.TS 19,000 20.000 INVESTMEwrs 2,005,164 1,819.560 CURRENT ASSETS Debtors - accrued income & prepayments 7,716 I I,815 Cash - COIF Deposit - Cash at bank 50,000 55,340 50,000 69,193 113,056 131,008 CURRENT LIABELITIES C.reditor: Accrued expenses falling due within one year (2,874) (23.250) Net Current Assets 110.182 107,758 Total Assets £2,134,346 £1,947,318 FUNDS Unrestricted Funds Trust Fund Received Choral Fund Cathedral Fund 973,533 64,390 36,473 873,777 59,624 27.560 1.074,396 8.053 960.961 32,826 Designated Fun(Lq 1.082,449 993,787 Reslri¢ted funds Pernianenl Endovmient Fund 843,280 208,617 764,155 189,376 £2,134,346 £1,947,318 Approved by the Tni%tees ...... 2025 and signed on tlieTr behalf by P J Tolhurst Trust¢e
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 7 ACCOUNTING POLICIES FOR THE YEAR EIYDED 30 SEiYfEMBER 2024 The financial statements have been prq)ared in accordance with FRS102 The Financial Reporting Standard applicable in the UKand Jreland and the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition), ¢ffective l January 2019. The financial statements comply with all statutory requiremcnts and the requirements of the charity's governing document. The particular accounting policies adopted are described below. Th¢ financial statements are prepared under the historical cost convention, as modified to include fixed asset investments at market value. Figures are presented in sterling and rounded to the nearest pound. The Charity is a Public Benefit Entity as defined by FRSI 02. Going Concern The I'rustees consider that thcre are no material uncertainties which would cast doubt on the Charity's ability to continue as a going concern. The Trnst continues to receive substantial income from its investments and tailors its expenditure to reflect what it has received and the advice on future incomc. General Information The Charity is a charity registered in England and Wales (charity number: 1056374). Income Legacie5 and donations are recOlsed when receivable or when the Charity becomes Icgally entitled to them and they can reasonably b¢ measured in financlal ternis. Investment income is accounted for as it accrues. The trust deed provides that at least 500/0 of unrestricted income shall be applied to the choral fund and this allocation is shown in note 6 to the accounts. Expenditure Charitable activities consists of all expenditure directly relating to the objects of the Charity, Governance costs include expenditure on management and compliance with constitutional and statutory requirements. The grants for Cathedral and Choral cxpenses are made to the Roman Catholic Diocese of Brentwood, Registered Charity No 234092. IrreLoverable VAT is included with the category of expense to which it relates, Fixed assets Tangible fixed assets are ststed at hislorical cost 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 £ l 0,000. Finaucial instruments Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and oiher accounts r¢ceivable and payable are accounted for on the following basis: Investments. Investments held for the long-t¢mi lo generate income or capital growth are carried at fair value as fixed assets. The Statement of Financial Activities includes the n¢t gains and losses arising on revaluations and disposals throughout the year.
'I'IIL 15KLIN"I IVUVU VIULLbAIY LA"I'tIEVKAL L'EIURAL 'I'KUS'1' b'UND Page 8 ACCOUNTING POI.ICIES OR THE YEAR ENDED 30 SEvfEMBER 2024 Cush (ind Lush eqiiiiialents Cash and cash equivalents includes cash in hand. deposits held at banks, other short-terni highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts. when applicable, are shown within Current liabililies. Debior,i cind creditor.Y D¢blors and creditors are measured at the transaction price less any provision for tmpaim]ent. Any losses arising from impaim]ent are recognised as expenditur¢, Restricted Funds These funds are subject to restrictions imposed by the donor.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 9 NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 TAIYGIBLE FIXED ASSETS Grand Piano Cost: Opening and ¢losing cost 26,000 Depreciation: At l Octobw 2023 Charge in year 6,000 1,000 At 30 September 2024 7,000 Net book value: 30 September 2024 £19.000 30 September 2023 £20,000 INVESTMENTS 2024 2023 Opening in8rket value Additions Disposa15 Gainsl(losses) 1,819,560 1,244,583 (1,260,196) 201,217 1,791,812 679,003 (692,837) 41,582 Closing market value £2,005,164 £1,819,560 LOAN IN RESPECT OF CATHEDRAL CHOIR SCHOOL This loan to the diocese which is free of interest is repayable on a change of use of the Choir School (whether it 18 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 become repayable at 30 September 2024, it would have had a value of £345,710. INCOME FROM INVESTMENTS 2024 2023 Dividend inLoine Bank and deposit inler¢st 49,435 2,541 51,604 1,767 £51.976 £53,371 SUPPORT COSTS 2024 2023 Support costs include: Independent Examination fee Accounting fees £2,880 £6,295 £2,574 £5,856
I I IVUUV IJIULLJAL) LAI IILDKAL Tru LklC)IIAL"J'KLS'1' Tr'U'.ND Pa&ie l O 'OTES TO THE AccoufA TS (continued) FOR THE YEAR EN'DED 30 SEYfE,MBER 2024 UNRESTRICTED FLNDS Opening Incoining Balance Resou¥ces Outgoing Resources Gains] Transfers Closing Balan¢¢ General Funds Designated Funds: Bursary F'und 960,961 27,149 (13.470) 99,756 1,074,396 32,826 19,782 (44,555) 8.053 £993,787 £46,931 £(58,025) £99,756 £1,082,449 Unrestrlcted funds for the comparative year: Opening Incoining Balance Resources Outgoing Resources Gains/ 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 GENERAL FUNDS The fund balances at the end of the ycar is derived from: Trust Fund Choral Fund Cathedral Fund Total Income Expenditure Gains/ (loss¢s) on investinents 13,574 (8.808) 13,575 (4,662) 27,149 (13,470) 99,756 99,756 Net inoveinent of funds Initial amount received on foundation of the charity Balances brought forward 99,756 4,766 8,913 113,435 500,000 373.777 500,000 460,961 59,624 27,560 Year end fund balance £973,533 £64,390 £36,473 £1,074,396 General funds for the comparative year: Income Expenditure Gains on investinents 13,663 {8,626) 13,662 (33,404) 27,325 (42,030) 20,594 20,594 Nel moveinent of funds Initial ainount rcceived on foundation of the charity Balances brought fonvard 20,594 5,037 (19,742) 5,889 500,000 353,183 500,000 455.072 54.587 47,302 Year end fund balance £873,777 £59,624 £27.560 £960,961
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Pagell NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 SEYfEMBER 2024 RESTRICTED FUNDS Opening Incoming Balanc¢ Resources Outgoing Resources Gains/ Transfers Closing Balance Elizabeth Atkins Hellnion¢ Lang Olga Rippon Harold Hood Mgr.Christopher Creede Ames Legacy Incom¢ Bishop Thomas Mcmahon Friends of Cathedral Music Doris Blooman Nott Bursary Miss Eileen Keary Mgr David Donnelly 109,966 266,208 41,237 132,850 41,237 36,043 27,493 20,617 6,871 68,728 12,905 (988) (2,391) (370) (1,193) (370) 12,161 29,439 4,560 14,691 4,560 121,139 293,256 45,427 146,348 45,427 41,188 30,286 22,712 7,569 75,712 14,216 5,145 (247) (185) (62) (617) (116) 3,040 2,280 760 7,601 1,427 £764,155 £5,145 £(6,539) £80,519 £843,280 Restricted funds for the compArative year: Op¢ning Encoming Balance Resources Outgoing Resources Gains/ Transfers Closing Balance Elizabeth Atkins Hennione Lang Olga Rippon Harold Hood Mgr.Christopher Creede Ames Legacy Incoine Bishop Thomas Mcmahon Friends of Catliedral Musi¢ Doris Blooman Notl Bursary Miss Eileen K¢ary 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) (354) 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) (i i i) 629 472 157 1,572 295 £748,373 £5,376 £(6,250) £16,656 £764,155 The income earned from the Aines Legacy Income fund is to be used towards th¢ structural mainlenance of the Cathedral. The Friends of Cathedral Music and Harold Hood funds ar¢ for the support of the choir and the other funds are to provide bursaries for members of the choir including lay clerks.
THE IIREINI'WOOD DIOCESAIN CATHEDRAL A'D CIIORAI. TRLsf FL'I%D Pagc 12 NOTES TO THE ACCOUN'TS (continued) FOR TIIE YEAR ENDED 30 SEPTEMBER 2024 PERMANENT ENDOWMENT FULND Opening Incoining, Balance Resourc¢s Outgotng Resources Investment Gains/(Losses) Closing Balanc¢ Ames l.egacy Capital £189,376 £(1,701) £20,942 £208,617 Permanent endowment fund for the comparative year: Opening Incoming Balance Resources Outgoing Resources Investment Gains/(Losses) Closing Balance Aines Legacy Capital £186,669 £(1,625) £4,332 £189,376 The income earned from Ihe Ames Legacy fund is lo bc used towards the Structural maintenance of the Cath¢dral. The capital of the fund is to be inaintained, ALLOCATION OF NET ASSETS Endowment Restricted Funds Fund General F'und Dcsignated Eiund Total Fixed assets Investinents Net Current Assels 19,000 994,455 60,941 19,000 2,005,164 10,182 208,617 802,092 41,188 8,053 £208,617 £843,280 £1,074,396 £8,053 £2,134,346 Allocation of net assets for comparative year: Fixed assets Investments Nct Current Assets 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 10. TRL'STEES The Truste¢8 receive no reinuneration or re-iillburseinent of expenses. One trustee is a partncr with a firn] ot. solicilors. The finn charged the charity £6,295 (2023: £5,856) for accountancy services during the year and £Nil (2023: £Nil) of this was owed by the charity at the year end.
THE BRENTWOOD DIOCESAN CATHEDRAL AND CHORAL TRUST FUND Page 13 NOTES TO THE ACCOUIYTS (continued) FOR THE YEAR ENDED 30 SEYTEMBER2024 11. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Pern]anent Endowrnent Fund Reslricted Unrestricted Fund General 2023 Total INCOME FROM.. Investment income 5.376 47,995 53,371 Total incoming resources 5.376 47,995 53.371 EXPENDITURE ON.. Cost of raising funds Investment tnanagement fees Charitable Aclivities: Choral expenses- lay clerks and choir Grant for Cathedral r¢pairs Depre¢iation of grand pihno Support cosls 1,625 6,250 7,722 15,597 41,082 23.778 1,000 9,530 41,082 23,778 1,000 9,530 Total expenditure 1,625 6,250 83,112 90,987 (1,625) {874) (35,117) (37,616) Gains on investments 4,332 16,656 20,594 41,582 Net income 2,707 15,782 (14,523) 3,966 Reconciliation of fund5'. Accumulated funds brought forward 186,669 748,373 1,008,310 1,943.352 Ao¢umulated funds carried forward £189J76 £764,155 £993,787 £1,947,318