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2023-04-05-accounts

REGISTERED CHARITY NUMBER: 1062176

Report of the Trustees and Audited Financial Statements for the Year Ended 5th April 2023

for

The Chichester Cathedral Millennium Endowment Trust

Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

The Chichester Cathedral Millennium Endowment Trust

Contents of the Financial Statements for the Year Ended 5th April 2023

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 12 to 19
Detailed Statement of Financial Activities 20

The Chichester Cathedral Millennium Endowment Trust

Report of the Trustees for the Year Ended 5th April 2023

The trustees present their report with the financial statements of the charity for the year ended 5th April 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Millennium Endowment Trust was established under a Deed of Trust dated 25th February 1997, amended 17th June 1998 and 12th November 2004, with the aim of raising a substantial Endowment Fund with the object of restoring Chichester Cathedral, its furnishings, ornaments and precincts, and the restoration of the buildings or property belonging to the Dean and Chapter.

Public benefit

The Charities Act 2006 includes the advancement of the Arts, Culture, Heritage or Science as a description of a charitable purpose. As noted in the report the objects of the Trust include the restoration of Chichester Cathedral, its furnishings, ornaments and precincts, and the restoration of the buildings or property belonging to the Dean & Chapter. The building, which is open to the public without charge, is a centre for the religious, artistic and cultural life of the community not only in Chichester, but throughout Sussex and beyond. In addition the Cathedral is a nationally important heritage asset. By raising funds for the work that falls within its objects, the trust is providing a significant benefit to a wide section of the community. The Trustees have paid due regard to the Charity Commission's guidance on public benefit.

The auditors, Sheen Stickland, Chartered Accountants, make no charge for their professional services, a gesture of support that is very much appreciated.

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

There were no new major donations during the year and the Trust has to date received twenty two major donations and four Deeds of Gift and a Deed of Assignment, totalling £3,550,789 which together with other donations, investment income and gains and tax recovered, makes up the endowment fund as shown on page 8 of the accounts. In addition, the Trustees are aware of a small donation and several legacies, which are expected to come to the Trust in due course.

Investment performance

During the year under review, total Trust funds have decreased from £10.1m to £8.86m. This was brought about by somewhat challenging investment markets and substantial donations made to the Chichester Cathedral Restoration and Development Trust.

Financial markets suffered setbacks in the face of continued rising interest rates and stubbornly high levels of inflation. The value of the investment portfolio fell by 3.4%. This fall was a little greater than that registered for the benchmark, at 3.0%. However, the very significant concentration in positive share price movements of a very small number of extremely large companies, distorted the averages and made keeping pace with indices very challenging over the period.

Distribution of Income

Donations totalling £950,000 were made to the Chichester Cathedral Restoration and Development Trust. These were in respect of two major projects, the restoration of the Nave roof and the new lighting project.

Page 1

The Chichester Cathedral Millennium Endowment Trust

Report of the Trustees for the Year Ended 5th April 2023

FINANCIAL REVIEW

Investment policy and objectives

The Investment Objective is to preserve and grow the capital, consistent with a reasonable level of income that is sustainable and will grow over the long term.

The Trustees intend to invest in a wide range of assets in order to provide diversification and reduce risk. Given the long-term nature of the investment objective, they, however, accept that the prices of such assets may be volatile, and thus there may be periods of time during which the capital values of the Trust's assets may fall.

Generally, the Trustees will invest through collective investment funds.

Income & Expenditure

The Trust continues to hold accumulated income fund in cash or near cash since this money is held ready to be donated towards the restoration of Chichester Cathedral, the Endowment Fund of £7,700,817 is made up of £365,000 of major donations payable on or before the death of donors, £7,309,612 of investments and £26,205 of cash.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment, appointment, induction and training of new trustees

New Trustees receive full information concerning the Trust's activities prior to their appointments. All the current Trustees have knowledge and experience of both charity and investment matters and relevant courses and seminars are advertised to Trustees who are invited to attend.

Decision making

Trustees are responsible for the Report and Accounts and direct investment policy and strategy. Having delegated discretionary management to Sarasin & Partners, the trustees meet with them at least twice a year in order to review and discuss progress. Day-to-day decisions are discussed by the Chairman with other Trustees whenever relevant.

Related parties

The Millennium Endowment Trust is closely linked to the Chichester Cathedral Restoration & Development Trust: two Trustees and the staff are common. The Chairman of the Millennium Endowment Trust, however, is not a member of the Restoration & Development Trust. The two Trusts have a similar common purpose of the restoration of the Cathedral and its environs: the Millennium Endowment Trust, however, is distinct in its operation and is intended to provide funds in perpetuity, whereas the Restoration & Development Trust is intended to provide funds for immediate and current work.

Employees

The Trust is administered by a small group of Trustees, with three staff (one of whom is the Director of Fundraising for Chichester Cathedral Restoration & Development Trust) providing the secretarial administration and accounting support. The salary cost is met by the Chichester Cathedral Restoration and Development Trust. During the year the Millennium Endowment Trust paid £1,428 to the Chichester Cathedral Restoration & Development Trust towards the costs of administration.

Risk management

The Trustees have considered the major risks to which the Trust is exposed and have taken steps to mitigate those risks. The trustees maintain cash or near cash in respect of the accumulated income fund so that these funds do not reduce in value and are available when required to be donated for restoration works. The investment assets are held in managed funds designated to meet the objectives of the Trust.

Page 2

The Chichester Cathedral Millennium Endowment Trust

Report of the Trustees for the Year Ended 5th April 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Further Details

For further details of the Chichester Cathedral Millennium Endowment Trust, or copies of the audited accounts, please contact the Trust Office at:

The Royal Chantry, Cathedral Cloisters, Chichester, West Sussex PO19 1PX Tel: 01243 812481, Email: trustaccounts@chichestercathedral.org.uk Trust and Cathedral website: www.chichestercathedral.org.uk

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1062176

Principal address

The Royal Chantry Cathedral Cloister Chichester West Sussex PO19 1PX

Trustees

Julian Biggs (resigned 6.5.22) Ian Buckley Ex Officio Mark Hammond Chairman Lionel Hoare Duncan Irvine Diane Stanning Very Revd Stephen Waine (resigned 20.1.23)

Trust Finance and Governance Manager

Jane Feild

Auditors

Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Bankers

The Royal Bank of Scotland plc Drummond House 1 Redheughs Road Edinburgh EH12 9JN

Investment Managers

Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU

Page 3

The Chichester Cathedral Millennium Endowment Trust

Report of the Trustees for the Year Ended 5th April 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 10[th] November 2023 and signed on its behalf by:

Mark Hammond - Trustee

Page 4

Report of the Independent Auditors to the Trustees of The Chichester Cathedral Millennium Endowment Trust

Opinion

We have audited the financial statements of The Chichester Cathedral Millennium Endowment Trust (the 'charity') for the year ended 5th April 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

Report of the Independent Auditors to the Trustees of The Chichester Cathedral Millennium Endowment Trust

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Date: 10[th] November 2023

Page 6

The Chichester Cathedral Millennium Endowment Trust

Statement of Financial Activities for the Year Ended 5th April 2023

Notes
INCOME AND ENDOWMENTS FROM
Investment income
3
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Restoration of Chichester Cathedral
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
225,595
3,157
951,217
954,374
-
(728,779)
1,892,315
1,163,536
Endowment
funds
£
-
-
-
-
(509,883)
(509,883)
8,210,700
7,700,817		 2023

Total
funds
£
225,595
3,157
951,217
954,374
(509,883)
(1,238,662)
10,103,015
8,864,353		 2022
Total
funds
£
224,901
3,081
1,217
4,298
193,987
414,590
9,688,425
10,103,015

The notes form part of these financial statements

Page 7

The Chichester Cathedral Millennium Endowment Trust

Balance Sheet 5th April 2023

Notes
FIXED ASSETS
Investments
Investments
8
Deeds of gift
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
fund
£
990,759
-
990,759
2,874
177,288
180,162
(7,385)
172,777
1,163,536
1,163,536
Endowment
funds
£
7,309,612
365,000
7,674,612
-
26,205
26,205
-
26,205
7,700,817
7,700,817		 2023

Total
funds
£
8,300,371
365,000
8,665,371
2,874
203,493
206,367
(7,385)
198,982
8,864,353
8,864,353
1,163,536
7,700,817
8,864,353		 2022
Total
funds
£
9,548,062
365,000
9,913,062
3,178
193,192
196,370
(6,417)
189,953
10,103,015
10,103,015
1,892,315
8,210,700
10,103,015

The financial statements were approved by the Board of Trustees and authorised for issue on 10[th] November 2023 and were signed on its behalf by:

Mark Hammond - Trustee

The notes form part of these financial statements

Page 8

The Chichester Cathedral Millennium Endowment Trust

Cash Flow Statement for the Year Ended 5th April 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2023
£
(953,102)
(953,102)
(162,192)
900,000
13,760
211,835
963,403
10,301
193,192
203,493		 2022
£
(3,123)
(3,123)
(113,611)
-
13,321
211,580
111,290
108,167
85,026
193,192

The notes form part of these financial statements

Page 9

The Chichester Cathedral Millennium Endowment Trust

Notes to the Cash Flow Statement for the Year Ended 5th April 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2023 2022
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (1,238,662) 414,590
Adjustments for:
Losses/(gain) on investments 509,883 (193,987)
Interest received (13,760) (13,321)
Dividends received (211,835) (211,580)
Decrease/(increase) in debtors 304 (138)
Increase in creditors 968 1,313
Net cash used in operations (953,102) (3,123)

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 6.4.22 Cash flow At 5.4.23
£ £ £
Net cash
Cash at bank 193,192 10,301 203,493
193,192 10,301 203,493
Total 193,192 10,301 203,493

The notes form part of these financial statements

Page 10

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements for the Year Ended 5th April 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds can only be use for particular restricted purposes relating to the capital element of the asset in question.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 11

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

2. DONATIONS AND LEGACIES

Other donations
Gift aid
Major donations received to 5 April 2023
Ian Watt Legacy
Lewis and Jacqueline Golden
Jeremy and Rona Smith
David and Mary Bowerman
Hans and Marit Rausing
The Ernest Kleinwort Charitable Trust
Cecil Gordon Brown
Gloria Abbey
Ian Askew
Richard Tompkins
The Monument Trust
Alan and Ann Bayne
Max and Caroline Egremont
Denise L Patterson
Terence and Rita Morrison-Scott
John and Jill Harris
Charles Hunnisett
Christian and Gabriel Reed
The West Sussex County Council
Kathleen Judd
Hugh and Jane Wyatt
Michael Power
David and Prue Hopkinson via The Poling Charitable Trust
Mary Frances Clare Feaver Legacy
Patricia Routledge
Donald Buttress
Deeds of Gift
Verity Gunnery
Bryan and Tessa Pascoe
Patricia Routledge
Donald and Elsa Buttress		 2023
£



As of
5.4.2023
£
100,000
250,100
106,000
250,000
129,870
225,000
200,000
100,000
100,000
107,651
100,000
102,841
100,000
100,000
100,779
91,042
100,000
100,000
100,000
100,000
89,040
100,000
379,230
20,000
25,000
10,000
3,186,553
100,000
100,000
75,000
90,000
365,000
3,551,553		 2022
£
-
-
-
-
-
-
As of 5.4.2022
£
100,000
250,100
106,000
250,000
129,870
225,000
200,000
100,000
100,000
107,651
100,000
102,841
100,000
100,000
100,779
91,042
100,000
100,000
100,000
100,000
89,040
100,000
379,230
20,000
25,000
10,000
3,186,553
100,000
100,000
75,000
90,000
365,000
3,551,553

These are the donations and Gift Aid that has been claimed on behalf of individuals where appropriate.

continued...

Page 12

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

3.
INVESTMENT INCOME
2023
£
Dividend income
211,835
Deposit account interest
2,427
Investment manager refunds
11,333
225,595
4.
RAISING FUNDS
Investment management costs
2023
£
Investment custody costs
2,911
Support costs
246
3,157
5.
CHARITABLE ACTIVITIES COSTS
Grant
Support
funding of
costs (see
activities
note 5)
£
£
Restoration of Chichester Cathedral
950,000
1,217
6.
SUPPORT COSTS
Governance
Management
costs
£
£
Investment management costs
246
-
Restoration of Chichester Cathedral
1,084
133
1,330
133		 2022
£
211,580
135
13,186
224,901
2022
£
3,046
35
3,081
Totals
£
951,428
Totals
£
246
1,217
1,463

continued...

Page 13

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

6. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Restoration
Investment of 2023 2022
management Chichester Total Total
costs Cathedral activities activities
£ £ £ £
Insurance - 84 84 73
Contribution towards administration - 1,000 1,000 1,000
Data protection fee 35 - 35 35
Computer costs 211 - 211 -
Trustees' remuneration etc - 133 133 144
246 1,217 1,463 1,252

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5th April 2023 nor for the year ended 5th April 2022.

Trustees' expenses

2023
£
Trustees' expenses
133
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6th April 2022
Additions
Disposals
Revaluations
At 5th April 2023
NET BOOK VALUE
At 5th April 2023
At 5th April 2022		 2022
£
144
Listed
investments
£
9,548,062
162,192
(890,932)
(518,951)
8,300,371
8,300,371
9,548,062

8. FIXED ASSET INVESTMENTS

There were no investment assets outside the UK.

The historical cost of investments held at 5 April 2023 was £7,394,308 (2022: £8,112,730).

continued...

Page 14

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

8. FIXED ASSET INVESTMENTS - continued

9.
10.		 Equity Funds
Sarasin Endowments Class A
BlackRock Sterling Liquid Fund - Accrued
Cost or valuation at 5th April 2023 is represented by:
Valuation in 2023
DEEDS OF GIFT
Major donations payable on or before the death of the donors
Verity Gunnery
Bryan and Tessa Pascoe
Patricia Routledge
Donald and Elsa Buttress
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors		 Market value
at 5.4.2023
£
7,309,612
990,759
8,300,371
2022
£
100,000
100,000
75,000
90,000
365,000
2023
£
2,874		 Market value
at 5.4.2022
£
7,845,700
1,702,362
9,548,062
Listed
investments
£
8,300,371
2021
£
100,000
100,000
75,000
90,000
365,000
2022
£
3,178		 Market value
at 5.4.2022
£
7,845,700
1,702,362
9,548,062
Listed
investments
£
8,300,371
2021
£
100,000
100,000
75,000
90,000
365,000
2022
£
3,178

Page 15

continued...

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Chichester Cathedral Restoration & Development Trust
Accruals and deferred income
12.
MOVEMENT IN FUNDS
Unrestricted funds
Accumulated Income Fund
Endowment funds
Major donations
Other donations
Gift Aid
Investment income
Accumulated realised gains/(losses) on
investments
Accumulated unrealised gains/(losses) on
investments
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
Accumulated Income Fund
225,595
Endowment funds
Accumulated realised gains/(losses) on
investments
-
Accumulated unrealised gains/(losses) on
investments
-
-
TOTAL FUNDS
225,595		 At 6.4.22
£
1,892,315
3,536,789
176,753
59,937
830,365
692,412
2,914,444
8,210,700
10,103,015

Resources

expended
£
(954,374)
-
-
-
(954,374)		 2023
£
6,847
538
7,385
Net
movement

in funds
£
(728,779)
-
-
-
-
9,068
(518,951)
(509,883)
(1,238,662)

Gains and

losses
£
-
9,068
(518,951)
(509,883)
(509,883)		 2022
£
5,630
787
6,417

At
5.4.23
£
1,163,536
3,536,789
176,753
59,937
830,365
701,480
2,395,493
7,700,817
8,864,353

Movement
in funds
£
(728,779)
9,068
(518,951)
(509,883)
(1,238,662)


Page 16

continued...

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 6.4.21
£
Unrestricted funds
Accumulated Income Fund
1,684,532
Endowment funds
Major donations
3,536,789
Other donations
176,753
Gift Aid
59,937
Investment income
830,365
Accumulated realised gains/(losses) on
investments
692,412
Accumulated unrealised gains/(losses) on
investments
2,707,637
8,003,893
TOTAL FUNDS
9,688,425
Comparative net movement in funds, included in the above are a
Incoming
resources
£
Unrestricted funds
Accumulated Income Fund
224,901
Endowment funds
Accumulated unrealised gains/(losses) on
investments
-
TOTAL FUNDS
224,901		 Net
movement
in funds
£
220,603
-
-
-
-
-
193,987
193,987
414,590
s follows:
Resources
expended
£
(4,298)
-
(4,298)		 Transfers
between
funds
£
(12,820)
-
-
-
-
-
12,820
12,820
-
Gains and
losses
£
-
193,987
193,987		 At
5.4.22
£
1,892,315
3,536,789
176,753
59,937
830,365
692,412
2,914,444
8,210,700
10,103,015
Movement
in funds
£
220,603
193,987
414,590

continued...

Page 17

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
Accumulated Income Fund
Endowment funds
Major donations
Other donations
Gift Aid
Investment income
Accumulated realised gains/(losses) on
investments
Accumulated unrealised gains/(losses) on
investments
TOTAL FUNDS		 At 6.4.21
£
1,684,532
3,536,789
176,753
59,937
830,365
692,412
2,707,637
8,003,893
9,688,425		 Net
movement

in funds
£
(508,176)
-
-
-
-
9,068
(324,964)
(315,896)
(824,072)		 Transfers

between
funds
£
(12,820)
-
-
-
-
-
12,820
12,820
-
At
5.4.23
£
1,163,536
3,536,789
176,753
59,937
830,365
701,480
2,395,493
7,700,817
8,864,353

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
Accumulated Income Fund
Endowment funds
Accumulated realised gains/(losses) on
investments
Accumulated unrealised gains/(losses) on
investments
TOTAL FUNDS		 Incoming
resources
£
450,496
-
-
-
450,496		 Resources
expended
£
(958,672)
-
-
-
(958,672)		 Gains and
Movement
losses
in funds
£
£
-
(508,176)
9,068
9,068
(324,964)
(324,964)
(315,896)
(315,896)
(315,896)
(824,072)

continued...

Page 18

The Chichester Cathedral Millennium Endowment Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2023

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5th April 2023.

14. TOTAL TRUST FUNDS

The capital of the endowment fund is held in perpetuity. All income arising on the Trust's investments and deposits is credited to the Accumulated Income Fund, which holds the accumulated income and from September 2010 the Trustees have been in a position to pay expenses and other costs in the furtherance of the objects of the Trust.

Page 19

The Chichester Cathedral Millennium Endowment Trust

Detailed Statement of Financial Activities for the Year Ended 5th April 2023

INCOME AND ENDOWMENTS
Investment income
Dividend income
Deposit account interest
Investment manager refunds
Total incoming resources
EXPENDITURE
Investment management costs
Investment custody costs
Charitable activities
Grants to institutions
Support costs
Management
Insurance
Contribution towards administration
Data protection fee
Computer costs
Governance costs
Trustees' expenses
Total resources expended
Net (expenditure)/income before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net (expenditure)/income		 2023
£
211,835
2,427
11,333
225,595
225,595
2,911
950,000
84
1,211
35
211
1,330
133
954,374
(728,779)
9,068
(719,711)		 2022
£
211,580
135
13,186
224,901
224,901
3,046
-
73
1,000
35
-
1,108
144
4,298
220,603
-
220,603

This page does not form part of the statutory financial statements

Page 20