**REGISTERED CHARITY NUMBER: 1062176**
**REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
**FOR**
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
Lewis Brownlee (Chichester) Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
||**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**|11 to 18|
|**Detailed Statement of Financial Activities**|19|
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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, Lewis Brownlee (Chichester) Limited, Chartered Accountants, make no charge for their professional services, a gesture of support that is very much appreciated.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Fundraising activities**
There was a £50,000 legacy bequeathed to the Trust and a £6,252 gift aid claim from 2023/24. To date the Trust has received twenty-seven major donations totalling £3,601,553 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.
## **Investment performance**
During the year under review, total Trust funds have increased from £8.6m to £8.7m, during which period one donation of £50,000 was made to the Restoration of Chichester Cathedral (apart from a contribution of £1,000 towards administration).
The Endowment Fund performance has been 1% ahead of the benchmark for the year.
## **Distribution of Income**
At the end of the financial year, a total of £613,725 of funds available for distribution had been accumulated in the accounts, and the Trustees were awaiting a request from the Chichester Cathedral Restoration & Development Trust for funding for a project.
## **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.
Page 1
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
## **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 £1,101 to the Chichester Cathedral Restoration & Development Trust towards the costs of administration and nil was transferred to the Trust.
## **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.
## **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.chichestercathedraltrust.org.uk
Page 2
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 5 APRIL 2025**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1062176
**Principal address** Cathedral Office The Royal Chantry Cathedral Cloisters Chichester West Sussex PO19 1PX
## **Trustees**
Mark Hammond Chairman John Bruell (appointed 10/5/2024) Ian Buckley Ex Officio Lionel Hoare Greg Mahon (appointed 16/06/2025) Diane Stanning
## **Trust Finance and Governance Manager**
Jane Feild
## **Auditors**
Lewis Brownlee (Chichester) Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
## **Bankers**
CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ
## **Investment Managers**
Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU
Page 3
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
## **TRUSTEES' RESPONSIBILITY STATEMENT**
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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 17[th] November 2025 and signed on its behalf by:
Mark Hammond - Trustee
Page 4
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **Opinion**
We have audited the financial statements of Chichester Cathedral Millennium Endowment Trust (the 'charity') for the year ended 5 April 2025 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).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 5
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, 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:
- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
- enquiry of entity's staff to identify any instances of non-compliance with laws and regulations;
- reviewing minutes of meetings of those charged with governance;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
- auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
Lewis Brownlee (Chichester) Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
Date: 9[th] December 2025
Page 6
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|**Unrestricted**
**Endowment**
**fund**
**funds**
**Notes**
**£**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**-**
**56,252**
Investment income
3
**238,542 **
**-**
**Total**
**238,542**
**56,252**
**EXPENDITURE ON**
Raising funds
4
**1,315**
**-**
**Charitable activities**
5
Restoration of Chichester Cathedral
**51,148**
**-**
**Total**
**52,463**
**-**
Net gains/(losses) on investments
**-**
**(133,598)**
**NET INCOME/(EXPENDITURE)**
**186,079**
**(77,346)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**427,646**
**8,206,151**
**TOTAL FUNDS CARRIED FORWARD**
**613,725**
**8,128,805**|**2025**
**Total**
**funds**
**£**
**56,252**
**238,542 **
**294,794**
**1,315**
**51,148**
**52,463**
**(133,598)**
**108,733**
**8,633,797**
**8,742,530**|**2024**
**Total**
**funds**
**£**
-
241,483
241,483
1,278
976,095
977,373
505,334
(230,556)
8,864,353
8,633,797|
|---|---|---|
The notes form part of these financial statements
Page 7
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **BALANCE SHEET 5 APRIL 2025**
|**Unrestricted**
**fund**
**Notes**
**£**
**FIXED ASSETS**
**Investments**
Investments
8
**506,737**
Deeds of Gift
9
**-**
**506,737**
**CURRENT ASSETS**
Debtors
10
**3,659**
Cash at bank
**105,932**
**109,591**
**CREDITORS**
Amounts falling due within one year
11
**(2,603)**
**NET CURRENT ASSETS**
**106,988**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**613,725**
**NET ASSETS**
**613,725**
**FUNDS**
12
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|**Endowment**
**funds**
**£**
**7,663,424**
**340,000**
**8,003,424**
**50,000**
**75,381**
**125,381**
**-**
**125,381 **
**8,128,805**
**8,128,805**|**2025**
**Total**
**funds**
**£**
**8,170,161**
**340,000**
**8,510,161**
**53,659**
**181,313**
**234,972**
**(2,603)**
**232,369**
**8,742,530**
**8,742,530**
**613,725**
**8,128,805**
**8,742,530**|**2024**
**Total**
**funds**
**£**
8,183,529
340,000
8,523,529
3,097
108,572
111,669
(1,401)
110,268
8,633,797
8,633,797
427,646
8,206,151
8,633,797|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17[th] November 2025 and were signed on its behalf by:
Mark Hammond - Trustee
The notes form part of these financial statements
Page 8
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025**
|**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
Release of deed of gift
Interest received
Dividends received
Net cash provided by investing activities
**Cash flows from financing activities**
Income attributable to endowment
Net cash provided by financing 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**|**2025**
**£**
**(101,823)**
**(101,823) **
**(269,280)**
**149,050**
**-**
**19,095**
**219,447 **
**118,312**
**56,252 **
**56,252 **
**72,741**
**108,572**
**181,313**|**2024**
**£**
(983,580)
(983,580)
(302,824)
925,000
25,000
23,161
218,322
888,659
-
-
(94,921)
203,493
108,572|
|---|---|---|
The notes form part of these financial statements
Page 9
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Losses/(gain) on investments
Interest received
Dividends received
Income attributable to endowment
Increase in debtors
Increase/(decrease) in creditors
**Net cash used in operations**|**2025**
**£**
**108,733**
**133,598**
**(19,095)**
**(219,447)**
**(56,252)**
**(50,562)**
**1,202 **
**(101,823)**|**2024**
**£**
(230,556)
(505,334)
(23,161)
(218,322)
-
(223)
(5,984)
(983,580)|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
||**At 6/4/24**|**Cash flow**|**At 5/4/25**|
|---|---|---|---|
||**£**|**£**|**£**|
|**Net cash**||||
|Cash at bank|**108,572**|**72,741**|**181,313**|
||**108,572**|**72,741 **|**181,313**|
|**Total**|**108,572**|**72,741**|**181,313**|
The notes form part of these financial statements
Page 10
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **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.
## **Listed Investments**
Listed investments are measured initially at cost and subsequently at fair value.
## **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
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **2. DONATIONS AND LEGACIES**
|Legacies
Gift aid
**Major donations received to 5 April 2024**
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
Christopher Hoare Legacy
Deeds of Gift
Verity Gunnery
Bryan and Tessa Pascoe
Patricia Routledge
Donald and Elsa Buttress|**2025**
**2024**
**£**
**£**
**50,000**
-
**6,252**
-
**56,252**
-
As of
5.4.2025
As of 5.4.2024
£
£
100,000
100,000
250,100
250,100
106,000
106,000
250,000
250,000
129,870
129,870
225,000
225,000
200,000
200,000
100,000
100,000
100,000
100,000
107,651
107,651
100,000
100,000
102,841
102,841
100,000
100,000
100,000
100,000
100,779
100,779
91,042
91,042
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
89,040
89,040
100,000
100,000
379,230
379,230
20,000
20,000
50,000
50,000
10,000
50,000
10,000
-
3,261,553
3,211,553
100,000
100,000
100,000
100,000
50,000
50,000
90,000
90,000
340,000
340,000
3,601,553
3,551,553|
|---|---|
These are the donations and Gift Aid that has been claimed on behalf of individuals where appropriate.
continued...
Page 12
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
|**3.**
**INVESTMENT INCOME**
**2025**
**£**
Dividend income
**219,447**
Deposit account interest
**5,063**
Investment manager refunds
**14,032 **
**238,542**
**4.**
**RAISING FUNDS**
**Investment management costs**
**2025**
**£**
Investment custody costs
**864**
Support costs
**451**
**1,315**
**5.**
**CHARITABLE ACTIVITIES COSTS**
**Grant**
**Support**
**funding of**
**costs (see**
**activities**
**note 6)**
**£**
**£**
Restoration of Chichester Cathedral
**50,000**
**1,148**
**6.**
**SUPPORT COSTS**
**Management**
**Finance**
**£**
**£**
Investment management costs
**451**
**-**
Restoration of Chichester Cathedral
**1,101 **
**47 **
**1,552 **
**47 **|**2024**
**£**
218,322
11,786
11,375|**2024**
**£**
218,322
11,786
11,375|
|---|---|---|
||241,483||
||**2024**
**£**
1,013
265
1,278
**Totals**
**£**
**51,148**|**2024**
**£**
1,013
265|
|||1,278|
||**Totals**
**£**
**451**
**1,148**
**1,599**||
|||**1,599**|
Support costs, included in the above, are as follows:
|||**Restoration**|||
|---|---|---|---|---|
||**Investment**|**of**|**2025**|**2024**|
||**management**|**Chichester**|**Total**|**Total**|
||**costs**|**Cathedral**|**activities**|**activities**|
||**£**|**£**|**£**|**£**|
|Insurance|**-**|**101**|**101**|**95**|
|Contribution towards administration|**-**|**1,000**|**1,000**|**1,000**|
|Data protection fee|**-**|**-**|**-**|**35**|
|Computer costs|**451**|**-**|**451**|**230**|
|Bank charges|**-**|**47**|**47**|**-**|
||**451**|**1,148**|**1,599**|**1,360**|
continued...
Page 13
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
## **8. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||**Listed**|
||**investments**|
||**£**|
|**MARKET VALUE**||
|At 6 April 2024|**8,183,529**|
|Additions|**269,280**|
|Disposals|**(148,411)**|
|Revaluations|**(134,237) **|
|At 5 April 2025|**8,170,161**|
|**NET BOOK VALUE**||
|At 5 April 2025|**8,170,161 **|
|At 5 April 2024|8,183,529|
There were no investment assets outside the UK.
The historical cost of investments held at 5 April 2025 was £6,367,986 (2024: £6,725,769).
|Equity Funds
Sarasin Endowments Class A
BlackRock Sterling Liquid Fund - Accrued|**Market value**
**at 5.4.2025**
**£**
**7,663,424**
**506,737**
**8,170,161 **|Market value
at 5.4.2024
£
7,812,556
370,973
8,183.529|
|---|---|---|
Cost or valuation at 5 April 2025 is represented by:
Valuation in 2025
**Listed investments £ 8,170,161**
continued...
Page 14
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **9. 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
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Chichester Cathedral Restoration & Development Trust
Accruals and deferred income
**12.**
**MOVEMENT IN FUNDS**
**At 6/4/24**
**£**
**Unrestricted funds**
Accumulated Income Fund
**427,646**
**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
**713,073**
Accumulated unrealised gains/(losses) on
investments
**2,889,234**
**8,206,151 **
**TOTAL FUNDS**
**8,633,797 **||**2024**
**£**
**100,000**
**100,000**
**50,000**
**90,000**
**340,000**
**2025**
**£**
**53,659**
**2025**
**£**
**2,354**
**249**
**2,603**
**Net**
**movement**
**in funds**
**£**
**186,079**
**50,000**
**-**
**6,252**
**-**
**639**
**(134,237)**
**(77,346) **
**108,733**||2023
£
100,000
100,000
75,000
90,000
365,000
**2024**
**£**
3,097
**2024**
**£**
1,253
148
1,401
**At 5/4/25**
**£**
**613,725**
**3,586,789**
**176,753**
**66,189**
**830,365**
**713,712**
**2,754,997**
**8,128,805**
**8,742,530**|2023
£
100,000
100,000
75,000
90,000
365,000
**2024**
**£**
3,097
**2024**
**£**
1,253
148
1,401
**At 5/4/25**
**£**
**613,725**
**3,586,789**
**176,753**
**66,189**
**830,365**
**713,712**
**2,754,997**
**8,128,805**
**8,742,530**|
|---|---|---|---|---|---|
|||||||
|||||||
continued...
Page 15
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **12. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Incoming**
**resources**
**£**
**Unrestricted funds**
Accumulated Income Fund
**238,542**
**Endowment funds**
Major donations
**50,000**
Gift Aid
**6,252**
Accumulated realised gains/(losses) on
investments
**-**
Accumulated unrealised gains/(losses) on
investments
**-**
**56,252**
**TOTAL FUNDS**
**294,794**
**Comparatives for 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**|**Resources**
**Gains and**
**Movement**
**expended**
**losses**
**in funds**
**£**
**£**
**£**
**(52,463)**
**-**
**186,079**
**-**
**-**
**50,000**
**-**
**-**
**6,252**
**-**
**639**
**639**
**-**
**(134,237) **
**(134,237) **
**-**
**(133,598)**
**(77,346)**
**(52,463) **
**(133,598) **
**108,733**
**Net**
**movement**
**At 6/4/23**
**in funds**
**At 5/4/24**
**£**
**£**
**£**
1,163,536
(735,890)
427,646
3,536,789
-
3,536,789
176,753
-
176,753
59,937
-
59,937
830,365
-
830,365
701,480
11,593
713,073
2,395,493
493,741
2,889,234
7,700,817
505,334
8,206,151
8,864,353
(230,556)
8,633,797|
|---|---|
continued...
Page 16
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **12. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Gains and**|**Movement**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**in funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|Accumulated Income Fund|241,483|(977,373)|-|(735,890)|
|**Endowment funds**|||||
|Accumulated realised gains/(losses) on|||||
|investments|-|-|11,593|11,593|
|Accumulated unrealised gains/(losses) on|||||
|investments|-|-|493,741|493,741|
||-|-|505,334|505,334|
|**TOTAL FUNDS**|241,483|(977,373)|505,334|(230,556)|
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**|**Net**
**movement**
**At 6/4/23**
**in funds**
**£**
**£**
1,163,536
(549,811)
3,536,789
50,000
176,753
-
59,937
6,252
830,365
-
701,480
12,232
2,395,493
359,504
7,700,817
427,988
8,864,353
(121,823)|**At 5/4/25**
**£**
613,725
3,586,789
176,753
66,189
830,365
713,712
2,754,997
8,128,805
8,742,530|
|---|---|---|
continued...
Page 17
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||**Incoming**|**Resources**|**Gains and**|**Movement**|
|---|---|---|---|---|
||**resources**|**expended**|**losses**|**in funds**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|Accumulated Income Fund|480,025|(1,029,836)|-|(549,811)|
|**Endowment funds**|||||
|Major donations|50,000|-|-|50,000|
|Gift Aid|6,252|-|-|6,252|
|Accumulated realised gains/(losses) on|||||
|investments|-|-|12,232|12,232|
|Accumulated unrealised gains/(losses) on|||||
|investments|-|-|359,504|359,504|
||56,252|-|371,736|427,988|
|**TOTAL FUNDS**|536,277|(1,029,836)|371,736|(121,823)|
## **13. RELATED PARTY DISCLOSURES**
At the balance sheet date the charity owed Chichester Cathedral Restoration and Development Trust £2,354 (2024: £1,253) for contributions towards administration and insurance costs.
## **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 18
## **CHICHESTER CATHEDRAL MILLENNIUM ENDOWMENT TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Gift aid
Legacies
**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
**Finance**
Bank charges
Total resources expended
**Net income/(expenditure) before gains and**
**losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income/(expenditure)**|**2025**
**£**
**6,252**
**50,000**
**56,252**
**219,447**
**5,063**
**14,032 **
**238,542**
**294,794**
**864**
**50,000**
**101**
**1,000**
**-**
**451 **
**1,552**
**47 **
**52,463**
**242,331**
**639**
**242,970**|**2024**
**£**
-
-
-
218,322
11,786
11,375
241,483
241,483
1,013
975,000
95
1,000
35
230
1,360
-
977,373
(735,890)
11,593
(724,297)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 19