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BRECON CATHEDRAL CHOIR TRUST — | | TRUSTEES’ REPORTAND FINANCIAL STATEMENTS : - FOR THE YEAR ENDED ae 31. DECEMBER 2022
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BRECON CATHEDRAL CHOIR TRUST
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|INDEX|
|TO|THE FINANCIAL|STATEMENTS|:|
|for the|year ended 31|December|2022|.|
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|Reference|and|sdminkrate|information|||||.|1|||
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|Report|of|the Trustees|.|2|
|Report ofthe independent examiner|i|;|7|;|||5|
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|Statement of|financial activities|.|6|
|Balance sheet|.|||;|7|
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BRECON CATHEDRAL CHOIR TRUST
YEAR ENDED 31 DECEMBER 2022
Trustees
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7 MrThe GVery DaviesRev Dr P Shackerley; Mrs G Jones-Powell
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Address of the Trustees
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Registered Charity Number
Independent Examiners :
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Bankers
MrM Parry Mrs R Lloyd Mr HM Smith FCA Rev SE Griffith (appointed 13 July 2022) . The Right Rev J D P Lomas (appointed 13 July 2022). Brecon Cathedral Office ) Cathedral Close ; Brecon - , Powys ; LD3 9DP |
1093670
W J James & Co Bishop House 10 Wheat Street Brecon Powys
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Lloyds Bank | 38 High Street ; Brecon Powys , ; LD3 7AR
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BRECON CATHEDRAL CHOIR TRUST "REPORT OF THE TRUSTEES ; ' for the year ended 31 December 2022 - STRUCTURE, GOVERNANCE AND MANAGEMENT
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Governing Document
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The charity is governed by a Declaration of Trust dated 20 March 2002. It is registered as a charity with the Charity Commission. . The Charity operates from the cathedral church of St John the Evangelist, Brecon, in the Diocese of Swansea and Organisation a . The Trustees who have served during the year and since the year-end are set out on page 1. |
Objectives and activities
The objects ofthe charity are to offer all choristers, from the time of their admission as full choristers until the end of their full-time statutory education, tuition on a musical instrument or singing lessons in addition to their choral training in the cathedral choir. - ;
The Charity specifically intends to contribute towards a full-time Director of Music and an Assistant Organist employed by the Dean and Chapter ofBrecon Cathedral.
In order to be able to achieve these objectives, the Charity intends to maintain its investments at over £1.2 millionplus achieving returns from income and capital appreciation to compensate for increasing costs.
Achievements and performance ; The 2022 financial year has been influencedby the Covid 19 pandemic and worries over rising inflation causing a fallin the value of investments.
Additional support for the Cathedral’s musical staff was contributed to the Dean and Chapter from the government Corona Virus Job Retention Scheme and from Cathedral Music Trust which enabled a restricted fund to be created by Brecon Cathedral Dean.and Chapter from the Choir Trust contributions in 2020 and 2021. The. fund is being used to pay for accommodation for the Assistant Organist whose housing at Christ College, Brecon ceased.
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_The Cathedral Choir still has a reduced number of choristers. The Trust has continued its support of the Musical staff and Choir at the Cathedral and will contribute for the cost of replacement robes for the choir to be delivered in 2023 expected to cost £9,625. Oo
_ The Choir Trust expenditure has increased to £47,891 giving a deficit before investment reductions of £10,661.
As agreed with our investment advisors the Trust continues to receive a fixed monthly sum of £3,500 comprising dividends and capital. Dividends received in the year were £35,577.
The market value of investments and cash held by our investment advisors, Brewin Dolphin, has fallen from £1.49 million to £1.30 million reflecting market concerns over the war in Ukraine and rising inflation.
The Trust has free cash of £55,120 and is expecting to operate on an income deficit in the medium term. Exceptionallevels expendituremay be needed in the short term to assist the choir to return to its pre covid operating leaving the Trust’s planned free cash to stabilise between £30,000 and £25,000.
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BRECON CATHEDRAL CHOIR TRUST REPORT OF THE TRUSTEES (CONTINUED) for the year ended 31 December 2022 -
Report of the Chair
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The year brought challenges with finding alternative accommodation for the Assistant Organist, who as part ofhis employment contract is provided with accommodation. Christ College Brecon provide this for many years for theservices and work done by the organist. We secured a new rental property in Llanddew, paid for by the Choir Trust, through the Dean and Chapter accounts.
With the two new appointments of Bishop of Swansea &-Brecon and Cathedral Precentor, the Bishop and . Precentor were added as trustees of the Choir Trust. We welcomed Bishop John Lomas and Revd Canon Steven: RecruitmentMusic reportedof choristersnew leaflets continueand tobannersbe difficultwere asproducednumberstocontinuedpresent totodecline.local schoolsIn Julyin 2022Brecon. the DirectorThis wasof ’ gccompanied by a professional recruitment video. -
The summer monthly lunchtime concerts and organ recitals have attracted increased audience numbers, thanks to Jon Pilgrim, the Assistant Organist. In 2022 we said farewell to Robin Flower who left for university, who gave ten years faithful and committed service. The organ scholar, Gabriel Kennedy, also left for university. The new Organ Scholar, Peris Hemandez Panes, a former chorister now singing with the Lay Clerks, receives organ lessons from the Assistant Organist, did well in his Grade 5 organ exam and continues to develop his playing at the Cathedral. Peris is a year 13 pupil of Christ College Brecon.
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Choristers performed in a concert in May, which included the Head Chorister performing on three instruments, and the Junior Choir performed a short concert after a Sunday service in the spring. Both concerts enable choristers to perform in front ofwider audiences, assisting in building their confidence and affirming them in their - . The Choir Trust has purchased new choir robes from J & M Sewing Services, different in colour and style to the current robes, which will be delivered and used early 2023. Finally, I would like to thank the musicians for their work and commitment to deliver and sustain the choral tradition of Brecon Cathedral in challenging times. My thanks also to the Canon Precentor Father Steven Griffith, the Trustees of the Choir Trust, and the chorister parents and matrons who also contribute to the life and worship ofthe Cathedral.
Funding policy
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The Trustees anticipate that the Charity is now funded sufficiently to enable it to carry out its long-term objectives, at least for the time being, and does not intend to be engaging in further core fundraising in the near
Investment and reserves policy
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Two Trustees sit on the Diocesan Investment Committee which meets with the Charity’s brokers, Brewin Dolphin, and seeks to balance income with outgoings. A cash balance of between £10,000 and £30,000 is maintained by the Trustees for running expenses anda buffer for capital. _ ,
Plans for future periods —
The trustees intend to carry out the Charity's stated objectives within an annual revenue budget of £50,000.
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BRECON CATHEDRAL CHOIR TRUST
REPORT OF THE TRUSTEES (CONTINUED) for the year ended 31 December 2022
Risk Management
The Trustees consider their investment portfolio and anticipated returns to be their largest risk. They recognise the fact that financial assets are volatile and that their value can go down as well as up, and they want to avoid any degradation of capital and income relating to their investments. They manage this risk by adopting a policy of investing in a portfolio with a diverse range of ethical investments.
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing the Trustees’ Annual Report 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 requires the charity 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
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® select suitable accounting policies and then apply them consistently;
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° observe the methods and principles in the Charities SORP;
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e make judgements and estimates that are reasonable and prudent;
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e — state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 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 the trustees and signed on 22 March 2023 on their behalf by :
The Very Rev Dr Paul Shackerley Chair
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_ * BRECON CATHEDRAL CHOIR TRUST .
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BRECON CATHEDRAL CHOIR TRUST I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 6 to 11. ,
Responsibilities and basis ofreport ) Co As the charity’s trustees you you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Act 2011the Charities Act 2011 Charities Act 2011 Act 2011 2011 (‘the Act’). Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in‘ catrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) ofthe Act. oo nO, .
As the charity’s trustees you you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Act 2011the Charities Act 2011 Charities Act 2011 Act 2011 2011 (‘the Act’). Act’).
Independent examiner's statement
I have completed my examination, I confirm that no material matters have come to my attention in connection with the examination givingme cause to believe that in any material respect:
by section 130 of the Act; or
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: 1. accounting records were not kept in respect of the charity as requiredby section
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the accounts do not accord with those records; or
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- the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts givea ‘true and fair view’ which is not a matter considered as part of an independent examination. _ -
I have no concerns and have come across no other matters in connection with the examination to which attention ' shouldbe drawn in this reportin orderto enable a proper understanding of[the][ accounts] to be reached.
_-WA )
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Williams BSc, FCA .
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WJlJames&Co | . a” Chartered Accountants ; Bishop House 10 Wheat Street 22 March 2023 Brecon ; Powys. .
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|||||BRECON CATHEDRALCHOIRTRUST|||||||||||||
|||||STATEMENTOFFINANCIALACTIVITIES|||||||||||||
|||||fortheyearended31December2022|||||||||||||
|||;||||Notes|||||Unrestricted
funds
£|||Total
2022
£||Total
2021
£|
|||||INCOMEANDENDOWMENTS|||:||||||||||
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|||||Donations,legaciesand||.|||||||||||
|||||similarincome||2|||||1,653|||1,653||2,485|
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|||||Investmentincome||3|||||35,577|||35,577||32,664|
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|||||TOTALINCOME|oe||||||37,230|||37,230||35,149|
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|||||Costsofraisingfunds|||||||||||||
|||||Investmentmanagementcosts|costs|4|||||6,630|||6,630||6,933|
|||||Charitable activities.|||5|||||40,344|||40,344||32,749|
|||||Other||6|||||917|||917||918|
|||||TOTALEXPENDITURE|||||||47,891|||47,891||40,600|
|||||NETEXPENDITURE|||||||(10,661)|||(10,661)|—|(5,451)|
|||||Net(losses)/gainsoninvestmentassets||7|||||(179,327)||=|(179,327)||174,104|
|||||NETMOVEMENTINFUNDS|FUNDS||||||(189,988)|||(189,988)||168,653|
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|||||Reconciliationoffunds:||.|||||||||||
|||||Balancesbroughtforward|||||||||||||
|||||at 1 January2022—.|||||||“1,541,193|||1,541,193||1,372,540|
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|||||at31December2022||||;|||1,351,205|||1,351,205||1,541,193|
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. BRECON CATHEDRAL CHOIR TRUST
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BALANCE SHEET : as at 31 December 2022
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2022 | 2021
£ £ £ £
FIXED ASSETS Note
Investments 7 1,264,834 1,437,130
- Debtors 8 296 491 .
Brewin Dolphin Capital and Income accounts . 30,955 51,109
. Cash at bank 65,573 54,991
. | "96,824 106,591
due within one year 9. 10,453 . 2,528
NET CURRENT ASSETS 7 | 86,371 / 104,068
TOTAL ASSETS LESS CURRENT LIABILITIES 1,351,205 1,541,193
Unrestricted BS 10 1,351,205 1,541,193
Approved by the Board of Trustees on 22 March 2023 and signed on itsbehalfby -
The Very Rev Dr P Shackerley
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The notes on pages 8 to 11 form part of these accounts .
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| The trust constitutes a public benefit entity as defined by FRS 102
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BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022
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1 ACCOUNTING POLICIES . Co The financial statements have been prepared in accordance withthe Statement ofRecommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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Accounting convention
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_ The financial statements are prepared under the historical cost convention as modified by the revaluation of investments to market value. Income recognition = —S beAll received income andis recognised the amount of once theincomecharity receivable has entitlement can be measuredto the income, reliably. it isprobablethat the income will
Donations and collections . Donations, collections and all voluntary income is accounted for gross when received. . Expenditure recognition ' 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 settlement will be required and the amount obligation[can][ be measured][ reliably.][All][ expenditure][is][ accounted] for on an accruals basis. of the Costs of raising fonds The costs of generating funds consist of investment management costs. , :
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Fixed! asset investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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2. . DONATIONS, LEGACIES AND SIMILAR INCOME
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| DONATIONS, LEGACIESLEGACIESAND SIMILAR INCOMESIMILAR INCOMEINCOME | . | . | ; | oad | 2022 ° . £ |
2021 £ |
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| DonationsinmemoryofthelateMrTomCannock Regulardonations |
- 1,308 |
* | 655 1,308 |
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| Giftaidrelief | 345 | . | 522 | ||||||
| 1,653 | ° | 2,485 |
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BRECON CATHEDRAL CHOIR TRUST
NOTES TO THE FINANCIAL STATEMENTS _[for][ the][ year][ ended][ 31][ December][ 2022] .
| 3. | INVESTMENTINCOMEANDINTEREST | INVESTMENTINCOMEANDINTEREST | INVESTMENTINCOMEANDINTEREST | INVESTMENTINCOMEANDINTEREST | 2022 | (2021 | — | |||||||
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| og | £ | |||||||||||||
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| DividendsandinterestfromportfoliomanagedbyBrewinDolphin | 35,577 | 32,664 | ||||||||||||
| 4. | _COSTS | COSTSOFRAISINGFUNDS | ||||||||||||
| . | . | Unrestricted Funds |
2022 | 2021 | ||||||||||
| 8 | £ | £ | ||||||||||||
| - | Investment management fees | 6,630 | «6,630 | 6,933 | ||||||||||
| 5. | CHARITABLEACTIVITIES | oe | ||||||||||||
| . | Unrestricted Funds |
2022. | 2021 | |||||||||||
| . | £ | £ | £ | |||||||||||
| Officeexpenses | : | a | 1 | 3 | ||||||||||
| 7 | Contribution to salaries paid by _. Director ofMusic |
Dean | and | Chapter - |
for:- | 18,200 | 18,200 | ‘12,200 | ||||||
| Musicandsinginglessons | . | 4,098 | 4,098 | 3,889 | ||||||||||
| Otherchoirsupport | . | . | 10,061 | 10,061 | 6,159 | |||||||||
| , | ‘Organexpenses Bankcharges |
; | ; | 500 84 |
, | 500 84 |
3,000 98 |
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| 40,344 | 40,344 | |||||||||||||
| --s«§&-~—Ss« | OTHERCOSTS | : | Unrestricted Funds |
2022. |
2021 | |||||||||
| : | £ | . | £ | £ | ||||||||||
| Accountants’charges | m5 | 715 | 716 | |||||||||||
| Trusteeindemnityinsurance | 202 | 202 | 202 | |||||||||||
| . | 917 | 917 |
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|BRECONCATHEDRALCHOIRTRUST|BRECONCATHEDRALCHOIRTRUST|.|||||||:|||||
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|NOTESTOTHEFINANCIALSTATEMENTS.|||||||||||||
|forthe|theyearended31December2022||||||||||||
|7.|INVESTMENTS||||.|||2022||.||2021|
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||Marketvalue at 1January2022
Additions
to investments at cost||||:|||1,437,130
226,419||||—=—-1,287,913
377,709||
||Disposals atcarryingvalue|||||||(219,388)||||(402,596)|
||,||so|||1,444,161|||||‘1,263,026||
||Net(loss)/gainonrevaluationin-theyear|||||||(179,327)||174,104|||
||Marketvalueat31December2022|||||||- 1,264,834|-||1,437,130||
||Investments
at market value comprised:|||||||2022||||2021|
|||||||||£||||£|
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Equities
.|||||.||996,967|||1,234,825||
||Fixedinterest securities|||||||267,867||||202,305|
|||||||||1,264,834|||1,437,130||
||All investments are carried at their market value.
all traded in quoted public markets, primarily||Investments
the London||in equities and fixed interest
Stock Exchange.
Holdings||||||securities are
in common||
||investment funds, unit trusts andopen endedinvestment companies are atthebid price.
purchases are recognised at the date of tradeat their transaction value.|||||||||Asset sales and|||
|8.|DEBTORS||||.|||2022||||2021|
||_|||||||£°||||£|
||Giffaidrelief receivable
||.|||||||296|||-|491|
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|9. CREDITORS:AMOUNTSFALLING||||||;||2022||||2021|
||DUEWITHINONEYEAR|||||.||.
£||||£|
||Accruedexpenses|||||an||10,453||||2,528|
|10.
.||ANALYSISOF NETASSETSBETWEENFUNDS|||||,|Unrestricted
fands|||||Total
fands|
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o£||||£|
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Fund balancesat31December
2022 are represented by:
Investment assets
Currentassets
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Current liabilities
.||||||1,264,834
96,824
(10,453)||||1,264,834
96,824
(10,453)||
||.|||||||1,351,205|||1,351,205||
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BRECON CATHEDRAL CHOIR TRUST.
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022
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11. REMUNERATION OF TRUSTEES AND CONNECTED PERSONS
No remuneration or reimbursed expenses have been paid to Trustees or connected persons during the year.
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