2023-12-31-accounts

BRECON CATHEDRAL CHOIR TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

BRECON CATHEDIL4L CHOIR TRUST INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 Page Reference and Administrative Rllformxtion Report of tbe Trusteeg Report of the independellt examiner Stitement of finanei41 aetlvities Balance shee¢ Notes to the fjnanclil statemellts

BRECON CATHEDRAL CHOIR TRUST YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE INFORMATIOIY Trustees The Vcry Rev Dr P Shackerley Mr G Davies Mrs G Jones-Powell Mr J M Greatorex MrMPary Mrs R Lloyd Mr H M Smith FCA (retired 31 December 2023) Rev Canon S E Cjriffith The Right Rev J D P Loma5 Address of tbe Trustees Brecon Cathedral Office Cathedral Close Brecon Powys LD3 9DP Registered Charity Number 1093670 Independent Ex4miners WJJames&Co Bishop House 10 Wheat Street Brecon Powys LD3 7DG Ballkers Lloyds Bank 38 High Street Brecon Powys LD3 7AR Page I

BRECON CATHEDRAL CHOIR TRUST REPOR'f OF THE TRUSTLES for tbe year ellded 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Documeknt 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 DioLese of Swansea and Brecon. Or£aDlsatioll The Trusi¢¢s who have setved durinbr tlie year and since the year-end are set out on page l. Obj¢ctlve$ and &e¢ivitles Thc objeLls of the charity are to ofler all choristers, from the lime of their admission as full choristers until the end ol. their tull-time biatutory education, tuition on a musical instrument or sin&ying lessons in addition lo their choral Iraining in the caihcdrdl choir. T1)e Charity SPLLifJLally intend& lo contribute towurds a full-lime Dire¢lor of Music and an Assistant Organist employed by tl)L Dean and Chapl¢r of Brelon Cathedral. In ord<r to b¢ uble to alhieve Iliese obj¢Liives. IhL Charity intcnds t() Ill IhL trust lo continue sUPPOrt for (heir salaries and aLcoinmodalion and supporting th¢ Dean and Chapter in usingi lempordry musical stal'r. The lolal support provided in 2023 for music staff supporting th¢ choir and Cathedral music was £40,633. The Choir Trust expei)diture has increas¢d to £58,262 4 deficit b¢fore inveslm¢nt gains of £18.974. As agre¢d wilh our investment advisors Ihe '{ rust continues to re¢¢ive a fixed monthly suin of £3.500 comprising divideiids aiid capital. Dividends reLeived in ihe year were £37,372. The market value of investments and cash held by our investment advisor5. Brewin Dolphin, increased from £1.30 millioii to £1.36 million retle¢tin¥ n]arkel expectation for reduced iiillalion and bank interest ratLs. The Trust has free cash of £47,212 and is expecting to operate on an income deficit in the mediiiiii ierni. Exc¢plional expenditur¢ will be iieeded in the short temi lo asslst the Dean and C.hapler pay for tetnporary stafl'io Lover for abseni pernianenl musi¢ slatl. and aLLOtnmodalion previously supplied by an arran¥cmenl with Christ Collcge, Brecon and property owned by the Dean and Chapter. The Trust's planned free cash is expected to stabilise at levels between £30,000 and £1 0,000. Page 2

BRECON CATHEDRAL CHOIR TRUST REPORT OF THE TRUSTEES (CONTINUED) for the vear ended 31 December 2023 Report of the Choir This has been a difficult year for the Music Dcpartment. There have been some staffing issucs that have meant that extra funds have had lo be made available to provide temporary cover for Ix>th the Direclor of Music and tli¢ Assistant Organist. We have been fortunate to bc able lo do this and the Music Departmcnt has be¢n able to continue to function and the Choirs havc continued to sing for our liturgy. OTh a positive note, we have seen an increase in the numbcr of choristers with 7 probationers swclling the ranks. It will be some time before they will have the confidence and training lo sing lo the best of their abilitlcs, but il ts very encouraging and bodcs well for the future. In the summer the ¢hoir took deliveri. of their new cassocks following a grant of £1 0.000 from the TFUSt, the new cassocks and su￿]iCe8 rcplacing the rather old and worn ones. The cassocks are purplc and have gone down well with the choir who look very smart tn their new attire. I would like to thank Mr Martin Smith for his time as our treasurer over the 13St few years. It has been a great help to myself and the fomier chair to have an extremely expericoced and capable treasurer and I wish him wcll for his future. Funding policy Thc Trustees anti¢ipate that the Charity is now fvnded 5ufficienily lo enable it to carry out its long-tenn objectives, al least for thc lime being. and do¢s not intend to be engaging in further core fundraising in the near fiiture. lllvestment and reserves polic). Two Trustees sit on the Diocesan Investment Committce whtch meets with the Charill s brokcrs, Brewin Dolphin, and seeks lo balance income with oulgoings. A cash balancc of between £10,000 and £30.000 is maintained by the Trustees for running expenses and a buffcr for ¢apital. Plans for future periods Thc trnslees inlcnd lo cany out the Charity's stated objectives within an annual revenue budget of £50,000. Risk Management The Trustees consider their investmcnt portfolio and anticipated return5 to be their largest risk. They recognise the fact tliat financtal asscts are volatilc and that their value can go down as well as up, and they want to avoid any degradation of capital and income relating to thcir investmcnts. They n]anage this risk by adopting a policy of inN'csting in a porttolio with a divcrse range of ethical investments. Page 3

BRECON CATHED114L CHOIR TRUST REPORT OF THE TRUSTEES (CONTINUED) for the year ethded 31 December 2023 Trustees, respoDsibilities in relation to the finallcial statements The eharity trustees are responsible for preparing the Trustees, Annual Report and the financial siaiements in aLcordaiice with applicable law and United Kingdom Accounling Standards {United Kingdom Generdlly Accepted Accounting Practice). The law applicable to charities in England and Wales r¢quir¢s the charity trustees to prepare financial slalemenls for eacli financial year which give a INe and fair view of Il)e slate of affairs of tlie ¢harity and of the inconiin¥ resour¢es ai)d application of resources of the charity for that period. In preparing tl)cse financial slalemenis, tlie trusl¢es are required to.. select suitable accounting policies and then apply them consistenrly,. observe the methods and principles in the C.hariti¢s SORP. make judgements and estimates Ihal are reasonable and prudent- stall whcilier applicable aLcountin&Tr stai)dards Iiave been followed, subject lo any material departure5 disclosed and explained in the tinancial stat¢ments' pr¢pare Ilie linancial slalemenis on the &Yoingi Concern basis unless il is iiiappropriale lo presutn¢ Iliai Ilie Lharily will Continue in operaiion. Tl)e trusle¢s dr¢ responsible for keeping proper aLLounlin&F records that disL'lose with reasonable accuracy al any time the finaiicial position i)f the charity and eiiable th¢m to ensure Ihdt th¢ lin£1ncial slatLmcnts ¢omply wilh the Charities Act 201 I, the appli¢ablc Cl)arity (Aicounls and Reports) Reg?uliliiOllS aiid ihe provisioiis of thc 'l'rust deed. They are also responsibl¢ for %<lfe¥uardingk the assets of the Charity und l)¢ncc for lakiii¥ K'atsoiiabl¢ s¢cpb lor Ilie pr¢vLlliion and ddeLtioi) of fraud and other irregularities. Approved by (he trustees and signed on 6 Mar¥h 2024 on their b¢half by . Rcv Canon S E Griffith Chair Pagc 4

BRECON CATHEDRAL CHOIR TRUST INDEPENDENT EXAMllYER'S REPORT TO THE TRUSTEES OF BRF.CON CATHEDRAL CHOIR TRUST I report to the charity trusleeq on my examination of the accounts of the charity for the year ended 31 December 2023 whicli are set out on pages 6 10 11. Responslbilities and basis of report As the ¢harity's trustees you are responsible for the preparation of the accounts accordance wiih Ihe requirements of the Charities Act 2011 ('the Act.). I report in respect of my examination of th¢ charity's ac¢ounts carried out und¢r section 145 of the Act and in carrying? out my cxainination I have followed all Ihe applicable Directions given by the Charity Commission under sectioii 145{5){b) of the A¢1. Independent exAmlner's statement I have completed my examination. I confirn that no material mallers have come to my attention in ¢onnection wilh the examinalion giving mc cause lo believe ihat in any material respect.. a¢counting rccords were not kept in respect of the charity as requird by section 130 of the Act,. or the ￿￿ountS do not accord with those records. or the accounts do not comply with Ilie applicable requirements concerniny the fomi and c(Trntenl ofaccounls set out in the Chariiies {Ac¢oun(s and Reports) R¢kTulalions 2008 other than any requirLmcnl Ihal the a¢counts sive a 'irue and lair view which i& nut a nialler ¢011sidercd as part of an Inc1¢￿'ndent examii)ation. I h4iV¢ no coiicerns and liavc coine 14 cross no other matters in connL'eiioii wilh the exatlliiialion lo which alteniion should be drawn ii) this report in order lo enable a proper understanding of Il)c accounts to bc reached. W A William5 Bsc, FCA WJJames&Co Chc?rtcrcd Accountants Bisliop I louse 10 Wheal Sir¢el Brrton Powys 6 March 2024 Page 5

BRECON CATHEDIL4L CHOIR TRUST STATEMENT OF FINANCIAL ACTIVITIES for the yeir ellded 31 December 2023 Ullrestrieted funds Tot&1 2023 Total 2022 Note5 INCOME AND ENDOWMENTS Donations, legacies and sitnilar income 1,916 1,916 1,653 Investment income 37,372 37,372 35,577 TOTAL INCOME 39,288 39,288 37,230 EXPENDITURE: Cu3ts ol'rllisipig.fiind3 Investinent managFLm¢nl Cobls 6,527 6,527 0,630 Charitabl¢ a¢liviti¢s 50,871 50.871 40,344 Oiher 864 864 917 TOTAL EXPEIYDITURE 58,262 58.?62 47.891 NF.T EXPF.NDI'fuRF. (18.974) {18.974) {10,661} Net gainsl(loss¢s) on investment assets 74,162 74.162 (179.327) NET MOVEMENT IN TrUNDS 55,188 55,188 (189,988) R¢¢'oK¢iliaiioii offiiiids.. Balclnces brought lorward at l January 2023 1,351,205 1,351,205 1,541,193 Balances carried forward t 31 DeLember 2023 rl,406,393 1,406,393 ,351,205 Page 6

BRECON CATHEDIL4L CHOIR TRUST BALANCE SHEET a5 at 31 December 2023 2023 2022 FtXED ASSETS Investments Note 1,350,170 1,264,834 CURRENT ASSETS Debtors Brewin Dolphin Capital and In¢ome accounts Cash at bank 383 8,626 51,806 296 30.955 65,573 60,815 96,824 CREDITORS: Amounts falling duc within one year 4,592 10,453 NET CURRENT ASSETS 56,223 86.371 TOTAL ASSETS LESS CURRENT LIABILtrIES 1,406,393 1,35 1.205 FUNDS Unreslricled 10 1,406.393 1,351.205 Approved by Ihc Board of Trustees on 6 March 2024 and signed on its behalf by Rev Canon S E Griffith Trustee The notes on pages 8 to I I forn) part of these accounts Page 7

BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTIIYG POLICIES The financial statements have been prepared in accordance with thc Statement of Recominended Pra¢tiie- Accountin&i and Reporting by Cliarities preparin¥ tlieir accounts in accordan¢e with the FinanLial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issu¢d on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charitieb Act ?01 l. The trusi constiiuies a public benefit enlily as defined by FRS I O? AceouDting ¢onveDtio The financial slalements are prepared under the hisioriLal cost convention as modified by thc revaluation of investments lo market value. Income reco2nition All income is reL'ogni$ed once Ilie charity has eniitlement to the income, it is probable tliat tlie income will be received and the amount of income receivable can be measured r¢liably. Donations and collectlons Donations, collections and all voluntary income is accounted for ¥ross when received. Expelldltur¢ recognitlon Liabilities are r¥iogiiib¢d ab ¢xp¢iidilur¢ as as IlierL' is a leg?al or conslru¥liv¥ obli&ydlion Lommilling the cliarity to Ihat expenditur¢, it is probable Il)Mi %eiilcmcnl will be required and th¥ ainounl ol Il)e obligation can be measured reliably. All expenditure is a¢¢ounl¢d for on an accruals basis. Cos15 of riislng funds The costs ol &yenerating tunds consist of inve5tmei)t management costs. Flxed Asset Inves¢ment5 Investinents or¢ iiiitially recognibed at tlieir IraiisaLlion valu¢ and subsequenily IllCdsur¢d at their fair valuc as at the balancL sliect datc usinbF the closiiib quoted market price. 'fhe Stal¢in¢nl of Financial A¢livilies iiilludes th¢ nel ¥ains and10ss¢s arising un revaluation aiid disposals througliout the year. DONAI'IONS, LEGACIES AND SIMILAR INCOME 2023 2022 Donations in memory of th¢ lale Mrs Belly Spacknjall Regular donations Gift aid reli¢f 225 1,308 383 1,308 345 1.916 1,653 Pag¢ 8

BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FIIYANCIAL STATEMENTS for the year ended 31 Dceember 2023 INVESTMENT INCOME AND INTEREST 2023 2022 Dividends and interest from portfolio managed by Brewin Dolphin 37,372 35,577 COSTS OF RAISING FUNDS UDrestrieted Funds 2023 2022 Investment management fees 6.527 6,527 6,630 CHARITABLF. ACTII'ITIES Unrestrlcted Fund5 2023 2022 Office exp¢ns¢s Conlribution to salaries paid by Dean and Cliapter for:. Director of Music Asbistant Organist Substitutes Music and singing lessons Other choir support Organ cxp¢n8es Bank charges 18.200 7,400 8.43.3 6,889 9.849 18.200 7,400 8,433 6.889 9,849 18,200 7,400 4,098 10,061 500 84 89 89 50,871 50,871 40,344 OTHER COSTS Unrestricted Fund5 2023 2022 Accoiintants, charges Trustee indemnity insurance 752 112 752 715 202 864 864 917 Page 9

BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FINANCIAL STATEMENTS for the yeAr ended 31 De¢ember 2023 INVESTMENTS 2023 2022 Market value ai l January 2023 Additions lo in￿eStmentS at cost Disposals at carrying value 1.264,834 457,465 (446,291) 1,437,130 226,419 {219,388) Net g2itV(loss) on revaluation in the year Markel value ai 31 December 2023 1,276,008 74,16? 1.444,161 (179,327) 1,350.170 1.264.834 Invcstmenls at market value cotnprised.. 2023 2022 Equities Fixed inter¢sl securities 1,034.065 316,105 996.967 267,867 1,350,170 1,264,834 All invcstmeots are carried at their market value. Investment5 in equities and fixed intcrest securiiies ar¢ all traded in quoted publie n]arkets. primarily the London Stock Exchange. Holdings in cominon investinent funds, unit trusts and opeii end¢d investment companies are al the bid price. Asset sales and purchases are reCo￿ll$ed at the date of trade at their transaction value. DEBTORS 2023 2022 Gift aid relief receivable 383 296 CREDITORS: AMOUNTS FALLING DUE ￿'1TH1N ONE YEAR 2023 2022 Accrued expenses 4,592 10,453 io. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrirted funds Total fund5 Fund balances at 31 December 2023 are represented by.. Investment assets Currcnt agsets Current liabilities 1,350,170 60,815 (4,592) 1,350,170 60,815 (4,592) 1,406,393 1.406,393 Page 10

BRECON CATHEDRAL CHOlll TRUST NOTES TO THE FINANCIAL STATEMENTS for the >ear ended 31 December 2023 REMUNEIL4TION OF TRUSTEES AND CONNECTED PERSONS No remuneration or reimbursed expenses have been paid lo T￿Stee$ or ¢onnected persons during the year. 12. RELATED PARTY TRANSACTIONS Th¢-Rtg1lth￿, The Very Rev Dr P Shackerley. Rev Canon S E Griffith and Mrs G Jottes Powell who arc Trnstees of the Charity are also membcrs of Brecon Cathedral Dean and Chapter. As Slated in tlie Report of the Trustces on page 2 of these financial statements, the purpose of the charity is to provide financial support to Brecon Cathedral Choir, and the support provided is sliown in detail in note 5 of these financial statements. Pag¢ll