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2021-03-31-accounts

Page
Trustees'
report		 1to 10
Independent
auditor's		 report 11to 14
Statement offinancial activities 15
Balance sheet 16
Statement ofcash flows 17
Notes to the financial statements 18to 27
Appendix —comparative information 28to 33

Investment
Returns
- M&G		 One year Three year Five year
Return Return Return
Total Cumulative
Investment		 Return-Charifund +29.7% +12.7% +33.7%
FTSE - All-Share
Total Return		 lCumulative) +26.7% +9.9% +35.7%
Source; MSG Inveslments,
31.03.2021
Investment
Returns
-Sarasln		 One year Three year Five year
Return Return Return
Total Cumulative
Investment		 Return-Alpha CIF +24.5% +30.8% +55.2%
Portfolio Benchmark +25.5% +27.7% +57.1%
Source; Seresin ll Penners LLP31.03.2021

Risk Mitigation/Actions
Continuing
for future		 impact ofCoronavirus
spikes, bringing
about		 and potential
loss of income		 Overarching
Cathedral
crisis		 management
plan		 in place.
Lack ofclear funding
by Chapter		 priorities agreed/articulated New management
structure
Recovery written
which sets		 established.
Strategic plan for
out priorities.
Inability to
donoI's		 identify
and engage new		 Creation of new Development
Committee.
New giving
initiatives
being prepared
(Patrons Scheme, regular
giving
etc)
Non-compliance
with
protection
regulation		 charity law and/or data Registration
with Fundraising
updates
received. Enhanced		 Regulator.
Charity
training
for staff on		 Commission
policies/practice
relating to GDPR.

for the year ended 31 Mar ch 2021
Note General Designated Restricted Total Total
Fund Funds Funds 2021 2020
Income from;
Donations
and legacies		 849,529 50,828 900,357 661,921
Other sources: Coronavlrus Job Retention Scheme 47,273 47,273
Investments
and interest receivable		 993 235 467 25,619 262 079 383,428
Total 897,795 235,467 76,447 1,209,709 1,045,349
Expenditure
on:
Raising funds 4 231,834 231,834 268,012
Charitable
activities		 5 575,000 1,077,064 85,303 1,737,367 1,400,278
Total
Net income/(expenditure) before revaluations (841,597) (8,856) (759,492) (622,941)
Net gains/(losses)
on investments		 1,005,299 134,592 1,139,891 (1,245,478)
Net Income/(expenditure) 90,961 163,702 125,736 380,399 (1,868,419)
Transfers
between
funds		 371,501 (371,501)
Net movement
in funds		 90,961 535,203 (245,765) 380,399 (1,868,419)
Reconcfilation
offunds:
Balance brought
forward
at I Aprfi		 150,913 5,695,260 1,730,242 7,576,415 9,444,834
Balance carried forward
at 31 March 241,874 6,230,463 1,484,477 7,956,814 7,576,415

Note General Designated Restricted Total Total
Fund Funds Funds 2021 2020
Fixed assets
Investments 5,344 883 769,722 6,114605 4 974 714
Current assets
Debtors
Cash at bank		 222,356
639,978
862,334		 935,249
935,249		 782,718
782,718		 222,356
2,357,945
2,580,301		 21,667
3,482,387
3,504,054
Current
liabilities
Creditors: amounts falling
due within one year 10 620 460 49,669 67963 738,092 902,353
Net current assets 241 874 885 580 714,755 1,842 209 2601 701
Total net assets 241 874 6,230,463 1,484 477 7956,814 7,576,415
Funds 11 241,874 6,230,463 1,484,477 7,956,814 7,576,415
Canterbury
Cathedral
Trust Fund
Statement ofcash flows
For the year ended 31 March 2021 2021 2020
Note
Cash flows from operating
activities:
Net cash used
in operating
activities		 A (1,386,521) (3,233,991)
Cash flows from investing
activities:
Investment
income and interest received		 262,079 383,428
Disposal of investments 650,000
Net cash provided
by investing
activities		 262,079 1,033,428
Change
in cash and cash equivalents
in the		 year (1,124,442) (2,200,564)
Cash and cash equivalents
at the beginning		 of the year 3,482,387 5,682,951
Cash and cash equivalents
at the end of		 the year 2,357,945 3,482,387
Reconciliation
of net income/(expenditure)		 to net cash used in operating activities
2021 2020
A Net (expenditure)/income
for the reporting		 period (as per SOFA) 380,399 (1,868,419)
Adjustments
for:
(Gains)/losses
on investments		 (1,139,891) 1,245,478
Investment
income and interest receivable		 (262,079) (383,428)
(Increase)/decrease
in debtors		 (200,689) 110,453
Decrease
in creditors		 (164,261) (2,338,075)
Net cash used
in operating
activities		 (1,386,521) (3,233,991)
B Analysis ofcash and cash equivalents:
Total cash and cash equivalents:
cash at bank		 2,357,945 3,482,387
C Analysis ofchanges
in net debt		 2020 Cash Flows 2021
6 6
Cash at bank 3,482,387 (1,124,442) 2,357,945

General Designated Restncted Total Total
Funds
f		 Funds
E		 Funds
f		 2021
f		 2020
f
Trusts and Foundations
Legames
Indiwduals
Collections
CJRS
Other
Total		 7,550
729,002
106,883
6,080
47,273
14
896,802		 29,500
2,220
19,108
50,828		 37,050
731,222
125,991
6,080
47,273
14
947,630		 245,973
22,825
387,340
3,411
2 372
661,921

General Designated Restricted Total Total
Fund
f		 Funds
E		 Fundsf 2021
E		 2020f
UK equities
Unit trusts
Bank and other interest
Total		 993
993		 234,137
1 330
235,462		 24,486
1,133
25,619		 258,623
3456
262,079		 355,393
29035
383,428

Expenditure on rais ing fun ds
General Designated Restricted Total Total
Fund Funds Funds 2021 2020
E E E E E
Staff costs (Note 7) 190,055 190,055 192,493
Event and campaign costs 7,452 7,452 34,009
Governance costs (Note 6) 9,300 9,300 9,030
Office and administration 20,521 20,521 29,376
Other fundraising
costs		 4,506 4,506 3,104
231,834 231,834 268,012
Expenditure on support costs are all Included in table above
General Designated Restncted Total Total
Fund Funds Funds 2021 2020
f f f f E
Premises
and Office		 Costs 20,521 20,521 29,376
Governance Costs 9,300 9,300 9,030
Other Costs 4,506 4,506 3,104
Staff Support Costs 59,511
93,838		 59,511
93,838		 38,406
79,916
5. Expenditure on charitable activities
General Designated Restricted Total Total
Fund Funds Funds 2021 2020
E f E E
Grant funding
of Canterbury		 The Chapter 575,000 1,077,064 38,375 1,690,439 1,373,654
Chonster
Bursaries		 46,928 46928 26,624
Total 575,000 1,077,064 85,303 1,737,367 1,400,278
6. Governance costs General Designated Restricted Total Total
Fund Funds Funds 2021 2020
E E E f E
Audit Fees 9,300 9,300 9,030

Staff costs
General Designated Restricted Total Total
Fundf Fundsf Funds
f		 2021f 2020f
Salaries and wages
Redundancy
costs
Social security costs
Pension costs		 147,552
15,200
15,412
11891		 147,552
15,200
15,412
11891		 161,688
17,958
190,055 190055
The average
number
of full-time
equivalent		 employees during the year was 4.0(2020: 2 5).
Actual average headcount
for the year was		 4.5(2020 2.5)
Number ofemployees
receiving emoluments
contributions):
was as fogows (50%ofthese
of CanterburY):		 (including
costs being		 taxable benefits
but
met by Canterbury		 excluding
Cathedral		 employer
pension
and national
insurance
Trust Fund and 50% by the Chapter
f90,000 and f100,000
 2021
1		 2020

Investments
Designated Restricted Total
Funds Funds 2021
f f
(M&G) (Sarasin)
Movements in listed investments
Market value 1 April 2020 4,339,584 635,130 4,974,714
Net unrealised gains 1,005,299 134,592 1,139,891
Market value 31 March 2021 5,344,883 769 722 6,114,605
Cash held
in		 the investments porlfolio 24 652 24 652
5,344 883 794,374 9139,237
Market Value 31 March 2020
Cash held
in porffolio 31 March 2020
Total 31 March 2020		 4,339,584
4,339,584		 635,130
23,258
658,388		 4,974,714
23258
4,997,972

9. Debtors General Designated Designated Restncted Restncted Total Total
Fund
f		 Funds
f		 Funds
E		 2021
f		 2020
E
Miscellaneous
debtors		 247 247 247
Prepsyments
and accrued income
Legacies receivable		 5,239
216,870		 5,239
216,870		 15,542
Amounts
due from the Chapter of
Canterbury		 222,356 222,356 5,878
10. Creditors General
Fund		 Designated
Music Fund		 Restricted
Funds		 Total
2021		 Total
2020
E E E E E
1 xpenss creditors
Accruals and deferred		 income 255
9,300		 255
9,300		 290
35,654
Amounts
owed to the
Canterbury
Other creditors		 Chapter of 609,850
1,055		 49,669 67,963 727,482
1,055		 862,997
3,412
620,460 49,669 67,963 738,092 902,353

Note General Designated Restricted Total
Fund Funds Funds 2020
Income from:
Donations
and legacies
Investments
and interest receivable
Total		 2
3		 80,223
1,370
81,593		 352,384
352,384		 581,698
29,674
611,372		 661,921
383,428
1,045,349
Expenditure
on:
Raising funds
Charitable
activities		 4
5		 267,832 330,907 180
1,069,371		 268,012
1,400,278
Total 267,832 330,907 1,069,551 1,668,290
Net expenditure before revaluations (186,239) 21,477 (458,179) (622,941)
Net losses on investments (1,212,628) (32,850) (1,245,478)
Net expenditure (186,239) (1,191,151) (491,029) (1,868,419)
Transfers
between funds
Net movement in funds (186,239) (1,191,151) (491,029) (1,868,419)
Reconciliation
of funds:
Balance brought forward
at 1 April 337,152 6,886,411 2,221,271 9,444,834
Balance carried forward
at 31 March 150,913 5,695,260 1,730,242 7,576,415

General
Funds		 Designated
Funds		 Restricted
Funds		 Total
2020
E E E E
Trusts and Foundations
Legacies
Individuals
Collections
Other
Total		 18,766
17,265
39,390
3,411
1,391
80,223		 227,207
5,560
347,950
981
581,698		 245,973
22,825
387,340
3,411
2,372
661 921

General General Designated Restricted Total
Fund Funds Funds 2020
E E E E
Unit trusts
Bank and other interest
Total		 1,370
1,370		 330,907
21,477
352,384		 24,486
5,188
29,674		 355,393
28,035
383,428
Expenditure
on raising funds
General Designated Restricted Total
Fund Funds Funds 2020
E E E E
Staff costs (Note 7)
Event and campaign
costs
Governance
costs (Note 6)
Office and administration
Other fundraising
costs		 192,493
33,829
9,030
29,376
3,104
267,832		 180
180		 192,493
34,009
9,030
29,376
3,104
268,012
Support costs ofE79,916are included in the above.
Expenditure
on charitable		 activities
General Designated Restricted Total
Fund Funds Funds 2020
E E F E
Grant funding: The Chapter
ofCanterbury
Chorister
Bursaries
Total		 330,907
330,907		 1,042,747
26,624
1,069,371		 1,373,654
26,624
1,400,278

Appendix —comparative
inform		 ation
6. Governance
costs		 General
Fund
F		 Designated
Funds
F		 Restricted
Funds
E		 Total
2020
f
Audit Fees 9,030 9,030
7. Staff costs General Designated Restricted Total
Fund
E		 Fundsf Fundsf 2020f
Salaries and wages
Social security costs
Pension costs		 161,688
17,958
12847
192,493		 161,688
17,958
12,847
192,493
The average
number
of full-time		 equivalent employees during the year was 2.5
Actual average headcount
for the year		 was 2.5
One employee
received emoluments
(including
insurance
contributions)
in the year of between		 taxable benefits but exduding
employer
pension
E110,000 and f120,000 ofwhich 50'A is met by		 and national
Canterbury
Cathedral
Trust Fund and 50'/0		 by the Chapter of Canterbury.
Remuneration
paid to key management		 personnel
in the year (including
taxable		 benefits, employer pension
and national
insurance
contributions)		 totalled f106,508
8. investments Designated Restricted Total
Funds Funds 2020
E. f
(M&G) (Sarasin)
Movements
in listed investments
Market value
1 April 2019		 6,202,212 667,980 6,870,192
Disposals
Net realised gains
Net unrealised
losses		 (650,000)
34,394
(1,247,022)		 (32,850) (650,000)
34,394
(1,279,872)
Market value 31 March 2020 4,339,584 635,130 4,974,714

Debtors
General Designated Restricted Total
Fund
8		 Funds
5		 Funds
8		 2020
F
Miscellaneous
Prepayments
Amounts
due		 debtors
and accrued income
from the Chapter of		 247
15,542		 247
15,542
Canterbury 5 878
21,667		 5878
21,667
10. Creditors General Designated Restricted Total
Expense creditors
Accruals
and deferred
Amounts
owed to the		 income
Chapter of		 Fund
E
290
9,030		 Music Fund
f		 Funds
f
26,624		 2020
290
35,654
Canterbury
Other creditors		 186,828
3,412		 50,820 625,349 862,997
3,412
199,560 50,820 651,973 902,353