## ## ## |||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| ##