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2022-03-31-accounts

Page
Trustees'report 1to10
Independentauditor'sreport 11to14
Statementoffinancialactivities 15
Balancesheet 16
Statementofcashflows 1'7
Notestothefinancialstatements 18to27
Appendix—comparativeinformation 28to33

InvestmentReturns-M&G Oneyear Threeyear Fiveyear
Return Return Return
TotalCumulativeInvestmentReturn-Charifund +12.6% +19.6% +30.2%
FTSE-All-ShareTotalReturn(Cumulative) +13.0% +16.7% +25.7%
Source;M&GInvestments,31.03.2022
InvestmentReturns-Sarasin Oneyear Threeyear Fiveyear
Return Return Return
TotalCumulativeInvestmentReturn-AlphaCIF +4.9% +28.7% +44.1%
PortfolioBenchmark +9.1% +29.9% +43.5%
Source;Sarasin&PartnersLLP31.03.2022

Risk Mitigation/Actions
Lackofclearfundingprioritiesagreed/ Strategicplanforrecoverywrittenwhichsetsoutpriorities.Clear
articulatedbyChapter.Insufficientplanning andefficientprocessinplacetoapprove/developprioritiesand
andinformationonCathedralprojects. Projects.
Inabilitytoidentifyandengagedonorsin Chaptercommitmenttoviablefundingpriorities.Supportfrom
ordertoraisesufficientfunds DevelopmentCommittee.Highqualitystewardship.Projectsina
rangeofareaswithwideappeal.Regularreviewofpipelineof
prospects.
ContinuingimpactofCovid(egfurther OverarchingCathedralCrisisManagementPlaninplace.Improved
spikes)whichmightaffectfundraising abilitytocommunicatewithdonorsremotely.Abilityforteamto
activities,staffattendanceetc. workfromhomeifnecessary.HRproceduresinplacetominimise
riskoftransmission.

28 July 2022

Note General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Incomefrom:
Donationsandlegacies 2 179,433 55,000 329,360 563,793 900,357
Othersources:CoronavirusJobRetentionScheme 2 5,183 5,183 47,273
Investmentsandinterestreceivable 3 628 272,757 23,779 297,164 262,079
Total 185,244 327,757 353,139 866,140 1,209,709
Expenditureon:
Raisingfunds 4 151,645 - 151,645 231,834
Charitableactivities 5 .. 684,500 43,085 727,585 1,737,367
Total 151,645 684,500 43,085 879,230 1,969,201
Netincome/(expenditure)beforerevaluations 33,599 (356,743) 310,054 (13,090) (759,492)
Netgainsoninvestments 8 389,502 16,536 406,038 1,139,891
Netincome 33,599 32,759 326,590 392,948 380,399
Netmovementinfunds 33,599 32,759 326,590 392,948 380,399
Reconciliationoffunds:
Balancebroughtforward
at1April 241,874 6,230,463 1,484,477 7,956,814 7,576,415
Balancecarriedforward
at31March 275,473 6,263,222 1,811,067 8,349,762 7,956,814
Note General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Fixedassets
Investments 8 5,734,385 786,258 6,520,643 6,114,605
Currentassets
Debtors 9 4,613 50,000 54,613 222,356
Cashatbank 835,517 528,837 974,809 2,339,163 2,357,945
840,130 528,837 1,024,809 2,393,776 2,580,301
Currentliabilities
Creditors:amountsfalling
duewithinoneyear 10 564,657 564,657 738,092
Netcurrentassets 275,473 528,837 1,024,809 1,829,119 1,842,209
Totalnetassets 275,473 6,263,222 1,811,067 8,349,762 7,956,814
Funds 11 275,473 6,263,222 1,811,067 8,349,762 7,956,814
CanterburyCathedralTrustFund
Statementofcashflows
Fortheyearended31March2022 2022 2021
Note £ £
Cashflowsfromoperatingactivities:
Netcashusedinoperatingactivities A (315,946) (1,386,521)
Cashflowsfrominvestingactivities:
Investmentincomeandinterestreceived 297,164 262,079
Netcashprovidedbyinvestingactivities 297,164 262,079
Changeincashandcashequivalentsintheyear (18,782) (1,124,442)
Cashandcashequivalentsatthebeginningoftheyear 2,357,945 3,482,387
Cashandcashequivalentsattheendoftheyear B 2,339,163 2,357,945
Reconciliationofnetincome/(expenditure)tonetcashusedinoperating activities
2022 2021
£ £
ANetincomeforthereportingperiod(asperSOFA) 392,948 380,399
Adjustmentsfor:
(Gains)oninvestments (406,038) (1,139,891)
Investmentincomeandinterestreceivable (297,164) (262,079)
Decrease/(increase)indebtors 167,743 (200,689)
Decreaseincreditors (173,435) (164,261)
Netcashusedinoperatingactivities (315,946) (1,386,521)
BAnalysisofcashandcashequivalents:
Totalcashandcashequivalents:cashatbank 2,339,163 2,357,945
CAnalysisofchangesinnetdebt 2021 CashFlows 2022
£ £ £
Cashatbank 2,333,293 (18,788) 2,314,505
Cashatinvestments 24,652 6 24,658
2,357,945 (18,782) 2,339,163

General Designated Restricted Total Total
Funds Funds Funds 2022 2021
£ £ £ £ £
TrustsandFoundations 3,463 55,000 260,990 319,453 37,050
Legacies 127,325 - 50,000 177,325 731,222
Individuals 45,343 18,370 63,713 125,991
Collections 3,302 - - 3,302 6,080
Other - - 14
Total 179,433 55,000 329,360 563,793 900,357
CJRS 5,183 5,183 47,273

General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Unittrusts 272,252 22,999 295,251 258,623
Bankandotherinterest 628 505 780 1,913 3,456
Total 628 272,757 23,779 297,164 262,079

General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Staffcosts(Note7) 94,849 94,849 190,055
Eventandcampaigncosts 12,252 12,252 7,452
Governancecosts(Note6) 9,582 9,582 9,300
Officeandadministration 27,981 27,981 20,521
Otherfundraisingcosts 6,981 6,981 4,506
151,645 151,645 231,834
General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Officeandadministration 27,981 27,981 20,521
GovernanceCosts 9,582 9,582 9,300
OtherCosts 6,981 6,981 4,506
StaffSupportCosts 38,751 38,751 59,511
83,295 83,295 93,838
5. Expenditureoncharitable activities
General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Grantfunding:TheChapter
ofCanterbury 684,500 1,472 685,972 1,690,439
ChoristerBursaries 41,613 41,613 46,928
Total 684,500 43,085 727,585 1,737,367
6. Governancecosts General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
AuditFees 9,582 9,582 9,300

Staffcosts
General Designated Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Salariesandwages 80,440 80,440 147,552
Redundancycosts 15,200
Socialsecuritycosts 8,376 8,376 15,412
Pensioncosts 6,033 6,033 11,891
94,849 94,849 190,055

Investments
Designated Restricted Total
Funds Funds 2022
£ £ £
(M&G) (Sarasin)
Movementsinlistedinvestments
Marketvalue1April2021 5,344,883 769,722 6,114,605
Netunrealisedgains 389,502 16,536 406,038
Marketvalue31March2022 5,734,385 786,258 6,520,643
Cashheldintheinvestmentsportfolio 24,658 24,658
5,734,385 810,916 6,545,301
MarketValue31March2021 5,344,883 769,722 6,114,605
Cashheldinportfolio31March2021 24,652 24,652
Total31March2021 5,344,883 794,374 6,139,257

9. Debtors
General
Designated
Restricted Total Total
Fund Funds Funds 2022 2021
£ £ £ £ £
Miscellaneousdebtors 249 249 247
Prepaymentsandaccruedincome 4,364 4,364 5,239
Legaciesreceivable 50,000 50,000 216,870
AmountsduefromtheChapterof
Canterbury
4,613 50,000 54,613 222,356
10. Creditors General Designated
Restricted
Total Total
Fund MusicFund
Funds
2022 2021
£ £
£
£ £
Expensecreditors 7,290 - 7,290 255
Accrualsanddeferredincome 9,582 9,582 9,300
AmountsowedtotheChapterof
Canterbury 546,849 546,849 727,482
Othercreditors 936 936 1,055
564,657 564,657 738,092

11.StatementofFunds Asat Income Fundraising Charitable Transfers Gains Asat
1April Expenditure Activities betweenfunds 31March
2021 2022
£ £ £ £ £ £ £
UnrestrictedFunds
GeneralFunds 241,874 185,244 (151,645) 275,473
Designatedfunds
DesignatedMusicFund 5,481,623 272,252 (272,252) 389,502 5,871,125
DesignatedCathedralOrganFund 30,000 26 30,026
DesignatedMusicCampaignFund 5,067 4 5,071
DesignatedCanterburyJourneyFund 512,198 279 (412,248) 100,229
DesignatedWestFrontFund 201,575 55,196 256,771
6,230,463 327,757 (684,500) 389,502 6,263,222
RestrictedFunds
Fabricandrelatedexpenditure
ApprenticesGeneral 10,795 177 10,972
StainedGlassStudio 39,438 754 40,192
Stones 3,059 3 3,062
BuffsChapeltoClean 32,740 28 32,768
FabricFund 16,888 1,913 18,801
StoneMasons - 490 490
NorthWestTransept 4,966 22 4,988
StoneAuctionFabricFund 211,512 181 211,693
WestFront 250,107 250,107
Music
Marit&HansRausingChoirBursary 747,722 16,536 764,258
RausingChoirBursaryIncome 2,331 22,996 (34,571) (9,244)
ChoristerScholarshipfund 22,107 17 (5,390) 16,734
ChoralScholars - 4,002 4,002
MusicFund 58,034 65,077 123,111
Music&Choir 82 - 82
JohnSunleyMemorialBursary 1,652 (1,652) -
AdoptaStop(Organ) 9,880 171 10,051
YourVoiceEndowment 1,190 1 1,191
Other
Miscellaneous 2,183 2,003 4,186
Paperconservation 7,301 346 (1,472) 6,175
CanterburyJourneyProject
ProjectDeliveryPhaseFund 312,679 4,769 317,448
1,484,477 353,139 (43,085) 16,536 1,811,067
TotalofFunds 7,956,814 866,140 (151,645) (727,585) 406,038 8,349,762

Note General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
Incomefrom:
Donationsandlegacies 2 849,529 50,828 900,357
Othersources:CoronavirusJobRetentionScheme 2 47,273 47,273
Investmentsandinterestreceivable 3 993 235,467 25,619 262,079
Total 897,795 235,467 76,447 1,209,709
Expenditureon:
Raisingfunds 4 231,834 231,834
Charitableactivities 5 575,000 1,077,064 85,303 1,737,367
Total 806,834 1,077,064 85,303 1,969,201
Netincome/(expenditure)beforerevaluations 90,961 (841,597) (8,856) (759,492)
Netgains/(losses)oninvestments 8 1,005,299 134,592 1,139,891
Netincome/(expenditure) 90,961 163,702 125,736 380,399
Transfersbetweenfunds 11 371,501 (371,501)
Netmovementinfunds 90,961 535,203 (245,765) 380,399
Reconciliationoffunds:
Balancebroughtforward
at1April 150,913 5,695,260 1,730,242 7,576,415
Balancecarriedforward
at31March 241,874 6,230,463 1,484,477 7,956,814

Note General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
Fixedassets
Investments 8 5,344,883 769,722 6,114,605
Currentassets
Debtors 9 222,356 222,356
Cashatbank 639,978 935,249 782,718 2,357,945
862,334 935,249 782,718 2,580,301
Currentliabilities
Creditors:amountsfalling
duewithinoneyear 10 620,460 49,669 67,963 738,092
Netcurrentassets 241,874 885,580 714,755 1,842,209
Totalnetassets 241,874 6,230,463 1,484,477 7,956,814
Funds 11 241,874 6,230,463 1,484,477 7,956,814

General Designated Restricted Total
Funds Funds Funds 2021
£ £ £ £
TrustsandFoundations 7,550 29,500 37,050
Legacies 729,002 2,220 731,222
Individuals 106,883 19,108 125,991
Collections 6,080 6,080
CJRS 47,273 47,273
Other 14 14
Total 896,802 50,828 947,630

General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
UKequities
Unittrusts 234,137 24,486 258,623
Bankandotherinterest 993 1,330 1,133 3,456
Total 993 235,467 25,619 262,079

General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
Staffcosts(Note7) 190,055 190,055
Eventandcampaigncosts 7,452 7,452
Governancecosts(Note6) 9,300 9,300
Officeandadministration 20,521 20,521
Otherfundraisingcosts 4,506 4,506
231,834 231,834

General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
Grantfunding:TheChapter
ofCanterbury 575,000 1,077,064 38,375 1,690,439
ChoristerBursaries 46,928 46,928
Total 575,000 1,077,064 85,303 1,737,367

6. Governancecosts General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
AuditFees 9,300 9,300
7. Staffcosts
General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
Salariesandwages 147,552 147,552
Redundancycosts 15,200 15,200
Socialsecuritycosts 15,412 15,412
Pensioncosts 11,891 11,891
190,055 190,055
8. Investments
Designated Restricted Total
Funds Funds 2021
£ £ £
(M&G) (Sarasin)
Movementsinlistedinvestments
Marketvalue1April2020 4,339,584 635,130 4,974,714
Netunrealisedgains 1,005,299 134,592 1,139,891
Marketvalue31March2021 5,344,883 769,722 6,114,605
Cashheldintheinvestmentsportfolio 24,652 24,652
5,344,883 794,374 6,139,257

9. Debtors
General Designated Restricted Total
Fund Funds Funds 2021
£ £ £ £
Miscellaneousdebtors 247 247
Prepaymentsandaccruedincome 5,239 5,239
Legaciesreceivable 216,870 216,870
AmountsduefromtheChapterof
Canterbury
222,356 222,356
10. Creditors General Designated Restricted Total
Fund MusicFund Funds 2021
£ £ £ £
Expensecreditors 255 255
Accrualsanddeferredincome 9,300 - 9,300
AmountsowedtotheChapterof
Canterbury 609,850 49,669 67,963 727,482
Othercreditors 1,055 1,055
620,460 49,669 67,963 738,092

11.StatementofFunds Asat Income Fundraising Charitable Transfers Gains Asat
1April Expenditure Activities betweenfunds 31March
2020 2021
£ £ £
UnrestrictedFunds
GeneralFunds 150,913 897,795 (231,834) (575,000) 241,874
Designatedfunds
DesignatedMusicFund 4,326,324 234,137 (234,137) 150,000 1,005,299 5,481,623
DesignatedCathedralOrganFund 9,929 145 19,926 - 30,000
DesignatedMusicCampaignFund 5,061 6 5,067
DesignatedCanterburyJourneyFund 1,353,946 1,179 (842,927) - 512,198
DesignatedWestFrontFund - 201,575 201,575
5,695,260 235,467 - (1,077,064) 371,501 1,005,299 6,230,463
RestrictedFunds
Fabricandrelatedexpenditure
Apprentices(Stonemasonry)Fund 1,577 (1,577)
ApprenticesGeneral 12,783 3,512 (5,500) 10,795
ArchaeologicalGraffitiSurvey 2,010 (2,010)
StainedGlassStudio 37,672 1,766 - 39,438
Stones 1,978 1,081 3,059
BuffsChapeltoClean 32,701 39 32,740
FabricFund 15,411 1,477 - 16,888
GlassGuardians 2,005 (2,005) -
NorthWestTransept 4,935 31 4,966
LibraryCorridorRoof 229 - (229) -
StoneAuctionFabricFund 211,258 254 211,512
Music
Marit&HansRausingChoirBursary 613,130 134,592 747,722
RausingChoirBursaryIncome 8,026 24,492 (30,187) 2,331
ChoristerScholarshipfund 20,862 1,245 - 22,107
MusicFund 57,914 120 58,034
Music&Choir 3,008 - (3,008) -
JohnSunleyMemorialBursary 15,376 10 (13,734) 1,652
CathedralOrganFund 87,177 25,065 (6,374) (105,868) -
AdoptaStop(Organ) 264,078 15,197 (3,762) (265,633) 9,880
TheCanterburyVoice 853 - (853) -
YourVoiceEndowment 1,189 1 1,190
Other
Miscellaneous 4,378 1,502 (3,697) 2,183
CathedralModels 2,671 (2,671)
Paperconservation 16,717 280 (9,696) 7,301
CanterburyJourneyProject
ProjectDeliveryPhaseFund 312,304 375 312,679
1,730,242 76,447 (85,303) (371,501) 134,592 1,484,477
TotalofFunds 7,576,415 1,209,709 (231,834) (1,737,367) 1,139,891 7,956,814