## 

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





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|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.|



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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|





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||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|





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## 

|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|<br>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|<br>Restricted|Total|Total|
|||Fund|MusicFund|<br>Funds|2022|2021|
|||£|£|<br>£|£|£|
|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|





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## 

||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|