## 

||Page|
|---|---|
|Trustees'report|1to9|
|Independentauditor'sreport|10to13|
|Statementoffinancialactivities|14|
|Balancesheet|15|
|Statementofcashflows|16|
|Notestothefinancialstatements|17to26|
|Appendix—comparativeinformation|27to32|





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|InvestmentReturns-M&G|Oneyear|Threeyear|Fiveyear|
|---|---|---|---|
||Return|Return|Return|
|TotalCumulativeInvestmentReturn-Charifund|-0.71%|+45.08%|+26.03%|
|FTSE-All-ShareTotalReturn(Cumulative)|+2.92%|+47.41%|+27.85%|
|Source;M&GInvestments,31.03.2023||||
|InvestmentReturns-Sarasin|Oneyear|Threeyear|Fiveyear|
||Return|Return|Return|
|TotalCumulativeInvestmentReturn-AlphaCIF|-2.9%|+1.9%|+33.3%|
|PortfolioBenchmark|-2.4%|+6.5%|+35.9%|
|Source;Sarasin&PartnersLLP31.03.2023||||



## 



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|Risk|Mitigation/Actions|
|---|---|
|Lackofclearfundingprioritiesagreed/|StrategicplanforRecoverywrittenwhichsetsoutpriorities.New|
|articulatedbyChapter|Chapterstrategytobedevelopedundertheleadershipofthenew|
||Dean.|
|Inabilitytoidentifyandengagedonorsin|SupportfromDevelopmentCommittee.Projectsinarangeof|
|ordertoraisesufficientfunds|areaswithwideappeal.Regularreviewofpipelineofprospects.|
|Unexpectedlargeliabilityorserious|RegulardevelopmentandreviewofRiskRegisterbytheTrust|
|Incident|Board.OverarchingCathedralCrisisManagementPlaninplace.|



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||Note|General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Fund|Funds|Funds|2023|2022|
|||£|£|£|£|£|
|Incomefrom:|||||||
|Donationsandlegacies|2|135,335|60,000|129,911|325,246|563,793|
|Othersources:CoronavirusJobRetentionScheme|2||-|||5,183|
|Investmentsandinterestreceivable|3|10,482|308,707|36,581|355,770|297,164|
|Total||145,817|368,707|166,492|681,016|866,140|
|Expenditureon:|||||||
|Raisingfunds|4|169,135|-|-|169,135|151,645|
|Charitableactivities|5||403,336|387,006|790,342|727,585|
|Total||169,135|403,336|387,006|959,477|879,230|
|Net(expenditure)beforerevaluations||(23,318)|(34,629)|(220,514)|(278,461)|(13,090)|
|Netlossesoninvestments|8||(350,443)|(47,205)|(397,648)|406,038|
|Net(expenditure)/income||(23,318)|(385,072)|(267,719)|(676,109)|392,948|
|Transfersbetweenfunds|11|(22,000)||22,000|||
|Netmovementinfunds||(45,318)|(385,072)|(245,719)|(676,109)|392,948|
|Reconciliationoffunds:|||||||
|Balancebroughtforward|||||||
|at1April||275,473|6,263,222|1,811,067|8,349,762|7,956,814|
|Balancecarriedforward|||||||
|at31March||230,155|5,878,150|1,565,348|7,673,653|8,349,762|





||Note|General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Fund|Funds|Funds|2023|2022|
|||£|£|£|£|£|
|Fixedassets|||||||
|Investments|8||5,383,942|739,053|6,122,995|6,520,643|
|Currentassets|||||||
|Debtors|9|119,088||64,334|183,422|54,613|
|Cashatbank||603,233|639,409|761,961|2,004,603|2,339,163|
|||722,321|639,409|826,295|2,188,025|2,393,776|
|Currentliabilities|||||||
|Creditors:amountsfalling|||||||
|duewithinoneyear|10|492,166|145,201||637,367|564,657|
|Netcurrentassets||230,155|494,208|826,295|1,550,658|1,829,119|
|Totalnetassets||230,155|5,878,150|1,565,348|7,673,653|8,349,762|
|Funds|11|230,155|5,878,150|1,565,348|7,673,653|8,349,762|





|CanterburyCathedralTrustFund||||
|---|---|---|---|
|Statementofcashflows||||
|Fortheyearended31March2023||2023|2022|
||Note|£|£|
|Cashflowsfromoperatingactivities:||||
|Netcashusedinoperatingactivities|A|(690,330)|(315,946)|
|Cashflowsfrominvestingactivities:||||
|Investmentincomeandinterestreceived||355,770|297,164|
|Netcashprovidedbyinvestingactivities||355,770|297,164|
|Changeincashandcashequivalentsintheyear||(334,560)|(18,782)|
|Cashandcashequivalentsatthebeginningoftheyear||2,339,163|2,357,945|
|Cashandcashequivalentsattheendoftheyear|B|2,004,603|2,339,163|
|Reconciliationofnet(expenditure)/incometonetcashused|inoperating|activities||
|||2023|2022|
|||£|£|
|ANet(expenditure)/incomeforthereportingperiod(asperSOFA)||(676,109)|392,948|
|Adjustmentsfor:||||
|Losses/(Gains)oninvestments||397,648|(406,038)|
|Investmentincomeandinterestreceivable||(355,770)|(297,164)|
|(Increase)/decreaseindebtors||(128,809)|167,743|
|Increase/(decrease)increditors||72,710|(173,435)|
|Netcashusedinoperatingactivities||(690,330)|(315,946)|
|BAnalysisofcashandcashequivalents:||||
|Totalcashandcashequivalents:cashatbank||2,004,603|2,339,163|
|CAnalysisofchangesinnetdebt|2022|CashFlows|2023|
||£|£|£|
|Cashatbank|2,314,505|(336,503)|1,978,002|
|Cashatinvestments|24,658|1,943|26,601|
||2,339,163|(334,560)|2,004,603|





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||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|
||Funds|Funds|Funds|2023|2022|
||`£`|`£`|`£`|`£`|`£`|
|TrustsandFoundations|4,375||8,700|13,075|319,453|
|Legacies|109,601|60,000|66,334|235,935|177,325|
|Individuals|19,692||54,858|74,550|63,713|
|Collections|229||19|248|3,302|
|Other|1,438||-|1,438|-|
|Total|135,335|60,000|129,911|325,246|563,793|
|CJRS|||||5,183|



## 

||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|
||Fund|Funds|Funds|2023|2022|
||£|£|£|£|£|
|Unittrusts|-|303,107|23,234|326,341|295,251|
|Bankandotherinterest|10,482|5,600|13,347|29,429|1,913|
|Total|10,482|308,707|36,581|355,770|297,164|





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## 

|||General|Designated|Restricted|Total|Total|
|---|---|---|---|---|---|---|
|||Fund|Funds|Funds|2023|2022|
|||£|£|£|£|£|
||Staffcosts(Note7)|97,226|||97,226|94,849|
||Eventandcampaigncosts|16,931|||16,931|12,252|
||Governancecosts(Note6)|10,560|||10,560|9,582|
||Officeandadministration|17,028|||17,028|27,981|
||Otherfundraisingcosts|27,390|||27,390|6,981|
|||169,135|||169,135|151,645|
||Expenditureonsupportcostsareallincluded||intableabove||||
|||General|Designated|Restricted|Total|Total|
|||Fund|Funds|Funds|2023|2022|
|||£|£|£|£|£|
||Officeandadministration|17,028|||17,028|27,981|
||GovernanceCosts|10,560|||10,560|9,582|
||OtherCosts|27,390|||27,390|6,981|
||StaffSupportCosts|41,577|||41,577|38,751|
|||96,555|||96,555|83,295|
|5.|Expenditureoncharitableactivities||||||
|||General|Designated|Restricted|Total|Total|
|||Fund|Funds|Funds|2023|2022|
|||£|£|£|£|£|
||Grantfunding:TheChapter||||||
||ofCanterbury||403,336|352,312|755,648|685,972|
||ChoristerBursaries||-|34,694|34,694|41,613|
||Total||403,336|387,006|790,342|727,585|
|6.|Governancecosts|General|Designated|Restricted|Total|Total|
|||Fund|Funds|Funds|2023|2022|
|||£|£|£|£|£|
||AuditFees|10,560|||10,560|9,582|





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## 

|Staffcosts||||||
|---|---|---|---|---|---|
||General|Designated|Restricted|Total|Total|
||Fund|Funds|Funds|2023|2022|
||£|£|£|£|£|
|Salariesandwages|81,949|||81,949|80,440|
|Socialsecuritycosts|9,131|||9,131|8,376|
|Pensioncosts|6,146|||6,146|6,033|
||97,226|||97,226|94,849|



## 

|Investments||||
|---|---|---|---|
||Designated|Restricted|Total|
||Funds|Funds|2023|
||£|£|£|
||(M&G)|(Sarasin)||
|Movementsinlistedinvestments||||
|Marketvalue1April2022|5,734,385|786,258|6,520,643|
|Netunrealisedgains|(350,443)|(47,205)|(397,648)|
|Marketvalue31March2023|5,383,942|739,053|6,122,995|
|Cashheldintheinvestmentsportfolio||26,601|26,601|
||5,383,942|765,654|6,149,596|
|MarketValue31March2022|5,734,385|786,258|6,520,643|
|Cashheldinportfolio31March2022|-|24,658|24,658|
|Total31March2022|5,734,385|810,916|6,545,301|





## 

## 

|9. Debtors|||||||
|---|---|---|---|---|---|---|
||General|<br>Designated||Restricted|Total|Total|
||Fund||Funds|Funds|2023|2022|
||£||£|£|£|£|
|Miscellaneousdebtors|248||||248|249|
|Prepaymentsandaccruedincome|17,840||||17,840|4,364|
|Legaciesreceivable|101,000|||64,334|165,334|50,000|
||119,088|||64,334|183,422|54,613|
|10. Creditors|General||Designated|<br>Restricted|Total|Total|
|||Fund|MusicFund|<br>Funds|2023|2022|
|||£|£|<br>£|£|£|
|Expensecreditors||195|||195|7,290|
|Accrualsanddeferredincome|10,727||||10,727|9,582|
|AmountsowedtotheChapterof|||||||
|Canterbury|480,277||145,201||625,478|546,849|
|Othercreditors||967|||967|936|
||492,166||145,201||637,367|564,657|





## 

## 

|11.StatementofFunds|Asat|Income|Fundraising|Charitable|Transfers|(Losses)|Asat|
|---|---|---|---|---|---|---|---|
||1April||Expenditure|Activities|betweenfunds||31March|
||2022||||||2023|
||£|£|£||£|||
|UnrestrictedFunds||||||||
|GeneralFunds|275,473|145,817|(169,135)||(22,000)||230,155|
|Designatedfunds||||||||
|DesignatedMusicFund|5,871,125|303,107||(303,107)||(350,443)|5,520,682|
|DesignatedCathedralOrganFund|30,026|522||||-|30,548|
|DesignatedMusicCampaignFund|5,071|88|||||5,159|
|DesignatedCanterburyJourneyFund|100,229|||(100,229)||||
|DesignatedWestFrontFund|256,771|64,990|||||321,761|
||6,263,222|368,707||(403,336)||(350,443)|5,878,150|
|RestrictedFunds||||||||
|Fabricandrelatedexpenditure||||||||
|ApprenticesGeneral|10,972|433|||||11,405|
|StainedGlassStudio|40,192|66,249|||||106,441|
|Stones|3,062|53|||||3,115|
|BuffsChapeltoClean|32,768|570|||||33,338|
|FabricFund|18,801|1,179||(6,338)|||13,642|
|StoneMasons|490|1,017|||||1,507|
|NorthWestTransept|4,988|..||(4,988)||||
|StoneAuctionFabricFund|211,693|3,683|||||215,376|
|WestFront|250,107|59,588|||||309,695|
|Music||||||||
|Marit&HansRausingChoirBursary|764,258|-|||22,000|(47,205)|739,053|
|RausingChoirBursaryIncome|(9,244)|23,028||(27,381)|||(13,597)|
|ChoristerScholarshipfund|16,734|228||(7,313)|||9,649|
|ChoralScholars|4,002|5,536||(9,503)|||35|
|MusicFund|123,111|2,218|||||125,329|
|Music&Choir|82|-||(82)||||
|AdoptaStop(Organ)|10,051|152||(9,913)|||290|
|YourVoiceEndowment|1,191|21|||||1,212|
|Other||||||||
|Miscellaneous|4,186|2,112||(4,040)|||2,258|
|Paperconservation|6,175|425|||||6,600|
|CanterburyJourneyProject||||||||
|ProjectDeliveryPhaseFund|317,448|||(317,448)||||
||1,811,067|166,492||(387,006)|22,000|(47,205)|1,565,348|
|TotalofFunds|8,349,762|681,016|(169,135)|(790,342)||(397,648)|7,673,653|





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||Note|General|Designated|Restricted|Total|
|---|---|---|---|---|---|
|||Fund|Funds|Funds|2022|
|||£|£|£|£|
|Incomefrom:||||||
|Donationsandlegacies|2|179,433|55,000|329,360|563,793|
|Othersources:CoronavirusJobRetentionScheme|2|5,183||-|5,183|
|Investmentsandinterestreceivable|3|628|272,757|23,779|297,164|
|Total||185,244|327,757|353,139|866,140|
|Expenditureon:||||||
|Raisingfunds|4|151,645|-|-|151,645|
|Charitableactivities|5||684,500|43,085|727,585|
|Total||151,645|684,500|43,085|879,230|
|Netincome/(expenditure)beforerevaluations||33,599|(356,743)|310,054|(13,090)|
|Netgainsoninvestments|8||389,502|16,536|406,038|
|Netincome||33,599|32,759|326,590|392,948|
|Netmovementinfunds||33,599|32,759|326,590|392,948|
|Reconciliationoffunds:||||||
|Balancebroughtforward||||||
|at1April||241,874|6,230,463|1,484,477|7,956,814|
|Balancecarriedforward||||||
|at31March||275,473|6,263,222|1,811,067|8,349,762|





## 

||Note|General|Designated|Restricted|Total|
|---|---|---|---|---|---|
|||Fund|Funds|Funds|2022|
|||£|£|£|£|
|Fixedassets||||||
|Investments|8||5,734,385|786,258|6,520,643|
|Currentassets||||||
|Debtors|9|4,613||50,000|54,613|
|Cashatbank||835,517|528,837|974,809|2,339,163|
|||840,130|528,837|1,024,809|2,393,776|
|Currentliabilities||||||
|Creditors:amountsfalling||||||
|duewithinoneyear|10|564,657|||564,657|
|Netcurrentassets||275,473|528,837|1,024,809|1,829,119|
|Totalnetassets||275,473|6,263,222|1,811,067|8,349,762|
|Funds|11|275,473|6,263,222|1,811,067|8,349,762|





## 

## 

||General|Designated|Restricted|Total|
|---|---|---|---|---|
||Funds|Funds|Funds|2022|
||£|£|£|£|
|TrustsandFoundations|3,463|55,000|260,990|319,453|
|Legacies|127,325|-|50,000|177,325|
|Individuals|45,343||18,370|63,713|
|Collections|3,302||-|3,302|
|Other|-||||
|Total|179,433|55,000|329,360|563,793|



## 

||General|Designated|Restricted|Total|
|---|---|---|---|---|
||Fund|Funds|Funds|2022|
||£|£|£|£|
|Unittrusts||272,252|22,999|295,251|
|Bankandotherinterest|628|505|780|1,913|
|Total|628|272,757|23,779|297,164|



## 

||General|<br>Designated|Restricted|Total|
|---|---|---|---|---|
||Fund|<br>Funds|Funds|2022|
||£|<br>£|£|£|
|Staffcosts(Note7)|94,849|||94,849|
|Eventandcampaigncosts|12,252|||12,252|
|Governancecosts(Note6)|9,582|||9,582|
|Officeandadministration|27,981|||27,981|
|Otherfundraisingcosts|6,981|||6,981|
||151,645|||151,645|
|Supportcostsof£83,295areincludedinthe||above.|||
|Expenditureoncharitableactivities|||||
||General|<br>Designated|Restricted|Total|
||Fund|<br>Funds|Funds|2022|
||£|<br>£|£|£|
|Grantfunding:TheChapter|||||
|ofCanterbury||684,500|1,472|685,972|
|ChoristerBursaries|||41,613|41,613|
|Total||684,500|43,085|727,585|



## 



## 

|6.|Governancecosts|General|Designated|Restricted|Total|
|---|---|---|---|---|---|
|||Fund|Funds|Funds|2022|
|||£|£|£|£|
||AuditFees|9,582|||9,582|
|7.|Staffcosts|||||
|||General|Designated|Restricted|Total|
|||Fund|Funds|Funds|2022|
|||£|£|£|£|
||Salariesandwages|80,440|||80,440|
||Socialsecuritycosts|8,376|||8,376|
||Pensioncosts|6,033|||6,033|
|||94,849|||94,849|



|8.|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|





## 

|9. Debtors|||||
|---|---|---|---|---|
||General|Designated|Restricted|Total|
||Fund|Funds|Funds|2022|
||£|£|£|£|
|Miscellaneousdebtors|249|||249|
|Prepaymentsandaccruedincome|4,364|||4,364|
|Legaciesreceivable|||50,000|50,000|
|AmountsduefromtheChapterof|||||
|Canterbury|||||
||4,613||50,000|54,613|
|10. Creditors|General|Designated|Restricted|Total|
||Fund|MusicFund|Funds|2022|
||£|£|£|£|
|Expensecreditors|7,290|||7,290|
|Accrualsanddeferredincome|9,582|||9,582|
|AmountsowedtotheChapterof|||||
|Canterbury|546,849|||546,849|
|Othercreditors|936|||936|
||564,657|-||564,657|





## 

|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|