Canterbury Cathedral Trust Fund Trustees, Report and Financial Statements For the year ended 31 March 2024 Company Registration Number: 05588837 (England and Wales) Charity Registration Number: 1112590
Canterbury Cathedral Trust Fund Contents Page Trustees, report Ito9 Independent auditor's report IOto13 Statement of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the accounts 17to26 Appendix- comparative information 27to32
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 The Trustees submit their annual report and the audited financial statements of Canterbury Cathedral Trust Fund (the charity) for the year ended 31 March 2024. The trustees confirm that the annual report and financial statements of the charity comply with current statutory requirements, the requirements of the charity's governing document, the Companies Act 2006 and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 "Accounting and Reporting by Charities". Objectives and ActivltSes The objectives of the charity are to support the priorities of Canterbury Cathedral (the Cathedral), including to support the conservation, maintenance and improvement of the building and its collections; enhance access and interpretation; develop the site as a centre for learning,. promote and perpetuate the choral music tradition of the Cathedral. create and sustain opportunitie5 for craftsmen and women; and support such other charitable purposes for which the capitular revenues of the Cathedral are applicable. The main mechanisms for delivering its objectives are to raise funds and to make grants to the Chapter of Canterbury {the Chapter). Grant glving is informed by the strategic aim5 and priorities of the Chapter. Grants are agreed by the Trustees for specif ic projects based on the charity's available funds. Add itiona Ily, a long-term designated Music Fund is administered by the charity, which was set up from income received in 1983 at the discretion of the Trustees, and which was invested to generate further income to support the continuation of the Cathedral's Choir and musical tradition. On 6 February 2024, the Cathedral became a registered charity, called Canterbury Cathedral Icharitv registration number 1206913). As part of the reorganisation undertaken by the Cathedral, a review of fundraislng is taking place, and a new fundraising team is being created under the umbrella of the new charity. As a result, the Trustees have reassessed the purpose of this charity and for the time being will not be actively fundraising. The charity will continue to support the Cathedral with the funds that they have in hand and with regular investment income received. The charity will continue to accept donations and legacies. A further review will take place when the Cathedral has further developed its fundraising strategy. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit in determining the activities undertaken by the charity.
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 During the year the staff employed by the charity left and have not been replaced. The Cathedral's fundraising and finance teams are supporting the administration of the charity and a fee for this service will be charged by the Cathedral to the charity. During the year the Trustees reviewed its investments and sold the holding in Charifund managed by M&G and reinvested the proceeds in funds managed by CCLA and Sarasin. The charity paid grants of £1.027m to the Cathedral to support the West Front refurbishment and the provlsion of music. Achlevements and performance The funding priority for the charity has been to support the West Front project primarily with funds in hand. During the year donations of £51,750 were received for the project. In February 2023, Chapter announced changes to music provision at the Cathedral and the new model for the choir started during the year. New choristers are not required to attend St Edmund's School in Canterbury and are being recruited from a broader range of educational background5, Choristers will no longer board. Girl and boy choristers are singing equally as often at the Cathedral, and the Cathedral has started some new musical outreach with local schools. The charity has continued to support the Cathedral in its transition and extends slncere thanks to all the individuals and organisations from around the world who have 8iven this year. TheG neral Data Protection Re ulation Data Handlin The charity is fully compliant with current data protection requirement5 and workin8 within General Data Protection Regulation (GDPRI requirements which became law in May 2018. The charity takes data protection very seriously and does not share the charity's data with third parties, other than with some departments of the Cathedral, so that they may deliver services (such as preparation of accounts) to the charity. No other sharing of data takes place except where it is required by law. The charity adheres to the Cathedral's Privacy Notice which can be found on the Cathedral's website.
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 Fundraisin The charity aims to achieve best practice in the way that it communicates with donors and supporters and takes great care in the tone, content and accuracy of its data to avoid any pressure on supporter5. The charity Is registered wlth the Fundraising Regulator and adheres to the Code of Fundraising Practice. The charity never sells or swaps personal data and ensures that communication preferences can be changed at any time. Durin8 the year, the charity managed its own fundraising activities. It does not employ the service5 of third-party fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them to im prove its Service. During 2023124, the Charity received no complaint5 about its fundraising activities. Flnanclal Revlew The accounts show total net expenditure of £0.605m for the year, before accounting for net losses on investments of £0.123m and after recognising grants payable of £1.027m. This compares with net expenditure of £0.28m in 2023 after recognising grants payable of £0.79m and before losses on revaluation of investments of £0.398m. Of the total income receivable in the year (£0,5ml, 23.7Yo12023: 24.4%) was receivable for restricted purposes. Legacies of £0.016m12023'. £0.24m) were received or notified in the year, making up 3% of the total income for the year. The legacy income received or notified in the year carried no restriction. Income from investments made up 80.3% of the total Income. It is the charity's policy to recognise grants payable when they are approved and communicated to the Chapter. At the year-end there were grants approved but not yet paid of £0.34m12023: £0.60ml, Fundraising has been focusing on supporting the Cathedral to repair and conserve the stone work on the West Front of the Cathedral. In the balance sheet at the yearend was a sum of £0.27m representlng grants approved for the West Front Project not yet paid. A further £0.027m was restricted or designated for the project at the year end. Flnanclal Reserves Total funds at the year end were £6.94m of which £1.35m was for restricted purposes and £5.39m was designated by the Trustees for specific purpose5. Designated funds form part of unrestricted reserves and the designation can be changed by the Trustees. General funds {excluding the designated funds) were £0.20m at 31 March 2024, The Trustees have a policy of retaining a minimum of 6 to 12 months, operating costs as general funds. Based on anticipated future expenditure for 2024125, this has been achieved. For the period that the charity is not actively fundraising, operating costs are expected to be minimal.
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 Investment Policy and Performance Investments held in Charifund, managed by M&G Securities Limited and which represented the designated music fund, were sold during the year and the proceeds reinvested in the CBF Church of England Investment Fund Income units managed by CCLA and in the Sarasin Endowment Fund, a charities authorised investment fund managed by Sarasin & Partners LLP. In appointing new fund managers, the Trustees took account of historic performance and social, environmental and ethical considerations. Neither fund invests in tobacco, pornography, armaments or gambling. The funds are kept under regular review. The new investment5 are for the long term and continue to be designated for music. The income from them will continue to be transferred to the Chapter to help fund the music and choir of the Cathedral. In general, where funds will be transferred to the Cathedral in a short time period, they are held in cash. Where funds are likely to be held for a significant period, longer term investments are made. The original investment managed by Sarasin & Partners LLP In the Sarasin Endowment Fund represents the Marit and Hans Rausing Choir Bursary Fund which was established to provide bursaries for choristers. The income from the investment is available for bursaries. The total return for each fund is shown below. Investment Returng - M&G One year Return Three year Return Flve year Return Total Cumulative Investment Return-charifund FTSE - All-share Total Retum {Cumulative) Source,. M&G Investments, 31.03.2024 +4.30 +16.6y• +26.1% +23.90 +8.4y +30.30h Investment Returns . Sarasln One year Return Three year Return Flve year Return Total Cumulative Inveslment Return-Alpha CIF Portfollo Benchmark SOU8.. S&r8sin & Partners LLP 31.03.2024 +11.3% +15.5% +13.40/0 +39.2% +46.5yD
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 Risk Management The Trustees have assessed the major risks to which the charity is exposed, including operational, f inancial and reputational risk. The Trustees review and update the risk register regularly, em ploying a ranking system which considers the likelihood of occurrence and subsequent impact. Mitigating steps are then agreed. Key risks include: Risk MitigationlActions Trustees to ensure that sufficient general funds are retained for this. Inability to secure suff icient income to cover running costs. Loss of reputation with donors as the Cathedral develops its fund-raising strategy. Regular contact with the Cathedra I's senior leadership team so that the role of the charity can be developed to support the new strategy. Ensure regular review of fund management performance and thorough and timely reporting by fund managers. Failure of Investments resulting in the charity being unable to meet commitments to the Cathedral Plans for Future Perlods The Cathedral is developing its fund raisin8 Strategy and this will help determine the charitvs f uture direction. There will be a pause in active f u nd raising by the charity as the strategy Is developed but the Trustees will continue to make grant5 to the Cathedral using existing funds and investment income. The Trustees remain grateful to regular donors for their continued support during this period. The Trustees remain committed to supporting the Cathedral's strategic objectives and core values. Structure, Governance and Management The charity is governed by its Trustees who meet four times a year, when policy, with regard to expenditure and future projects, is discussed and decided. New Trustees are recruited to provide a balance of skills and experience on the Trustee Board. Their induction to the charity comprises a briefing on the constitution and current projects, tours of the work being done to the Cathedral, and meeting the key staff. The strategic direction of the charity is undertaken by the Trustees. Management of the charity during the year ended 31 March 2024 was undertaken in part by the staff and volunteers and in part by staff employed by the Chapter, The accounting function is undertaken by the accounts department of the Chapter, under the guidance and support of its Director of Finance who act5 as Assistant Treasurer to the cha rity.
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 The discussion and monitoring of the financial position of the charity, and its function as an Audit Committee, have been incorporated into the full Board meetings which take place quarterly. At the year end, key management personnel are the Twstees of the charity. The Head of Fundraising was also part of the key management personnel until she left the charity in May 2023. Trustees do not receive any remuneration.
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 Reference and Adminlstrative Details Those Trustees, committee members and officers who have acted at any time during the course of the financial year, and up to the date of this report, are listed below: Patron: HRH The Duke of Kent KG GCMG GCVO Life President: The Viscount De L'lsle CVO MBE Dlrectorsnrustees of Canterbury Cathedral Trust Fund Lady Colgrain, Lord-Lieutenant Mrjames Loudon DL Canon Andrew Dodd Mr Paul Barrett MBE {until 1711112023) Mr Hubert Ashton Mr Roger Brookhouse Mr Benedict Moorhead DL Mrs Geraldine Alllnson 08E DL Mr Hu80 Fenwick The Very Reverend David Monteith (from 141412024) Dean of Canterbury President Chairman and Treasurer Canon Treasurer of Canterbury Chair of Development Committee Secretary Mrs Joanna Luck- Head of Fundraisin8 {until 15/05/23) Management Mrs Joanna Luck- Head of Fundraising (until 15105123) The Development Commlttee (until 27109123) Mr Paul Barrett MBE Ms Geraldine Allinson OBE DL Mr Roger 8rookhouse Canon Andrew Dodd M r Nicholas Fisher Dr Chrlstine Rigden Chairman
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 Company reglstration number: 05588837 IEngland and Wales) Charity reglstration number: 1112590 (England and Wales) Registered Office: 8 The Precincts Canterbury Kent CTI 2EE Bankers: Lloyds Bank plc 49 High Street Canterbury Kent CTI 25E Investment Managers: M&G Charities Investment Managers Limited PO Box 9038 Chelmsford CM 99 2XF Registered Audltor: Buzzacott LLP 130 Wood Street London EC2V 6DL Sarasin & Partners LLP Juxon House 100 St Pauls Churchyard London EC4M 8BU CCLA One Angel Lane, London EC4R 3A8 Legal Structure Canterbury Cathedral Trust Fund is registered in England and Wales as a Charitable Cornpany limited by guarantee, company registration number 05588837, Charity registration number 1112590. The liability of each member, should the charitable company be dis501ved whi15t they are a member or within 12 months thereafter, is limited to £10.
Canterbury Cathedral Trust Fund Trustees, report for the year ended 31 March 2024 Trustees, Responsibilities In Relatlon to the Flnancial Statements The Trustees who are also directors of the charity for the purposes of company law are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to companies in England and Wales requires the Trustees to prepare financial Statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the Trustees are requlred to: Select suitable accounting policies and then apply them consistently; Observe the principles and methods of the Charities Statement of Recommended Practice. Make judgments and estimates that are reasonable and prudent; State whether applicable accounting Standards have been followed, subject to any material departures disclosed and explalned in the financial statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the a55ets of the charitable company and hence for taking reasonable steps for the detection and prevention of f raud and other irregularities. So far as each of the Trustees is aware at the time the report is approved.. There is no relevant audit information of which the charitable company's auditor is unaware and Each Trustee has taken all steps that he or she ought to have taken to make himself or herself aware of any relevant audit information and to establish that the auditor is aware of this information. Auditor The auditor, Buzzacott LLP will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. This report was approved by the Trustees on 19 July 2024 and signed on their behalf by:" Trustee
Independent auditor's report to the members of Canterbury Cathedral Trust Fund Opinion We have audited the financial statements of Canterbury Cathedral Trust Fund (the 'charitable company'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the notesto the accounts including the principal accounting policies and appendix. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 he Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the f inancial statements: • give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its income and expenditure for the year then ended: + have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the UK, including the Financial Reporting Council Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trustee5' use of the 80ing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the flnancia I statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant section5 of this report. Other Information The other information comprises the information included in the Tru5tees' Report and Financial Statements, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Trustees, report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. 10
Independent auditor's report to the members of Canterbury Cathedral Trust Fund (continued) Our responsibility IS to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obta ined in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements them5elve5. If, based on the work we have performed, we conclude that there is a material mi55tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: + the information given in the Trustees, report, which is also the directors, report for the purposes of company law, for the financial year for which the financial Statements are prepared, is consistent wlth the financial statements; and • the Trustees, report, which 15 also the directors, report for the purposes of company law, ha5 been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our oplnion.. • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branche5 not visited by us; or • the financial statements are not in a8reement with the accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the Information and explanation5 we require for our audit; or + the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustee5' report and from the requirement to prepare a strategic report. Respon5iblllties of Trustees A5 explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the f inancial stateTnents a nd for being satisfied that they give a true and fair view, a nd for such internal control as the Trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. li
Independent auditorfs report to the members of Canterbury Cathedral Trust Fund (continued) In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responsibilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financialstatements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 In line with our responsibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregula rities, including f raud is detailed below. Our approach to identifyin8 and assesslng the risk5 of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; + the engagement partner ensured that the engagement team collectively had the approprlate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions In the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102) and the Charities Act 20111 and the Companies Act 2006; and • We understood howthe charity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the minutes of Trustees, meetings. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, Audit procedures performed by the engagement team included: Identifying and assessing the design effectiveness of controls in place to prevent and detect fraud; 12
Independent audito¢s report to the members of Canterbury Cathedral Trust Fund {continued) • Understanding how those charged with governance considerand address the potential for override of controls or other inappropriate influence over the financial reporting process,, and • Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the relevant accounts item to which they relate. To address the risk of fraud through management bias and override of controls, we.. + performed analytical procedures to identify any unusual or unexpected relationships. and • performed substantive testing on expenditure including authorization thereof. In response to the risk of irregularitie5 and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • reading the minute5 of Trustees, meetings of those charged with governance; and • enquiring of management a5 to actual and potential litigation and claims. There are inherent limltations in our audit procedures described above. The more removed that laws and regulatlons are from financial transactions, the les5 likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-cornpliance wlth laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material mlsstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reportlng Council's webslte at www.frc.or8.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'5 member5 as a body, for our audit work, for thi5 report, or for the opinions we have formed. U22o41 LLf Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 24 July 2024 13
Cant¢rbury Cathedral Trust Fund Statement of Flnanclal A¢tlvltles for the year ¢nded 31 March 2024 Note General FurKI Designated Funds Restricted Funds Total 2024 Tolal 2023 Income from: Oonalions and legacles Inveslments and inl818s1 recelvable 31,286 16,240 47.526 2.700 329,294 331.994 63,629 54,243 117.872 97,615 399 777 497.392 325.246 355,770 681,016 Total Expendlluro on: Raislng funds Charilab19 acllvltles 7S.155 75.184 1,027.128 169.135 790.342 633,942 393,186 Total 75.155 633.942 393,215 1.102,312 959.477 Net (expendltur•} beforo rnvaluatlons (27.6291 (301.9481 127S.3431 1604,9201 1278,4611 Nel Ilos$e$llgain$ on Inveslm8nls 1180.0211 57,023 {122.9981 1397,6481 Nel lexp&ndltur•}Iln¢ome 127,629) 1481.9691 1218,320) 1727,9181 1676.1091 Transfgr$ betweon lund8 11 (2,2701 2,270 Not movgm•nt In funds (29.8991 (481.9691 1216,050) 1727.9181 1676.1091 Recon¢llialion of lund$'. Balanea brought foTh¥ard at 1 April 230.155 5,878.1SO 1,565.348 7,673,653 8,349,762 Balance carried lorn¥ard al 31 March 200.256 5,396,181 1,349,298 6.945,735 7.673,653 Tho gbove result$ reflecl the lolal gains and losses of Canterbury CathedialTrusl Fun(1 ond arise wholty from Gonlinulng adivilies. Comparative figuros for the year ended 31 March 2023 can be loynd in Ihe appendix. 14
Canterbury Cathedral Trust Fund Balance Sheet as at 31 March 2024 Note General Fund Designated Fund$ Restricted Funds Total 2024 Total 2023 Flxed a830ts Inveslmenls 5.203 328 781076 5 984 404 6 122 995 Currentas8ets Debtors Cash at bank 167,709 123227 290.936 1,431 617 041 618,472 169,140 1 155,937 1,325.077 183,422 2 004,603 2.188.025 415669 415,669 Current Ilabllltles Credilor5.' amounts falling due within one year 10 363 746 637 367 Net ¢urrent as$et8 192 853 568 222 1550 658 Total net a$8ets 200.256 5,396,181 1349.298 6 945,735 7,673 653 Funds 11 200.256 5.396 181 1349.298 6,945 735 7 673 653 Revalualion reserves gains of £279,289 are included in the above funds (£1.787 losses In designated lunds and £281.076 gains in festricted funds). Designated funds present funds set aside by ihe Trustees for specific purposes. The Trustèes can amend the designation al any time. The financial statements were approved and aulhorised for issue by the Trustees on 19 July 2024 and slgned on their behalf by'.- Truslee Trustee Wjdrl. P¥sU Comparative figures for the year ended 31 March 2023 can be found in the appendix Canterbury Cathedral Trust Fund a registered wmpany, number 05588837 {England and Wales) 15
Canterbury Cathedral Trust Fund statement of cash flows For the year ended 31 March 2024 2024 2023 Note Cash flows from operatlng activltles: Net cash used in operaling activities (1,264,036) {690.3301 Cash flows from Investlng actlvltles: Investment income and Interest received Purchase of investments Disposal of Investments Net cash provlded by Investlng actlvltles 399.777 (5,205,115) 5,220,708 415,370 355,770 355.770 Change in cash and cash equivalents in the year Cash and cash equivalents at the beglnning of the year (848,666} (334,560) 2,004,603 2,339,163 Cash and cash equlvalents at the end of the year 1,155,937 2,004,603 Reconclllatlon of ngt (expendlture)Jlncome to net cash used In operatlng aGtivltles 2024 2023 A Net (expendilure)lincome for the reporting period (as per SOFA) Adjustments for: Losses on investments Investment income and interest receivable Decreaselllncrease) in debtors (De¢rease)Ilncrease in creditors (727,918) (676,109) 122,998 397,648 {3g9,777) (355,770) 14,282 (128,809) (273,621) 72,710 Net cash used In operatlng actlvllles 1,264,036) 690,330) B Analysls of cash and cash equlvalents: Total cash and cash equivalents: Gash at bank 1,155,937 2,004,603 C Analysls of changes In net debt 2023 Cash Flows 2024 Cash at bank Cash at Inveslments 1,978.002 26,601 2,004.603 (841,429) 17,2371 1848,666) 1,136,573 19.364 1,155,937 16
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 l. Accountlng policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Ba51s of preparatSon of financial statements These financial statements have been prepared for the year ended 31 March 2024 with comparative information given in respect to the year to 31 March 2023. The financial statements have been prepared under the historical cost convention with items recognised at Cost or transactlon value unless otherwise stated in the relevant accounting policies or other notes to these financial statements. The financial statements have been prepared in accordance with Accounting and ReportinB by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {Charities SORP (FRS 102)) and with the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. The financlal statements are presented in sterling and rounded to the nearest pound. Critlcal accountlng estlmates and areas ot judgement Preparation of the financial statements requires the Trustees and management to make significant Judgement5 and estimates: The Stems in the financial statements where these judgements and estimates have been made include: assessing the probability of the receipt of legacy income; determining the value of designated funds needed at the year end to meet specific future expenditure; assesslng the impact of a variety of factors on the future income and expenditure and, in particular on whether it is appropriate to prepare the account5 on the basis of a going concern {5ee below); and the basi5 for the allocation of support costs. 17
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 Assessment of golng concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements. The Cathedral and the charity are carrying out a review of fundraising which will help to inform the future fundraising strategy. Trustees are however satisfied that the charity has sufficient restricted cash to meet its approved grant commitments and has unrestricted and designated funds to enable it to meet its other liabilities as they fall due. Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees remain of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. Income recognltlon Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income comprises donations and legacles and investment income and interest receivable. Legacies are recogni5ed in the statement of financial activities when the Trustees are satisfied that: the charity is entitled to the legacy, the value of the legacy can be reliably estimated, the executors or trustees of a will have established that there are sufficient surplus assets in the estate to pay the legacy and that receipt of the legacy is therefore probable and fulfilment of any conditions attached to the legacy 15 wholly in the control of the Trustees. Dividends are recognised once the dividend has been declared and notification has been received of the dividend d ue. Interest on funds held on deposit is included when it is receivable,. thi5 is normally upon notification from the bank of the interest payable or paid. 18
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 Expendlture recognltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and is stated inclusive of irrecoverable VAT. Expenditure comprises direct costs and support costs. All expenditure is allocated to the relevant expenditure headlng. The classification between activities is as follows: Expenditure on raising funds comprises fundraising expenditure including support costs and governance costs. Expenditure on charitable activities includes all costs of grant making. Donated facllltles The value of donated services and gift5 in klnd provided to the charity are recognised as income in the period that they are receivable, where the benefit can be reliably measured. An equivalent amount is recognised as expenditure under the appropriate heading on the Statement of Financial Activities unless the gift is a fixed asset when it would be capitali5ed and depreciated over its useful economic life. Grants payable Grants payable are accounted for when they are paid unless a firm commitment to pay the grant exist5 at a date prior to the year end. No conditional grant5 are awarded. Where the charity Is awarding grants from fund5 which it has received subject to restricted terms, these restrictions are maintained within the award. Support costs and governance cost5 Support costs represent indirect expenditure. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management and administration costs. Governance costs comprise the costs relating to the public accountability of the charity (includin8 audit costs) and costs incurred in respect of its compliance with regulation and good practice. All support costs and governance costs are included within expenditure on raising funds. 19
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 Flxed asset investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at theirfair value as at the balance sheet date using the closing quoted market price. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and either their opening carrying value, or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value and the carrying value at year end. Realised and unrealised investment gains lor losses) are combined in the statement of financial activities and are credited {or debited) in the year in which they arise, Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Cash at bank and In hand Cash at bank and in hand represent5 such accounts and instrument5 that are available on demand or have a maturlty of less than three months from the date of acquisition. Creditors and provlsions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benef it will be required in settlement, and the amount of the settlement can be estimated reliably, Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. Fund structure Restricted funds comprise monies raised for, or their use restricted to, a specified purpose or amount5 subject to donor imposed conditions as to use. Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects. Pensions The charity participated in a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the scheme in respect of the year. 20
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 Marth 2024 Taxation Canterbury Cathedral Trust Fund is a registered charity and, therefore, 15 not liable to income tax, corporation tax or capital gains tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities. 2. Income from donations and legacle8 General Fund5 Designaled Fund5 Restricted Funds Total 2024 Total 2023 Trusts and Foundations Legacles Individuals Collections Other Total 2.700 2.700 15,847 79.068 13,075 235,935 74,550 248 1,438 325,246 17.000 14,286 (1,1531 64.782 31.286 2.700 63,629 97.615 Al the year end pledgés received from donors payable in the next 3 yaars tolalled £15,00012023'. £20,000). These will be recognised when the funds afe r6ceived. 3. Income from Investrngntg and Interest re1vable General Fund Designaled Funds Restried Funds Tolal 2024 Total 2023 Unit IfU318 Bank and olher interest Totsl 312,182 17,112 329.294 24,045 30.198 54,243 338.227 326,341 16.240 16.240 399,777 355.770 21
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 4. Expendlturo on rai8ing funds General Fvnd Designated Funds Restricted Funds Total 2024 Total 2023 Staff co$18 INote 71 Event and campaign costs Governance cost$ (Note 6) Office and adminlslralion Olher fundraising costs 46,376 3.177 10,860 4.669 10,073 75.155 46,376 3,177 10,860 4.669 97,226 16,931 10,560 17,028 27.390 169.135 29 29 75,184 Expendllure on support ¢08ts aro all Included in table above Oesignated Fund5 General Fund Re8tiicted Funds Total 2024 Total 2023 Office and adminislralion Governance Costs Olher Costs Staff Support Costs 4.669 10.860 10.073 16,093 41,695 4.669 10,860 10,073 16.093 41.695 17,028 10.560 27,390 96,555 5. Expendlturo on chailtable 4¢tlvltios General Fund 083ignated Funds Restricl8d Funds Total 2024 Total 2023 Grant funding.. The Chaplar of Canterbury Chorister Bursari8S Total 633.942 362.291 996.233 30 895 1027 128 755,648 393186 790,342 6. Governance costs General Fund Oesignaled Funds Restricted Funds Total 2024 Total 2023 Audit Fee¥ 10,860 10,860 10,560 22
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 7. Staff costs General Fund Designated Funds Restricted Funds Total 2024 Salaries and wages Social security costs Pension costs 39,103 4,344 39,103 4,344 46,376 46,375 The average number of full-time equivalent employees during the year was 0.8 (2023-. 2.1). Actual averag6 headcounl for the year was 1.0 {2023- 3.0). The fundraising team had joint employment ontracts between the charity and the Chapter. There were no employees receiving emoluments over £60,000 (including taxable benefits bul excludlng employer pension and national insurance conlribulions) in the current year or prior year. During the year there were no redundancy cosls bul 3 months payment in lieu of notice £14,191 (2023.. £Nil) was incurred of which 500/0 was met by the charily. Remuneration paid to key personnel in the year (including taxable benefits, employer pension and nalional insurance contrlbulions) totalled £22,685 (2023.. £51,712). This represents 800/0 of the tolal remuneralion, wlth the remainder of the costs being met by the Chapter. Inv$$tm•nts Designgled FUNIS Oèslgnaled Fd5 Oe3ipnat8d Fund$ Restrirleir Fund$ Total 2024 IM&GI ISw?$inl (CCLAI ISara$inl Mov•m&nts In Ilsl•d Inv•stm•nts Markèt value 1 April 2023 5,363.942 739,053 6,122,995 Additsons Disposals Nel 01$Sed losses Net unrttalised galns 2.210,OCQ 2,995,115 5,205,115 15,220,708) 1178,6391 55,641 15.205.708) 1178,2341 115.0001 14051 57,428 (1.7871 Mad(el valu• 31 March 2024 2 208 213 2995115 781.076 5,984 404 Cash held In lh• investmenls portldb 593 2,208.806 18,771 799.847 2995.115 6 003.768 maet Value 31 Mafch 2023 Cash held in portfolio 31 March 2023 Total 31 March 2023 5,383.942 739.053 6.122.995 26.601 6,149,596 5.383 942 765,654 All listed investments held by M&G Secivilies Limrted wise 113 in Ch8rifiJThJ common investment fund whit5l Ise held by Sarasin & Partners LLP comprise units in the Sarasin Endowmeats Fund. a ¢harilie5 auihori5ed inve5tmènl fuThl. and IhDso l*ld by CCLA comwise unlls in lh8 CBF Church ol England Inveslrnent FVFKI for Iw)me. HistoAc cost DI invo$lments Year Ended March 2024 2.210.)0 2,995,115 500,000 5,705,115 Hlsloric cost of investmenls Year Ended Mwch 2023 4,843,356 500.000 5,343,356 23
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 9. Debtors General Fund Deygnated Funds ReSt[led Funds Tol81 2024 Total 2023 Miscellaneous debtors Prepments and accrued SrKome Legaaes receivable Amounts due Irorn tha Chapter ol Canterbury 248 17,840 165,334 5.129 IS2.0 5,129 163,431 1.431 580 167.709 580 169 140 1.431 183,422 10. Cr8dltor¥ Ggn&r81 FvThJ Designated Muslc Fund Reslricl8d Fur8 Tolal 2024 Total 2023 Expènse credllors Accruals and deferred Irwme Amounts 0d lo Ihe Chapter ol Can16rbury Other credllor$ 27 11,040 27 11.040 195 10.727 79,203 410 222.816 50.250 352,269 410 625.478 967 90.680 222,816 50.250 363,746 637.367 24
Canterbury Cathedral Trust Fund Notes to the accounts for year ended 31 March 2024 11. Statement of Funds Income rais9 Chatitabla Transferi Actr"15 bewn fund$ Gainsl ILo8s8$1 A$al 31 March 2024 1 Apn"I 2023 Unre$trkted Fund• General Fund$ 230.155 75.1S 200 256 D¢slgnated lund8 Designated Music Fund M&G 0é61gna16d MuslG Fund Olher DeSn918d Muslc Fund S8ra5in De$Sgnat8d Mu$l¢ Fund CCLA Oe$ign81ed Cathedral Oioan Fund De$lgn8led Mustc Campa Fund Da$ignat8d West Fronl Fund 5.383.942 136.740 312.182 1312.182) {5,205,7081 1178,2341 130,740 2,208,806 2,985,115 31,794 5,369 2,210,593 2.99S.115 11.7871 30.548 5.159 321761 1.246 210 321 760 5.878,150 331.994 1633.9421 1180.021) 5.396.161 R8strlGted Funds Fibil¢ and relatod expondIre Apprenlke8 Gen&rnl stolnod G$8 S142dio Stone8 Bull8 Chapd to CIgBn Fabrle Fund Stone Masoni Stone Aucllon Fabrfc Fund W•sl Fronl 11,405 11J6,441 3,115 33.338 13.642 1.507 215.378 309.69$ 588 3.490 127 1,360 1.049 62 ,767 1.119 11.993 109,937 3,242 34.e98 14,691 1,569 224.163 8.3e9 1381,445) Mu81¢ Maril & Hans Rauslng Cholr Bursary Raulino Choir 8ursary Incom• Chorl$t?r Schdai$hlp (und Choral S¢hokJr• Music Fun¢J Caih¢dial Organ Fund Adopt 8 Stop lor9) Your Vd¢• Endowm•nt 739.053 113,5971 9.649 35 125,329 115.0001 17,270 57,023 781,07e 17141 7,519 36 141,922 24.045 343 {ioi 128,4221 12.4731 10.$93 575 1191 15581 12901 1,212 49 1.281 Olh•r Ml$¢¢ll8n6ouJ Pgper cOA¥•fyats"l ArehiYe• 2.224 600 34 91 575 2,315 7,175 40 1.585.348 117.872 {291 1393.1881 2,270 57,023 1,349,298 Totsl ol Fund• 7 e73 853 1,027126 122.998 6 945.735 Unrq8lrl¢led fvndi •vallot4• for ory olthe purw ltyw4hi¢h Iho Chgrfty w81 e$labllsh8d. Thgre are Ir deslgnaled fvnds.. Iha D•sl9nal8d Fd (shown o¥•r 4 lin atQV81 wNch has been nSi*d for tha long term and wh6 Incomo 55 usqd lo supwl the music and th)ral tradition of iha Colhedral.. Ihe C8lhed¥al Organ Fund whKh was 88t gsitje lor rabuildlng the Caihedral Organ and on0rVa moinlenance of Ihe gn., the Muslc Campalgn Fun(1 whKh wll efi8bl8 u5 to ueate new and bespyjke eYenl$. working ¢10seSy WI colleagues acr08s the Cathedf81, p9clarty wilhln the rnu$iG wffl, the choirs and Ihe lay Clèrks-. th& Weat Front Projed is for labrk rtrpalr¥ to the West Fionlofthe Caihedral. Restrictéd funds have bean e¥iablished for speofic purp05e$ In line 1 Ihe restridons irnpo¥eKI ty dcIr6. Mosl re8tri¢ted flmds arB pxpected 10 be $penl within Iht next 36 rnonths. However the Marit and Hans Rausing Ch(ir Bursary fuNI is in¥e¥ted io reiatn li# capllal value and the annual in¢ome18 used lo supwrt elyylsler bur•arl 25
Canterbury Cathedral Trust Fund Notes to the accounts foryear ended 31 March 2024 12. Penslon Commltments During the year the charity participated in a Group Personal Pension Scheme, whereby it paid, for eligible employees, a defined contribution into the members, individual pension plans. An insurance company independently administered contributions to the scheme. The pension cost for the year was £2,929 (2023: £6,146). Contributions of £112 were outstanding at the year end (2023: £967). The pension scheme has now been closed. 13. Capital and Financial Commltments There were no capital or financial commitments at the year end which have not been recognised in the accounts (2023: £Nill. 14. Contingent Llabllltles There were no contingent liabilities at the year end (2023- £Nil). 15. Related party transactions and Trustees. remuneration No remuneration was paid to the Trustees, nor were any expenses reimbursed to them in the current or prior year. No travel expenses were met for Trustees travelling on business for the charity (2023: £N il). Donations received from Trustees during the year were £50,CKJO (2023: £201. Canterbury Cathedral Trust Fund is wholly for the benefit of Canterbury Cathedral but is not controlled by the Chapter of Canterbury. Grants payable to the Chapter of Canterbury during the year are as set out in note 5. The charity occupies premises owned by the Chapter for which a rent is paid of £2,050, {2023: £7,500). In addition, the Charity pays a charge of £6,000 including VAT to cover administration services provided by Chapter to the Charity {2023.. £6,000). The Chapter met sundry costs of £2,073 (2023: £5,346) which have been recharged to the charity. 26
Appendix- comparative information C8nterbury Cathedral Trust Fund Statgment of Flaancial Actlvitiès for the year ended 31 March 2023 Nole General Fund De$i9naled Funds Reslricted Funds Tolal 2023 Income from: Donations and legacies Investments and interest Te¢eSvable Total 135,335 10,482 145,817 60,000 308 707 368,707 129.911 36,581 166,492 325,246 355,770 681,016 Expendlturn on: Raising funds Chafltable activit18S 169,135 169,135 790,342 403,336 387,006 Total 169,135 403,336 387.008 959,477 Nèt (frxpfrndlturo) bofor• rev•luallons (23.3181 134.6291 {220.514) 1278,4611 Nel losses on Snveslmenl¥ 1350.4431 {47,2051 {397,6481 N•t lexpendltur81 (23.318) 1385.0721 1267,719) 1676,1091 Transfers beiw•on fund8 11 122.0001 22.000 N•t movomgntln fund8 {45.318) {385,072) 1245,7191 1676,1091 Recon¢iliation of funds.. Balance brought forward at 1 Aprll 27S,473 6.263,222 1,811,067 8,349,762 Balance carried forward at 31 March 230,155 5.878,150 1.56S,348 7,673,653 The above results reflect the total gains and losses of Canterbury Cathedial Trust Fund ond arise wholly from continuing activltles. 27
Appendix- comparative Information Canterbury Cathedral Trust Fund Balance Sheet as at 31 March 2023 Note General Fund Designated Funds Restricted Funds Total 2023 Fixed assetg Investments 5,383,942 739.053 6,122,995 Current assets Debtors Cash at bank 119,088 603.233 722.321 64,334 761,961 826,295 183,422 2,004,603 2,188.025 639,409 639,409 Current Ilabllities Creditors.. amounts falling due within one year 10 492.166 145,201 637,367 Net current as8ets 230.155 494,208 826,295 1,550,658 Total net assets 230,155 5.878,150 1.565,348 7,673,653 Fund8 11 230,155 5,878,150 1,565,348 7,673,653 Revaluation reserves gains of £774,838 are included in the above funds (£535,586 gains in designated funds and £239,052 gains in restricted funds). Designated funds represent funds set aside by the Trustees for specific purposes. The Trustees can amend the designation at any time. Canterbury Cathedral Trust Fund is a registered company, number 05588837 (England and Wales) 28
Appendix- comparative Information 2. Income from donations and legacles General Fund5 Designated Funds Restricted Funds Total 2023 Trusts and Foundations Legacies Individuals Collections Other Total 4,375 109,601 19,692 229 1,438 135.335 8,700 66,334 54,858 19 13.075 235,935 74,550 248 1.438 325,246 60,000 60.000 129,911 At the year end pledges received from donors payable in the next 3 years totalled £0.02million (2022 . £0.07million). These will be recognised when the funds are received. 3. Income from Investments and Interest receivable General Fund Designated Funds Restricted Funds Total 2023 Unit trusts Bank and other interest Total 303,107 5.600 308,707 23,234 13,347 36,581 326,341 29,429 355,770 10,482 10,482 4. Expondlture on raislng funds General Fund Designated Funds Restricted Funds Total 2023 Staff costs (Note 7) Event and campaign costs Governance costs (Note 6) Office and administration other fundraising costs 97,226 16,931 10,560 17,028 27,390 169,135 97,226 16,931 10,560 17,028 27,390 169,135 Support costs of £96,555 are included in the above. 29
Appendix- comparative information 5. Expenditure on charitable actlvities General Fund Designated Funds Restricted Funds Total 2023 Grant funding.. The Chapter of Canterbury Chorister Bursaries Total 403,336 352,312 34.694 387,006 755,648 34,694 790,342 403.336 Appendlx- comparatlve Information 8. Governance costs General Fund Designated Funds Restricted Funds Total 2023 Audit Fees 10,560 10,560 7. Staff costg General Fund Designaled Funds Restricted Funds Total 2023 Salaries and wages Social security costs Pension costs 81,949 9,131 6.148 97,226 81,949 9,131 6,146 97.226 The averag8 number of full-time equivalent employee5 during the year was 2.1 (2022: 2.3). Actual average headcount for Ihe year was 3.0 {2022.' 4.0). Th8 furKlraising team have joint employment onlracls between Canlerbury Cathedral Trust Fund and The Chapter of Canterbury. There were no employees receiving emoluments over £60.OIY) (induding taxable benefits but excluding employer pension and nalional insurance conlributions) in the year. Remuneration paid to key personnel in the year (including taxable benefits, employer penslon and nalional insurance conlribulions) lolalled £51.712 (2022-. £52.726). This represents 800/0 of the lolal remuneration, with Ihe remainder of the costs being met by The Chapter of Canlerbury. 30
Appendlx- comparative information 8. Investments Designaled Funds Restricted Funds Total 2023 (M&G) (Sarasin) Movements In Ilsted investments Market value 1 April 2022 5,734.385 786,258 6,520,643 Net unrealised gains (350,443) (47.205) (397.648) Market value 31 March 2023 5.383.942 739,053 6,122,995 Cash held in the investmenls portfollo 26,601 765,654 26,601 6,149,596 5.383,942 Market Value 31 March 2022 Cash held In portfolio 31 March 2022 Total 31 M8r¢h 2022 5.734.385 786,258 24.65B 810.916 6,520,643 24.658 6,545,301 5.734,385 All lisled Investments held by M&G Secufilies Limiled comprise units in Charifund common investment fund whilst Ihose held by Sarasin & Partners LLP comprise units In the Sarasin Endowments Fund. a charitles author16ed inv881menl fund. 9. Debtors General Fund Designated Funds Restricted Funds Total 2023 Mlscellaneous debtors Prepayments and accrued income Legacles recelvable 248 17.840 101.000 119.088 248 17,840 165,334 183,422 64,334 64,334 10. Credltors General Fund Designated Mu51¢ Fund Restricted Funds Total 2023 Expense creditors Accruals and deferred income Amounts owed to the Chapter of Canterbury other credilors 195 10,727 195 10,727 480,277 967 145.201 625.478 967 492,166 145,201 637,367 31
Appendlx- comparative information 11. Statement of Fund8 Asat 1 April 2022 Incom Fund wirwJ E¥pen&lurÈ Tr$fer# Actiwties behveen lund8 ILosse$l Asal 31 March 2023 Unfgstrlcted Fund• General Funds 275.473 145 817 169 135 230155 0gslgnat¢d funds De519naled Mu51¢ Fund D88ignaled Calhedr81 Oroan Fund D65ignaled Muslc Campaign Fund De61gnated Conierbury Journey Fund 098ignat8d West Front Fund 5.871.125 30.028 S.071 100.229 256 771 303,107 522 88 1303.1071 1350.4431 5.520.682 30.$46 5,159 I1(.229) 64.990 321.761 6,283.222 368.707 1403,33ei 1350.4431 5.879,1SO Rostrlcled Funds Fibr1¢ and related èp•ndltur Apprenti¢e5 General Slalned GLqs5 Studlo Stones uffs Chapel ¢oCl•n Fabrk Fund stone Masens Norlh Wesl Transept Ston• Au¢lion Fabrfc Fur¥J W•$t Front 10.972 40.192 3.062 32,768 1B.801 490 4.088 211.693 250.107 433 6fj249 53 570 1,179 1.017 11,40S 106,441 3.115 33,338 13.642 1.507 18.3381 {4,9881 3.683 59,588 215.376 309,fj95 Muglc M8rit & H8ns Rw8kng Cholr 8urn8ry Rausing Choir Bursary In¢orn• Chori$ter Schd8r$Np frJ)d Chor81 Schdwa Mu$lc Fund Mu¥lG & Cholr Adopl o Stop Ioraanl YourVcAc• Endowment 764.258 19.2441 16,734 4,tW)2 124111 82 10,051 22.fJ)O 147,2051 739.053 113.S971 9,849 35 125,329 23,028 228 S.536 2,218 127,3811 17.3131 19.5031 1821 {9,9131 152 21 290 1.212 other Ml$¢ellBneo Pop•r ccn$gNalh)n 4.186 6.175 2.112 425 14,0401 2,258 6,000 C¥nterbury Joumgy ProlKt Proloct Oellvéry Pho$9 Fund 317 44a 1,811.067 166,492 1387,0061 22,000 147.2051 1,565,348 Total ol Fund• a.J4& 762 169135 90.342 ?97 648 7,673 053 Unr•ilrEtled fund8 are av&llaNe for •ry of thè purpo5 for wN¢h Iho Cmrftywai •sl#tllsh8d. There are ffive d8$igMled luTrJs'. Ih? DeSIgled Mul* FuTrJ whKh b8 invgsted fu lh• loThJ tefm and whose Incomo is used Io suppori the mu$lc ond Ghoral Iradilton of tho C•ihedral; The Canlwbury J[nOY Fund wlich wa$ design81ed and used In ful lo Support delvery orthe varlDUS element8 01 Tho Canterbury Journty Prolect., th• Calhedral Ofgan Furtd whKhw8s $81 aside rebuikling tho Calhtrdfal Organ., and Ihe Campaign Fund whlch will gnabl8 us to Grea new and be5pDk8 evenls. wwrkj'ng ¢losety wlh colleagues across the Caihedral, pwts"¢ularty valhin th8 rnusl¢ learn. Ihe cholr8 and lh• lay Cl¥kn., Ihe West Fionl Project Is labriG rep&ii to the WaslFiont (rf the Cathedral. Rostri¢l¢d funé5 have been establlshed lor specifi- prSe5 In line with the resthcti(s iryPOS8d by donL¥s. Most reslri¢led funds aro ¢XPgcled 10 be èpenlwilhin the next 36 monlh8. Hverthe Maril and Hans Rausing Choir Bur$8ry fund is knve%ied 19 taIn ils c8pllal valua and Ihe annugl Incorn Is used lo $upport thort$t8r buisories. 32