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
SOU￿8.. 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¥s￿￿U
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 r￿e1vable
General
Fund
Designaled
Funds
Restri￿ed
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
F￿d5
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$Sed losses
Net unrttalised galns
2.210,OCQ
2,995,115
5,205,115
15,220,708)
1178,6391
55,641
15.205.708)
1178,2341
115.0001
14051
57,428
(1.7871
Mad(el valu• 31 March 2024
2 208 213
2995115
781.076
5,984 404
Cash held In lh• investmenls portldb
593
2,208.806
18,771
799.847
2995.115
6 003.768
ma￿et Value 31 Mafch 2023
Cash held in portfolio 31 March 2023
Total 31 March 2023
5,383.942
739.053
6.122.995
26.601
6,149,596
5.383 942
765,654
All listed investments held by M&G Secivilies Limrted wise ￿113 in Ch8rifiJThJ common investment fund whit5l I￿se held by Sarasin
& Partners LLP comprise units in the Sarasin Endowmeats Fund. a ¢harilie5 auihori5ed inve5tmènl fuThl. and IhDso l*ld by CCLA
comwise unlls in lh8 CBF Church ol England Inveslrnent FVFKI for Iw)me.
HistoAc cost DI invo$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
Prep￿ments 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
Fur￿8
Tolal
2024
Total
2023
Expènse credllors
Accruals and deferred Irwme
Amounts 0￿d 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 rais￿9
Chatitabla
Transferi
Actr"￿1￿5 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
DeS￿n918d 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 expondI￿re
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$labllsh8d.
Thgre are I￿r deslgnaled fvnds.. Iha D•sl9nal8d F￿d (shown o¥•r 4 lin￿ atQV81 wNch has been ￿n￿Si*d for tha long term and wh￿6
Incomo 55 usqd lo supwl the music and th)ral tradition of iha Colhedral.. Ihe C8lhed¥al Organ Fund whKh was 88t gsitje lor rabuildlng the Caihedral
Organ and on0￿rVa moinlenance of Ihe ￿g￿n., the Muslc Campalgn Fun(1 whKh wll efi8bl8 u5 to ueate new and bespyjke eYenl$. working ¢10seSy
WI￿ colleagues acr08s the Cathedf81, p9￿c￿larty 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 dcI￿r6. 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.$46
5,159
I1(￿.229)
64.990
321.761
6,283.222
368.707
1403,33ei
1350.4431
5.879,1SO
Rostrlcled Funds
Fibr1¢ and related è*p•ndltur
Apprenti¢e5 General
Slalned GLqs5 Studlo
Stones
uffs Chapel ¢oCl*•n
Fabrk Fund
stone Masens
Norlh Wesl Transept
Ston• Au¢lion Fabrfc Fur¥J
W•$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$9 Fund
317 44a
1,811.067
166,492
1387,0061
22,000
147.2051
1,565,348
Total ol Fund•
a.J4& 762
169135
90.342
?97 648
7,673 053
Unr•ilrEtled fund8 are av&llaNe for •ry of thè purpo￿5 for wN¢h Iho Cmrftywai •sl#tllsh8d.
There are ffive d8$igMled luTrJs'. Ih? DeSIg￿led 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- p￿r￿Se5 In line with the resthcti(￿s iryPOS8d by donL¥s. Most reslri¢led funds aro ¢XPgcled 10
be èpenlwilhin the next 36 monlh8. H￿￿verthe 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