## **St Edmundsbury Cathedral Trust Annual Report Year Ending 31 December 2022** The Charitable Incorporated Organisation ("the CIO") is St Edmundsbury Cathedral Trust, registered charity number: 1156695 Address: The Cathedral Office, Abbey House, Angel Hill, Bury St Edmunds, Suffolk IP33 1LS ## **Membership comprises of** The ex officio trustees are The Very Reverend Joseph Hawes, Dean of St Edmundsbury Cathedral and the Chair of St Edmundsbury Cathedral’s Finance Committee Mr Mark Pendlington. The nominated trustees are Mr David Spark and Mrs Sarah Geileskey. ## **Term of Appointment** Nominated trustees will normally be appointed for a term of three years. A charity trustee (other than an ex-officio trustee) who has served for two consecutive terms may not be reappointed for a third consecutive term but may be reappointed after an interval of at least three years unless by exception with the agreement of Chapter. ## **Attendance** The Chief Operating Officer/Finance Officer Sarah-Jane Allison attended all the meetings of the CIO in 2022. ## _External Advice_ The trustees may seek the services of such external advisers as they consider necessary to fulfil their responsibilities. **The objectives of the CIO** were to oversee the application of investments including cash, property and land to the support of such Charitable Purposes connected with the Cathedral. To deliver Chapters’ Investment Policy by monitoring and reviewing the Cathedrals’ investments giving advice to Chapter, and to monitor the performance of investment managers and make recommendations to Chapter in relation to the appointment, reappointment and removal of the Chapter’s investment advisors and managers. **Responsibility of the CIO** were carried out ensuring minutes of all meeting were sent to Chapter and the Finance Committee including periodic reports of the Investment Portfolio. ## **Meetings where held on:** **24 February** whereby CCLA account managers were invited to report on the performance of the investment portfolio held with CCLA. The purpose of this meeting was to better understand how our investment is managed and to test the suitability of current arrangements which included the nature of the funds in which we invest, the level of risk we are prepared to take against likely returns, and the Page **1** of **3** quality and timeliness of advice we receive, particularly when the economic and market conditions are volatile. Trustees recommended Chapter review and agree to the new Investment Policy and Reserves Policy to provide the framework for informed decision-making on investments and help to achieve the right balance between requirements for the working capital needed, including day-to-day operating expenditure, funding required to complete the planned property refurbishments and the level of provision needed for longer term investments of five years or more. Trustees recommended Chapter agree with immediate effect to moving our investment fund from the current Fixed Interest Fund to the CBF Church of England Investment Fund. This Investment Fund meets the requirements of the Church of England Ethical Advisory Group and has produced returns in excess of the accepted benchmark over each of the past five years. **8 June** whereby Sarah Geileskey was appointed and welcomed as a trustee. Conflicts of interest were stated and noted from trustees. Trustees reviewed and agreed Terms of Reference in line with the St Edmundsbury Trust Constitution. The investment portfolio was reviewed and discussed. **4 October** whereby the investment portfolio was reviewed. The trustees were informed of the Cathedral’s current operating costs and income streams. ## **Overseeing of Cash Fundraising** In 2022 the CIO received funds on behalf of the Cathedral for the Patrons Scheme and some funds for the Chairs Appeal to the total sum of £68,170. **The annual report was unanimously approved by the Trustees on Tuesday 19 September 2023 and signed on its behalf by The Very Reverend Joseph Hawes, Dean of St Edmundsbury and Mr David Spark.** Page **2** of **3** Page3of3 ## **St Edmundsbury Cathedral - Trust** |Year Ended
B/Bfwd
Gross Income
Net Income/Expense
Net Assets
Bank statement
Amounts paid to St Edmundsbury
Cathedral|31/12/22
31/01/22
577 1,452
81,168 24,265|31/12/22
31/01/22
577 1,452
81,168 24,265| |---|---|---| ||79,355 23,305|| ||78,467 24,180
|| |||| ||1,465|577| |||| ||1,465|577| St Edmundsbury Cathedral Trust Independent examiner's report to the trustees of St Edmundsbury Cathedral Trust Perlod from 1 February 2022 to 31 DecerTiber 2022 I report to the charity Iiuslees on my exarninalion of the f1nancial slalemen15 of the charity lor the period ènaeo d1 Oecemrjer 2022 which comprfse the slatemEiII vr rinanGial oGlivili¥>, b￿lan￿ slivel and Iho rèlated note5. Responslbllille$ and basls of report As the v.h￿rIty,% triigtPQS YDU are IÈSPDnsible for the piepar81ion ol the finanaal 51alemen15 in a¢eordance with the requirements of the Gharilies Act 2011 Cthe Act'l. I report in respect of my tsxaminalion of the charills financial slalemenls carried out under seclion 145 of the hd and in Gafryin9 Out my examinelion I have lollowcd all tho gpplicabltr DiroGlion$ glven by the Charity Cornmission under section 14515llbl of the Act. Indepèndent examlner's statement I have cornpleted my examination. I confimi that no material matters have come to my allenliDn in connection with the examination giwng ffle cause lo believe that in any rnaterial respect.. accounting rèaord5 were not kept ift respect of the charity as reqUI￿d by Section 130 Df the Act.. OT the finanoial Btat2mante do n¢t accord wilh thosg rgcords., OT the financial statements do not CDtnply with the applicable requirements concerning tha form and conlenl of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that ths aGGoun15 give a 'liue and fzir. view which is not a rnatler considered as part of an independent ex8fflination. I have no concerns and have come xcross no other mallers in connection with the examination to which attention should be drawn in Ihls ￿port in order lo enable a proper undèrstanding ol the accounts to be r88ched. Your Èttention is drawn lo the fact that the Charity has p￿parad the eccounts If5nsncial siatÈments) in accordance with Accaunting and Reporting by Charities.. Stsl8rnenl of Recornfflended Practice applicab18 to chaMlle5 preparing their ybiuuiiLb iii aGGoidRiiibe with the FinaTrGial ftepDrting otandard applicable in the UK and Republi¢ ol Ireland (FRS 7021 in preferenGe lo the Accounting and Reptsrting by Charities.. Slalefflenl of Recommended PiÈcts"ce Is5ue¢J on 1 April 2uo> which is r8ferred to in the extani regul8iion5 but Mas 51nGe bèen withdrawn. l undÈrstand that this has been done in order for the accounts to provid2 a true and fair view in accordance with the Generally Acopted Accounting Practice effective for reporiing period5 beginning on or after 1 January 2015. r/Lf ,,/,/., L Thurston FCCA Independent Examiner Lovewell Blake LLP Chartered accounlanls Firsl Floor Suite 2 Hillside Business Park ury St Edmiinds IP32 7EA