## **St Edmundsbury Cathedral Trust Annual Report Year Ending 31 December 2023** 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 2023. ## _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. No conflicts of interest were noted. ## **Meetings where held on:** **10 January** whereby Sarah Geileskey will be leaving the Cathedral for another post within the Diocese, enabling her to serve the Trust as an independent voice. The auditor’s fees were discussed. The CCLA valuation was down 5 percent from the previous meeting. Permissions were given to allow David Spark to discuss the fund’s general status with CCLA. **9 May** whereby a written CCLA report was given, which indicates the fund’s trajectory is now heading in the right direction. Trustees were encouraged to learn this fund is faring better than others and agreed not to make any changes to the Trust’s Investment strategy at the present time. Page 1 of 3 **19 September** whereby the investment portfolio was reviewed and discussed. The trustees were informed of the Cathedral’s current operating costs and income streams. The Llewelyn-Ryland shares have been sold and funds helped bolster the Cathedral’s cash flow. In a different climate, the money would have been deposited in the CCLA account. ## **Overseeing of Cash Fundraising** In 2023 the CIO received funds on behalf of the Cathedral for the Patrons Scheme to the total sum of £33,469.35. **The annual report was unanimously approved by the Trustees on Tuesday 28 May 2024 and signed on its behalf by The Very Reverend Joseph Hawes, Dean of St Edmundsbury.** Page 2 of 3 Page3of3 CHARITY REGISTRATION NUMBER: 1156695 St Edmundsbury Cathedral Trust Unaudited financial statements 31 December 2023 St Edmundsbury Cathedral Trust Financial statements Year ended 31 December 2023 Page Trustees. annual report Independent exarniners report to the trustees Statsrnent of financial activthes Balanc8 Sheet Notes to the financlal slatemenls St Edmundsbury Cathedral Trust Trustees. annual report YeaT ended 31 December 2023 The trust88s present Ihelr report and the unaudited financial statements of the charity for the year ènded 310ecember 2023. The Yinancial statements have been prepared in accordan￿ with the accounting policies Set out in notes to the accounts and cornply with the charity's governing document, the Ch8ritie5 Act 2011 and Accounting and Reporting by Charilies." Statement of Rewmrnended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Siandard applicable in the UK and Republic of I￿12nd published in October 2019. Roference and administratTrve detalls Registere(l ¢harfty name St Edmundsbury Cathedial Trust Charity registratlon number 1156695 Principal office Abbey Housè Angel Hill Bury St Edmunds IP33 1LS Tho trust•e$ The irvslees who seNèd dLtring the year and al the date ol approval were as follows.. The Rev S Geilesk8y The Rev J P Hawes J M PendlingtDn D J Spark Pr851dent The Rev J P Hawes Independent examin•r L Thurston FCCA Lovewell Blake LLP Chart8r8d actountanis First Floor Suite 2 Hillsid8 Busin8ss Park Bury St Edmunds IP32 7EA Bankèrs Lloyds Bank 9 8utterrnaTk61 Bury Sl Edmunds Suffolk IP33 1 DF St Edmundsbury Cathedral Trust Trustees. annual report (eontin¢￿￿) Year ended 31 December 2023 Oble¢tlv¢s and activitles The ¢hariWs objects aye.. lal the applittalion of funds or property to the support of such chèrilable pu￿Se$ connected with the cgthedi81 as Ihe directors sh311, from tim8 to tirn8 in their absolute discretion, det8rtnine', and Ibl the application of funds or property to such other charitable purposes or 5uth chantable bodies as the direotors shall from bme lo tlme determlne. A¢hievem•nts and perfomian¢8 The purpose of Ihe Tru5l continue5 to bts supporling the rnission and ministry of St Edmundsbury Cathedrol, In cooperation with the Cathedral Chapier. There h85 been no change in trustees during the year. St Edmundsbury Cathedr81 Trust continued to receivè funds f￿M Ihe Patron5 5¢h8rne during 2023. Curren11y, othei than retaining the agreed ￿Serve fo meet the Trusts minirnal c0515, Ihese funds are 8Utomatically transferred lo the Cathedral at Ihe end of each monlh. The way forward for th8 Trust wll be dptertnined by the Irust8es when the final report from the Cathedral's Fundraising Consuliant has been received by Ch8Pter and Chapter has Ilsell decided on the new stsucture to repla¢8 the Trksst in its pr8sent fDrFn. Publ1¢ beneflt requir8m?nt5 The trusiees are considering project5 whi¢h it may support from the funds available during future periods. In planning (he charl￿8 activiti&s, the trustees have and will continue Io consider the Charity Commtssions guidance on public benefit. Flnan¢ial revipw The statement of fSnan¢ial aclivit18s reflects 0￿ratIOnal a¢￿￿ty for th8 year end8d 31 December 2023. The charity received donations of £1,130 12022.. £5001 and rnade donation5 to St Edmundsbury Cathedral of £41,13512022.. £81,083). The charity's nel expenditu¥e lor Ihe year w8s £1,29812022.' net income £851. Resetves pollcy The Trust transfer5 income from Patrons and any other (k)nalions on a regular b85is. 11 13 the policy of Ihe Trust lo maintain suffici8nl funds lo eover management, administration and support costs. The unrestricted rèserves at lh8 yèar end date are in delioil by £1,21312022.. surplus £851. This is Iow8r than the trustees level of sufficient funds and the charity will endeavour to inerease thè level of reserves held in the followlng year. Plans for tha future The role of the Trusi will be lo support the C8thedr81 beSng a fund receiving and distribLtlion eharity For th8 foreseeable future this will be effedgd by Iran5f8rfing to the Cath8dral ev8ry fflollth income received from the Patrons, scherne, together with any other donations. St Edmundsbury Cathedral Trust Trustees, annual report (¢onNDuèdl Year ended 31 December 2023 strudure, governan¢e and management Sl Edmundsbury Cathedral Trust 15 a Charitable Incorporated Organisation and a charity registered In eft8cI from 31 Jètluary 2022. The charity is constituted and gov8rned by Itustees undèr the temis of its tnemorandum and articles of association. The ojrrenl board ol trustees and th8 ehanges which have ocsvrred since the previous annual report are as stsled in th8 rèfer8nc8 and 8dministrativ6 details of th8se accounts. Recrultm•nt and tralnlng New trustees are appointed with the specific needs of the charity in mind al the time of the vacancy, In lernis of skllls, expertlse. experience and knowledge of the relevant fleld of actlvity arid advicg which the trustees need. New truslge induction involves the provision of a copy of the governing docutnents and minutes of prior meetings. Risk management The major risks to the charity have b88n Identified and ￿VIewed. Systerns have been establlshed to mitigat8 these risk5. Sl Edrnund5bury Calhedrsl Trust follows good practice guidance Irom reco9nised independonl voluntary soclor standards oroanisab'ons to Bnsur8 that its services a￿ ol the highest qU81ity and to reduce risk. True and falr ovoThidg The financial statements have been prepared to glve a 'true and fall view and have departed from the Charities (Accounts and Reports) Regul&tsons 2008 only to th8 exlgnt required to provide a 'true and fair view,. This departure has Involved following the Accounting and Rtrporting by Charitie5." Statement ol Re¢omm8nd8d Praclic8 applicable to charitie5 preparing their accounts in accord8n¢e with the Financial Reporting Standard applicable In the UK and Republits of Ireland i$5utrrJ In October 2019 rather than the Accountsn9 and Reporting by Charitie5". Statement of Recommended Practice 8ffective from 1 April 2005 which has slnce been wlhdrawn. Independent Examln¢T reappointment A resolution to appoint L ThuI5ton FCCA of Lovew811 Blak8 LLP 8s indep8ndent exarniner wll be proposed at the next meeting. The trustees. annual r8port Was approvèd on trustee5 by.. and 5ign&l ￿ b8h8lf of the boar¢J of The Rev J P Hawe5 President St Edmundsbury Cathedral Trust Independent examiner's report to the trustees of St Edmundsbury Cathedral Trust Year ended 31 December 2023 I r6POrt to the charity trusteès on my examination of th8 financial Stat￿en15 01 the charity for the year ended 31 Decernbèr 2023 which cornprlse the stst8tnènt ol financial actimties, balance sheet and the relat8d notes. Responslbllltles and ba51s of rèport As the charity's trustees you are Te5ponsible for the preparnlion of Ihe fjnèncial ststem8nts in accordan¢e with the ￿quIrernents of the Charilies Act 2011 I'the Acl'l. I report in respect ol my examination ol the charily's linancial ststetnents carried out under section 145 01 the Act and in Carrying out my exarnination I have followed all the applicabl8 Directions given by the Charity Comm￿S￿On under section 14515llbl ol Ihe A¢t. Indgpendent examlnerfs statèTnènt I h8v& CoM￿et￿d my examination. I confirm that no rnaterial matters have come io rny attantion in ¢onTh8Ction with the exarnlnation gI￿ng me cau88 lo believe that in any material respect.. aceounting records were not kept in réspect of the rharity as ￿qUIred by $8Ction 130 of the Ad., or the financial stslements do not aecord with those records,. or the financial statements do not comply with th8 appficable requiTgrnents concerning the fom and content of accounts Sel out in the Charities IAccounts and R8POrtsl Regulations 2008 other than any requirement that the a¢cDunt5 give a 'lrue and fair, view which is not a matter Considered as part of an independent Examination. I have ￿ concerns ancl have come across no other matters in conn8ction with the examination to whi¢h 8tt8ntion should be drawn IN this report in or(Ser to enable a proper understanding ol the accounts to b8 reactted. Your atten￿0￿ is drawn ¢0 the f8Ct that the Charity has prepared the accounts (financial statements) in 8ccordance with Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and R8publlc of Ireland IFRS 1Q21 in preference to the Accounting and Reporting by Charities.. Stst8rn8nt of ReGommend8d Practice issued on 1 Apnl 2005 which 15 referred lo in th8 exlant ￿gUlationS bul has since been Wbthdrawn. l understand that this has been done in ord8r lor the accounts to provide a true and fair view in 8ccord8nc6 with the Generally Accepted Accounting Practice effective for r8POrting periods beginning on or after 1 January 2015. Ic/. L Thurston FCCA Independent Exarnin8T Lovewell Blake LLP Charfered accountants Fir51 Floor Suite 2 Hillside 8u5iness Pa Bury St Edmunds IP32 7EA st Edmundsbury Cathedral Trust Statement of financial activities Year ended 31 December 2023 Period frorn 1Feb22to 31 D8c22 Year to 31 Dec 23 Unrestricted funds fotsl funds Tolal funds Nc*te Income and endowments Dorialions and legacies Other trading activities Total Income 1.130 38.707 1,130 38.707 5DO 80,668 81.188 39,837 39.837 Exp•nditure Charitable activtties 41.135 41,135 81,083 Total expenditure 41,135 41,135 81,083 N•1 lexpenditurellincome 8nd net movement In funds 11,2981 11,2981 85 Rèconclllatlon ol fund5 Tolal ILsnds brought forward Total funds carrled forward 85 85 11,2131 11,2131 85 The 5t8lemenl ol financial activities indudes all gains and thses recognised in the year. All inGome and expenditure derive from Gontinuing activitias. The notes on page5 7 to 10 form part of thtsè financlal statements. St Edmundsbury Cathedral Trust Balance sheet 31 December 2023 2023 2022 Note Currpnt assels Cash at bank and in hand 337 1,465 Crèditors: Amount5 falling due wlthln one year 10 11,5501 11,3801 Net cvrrent Ilabllltles 11.2131 11,2131 11.2131 85 Total assets les5 current liabillties 85 85 Funds of the charity un￿ 5tricled funds 11,2131 11.2131 85 Total charity funds 11 85 Thes anctral stalements werè approved by the trx)ard of trustse5 and authorised lor Issue 31wlkts.M, and are signed on behalf ol the board by.. ev J P Hawes Presidènt The note$ on page5 7 to 10 form part ofthese flnan¢Sal statements. St Edmundsbury Cathedral Trust Notes to the financial statements Year ended 31 December 2023 General inlormation The charity is 8 registered Charitable Incorporated Organisation in England and W8les. The re9i5t8red addiess 8nd principal office is Abbey House, Angel Hill. 8ury Sl. Edmund5, 1P33 1LS. Statement of compliance The charily constitute5 a public benefit enbty as defined by FRS 102. The financial statements hav8 been prep8reiJ In accordance with Accounting and R&porting by Charities.. Statement of Recommended Pr8Ctice applicable to ¢harib'es pr8P8riTrg thelr accounls in 8¢cord8nc8 Wlth lh& Financial R8porbng Slandard applicable in the UK and Republic of Ireland issued in OctoLier 2019. the Financial Reportsng Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021. the Charities Act 2011 and UK Gen8ralty Accepted Aceounling Practice. The financial stalem8nts have been prepared lo give a'true and lairf view and have departed from the Charities (Acctrunts and Reports) Regulations 2008 only to the extent required to prowde a 'true 2nd lair vlow,. This departur8 ha5 Involved following the Accounling and Reporiing by Charities.. St8temenl of Recornmended Practice 8pplic8b18 to charities p￿paring their accounts in accordance with the Financ￿al Reporting Standard applicable In the UK and Republic of Ifeland issued in October 2019 rather than the Accounting and R8POrting by Charities.. Statement of Recomrnended Practice èff8ctiva from 1 April 2005 which h8s Sin￿ been withdrawn. Accounting pollcles Basis of preparatlon Tre financial statements have been prepared on the historical cost basis, as fflodified by the rev8lu8tion ol certain financial 8S5ets and liabilities and investm&nt propetbes meaSU￿d al lair value through incom8 or expanditure. The financial 5tatem8nts are prepared in sterfing. which is the functional currency of the Entity. Golng concèrn The accounts have been prepared on the going conogm basis and the Trustees believe Ihal no material uncertainties exist. The trustees hav8 considered the level of funds held and the exp8cted income and expenditure for the next 12 months from 8uthori8ing those financial statements. The budgeted income and expenditure is sufficient wilh the level of reserves for the charity to be able to continue as a golng concern. Fund accounting Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity wlhout further specified purposes 8n(S are available as gener81 funds al the discretion of thè Irustees. Where necessary, designated fund5 are unrestricted fuFids earmarked by the trustee5 for particular future project or commitment. Where nècessary, restricted fund5 are subjected lo restrSctions thèir èxpènditure dgclarod by the donor or through th8 terms of an appeal, and fall into one of two sub¢lasses'. restricted tncome fund3 or endowment funds St Edmundsbury Cathedral Trust Notes to the financlal statements IcontillU8LII Year ended 31 December 2023 Accounting PC*ll¢les (¢onllnuedJ Incornt All income is included in the statement of financial activities when 8ntitl8rnent has passed to the charity. it 18 probable that the economic benefits associated with the transaction will flow to th8 charity and the amount can be reliably mpasured. incorne from donatlons or grant5 is recognlsed when there is evidence of entillernent to the gift, receipl is probable and its Emounl can b& rneasured reliably. Expendlture AII exp8nditu￿ is accounted for on accruals b8S15 as a liabllSty is incurr8d. Expenditur& includes any VAT which cannot be recovered and 15 reported as part of the expenditure lo which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its act¥viti85. It includes both ¢osls that can be allocated directty to such activthes 8nd those costs ol an indirect nature neEe55ary to support Ihern. Financial in5trumEnts A financial ass81 or a financial li?bilty is recogniseo only when the entity becomes a party to the contractual provisions of the instrurnent. Basic financial inBlrurnents are inrfoally recogni5gd at thg an￿￿nt receivabl8 or payable Includlng any related transaction costs. unless the arran9ement Constitutes a financing transaction, where it i recognised at the present value of the futu￿ payments discounted at a market rate of Inte￿$t for a similar debt instrumènt. Current assets and current liabilities are subsequently measured at the cash or other con3ideralion exp8eted to be paid or rec8ived and not discounted. Debt in5truffftnls are sub58qu8nlly measured at amortised cost. Donations and legaci85 Unrestri¢ted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Donations Donations from individuals 1,130 1.130 500 500 Other trading a¢tivities UnrestriclecS Total Funds Funds 2023 Unresiricled Total Funds Funds 2022 Fundraising income Chairs appeal 25,234 13.473 25.234 13,473 23,201 57,467 80,668 23,201 57,467 38,707 38,707 80,668 St Edmundsbury Cathedral Trust Notes to the financial statements (conllnugdl Year ended 31 December 2023 Expenditure on charitable activitles by fund type Unrestricted Total Fund5 Unrestricted Toi81 Funds FutKIs 2023 Funds 2022 Fundralsing expenditure Support C05t$ 39.543 1.592 39,543 1.592 79,703 1.380 79,703 1,380 81,083 41.135 41.135 81.083 Analysis of support costs 2023 2022 Indèpendent examination fees 1,592 1,380 Slaff co$t$ The average head count of employees during the year wa8 Nil12022.. Nill. No employee received employee benefits of More than £60,000 during thtrs or tha prior yè8r. Trustee remun•ratlon and expenses During the ye8r th8 amount paid lo Iruslees in ￿SpeCt of remuneration. benefits and or expenses was £Nil12022-. £NS11. 10. Cr•dltors: Amoun¢s falllng dut wlthln one yéar 2023 2022 Acuua15 and deferred income 1.550 1,380 11. Analysos of charltablè funds At31 At 1 January 2023 D8cemb8r Ineotne Expenditure 2023 Unrestricted Funds 85 39,837 141,1351 11,2131 At31 December 2022 At 1 February 2022 IncDme Expenditure Unrestricted Fund5 81.168 181.0831 85 St Edmundsbury Cathedral Trust Notes to the financial statement5 Icontsnuedj Year ended 31 December 2023 12. Analysis of net 855ets betw*en lund$ Current Creditors Less Assets Than 1 Year Total Year ende¢ 31 December 2023 Unreslricted Funds 337 11,5501 11.2131 Current Crediltsrs Less Assets Than 1 Year Total Per40d ended 31 December 2022 Unrestricted Funds 1,465 11.3BOI 85 13. Related partie$ During the year the charity payments totalling £25,000 {2022'. £21,000) to The Calh8dral Church of S8inl James and Salnl Edmunds. Bury St Edmunds. a conne¢t8d charity. At the year End dat8 the balance owed to The Cathedral Church of Sainl Jarne5 and S8inl Edmunds, Bury St Edmund5 totalled £Nil12022.- £Nill. Th8re wero no other related party transactions duriHg this or the prior year. 10-