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← Chichester Cathedral Restoration And Development Trust CIO

2024-03-31-accounts

Charity Registration No. 1156729

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

TRUSTEES' ANNUAL REPORT AND CONSOLIDATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

CONTENTS
Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Report of the independent auditors 8 - 10
Consolidated statement of financial activities 11
Charity statement of financial activities 12
Consolidated balance sheet 13
Charity balance sheet 14
Consolidated statement of cash flows 15
Notes to the consolidated accounts 16 - 28

Trustees' Annual Report

For the year ending 31 March 2024

Legal and administrative information

Registered Office: The Royal Chantry, Cathedral Cloisters, Chichester. PO19 1PX. Telephone: 01243 812480 Email: trust@chichestercathedral.org.uk Website: www.chichestercathedraltrust.org.uk Charity Numbers : 1156729 (Chichester Cathedral Restoration & Development Trust CIO) 280328 (Chichester Cathedral Restoration & Development Trust) Auditors: TC Group, The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN Accountants: Maximus Accountancy Services Limited, 47 Kensington Road, Chichester, West Sussex, PO19 7XS Bankers : The Central Board of Finance of the Church of England, 80 Cheapside, London EC2V 6DZ Barclays Bank PLC West Sussex Group, PO Box 54, Chichester, West Sussex. PO19 1HT CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent. ME19 4JQ

Trustees and Officers during the year ended 31 March 2024

of the Chichester Cathedral Restoration and Development Trust CIO (charity number 1156729) and the Chichester Cathedral Restoration and Development Trust (charity number 280328)

Patrons

Lady Emma Barnard – Lord Lieutenant of West Sussex Mr Andrew Blackman – Lord Lieutenant of East Sussex

Trustees

Ian Buckley (Chairman), Reverend Vanessa Baron, Deborah Bedford JP DL, John Bruell, Thalia Brotherton-Ratcliffe, Jeannie Whitman Esdaile, Allan Hepworth, Daniel Hodson, Roger Walkinton (from 4 August 2023), Reverend Simon Holland (Interim Dean of Chichester Cathedral), Rebecca Mayhew (from 9 February 2024)

Governors

Denise Patterson DL (until 9 February 2024) Hilary Tupper DL (until 9 February 2024) The Earl of Cork & Orrery Daniel Stewart-Roberts

Director of Fundraising Alison George

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The Trustees present their report with the financial statements of Chichester Cathedral Restoration and Development Trust CIO ("the Trust") for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reporting 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 (FRS 102) (effective 1 January 2019).

Objectives

The objects of the Trust are as follows:

The core income of the Trust comes from grant making trusts and foundations, individual donations and regular giving linked to Gift Aid. This income provides the basic resources vital for the day-to-day operation of the Trust and the forward planning of expenditure for the restoration and development of the Cathedral. The Trust also relies heavily on legacies and fundraising events.

Achievements

During the last financial year, the Trust continued to support the Cathedral with applications to funders which resulted in the following grants:

Paid direct to Chapter:

Paid to the Trust:

The Trust also benefitted from individual giving and grants from endowments.

During the year the Trust provided funds to Chapter to support the following:

During the year the Trust has benefited from funds received from its predecessor, the Chichester Cathedral Restoration and Development Trust (charity number 280328). That charity continues to benefit from legacies, and although inactive, remains on the Charity Commission register.

The Trust successfully recruited a Trust and Foundations Manager to fill a vacancy arising during the year. In addition, the Trust’s Fundraising Apprentice successfully completed this programme and was promoted to a Fundraising and Insights role.

Fundraising

The Trust relies on voluntary income to fund its work. This income is generated through fundraising appeals to the public, funding applications and organising events. It is a member of the Chartered Institute of Fundraising, is registered with the Fundraising Regulator and follows the Code of Fundraising Practice.

2

Specific fundraising activities during the year included the following:

Future project funding

The statutory 5-yearly (quinquennial) inspection identifies key projects requiring restoration, conservation and maintenance. Capital works are costed by the Surveyor of the Fabric and the Quantity Surveyor, who also provide Chapter with advice on the priority of each project. In addition, the Cathedral’s ‘Vision 2025’ sets out a 5-year business plan for growth and engagement. At 31 March 2024 the Trust had agreed in principle to provide grants to the Cathedral for the following major projects:

The Platinum Endowment Trust for Music

In the year ended 31 March 2023 the Trust successfully established the Chichester Cathedral Platinum Endowment Trust for Music (CCPETM) to raise an initial target of £5million to support the cost of music. For practical reasons, and following legal advice, CCPETM has been established with the Trust as the Corporate Trustee. A consequence of this is that the net income and assets of CCPETM are required to be included in the Trust’s financial statements. However, CCPETM has its own committees for governance and fundraising, as well as a separate bank account, and its fundraising and grant-making activities will be managed independently from the existing activities of the Trust. Her Grace, The Duchess of Richmond & Gordon, is CCPETM’s Patron. In the prior year Chapter gave £2million from its restricted funds for music as initial funding for the endowment. As an endowment fund the investment income is available to be expended. The funds within CCPETM are managed by CCLA Investment Management Limited and are regularly reviewed by the CCPETM governance committee.

Education

The Trust will continue to draw on the consultation to re-establish the Cathedral’s educational offering to raise money to fund one full-time and one part-time salary for 3 years.

Future fundraising activities

Future fundraising events planned for the year ahead include:

Volunteers

The Trust would achieve very little without the large number of volunteers who help in all fundraising and other activities. This includes the Festival of Flowers Management Team, Festival Chiefs, Festival Arrangers, other Festival volunteers, American Patrons Committee, Roof Appeal Committee, Advisory Council, Music Endowment governance and fundraising committees, office-based volunteers, the Finance Committee and, of

3

course, all our Trustees, who are themselves volunteers. The Trust team is immensely grateful to all who willingly and generously dedicate their time and expertise in the interests of the Trust and the Cathedral.

Financial review

Income

Total Income of the Trust and its subsidiary company amounted to £1,563,501 during the year, compared with £3,571,322 in the prior year. Income from donations, grants and legacies was £1,456,292, which compares with £3,306,712 in the prior year. Included in the prior year was a £2,000,000 donation from the Cathedral’s restricted funds for music as initial funding for the Chichester Cathedral Platinum Endowment Trust for Music (CCPETM).

Expenditure

During the course of the year, the Trust made grants of £1,618,579 (£1,391,721 in the prior year) to the Cathedral towards the ongoing restoration and development programme.

Reserves

The balances held by the Trust and its subsidiary company at the end of the financial year were:

2024 2023 2022
Restricted Funds: Organ Fund £384,082 £347,911 £360,070
Tudor Painting Fund £36,578 £32,650 £36,010
Bell Tower Fund £8,595 £8,595 £8,595
High Roofs Fund - £261,407 £245,561
Nave Fund - - £66,500
Festival of Flowers £64,505 - £91,086
Learning and Education - - £6,050
Choral £19,383 - £14,100
Cathedral Flowers - - £191
Theology Network - - £17
Foodbank £100 £100 -
£513,243 £650,663 £828,180
Permanent Endowment
Fund:		 Platinum Endowment Trust for Music £2,406,747 £2,045,316 -
Unrestricted Funds: Fabric Fund £271,590 £298,993 £664,290
Lighting Project Designated Fund - £269,012 -
Total Funds £3,191,580 £3,263,984 £1,492,470

The Organ Fund arose from donations for the long-term care and maintenance of the Cathedral organ and includes accumulated income. The Trust pays for continuous monitoring of the Organ. The Trust is permitted to charge reasonable administration costs to the fund.

The Tudor Painting Fund is for the benefit of the restoration and maintenance of the Tudor paintings in the South and North Transepts of the Cathedral. The conservators are continuing to review the environmental effects on the condition of the paintings and the Fund will be used to undertake work in this area.

The Bell Tower Fund is for the cost of emergency repairs to the Bell Tower. It was created by a grant from the Monument Trust.

The High Roofs Fund relates to donations towards the re-roofing of the Cathedral.

The High Roofs (Nave) Fund relates to donations specifically towards the re-roofing of the Cathedral Nave.

The Festival of Flowers Fund comprises donations towards the cost of staging the Festival of Flowers. These funds are typically expended every other year as it is normally a biennial event.

The Learning and Education Fund and Choral Fund relate to donations specifically towards these aspects of the Cathedral’s activities.

Cathedral Flowers consisted of donations received towards the weekly flowers in the Cathedral.

Theology Network consisted of donations received towards a project to provide free online learning resources.

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The Platinum Endowment Trust for Music was established to support the cost of music in the Cathedral, as referred to above.

The Fabric Fund holds the unrestricted funds that are required to meet the future project funding as set out above. The total held in this fund will not be sufficient to meet the total of these and other future major projects without further fundraising.

The Lighting Project Designated Fund was unrestricted funds set aside by the Trust to fund the enhancement of the Cathedral lighting. The balance of the fund was paid to Chapter during the year.

Investment policy

Short term reserves are held either as cash or short-term investments to ensure that commitments can be met when required. Longer-term reserves such as the Organ Fund are invested in Sarasin Endowments Fund accumulation units. All investments are reviewed quarterly by the Finance Committee and reported in detail to Trustee meetings.

The Trustees consider that a minimum of £200,000 of unrestricted funds should be retained in cash reserves and short-term investments at any one time, to enable them to respond to emergency requirements of the Cathedral and to support the running costs of the Trust.

Public benefit

The Charities Act 2011 includes the advancement of the Arts, Culture, Heritage or Science as a description of a charitable purpose. As noted in this report the objects of the Trust include the restoration, improvement, development, maintenance and repair of the Cathedral and the promotion and improvement of the musical and educational facilities of the Cathedral. The Trustees have paid due regard to the Charity Commission’s guidance on public benefit. By raising funds for the work that falls within its objects the Trust is providing a significant public benefit to a wide section of the community. The building, which is open to all without charge, is a centre for the religious, artistic and cultural life of the community not only in Chichester but throughout Sussex and beyond. In addition, the Cathedral is a nationally important heritage asset.

The Trust and the Cathedral’s mission

The Trustees consider that it is important that the public is aware of the assistance which the Trust gives to the Cathedral in its outreach programme to the population of East and West Sussex. They believe that the work of the Trust has raised the profile of the Cathedral and attracted many thousands of people, from different faiths and backgrounds, to visit the Cathedral. In this way the lives of many will be touched by Christ and His community in Sussex.

Employees

As at 31 March 2024 the Trust had five employees (one full time and four part time): Director of Fundraising, Trust and Foundations Manager, Fundraising and Insights Officer, Finance & Governance Manager and Flower Festival Co-ordinator. Staffing levels and remuneration are set by the Trustees based on agreed objectives and targets whilst also taking into account movements in the Consumer Prices Index.

Trustee recruitment

New Trustees are:

Relevant courses and seminars are advertised to all Trustees who are encouraged to attend. The majority of the Trustees hold similar positions with other charities and are able, therefore, to bring to the Trust knowledge, training and experience, both on appointment and throughout their period of service as a Trustee.

All Trustees are provided with a copy of a summary of their duties as laid out in the Charities Act 2011.

Decision making

The Trustees direct the overall strategy and investment policy of the Trust. A sub-committee of the Trustees considers financial and employee related matters and makes recommendations to the Trustees. All decisions affecting the Trust are made at quarterly Trustee Meetings. The Governors, all of whom have served as

5

Trustees, attend Trustees’ Meetings as well as ad hoc meetings with the Director of Fundraising, with involvement by the Chairman of the Trust whenever relevant.

Risks

The Trustees review periodically the major risks to which the Trust is exposed. Reports are given to the Trustees at quarterly meetings by the Finance Committee and Management Team, where they consider new and ongoing risks, agreeing mitigating actions as necessary. A separate risk assessment is carried out before each major fundraising event. Principal risks are judged to be:

The Trustees are satisfied that appropriate systems are in place to reduce the likelihood or to mitigate the impact of these risks.

The Trustees believe that corruption, bribery and unfair actions hamper development and impede progress. They insist on integrity in all aspects of the Trust’s activities and expect the same from all those who work with the Trust.

Predecessor Trust

In a settlement dated 1 May 1980, the Dean and Chapter of The Cathedral Church of The Holy Trinity in Chichester settled £100 on a charitable trust to be called the Chichester Cathedral Restoration & Development Trust. The Trust permits a maximum of fourteen Trustees, including the Dean and a Trustee nominated by the Chapter. The Trustees are appointed for periods of 3 years, up to a maximum of 12 years. The Trustees have wide powers of investment and powers to employ and pay officers.

Charitable Incorporated Organisation

On 16 April 2014 the Trust registered as a Charitable Incorporated Organisation (England and Wales) to be called the Chichester Cathedral Restoration and Development Trust CIO. Its objectives are the same as the objects of the original Trust, and its constitution contains the same provision for numbers of Trustees and terms of office. The Trustees have wide powers of investment and powers to employ and pay officers.

The original Trust remains in existence as a dormant charity in order to benefit from any future legacies.

Chichester Cathedral Restoration Trust Events Limited

In 2001 the Trustees established a trading subsidiary called Chichester Cathedral Restoration Trust Events Limited. It undertakes activities that could be regarded as trading, including the management of the biennial Festival of Flowers, and pays all of its profits to the Trust as a gift aid donation.

Copies of the Trust Deed, subsequent Deeds of Variation, the Consolidated Declaration of Trust and the CIO constitution are available on request.

Signed by Order of the Trustees

Ian Buckley

John Bruell

26 July 2024

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CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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REPORT OF THE INDEPENDENT AUDITORS

TO THE TRUSTEES OF CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

Opinion

We have audited the financial statements of Chichester Cathedral Restoration & Development Trust CIO (the 'parent charitable incorporated organisation’) and its subsidiaries (the ’group’) for the year ended 31 March 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charitable incorporated organisation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going 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 group’s or parent charitable incorporated organisation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Charities Act 2011

In our opinion, based on the work undertaken in the course of the audit:

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REPORT OF THE INDEPENDENT AUDITORS

TO THE TRUSTEES OF CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable incorporated organisation 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 Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable incorporated organisation'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 trustees either intend to liquidate the group or parent charitable incorporated organisation or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities 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 users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

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REPORT OF THE INDEPENDENT AUDITORS

TO THE TRUSTEES OF CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable incorporated organisation’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable incorporated organisation’s trustees those matters we are required to state to them in an auditors' 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 incorporated organisation and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Cummins FCCA (Senior Statutory Auditor) For and on behalf of TC Group Statutory Auditor

Office: Steyning, West Sussex

19 August 2024

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CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted Endowment Total Total
Note funds funds funds 2024 2023
£ £ £ £ £
Income and endowments from:
Donations and legacies 2 210,794 1,141,937 103,561 1,456,292 3,306,712
Trading activities:
- Festival of Flowers 23,056 - - 23,056 233,306
- Other 3 14,830 - - 14,830 12,250
Investments 4 9,770 - 59,553 69,323 19,054
──────── ──────── ──────── ─────── ────────
Total income and endowments 258,450 1,141,937 163,114 1,563,501 3,571,322
Expenditure on: 5
Raising funds:
- Festival of Flowers 50,510 - - 50,510 201,242
- Other 138,144 - 1,144 139,288 150,598
──────── ──────── ──────── ─────── ────────
188,654 - 1,144 189,798 351,840
Charitable activities:
Grants payable and support costs 5 366,211 1,323,456 (9,647) 1,680,020 1,467,748
──────── ──────── ──────── ─────── ────────
Total expenditure 554,865 1,323,456 (8,503) 1,869,818 1,819,588
Net gains / (losses) on
investments 11 - 44,099 189,814 233,913 19,780
──────── ──────── ──────── ─────── ────────
Net income/(expenditure) (296,415) (137,420) 361,431 (72,404) 1,771,514
Transfers between funds 14, - - - - -
15
──────── ──────── ──────── ─────── ────────
Net movement in funds (296,415) (137,420) 361,431 (72,404) 1,771,514
Reconciliation of funds:
Total funds brought forward 568,005 650,663 2,045,316 3,263,984 1,492,470
──────── ──────── ──────── ─────── ────────
Total funds carried forward 271,590 513,243 2,406,747 3,191,580 3,263,984
════════ ════════ ════════ ═══════ ════════

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CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

CHARITY STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted Endowment Total Total
Note funds funds funds 2024 2023
£ £ £ £ £
Income and endowments from:
Donations and legacies 2 210,794 1,141,937 103,561 1,456,292 3,306,712
Trading activities:
- Festival of Flowers - - - - -
- Other 3 14,830 - - 14,830 12,250
Investments 4 9,770 - 59,553 69,323 19,054
──────── ──────── ──────── ─────── ────────
Total income and endowments 235,394 1,141,937 163,114 1,540,445 3,338,016
Expenditure on: 6
Raising funds:
- Festival of Flowers - - - - -
- Other 138,144 - 1,144 139,288 150,598
──────── ──────── ──────── ─────── ────────
138,144 - 1,144 139,288 150,598
Charitable activities:
Grants payable and support costs 6 364,921
1,323,456		 (9,647) 1,678,730 1,466,363
──────── ──────── ──────── ─────── ────────
Total expenditure 503,065 1,323,456 (8,503) 1,818,018 1,616,961
Net gains / (losses) on
investments 11 - 44,099 189,814 233,913 19,780
──────── ──────── ──────── ─────── ────────
Net income/(expenditure) (267,671) (137,420) 361,431 (43,660) 1,740,835
Transfers between funds 14, - - - - -
15
──────── ──────── ──────── ─────── ────────
Net movement in funds (267,671) (137,420) 361,431 (43,660) 1,740,835
Reconciliation of funds:
Total funds brought forward 581,308 650,663 2,045,316 3,277,287 1,536,452
──────── ──────── ──────── ─────── ────────
Total funds carried forward 313,637 513,243 2,406,747 3,233,627 3,277,287
════════ ════════ ════════ ═══════ ════════

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CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 10 - 830
Investments 11 2,720,777 2,430,864
──────── ────────
2,720,777 2,431,694
Current assets
Debtors 12 43,523 47,150
Cash at bank and in hand 493,685 803,626
──────── ────────
537,208 850,776
Creditors: amounts falling due
within one year 13 (66,405) (18,486)
──────── ────────
Net current assets 470,803 832,290
──────── ────────
Total assets less current liabilities 3,191,580 3,263,984
════════ ════════
Charity funds
Permanent endowment funds 15 2,406,747 2,045,316
Restricted funds 15 513,243 650,663
Unrestricted funds 14 271,590 568,005
──────── ────────
Total charity funds 3,191,580 3,263,984
════════ ════════

The accounts were approved by the Trustees on 26 July 2024 and signed on their behalf by:

Ian Buckley (Chairman) Trustee

John Bruell Trustee

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CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

CHARITY BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 10 - 830
Investments 11 2,720,778 2,430,865
──────── ────────
2,720,778 2,431,695
Current assets
Debtors 12 51,970 113,877
Cash at bank and in hand 480,089 749,276
──────── ────────
532,059 863,153
Creditors: amounts falling due
within one year 13 (19,210) (17,561)
──────── ────────
Net current assets 512,849 845,592
──────── ────────
Total assets less current liabilities 3,233,627 3,277,287
════════ ════════
Charity funds
Permanent endowment funds 15 2,406,747 2,045,316
Restricted funds 15 513,243 650,663
Unrestricted funds 14 313,637 581,308
──────── ────────
Total charity funds 3,233,627 3,277,287
════════ ════════

The accounts were approved by the Trustees on 26 July 2024 and signed on their behalf by:

Ian Buckley (Chairman) John Bruell Trustee Trustee

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CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £
Net cash flow from operating activities - see below (323,264) 1,903,743
Cash flow from investing activities
Receipts from sales of investments 4,000 -
Payments to acquire investments (60,000) (2,036,114)
Interest received 69,323 4,163
Dividends received - 14,891
──────── ────────
Net cash flow from investing activities 13,323
(2,017,060)
──────── ────────
Net (decrease) / increase in cash and cash equivalents (309,941) (113,317)
Cash and cash equivalents at 1 April 2023 803,626 916,943
──────── ────────
Cash and cash equivalents at 31 March 2024 493,685
803,626
════════ ════════
Cash and cash equivalents consists of:
Cash at bank and in hand 280,449 655,361
Short term deposits 213,236 148,265
──────── ────────
Cash and cash equivalents at 31 March 2024 493,685 803,626
════════ ════════
Reconciliation of net income to net cash flow from operating activities
Net (expenditure) / income for year (72,404) 1,771,514
Dividends receivable - (14,891)
Interest receivable (69,323) (4,163)
Depreciation of tangible fixed assets 830 1,107
Unrealised gains on investments (233,913) (19,780)
Decrease in stock - 6,204
Decrease in debtors 3,627 232,777
Increase / (decrease) in creditors 47,919 (69,025)
──────── ────────
Net cash flow from operating activities (323,264)
1,903,743
════════ ════════

15

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

1.1 Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting 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 (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

1.2 Basis of consolidation

These accounts consolidate the results of Chichester Cathedral Restoration and Development Trust CIO (the Trust), its wholly owned subsidiary Chichester Cathedral Restoration Trust Events Limited and its predecessor charity, Chichester Cathedral Restoration and Development Trust, on a line-by-line basis.

1.3 Income

All income is recognised in the Statement of Financial Activities once the Trust has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.

1.4 Expenditure

Expenditure is recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. As the Trust is not registered for VAT, the VAT suffered is reported as part of the expenditure to which it relates. All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to that category as follows:

1.5 Tangible fixed assets and depreciation

Equipment costing more than £1,000 is capitalised and included at cost including any incidental expenses of acquisition. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Equipment

25% per annum straight line

1.6 Stock

Stocks of goods for resale are stated at the lower of cost and net realisable value calculated on a first in first out basis.

16

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting Policies (continued)

1.7 Investments

Investments in subsidiaries are measured at cost less impairment.

1.8 Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

1.9 Pensions

The Trust operates a defined contribution pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

1.10 Accumulated funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.11 Taxation

The Trust is not liable to taxation on its income applied for charitable purposes.

2 Donations and legacies - group and charity

Group Unrestricted Restricted Endowment Total Total
funds funds funds 2024 2023
£ £ £ £ £
Donations and gifts 83,239 1,141,937 103,561 1,328,737 3,284,726
Legacies receivable 127,555 - - 127,555 21,986
──────── ──────── ──────── ──────── ────────
210,794 1,141,937 103,561 1,456,292 3,306,712
════════ ════════ ════════ ════════ ════════
Charity Unrestricted Restricted Endowment Total Total
funds funds funds 2024 2023
£ £ £ £ £
Donations and gifts 83,239 1,141,937 103,561 1,328,737 3,284,726
Legacies receivable 127,555 - - 127,555 21,986
──────── ──────── ──────── ──────── ────────
210,794 1,141,937 103,561 1,456,292 3,306,712
════════ ════════ ════════ ════════ ════════

Donations and gifts includes donations in support of the Festival of Flowers.

17

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Income from other trading activities

Income from other trading activities consists of income from fundraising events of £14,771 (2023 £10,691) and income from the sale of promotional items of £59 (2023 £1,559).

4 Investment income - group and charity

Investment income - group and charity
Group
Group and charity and charity
Unrestricted Restricted Endowment Total Total
funds funds funds 2024 2023
£ £ £ £ £
Income from listed investments - - 59,553 59,553 14,891
Interest receivable 9,770 - - 9,770 4,163
──────── ──────── ──────── ──────── ────────
9,770 - 59,553 69,323 19,054
════════ ════════ ════════ ════════ ════════

5 Total resources expended - group

Staff Depreciation Other Grant Total Total
costs costs funding 2024 2023
£ £ £ £ £ £
Costs of generating funds
Festival of Flowers 15,086 - 35,424 - 50,510 201,242
Other 122,549 - 16,739 - 139,288 150,598
────────
──────── ──────── ──────── ──────── ────────
Total 137,635 - 52,163 - 189,798 351,840
──────── ──────── ──────── ──────── ──────── ────────
Charitable activities
Grants payable
Grant funding of
activities - - - 1,618,579 1,618,579 1,391,721
Support costs (note 7) 38,912 830 21,699 - 61,441 76,027
─────── ──────── ──────── ──────── ──────── ────────
Total 38,912 830 21,699 1,618,579 1,680,020 1,467,748
───────
──────── ──────── ──────── ──────── ────────
176,547 830 73,862 1,618,579 1,869,818 1,819,588
═══════ ════════ ════════ ════════ ════════ ════════

All grants were paid to the Cathedral. Details of the grants paid during the year are disclosed in the Trustees' Report.

Staff costs for the Festival of Flowers relate to the employment costs of the Flower Festival Coordinator.

18

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Total resources expended - charity

Staff Depreciation Other Grant Total Total
costs costs funding 2024 2023
£ £ £ £ £ £
Costs of generating funds
Festival of Flowers - - - - - -
Other 122,549 - 16,739 - 139,288 150,598
────────
──────── ──────── ──────── ──────── ────────
Total 122,549 - 16,739 - 139,288 150,598
──────── ──────── ──────── ──────── ──────── ────────
Charitable activities
Grants payable
Grant funding of
activities - - - 1,618,579 1,618,579 1,391,721
Support costs (note 7) 38,912 830 20,409 - 60,151 74,642
─────── ──────── ──────── ──────── ──────── ────────
Total 38,912 830 20,409 1,618,579 1,678,730 1,466,363
───────
──────── ──────── ──────── ──────── ────────
161,461 830 37,148 1,618,579 1,818,018 1,616,961
═══════
════════ ════════ ════════ ════════ ════════
Support costs
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Office costs 9,941 9,651 25,496 25,036
Staff costs 38,912 38,912 37,796 37,796
Depreciation 830 830 1,107 1,107
Governance costs:
Audit fees 8,400 8,400 7,620 7,620
Accountancy fees 3,025 2,025 3,510 2,585
Trustees' meeting costs 333 333 498 498
──────── ──────── ──────── ────────
11,758 10,758 11,628 10,703
──────── ──────── ──────── ────────
──────── ──────── ──────── ────────
61,441 60,151 76,027 74,642
════════ ════════ ════════ ════════

7 Support costs

19

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Comparatives for the statement of financial activities - group

Unrestricted Restricted Endowment 2023
Funds Funds Funds Total
£ £ £ £
Income and endowments from
Donations and legacies 83,105 1,215,837 2,007,770 3,306,712
Trading activities
- Festival of Flowers 233,306 - - 233,306
- Other fundraising activities 12,250 - - 12,250
Investment income 4,163 - 14,891 19,054
──────── ──────── ──────── ────────
Total income 332,824 1,215,837 2,022,661 3,571,322
Expenditure on
Raising funds
Festival of Flowers 201,242 - - 201,242
Other 150,137 - 461 150,598
──────── ──────── ──────── ────────
351,379 - 461 351,840
Charitable activities
Grants payable and support costs 215,292 1,242,673 9,783 1,467,748
──────── ──────── ──────── ────────
Total expenditure 566,671 1,242,673 10,244 1,819,588
────────
──────── ──────── ────────
Net gains/(losses) on investment assets - (13,119) 32,899 19,780
──────── ──────── ──────── ────────
Net income/(expenditure) (233,847) (39,955) 2,045,316 1,771,514
Transfers between funds 137,562 (137,562) - -
──────── ──────── ──────── ────────
Net movement in funds (96,285) (177,517) 2,045,316 1,771,514
Reconciliation of funds
Total funds brought forward 664,290 828,180 - 1,492,470
──────── ──────── ──────── ────────
Total funds carried forward 568,005 650,663 2,045,316 3,263,984
════════ ════════ ════════ ════════

20

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Comparatives for the statement of financial activities - charity

Unrestricted Restricted Endowment 2023
Funds Funds Funds Total
£ £ £ £
Income and endowments from
Donations and legacies 83,105 1,215,837 2,007,770 3,306,712
Other trading activities
- Festival of Flowers - - - -
- Other fundraising activities 12,250 - - 12,250
Investment income 4,163 - 14,891 19,054
──────── ──────── ──────── ────────
Total income 99,518 1,215,837 2,022,661 3,338,016
──────── ──────── ──────── ────────
Expenditure on
Raising funds
Festival of Flowers - - - -
Other 150,137 - 461 150,598
──────── ──────── ──────── ────────
150,137 - 461 150,598
Charitable activities
Grants payable and support costs 213,907 1,242,673 9,783 1,466,363
──────── ──────── ──────── ────────
Total expenditure 364,044 1,242,673 10,244 1,616,961
──────── ──────── ──────── ────────
Net gains/(losses) on investment assets - (13,119) 32,899 19,780
──────── ──────── ──────── ────────
Net income/(expenditure) (264,526) (39,955) 2,045,316 1,740,835
Transfers between funds 137,562 (137,562) - -
──────── ──────── ──────── ────────
Net movement in funds (126,964) (177,517) 2,045,316 1,740,835
Reconciliation of funds
Total funds brought forward 708,272 828,180 - 1,536,452
──────── ──────── ──────── ────────
Total funds carried forward 581,308 650,663 2,045,316 3,277,287
════════ ════════ ════════ ════════

21

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

9 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was: 2024 2023
Number Number
Full time 1 2
Part time 4 3
─────── ───────
5 5
═══════ ═══════
Employment costs 2024 2023
£ £
Wages and salaries 148,451 156,200
Social security costs 9,540 11,128
Other pension costs 10,837 10,923
─────── ───────
168,828 178,251
═══════ ═══════

Part time employees include a member of staff employed on a temporary basis for the Festival of Flowers, the cost of which has been included in the accounts of Chichester Cathedral Restoration Trust Events Limited.

There were no employees whose annual remuneration was £60,000 or more.

The total amount of employee benefits received by key management personnel is £132,347 (2023 £142,698). The Trust considers its key management personnel comprise the Director of Fundraising, the Trust and Foundations Manager, and the Finance and Governance Manager.

10 Tangible fixed assets - group and charity

Equipment
£
Cost
At 1 April 2023 6,357
Additions -
Disposals -
───────
At 31 March 2024 6,357
───────
Depreciation
At 1 April 2023 5,527
Charge for the year 830
On disposals -
───────
At 31 March 2024 6,357
───────
Net book value
At 31 March 2024 -
═══════
At 31 March 2023 830
═══════

22

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

11 Fixed asset investments - group

Fixed asset investments - group
UK listed
investments
£
Market value at 1 April 2023 2,430,864
Acquisitions at cost 60,000
Disposal proceeds (4,000)
Change in value in the year 233,913
───────
Market value at 31 March 2024 2,720,777
═══════
Historical cost:
At 31 March 2024 2,459,870
═══════
At 31 March 2023 2,403,870
═══════

The listed investments consist of investments in Sarasin Endowments Fund accumulation units and CBF Church of England Investment Fund income units. Their fair value is determined by reference to the quoted price of the units at the balance sheet date.

Fixed asset investments - charity

Fixed asset investments - charity
Investment UK listed
in subsidiary investments
£ £
Market value or cost at 1 April 2023 1 2,430,864
Acquisitions at cost - 60,000
Disposal proceeds - (4,000)
Change in value in the year - 233,913
─────── ───────
Market value or cost at 31 March 2024 1 2,720,777
═══════ ═══════
Historical cost:
At 31 March 2024 1 2,459,871
═══════ ═══════
At 31 March 2023 1 2,403,870
═══════ ═══════

The Trust holds 100% of the ordinary share capital of Chichester Cathedral Restoration Trust Events Limited (the Limited Company), company number 04318059. The Limited Company deals with the biennial Festival of Flowers and any other associated fundraising activities. The next Festival of Flowers will take place during the year ended 31 March 2025. For the year ended 31 March 2024 the turnover of the Limited Company was £23,056, its expenditure was £51,800, and it made a loss of £28,744. At 31 March 2024 the Limited Company had net liabilities of £42,046. The financial statements of the Limited Company have been consolidated with the financial statements of Chichester Cathedral Restoration and Development Trust CIO as explained in note 1.2 above.

23

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Debtors 2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Amounts owed by group undertakings - 8,468 - 66,779
Legacies receivable 37,510 37,510 37,510 37,510
Other debtors 6,013 5,992 9,640 9,588
─────── ─────── ─────── ───────
43,523 51,970 47,150 113,877
═══════ ═══════ ═══════ ═══════
13 Creditors falling due within one year 2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Amounts owed to group undertakings - 802 - -
Deferred income 51,290 4,398 - -
Accruals 15,115 14,010 18,486 17,561
─────── ─────── ─────── ───────
66,405 19,210 18,486 17,561
═══════ ═══════ ═══════ ═══════

Deferred income of £46,892 relates to income received in advance of the Festival of Flowers which was held in June 2024. The balance of £4,398 relates to a fundraising event held in May 2024.

14 Fund reconciliation - Unrestricted funds

Balance at Transfers Balance at
1 April Incoming Resources between 31 March
2023 resources expended funds 2024
Group £ £ £ £ £
Fabric Fund 298,993 258,450 (285,853) - 271,590
Lighting Project Designated
Fund 269,012 - (269,012) - -
───────
───────		 ─────── ─────── ───────
568,005 258,450 (554,865) - 271,590
═══════
═══════		 ═══════ ═══════ ═══════
Charity
Fabric Fund 312,296 235,394 (234,053) - 313,637
Lighting Project Designated
Fund 269,012 - (269,012) - -
───────
───────		 ─────── ─────── ───────
581,308 235,394 (503,065) - 313,637
═══════
═══════		 ═══════ ═══════ ═══════

24

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

15 Reconciliation of funds - Restricted and endowment funds

The income funds of the Trust include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at Resources Balance at
1 April Incoming expended/ Investment / 31 March
2023 resources transfers (losses) 2024
Group and charity £ £ £ £ £
Organ Fund 347,911 - (4,000) 40,171 384,082
Tudor Painting Fund 32,650 - - 3,928 36,578
Bell Tower Fund 8,595 - - - 8,595
High Roofs Fund 261,407 687,500 (948,907) - -
Festival of Flowers - 64,505 - - 64,505
Choral - 19,383 - - 19,383
Lighting Project Fund - 370,250 (370,250) - -
Theology Network - 299 (299) - -
Foodbank 100 - - - 100
─────── ───────
───────		 ─────── ───────
650,663 1,141,937 (1,323,456) 44,099 513,243
Platinum Endowment Trust
for Music 2,045,316 163,114 8,503 189,814 2,406,747
───────
───────		 ─────── ───────
───────
2,695,979 1,305,051 (1,314,953) 233,913 2,919,990
═══════ ═══════
═══════		 ═══════ ═══════

The Organ Fund consists of donations, legacies and accumulated income received less expenditure in earlier years and is for the maintenance of the Cathedral organ and to facilitate the administration of this activity.

The Tudor Painting Fund consists of donations for work on four Lambert Barnard panel paintings.

The Bell Tower Fund is held to cover the repair costs to the Bell Tower.

The High Roofs Fund relates to grants and donations towards the re-roofing of the Cathedral.

The Festival of Flowers Fund consists of donations towards the cost of the Flower Festival which are spent in the year in which the Flower Festival takes place.

The Choral Fund consists of a legacy and donations to support the provision of traditional choral music.

The Lighting Project Fund consists of donations towards upgrading the Cathedral lighting.

The Theology Network Fund consists of donations to enable the provision of free and accessible online learning in theology, prayer and history for Christians and enquirers from the cathedrals of Chichester and Lichfield.

The purpose and status of the Platinum Endowment Trust for Music, established by the Trust in November 2022 as a separate endowment trust, is explained in the Trustees’ Report.

25

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Comparatives for movements in funds

Balance at Balance at
1 April Incoming Resources 31 March
2022 resources expended Transfers 2023
Unrestricted Funds - Group £ £ £ £ £
Fabric Fund 664,290 332,824 (485,683) (212,438) 298,993
Lighting Project Designated
Fund - - (80,988) 350,000 269,012
───────
───────
───────		 ─────── ───────
664,290 332,824 (566,671) 137,562 568,005
═══════
═══════
═══════		 ═══════ ═══════
Unrestricted Funds - Charity
Fabric Fund 708,272 99,518 (283,056) (212,438) 312,296
Lighting Project Designated
Fund - - (80,988) 350,000 269,012
───────
───────
───────		 ─────── ───────
708,272 99,518 (364,044) 137,562 581,308
═══════
═══════
═══════		 ═══════ ═══════
Balance at Resources Balance at
1 April Incoming expended/ Investments 31 March
Restricted Funds – Group and 2022 resources transfers losses 2023
charity £ £ £ £ £
Organ Fund 360,070 - - (12,159) 347,911
Tudor Painting Fund 36,010 100 (2,500) (960) 32,650
Bell Tower Fund 8,595 - - - 8,595
High Roofs Fund 245,561 995,744 (979,898) - 261,407
Nave Fund 66,500 100,000 (166,500) - -
Festival of Flowers 91,086 46,476 (137,562) - -
Learning and Education 6,050 - (6,050) - -
Choral 14,100 - (14,100) - -
Lighting Project - 72,616 (72,616) - -
Cathedral Flowers 191 185 (376) - -
Theology Network 17 616 (633) - -
Foodbank - 100 - - 100
───────
───────
───────		 ─────── ───────
828,180 1,215,837 (1,380,235) (13,119) 650,663
Platinum Endowment Trust for
Music - 2,022,661 (10,244) 32,899 2,045,316
─────── ───────
───────		 ─────── ───────
828,180 3,238,498 (1,390,479) 19,780 2,695,979
═══════
═══════
═══════		 ═══════ ═══════

26

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds - group

Group Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
£ £ £ £
Fund balances at 31 March 2024 are represented by:
Tangible fixed assets - - - -
Investments - 438,064 2,282,713 2,720,777
Current assets 337,995 75,179 124,034 537,208
Creditors: amounts falling due within
one year (66,405) - - (66,405)
─────── ─────── ─────── ───────
271,590 513,243 2,406,747 3,191,580
═══════ ═══════ ═══════ ═══════
Charity
£ £ £ £
Fund balances at 31 March 2024 are represented by:
Tangible fixed assets - - - -
Investments 1 438,064 2,282,713 2,720,778
Current assets 332,846 75,179 124,034 532,059
Creditors: amounts falling due within
one year (19,210) - - (19,210)
─────── ─────── ─────── ───────
313,637 513,243 2,406,747 3,233,627
═══════ ═══════ ═══════ ═══════

18 Future project funding

At the year end the Trust had agreed in principle to commit resource to fundraise for the following projects:

In addition, in line with Chapter’s funding priorities, the Trust is developing a fundraising plan for the following projects:

27

CHICHESTER CATHEDRAL RESTORATION & DEVELOPMENT TRUST CIO

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

19 Related parties

During the year the Trust received income and incurred expenditure on behalf of its wholly owned subsidiary, Chichester Cathedral Restoration Trust Events Limited, all of which was transferred to the subsidiary and is included in the consolidated Statement of Financial Activities on a line-by-line basis. At the year end the Trust owed £802 to the subsidiary.

The activities and assets and liabilities of the predecessor charity, Chichester Cathedral Restoration and Development Trust, charity number 280328, were transferred to the Trust with effect from 1 April 2015. Throughout the year the predecessor charity received income and incurred a small amount of expenditure on behalf of the Trust, all of which was transferred to the Trust and is included in the consolidated Statement of Financial Activities on a line-by-line basis. At the year end the Trust was owed £8,468 by Chichester Cathedral Restoration and Development Trust.

Certain trustees of Chichester Cathedral Restoration and Development Trust are also trustees of Chichester Cathedral Millennium Endowment Trust ("CCMET"), a charity with which a strategic relationship exists. During the year the Trust received £1,000 from CCMET as a contribution towards shared office costs. At the year end the Trust owed £1,165 to Chichester Cathedral Millennium Endowment Trust.

The ultimate controlling parties are the Trustees as a body.

20 Pension and other post-retirement benefit commitments

Defined contribution

2024 2023
£ £
Contributions payable for the year 10,837 10,923
═══════ ═══════

21 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or were reimbursed any expenses during the year.

Any expenses incurred on behalf of or claimed by Trustees are subject to the Trust's normal internal control procedures.

22 Statutory information

Chichester Cathedral Restoration & Development Trust CIO is a charitable incorporated organisation registered in England and Wales. The Trust’s registered number and registered office address can be found on page 1 of the Trustees’ Annual Report.

23 Post balance sheet event

In May 2024 an application was made to the Charity Commission to register The Platinum Endowment Trust for Music as a separate charity. When the new charity is registered the endowment fund will be transferred from this charity to the new charity.

28