Cth"¢hcster Cathedral Friends REGISTERED CHARITY NUMBKIL" 1158498 Report of Ihe Trnstees Statanettts forthe Year Ended 31st M•rh 2023 for Chiekester Catbedrni
Ckn'chesler Cathedral Friends Contents of th¢ Financial Statements for the Year Eaded 31st March 2¢Y23 Page ReEM)rt of the Tnjstees Ito4 IndeFeIent Examin&s Report Statellnt of FInala1 ActThTiti&s Balar S] 813 Detailed Ststemem of Fi¢1 A(tiviii49 14
Chlth¢s¢¢r CathedMI Friendx Rep)rt of the Thiees forthe YearEnded 318t Marth 2023 The Ste¢S present theirTeprt Thith the financial statements of the charity for theyear ended 31st Mah 2023. The Financial Statements have been prepared in accordance with the accowiting p)licies set oul in note l and conTrply with the charity'5 governing constitution, the ChaTities A¢t 2011 8nd with the Financial R¢poTttng Standard applicable in the UK and Republic of Jr¢latMI (FRS 102) (eff¢ctivc l January 2019). The truses Conf that th¢y have had regard to the Charity Commission's guidance on publi¢ berit The trnsie¢s have considered the objects of the Charity and ar¢ sats'sfied that they fulfil the requirements of public benefiL to VanCe religion by &ssisting in the supwrt of the Dean & Chapter of Chi¢hester Cathedral and ¢ontributmg both finaneÈally and tn other apprOpriC ways to the pr¢s¢rvation. m4intcnanc< embanment and ministy of Chichester Catlrtha]. OBJECTIVES AND ACTtVlTIES ObJtttlve8 and ai The objects of the CIO are to VanCe rclxgion by wisting in the support of thc Cathedral and conlributing th fmancially and in oth¢r appropriate ways to its preservation, mainten8nce, cnhan¢ement and ministy and in furtherance theOf but not otherwryse to., en¢ourJge and nurture public interest in the Cathedral in the local community, the th'ocese 2nd the wider worliL' assist and svpport the Dean and ihe Cathedral Chapter in mointnIng and improvin8 the facilities. and servi¢¢s, and io develop and promote th¢ Cathedral's mission. GrantmAkin The tyst¢es hav¢ approved the following grant requests from Dean & Chaptcr in the year to 31st March 2023.. Rttording of Thomas Weelk¢s' music Organ camera tystem £14.160 Choir Casso¢ks £10.876 Liiiing of the B¢nker-Schinn¢r Tapesty £5.500 Cath¢drd Flowus £14,000 £2,(H)O The annual payment in support of a Cathedral thorister was also made in the sum of £12,(Y)O this being Anet from the r¢stricted fwid held by th¢ Charity. ACHIEVEMENT AND PERFORMANCE Event$ ju before last year's AGM. the Friends gathered for a lUh in cATrn Lane to ¢elebTate the ia Queen's Plaumun Jubil¢¢. Around foty ppIeCj0YCd aft¢r-IuTKh talk by fortncrAnth and SollthDowtLg MP. Nick HeCTU now ennobl¢d as [d He¢rt of Sollth Down5. Tr programme of events ntInued dwing the late summer urtil year's end our regdar Saturday ffee nrning5 IKld on ffst Saturday in the month and 'Book after BreakEa' events. DunTrg Novernr, tlr Friends supw)rtcd the natioml 'Kindneu Day by VIng a number of tickets for free coffees ¢ustomeTs at som¢ of the smatlcr 1tmtivuat café busiSseS in Chi¢hester. Tr 2022 eventscon¢ludedwith our se(x)ndAdventC0ert Venby Theotterconsort Clrof Chickst¢rUniVeity music fawlty. perforKo¢d in Vicats, Hall and atteThled by arouAI sixty n]be[S of authn(Y. With atrivai of 2023, the FrieTrJs ¢el¢brnted Epwlw with a lunch ]k)sted at chiCer College's Res1(Thrant 64. Th¢ lunch conclud¢d with a mos% int¢rcstsng talk alK)llt tk eslablisljnwt of The National Ath)retum giv¢n by Col. John Bad(shitr a fOrnr who hel1 estabhsh the nth'orni memonal. Pa8e I
Rqbort of the Th1stee$ for the ye Ended 318t Mar¢b 211LI FINANCIAL REVIEW lllvestment policy objeLfveJ The trust¢es have constdered during th¢ llrSe of the y¢ar its policy towwds th¢ investment of surplus funds in order to maximi2e a retttrn on Ih)se funds. The ttustees r¢¢ognise that any investment held should be capable of bemg re&ldy convthed to cash should the Dean & Chapt¢r of Chichester Cath¢dral request a levcl of gmt funth'ng above nornial ca%h SerV¢s, Also th¢ tNstees attitud¢ io risk is ass¢ssed as being low. In line with the above policy £450.000 was initsally invested with M & G Inves(ments in their Charifund. During the coursc of the last year £25,0(10 w&$ divest from thi5 inv¢sttncnÈ in order io fund th¢ various grant requests approved above. At 31st Mar¢h 2023 the market value of this investment was £319.554 (2022.. £367.658). The investmeni held with M & G will be ¢105ely moni¢ored and kept under review by the tsvstees in OTder to M&xiMi income and preserve capiiat invested. Reservu poM¢y The trustees hav¢ examin the requircment for reserves in the lighi of the main risks to the orgattisth'on, The trustecs consider that the most appropriat¢ level of reserves at 31st MJrch 2023 Should equa¢ to six months adtninistration and publicily ¢ost5. Basedon th¢ expenditurc durittg theyear cndcd 3 l March 2023 thi's amounts to approx.£7,500. Re$crvcs as * th¢ balancc sh¢¢t dale ar¢ substiyitiaily in excess of this figure. thtring the year total inwme amounted to £52,736 (2022.. £43.413). ¢xpendilurc amounted to £75,06012022.. £167.304} and unrcalised losses on invcsDnents amounted lo1£23.104) (2022.. gain of £22.682). resulting a deficit of £45.427 (2022.. d¢ficit (£99,209). At 31 Mar¢h 2023 total funds were £329,614 (2022.. £375.041) of wknch £181,298 (2022.. £226,088) was restn'¢ied. Detwls of the restrict fund ¢an be found on p88es 11 & 12 of the$e financial statements. FUTURE PIANS Th¢ Trustee$ are grateful for the continued support ofthe members through payment of their subscriptions as th¢y fail du¢ and th¢5e will enable th¢ Charity continu¢ to fulf its financi obligations. The Thst¢¢s are committed to continuing their support of the work gnd mission of the Chapter of Chichestcr Cathedr21. STRUCTU GOVERNANCE AND MANAGEMENT Governing d(wtheDt Chichester Cathedral Friends is a Charffttable Incorporatol (kganisation (CIO). The fwst meeting of the tswstees of Clu'chester C&hedral Friends was h¢ld on Friday 24th October 2014. Chithester Caihedral Friends is governcd by a conststytion that w&$ registered with the Charity Commission on 9th S¢ptcmber 2014 and the Charity Rcgistration Number is 1158498. The charity took over the charitable a¢tivits"es of Friends of Chichester Cath¢dral (registered chgn'ty number 208649) with effcct from l November 2014. This charity will remain registered but dorniaot in the fvture. Due io c¢)mJnon Trustees Friends of Chichestcr Cathedral is considered a r¢lated party. Oryniutlonal atrndure Chichest¢r Cathedra] Friellds is run and managed by a bo8rd of tsi]stees. The number. method of appointment and penod of oifice of thteeS is lfed in the constitution. The constitub'on pn)vides for the trust¢¢s to eled a chairnian from amongst thwselves. The trustees have def the following Honorary oifi¢er roles.. chairn18ty VICh¥an. secrctary. treasurer and Anunbership Secretary. AppointLuents to these roles will be VI¢wed annually ty the Trustees. We held thTe¢ Trnstees meetings over the year. with th¢ scheduled July meeting CCelled due to hobday absences. Page 2
khes¢erCathedrAI Frft]hd$ Report of the Trnstef5 for the Year Ended 31st IkTarch )n3 STRUCTURE, GOVERNANCE AND MANAGEMENT Membenhip The trust¢es were saddcncd to learn of the deaths of 23 m¢mb¢rs during the past ycar. The number of new m¢mbexs past year has been 53. The iothl twmb¢rof m¢mbers at 31Ma[ch 2023 staTrls at 943. We aTe pleased to rport that th¢ transfer of CCF tecords to the n¢w Cathedral Dabase is complete. During th¢ ¢ours¢ of the yeaT the trnstees continll¢d to monitor any potential risks to thc Charity, in line with the tern]s and procedures of th¢ Risk A5sesstnenl register and io take any action whi¢h they feli appropriaie to mitiggte any such risks. Tr overall conclusion of th¢ committe¢ maInS that the Charity has appropriaLe syslems in place to mitig8te those risks idcntificd and any consequent losses that mighi aris¢. The Rksk Registcr will continue to be Teviewed on an annual basis and amended &s r¢quired. AnDUAI CcncTAI Meeting 1122 Aft¢1 y¢aJ¥ of unablc to hold th¢ AGM in P¢Tson du¢ lo pat. the 2023 AGM was held in t nave on ThuT. 16th 2022. Apptoximatety eighty p¢opl¢ atteAkd the AGM. The 8uest Sk¢rforthe aften was Air Vice.Marshal Michael Harwood RAF. REFERENCE AND ADMINISTRATIVE DETAILS Reglytered Cb4rity number 1158498 PriocipAI addresi The Hon Secrelary The Royal Chantry Cathedral Cloisters Chichester West Sllssex P019 IPX Electel Trnstw 4t 31. MArch 2023 Mr H Castle-smith.. Secretary Ms M Gib50n Mr B David Mr M Gill.. Chaim8n Mr A Kean.. Treasurer Mr J Siebert Ms P Sullivan Mr G Too1¢-Mk8on JP.. Vic¢ Chaiman Trnstets wbo ResiRned in the pern)d Aprfl 2022 to Marth 2023 The Very Reverend Steven Waine Fenelia Godb¢r P88e 4
Chicheiter Cathedral FrAthds Rellortof tht TTU$tees for the Year Eknded 31st M•rch 2023 Independent Examiller D Setch¢ll 21 St Bk)rtholoniews Closc Ckn'¢hestcr West Sussex P019 3EP Homor#ry 0er1 H Castle-smith - Seu¢tary A Kcan - Tre&sur¢r J Gardner. Memberslu"p Secr Appmved by order of th¢ board of trust¢¢s on 25th April 2023 &TKI signed on it5 behalf h.: MGil - Trustee PaBe 4
Independent BxathÉneV¥ Report to the Trustees of Cbi¢huter Chedrai Fiiends Independent examiner's Teport to the trnstees of Chlchester Cathedral Friend$ I report to the charty trnstees on my examination of the w>wits of Chtht¢r Cathedral Friends (the Trust) for the year ended 31st M8rth 2023. Re5POn5ibilities ADd ba8i5 of wort As thc charity trustees of the Thist you are resEM)llsible for the PTep8ration of the acix)mlis in rdatrCe with th¢ requÉrements of the Charities Act 2011 (th¢ Act?. I report in r¢5peci of my examination of the Trust¥ Ollts ¢aTried out under section 145 of the Aa awl in canyll Outmyexamination I have followed all appli¢able Direction8 glven ty the Charity CommA5SiI)n llnder section 145(5)(b) of the Act Indepelldent aminer'S statement L have completed my exarnination. l ¢onfirni that no matsial matters have come to Y attention in connection with the ¢xamination VIng me cause to believe ill any Jnaterial respect.. coimting records wer¢ not kept in r¢spect of the Trnst 8$ requir¢d by section 130 of the Act. or the accowits do not accord with those records. or the accounts do not compty Mith the applicable requirnn¢nts concerning the forni and content or )unts set out in the Chariti¢s {Accounts and Reports) Regulats'ons 2008 othw than any r¢quirem¢nt that the accounts give a true and fair view which Is not a matttt ¢onsidered &% part of an ind¢pend¢nt exaujinatson. I have no concerns and have corne a¢ros5 noothermatters inconntion with th¢ examinaton towkn'¢h attentson should be drawn in this report in ord¢rto enable a proper understsnding of the accounts to b¢ reathed. D Setchell 21 St Bartholomews aose Ch'chestcr West Sussex P019 3EP Page 5
ChithcsterCAthedral Fr$ Stotethent of Finalleial ALthitie& for tbeYeAr Ended 31&t March 20 2023 Total funds yi Total Funds Note5 YCOME AND ENlWMEfs FROM Donations and legacies 29.839 29.839 24,086 Other trading a¢tivities Investhi¢nt income 3,447 7.930 3,447 19,450 11,520 Totsl 41.216 11.520 52,736 45,413 EXPENDITURE ON Charitable actiiTrties Charitable %tiTrities Support Costs 30.630 1,804 42,626 TJ256 1.804 160.530 6.774 Trtal 31434 42.626 75.060 167J04 Net loss on investments (9.419) 113.684) (23,0141 22.682 NET INCOMFI(EXPENDrfuRE) (637) {44.790) {45,427) (99,209) RECONCILIATION OF FUNDS Total fund$ bpmght forw*nl 148,953 226,088 375.041 474.250 TOTAL FUNDS CARRIED FORWARD l48.316 181.298 329.614 375.041 The not¢5 fonn part of these fina121 statanajts Page 6
ChiehesteTC*thedr41 1dI BaLw¢e Sheet 31st Mah 2023 2023 Totsl fimds 2022 Totsl fd$ fund Notes FIXED ASSKIS Investm¢nts 124.096 195,458 319.554 367,658 CURRKNT ASSETS Debtors Cash at bat)k and in hand io 1.772 1,772 81 39.327 39227 34.860 CREDIIX)RS Amounts falling ¢lue within one y¢4r NET CURRENT ASSKIS TOTAL ASSETS LESS CURRKNT LL4BILYIJES 148,316 181.298 329.614 375.041 NET ASSE78 12 Urtrestyicted fwids Restricted fimds 148,316 148.931 TOTAL FUNDS The fin&D¢ial statements were apwved bl, the Board of Trn5tees and authorised for issue on 25 A1 2013 and wete sigml on itsbehalfby M &ll- Trus The notes fomi pth of these finallciai 5tatcment5 Page 7
Cblthtttercthed Frfd8 to the forthe YearEDded 31st Mar¢h 2023 ACCOUNTING POLICILS B4815 of preparing the financlal Tr rual staiements of the charity, wlu'ch is a pthlic befitetit1ty und¢rFRS 102. Iwv¢ been prep8r¢d in a¢¢ordartt with ihe CFwities SORP {FRS 102) 'AccouNing and Rerting by Charities.. Sratment of ReconUndCd Pradice applicablc to charities preparing thet'r a¢¢ounts in acrdanCe with the Fll)wial R¢porting Ststxlard appticthle in tk UK and Republic of t]rland (FRS 102) {efFective l January 2019). Financ1 Rewrt]"ng Standard 102 Tr Fi11 Re)rtirtg Statthrd applÈcable in the UK aThl R¢pubhc of [fflaJ, aThl th¢ Charits¢s Act 2011. The fironcial ststemems have been ppared under h]"stori¢o1 ¢ost conv¢ntioo with exception of inv¢stments which are included at rnark¢t value. &$ nM)thfied by the Tevaluation of certain assets. Financial pOrtIng $tandArd 1O2- rnluced di5clowre exempt$ The chan'ty h&q taken advanttge of th¢ lollowing dis¢105ure exemptions in pr¢wing tIe financial st8tennts, as pemiitted by FRS 102 Tr Financial R¢porting sta applicable in the UK and Republt¢ of Ilat¥1'. the requiT¢nYnts of Sec)n 7 Statrment of Cash Flow& Income All in¢ome is re¢ogniscd in the Statemem of Finalai A¢tivitses onc¢ clwiry kns ¢ntstkment to the funds. it is PTobable that the income will be received, and that amount bc measur¢d liab. Espcndltu Liabiliiies att recognised as expendiwTr as soon as there is 8 le821 or ¢onthctive obligation conunttsing chan.ty to that expernth.re, it is probable that a trnnsfer of economic bencfits will be reqlli1 in Sett]ennt and the amount of the obligauon can be measured reliably. Expenditure is account¢d for onan a¢¢nS basis and has been classified iindcr ath.8$ thai aggregate all cosl r¢latcd to the Ca80ry. Where ¢osts ¢annot dtrcctty attributed to particular h¢ath'n8s they hgve b¢en a]located w &tivities on a basi5 consistent with the use of resour¢¢s. Grants offered sllbjcct to condttsonq whith hav¢ It been at the yearml date are not¢d as a conimitment bul 1 accrncd cxtenditutr. Tax4tion The clwrlty is exemp¢ from t&x on its ¢hantable aaivitse& Unrcstiict¢d fuThls can b¢ used in accorda¢ with th charitsbk objects'ves at the discretion of the tlees. Resth'cted fut¥ls can only be used for wiicular restsicted puOSe8 within ihe obj¢¢ts of clty. Restrictions alis¢ when wified by tbe dowrorwhen funds ate raisedfor pattiLar restricted purp08¢S. Fllftr explanatiou of the Jlltur¢ and puwise of fund is included in the nots to the f13131 atements. Page 8
ho¢erCathearAI FRo& No¢es to the FknnetsJ Statennts.¢ontknue for theyear Ended 31¥t M4n 2023 DONATtONS AND LEGACIL8 2f123 2022 Donations Gift aid 10.888 3237 lJ75 776 Subsoipts( 29,839 24,086 OThLR TRADING AcTiVrrS 2023 2022 Fundraising ev¢nts INVESTMENT tNCOM 2023 2022 Investh]ent income l)eposit Account ini•Jest 19,450 19.395 CHAIUTABLL ACTivrrIES COSTS Grant fimding Support of Xtivitses cost$ (see (see note 6) note 7) Cosis Totals Charitable aLXivi¢ies Support ¢osts 14.630 38.626 GRANTS PAYABLE 2023 R¢¢ording of Thomas Weelkes, music Camera system for organ loft Rcplacem¢nt ()f choir c&%so¢ks and doaks FlowLYs for thc ¢athedral Choristcr f¢¢s Lining of the Bcnker-Sd)irmer tap¢sty 14.160 10.876 5.500 2.000 12,090 SiIPPORT COSTS Governance costs Finauce Totals Support cA)sts PA8* 9
ChlthtsterCath¢dral Fthtd8 N•te¥ to the Fuw143wi Ststents-ThlInUta hr the YeArEthded 31st Marth 2023 TRUSIEES, REMUNERATION AND BENEF115 Thcre w¢re no tritstees. r¢mun¢ration or other b¢nefits for the y¢ar ended 3 1st March 2023. Trnstees, expen8 Ther¢ were no ITUStees' wses paid for the y¢ar ended 314 Mor¢h 2023. FIXTD ASSET Listed investments At 1st Apnt 2022 Dwsa15 367,658 {25,000) 23 At 31st Mah 2023 NKT BOOK VALUE At 3 1st March 2023 At 31st March 2022 367 Ther¢ were no investrnent &%S¢ts outst'de the UK. PaBe 10
Chxtheatsr Cathe41Thi N•les to the lkndaiSt•tement#.4Xbntinued for theY¢ar Ended 318tM*rth 2023 10. DEBTORS: AMOIIKIS FALLING DUE WITHtN ONK YEAR 2023 Trth debtors debtors 81 11. CREDfroRS: AMOUNIS FALLING DUE WH1N ONE ITAR 2023 2022 Trade creditors Other creditors 608 456 11 MOVEMENT IN FUNDS Net At 1.4.22 in fijnds At 31.3.23. UDrestNied Generai fill 148,953 (637) 148.316 Re5¢iieted fund5 Victor Menage LLgacy Fund 29 movement in fund4 included in the abov¢ are as follows: tncoming Resovrce5 Gains aTKI Movement losscs in Uttrestricted Gen¢ral fund 41216 (32,434) (9,419) {637) Re5¢iiftsd funds TOTAL FUNDS 23 Page 11
Chithe8terCathdral Notes to the FkndAI StAtennts.upntknued for th¢YarEnded 31st March 2023 11 MOVEMENT IN FUNDS- ¢ontinu¢d ComparAtiYe8 formoVeMe in Nd mov•nent At 1.4.21 At 31.3.22 Uttre#ricted futtdi 25S.750 (106.797) 148,953 Restricted fund8 ViCMen88¢ Legacy Fund Comparive net movcment in funds, in¢luded in th¢ 8bov¢ are as follows.. tnLX)min8 resources Resources G*'ns aftd Movement expended losses in fuAds Unrutrlcted fvndi General fillMI 36,453 (155.454) 12,204 (106.7971 Re8tri¢¢ed funth TOTAL FUNIXS A current year 12 months and prior year 12 tllonths combined position is &% follows.. movemertt At 1.4.21 At 3 l.3.23 Untricted Genera] fid 255.750 (107,434) 148.316 Reytrirted fundi Victor Menage L£gacy Fund PaBe 12
Chlthe8terC4thedrn] Fdends Notes to the TrlnaD¢ial St•if4MIts- LX)DtknMed for the Ye¥JrF4)ded 31st M4h 2022 13. MOVEMENT IN FUNDS. conthw A ¢UTrent y¢ar 12 nK)nths aNI prioryear 12 tllonth5 combined Jkt I[vern¢llt in futmls, Ilude¥j inthe aknve aTC as follows.. Iolg losses In UnnJtii¢ted fvnd8 77,669 (187,888) 1785 (107,434) Restrlded NdS Victor Mew¢ Lew FuThl TOTAL FUNDS Th¢ monies w¢ived fmm thc ¢state of Victor Menage have a restriclion placcd on them. rtstTiCtion is ihdt all mnies should be uscd for promotson of musi¢ at Ch'cheger CaUdral. Advice on thebest use of the fuAls should be sought from the Organisi and Preccntor. The Trustees will acttvely seek thai thice and exnd the furyi in a¢CoTdae with Ksiri¢uon. RELATED PARTY DISCUISURLS There We no relat1 party ttanSKtiO for dyeaT end¢d 31st M8r¢h 2023. Page 13
Chithe#terCathedral Frtthd D¢tslied Sttt¢anMtof Fknfftneial Adlvllx for the YearEnded 31st March 2023 2023 2022 Donatiom attd Itg tknnations Grft aid lrfacie5 Subscriplions 10.888 6299 3J37 lJ75 776 598 29.839 24.086 Other tradillg activities Fwidraising events 3,447 1,931 Jnvestmfflt in¢ome Inve5ttnent incom¢ Dq)osit t interest 19.450 19.395 52,736 45,413 EXPENDTfuRE Office adwin and sw)port Event &ySeS Mark¢ting exp¢nses l2.255 1.566 659 150 626 1.039 3,182 Grallts poyable 73256 160.530 Support Costs 184 274 Bauk charges Governance costs Accowiiancy and leg81 lees AGM Costs 192 5.346 Total resources ¢xpend 7SI 167004 12 Net (expettdiththWMt This page does not forn) part of the stJtthry finatscial ltsl]ents Page 14