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2022-12-31-accounts

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF CATHEDRAL MUSIC TRUST CATHEDRAL MUSIC TRUST CATHEDRAL MUSIC TRUST
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed
as auditor under section 144ofthe Charities
Act 2011 and report in accordance
with the Act and		 relevant
regulations
made		 or
having effect thereunder.
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 Auditors'
Report that includes our opinion. Reasonable assurance		 is a high level ofassurance,
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 ofusers taken on the basis
ofthese financial statements.
Irregularities,
including
fraud, are instances
of non-compliance
with laws and regulations.
We design procedures
in line with		 our responsibilities,
outlined
above, to detect material
misstatements
in respect of irregularities,
including
fraud. The extent to		 which our procedures
are		 capable of detecting
irregularities,
including
fraud is detailed
below:
~ the senior statutory
auditor ensured
that the engagement
team collectively
had the appropriate		 competence,
capabilities
and skills to identify or		 recognise
non-compliance
with applicable
laws and regulations;
~we identified
the laws and regulations
applicable
to the charity through
discussions
with trustees		 and other management,
and from our knowledge		 and
experience ofthe sector;
~we obtained
an understanding
ofthe legal and regulatory
framework
applicable
to the entity and how		 the entity is complying
with that framework;
~we obtained
an understanding
ofthe entity's
policies and procedures
on compliance
with laws and regulations,
including
documentation
ofany instances
of non-compliance;
~we identified
which laws and regulations
were significant
in the context of the entity; and
~ identified
laws and regulations
were communicated
within the audit team regularly
and the team		 remained
alert to instances of non-compliance		 throughout
the audit.
Our approach
to identifying
and assessing
the risks of material
misstatement
in respect of irregularities,		 including
fraud and		 non-compliance
with		 laws and
regulations,
as follows:
We assessed the susceptibility
ofthe company's
financial statements
to material
misstatement,
including
obtaining
an understanding
of how fraud		 might
occur, by:
~ making
enquiries
of management
as to where they considered
there was susceptibility
to fraud,		 their knowledge
of actual,		 suspected
and alleged		 fraud;
and
~ considering
the internal
controls
in place to mitigate
risks offraud and non-compliance
with laws and		 regulations.
To address the risk offraud through
management
bias and override of controls, we;
~ performed
analytical
procedures
to identify any unusual
or unexpected
relationships;
and
~ performed
audit work over the risk of management
override ofcontrols,
including
testing ofjournal entries and other adjustments
for appropriateness,
evaluating
the business
rationale of significant
transactions
outside the normal course ofbusiness
and		 reviewing
accounting		 estimates
for bias.
In response to the risk of irregularities
and non-compliance
with laws and regulations,
we designed
procedures
which included,
but were not limited		 to:
~ agreeing
financial statement
disclosures
to underlying
supporting
documentation;
~we reviewed
minutes
of meetings
ofthose charged
with governance;
and
~ reviewing
correspondence
with relevant
regulators
and the charity's
legal advisors.
There are inherent
limitations
in our audit procedures
described above. The more removed
that laws and regulations
are from financial transactions,		 the
less likely it is that we would become aware of non-compliance.
Auditing
standards
also limit the		 audit procedures
required		 to identify non-compliance with
laws and regulations
to enquiry ofthe directors
and other management
and the inspection
of regulatory		 and legal correspondence,
if any.
Material
misstatements
that arise due to fraud can be harder to detect than those that arise from		 error as they may involve deliberate
concealment		 or
collusion.
A further description
ofour responsibilities
for the audit ofthe financial statements
is located on the Financial
Reporting
Council's website at:
www.frc.org.uk/auditorsresponsibilities.
This description
forms part ofour auditors'
report.
USE OF OUR REPORT
This report is made solely to the charity's trustees, as a body,
in accordance
with Part 4 ofthe Charities		 (Accounts and Reports) Regulations
2008.		 Our
audit work has been undertaken
so that we might state to the charity'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		 charity and its trustees, as a
body, for our audit work, for this report, or for the opinions we have formed.

STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2022 2022 2022 2022 2021
Note E
INCOME FROM:
Donations
and legacies		 300,902 23,852 29,250 354,004 635,138
Charitable
activities		 33,576 33,576 17,004
Other trading
activities		 9,385 9,385 8,540
Investments 207,301 207,301 182,787
TOTAL INCOME 551,164 23,852 29,250 604,266 843,469
EXPENDITURE ON:
Raising funds 123,743 19,938 143,681 151,854
Charitable
activities		 536,419 90,273 626,692 592,341
TOTAL EXPENDITURE 660,162 110,211 770,373 744,195
NET (EXPENDITURE) IINCOME
BEFORE INVESTMENT (LOSSES)IGAINS (108,998) (86,359) 29,250 (166,107) 99,274
Net (losses) Igains on investments 13 (779,470) (779,470) 829,119
NET (EXPENDITURE) IINCOME (108,998) (86,359) (750,220) (945,577) 928,393
Transfers
between		 funds 16
NET MOVEMENT IN FUNDS (108,998) (86,359) (750,220) (945,577) 928,393
RECONCILIATION OF FUNDS:
Total funds brought forward 964,493 137,025 6,717,337 7,818,855 6,890,462
TOTAL FUNDS CARRIED FORWARD 855,495 50,666 5,967,117 6,873,278 7,818,855

2022 2021
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in) / from operating
activities		 18 (371,235) (6,900)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends
and interest from investments		 205,355 173,903
Net purchase
of investments		 (500,000)
NET CASH USED IN INVESTING ACTIVITIES 205,355 (326,097)
CHANGE
IN CASH AND CASH EQUIVALENTS		 IN THE YEAR (165,880) (332,997)
Cash and cash equivalents
at the beginning		 ofthe year 815,756 1,148,753
CASH AND CASH EQUIVALENTS AT THE
THE YEAR		 END OF 19 649,876 815,756

2 INCOME F ROM D ONATIONS
AND LEGACI		 ES
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2022 2022 2022 2022 2021
E E E E F
Subscriptions 155,452 155,452 175,192
Legacies 44,364 29,250 73,614 247,671
Other donations 101,086 23,852 124,938 212,275
300,902 23,852 29,250 354,004 635,138
Total 2021 387,841 100,260 147,037 635,138
3 INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2022
E		 2022
f		 2022
f		 2022f 2021
F
National
Gatherings		 25,567 25,567 6,053
Other events 5,831 5,831 8,496
Publications 2,178 2,178 2,455
33,576 33,576 17,004
Total 2021 15,435 1,569 17,004
4 FUNDRAISING
INCOME
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2022 2022 2022 2022 2021
E 6 E E
Sale ofChristmas cards 9,186 9,186 8,416
Sale ofother merchandise 199 199 124
9,385 9,385 8,540
Total 2021 8,540 8,540
5 INVESTMENT INCOME
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2022 2022 2022 2022 2021
6 6 E 6
Dividends and interest 207,217 207,217 182,763
Interest on cash deposits 84 84 24
207,301 207,301 182,787
Total 2021 182,780 182,787

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2022f 2022f 2022f 2022f 2021
F
Direct fundraising costs 19,520 2,273 21,793 20,502
Marketing 3,916 3,916 5,081
Christmas cards 4,094 4,094 3,649
Other merchandise 4
Direct administration costs 1,407 1,407 3,396
Support costs 94,806 17,665 112,471 119,222
123,743 19,938 143,681 151,854
Total 2021 43,190 108,664 151,854

Activities Grant Support
undertaken funding costs Total Total
2022f 2022f 2022f 2022f 2021
F
Financial support for cathedral music 457,950 30,674 488,624 483,045
Publications 27,508 30,674 58,182 68,508
Events 49,212 30,674 79,886 40,788
76,720 457,950 92,022 626,692 592,341
Total 2021 44,266 450,530 97,545 592,341

During the year, 36g r ants we re awarded
to 30 institutions
as shown
below:
2022
F
Recipient
Arundel
Cathedral		 2,500
Bangor Cathedral 22,000
Bradford Cathedral 17,000
Carlisle Cathedral 4,300
Chingford
Parish Church		 2,500
Coventry
Cathedral		 3,200
Croydon
Minster		 18,900
Gabrieli 10,000
Hampton
Court Choral		 Foundation 22,100
Hull Minster 7,000
Leeds Cathedral 28,450
Leicester Cathedral 29,700
Portsmouth
Cathedral		 20,400
Salford Cathedral 16,000
Southwark
Cathedral		 15,000
St Edmundsbury
Cathedral		 15,000
St David's Cathedral 18,000
St Mary-le-Tower
Church,		 Ipswich 7,000
St Mary Magdalene, Newark 5,000
St Mary's Cathedral, Warwick 7,500
St Mary's
in the Lace		 Market, Nottingham 6,000
St Mary the Virgin Church, West Mailing 2,500
St Paul's Cathedral 30,000
St Peter's Collegiate Church, Wolverhampton 15,000
StWulfram's
Church,		 Grantham 22,300
TewkesburyAbbey 4,200
Truro Cathedral 30,000
Wakefield
Cathedral		 16,400
Westminster
Abbey		 30,000
Westminster
Cathedral		 30,000
Total 457,950

SUPPORT AND GOV ERNANCE COSTS
Total Total
Support Governance 2022 2021
6 6 E F
Staff costs (note 11) 134,032 134,032 131,605
Administration 38,562 38,562 35,436
Legal and professional fees 11,783 11,783 30,616
Board meetings costs 8,140 8,140 2,354
Audit and accountancy fees 11,976 11,976 16,756
172,594 31,899 204,493 216,767
Total 2021 167,041 49,726 216,767

marketing
(		 2021:10 %).
2022 2021
Raising funds Fundraising
Marketin		 92,022
20,449		 97,545
21,677
112,471 119,222
Grants 30,674 32,515
Charitable activities Events 30,674 32,515
Publications 30,674 32,515
92,022 97,545
204,493 216,767

Auditors' remuneration - audit
Auditors' remuneration - other services

STAFF COSTS
2022 2021
8 F
Wages and salaries 123,775 121,467
Social security costs 7,162 7,489
Pension costs 3,095 2,649
134,032 131,605
Average head count basis Average head count basis Full-time
equivalent		 basis
2022 2021 2022 2021
No. No. No. No.
Fundraising 0.5 1.0 0.5 0.5
Marketing 1.3 1.0 1.0 1.1
Charitable operations 2.0 2.0 1.5 1.5
Administration and Finance 1.0 0.7 0.5 0.3
4.8 4.7 3.5 3.4

DEBTORS
2022 2021
6 E
Trade debtors 737
Accrued income 114,091 122,633
Prepayments 9,693 15,943
123,784 139,313

CREDITORS: AM O UNTS
FALLING DUE WITHIN ONE YEAR
2022 2021
6 E
Trade creditors 6,454 17,859
Other taxation and social security 5,733
Grants payable 3,750
Other creditors 20,443 14,502
26,897 41,844
RECONCILIATION OF GRANT MOVEMENTS 2022 2021
6 E
Creditors
brought		 forward 3,750 33,273
Commitments made in the year 457,950 450,530
Grants
paid		 (461,700) (480,053)
Refunds
Grants carried forward 3,750

CURRENT YEAR CURRENT YEAR
Balance at 1
January Transfers in I Gains/ Balance at 31
2022 Income Expenditure (out) (Losses) December 2022
6 6
UNRESTRICTED FUNDS
Designated
funds:
Grant Fund 350,000 (331,676) 411,676 430,000
Reserve Assistance Fund 60,000 (25,000) 25,000 60,000
Organ Scholarship 21,000 (21,000)
CRM System 10,328 (7,913) 2,415
441,328 (385,589) 436,676 492,415
General funds 523,165 551,164 (274,573) (436,676) 363,080
964,493 551,164 (660,162) 855,495
ENDOWMENT FUND 6,717,337 29,250 (779,470) 5,967,117
6,717,337 29,250 (779,470) 5,967,117
RESTRICTED FUNDS
Diamond
Fund		 for
Choristers 95,647 8,352 (64,088) 39,911
Mosawi Foundation 15,054 (15,054)
Tony Harvey Scholarship 5,404 (5,404)
Tanner Trust 5,475 (5,000) 475
Genesis Foundation 15,445 12,500 (17,665) 10,280
Other restricted funding 3,000 (3,000)
137,025 23,852 (110,211) 50,666
Total of funds 7,818,855 604,266 (770,373) (779,470) 6,873,278

PRIOR YEAR
Balance at 1
January Transfers in I Gains I Balance at 31
2021f Income
f		 Expenditure
f		 (out)
f		 (Losses)
f		 December 2021
f
UNRESTRICTED FUNDS
Designated
funds:
Grant Fund 350,000 (355,855) 355,855 350,000
Reserve Assistance Fund 60,000 60,000
Organ Scholarship 25,000 (4,000) 21,000
Chorister Support Grant 10,000 (10,000)
CRM System 18,778 (8,450) 10,328
403,778 ~378,395 415,855 441,328
General funds 528,060 594,596 (176,526) (422,965) 523,165
931,838 594,596 (554,831) (7,110) 964,493
ENDOWMENT
FUND		 5,741,181 147,037 829,119 6,717,337
5,741,181 147,037 829,119 6,717,337
RESTRICTED FUNDS
Diamond
Fund for
Choristers 99,525 33,701 (37,579) 95,647
Linbury Trust 15,289 (15,289)
Mosawi Foundation 15,054 20,000 (20,000) 15,054
Oswald
Allan		 12,895 (12,895)
Tony Harvey Scholarship 8,404 (3,000) 5,404
Tanner Trust 5,412 5,000 (4,937) 5,475
Swire Trust 395 2,500 (2,895)
The George Cadbury Fund 10,000 (10,000)
Cathedral
Choirs'
Emergency
Fund		 1,442 635 (25) (2,052)
Genesis Foundation 9,768 25,000 (19,323) 15,445
Other restricted
funding		 49,259 5,000 (63,421) 9,162
217,443 191,836 ~189,364 7,110 137,025
Total offunds 6,890,462 843,469 ~744,195 829,119 7,818,855

Unrestricted Restricted Endowment Total
funds funds funds funds
2022 2022 2022 2022
6 6 E 6
Fixed asset investments 158,704 5,967,117 6,125,821
Current assets 721,688 52,666 774,354
Creditors due within one year (24,897) (2,000) (26,897)
855,495 50,666 5,967,117 6,873,278
PRIOR YEAR
Unrestricted Restricted Endowment Total
funds funds funds funds
2021 2021 2021 2021
E E
Fixed asset investments 187,954 6,717,337 6,905,291
Current assets 816,383 139,025 955,408
Creditors due within one year (39,844) (2,000) (41,844)
964,493 137,025 6,717,337 7,818,855
2022f 2021
E
Net expenditure
for the year (as per Statement		 of Financial Activities) (945,577) 928,393
Adjustment
for:
Losses / (gains) on investments 779,470 (829,119)
Dividends
and interest from investments		 (207,301) (182,787)
Decrease/(increase)
in stocks		 (355) (173)
Decrease/(increase)
in debtors		 17,475 97,781
(Decrease)/increase
in creditors		 (14,947) (20,995)
Net cash used
in operating
activities		 371,235 6,900

2022 2021
6 F
Cash at bank 81,041 187,453
Cash held on deposit as part of investment portfolio 568,835 628,303
Total 649,876 815,756

ANA LY SIS O F C HA NGES
IN NET DEBT
Balance at 1
January Balance at 31
2022 Cash flows December 2022
6 6 E
Cash at bank and in hand 815,756 (165,880) 649,876
815,756 ~865,888 649,876