## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |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| ##