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2021-12-31-accounts

ELY CATHEDRAL TRUST

REGISTERED CHARITY: 264803

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

ELY CATHEDRAL TRUST

INDEX PAGE
Charity Particulars 1
Trustees’ Annual Report 2 – 4
Statement of Trustees’ Responsibilities 5
Auditors’ Report 6 - 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Accounts 12 - 22

ELY CATHEDRAL TRUST

1.

CHARITY PARTICULARS

Patron: The Late H.R.H. The Prince Philip, Duke of Edinburgh KG, KT
Trustees: The Very Reverend M Bonney (ex officio, Dean of Ely)
Mr D Green (Chairman)
Mr C F M Rawlinson MBE
Mrs J Lewin-Smith DL
Mr I Pattinson
Canon P Evans
Reverend Canon Dr. J Martin
Canon T Bellis
Mrs I P Newport-Mangell
Revd Dr Sir R Waller
Correspondence Address: The Chapter House
The College
Ely
Cambs
CB7 4DL
Investment Managers: CCLA
80 Cheapside
London
EC2V 6DZ
Principal Bankers: Barclays Bank Plc
28 High Street
Ely
Cambs
CB7 4LA
Auditors: Price Bailey LLP
Chartered Accountants and Statutory Auditors
6 High Street
Ely
Cambridgeshire
CB7 4JU

ELY CATHEDRAL TRUST

2.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and audited financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 12 and comply with the Charity’s Trust Deed, applicable 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, published in October 2019.

Constitution and objects

The Ely Cathedral Trust is constituted under a Trust Deed dated 16 October 1972 and is a registered charity no. 264803.

The objective of the Trust is primarily to pay or apply the income of the Trust Fund to:

The Trustees may further pay or apply the income of the Trust Fund in furtherance of all or any of the following objectives:

The Trustees shall have power from time to time in their absolute discretion if they shall so think fit to pay or apply any part or parts of the whole of the capital of the Trust Fund in any manner in which they are authorised to pay the income thereof. The Trustees measure their performance by way of ensuring the Trust is able to finance the Cathedral’s needs both in the short term and the longer term.

The Trustees have considered the Charity Commission’s guidance on public benefit and they consider that the charity is fulfilling its obligations in this respect when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year fulfils the Trust’s public benefit purpose as it helps ensure that the Cathedral is able to operate.

Organisation

Trustees are appointed by the Cathedral Chapter. The Trustees who have served during the year and since the year end are set out on page 1. The Trustees meet at least three times a year to review policy and operations.

The organisational structure for day to day decision making is under the control of the Chairman of the Trust in consultation with the members and assisted by the Chief Operating Officer of the Cathedral. This arrangement is monitored by the meetings of the Trustees which are arranged at sufficiently frequent intervals.

New Trustees are appointed with the specific needs of the Trust in mind at the time of the vacancy, in terms of skills, expertise, experience and knowledge of the relevant field of activity and advice which the Trustees need. New Trustee induction involves the provision of a copy of the governing documents, minutes of prior meetings and a formal tour of The Cathedral and associated entities. When necessary, Chapter seeks help from one or more of its external and professional advisors.

ELY CATHEDRAL TRUST

3.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

Grant-making Policy

The Trust has established a grant-making policy to achieve its objectives for the public benefit. While Trustees are routinely informed of the Cathedral’s needs by Chapter, and would consider any requests under exceptional circumstances during the financial year, a procedure is in place that after Chapter’s Annual Budget Review, Trustees are presented with formal proposals approved by Chapter for grants for the following financial year. Trustees consider these requests and the capacity of the Trust’s funds to do so, during a meeting of the Board of Trustees and advise Chapter accordingly.

Financial Review and Investment Policy

The detailed results for the year ended 31 December 2021 are set out on page 9 of the accounts. The Trust did not fund any exceptional large fabric projects this year but had approved an unrestricted grant of £250,000 to help sustain the Cathedral through the pandemic. Due to the hard work of the Cathedral Team and the generosity of various individuals and grant making bodies, this amount was not drawn down. It has been carried forward to 2022 in case of additional need this year.

There was a significant increase in the value of the investment portfolio (14.15%) to the year ended 31st December 2021. We have seen a reduction in the value of the portfolio into early 2022, mainly due to the conflict in Ukraine. At it’s lowest it dipped to around £9.8m in February 2022, although at the 31st March 2022 the value of the portfolio had increased slightly to £10.008m.

Investment strategy is set by the Trustees and reviewed annually, with Trustees aiming to achieve a balance between income generation and capital growth, cognisant of the risk profile of investments and respecting the advice of the Investment Managers.

The Trustees have invested the available funds with CCLA in their CBF Investment Fund. The Fund aims to generate capital appreciation and rising income while choosing investments that are in line with Ethical Investment Advisory Group guidelines. It has a diversified portfolio with substantial investments in equities both in the UK and overseas.

The benchmarks for the fund are set as general long term objectives of: achieving an average annual total return in excess of inflation over the course of a business cycle; maintaining the true value of income after inflation; and limiting volatility to 75% or less of that of the UK equity market. The fund managers also use a composite comparator index in order to help us to compare performance over the shorter term. This index is composed of seven other indices covering equities, property and fixed income instruments in the geographical markets in which they invest. The Trust continues to seek to strengthen its assets while meeting its obligations and appropriate funding requests.

Funds Policy

It is the policy of the Trust to maintain sufficient funds to cover management, administration and support costs and to respond to requests from Chapter to meet the cost of projects approved by the Trustees in line with the Trust’s objectives and to manage the endowment funds in the long term. These costs are met by unrestricted income in the Trust. Total unrestricted reserves at the start of the year were £306,305 with a carried forward balance of £279,314.

Fund-Raising Standards Information CA162A

The Trust raises some funds from the public.

ELY CATHEDRAL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

The principal risk faced by the Trust lies predominantly in the performance of investments, with the possibility of insufficient funding being available to meet the needs of the Cathedral. A secondary risk is that an economic downturn could jeopardise the generation of legacies, donations and subscriptions which continue to fuel the Trust’s capability to meet its commitments.

The Trustees consider variability of returns on investments to constitute the charity’s major financial risk. The Trust manages these investment risks by retaining expert advisers and operating an investment policy that provides for a high diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.

Future plans

The Trust’s immediate planned objective is to meet its agreed 2022 grant of £836,895 (2021 - £694,895).

COVID-19

At the end of 2020 we had hoped that we’d seen the worst of this pandemic. In reality we had further lockdowns and restrictions during 2021 and there is still some disruption being caused by Covid 19 into 2022. The Trust has again not been particularly affected by this as it has no trading activities and so lockdowns and restrictions to personal liberty have made little difference to income.

We have continued to support Ely Cathedral through the year as it has been much harder for them to maintain incomes during lockdowns when reliant on visitors to the Cathedral. But due to careful management of resources and the success of the team in their applications for support grants, Ely Cathedral’s additional support pledge of £250,000 has not needed to be drawn upon and we have carried this pledge over in to 2022 in case of ongoing need.

Our investment portfolio, which remained fairly stable in 2020, has actually increased quite significantly in value during 2021. Although much of this increase has been reversed in the early part of 2022 due to the conflict in Ukraine. The investment portfolio as at 30 April 2022 was valued at £9.794m.

ELY CATHEDRAL TRUST

5.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Trustees’ responsibilities in relation to financial statements

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements 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 period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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.

Statement of disclosure to auditors

In so far as the Trustees are aware

Approved by the Trustees on and signed on their behalf by Mr D Green: 22 Apr 2022

David Green (May 23, 2022, 8:44am)

ELY CATHEDRAL TRUST

6.

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ELY CATHEDRAL TRUST

Opinion

We have audited the financial statements of Ely Cathedral Trust (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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 other information comprises the information included in the Trustees annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

ELY CATHEDRAL TRUST

7.

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ELY CATHEDRAL TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the Trustees are responsible for the preparation of financial statements which 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included employment law and health & safety.

ELY CATHEDRAL TRUST

8.

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF ELY CATHEDRAL TRUST

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’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 charity’s Trustees those matters we are required to state to them in an auditor’s 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 the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP, Chartered Accountants & Statutory Auditors, 6 High Street Ely Cambridgeshire CB7 4JU Dated: 23 May 2022

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

ELY CATHEDRAL TRUST

9.

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

----- Start of picture text -----
Unrestricted Unrestricted 2021 2020
General Designated Restricted Endowment
Fund Funds Funds Funds Total Total
Note £ £ £ £ £ £
----- End of picture text -----

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Income and endowments from:| |Donations and legacies|2|59,276|-|31,950|36,453|127,679|191,800| |Investments|3|8,545|-|95,426|165,268|269,239|255,512| |Transfers from endowment|8|-|1,029,000|- (1,029,000)|-|-| |────────|────────|────────|────────|────────|────────| |Total income and endowments|67,821|1,029,000|127,376|(827,279)|396,918|447,312| |Expenditure on:| |Charitable activities|4|136,490|-|260,638|60,578|457,706|690,471| |────────|────────|────────|────────|────────|────────| |Total expenditure|136,490|-|260,638|60,578|457,706|690,471| |Gains on| |Investments|41,678|-|465,467|806,141|1,313,286|555,333| |────────|────────|────────|────────|────────|────────| |Net (expenditure)/income| |for the year|(26,991)|1,029,000|332,205|(81,716)|1,252,498|312,174| |────────|────────|────────|────────|────────|────────| |Net movement in funds|(26,991)|1,029,000|332,205|(81,716)|1,252,498|312,174| |Reconciliation of funds:| |Total funds brought forward|306,305|-|3,420,872|5,924,615|9,651,792|9,339,618| |────────|────────|────────|────────|────────|────────| |Total funds carried forward|279,314|1,029,000|3,753,077|5,842,899 10,904,290|9,651,792| |────────|────────|────────|────────|────────|────────|

----- End of picture text -----

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 12 to 22 form part of these accounts

ELY CATHEDRAL TRUST

10.

BALANCE SHEET AS AT 31 DECEMBER 2021

FIXED ASSETS
Investments
CURRENT ASSETS
Debtors
Investment Fund Deposits &
Cash at Bank
LIABILITIES:
Creditors: Amounts falling due
within one Year
Net Current Assets
NET ASSETS
CHARITY FUNDS:
Unrestricted funds
General fund
Designated funds
Restricted funds
Endowment funds
Total Fund Balances		 2021
2020
Note
£
£
5
10,593,085
9,279,793
6
82,510
155,508
339,808
223,421
────────
────────
422,318
378,929
7
111,113
6,930
────────
────────
311,205
371,999
────────
────────
10,904,290
9,651,792
────────
────────
8
279,314
306,305
8
1,029,000
-
8
3,753,077
3,420,872
8
5,842,899
5,924,615
────────
────────
9
10,904,290
9,651,792
════════
════════

The financial statements were approved by the Board of Trustees on and signed on their 22 Apr 2022 behalf by Mr D Green:

David Green (May 23, 2022, 8:44am)

The notes on pages 12 to 22 form part of these accounts

ELY CATHEDRAL TRUST

11.

STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2021

----- Start of picture text -----
|| |---| |______|

----- End of picture text -----

Cash flows from operating activities:
Net cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Sale of investments
Net cash provided by investing activities
Cash flows from financing activities:
Receipt of endowment
Net cash provided by financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period


Cash and cash equivalents at the end of the reporting period		 2021
2020
Note
£
£
13
(152,852)
(658,908)
────────
────────
269,239
255,844
-
450,000
────────
────────
269,239
705,844
────────
────────
-
66,269
────────
────────
-
66,269
────────
────────
116,387
113,205

223,421
110,216
────────
────────
14
339,808
223,421
════════
════════

The notes on pages 12 to 22 form part of these accounts

ELY CATHEDRAL TRUST

12.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

a. Basis of Accounting

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) - Charities SORP (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The charity adopts a total return approach to the 21st Century Endowment Fund investment. Note 8 explains how the unapplied total return and the use thereof is calculated. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b. Going concern

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with the gains and losses on revaluation of these investments each year.

The Trustees have prepared cash flow forecasts for a period of 12 months from the date of the signing of the accounts which demonstrate that the cash reserves will continue to meet liabilities as they fall due.

The Trustees continue to adopt the going concern basis in preparing these financial statements.

c. Income

ELY CATHEDRAL TRUST

13.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES – (continued)

d. Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditions are outside the control of the charity.

e.

Investment Fixed Assets

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors. Investment income, gains and losses are allocated to the appropriate fund.

f. Funds

Restricted Funds are funds which have been given for particular purposes or projects. The Trust’s Restricted Funds are restricted to providing grants for the maintenance of the Cathedral and other buildings related to it and for the advancement of the Cathedral Music.

Endowment Funds represent funds which must be held permanently by the Charity to generate income to be applied for the purposes for which the Endowment was created. Details of these funds are set out in note 8.

The Trustees have accounted for the permanent 21st Century fund to account and report income and capital returns and charitable expenditure on a total return basis. The unapplied total return is the amount of the fund over and above the base level of endowment as calculated at 29 April 2021 when the basis was adopted. The Trustees agreed this base level should be the value of the endowment as calculated as the original amount received uplifted for inflation linked to CPI totalling £1.973M. The total return each year remains part of the endowment fund, until it is transferred to the general fund and becomes “applied total return”. The transfer is shown in the table in note 8 and on the SoFA.

Unrestricted funds are funds given for no particular purpose or projects, to be spent as Trustees decide.

g.

Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h. Debtors

Other debtors are recognised at the settlement amount due.

ELY CATHEDRAL TRUST

14.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES – (continued)

i. Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

j. Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. At the balance sheet date, fixed assets are recorded at market value (note 5 - which details the unrealised gains) and all other assets and liabilities are recorded at cost (which is their fair value).

k. Estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.

2. INCOME FROM DONATIONS AND LEGACIES

2. INCOME FROM DONATIONS AND LEGACIES
2021 2020
£ £
Gifts 127,679 125,531
Legacies - 66,269
──────── ────────
127,679 191,800
──────── ────────
3. INCOME FROM INVESTMENTS
2021 2020
£ £
Investment fund - dividends and interest 269,225 255,274
Interest – deposits 14 238
──────── ────────
269,239 255,512
──────── ────────
4. CHARITABLE ACTIVITIES
2021 2020
£ £
Grants to Ely Cathedral (note 11) 444,883 668,658
Support costs and governance 12,823 21,813
──────── ────────
457,706 690,471
──────── ────────

The Trust has no direct employees.

The grant’s analysis is given in Note 11. All of the amounts are granted to Ely Cathedral. The support costs figures above relate to printing postage stationery, Trustees indemnity insurance and other office costs of £5,563 (2020: £14,013) and audit fees of £7,260 (2020: £7,800) which are allocated to charitable expenditure.

ELY CATHEDRAL TRUST

15.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

5. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
2021 2020
£ £
Market value at 1 January 2021 9,279,793 9,174,460
Proceeds - (450,000)
Gain in year 1,313,292 555,333
──────── ────────
10,593,085 9,279,793
──────── ────────

The investment portfolio showed an increase in value at 31 December 2021. As at 30 April 2022, the investment portfolio had decreased in value by £798,602 and was valued at £9,794,483.

All investments are held in the CBF Church of England investment fund income shares. Investments at fair value comprise:

2021 2020
£ £
Equities – UK 1,103,800 942,827
Overseas equities 6,892,920 6,301,907
Property / other assets 1,717,139 1,721,402
Cash 879,226 313,657
──────── ────────
10,593,085 9,279,793
──────── ────────

The historical cost of investments is £4,850,223 (2020: £4,850,223)

6. DEBTORS

2021 2020
£ £
Income Tax Recoverable - 10,004
Accrued income 69,648 66,666
Legacy 10,162 48,699
Ely Cathedral Enterprises Limited 2,700 2,700
Ely Cathedral Chapter - 27,439
──────── ────────
82,510 155,508
──────── ────────
7. CREDITORS - Amounts Falling Due Within One Year
2021 2020
£ £
Accruals 7,290 6,930
Ely Cathedral Chapter 103,823 -
──────── ────────
111,113 6,930
──────── ────────

ELY CATHEDRAL TRUST

16.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. FUND RECONCILIATION

Balance at Balance at
1 January Gains/ 31 December
2021 Income Expenditure (losses) 2021
Unrestricted Funds
General Fund 306,305 67,821 (136,490) 41,678 279,314
Designated funds
Organ Fund - 1,029,000 - - 1,029,000
──────── ──────── ──────── ──────── ────────
Total Unrestricted Funds 306,305 1,096,821 (136,490) 41,678 1,308,314
──────── ──────── ──────── ──────── ────────
Restricted Funds
Maintenance of the Fabric Fund 561,857 27,305 (107,100) 76,450 558,512
25th Anniversary Fund 6,812 190 - 928 7,930
Music Fund 2,833,278 99,165 (153,538) 385,514 3,164,419
Visitor Facilities Fund 18,925 716 - 2,575 22,216
──────── ──────── ──────── ──────── ────────
Total Restricted Funds 3,420,872 127,376 (260,638) 465,467 3,753,077
──────── ──────── ──────── ──────── ────────
Endowment Funds
21stCentury Endowment 4,380,160 (906,815) - 595,993 4,069,338
Friends of Cathedral
Music Choristership 71,506 1,995 (3,090) 9,730 80,141
Octagon Choristership 190,913 5,325 (3,605) 25,977 218,610
Ouseley Trust Choristership 162,351 4,529 (3,605) 22,091 185,366
Sinclair Choristership 81 9,502 (9,593) 10 -
Rawlinson Fund Choristership 246,264 16,871 (12,360) 33,508 284,283
Garfield Weston Choristership 417,078 11,634 (12,360) 56,750 473,102
Lantern Choristership 142,952 20,941 (3,605) 19,451 179,739
Quanea Choristership 313,310 8,739 (12,360) 42,631 352,320
──────── ──────── ──────── ──────── ────────
Total Endowment Funds 5,924,615 (827,279) (60,578) 806,141 5,842,899
──────── ──────── ──────── ──────── ────────
Total Funds 9,651,792 396,918 (457,706) 1,313,286 10,904,290
════════ ════════ ════════ ════════ ════════

ELY CATHEDRAL TRUST

17.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. FUND RECONCILIATION (continued)

Balance at Balance at
1 January Gains/ 31 December
2020 Income Expenditure (losses) 2020
Unrestricted Funds
General Fund 515,818 134,995 (375,492) 30,984 306,305
════════ ════════ ════════ ════════ ════════
Restricted Funds
Maintenance of the Fabric Fund 504,307 26,949 - 30,601 561,857
25th Anniversary Fund 6,414 176 - 222 6,812
Music Fund 2,718,098 103,061 (148,906) 161,025 2,833,278
Visitor Facilities Fund 17,255 622 - 1,048 18,925
──────── ──────── ──────── ──────── ────────
Total Restricted Funds 3,246,074 130,808 (148,906) 192,896 3,420,872
──────── ──────── ──────── ──────── ────────
Endowment Funds
21stCentury Endowment 4,128,806 113,102 (107,100) 245,352 4,380,160
Friends of Cathedral
Music Choristership 68,554 1,878 (3,000) 4,074 71,506
Octagon Choristership 178,883 4,900 (3,500) 10,630 190,913
Ouseley Trust Choristership 152,603 4,180 (3,500) 9,068 162,351
Sinclair Choristership 923 8,576 (9,473) 55 81
Rawlinson Fund Choristership 228,433 16,257 (12,000) 13,574 246,264
Garfield Weston Choristership 394,802 10,815 (12,000) 23,461 417,078
Lantern Choristership 125,399 13,601 (3,500) 7,452 142,952
Quanea Choristership 299,323 8,200 (12,000) 17,787 313,310
──────── ──────── ──────── ──────── ────────
Total Endowment Funds 5,577,726 181,509 (166,073) 331,453 5,924,615
──────── ──────── ──────── ──────── ────────
Total Funds 9,339,618 447,312 (690,471) 555,333 9,651,792
════════ ════════ ════════ ════════ ════════

The Trust now has nine endowed funds, eight of which are to support Ely Cathedral Choristers:

The Friends of Cathedral Music Choristership, Octagon Choristership, the Ouseley Trust Choristership, the Sinclair Choristership and the Rawlinson Fund Choristership, Garfield Weston Choristership, Lantern Choristership and Quanea Choristership were each set up to fund choristerships.

The ninth fund is the 21st Century Endowment Fund and its purpose is to maximise income for when Ely Cathedral needs further extensive major restoration. See further details below:

ELY CATHEDRAL TRUST

18.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. FUND RECONCILIATION (continued)

Permanent
Endowment
£
Balance at 29 April 2021
1,973,000
Gift of endowment funds
-
Investment returns (dividend and interest)
-
Investment returns (realised and unrealised
gains/(losses)
-
Indexation of the capital in permanent
endowment for investment
76,569
────────
Net movement before application of income
76,569
Unapplied total return allocated to income in the period
-
────────
Net movement in the year
76,569
Balance at 31 December 2021
Trust for investment/permanent endowment
2,049,569
Unapplied total return
-
────────
Balance at 31 December 2021
2,049,569
────────		 Unapplied
Total return
Total
£
£
2,407,160
4,380,160
-
-
122,185
122,185
595,993
595,993
(76,569)
-
────────
────────
641,609
718,178
(1,029,000)
(1,029,000)
────────
────────
(387,391)
(310,822)
-
2,049,569
2,019,769
2,019,769
────────
────────
2,019,769
4,069,338
────────
────────		 Total

During the year, Ely Cathedral Trust have taken advantage of section 4 of the Trusts Act 2013 to adopt a total return approach to the permanent endowment of the 21st Century Fund. The Trustees met and unanimously agreed this on the 29th April 2021 as being in the charity's interest. Due to the number of professionally qualified accountants and lawyers within the group, Trustees were comfortable that as a body they had the experience and the expertise to take the decision on the basis of information and advice received without the need for formal external professional advice. This approach has been limited to this one fund and will not apply to any other endowment funds held by the charity. The assets held that represent the value of the original endowment have been established including any additional amounts that were not the result of the investment. There is no existing Charity Commission Order on this fund.

Since the endowment fund was initially created in December 1990 and the total return basis has only been applied for the first time in April 2021, this means that the unapplied total return has had a significant balance built up in this time. The Trustees have decided to adopt the total return basis in order to assist the Cathedral with the imminent need to spend a large sum of money on the Organ. The Trustees feel that this expenditure is within the spirit of the original 21st Century Fund.

ELY CATHEDRAL TRUST

19.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

_________________________

9. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 December 2021 are represented by:

----- Start of picture text -----
Unrestricted The Trust Octagon Friends Total
Unrestricted Designated Restricted 21 [st] Choris- Garfield Rawl- of Endow-
General Fund Organ Fund Funds’ Century Sinclair tership Weston Lantern inson Ouseley Cathedral Quanea ment Total
£ £ £ £ £ £ £ £ £ £ £ £ £ £
----- End of picture text -----

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Investments|241,975|1,029,000 3,645,965|3,953,200|-|212,371|459,600|174,609|276,170|180,076|77,854|342,265|5,676,145|10,593,085| |Debtors|9,900|-|28,399|30,792|-|1,654|3,580|1,359|2,151|1,403|606|2,666|44,211|82,510| |Bank|40,771|-|116,956|126,812|-|6,812|14,743|5,602|8,859|5,777|2,497|10,979|182,081|339,808| |Creditors|(13,332)|-|(38,243)|(41,466)|-|(2,227)|(4,821)|(1,831)|(2,897)|(1,890)|(816)|(3,590)|(59,538)|(111,113)| |───────|─────── ──────|─────── ────── ────── ────── ────── ────── ────── ────── ────── ────────|────────| |Total Net Assets|279,314|1,029,000|3,753,077|4,069,338|-|218,610|473,102|179,739|284,283|185,366|80,141|352,320|5,842,899|10,904,290| |═══════|═══════ ══════|─────── ────── ────── ────── ────── ────── ────── ────── ──────|════════|════════|

----- End of picture text -----

Fund balances at 31 December 2020 are represented by:

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|The Trust|Octagon|Friends|Total| |Unrestricted|Designated|Restricted|21|[st]|Choris-|Garfield|Rawl-|of|Endow-| |General Fund|Organ Fund|Funds’ Century|Sinclair|tership|Weston|Lantern|inson|Ouseley Cathedral|Quanea|ment|Total| |£|£|£|£|£|£|£|£|£|£|£|£|£|£| |Investments|294,500|- 3,289,025|4,211,340|78|183,555|401,003 137,442 236,773|156,094|68,750|301,233|5,696,268|9,279,793| |Debtors|4,936|-|55,116|70,572|1|3,076|6,719|2,304|3,967|2,616|1,152|5,049|95,456|155,508| |Bank|7,089|-|79,187|101,393|2|4,419|9,655|3,309|5,701|3,758|1,655|7,253|137,145|223,421| |Creditors|(220)|-|(2,456)|(3,145)|-|(137)|(299)|(103)|(177)|(117)|(51)|(225)|(4,254)|(6,930)| |───────|─────── ──────|─────── ────── ────── ────── ────── ────── ────── ────── ────── ────────|────────| |Total Net Assets|306,305|- 3,420,872|4,380,160|81|190,913|417,078 142,952 246,264|162,351|71,506|313,310|5,924,615|9,651,792| |═══════|═══════ ══════|─────── ────── ────── ────── ────── ────── ────── ────── ──────|════════|════════|

----- End of picture text -----

ELY CATHEDRAL TRUST

20.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. TRUSTEES’ REMUNERATION

During the year, nil Trustee received nor waived any remuneration (2020 – nil). Nil expenses were reimbursed to the Trustees in the year (2020 – nil).

11. RELATED PARTY DISCLOSURES

In accordance with the Trust’s objectives, it makes grants to Ely Cathedral to assist with restoration and maintenance, maintenance of the Choirs and reimburses the Cathedral for management and administration costs incurred on its behalf.

During the year the following other transactions took place. 2021 2020
£ £
Grants expenditure
Choristers 214,104 207,880
Other grants to Ely Cathedral 123,679 103,679
Fabric and maintenance grant 107,100 107,100
Covid grant - 250,000
──────── ────────
Total 444,883 668,659
──────── ────────

The amount owed by Ely Cathedral Trust at 31 December 2021 to Ely Cathedral Chapter totalled £103,823 (2020 – amount due from Ely Cathedral Chapter: £27,439).

The amount due to Ely Cathedral Trust at 31 December 2021 from Ely Cathedral Enterprises Limited totalled £2,700 (2020 – £2,700).

In addition 6 Trustees (2020: 7) gave donations to the Trust during the year of £10,800 (2020 - £11,300).

There were no other related party transactions (2020 – none).

12. CONTINGENT ASSETS

As at the 31 December 2021 the Trust was aware of £1,156,000 (2020: £200,000) of legacies which have not been recognised in these accounts as they have not met the income recognition criteria in the accounting policy 1(c).

ELY CATHEDRAL TRUST

21.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. Reconciliation of net income to net cash flow from operating activities
2021 2020
£ £
Net income for the year
As per the statement of financial activities 1,252,498 312,174
Adjustments for:
Gifts of endowment - (66,269)
Gains on investments (1,313,286) (555,333)
Dividends, interest and rents from investments (269,239) (255,844)
Decrease / (increase) in debtors 72,992 (72,633)
Increase/(decrease) in creditors 104,183 (21,003)
──────── ────────
Net cash provided used in operating activities (152,852) (658,908)
════════ ════════
14. Analysis of changes in net debt
At 1 January Cash flow At 31 December
2021 2021
£ £ £
Cash in hand 220,855 (84,835) 136,020
Cash held as part of the investment portfolio 2,566 201,222 203,788
──────── ──────── ────────
Total 223,421 116,387 339,808
════════ ════════ ════════

ELY CATHEDRAL TRUST

22.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

15. Comparative Statement of Financial Activities (see page 9)

Income and endowments from:
Donations and legacies
Investments
Total income and endowments
Expenditure on:
Charitable activities
Total expenditure
Net (losses)/gains on
Investments
Net income/(expenditure)
for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2020
Unrestricted
Restricted
Endowment
Funds
Funds
Funds
Total
Note
£
£
£
£
2
121,197
41,887
28,716
191,800
3
13,798
88,921
152,793
255,512
────────
────────
────────
────────
134,995
130,808
181,509
447,312
4
375,492
148,906
166,073
690,471
────────
────────
────────
────────
375,492
148,906
166,073
690,471
30,984
192,896
331,453
555,333
────────
────────
────────
────────
(209,513)
174,798
346,889
312,174
-
-
-
-
────────
────────
────────
────────
(209,513)
174,798
346,889
312,174
515,818
3,246,074
5,577,726
9,339,618
────────
────────
────────
────────
306,305
3,420,872
5,924,615
9,651,792
────────
────────
────────
────────

ELY CATHEDRAL TRUST

23.

THE TRUSTS’ RESTRICTED FUNDS’ DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £ £
£
Operating Income
Donations, Gifts and Legacies 31,950 41,887
Events - -
──────── ────────
31,950 41,887
Operating Expenses
Chapter – Music Appeal 260,638 148,906
──────── ────────
260,638 148,906
──────── ────────
Investment Income 95,426 88,921
──────── ────────
NET OPERATING DEFICIT (133,262) (18,098)
Investment Capital Movements
Increase in Market Value of Investments 465,467 192,896
──────── ────────
NET MOVEMENT IN FUND 332,205 174,798
──────── ────────
FUND BROUGHT FORWARD 3,420,872 3,246,074
──────── ────────
FUND CARRIED FORWARD 3,753,077 3,420,872
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

24.

THE TRUST RESTRICTED FUNDS’ DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

ANALYSIS BETWEEN SUB-FUNDS
Fund Balances
Music
Visitor Facilities
Fabric
25thAnniversary		 At 1 January
2021
£
2,833,278
18,925
561,857
6,812
────────
3,420,872
────────		 Surplus/ (loss)
for year
£
331,141
3,291
(3,344)
1,117
────────
332,205
────────		 Transfers
£
-
-
-
-
────────
-
────────		 At 31 December
2021
£
3,164,419
22,216
558,513
7,929
────────
3,753,077
────────


These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

25.

UNRESTRICTED GENERAL FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £ £
£
Operating Income
Donations, Gifts and Legacies 59,276 121,197
Events - -
──────── ────────
59,276 121,197
Investment Income 8,545 13,798
──────── ────────
67,821 134,995
Operating Expenses
Chapter – charitable grant 123,667 353,679
Charitable activities 12,823 21,813
──────── ────────
136,490 375,492
──────── ────────
NET OPERATING PROFIT (68,669) (240,497)
Investment Capital Movements
Increase in Market Value of Investments 41,678 30,984
──────── ────────
NET MOVEMENT IN FUND (26,991) (209,513)
──────── ────────
FUND BROUGHT FORWARD 306,305 515,818
──────── ────────
FUND CARRIED FORWARD 279,314 306,305
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

26.

DESIGNATED ORGAN FUND (UNRESTRICTED) DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

DESIGNATED ORGAN FUND (UNRESTRICTED)
DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021		 DESIGNATED ORGAN FUND (UNRESTRICTED)
DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021		 DESIGNATED ORGAN FUND (UNRESTRICTED)
DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021		 DESIGNATED ORGAN FUND (UNRESTRICTED)
DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
__________________
2021 2020
£ £ £
£
Operating Income
Transfers from endowment 1,029,000 -
──────── ────────
1,029,000 -
Operating Expenses
Charitable activities - -
──────── ────────
- -
──────── ────────
NET OPERATING PROFIT 1,029,000 -
Investment Capital Movements
Increase in Market Value of Investments - -
──────── ────────
NET MOVEMENT IN FUND 1,029,000 -
──────── ────────
FUND BROUGHT FORWARD - -
──────── ────────
FUND CARRIED FORWARD 1,029,000 -
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

27.

OCTAGON CHORISTERSHIP FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Investment Income 5,325 4,900
──────── ────────
5,325 4,900
Operating Expenses
Scholarship and Chorister fees 3,605 3,500
──────── ────────
3,605 3,500
NET OPERATING SURPLUS 1,720 1,400
Investment Capital Movements
Increase in Market Value of Investments 25,977 10,630
──────── ────────
NET MOVEMENT IN FUND 27,697 12,030
──────── ────────
FUND BROUGHT FORWARD 190,913 178,883
──────── ────────
FUND CARRIED FORWARD 218,610 190,913
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

28.

TWENTY FIRST CENTURY ENDOWMENT FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Investment Income 122,185 113,102
Transfer from endowment (1,029,000) -
──────── ────────
(906,815) 113,102
Operating Expenses
Scholarship and Chorister fees - -
Restoration and maintenance costs - 107,100
──────── ────────
- 107,100
NET OPERATING DEFICIT (906,815) 6,002
Investment Capital Movements
Increase in Market Value of Investments 595,993 245,352
──────── ────────
NET MOVEMENT IN FUNDS (310,822) 251,354
════════ ════════
FUND BROUGHT FORWARD 4,380,160 4,128,806
──────── ────────
FUND CARRIED FORWARD 4,069,338 4,380,160
════════ ════════
Permanent Endowment 2,049,569 1,973,000
Unapplied Total Return 2,019,769 2,407,160
──────── ────────
4,069,338 4,380,160
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

29.

FRIENDS OF CATHEDRAL MUSIC CHORISTER ENDOWMENT FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Investment Income 1,995 1,878
──────── ────────
1,995 1,878
Operating Expenses
Scholarship and Chorister fees 3,090 3,000
──────── ────────
3,090 3,000
NET OPERATING DEFICIT (1,095) (1,122)
Investment Capital Movements
Increase in Market Value of Investments 9,730 4,074
──────── ────────
NET MOVEMENT IN FUND 8,635 2,952
──────── ────────
FUND BROUGHT FORWARD 71,506 68,554
──────── ────────
FUND CARRIED FORWARD 80,141 71,506
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

30.

OUSELEY TRUST CHORISTERS ENDOWMENT FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Operating Income
Donations, Gifts and Legacies - -
Investment Income 4,529 4,180
──────── ────────
4,529 4,180
Operating Expenses
Scholarship and Chorister fees 3,605 3,500
──────── ────────
3,605 3,500
NET OPERATING SURPLUS 924 680
Investment Capital Movements
Increase in Market Value of Investments 22,091 9,068
──────── ────────
NET MOVEMENT IN FUND 23,015 9,748
──────── ────────
FUND BROUGHT FORWARD 162,351 152,603
──────── ────────
FUND CARRIED FORWARD 185,366 162,351
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

31.

SINCLAIR ENDOWMENT FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Operating Income
Donations, Gifts and Legacies 9,500 8,550
Investment Income 2 26
──────── ────────
9,502 8,576
Operating Expenses
Scholarship and Chorister fees 9,593 9,473
──────── ────────
9,593 9,473
NET OPERATING DEFICIT (91) (897)
Investment Capital Movements
Increase in Market Value of Investments 11 55
──────── ────────
NET MOVEMENT IN FUND (80) (842)
──────── ────────
FUND BROUGHT FORWARD 80 923
──────── ────────
FUND CARRIED FORWARD - 81
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

32.

RAWLINSON ENDOWMENT FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Operating Income
Donations, Gifts and Legacies 10,000 10,000
Investment Income 6,871 6,257
──────── ────────
16,871 16,257
Operating Expenses
Scholarship and Chorister fees 12,360 12,000
──────── ────────
12,360 12,000
NET OPERATING SURPLUS 4,511 4,257
Investment Capital Movements
Increase in Market Value of Investments 33,508 13,574
──────── ────────
NET MOVEMENT IN FUND 38,019 17,831
──────── ────────
FUND BROUGHT FORWARD 246,264 228,433
──────── ────────
FUND CARRIED FORWARD 284,283 246,264
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

33.

GARFIELD WESTON CHORISTERSHIP FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Investment Income 11,634 10,815
──────── ────────
11,634 10,815
Operating Expenses
Scholarship and Chorister fees 12,360 12,000
──────── ────────
12,360 12,000
NET OPERATING DEFICIT (726) (1,185)
Investment Capital Movements
Increase in Market Value of Investments 56,750 23,461
──────── ────────
56,750 23,461
NET MOVEMENT IN FUNDS 56,024 22,276
──────── ────────
FUND BROUGHT FORWARD 417,078 394,802
──────── ────────
FUND CARRIED FORWARD 473,102 417,078
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

34.

LANTERN CHORISTERSHIP FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Operating Income
Donations, Gifts and Legacies 16,953 10,166
Investment Income 3,988 3,435
──────── ────────
20,941 13,601
Operating Expenses
Scholarship and Chorister fees 3,605 3,500
──────── ────────
3,605 3,500
NET OPERATING SURPLUS 17,336 10,101
Investment Capital Movements
Increase in Market Value of Investments 19,451 7,452
──────── ────────
NET MOVEMENT IN FUNDS 36,787 17,553
FUND BROUGHT FORWARD 142,952 125,399
──────── ────────
FUND CARRIED FORWARD 179,739 142,952
════════ ════════

These pages are unaudited and do not form part of the statutory financial statements

ELY CATHEDRAL TRUST

35.

QUANEA CHORISTERSHIP FUND DETAILED OPERATING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
£ £
Investment Income 8,739 8,200
──────── ────────
8,739 8,200
Operating Expenses
Scholarship and Chorister fees 12,360 12,000
──────── ────────
12,360 12,000
NET OPERATING DEFICIT (3,621) (3,800)
Investment Capital Movements
Increase in Market Value of Investments 42,631 17,787
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NET MOVEMENT IN FUNDS 39,010 13,987
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FUND BROUGHT FORWARD 313,310 299,323
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FUND CARRIED FORWARD 352,320 313,310
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These pages are unaudited and do not form part of the statutory financial statements