2023-12-31-accounts - Ely Cathedral Trust

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Charity Particulars
Trustees' Annual Report		2 —4
Statement ofTrustees'	Responsibilities
Auditors' Report		6-8
Statement of Financial Activities
Balance Sheet		10
Cash Flow Statement
Notes to the Accounts		12-22

Patron:			The Late H.R.H. The	Prince Philip,	Prince Philip,	Duke of Edinburgh	Duke of Edinburgh	KG, KT
Trustees:			Mr David Green (Chairman)
			The Very Reverend	Mark Bonney		DL (exofficio, Dean		of Ely)
			Canon Paul Evans
			The Reverend Canon		James Garrard
			Mr Peter Garside (from 1January			2024)
			Mrs Jane Lewin-Smith		DLJP
			Mrs Isobel Newport-Mangell
			Mr lan Pattinson
			Mr Charles Rawlinson		MBE (until	15May 2023)
			The Reverend Canon		Sir Ralph Wailer KBE
Correspondence		Address:	The Chapter House
			The College
			Ely
			Cambridgeshire
			CB74DL
Investment	Managers:		CCLA
			80 Cheapside
			London
			EC2V 6DZ
Principal Bankers:			Barclays Bank Pic
			28 High Street
			Ely
			Cambridges hire
			CB74LA
Auditors:			Price Bailey LLP
			Chartered Accountants		and Statutory Auditors
			6 High Street
			Ely
			Cambridgeshire
			CB74JU
Cathedral Staff:			Chief Operating Officer &Chapter			Clerk —Jonathan	Bell FCA DChA
			Chief Finance Officer	—Alison Binstead FCA

ELY CATHEDRAL TRUST INDEPENDENT AUDITORS. REPORTTO THE TRUSTEES OF ELY CATHEDRAL TRUST The risks were discussed with the audit team and we remalned alert to any indications of non-compliance throughout the audit. We carried out Specific procedures to address the risks identified. These included the followin8- Reviewin8 minutes of Board meetings, reviewing any correspondence with the Charity Cornmission, agreeing the financial statement disc105ures to underlying supporting documentation, enquiries of management of the harity. We have a150 reviewed the procedures in place for the reporting of any incident5 to the Trustee Board including seriou5 Incident reportin8 of these matters as necessary with the Charity Commission. Managernent ovefride.. To address the riskof rnanagement override of controls, we carrled outtestingof journal entries 3nd other adjustment5 for appropriateness. We revlewed systems and procedures to identify potential areas of management override risk. We also as5e55ed management blas in relation to the accounting policies adopted and in determinin£ signifi£ant accounting estimates, including treatment of legacies and the valuation of investments, and a retrospective review of eStMateS from prior periods. Because of the inherent limitations of an audit. there Is a risk that we will not detect all irre£ularitTres, includin8 those leading tts a material misstatement in the financial Statements or non-compliance wth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the flnancia statements, as we will be les5 likely to become aware of irstances of non-cornpliance. The risk 15 also greater regardin8 irregularities occurring due to fraud rather than error. as fraud involves intentional concealmet)t, forgery, collusion. 0rn155ion or rni5representation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. http5:l/www.frc.org.uklOur-Work/AuditlAudit-and-assurance/standards-and-guidance/Standard5-and-guidance- for-auditorslAuditors-responsibilities-for-audit/De5cription-of-auditors-responsSbllities-for-audit.aspx. Thi5 description forms part of our audltorfs report. We communicate with those charged with 8oveTnance regarding, arnon8 Other matter5, the planned scope a*d timing of the audit and significant auditlindings, including anysignificant deficiencies in internal control that we identifyduring our audit. Use of our report This report Is made solely to rhe charlty's tru5tee5. a5 a body. in accordance with Part 4 of thÈ Ch3rities IAccounts and Reports) Regulations 2008. Our 8udit work has been undertaken so that we might state to the charitV5 Trustees those matter5 we are required to stste to them in an 3uditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan 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 Elv Cambridgeshire CB7 41U Dated.. 21 May 2024 Price Bailey LLP is eligible to act as an auditor In term5 of settion 1212 of the Companies Act 2006.

			Unrestricted	Unrestricted			2023	2022
			General	Designated	Restricted	Endowment
		Note	Fund f	Funds f	Funds f	Funds f	Total f	Total f
Income and endowments	from:
Donations and legacies Investments Transfers from endowment		2 3 8	66,731 37,432 300,000	36,296	222,015 92,208	67,193 150,846 (300,000)	355,939 316,782	1,575,728 281,489
Total income and endowments			404,163	36,296	314,223	(81,961)	672,721	1,857,217
Expenditure on:
Charitable activities		4	357,875		382,279	68,750	808,904	710,001
Total expenditure			357,875		382,279	68,750	808,904	710,001
Gains/(Losses) on
Investments			114,926	111,383	283,149	463,283	972,741	(1,253,947)
Net (income)/expenditure
forthe year			161,214	147,679	215,093	312,572	836,558	(106,731)
Transfers between funds		8	1,384,911	(1,384,911)
Net movement in funds			1,546,125	(1,237,232)	215,093	312,572	836,558	(106,731)
Reconciliation offunds:
Total funds brought forward			1,275,701	1,237,232	3,142,995	5,141,631	10,797,559	10,904,290
Total funds carried forward			2,821,826		3,358,088	5,454,203	11,634,117	10,797,559

				2023	2022
			Note	E	E
FIXEDASSETS
Investments				11,311,880	10,339,138
CURRENT ASSETS Debtors				141,692	72,351
Investment	Fund Deposits 8 Cash at Bank			319,446	552,992
				461,138	625,343
LIABILITIES:
Creditors:	Amounts	falling due within one Year	7	138,901	166,922
Net Current	Assets			322,237	458,421
NET ASSETS				11,634,117	10,797,559
CHARITY FUNDS:
Unrestricted	funds
General fund				2,821,826	1,275,701
Designated funds Restricted funds				3,358,088	1,237,232 3,142,995
Endowment	funds			5,454,203	5,141,631
Total Fund Balances				11,634,117	10,797,559

						2023	2022
					Note	E	E
Cash flows from operating activities:
Net cash used in operating activities					13	(617,523)	751,403
Cash flows from investing activities:
Dividends, interest and rents from investments						316,784	281,489
Purchase of investments
							(1,000,000)
Net cash provided by investing activities						316,784	(718,511)
Cash flows from financing activities:
Receipt ofendowment						67,193	180,292
Net cash provided by financing activities						67,193	180,292
Change in cash and cash equivalents	in the	reporting	period			(233,546)	213,184
Cash and cash equivalents at the beginning		ofthe reporting		period		552,992	339,808
Cash and cash equivalents at the end	ofthe reporting		period		14	319,446	552,992

2.	INCOME FR	O	M DONAT	AND LEGACIES
					2023	2022
					f	f
	Gifts				111,054	248,550
	Legacies				244,885	1,327,178
					355,939	1,575,728
3.	INCOME FROM INVESTMENTS
					2023	2022
						E
	Investment	fund - dividends		and interest	316,782	281,489
					316,782	281,489
4.	CHARITABLE		ACTIVITIES
					2023	2022
					E	E
	Grants to Ely Cathedral (note 11) Support costs and governance				777,299 20,395	692,949 17,052
	Fundraising	costs			11,210
					808,904	710,001

							2023	2022
							f	f
Market value	at	1January 2023					10,339,139	10,593,085
Proceeds
Additions								1,000,000
Gain/(Loss)	in year						972,741	(1,253,947)
							11,311,880	10,339,138
All investments are held				in the CBFChurch of England		investment	fund income shares.
Investments	at fair value			comprise:
							2023	2022
							f
Equities —UK							852,916	1,084,576
Overseas equities							7,137,796	6,011,175
Property/other		assets					3,072,306	2,331,476
Cash							248,862	911,911
							11,311,880	10,339,138
The historical	cost ofinvestments				isf5,850,223 (2022:	f5,850,223)
DEBTORS
							2023	2022
							f	f
Accrued income							69,651	69,651
Legacy							69,041
Ely Cathedral	Enterprises			Limited			3,000	2,700
							141,692	72,351
CREDITORS -	Amounts		Falling Due Within One Year
							2023f	2022 f
Trade creditors							1,685	36
Accruals							9,901	8,582
Ely Cathedral	Chapter						127,315	158,304
							138,901	166,922

	Balance at					Balance at
	1January			Gains/		31Dec
	2023	Income	Expenditure	(losses)	Transfers	2023
Unrestricted Funds
General Fund	1,275,701	404,163	(357,875)	114,926	1,384,911	2,821,826
Designated funds
Organ Fund	1,237,232	36,296		111,383	(1,384,911)
Total Unrestricted Funds	2,512,933	440,459	(357,875)	226,309		2,821,826
Restricted Funds
Maintenance ofthe Fabric Fund	394,397	210,617	(224,706)	35,530		415,838
25th Anniversary Fund
Music Fund	2,748,412	103,418	(157,573)	247,602		2,941,859
Visitor Facilities Fund	186	188		17		391
Total Restricted Funds	3,142,995	314,223	(382,279)	283,149		3,358,088
Endowment Funds
21"Century Endowment	3,406,430	(200,058)		306,962		3,513,334
Friends of Cathedral
Music Choristership	69,904	2,050	(4,250)	6,298		74,002
Octagon Choristership	195,509	5,736	(4,250)	17,613		214,608
Ouseley Trust Choristership	165,230	4,848	(4,250)	14,886		180,714
Sinclair Choristership	150,000	9,626	(14,250)	13,513		158,889
Rawlinson Fund Choristership	256,570	62,525	(12,500)	23,157		329,752
Garfield Weston Choristership	418,550	12,278	(12,500)	37,663		455,991
Lantern Choristership	170,897	11,982	(4,250)	15,396		194,025
Quanea Choristership	308,541	9,052	(12,500)	27,795		332,888
Total Endowment Funds	5,141,631	(81,961)	(68,750)	463,283		5,454,203
Total Funds	10,797,559	672&721	(808,904)	872,741		11,634,117

FUND RECONCILIATION	(continued)
	Balance at				Balance at
	1January			Gains/	31December
	2022	Income	Expenditure	(losses)	2022
Unrestricted Funds
General Fund	279,314	1,372,309	(340,336)	(35,586)	1,275,701
Designated funds
Organ Fund	1,029,000	326,563		(118,331)	1,237,232
Total Unrestricted Funds	1,308,314	1,698,872	(340,336)	(153,917)	2,512,933
Restricted Funds
Maintenance ofthe Fabric Fund	558,512	25,516	(125,401)	(64,230)	394,397
25th Anniversary Fund	7,930		(7,930)
Music Fund	3,164,419	101,517	(153,631)	(363,893)	2,748,412
Visitor Facilities Fund	22,216	188	(22,218)		186
Total Restricted Funds	3,753,077	127,221	(309,180)	(428,123)	3,142,995
Endowment Funds
21"Century Endowment	4,069,338	(194,951)		(467,957)	3,406,430
Friends ofCathedral
Music Choristership	80,141	2,069	(3,090)	(9,216)	69,904
Octagon Choristership	218,610	5,643	(3,605)	(25,139)	195,509
Ouseley Trust Choristership	185,366	4,785	(3,605)	(21,316)	165,230
Sinclair Choristership		159,500	(9,500)		150,000
Rawlinson Fund Choristership	284,283	17,339	(12,360)	(32,692)	256,570
Garfield Weston Choristership	473,102	12,213	(12,360)	(54,405)	418,550
Lantern Choristership	179,739	15,432	(3,605)	(20,669)	170,897
Quanea Choristership	352,320	9,094	(12,360)	(40,513)	308,541
Total Endowment Funds	5,842,899	31,124	(60,485)	(671,907)	5,141,631
Total Funds	10,904,290	1,857,217	(710,001)	(1,253,947)	10,797,559

FUND RECONCILIATION (continued)	FUND RECONCILIATION (continued)	FUND RECONCILIATION (continued)
					Permanent	~una lied
					Endowment	Total return	Total
							E
Balance at	31December 2022				2,264,774	1,141,656	3,406,430
Investment	returns (dividend and	interest)				100,015	100,015
Investment	returns (realised and	unrealised
gains/(losses)						306,889	306,889
Indexation	ofthe capital in permanent
endowment for investment					94,783	(94,783)
Net movement before application			ofincome		94,783	312,121	406,904
Unapplied	total return allocated to		income	in the period		(300,000)	(300,000)
Net movement in the year					94,783	12,121	106,904
Balance at	31December 2023
Trust for investment/permanent		endowment			2,359,557		2,359,557
Unapplied	total return					1,153,777	1,153,777
Balance at	31December 2023				2,359,557	1,153,777	3,513,334

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uring the year the follow d prior year:	ing transactions took place with	Ely Cathedral, all paya bles were restricted	in the current
		2023	2022
		f	E
Grants expenditure
Choristers		226,323	214,116
Other grants to Ely Cathedral		317,496	188,827
Fabric and maintenance	grant	233,480	290,006
Total		777,299	692,949

Reconciliation ofnet income to	net	cash flow from operating
			2023	2022
Net income for the year
As per the statement offinancial	activities		836,558	(106,731)
Adjustments for:
Gifts ofendowment			(67,193)	(180,292)
(Gains) / Loss on investments			(972,741)	1,253,948
Dividends, interest and rents from investments			(316,784)	(281,489)
(increase) / decrease in debtors			(69,342)	10,158
(Decrease)/ increase in creditors			(28,021)	55,809
Net cash provided used in operating		activities	(617,523)	751,403

Analy	sis ofchanges in net debt
			At 1January	Cash flow	At 31December
			2023		2023
Cash	in hand		268,290	(49,408)	218,882
Cash	held as part ofthe investment	portfolio	284,702	(184,138)	100,564
Total			552,992	(233,546)	319,446

				Unrestricted	Unrestricted			2022
				General	Designated	Restricted	Endowment
				Fund	Funds	Funds	Funds	Total
			Note	f	f	f	f	f
Income and endowments		from:
Donations and legacies			2	1,364,321		31,115	180,292	1,575,728
Investments			3	7,988	26,563	96,106	150,832	281,489
Transfers from endowment			8	-	300,000		(300,000)
Total income and endowments				1,372,309	326,563	127,221	31,124	1,857,217
Expenditure on:
Charitable activities			4	340,336		309,180	60,485	710,001
Total expenditure				340,336		309,180	60,485	710,001
(Losses)/ gains on
Investments				(35,586)	(118,331)	(428,123)	(671,907)	(1,253,947)
Net (income)/expenditure
for the year				996,387	208,232	(610,082)	(701,268)	(106,731)
Net movement in funds				996,387	208,232	(610,082)	(701,268)	(106,731)
Reconciliation offunds:
Total funds brought	forward			279,314	1,029,000	3,753,077	5,842,899	10,904,290
Total funds carried	forward			1,275,701	1,237,232	3,142,995	5,141,631	10,797,559