Annual Report Winchester Cathedral Trust For the Year Ended 31 March 2024 Chxrity Registtation No. 287400 Wlnchest8r Cathedral frust Index Report of the Trusteas Indepèndent Examln•rfs report Accounting policies statement of financial activities Balance sheet Statem•nt of cash flows Notes to the financial statements 10-13 Winchester GathÈdval Trust Financial stateiilents for the year ended 31 Mar¢h 2024 Report of the Trustees 1lie'fru%tees present theit report togcther *vith financial 5Mtements fot the YVAL ended 31 Ma¥ch 2024. Lègal and administrative details Charity registration umber 287400 Registered office 9 Tile Close Viiichester S023 9LS Trustees Mr Nigel Atkinson, His Majesty's Lo*d-Lieuienant of J-lainpsliire ICh2irmsJii) r Michael Campbell NtBE, DL Lady Ivlw Fagaii l.G DC.VO (resigned 13 June 2023) frs J&ne Haads (ai)pointed 10 Ociober 2023) ,It Nigel McNAir Scott, DL (died 7 April 2023) The Very Reverend C.atlierinc Ogle Sil Jonat1i41n Purrxl Mr Bruce F&Lkcr MBE rJolin Steel Frffr Mark Tliisdethwayte DL BAnkets National Westminstei Bank plc IO) High Street Wincheste S023 9AW Independent Exaininet Saiah Cliadbourne Vinchestcr Boumc Limited SullLvAn Coiirt, Vessex P?rk. Colden Comn]on, Wiiichester S021 IlVP Wlnch¢ster Cathedral Trust Financlal 5tateinents for the year ended 31 March 2024 Report of the Trustees ObJo¢tives and policies The objects of Ivinchester Cathedr21 Twst (the Trust) are to rnise ￿ndS and rective donations to apply to any cli*riiable PULpose connected Rvith Winchester C.Athtdial. 'fhis includes the genelal upkeep OE the Cathedtal. the presemtion of its tieasures, the Lesto¢ation and rep*iL of otlier buiLdings in the Citliedral Close And tlie 5UPPOft OE its inusic, illcluth.ng the Leceipt Rnd th'stribution OE fi]ttd.% Laised to meet dit c()5t5 OF choristers. The Trustees confLrm thxt diey have relerred to the guidince contaittcd it) the Charity C.ommis.%ion's genetal guidance oil pubbc benefit ivhen revicwing the C,Ii£?rity's aim.% and objectives Riid in platiiiing future ￿C￿vI￿e5. Thc T￿￿t supports Wincl)c%ter C2thedLRI, w1105e chaiitxble activity includes not only serving rlie communiry daily in it¥ r¢.li8ious and cliaritiible ivork, but also being An actiirc re80ULce of national ijnpoj'lance in the PLOiTJOtion ol ieligion. music, education, history and architectuie. Organrsatlon The'l"rust is matL41ged by ils Trustees. The governing document of the Ch2LltI' is It5 Constitution adopted 27 June 1983, amended 31 October 2003, 15 EvIarLh 2013 and 26 Octobei 2021, Rvhich provides. inter aliA, for the APPfJiJlttneiit aiid elettion of tL'UStees. Tlie Tlusiees shxll be mzint#intd at nnt Icss th8n five and at leabt one of dieir nombeL shall be a member OF the Cliipter OF the Catliedral. It is the PLacLice OE the TIu5t to piovide induction And fatndiarisarion of the Cathedral and the Irust ro neiv Trustees as required. The'frustees who served iry the course of the year ate listed ott page l. The majot t15ks to Kvhirh the charity is exposed, 2s idet)tifAed by the Trustees, FLave been reviewed ond systetns OL piocedures have been establislied to maii2c ge th08e risk5. Revlow of the year Duiing the year, income of £252,390 (2023: £151,342) was rcccived in le￿CleS, donatsons and iiivestment income. Giants oE£303,524 (2023.. £202,640) Ivere provided to the Chaptcr oFWinchester Catliedtal during the Fiiiancial yeai Eoi.. £300,0(X) toivard tile financing of rhe Cathedral nave hghting project and £3,-524 for the SUPPOLt OE choiisters. Remaining Fund8 and reserves ale maintained in ordel to provide fijttjre tunding fol the Cathedral as and vlien %upp()rt iq required. As such, reselves are held aiid it]vested in bLinli deposit accounts so thsjt suflicient liquidiry is maintained to meet the anricipated needs OE Czthedral PLojects and tlie'frust's own running costs.. Fundtaising fot Choristers.. Donauons continuc to be received by the'ftust for clioristel funding by sympxthetic donoi's (reFerred to collectivtly As the 'iMusic FiijidL'￿iS1￿E Gloup). Donors haiTe agreed to entcr into decl%r%tions of inteiit FOL fixed sums payable gener2lly ovei a Iive-yeat pciiod. Monics raised Are pasd over to the Catliedral i accutdance wlth the tetms DE rlie I'tust ne£d. Winchester Cathedral Trust Financial statement5 for the year ended 34 Mar¢h 2024 Ropoit of the Trustees Leg2cAes: Itt the year ended 31 March 2024, the Trust teceived the fthal tranche OE a tesiduary legacy of £61,551 from the estate oEiMiss Jean East for the upkeep and iepair OE the Cathedtal b￿dIng which bting8 the total received Lo £204,415. Othtr legacies accollnted foi in the yeat as teceived OL receivable wete Etom the estates OF.. B Canning £3,0(X) J Annis5 £5,000 B Wallis £172,320, iestricted to the support of the music in the Cathedral th¢ollgh i.he Euttding of choristers The'fnistees 2re veLy grateh]l Eot these legacies. Fundlng and resorves Future donauotts received, whedie.r for choristeLS or in response to othet appeals wiiL be donated (after 5etding resources expended in managing the Tmst) to the Chapter of Winchester Cathedral. Trustees. Yesponsibilitles for the financial statèmants The Trustees are responsible For prepiting the Ttustees, AnnLtyI Report 2nd the Fth2ncial statements in accordance with applicable law Ènd regulations. The Ch￿ttLeS Act 2011 require8 the tmstees to ptepate financial statements FOL each financial yeat in accotdonce with Uniied Kin8dom Generally Acccpted Accounting Ftactsce (United Kingdom Accounting Standards and apphcable law), induding Fi￿É￿cIaL Repotting Standard (FRS) 102, rhe relevant Financial Repotting Standatd applicable iti tlie Ul< 2t]d Republic of Iteland. The Ttustees must not approvc the fthancial statefflents unless they are satisfied that they give i tl'uc and E9ir vkew OE the stite of %Efairs of the charity and of the income and expendiknue OE tEke chuity For that petiod. In preparitig d)ese fLn#ncial statements, the T￿Stee5 are required to.. select suitable accounting polickes at]d thth apply thetn COnStsi'endy' ob5etve tFie methods and principles in the Charities SORP (FRS 102). mal and the Chaiities Act 2011. The accounts Arc presented in sterling are tounded to thc neare8t pound. The TLU5tees consideL tli?t t11eLe are nrj materiRI uncertainties about rhe Trust's abih.ty to Lontinue as a goiiig cottccrn. There ate no sigmficdnt areas of unieitainty that affect the flnancial starementb. The Icey area of estimation ar]d judgement relAte8 to the estimation of future income and expenditure Elows for tlie purpose of assessing going concern. 'I'he principal gtccounting policics have remained unchanged Eroin the previous yeaL And are set oui bdow. Income Income is Lecognised iii die period in ivhich the charity hab entideinent to the income, the amount of income cin be medSULed reliabl)r it is piobgtble th%t the iiicoine ivill be received. Donations and legacies Doiiatkotis, including Icgacy income, #re recognised ill the period in which the charityr is legally enuded to the receipt aiid the Rtnount Cali be mcasLircd with rcasonable certainty. In Lespect of legac}T income, entidement 15 assumed once probate lia5 bten granted. Investment income Interest on b8nk deposits is accounted Eor ivlien receivable. Expendlture Liabilities are reco￿lSed as expendittire Eoon As diere is a leyl or coThstLUCtive obkngation coinmittin tlie cliarity, to mAlie paymeni to a third PL￿[1T It 1% prob2ble tlixt i ttansfer r)f cconomic benelits will be eLiuired sn seidement And the amousit OE the obhgauon can be Jneasiired Leliabli,. All expeJ)dituLe is xccount¢d lor ott an #ccruaLs bxsis. Expenditure on genetxting funds principAUy compIises the cobt of FUndrai￿lnE appeals and Administration supporr. F.NpendiiuLe on ch*ritable acuvities iiicliides cost8 a￿￿O¢lAted ivith furthering the chaLltable puiposes OF the chai'ity througli tlie ptOVLSlOlI oFgLsknts and dotJaUOllS tf) IVinclicEtci' C1thedral. WlnchÈ$ter Cathedral Twst Flnanclal statetrhents for the year ended 31 March 2024 Principal accounting policies Govern8nce costs comprise all co%ts invo]ving the pubhc accout]tibiiity of rhe Trust and its coinpli%ttce viih Legularion and good plactice. These include Losts tdated to stawtory au(h't ot independent examinerfs fee and legal Eees. All expenditu¢e is st41ed indusAYe oEirrecoverable VAT. Debtoys Debtors ￿re recognised at thcir settleinent amount, less Rny provision for non-rccoverabi]ity. Currant asset Investmènts and deposits Curtent asset iftvcstments comptise Inonies held on term deposit Nvith l)ankets. Cash at bank and in hand Cash #t bank and it] hand represents sucli 11 ccounts and instruments that 21¢ available on dem2nd ot liave a inArurity of le5S th411 diree tnonths from the dlte ofacquisition. Credltors C.reditor5 are recognised ivhen there is an obligation the balan¢e slieet date ab a result OE a past event, it 15 probable tlial. ￿ tr#nsEer of economic benefit ivill be required in setlieinent, and the amount OF the settletnent can be cstimated J'eliably. Crediiots and PfOYiSiOL]s are recogniged at the #mounr the charity aiiticipates it pay to settle the debi. They have becn dJ"scounted to the PLesent value of the Euwre cash payinenl. where suLli discounting is materiAI. Fund accountlng The tunds OF the cliarityT comprise18) untcstricted Funds avAtlable For use in fUrth￿ance of the chality's objectives at the discretion of tlie trustees, and Ib) Lesti'icted fund5 ielared to mnnies given (i) for SUPPOEt of the choii%ters of Wl. Incheste.L Cxthedral, and IAJ) towards he upkeep at]d maintenante OE the cithedral building, Ivhicli 2Le to be passed onro the Cilthcdr%l for that PUI'POSC. Winchester Cathedral Trust Financial statements for the year ended 31 March 2024 Statement of financial activities Utttcsttitted Funds 2024 Re61ric(ed Funds 2024 'rotal 2024 Toral 20 Note (Nole 8) Income Volunr%uy iticome.. legacie doiiAuons lttvestment incon 233,871 1,6 241,871 3,049 7,470 141S()4 5.T15 2.703 1,359 7,470 Total income 16,829 23.4.561 252,390 15L342 Expenditure Losts OF gcntrxttng Funds ChaLAt8ble Activiucs 17,496 300,000 17.496 303,524 16,359 201640 3,524 Total exptnditute 317,496 3,524 321,020 218.999 Net (expenditure) income nd net movement in funds for (he yeat (K),Ci67) 232.037 (68,630) 167,654 Reconciliation of funds Fund bfflancts brought foThvard 486,139 143,928 630,067 697,724 Flind balances cattied foxwatd 185,472 375,965 561,437 630,067 All Lecogrnsed gains and losses 21£ incli?ded in the above statement of FllianciAI #cuviiies. All OF tlie charity's a¢tivitie% }v￿e derived fiom contiiiuiiig operktiojis. ThÈ accompanying accounting policles on pages k6 and notes on pages 40-13 form part of these finantlal statements. Wlnche5ter Cathedral Trust Flnanclal stat8mehts for the year ended 31 March 2024 Balance Sheet Unresctieted Fundb 2024 Re8t¢icted Funds 20 Total Totsl 2024 2023 Note C.utreni &ssets Dcbtor8 lovesttneots and deposits Cash at bank and haad (Note 54J95 54,395 795 400,0 243.IIH 187,122 321,570 50&692 187,122 375,965 563,087 643.899 Current liabilAtie8 Cieditors 1,650 1,650 13,832 Total a88ets less current Ixabilities 185.472 375,965 561,437 630,067 RepTeseiiting: Fund balantes 185,472 375,965 561.437 630,067 The fJnanciRI statements iveie approved by the Trnstees on 10 June 2024 and Are signed on their behalf Pth. Nigd Atkinson Viiichestei Cadiedr#l TLlJSt Ch2riry Registration No. 287400 The accompanying accounting policies on p8995 5-6 and notes on pages 10-13 form part of these financial statements Wlnchester Cathedral T¥ust Flnanclal statements for the year ended 31 Ma¥ch 2024 Statement of cash flows 2021 Cash flow &oin opet#ting acti￿tIeS Net movetnertt in fund5 Adjustment5 fw.. IniTestrnent income Uncrexse) / dccTea8e in debtors (DecLea5e) / incirase in credirois 168.630) 167,6571 (7.4701 {53,6001 111184 P,703) (660) 11,972 Net easb iised in opetating acti￿tte8 (59,048) (141,882) C#8h flow from Anvesting aLtivities Investment income 7,470 2,703 Net cash flow ptovided by investing aciiwties 1703 7,470 Net decrease cash and deposits 1134.412) 156,3451 Cash and deposits at bcginfting of year 643.104 699,449 Cash and deposits at end of year i08,692 643,104 The accompanying ?ctouhtln9 policies on paye$ 5-6 and note$ on pages 10-13 form part of these flnanclaj statements. io Wlnchaster Cathedral Trust Flnancial statements for the year ended 31 March 2024 Notes to the financial statements Costs of g¢neratFn9 funds Untcstricted Funds 2024 Restticted Flind$ 2024 Total 2024 Total 2023 f4uiidraising costs 15,770 15.770 14,421 Goveri)ance costs (ttrfepettdcnt examiiier's teinuneratton 1,650 76 1,650 76 Bank ch￿￿e8 1,860 78 17,496 17,496 16,359 During the culrent and priol years, no tti]stee Leceived any remuneration from the chuxty and no tsusree Ivas reimbutsed eypetises. Donations to the Chapter of Wlnch•ster Cathedral Unre8tticted Fiitids Restticted Funds 2024 Tutal Total 2024 2024 2023 Orggn Rcstorktir)n I'und (note 2) Cagé Refurbishmen( (notc al Cathedial Fabttc Fund For li£hiiiiL impl0vett￿￿tS ClioristeLS 11(K),O(X)) loo,( 00,000) loo.000 IW,(M)O I￿,000 3(K),O(K) 300,000 3,524 3,524 2.640 3(N),000 3,524 303,524 202.640 Jn the COULse of die yeat, the Trustees weed ivstli Winchc%tcr CArhtdLMI to xe-ditect the origxnally Riven for tht purpnse OE the OiYAn Lestt)rauon to siippott the tafe rcFuibishment, Winchester Cathedral Tyust Financial statements for the year ended 31 March 2024 Notes to the financial statements Debtors 2024 2023 Gift tax Tecovc&Able Legaty receivable 795 54,395 54J95 795 Investments and deposits 2024 2Q21 Deposits held 400,(K)O CreditOf5 2024 2023 C.hapttr oFWinchester C2diedLv Other 10,112 1,6SO 3.720 1,650 13,832 R•strlcted Funds BRLance brouglit Eorwatd liicotne LxpcttthtLixe carrÈcd foiTrvard l April 2023 31 fvlarch 2024 Vinche%ter Qithedral Choristets Vllichestel Cathedtal F?4 bLiC 1,064 142.864 174,010 61,551 {3,524) 171,550 204,415 143,928 255,561 (3,524) 375,965 12 Winchostey Cathedral Trust Financial statÈment5 for the year ¢nded 31 March 2024 Notes to the financial statements Related party transa¢tion5 Durin8 die ycar employment co%t8 of £15,716 (2023.. £14.378) Iv￿e paid tluoLTrgh the Pflyroll OE Winchestei C.atlicdral, 211d ivere Teiinbursed by the I rust. Prior year comparatlves statèment of financial activiti•s Untestricted Rei*tstcted Funds Funds 2023 2023 Total 2023 "L'otal 2022 Note Income Voluntary income.. legacies donxuons Investtnerkt income (Note 8) 142,864 3,300 142,864 5,77.4 2,703 3,000 6,527 612 2,475 2,70.1 Total income 5,178 146,164 151,342 10,139 Expenditure Costs olgenerating funds ChSLtit2ble 2Ctivities 16,359 200,000 16,359 202,640 14,546 2,640 Total expenditure 216,359 2,640 218,999 18,1?0 Net {expenditure) / income and net movement itt fi]nds fot tlie year (211,181) 143,524 (67,657) (7,981) Recottciliation of funds l.iind balances brouLyht lutward Fund bAlance5 carried FoLIVRtd 697J20 697,724 705,705 486,139 143,928 630,067 697,724 13 Wlnchester Cathedral frust Financial st3tÈmÈnts for the year ended 31 March 2024 Notes to the financial statements Prlor year comparatlves (continued) Balance Shaat Unrestricled Funds 20 Restticted Fund8 2023 Total 2023 2022 Note (Note 81 Current asset5 Debtots Investmenr8 And deposits Casli at bank Rnd itt hand 25 400,(X)O 97,306 770 795 400,000 243,104 400,000 299,44(J l45,798 146,568 497.331 643,899 699,584 Current liabilities CreditOLS 11.192 2,640 13,832 1,860 Total a88et8 leas eurrent liabilities 486,139 143,928 630,067 697.724 Representing.. und b￿anCeS 486,139 143,928 630,067 697,724