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2023-03-31-accounts

SALISBURY CATHEDRAL TRUST

STATEMENT OF ACCOUNTS

31 MARCH 2023

CONTENTS

Page

  1. Legal and Administrative Details

      1. Trustees' Report 4. Independent Examiner's Report 5. Statement of Financial Activities 6. Balance Sheet
      1. Notes to the Accounts

Registered Charity Number: 291252

Page 1

SALISBURY CATHEDRAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023

Trustees and Officers

Trustees: Andrew Christie-Miller Esq (Chairman) The Very Reverend Canon Nick Papadopulos (Dean of Salisbury) Rupert Edwards Esq FCA The Reverend Canon Kenneth Padley Trust Director: Mrs J Molnar Address The Chapter Office, 6 The Close, Salisbury, Wiltshire, SP1 2EF Registered number 291252 Professional Advisers Bankers: Lloyds TSB Bank plc, 38 Blue Boar Row, Salisbury Solicitors: Wilsons, Alexandra House, St Johns Street, Salisbury Independent Examiners Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG

Page 2

SALISBURY CATHEDRAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report and the financial statements of Salisbury Cathedral Trust for the year ended 31 March 2023. These have been prepared to comply with the Charities Act 2011, the charity's trust deed and 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 (FRS102) (effective January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Charity was established by a Deed of Trust dated 11 January 1985. This has subsequently been amended by Charity Commissioners' schemes dated 27 July 1995 and 27 March 1996, and supplemented by Declarations of Trust dated 6 October 1995 and 7 December 1995. It is constituted as a charitable trust and is a registered charity

Appointment and induction of trustees

Two of the trustees are appointed by the Chapter of Salisbury Cathedral and the other trustees are elected by existing trustees. New trustees are provided with information relating to the charity and the work of Salisbury Cathedral which it supports.

Organisational structure and decision-making

Overall responsibility for the management of the Charity rests with the Trustees, who meet electronically during the course of the year. Day to day management and administration is delegated to the Director.

Related parties

The trust has a very close relationship with the Chapter of Salisbury Cathedral which administers the cathedral and provides two of the trustees, normally the Dean and the Canon Treasurer.

Risk management

The Trustees have conducted a review of the major risks to which the Trust is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions. These procedures are reviewed periodically to ensure they still meet the needs of the Trust.

Public benefit

The Trustees confirm that they have complied with the duty in section 17 (5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Preparation of accounts

Charity law requires the Trustees to prepare financial statements, for each financial year, in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) which give a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that period. In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the provisions of the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OBJECTIVES AND ACTIVITIES

Objects

The Trust's objects are the furtherance of religion and education, in particular by giving priority to the repair and improvement of Salisbury Cathedral and its contents.

Page 3

SALISBURY CATHEDRAL TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Aims and Objectives

The trust's work is entirely dependent on donations, legacies and investment income from its restricted and endowed funds. The Trust supports the restoration of Salisbury Cathedral and makes grants to the Cathedral for that purpose.

ACHIEVEMENTS AND PERFORMANCE

Charitable Activities

In the financial year the charity did not actively fundraise from the public or run legacy campaigns or undertake similar fundraising activities in its own right. The trustees were though pleased to receive unsolicited gifts and legacies from people who generously support the charity

During the year the Trust made a grant of £75,000 to Salisbury Cathedral, for the purposes of the repair of the fabric of Salisbury Cathedral.

Investments

The Trustees' investment policy was to maximise the total return on the Trust's investments, subject to a medium degree of risk, by investing in an equity-based charitable common investment fund. The endowment funds continue to be invested in common investment funds.

FINANCIAL REVIEW

The Trust contains assets derived from gifts for the repair and maintenance of Salisbury Cathedral (originally for the Spire Appeal) and are therefore restricted in use for the general objects of the Trust. These assets are therefore held in a restricted fund known as the 'Fabric Fund'. In addition the Trust holds capital as permanent endowment, derived from gifts where the donor has specified that only the income may be spent.

Review of financial transactions

The Fabric Fund received donations, income from events and legacies of £56,650 (2022 £2,603) towards the maintenance of the Cathedral. The investment income was allocated to the funds in proportion to the assets held in each fund. Total income of £4,272 (2022 £186) was credited to the Fabric Fund, and £7,194 (2022 £6,094) was credited to the Endowment Fund. There were unrealised losses of £8,283 (2022 £11,037 gain) on the Trust's investment's.

Net expenditure of £15,726 (2022 £73,051) was charged to the Fabric Fund and net income of £7,194 (2022 £6,094) was credited to the Endowment Fund. Taking into account the changes in market values of the investments the Funds reduced in total by £16,815 (2022 £55,919).

Review of financial position

At the end of the year the net assets of the Trust amounted to £722,752 (2022 £739,567) of which £570,905 (2022 £586,631) was held in the Fabric Fund and £151,847 (2022 £152,936) was permanent endowment.

Reserves policy

The Trustees' policy is to retain a small balance for the future operation of the Trust and, subject to this, to draw on the Trust's reserves for grants to Salisbury Cathedral so as best to assist the Chapter with repairing and maintaining the Cathedral.

PLANS FOR FUTURE PERIODS

The Trustees have agreed to make further grants to the Cathedral in 2023/24 up to £75,000. This will leave a significant proportion of the remaining funds. The Trustees have indicated their intention to use these funds in support of the Cathedral's plans for the south side of the Cathedral. These repairs have now commenced and are expected to take around 4 years to complete. The Trust will continue to be dependent on donations and legacies to enable future contributions to the Cathedral's Fabric repair programme.

Signed on behalf of the Trustees: The Reverend Canon Kenneth Padley Trustee

Kenneth Padley

Approved by the Trustees: 24 April 2024

Page 4

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF SALISBURY CATHEDRAL TRUST FOR THE YEAR ENDED 31[ST] MARCH 2023

I report to the Trustee on my examination of the accounts of Salisbury Cathedral Trust for the year ended 31[st] March 2023 which are set out on pages 5 to 10.

Respective responsibilities of trustees and examiner

The trustee is responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

I report in respect of my examination of the Trust’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Lee Stokes FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Date: 30 April 2024

Page 5

SALISBURY CATHEDRAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Note
Income and endowments from:
Voluntary income
Donations
Events
Legacies
Investment income
2
Total income
Expenditure on:
Charitable activities
Furtherance of maintenance of
Salisbury Cathedral
3
Governance costs
4
Total expenditure
Net income / (expenditure) before gains and
losses on investments
NET GAINS/(LOSSES) ON INVESTMENTS
Unrealised profits/( losses) on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Restricted
Fund -
Fabric
£
4,994
756
50,900
4,272
60,922
75,000
1,648
76,648
(15,726)
-
(15,726)
-
(15,726)
586,631
£570,905		 Endowment
Fund
£
-
-
-
7,194
7,194
-
-
-
7,194
(8,283)
(1,089)
-
(1,089)
152,936
£151,847		 Total
2023
£
4,994
756
50,900
11,466
68,116
75,000
1,648
76,648
(8,532)
(8,283)
(16,815)
-
(16,815)
739,567
£722,752		 Total
2022
£
1,144
-
1,459
6,281
8,884
75,000
840
75,840
(66,956)
11,037
(55,919)
-
(55,919)
795,486
£739,567

Page 6

SALISBURY CATHEDRAL TRUST

BALANCE SHEET

AS AT 31 MARCH 2023

Note 2023 2022
£ £ £ £
FIXED ASSETS
Investments 5 151,847 152,936
151,847 152,936
CURRENT ASSETS
Debtors 6 1,279 745
Cash at bank and in hand 649,700 589,314
650,979 590,059
CREDITORS: Amounts falling due
within one year 7 80,074 3,428
NET CURRENT ASSETS 570,905 586,631
NET ASSETS £722,752 £739,567
Representing:
ENDOWMENT FUNDS 8,9 151,847 152,936
RESTRICTED FUNDS
Fabric Fund 8,10 570,905 586,631
Total Funds £722,752 £739,567

Signed on behalf of the Trustees: The Reverend Canon Kenneth Padley Kenneth Padley Trustee

Approved by the Trustees on 24 April 2024

Page 7

SALISBURY CATHEDRAL TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

a. Basis of Accounting

The accounts have been prepared in accordance with the Charities Act 2011, the Statement of Recommended Practice on Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Second edition, effective January 2019).

The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

Assets and liabilities are initially recognised at historical cost or transaction value unless stated in the relevant accounting policy note.

b. Income

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income, its receipt is probable and when the amount can be quantified with reasonable accuracy.

c. Legacies

Legacies are included when the charity is advised, by the personal representative of an estate, that payment will be made and the amount involved can be quantified.

d. Grants made

Grants are charged in the accounts on the earlier of the date they are paid and the date at which a (legal or constructive) obligation to pay them first comes into existence. This is normally when the conditions necessary for the payment of a grant have been met by the recipient.

e. Other expenditure

Expenditure is accounted for on an accruals basis.

Governance costs are costs incurred in connection with the governance of the charity.

Support costs are not directly attributed to particular activities. These costs are apportioned on the basis of the time and resources spent on the various activities.

f. Fixed asset investments

Investments are included at closing market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

g. Fund accounting

Where the charity receives a donation for a specific purpose, it is shown separately in a restricted fund. Where the restriction is that the capital cannot be spent, this is referred to as an endowment fund. Investment income, gains and losses arising on restricted funds are allocated to the appropriate fund.

2. INVESTMENT INCOME

Income from listed investments
Interest receivable		 2023
£
7,194
4,272
£11,466		 2022
£
6,094
186
£6,281

Page 8

SALISBURY CATHEDRAL TRUST NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

3. CHARITABLE ACTIVITIES

Furtherance of maintenance of Salisbury Cathedral:
Grants to Salisbury Cathedral for its
Major Repair Programme
GOVERNANCE COSTS
Office expenses
Independent examiner's fee		 £ 2023
75,000

2023
£
328
1,320
£1,648		 £ 2022
75,000
2022
£
280
560
£840

4. GOVERNANCE COSTS

The charity has minimal support costs, these costs are allocated to charitable activities. The Trustees did not receive any remuneration or reimbursement of expenses during either of these years.

5. FIXED ASSET INVESTMENTS

Market value as at 1 April 2022
Income accumulated
Unrealised losses on revaluation
Market value as at 31 March 2023
Cost at 31 March 2023
Cost at 31 March 2022
At 31 March 2023 the following investments were held:
M & G Charifund
Accumulation Units
All of the above investments are in managed funds.
COMPARATIVE INVESTMENT NOTE
Market value as at 1 April 2021
Additions at cost
Income accumulated
Unrealised profits on revaluation
Market value as at 31 March 2022
Cost at 31 March 2022
Cost at 31 March 2021		 Endowment
Fund
£
152,936
7,194
(8,283)
£151,847
£146,820
£139,626
515.342
Endowment
Fund
£
135,805
-
6,094
11,037
£152,936
£139,626
£133,532		 Total
£
152,936
7,194
(8,283)
£151,847
£146,820
£139,626
515.342
Total
£
135,805
-
6,094
11,037
£152,936
£139,626
£133,532

Page 9

SALISBURY CATHEDRAL TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS

Gift Aid recoverable
Other Debtors
7.
CREDITORS: Amounts falling due within one year
Salisbury Cathedral
Accruals		 2023
£
951
328
£1,279
2023
£
78,214
1,860
£80,074		 2022
£
417
328
£745
2022
£
2,888
540
£3,428

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2023 are represented by the following assets and liabilities:

Restricted Fund
FabricFund
£
Investments
-
Current assets
650,979
Current liabilities
(80,074)
£570,905		 Endowment
Fund
£
151,847
-
-
£151,847		 Total
£
151,847
650,979
(80,074)
£722,752

COMPARATIVE NOTE: ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2022 are represented by the following assets and liabilities:

Restricted Fund
FabricFund
£
Investments
-
Current assets
590,059
Current liabilities
(3,428)
£586,631		 Endowment
Fund
£
152,936
-
-
£152,936		 Total
£
152,936
590,059
(3,428)
£739,567

9. ENDOWMENT FUND

This consists of donations and legacies which have been given to the Trust on the basis that the capital cannot be spent but the income is available for spending on the Trust's charitable purposes.

10. RESTRICTED FUNDS

The Fabric Fund is used to finance renovations and repairs to Salisbury Cathedral.

Page 10

11. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

SALISBURY CATHEDRAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

Note
Income and endowments from:
Incoming resources from generated funds
Voluntary income
Donations
Legacies
Investment income
2
Total income
Expenditure on:
Charitable activities
Furtherance of maintenance of
Salisbury Cathedral
3
Support costs
4
Total expenditure
Net income / (expenditure) before gains and
losses on investments
NET GAINS/(LOSSES) ON INVESTMENTS
Unrealised profits/( losses) on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Restricted
Fund -
Fabric
£
1,144
1,459
186
2,789
75,000
840
75,840
(73,051)
-
(73,051)
-
(73,051)
659,682
£586,631		 Endowment
Fund
£
-
-
6,094
6,094
-
-
-
6,094
11,037
17,132
-
17,132
135,804
£152,936		 Total
2022
£
1,144
1,459
6,281
8,884
75,000
840
75,840
(66,956)
11,037
(55,919)
-
(55,919)
795,486
£739,567