SALISBURY CATHEDRAL TRUST srATEME 31 MARCH 2024 CONTENTS Legal and Admini4ratiwe Drtails Tee$. Rwrt Independent Examincrfs Rcport Statemeni of FinaKial kniviiies Balae She ?.- 10. Nrtes to the AccoiLnt5 291252
SALISB RY CATHEDRAL TRusr LEGAL ADMINISniATIVE IINFORhlATI FOR THE YEAR E%'DED JI ,%IARCH 2024 Royal Patro HIM The KIMg Trustee5 and Officers Tru%tees'. Andrew Chrilt-MillCr E IChaim)an) The Very Reverend Canon Nick Papadiwlos {Dean of Sali%bury) Rupern Edward% FCA The Re%'erend Canon Kcnncth Padley Tru%1 Direcior.. Mr% J Molnar Address I he ChaTxer orrice. 6 The Close. Sali%bury, Wilishire. SPI 2EF Registered number ?91?5? Professional Adi'iser5 Bank¢r%= Lloyds TSB Bank plc. -18 Blue Boar Roil,. Salisbury Solieiior.i'. Wil% Alexandra Hou*, Si Johns Sirttt. Salisbury IrMlepeTKient Examinet HaysN4ac LLP. 10 Ieen Sire¢i Pla¢¢, London EC4R IAG
ALISBURY CATHEDRAL TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Twsl¢es Present their annual report aThJ thc firwKial aLemenis Df Salisbury CatlKdral Trusi for ihe year ended 31 March 2024. These have been prepared to comply with the CharitiC5 Ari 2011, Ihe Chariiy's trust deed and A¢¢ouniing and Reporting by Charities: Ststernent of Recommended Trxii¢e applicable to charities preparirtg iheir xeounis in aCcordare with the Financial Rwling Stsndard applicable in the UK and Republic of Ireland (FRS102) (cffective January 2019)_ STRUCTURE VERf4ANCE AND MANAGE ENT Constltutlo The Charity was established by a Deed of TryA datcd I l January 1985. This has subsequenily been amended by Charily Commissioner< schem¢5 dawl 27 July 1995 aThJ 27 March 1996. IT1 supplemtnied by Declaralions of Trusi daieil O (ktober 1995 atld 7 Dcccmber 1995. 11 is ¢onstiiwed as a charitable In and 15 a rcgi51etcd ¢hariiy Appoints•ettt ttd Induttlon of trM5tees Two of lh¢ ITusi¢es are apwjinted by the Chaptcrof Salishry Cdra1 and the (her trustees are elected by exi51ing Irusttts. New tTUStees are provided with inforrnion relating to thc chaty aThJ ihe work of Salisbury Cdtlledral whith it supp)rts. Orga•is8tionAI structure and dteision-wkSAg Overall responsibility for the managem¢nL ofihc Charity rcsts with the Tru#effj wh) med ele¢troni¢ally during rhe COUTse of the y¢aT. Day to day mkna8emeni and miniStlI0 i$ delegated to the Dire£tor. R¢lt¢d p•rti¢s The tru has a very close relaiiornship with ih¢ Ch4Jter of Sa]isbury Cathcdrdl which administers the cathedrtl and provides Iwo of ihe InLStees, normally Dean aThJ the Canon TreasureT. Risk man•geJAettt The Tru¢c$ have conducted a review of the major risks to fwhi¢h the Trnst is ¢xposed and systems have becn establishcd to mitigate those risks. Intemal risks a minLmised by the ImplenIallOn of proCedUS for th¢ authori5alion of all transactions. These WdureS are reviewed perityjicaily to ensure ihey still meet the necds of the Tn1. Publit benefit The Trustees confirni that thry have complied wilh the duty in section 17 (5) of ihe Charities Act 2011 to have due regard to the public benefit 8uidancc publisw by the ThaTiryComrnis5ion. Preparaiion of ceounts Charity law requires the Trustees to prepare flnancial sMemert& for each financial year. in accordance wilh applicable law and United KJ"Dgdom Get)¢rally Ac¢epied ACcntIng Practice (UK GAAP) whi¢h give a tnK and fair view of Ihe s¢e of alTairs of the Truk aNI of the sitrplus ot defici¢ of ihe for That period. In preparing thcs¢ accounts, the Trustees are required to: i) Sclect 5uitsblc ac¢ouniing poli¢i¢s aNi th¢n apply ihem coMAlly. li) Make judgemenis and tsimate5 ihat are rca50nable and prnjdeffl. iii) Follow applicable accthJntin8 Standards. subjeci io any m¢rid dcparturc5 discloscd and explained in the accounts iv) Prepare ihe attounis on going COTKern knis unlc55 it is iwpropri to presume that the Trn will continue to operdte. v) Observe the methtyjs and w]ncipal$ in the Charities SORP The Tru5tec5 are responble for keeping prty¢r accountin& re¢oTd5 whirh di10$¢ wilh reasonable accuracy at any lime ihe financial posiiion of ihe Trusl a1 cnable them io et)sur¢ thal ih¢ acc(MJnls comply wrh Ihe provisions of the Charlties Act 2011. They are also Tesponsible for safeguarding ihc assets of the Trusi and hen¢¢ for taking reasonable *eps for the prev¢M1 and detection of frdud artd (rther irregularities. 0Ecr1vKs AND ACTIV Objeets The Trust's objects are the furtherance of ligiOn and education, in parlicular by ¥VIng priority to thc repair and improvement of Salisbury Cathedral and itscontents.
ALISBUR Y CATHEDRAL TRusr TRbStEES' REPORT YEAR E&%DED JI )IARCH 2024 Aim5 and Obi¢¢tSv The tru51's u'ork 1% entirely dependeni on donaiioN& legacith aNI InwMen1 income from its festricied and endo%ved fund% The TnL4 WPPOrts the rOrdi10n of Salisbury Caihedral and make% ¥tanL% to Ihc Cathedrdl for thai purpose. ACHIEI'EhlENT AIYD PERFORLIIASk CE Charitable Actii'itie5 In the financial year The chariiy did noi aciively fundrai%e from Ihe public or run legacy campaign4 or undertake similar fundraising activiiie% in li% oil'n ri¥hi. The iwN1ee4 Nrre ihou¥h ple&fed io receiC nliCIted gifi% and legacies from people M'ho gener51Y wprx)rt tht chariiy During the yeor lh¢ TnL%I mad¢ a grani of £7i.IXM) io Salisbury Ca¢kdl. for purposes of ihe repair of the fabric ofsali.thury Caihdral. Ini'tstmentS The Trusiee%' inyeqrnvni policy iYa% io maxirni Ihe ioral reLurn on the Trust'% inves1ment% %ubjeci to a medium degree of ri%k. by ini'thlinky in an equiiy-ba%ed chariiable ¢otnmon iniE%1meni fund. The endo%ent fiilld% coi)iinue 10 be ini'thtcd in common initMeI fund%. FINATr'CIAL REI'ILIV The Tru%1 ¢OI)iai1ls deiiv¢d fTom gJifiN for ihe rLyair and maintenance of SalLQwry Cathedral IoTiginally for Ihe Spire Appeali aiid ate IhLrefoTe rtslncted in u4c foi Ihe gerfftl objec1% of Ihe Trust. These as%ds are Ih¢r¢for¢ held in a reliicied furMI kiio%vn a% Ihe'Fabric l-.uNI'_ In addiiion lh¢ holds capital & permaneni endowrneni. d¢riv¢d from gifi% i%'here the donor haN %pecified Ihai only The income may be ipeni. Rei'itw" of r)nnell trnMdion5 The Fabric Fimd receii'ed donaiion%. IoMe from e%LlliS legacies of l43.764120?3 L56,6501 iowards Ihe maiiilei)wiEe ofihe Caihedral. E.l0ment Fund 1% Invthteil in M & G Charifund managed units and income from Ihe%¢ fttnds 1.% accumulaied in theK unil.%. SiKe Ociobe¥ ?0?3 ihe a%seiq of the Fabric fund have been Invthted in a depo%ii accounr and iiiiethi income fr(Nn I1 dep)11 is allocated 10 Ihe Fabrit Fund. Investnni income of El 3.? j6 I)O?J L4.2721 iS credited io ihe Fabri¢ Fund. and (8.30?1?073 £7.194I was credited lo the ElldolimnI Fund. Ther¢ ii'ere unieglised lol_S of 11.7741?0?3 (8.2831 on Ihe Tn]si's investmenis. Nel e.xpenditure ot-119.894 {?0?3 £15,776) charged io the Fabnc FurMI and net Incon of £8.302 120?3 £7,194> i%'a% crediied io ihe End0.MeThI Fund. Takin¥ into actouni ihe chan¥e% in [ark value% ofihe inYe%imenis Ihe Funds ieduced in lolal by L13.3661?0?3 (16.8151. Re%'ltTA" of fjnanrial p051tion Ai Ihe end ofihe yeai Ihe nei ass¢ts of the Tr¢ aniounled to (709.3861?022 £72•.75fj1 of i%.hi¢h £ii 1.01 I 120?3 I570.9051 ivas held in Ihe Fabnc Furtd and El 58.37) l?0?3 Eli1.8471 ivds pernianent endoivJKent. Re5er%'es polirn. The Tru%lees' policy is 10 reialn a Nmall b21artce for ihe fulute operaiion ofihe TtU5t and. subject lo this. lo draw on Ilit Trusi's r¢5erk'e5 for ¥iant% 10 Salisbury Cathedral as io a%iiAI ih¢ Chawer iiryih iepairing and mainiaining Ihe C¥ih¢drai. PLAI)S FOR F RE PERIODS The Trusiee5 hai't agr¢ed io make fi]rther grants ¢0 the Cathedral in ?0?4.25 LW 10 É75.000. This will leave a sigDif2¢ani proptsrtion of the rernairbing funds. The Carhedral s Ivorks ieam is ¢wr¢ntl)' focussed on the maintenance of ihe North Cloler. u.here there h&% been %ignifi¢ant ivrather damage io the siortrcwork, and re%toring the irnpressil'e Edward Burne-Jone% windo. in ihc aisle Thr trustee4 ale cotnmiled io supportln8 Ihesc projtcts over the nexi four yrats. TIK Tru ivill coniinue io be de)denl on donaiions and lega¢ie. lo enable future coniribuiions io Ihe Caihedral'% Fabric repair progwamrne. Thi% report was approved by Ihe iruAee% on 16 September 20?4 and %igned on IL£ b¢h8lf The Reverend Carto K¢nDdh PlleY Tree k (.E
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEE OF SALISBURY CATHEDRAL CIIORtSTERS' ENDOWMENf FUh'D FOR THE YEAR EIYDED 31$1 MARCH 2024 I report to ihe TN#ee on my examinalion of thc xwjnts of the Charily for the year ended 31 March 2024. which arc scl t)ut on pages 5 10 11. RESPECTIVE RFSPONSIBILITILS OF TRusfELS AND EXAMINER The INstce is responsible for ihe preparalion of th¢ CnIS in COTdantt wilh ihe requirements of thc Charilies Act 2011 {'the 2011 Act"). The ine¢S are wisfied that an audit is rK>t required for this y¢3r under section 144(2) of ihe Charilies Act 2011 {the 2011 A¢1) and have cknen to have an independent examinion. I report in rcspect of my examination of ihe TruA's xcounts carried utlder 145 of lh¢ 2011 Aci. In carrying out my exarnination I have followed ihe reqUImn¢n of th¢ applicable Dhrtttions given by the Charity Commission under stttion 145 {5) (b) of the 2011 Aci. INDEPENDENT EXAMINER'S STATEMENT I have Completed my examinaiiofi. I confirrn that mamets have cony io my attenti( giving me cause to believe that in any material respeci: (l) accounting Tecords w¢re not kept in respect of thr Clwkiy as requircd by stttion 130of ihe 2011 ACL or (2) the accounts do accord wih ihose records: or (3) the coUnts do rK)t comply wilh the applicable requirements conccrning the fonn and cortent of OUnt5 Sd ¢MLi in the Charilies (Accounts and Reports) Regulaiions 2(X)8 her ihan any requircmcnt th* ihe ¥¢wnts give a'lme and fr vic which is a mailer consikncd as part of an independent examinatioTh. I have no concems and have Come a¢ross no other matler5 in conntttion wilh ihe examination to which alnI10n should drawn in this rcp(¥l in order10 enable a proper unthrAarKlin8 of thc xcounts io be reached. Lee Siokes FCA Hay5Mac LLP 10 Queen Sireei Placc London EC4R IAG Date." 28 November 2024
ALI RI. CATUEDIL4L TRUST rATEIIIETr4T OF FI.YAPCIAL ACfllllTIES FOR THE YEAR EINDED 31 hlARCH 2024 Reqrided FU1. Fabiic Ne Ernlowmeni Fuj Tal ?0?4 Total ?0?3 Incom¢ ad ¢ndow'JM¢wt$ from: Voliiniary Incotne Donati¥ Eveni Legiacie Inie.%lrneni Income ?5.5?.1 6.0115 4.994 756 50.9 11.466 6,085 8JO? 21.558 Tol•l ihcotne 57.0?0 8.30? 6%.116 Expenditure on- Charitable Y4eti%'ltles Furthera¢ of mainiLI)ance or Salisbury Cailicdrnl GoiernancL Lo%1 75.(YX) 1.914 75.OOD 1.914 75.0(K) 1.648 TotF41 ¢xp¢ndiiMr¢ 7fi.914 76.648 er into¢ i (eipendiivrcl btfort gains IJ 1055es on Ini¢stnts {19.8941 .302 (11.S9?1 ET GAIN'SIILOSSESI ON l&YI'Esf,Il&YTS {1.7741 (1.7741 (8.?831 Yet inconle I lexpendliurÈ) (19.8941 {13,3661 116.815) Tran$ftrs btteen funds ei moiement In funds (19.894) (13,3661 Fuiid bxlxn¢es broughi forM"Ird 570.905 151.847 722.75? 739.567 Fund bal8n¢es CArried fotiiArd i551.011 £158.375 £709,386 £722.752
SALI RY ATHEDRAL TRUST BALANCE SHEET Note 2023 FIXED ASSETS Inv<stment5 158,375 151.847 15&375 151,847 CURRENT ASSKTS tkbtors Deposit account C&sh * bank and in hand 571 621.648 7.677 1.279 649.700 629,896 650,979 CREDITORS.. Ants fxlling due within Dne year 78.885 80.074 NET CURREWT ASSETS 551.011 570,905 ASSETS £709.386 £722,752 Representing.. ENDOWMENT FUNDS 158.375 151,847 RESTRIED FU)TDS Fabric Fund 8.10 551.011 570,9)5 To¢41 Fllnds £709.386 £722,752 Signed on behalf of the Trusttts.. The RcvcreTKI Canon KenKth Padley TThsLee Approved by ihe Twstees ¢)n 16 S¢pt¢ml*r 2024
Pa SALISBbRY CATHEDRAL TRUST NOTES TO THE ACCOUNTS FOR THE YEARE%DED31 blARCH 1024 ACCOUYI T]'G POLICIFS Basis of Accounting The accounts have been prepared in accordance y'iih ihe Chariiie% Aci ?01 l. the Staiemeni of Recommended Practice on A¢¢ouniing and Reponing by Charities applicable 10 chariiic piepaiin¥ iheir accouniN in accordance ivith ihe Financi31 Reporting Standald applicable in Ihe UK and Republi¢ ofirelan4J {FRSIO?l (Second ediiion, etreclii'e January ?0191. Th¢ Iw51ees Consider thei¢ are rto material iuKerlainlie5 aErf>ui Ihe Charil). s ability io coniin¢Je as a ¥oin& concern. The review of our financial poiilion. re%eTh'e% leiel% and future plaTL% ¥ivth Trugiets Confidence ihe ¢hariiy remain% a going ¢oncern for Ihe foreeeable fulre. As1s ad liabiliti¢% ar¢ inilially recogni%ed * hi%lOTical coNt or itanNaction value staled in ihc ielel'anl accouniing policy Mie. Ineott All incoming re40r¢¢5 are inrludcd In ih¢ SiaTemcni of FiDancial Aciii'ilie4 when the chariiy is eniiiled 10 th¢ ItKome. 11% receipt i¥ probable aiml Mhen Ihe amount ¢an be quaniified with rea%onable accuracy. Leg#¢ies Legaii¢.% arc included ,hen Ihe ¢hanty 1% adi by Ihe perwval rcpre.4erbiaiive of an eslaie. thai paymeni iiiill be madc and Ihe amouiii iiivoliLd carh be qu711r1ed d. Crani$ ld¢ Grani% are charged In the a¢counlN on earliei of Ihe dale ihey 3re paid and Ihe de ai ii'hich a Ileg31 or con%iruciivel obligaiion io pay ihem fiTht come% inio exioenr¢. Thi% i& norn)ally ty.hen the condilion nece%%ary lor Ihe paytneni of a grani hai'e bttn md by the recipieni. her txpthdliure Expe1llUre i% accounted for on an accrual% ba%1%. Goi,crnance co%1% are incutTed in conneaion ihe goiYman¢¢ of ihe charily. Support are direcily altri(¢d 10 particular a¢iiviTlth. The%e Cod% are apportioned on Ihe of the iirne and rewuTce% speni on the vari¢)u% ttiiviiie%. FiAed A55et ini'es¢ments Irti'e%linenl% ale Included al clo¥ing inarket i'alue * ihe balance %heei dale. Any gain or loss on revaluaiion is iakeii 10 ihe Siaiem¢ni of Financial A¢iii'ill Fund *ccounting WheTe the chariiy receives a donation for a 4pecific purwTrse. li is %hoii'n warniely in a resiiicied fund. Where th¢ re_%iriciion 1% Ihai the pital cannoi be y)eni. this is reFeTted io as an endoiimeiii fund. Ini e4Tneni income. 8ain% and los ari%ing rnC[ed fundi ate allated to the appropriate fund. IIN'IIESTIIENT IYCOIIJE Income from lisicd ini'esttiieiil% LTriere%i recei%'able 8.309 7.194 4,)7? L21.Si8 £11,466
SALISBURY CATHED ST THE ACCOiI ED AR Eya DE ARCH 2024 CHARrrABLE ACTIV1$ 2024 Furtherdncc of maintenance of Sa]Istry Ch¢dra1. Grants to Sl$bIry Cathedral for its Major Repair Programrne £ 75,(K)D £ 75.000 4. GOVERNANCE COSTS 2024 Office expen5C5 Indcpetmlcnt cxamin&5 fce 330 1.584 328 1,320 £1.914 £1.648 The ¢haTily minimal CO iIKsc rosts are all(ed to charitable &tivilies. Thc Trusttts did ncrt receive any remumtion or reimburseme of expcn5e5 during eiiher of tlKse yeaT5. FIXED A&SET IP4VESTMENIS Total FUTWJ Market value as at l ApTiI 2023 Income xcumulated Unrealiscd losscs on reval110 151,847 151.847 8.302 (1,774) 8,302 11.774) Markrt ye as ai 31 March 2024 £158J75 £158,375 Cost at 31 Match 2024 £155.027 £155,027 Cost at 31 March 2023 £146,725 £146.725 31 March 2023 the following invesiments were held: M & Gcharifund Accumulwion Units 515.342 515.342 All of Ihc above inYcsLmcn15 are in fun
SALISB AT ED YTINUED YEAR EIYDED 31 MARCH 2024 6. DEBTORS Gitr Aid rLOlahk. her DLb[I 571 51 328 £571 7. CREDITORS.. tlffloumfs fallin1d M"iih•n one l'ear 20?4 20? SJlithurv CaUi¢trJl ALtTual 75.981 78.214 1.80¢) £78.885 £81J.U74 ,INI ilLYSIS OF NET.45sErs Bfr.'ni"F.EY TrUN'DS Fuiid 31 Manh ?0?4 arl rLiYLxILYI b>. IIK. t(1178 an(J liabillliL'. H¢trIL[l FalL Fund Fund 158.37) 158.375 6)g.Rl)6 178.88il CurrLYii Cum'fti Ilthilit% 178.88)) £551.011 £158 J75 L70Y.3¥6 CONIPARATII-E NOTE.. ALYALY515 OF P4ET ASSET5 BETI%EETr4 FU¢%'DS Fund balan¥¥ 31 lar41) ?1)?3 an rnVTLXmlLxi by IliL fidlmijng a55L5 athd lidblliiK- Fund Fabnc Fund Fund 152.113& 15?.V36 650.Y7 1#0.1174) CllrrL'ni 3ssLX% CurrLmi liabilitlL% 650.97¥ {80.0741 I570.905 £15).936 £723.N41 ENDOII'IIEYI T FUl4D ThLS Lcinsis15 Of (knalk$ aThi kyaciL h]Ch haiL'knTL io Ihe TWu rn thL $•% Ihtsi ihc IJPlldl . I¢ Ihe is aiilttblL sfvIMJing ffl thcTrusV% charithbk. JO. RESTRICTED FUINDS ThL' Fabric Ful 1% uscd io finaiii¥ ren¢Jiaiiims aThJ rLpir4 lsjSali4ury Caihcthal.
I I. PRIOR YEAR CONSOLIDATED ATEMENr OF FINANCIAL AcfiviTILS ALISBURY CATHEDRAL TRUST ATEMENf OF FIliANCIAL AcfiviTIFS FOR THE YEAR ENDED 31 MARCH 2023 R¢sLricied FutKI- Fabnc Note EThlowtncnt Fund Tolal 2023 lThcDme and endowmtnts from: Incoming resources from generated Voluntary income Donaii¢)ns Event5 Legxies Inv¢51ment ITOme 4.994 756 SO,¥ 4.272 4,994 756 50,900 11.466 7.194 Toi•] In¢omt 60,922 7,194 68.116 ExpeThllthre OD: Charitable activltits Furtherance of maintenance of Salisbury Caihedraj 75.(KX) 75,1 Spport tosts Toial expendlmre 76.648 76.648 Net income l (expenditsre) before ylD5 WI losses on inYesimeAts (15,726) 7.194 (8,532) NET GAINSI{LOSSES) ON INVESTMENTS Unrealised profit4{ losscsl on invc5tments {8,283) (8,283) Net iDcorne l (expenditsre) (15.726) {1.089) (16.815) Tnsfer9 between funds Net mOveen( ID fmnds {15,726) {1,089) (16.815) Fttd b8ln¢es brougbt rOnrd 586.631 152.936 739.567 Fund bal•n¢¢s urri¢d forw•rd £570.905 £151.847 £722.752