THE ROCHESTER CATHEDRAL TRUST Reglstered Charity Number 291610 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2021
The Rochester Cathedral Trust Trustees and Advlsers Mr Rkhafd Cmdheld OBE DL {Chaknun) Br Pltholos lappolmed Awl 20211 Lord CL4bYaln DL Mr Jocefrffl Croft Mrs K•t¢ Fenwtk DL I(thatr of Can(ffi Ra (y)d5011 Very Revd Or Philip l Hesketh DL carK Paul HLbtson Mrs Kate Larnpard CBE Ci Mr Lats Lemonlu5 (Cholr of the fyJfid S) Mr5 Renwhy Mlthter Mr Russell Race t Mr lthn SF OBE DL Irtttred Noveth 2021) Mr Davkj Ward (Chalr of the Rochester Caththl BurS Gul Mrs Geor8lna Warw DL Iretlred Februwy 2021) Slr David Wo)ttM lapwnted Juty 20211 P•trons ROW Potron." HRH The Countess of Wessex GCVO 1¢ Pwon.. Mr Jo(45 HolLand OBE. DL VI Pavon Mr Rory Suthed•nd of Gundth Soclety loanna LnleY D•v•lopm•nt Offk• Garth House The PreclrKt Rtxhester K•)t MEI ISX B•nk•rs NathM Westmlnster Bank plc 148 HW Street Chatham Kent ME4 4DB Independent Audltor4 Haysmaclntyre LLP 10 Queen Street Plxe EC4R IAG Sollcltors Lee BOln MonlerWtllms l Tr Sanctu We5tmlnster Swi 3JT Page I
The Rochester Cathedral Trust Trustees. Annual Report for the Year ended 31st December 2021 The Ttse5 have th5we In we5n8 th repm and the ald fln•rKlal statements of the Trt for the year ered 31st De£ernber 2021. hwe been pwied In acc(xdance wlth Cert stattw requlremats the 2015 Staternent Recmirwided Practke on ACcoun% and Reportlng by Charttles SCRP tr Tnrt Deed. Alms, ObJ•rtlves Ind St¥•te¥y The frust was created by Rochester C•thedrnl by • Tr[¢ D1 drted I lth Ayll 1985 as end by a SernertaI Deed dated 13th April 1997, a Resolution dated 27th Febnjary 2008, amen March 2017 arKI fvrther amended Mirch 2019. The purp05e5 of the Trust we wcfftote the rellBtCXLS and dwi¢•ble of the Church of England by provldlng addlOn81 support for all or any of thè tharkabk pwposes to the c4Atular revenues of the cathedral are appIl¢ab. IndLMling eclalty pre5•Th•tk>ry rnaIntene and (knlorn d Rothester Cathth( and so th)t In the furthernrKe of these purposes the capitsl as well as tr rtorr cltheTnst rmy be appw. The chafftable Objects of the Trust Indud&' l. The endo%wnent ofthe catwrafs rr1¢ •nd trndlu 2. The weservat17 malntenèrKe ofthe cathedT4s hLstork fthc 3. The k¥omotlon of the cathedrafs herlta8e as a htstorfc landmrk and plxe 4. The knFX¢)vement of the c•thedral's bryound •nd Wlu¢S Ch•ilt•bl• St1 TheTntst Is a reostsfed chrtty. nuth 291616. Tru$te•s •Trd Ory•nls•tk)n•l Stwctur• The current tWStees all of wh¢)m seThed yur except whwe kndlcatsd. a shown on pa8e l. The Chalrman aNJ between two and el8ht TnJ5tees are MIlted by the Owpter of R¢xhester Cathedral and between two and tl8tht fLther Tte5 are rxnlnoted by the Trustees. subject io the •PFval of the Ch•pter. to hokl offio for three year& The chaity 15 admlnlstered by a fulktlme member of staff. s¢¢5 ¥e don•ted by Rochester Cathe(hl and who Is based at the Cathedral'5 office. She repw to the Tru5w vtho Itthree tjrnes durlngthe year. Trust••s' Powars of Inv•stm•nt Revl•w of Fln•nel•l Posltlon •nd Resems Pollcy The Trustees. policy is to bulld up surncknt resm to Cover the admlnkrtratkn of the tru# on an anal basts JrKI only to enter Into commiiments to supwt specfftt once fcff that expendliure has be secuTed. At present tlme. unrestrlcted reserve5 are greatly In excess of the annLbal wnnlng ¢OSts of the Tru5L tkwlng the year th15 has been reduced 85 Past Income has been allocated to spedfic Pfolects. At the 31 December 2021. an funds were In Surplus totsllin8 £701.95512020 E315.491}. Publlc B•Mfft Statsm•nt The Trustees confirn that they have complied with the (kKy kn sectlon 17 of the Chartts Act 2011 to haw due regard to publlc befit SunCe published by the Chailty ConThlssk)n In the actmuu undertaken by thE tharfty. Goln8 Conc•m St•t¢ment The Trustee5 have conshjered the golng concem basts urKler the xcounts have been preparèj. In the vkw of the Trustees the current levd of unrestflcted reserves is suffk*rt for neady 2 $17 years 9 month51 rKJrmal admlntstratlon expendfitwe and a5the fd Js hekl prkn¥lty kn cash tPwe are no uncerralnMes few the fse¢able frJtyJre
The Rochester Cathedral Trust
Trustees. Annual Report (cont'd)
for the Year ended 31st December 2021
Implementlng the Trusts obl•ttlv•s
During the reportlré perfo(i the TnAee5 met on four occaskn& and took • strategk aFvoach Js a 8rant.nIng body based
on the report5 recelved and the reqwts f(Y ffftllng m>Je by the thwr. Tr 5tTate8V W•5 to rn15e funds ar
ke 8rants In wth the ¢Jthedral'5 pknned devdo
RcKhe5ter Cathedral malntahs a polky of free access to an the public It not orfy serves the lool communlty
dally In Its Telloous and tharttable bur ts o stte of nkNl for the promotlon of rdl8lcrt musk educatFon,
history. herrtage, and archttec¢we. The Tnjstees are 8wlded by the Cathethal Chapter's kty akns to "eJwkh, reswrc¢ •nd
grow. the uthe(tral's mlslon to be a •¢ of w(xship. wayer. comnwnlty swthe.
In totsl the Trv5t Tr15ed £644,115 12020.. £422.381) kn the to 31st Deceth 2021 ab to 8rnrt £209,810
12020.. £468.0011 io the Catwal PrOts durtng the yew. &ants Indth £141,929 uèn5ferred to the Cathedrals Musl¢
owment Fund )d addLional mu51t reltsl
The 5l8niftGt aCtfveS undertakw tofwther the 5tratw kn the TeptIn8p0d
- Supportfof the cathedrafs muslc1£21,0161
- Transfer to ihe cathedral mt endowTnert fwMI1£141.929)
- aols¢er Guth Proleci1£9,982)
- New Railin8$1£12,369}
- CofNnunlty Cholr1£5.6931
- Voul coaching ff5.000)
A complete ltsr of8r•nts •w•r9 to Rocherttr Cathedrnl15 shown kn note 2 to fiMrKlal stItsmth
Conn•rt•d Ch•rlty
A5 Stated abo the maln oblectfve af the Tr1 Is to sw)port tht aciivltJe5 of Rochester Cathethal. whlth has chadtable
Status. The Chapter. vthlth Is rhe 8ovemlng bth of the Catheikal. has a wfftant Infiuence In the appolntrnent of TrusteES
ro the Trux and certaln of ¢he TfUrtee5 are also Thbe15 of Chapter. Trsla$ wth Rothes¢er Cathedf•l I db5c105ed
whffe approwlite th these
St•t•m•nt of Trurt••s' R•sponslbllltl•s
Law applkable to thar6tle5 In England and Wales reqreS the Ts¢S to prepare flrwKlal st•thments for exh flnanclal year
that glve a true and falr vlew of the chlty5 finarthl actMt5 dwkng year and of tts finondal posttlon at the end of the
In prepaNThd flnancl)I ststements givk)8 1 true and falr vlew, the Tru5tee5 sh(xAd foHow best practke and Select sutsble
•ccountlng polks •nd then apply them c
Indèpendent audhorf5 report to the tntsle*s of R0drt C•thodr•l Trusl Oplnlon We have audfted ihe finandal statements of Rochester Cathedral Trust for the yearondèd 31 December 2021 whlch tomprlsè thè Statement of Financial Activities. the Balance Sheet and notes to the finantial statements. Including a summary of si8nTfKant accounting polic. The financial reporting framework that ha5 been appli In thelr preparation Is appllcable law and Vnlted Klngdgm Accounting Standards, includlng Flnancbal Reportln8 Standard 102 The Flnonclol IpOrtAn9 Stondord opplic(wble In the UK ond Republlc OA Irelond Iunlted Kln8dorn Generally Attepted Accountlng Prarticèl. In our oplnlon, thèfinanclal Statements: give a true and fair view ofthe state of the charws affalrs as at 31 December 2021 and of the charws net movement in funds for the year then ended- have been property prepared in accordarite with Unlttd Kid0M Generally k¢epted Accountln£ Practice,. and havè beèn prepared In accordance woth the requlrements ol the Charities Aet 2011. Basls for oplnlon We have been appointed a5 auditor under sertlon 144 of the Charf(les Act 2011 and report in accordance wlth the Act and relevant regulation5 made or havlng efftct thereunder. We Conducted our audlt In accordance wlth Internatlonal Stsndards on Auditln8 IVKI IISAS IUKII and appllcable law. Our re5ponsibllltlt5 under those standards are further described in the Audllorfs responsibilleS for the audit of the financlal statements sèction of our report. We are Independent of the ¢harlty Sn accordance with ihe ethiol requlrements that are relèvant to our audlt of the financial statements In the UK. In¢ludlnE the FRCS Ethical Standard, and we have fulfllled our other ethlcal responslbTlities in accordènce wlth these réqulrements. We belSeve that the audlt evlden¢e we havè obtalned is suffident and appropriate to provide a ba515 lor our opinknn. Concluslons r•latlni io iolng conc•m In audltln8 the flnanclal statements, we have ¢on¢lvded that the trustees. use of the 8oln8 contern ba515 of accountln8 In the preparatlon of the financlal statements Is appropriate. Based on the work we have performed, we have not Identffled any materlal uncertalntles relatln8 to evènts or ¢ondltlon5 Ihat, Indlvidually or collectlvety, may cast SVdnSficant doubt on the tharfty's abllity to contlnue as goin8 con¢em for a perlod of at leasi h¥efve months from when the financlal staternents are authorlsed for Issue. Our responsibllltle5 and the responsibillt5es of the trustees wlth respect to 8olni concern are de5crlbed In the relevant sections of this report. Other Inlorm•tknn The trustees are responslble for the other informatknn. The other Inforniatlon comprises the Informatlon Included in the Trustees, Annual Rep)rt. Our opinlon on the financial statements doe5 not cover the other Informatlon and, except to the extent otherwlse expllclY stated In our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibilityls to read the other informatSon and, in doin8 $0, consider whether the other information is materralfy inconsistent wtth the financlal 5tstements or our knowled8e obtained In theaudlt or otherwlse appears to be materlalty mlsstated. If we identlfy such mater(al Incon5i5tencle5 or apparent material rni$5tatements. we are requlred to determlne whether there 15 a material misstatement in the financi31 statèments or a material mi55tstement of the other Information. 11. b35ed on the work we havè performèd. we tonclude that there Is a material misstatement of thls other infom)ation, we are required to report that fact. We have nothin8 to report in this Te8ard. Matters on whkh we ar• requlred to report by ption We have nothlng to report In respect of the follon£ matters In relatKJn to whlth the Charltles (Attounts and Reports) Regulations 2008 require us to report to you Sf. In our oplnlon: adequate accountlng records have not been kept by the charity: or Page 4
suffitlent attounting record5 have not been kept; or the eharrty financial statements are not In a8reement wFth the accountlnÈ records and retums; or we have not received all the informatlon and explanaifions rÈquire for our audlt. Responslbllhle5 of trustees for th• flnandal statrmerrts As explalned more fully In the tnjstees. responslbllltles statement sei out on page3. the trustees are responslble for the preparation of the financial 5tstements and for being satrd that they give a true and fair vlew, and for suth internal control as the trustee5 detemiine is necessary to enable the prèparatlon of financial ststements that are free from rnaterial mi55tatement, whether due to fraud or error. In preparlng the flnanclal statements. the trurtee5 are responslble for asse551ng the charr5 ablllty to contlnuè as a 8oing concern, disclosin& as applitable, matter5 related to goin8 concern and using the 8olng concern basls of accounting unless thetrustees elther intendto liquidatethe charity ortoceaseoperation5, or have no realtsti allernatlve but to do so. Audltorfs respOnbIl1¢S for the ludlt of th• fin•nd•l sthtèments Our oblectives are to obtain iea50nable assurance aboui whether the financlal statements as a whole are free from material rnisstatement, whether due to fraud or èrror. and to Issue an audttorfs report that includes our opinlon. Reasonable assurance Is a hlgh Itvel ol assurance, but 15 not a 8uatanteè that an audlt conducted In accordance wtth ISAS IUKI wlll always detect a material m155tatement when It exlst5. Misstatèments can arlsè from fraud or error and are considered maierlal if, individually or in the aggregate, they could reasonably be expected to Influence the economlc decisoons of users tsken on the basls of these flnancSal statements. Irrteularitis. Includlni fraud, are Instances of non-compllancewlth laws and wuEatlons. We design pro¢edures In Ilne wlth our responsSbiifcles. outllned above. to detect material mlsststements in respect of Irregularftle5, Includln8 fraud. The extent to whlch our Pfocedufes afe capable of delecting irregularltles, includin8 fraud Is detalled below: Based on our understandlng of thé charity and the envlronment In which it operates, we Identlfled that the princlpal risks of non-compliance wlth laws and regulatlons related to those laws and re8ulalion5 related to Te8lStèred chafrtles, and we consldered the extent to which nowompll•nc mi8ht have a maierlal effect on the fftnanclal statements. We also consldefed those laws and regulations that have a direct Impact on the preparatlon of the flnanclal statements such as ihe Chariiie5 Acl 2011 and other factors such as taxatlon. Wt evaluated managemenY$ In¢entives and opp¢7rtunities for fraudulent manipulatlon of the flnan¢lal statements1Sntluding the risk of overrlde of contro151 and determlned that the principal r15ks were related to manual aciountinziournals. Audit procedures perfornied by the en8aeement team Included.. Discussions wlth management including considerotlon of known or suspected Instances of non. compliance with laws and regulation and fraud: Evaluatin8 managemenvs controls desl8nÈd to prevent and detect IrTe8ularrties: Identifyin8 and testlng journals, In partlcular any unusual items; and Challen8in8 assumptions and judgements made by management in their critical accounting estlmates Because of the inherent Ilmltatlons of an audft, there Is a rlsk that we will not detect all irregularities, including those leading io a malerlal misstatement in the financlal statements or non-compliance with regulatlon. Thls risk increases thè more that complianee wrih a law or re8ulation 15 removed from the events and tran5actlons reflected in the financial statements, as we will be less likely to become aware of Instances of non-compllance. The r15k Ss a150 8reater re8ardin8 Ifre8ularities occurrlng due to frnud rather than error, as fraud iThvofves Intentional ¢on¢ealment, forgery, collusion, omlssion or mtsrepresentatlon. A further descrlpdon of our Tespon5ibilitres for the aud of the finanthil statements Is located on the Financial Reporting Countll's websrte at.. www.frc.o .uk18udrtor3res Iblt$. Thi5 de5CriPtlon form5 part of our auditorf5 report. Page 5
Use ofour report This report is made solelyto the tharws trvstees, as a body, in accordance wlth seetion 144 of the Charltie5 Act 2011 and regLFlatlons made under sedion 154 of that Act. Our audlt work h35 been undertaken so that we mlght stste to the charty's trustees those matters we ale required to state to them In an Audltor's report an(J for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsiblllty to anyone otherthan the ¢hariVstrustees as a body forouraudltwork, forthis report. or forthe opinions we have formed. Haysmaclntyrè LLP Statutory Auditors Date.. 16 November 2022 10 Queen Street Place London EC4R L4G Hay5maclntyre LLP is ell%lble to act as an auditor in tern of sedl¢)n 1212 of the Companies Art 2006 Page 6
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The Rochester Cathedral Trust
Notes to the Flnanclal Statements
for the year ended 31st December 2021
Account[ Polld•s
knls of pmparntlon of flnKl•l stst•rn•nts
prEparI thelr In the Fwncfal ReFKrftJw st In Rewblic of Ire FR5 102
Chlt*s SORPI. The
The Rochester Cathedral Trust Notes to the Flnanclal Statements (cont'd) for the year ended 31 st December 2021 Exp•ndStur• Tot•1 2021 Cost of fLmdrabln8 aciwes 15.690 13.633 29.323 Grartsto R(Khe5tw CathedAI txhor SUPPLVt cost5 Itm, reM$Jr?0n 209,811 13.633 223.444 4.884 4.884 15.690 209.811 32.150 257.651 Exp•ndltyr• Dlr•ct Costs Grnrts Support Tot•1 2020 Cost of fundrnlslng atllvttles Charmable Kl1¢5 Gr8ntstD Rherttr Cèthtthal 9.272 9.764 19.036 46$.1 9.764 477,765 Audltm. 3.789 3,789 n 468001 Support costs cc4nprl the MI LrflktC05tsoscthtsd tth rUnrythe olfvce •tGNth Hr& Trurt•e$ Ind Emplt)y• Ncffle of the tNsrees rec¥ed any romwraiion ¢x MarM# ( txpen5ts frth the Trwi th¥e ww• M emptyees dwkn8 the year or rhe pre¢¥ ywi. R•l•t•d P•rty Tr•nu¢¢loM DoMtIMstotslling £14.493 rnade by Trww Inth¢yw. R•strfct•d Fundi l•l•ne• at 1$¢ J•nu•ry 2021 8•l•n¢• •t 31st D•¢•mb•r 2021 Incoml R•wurc•% RKou1 Exp•nd•d Tf•nsf• Muslt rthnlng costs fuMI Fabrlc MntenanCe wole£ts Edutauon & proiecis 30.558 192,203 1.882 47,498 391.506 135.1551 136.1721 42.901 547537 IA82 224.643 439.004 171,327) 592,320 Rwtrlct•d Funth •l•nc• at 1rt J•nu•ry 2020 B•l•rtc• •t 31st D•c•mb•r 2020 Incomlni R•UrceS Mu51c Nnnlngc05r5 fur Fabrfe mintenarte prolttts EduCou & pr¥le<ts 25.391 289598 1.882 5&572 272.016 153.4051 1369.4111 30558 192.203 1.882 316.871 330.S88 1422.816) 224,643 Page IQ
The Rochester Cathedral Trust Notes to the Financial Statements (cont'd) for the year ended 31rt December 2021 2021 2020 The Muslc C•mpal F1 Balance at 1st lanLWY 2021 New dona0 to the mUC C•rnpa Interest recelved Grnntto Cathedral Mwk Endo Fu1 F)dl$kn8 expen5e5 144.408 45.083 (141.9291 1671 145.6831 Fthid 8alarKe at 31rt Decembw 2021