Charity numbei.. 298061 The Ivor Read Charity Trustee's Report and Financial Statements For the year ended 5 April 2024
The Ivor Read Charity Contents P3ge Reference and administrative information Tn]stee's report Independent examlner's report Statement of financial activities Balance sheet Notes to the finat)clal statements 8-12
The Ivor Read Charity Page 1 Reference and administrative information for the year ended 5 April 2024 Charity registered number 298061 Principal office Cathedral House, The Precincts, Canlerbury, CT12EH Trustee The Chapter of CanleTbury Cathedral Secretary Ms Julie Wood Independent Examiner T B Wacher FCA Kreston Reeves LLP, 37 St Margaret's Street, Canlerbury, Kent, CT12TU Bankers Lloyds 8ank plc, 49 High Street, Canterbury CT12SE Solicitors Farrer & Co LLP, 66 Lincolns Inn Fields, London WC2V 7QA
The Ivor Read Charity Trustee's report For the year ended 5 April 2024 Page 2 The Trustee submits Ihe 2nnual report and the financial statements of The Ivor Read Charily (the charity) for the year ended 5 April 2024. The Trustee confirms that the annual report and financial statements of the charity comply with current statutory requirements, the requirements of the charity's goverr)ing document, the requirements of 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 IFRS 1021{effective January 20191 and Charities Act 2011. Structure, governance and management Constitution The ch2rily is constiluled under a Trust deed dated 10 November 1987 and was registered wth the Charity Commission on 17 November 1987 as charity number 298061. The object of the charity until June 2017, was to provide funding towards the maintenance Df the fabric of Canterbury Cathedral and Salisbury Cathedral in equal shares. Following the Trustee's resolution of 5th June 2017 and subsequellt distllbutions, Salisbury Cathedral no longer retain an interest as an on-going berseficiary of the Charity. The charity's object since that dale is to provide funding towards the maintenance of the fabtic of CanlerbLtry Cathedral. Method of appointment or election of Trustees The Trust Deed provides for a single Trustee, The Calhedral and Metropolilical Church of Christ, Canlerbury. During the year. the Trustee became a registered charity in ils own right. registered as Canterbury Cathedral, registration number 1206913. Trustees induction and training policies Within the corporate Trustee, employees already hold senior cathedral posts, they are experienced charity Trustees and have undergone training for those roles. Their induction to this charity consists of a full explanation of the background of the trust, including visits to the property owned by the charity. Organisational structure and decision making The day to day management of the charity is delegated to the Secretary of the charity and to the Estates Department of the corporate Trustee. Risk management The Trustee continues to assess the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity.. they are satisfied that systems are in place to rlliligate exposure lo major risks.
The Ivor Read Charity Trustee's report (continued) For the year ended S April 2024 Objectives and Activities Objectives and public benefit The objective of the charity was previously to provide for the mainlen2nce of the fabric of Canterbury Cathedral and Salisbury Cathedral in equal shares. Following a grant in the year ended 5 April 2018, Salisbury Cathedral no longer has any financial interest in the Charity and Canterbury Calliedral is now the sole beneficiary. The Trustee confirms that it has complied with the duly in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission and considers that the objective of the Charity meets the public benefit requirements of that Act. Page 3 Achievements and perfomiance Review of activities The Trust holds Ihe freehold property of the Westgate and 8irchington Golf Club through its nominee. The property is held only for the charitable purpose of the maintenance of the fabric of Canterbury Cathedral. The main source of income is from rents paid by the tenant for the Golf Club. The accounts of the Charity are consolidated in the accounts of Canterbury Cathedral. A grant Df £40.000 was passed to the Cathedral in the year. The Golf Club has continued to operate throughout the year and Ihe charity has continued to receive rental income. The Trustee is of the opinion that the holding value of the property1£750,0001 remains appropriate and that the Charity remains 2 Going Concern.
The Ivor Read Charity Trustee's report {continued) For the year ended 5 April 2024 Financial review Page 4 Reserves policy The charity retains sufficient reserves lo meet ils running costs. Any excess income is granted lo Canterbury Cathedral. Grant making policies The rental income from the investment property is granted lo CanterbLJry Cathedral to be used for the maintenance of the Cathedral. Trustee's responsibilities The Trustee is responsible for preparing the Annual Report and the fin3ncial slalements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Law applicable to charities in Englandlwales requires the Trustee lo prepare financial Statements for each financial year whlch give 3 true and fair view of the state of the affairs of the ch2rily and of the surplus or deficit of the charity for that period. In preparing those financial statements the Trustee is required lo.. select suitable accounting policies ar)d apply them consislentSy,' observe the methods and principles in the Charities SORP IFRS102)', make judgements and estimates that are reasonable and prudent., statè whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial accounts. prep8re the financial slalements on a going concern basis unless it is inappropriate lo presume that the Trust will Gonlinue in operation. The Trustee is responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial position of the ¢harity and enable them to ensure that the linancial slalements comply with thè Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hern for taking the reasonable steps for the prevention and detection of fraud and other irregularities. This report was approveLI by the Trustee on 01 frJJNI and sigr)ed on ils behalf by.. The Chapter of Canterbury Cathedral Trustee
The Ivor Read Charity Pa9e 5 Independent Examiner's Report to the Trustee of The Ivor Read Charity I report lo the charil5ls Trustee on my examination of the accounts ol the charity for the year ended 5 April 2024 which are sel out on pages 6 10 12. This report is made solely lo the charity's Trustee in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might slate lo the charills Trustee those matters l am required to slate lo them in an Independent examiner's report and for no other purpose. To the fullest é%tent pÉrmilt&d by law. I do not accept or assume responsibility to anyone other than the charity and the chariltys Trustee for my work or for this report. Responsibilities and basis of report As the ch8rily's Truslee you arè responsible for the preparation of the accounts in accordance with the requirements of Ihe Charities Act 20111'lhe Acl'l I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Direclions given by the Charity Commission under section 14515llbl of the Act. Indep6ndent examiner's statèmènt I have completed my examination. I confirm th81 no m8lerial mallers have come lo my allenlion in connection with the examination giwng me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of the charily as required by section 13Q of the Act., or 2. the accounts do not accord with those r8eords'. or 3_ the awunts do not Comply with the applicable requirements concerning the fo¥in and conlenl ol accounts set out in the Charities (Accounts and R@portsl Régulations 2008 other than any requirement Ihat Ihe accounts give a'lrue and lair view, which is not a rnallei considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examinalitsn lo which all nlion should be drawn in this report in order lo enable a proper understanding ol the 3C¢O o be reached. acher FCA Kieslon Réeves LLP Canlert)ury
The Ivor Read Charity Page 6 Ststemeiit of Finantial Activities Fov thÈ ye2* ended 5 April 2024 Unrestricted Geii&ral Fund DÈsigiiatÈd capitsl Fuiid Total Fuiid5 2024 Tolal Funds 2023 Note liicome aiid Endowrnent$ from: Investsnenl Inwme 42,000 42,000 42,053 Total income 42,000 42,000 42.053 Exponditiire Charitable aGtivilies'. 40,720 40.720 80.990 Total expellditure 40,720 80,990 Net ii)comellexpgnditurpl before investmei?t gai115 and losses. 1,280 1,280 138.937) Net incomelléxpenditurel 1,280 1,280 othpr recognised gains and 10sse5 Unrealised g8ins o¥n revaluation of properly assets Net movement in funds for thè year 1,280 1,280 (88.9371 Total funds broughl foward 750,000 8,876 758,878 797.813 Total lunds carried forward 750,000 10,156 760,156 758,876 The n¢le$ on pages 8 10 12 fomi pail of these finan¢ial slalem&nts
The Ivor Read Charlty Page 7 Balance Sheet A8 at S April 2024 Uiirestri¢tÈd G&noral Flind Designated Capitsl Fund Totsl Funds 2024 Totsl Funds 2023 Note Fixed assets Fixed asset Inveslmenis Investment properly 754),000 750,001 750,000 750,001 750,000 750,OU1 Curreiit a8sÈts Cash al bank and with inveslmÈnl managers 1Q,876 10,876 10,876 10,878 9.656 g,656 cdItorS.. 8mounls fallin9 due wilhin one year 17201 17211 Net cuir8nt assets 10,156 10.155 8,8F5 Totsl assets less current liabTlities 750,000 10,156 760 156 758,876 Charity Funds Designal$d capital fund UniEslricted general fund 750.000 750,000 10,156 750,000 8,876 1Q 10.156 Total fut)ds 750,000 760,156 758,876 The financial $181ements were approved by th8 Trustee on Oi 2oL* and signed on their behalf by.. Tlie Chapter of CaEiterl>ury Cathèdral Trustee The notes on pag85 8 10 12 lomi part of Ihese financial s181emenls
The Ivor Rèad Charlty Page B Note$ to the financial stateinètkts For thÈ year ended 5 April 2024 l Accounting Poli¢le8 Basis of prepaTation of financial statements The finatTGial sialem8nls have beèn prepared in accordan with Accounling and RÈporling by Charilfe5". Slalem&nl of Recorntnended Praclice applicable lo charilies preparing their accoun18 in accordano with the Financial RÈporting Slaiidard applicablé in Ihe UK and Republi¢ of IrÈ18nd IFRS 1021 lÈffÈclive January 20191 and Charities A¢1 2011. Assets and liabilities are inillally recognised 81 historical ¢osl or Ir8nsaclion value unless slated ill Ihe relÈv8nt accounting polw nDte. 1.2 Fuiid accounting General funds are unreslricled funds which ar6 available for use at Ihe di8crelion ol the Trustee in furtherance of the general objectives ol tha ¢harily and which have nol been designated for alher purposes. Deswnatèd funds comprise unreslricted fund5 Ihal have beèn s81 aside by the Trust88 for particular purposes. The aim and use of each rjesignated fund is sel out in th8 noles to the financial slatemenls. Investment income. gains and losses are allocated lo the appropiiale fund. 1.3 In¢oitte All income is included in the Slalèmenl of Finan81 Activities when the charity is legally entled lo Ihe incom8 and the amount ca be quanlilied with ieasonable accuracy. For legacies, enlillemenl is the earlier ol IhÈ charily being notified of an Impending dislribulion or the legacy bein9 received. 1A ExpenditurB Expendilure is accounted for on Èn accruals basis. ThÈ charily is not registered lorVAT and therefore irre¢overable VAT is induded in IhÈ lot81 expenditure. Grants payable 8¥e charged as expenditure when a tonslrucliv& obligation lo pay Ihem comes into existence, which is when the 91anls are agrg8d by th8 TrusleÈ and the recipients informed. Normally the grants are paid imrnedialety Expenditure incurred comprise the 1015owing'. Th& cost of generaiing funds and th& dired costs Èssocialed willi gÈner81ing income. Charilable atliwili8S is expendrture on payments to Ihe ¢h3rily beneficiaiies for Ihe maintenance of Ihtr fabric of Canterbury Calliedral. Govem8n¢e Losls comprises Ihose ¢osis att¥ibulable diieclty lo the l&g81 procedures a880C181ed with Complian wEth 81alulory requirements 1.5 Cash flow The financial slalements do not indude a cash flow slalamenl because thè charily has tsken the option not lo prepare one. 4.6 Subsidiary company Details ol the subsidiary are disdosed in Note 6. Con$olidated account5 have ntst been prepared on Ihe grouiids that the gross income of the group is belvw the threshold under the Ch8rili88 Acl 2011. .7 InvestmÈnts Investments 2rÈ slated al Market value al th8 balance gh8et date. The SOFA includes the nel gains aro losses aFi8ing on revaluations and disp05als throughout the yeaT. Subsidiary Undertakings". Investments in subsKliariès are valued al cost less provision for impairment. Inv8slment Properties Iiiveslm8nl properties are valued al m81ket valuÈ.
The Ivor Read Chavlty Page 9 Notes to the fln2ncial statements Forthe year elided 5 April 2024 2 Investtnent and Property Income Uttre8trlcted Geiieral Fuiid Designated Capital Fund Total Funds 2024 Tolal Fuiids 2023 Rent Sundry Income 42,000 42,000 42,000 42,000 42,052 3 Charllable activities Unrestricted General Fun Deslgnated C8Pltal Fun<E Talal Funds 2024 Tolgl Funds 2023 Charitablo expeiiditure. payments to beneflclarlès C2nl8rbury Cathedr21 Allocsled governance cosls 40,000 720 Ao,000 720 80,000 990 Note 40.720 80,990 4 Goveriianc& costs Unrestricted GÈiiÈral Fund Desigiiated Capital Furid Total Funds 2024 Tot81 Funds 2023 Ind8pendenl Examiner's remuneralion 720 720 720 720 990 990 Governan costs Ihat be direGlly allribuled are ¢harg&d lo th8 appropiiale adivilies. 5 Net inoome 2024 2023 This is slated afler eharging. Indep8ndenl EKaminer's remuneration 720 990 Durin9 the year. no Trus18e r8ceiv&d any r8mun8ialion12023". nil) During Ihe year. no Trusl&e received any benefits in kind12023.' nill During the yèar. no Trustee received any reimbursement tsf Iravel expenses12023' nil)
The Ivor Read Charity Page 10 Notes to the finan¢ial statèmeiils For the year ended 5 April 2024 6 Fixed assel irJvestmeThts Listed 5eeuritiÈs group uiider- t#kiiigs Total Market value As al 6 April 2023 Additions Disposa15 Revaluation8 decreasÈ in cash AI 5 April 2024 Subsidiary uiidertaklny The following was a subsidiary undertaking of the chaiity.. Hundreds Farm Invesfmenls Liiniied 100% ol ordinary shares owned The compaDy acts as a nomlneè bare tru8188 c4)mp8ny, hDlding propèrty on behalf ol IhÈ Ivor Read Charity. ThÈ aggregate of the share capit81 and reseeS as al 5 Apiil 2024 2nd el the profit or loss for the yearended on that dale for Ihe subsidiary undertaking was as follows.. Aggregate of Sha capltal and re5erve5 Profifll10551 Hundreds Farm Invesbnenl Liiniled Investmènts at market value eompri8e- UK Over8ea8 2024 202J Listed invÈslments Cash hew by Investment MaTragers Group company Tolal matkel value Material ihvestMent8 Theye were no investments 31 the year end.12023. £nill
The Ivor Read Charlty Page11 Notes to the financial slaten)ÈntÈ For the year ended 5 April 2024 7 Invostm8nt property Fre8hold property Valuation At Jf April 2023 R2valualion 750,000 Al 5 April 2024 750,000 Comprising Cost Revaluation suiplus S40,000 210.000 750,aOO The golf course. clubhousè and car park ol th& Westgale and Birchinglon Golfclub. Westgale on Sea, Kent. was valLJed by Costhwaites in 2021 al market value The values allaehed lo the properties are as follows.. 2024 2023 Go(f Course, Clubhouse and Car park 760,000 750,000 750,OQO 750,000 8 Creditors.. Amounts fJlllng due within one year 2024 2023 Amovnt5 owed lo group undertikit)gs AcGruals and deferred iiicome 720 780 721 781 9 De8ignated Capltal Fund Balance Othar gains & Transfers Balance 2024 2023 Incomè Expenditure 750,000 750 ODO The Trustee identifie5 thi5 and any Subsequent )(tdilion and appreciation 05 8 fund lo provkla income lor the Charitls purpo8&, glven Ihe long-lerm commilinenl lo Ihe mainlenai)ce of tlie fabric of Canterbury C8lhedral. 10 Unrestricted GÈneral Fund Balancè 2023 Balaiice Incoille Expenditu Transfeys 2024 8,876 42,000 40,7201 10,156
The Ivov Re2d Cliarity Page 12 Notes to tho financial statÈmÈrtt& For the y6aY ended 5 April 2Q24 ql Related Party Trai)$action Gran15 were made lo Canleibury Cathedr31 during Ihe linahcial ye2r as disclosed in Note 3 of Ihe Financial Slalemenl5. 12 Going ConcÈrn Thé Iruste8 is satisfd Ihal Ihe Charity r&mains a goin9 cOnrn,