2020-12-31-accounts - Carlisle Cathedral Development Trust

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Index to the Financial	Statements
for the year ended
31 December 2020
		Page
Charity Information
Trustees Report
Report ofthe Auditors
Statement of Financial	Activities
Balance Sheet		10
Notes to the Financial	Statements

ADMINISTRATIVE
Trustees	Mr C Hal Bagot
	The Very Revd M C Boyling
	Mr R Platt
	Mrs C Hensman
	The Revd Canon JE Kearton (Resigned 6 December 2020)
	MrJ Nixon
	Mr T Hebdon
	Canon JWestoll
	Dr W D Paterson
	Canon BGray (Resigned 15October 2020)
	Canon AJJohnston
	Mr D Allen
	Committee Members
	Committee and Finance Committee	Members
Registered Office:	7The Abbey
	CARLISLE
	CA3 8TZ
Charity Number:	512527

Statement of Financial Activities	Statement of Financial Activities	Statement of Financial Activities
for the year ended
31December 2020					31.12.20			31.12.19
			Notes	Restricted	Unrestricted	Total	Restricted	Unrestricted	Total
				2	2	2	2	2	2
Income and endowments	from:
Donations and legacies			2	16,976	10,198	27,174	231,562	6,016	237,578
Investments			3	18,408	28,583	46,991	21,166	34,442	55,608
Total				35,384	38,781	74,165	252,728	40858	293,186
Expenditure on:
Charitable activities			4	81,310	129,911	211,221	550,847	80,537	631,384
Total				81,310	129,911	211,221	550,847	80,537	631,384
Net income/(expenditure)	before			(45,926)	(91,130)	(137,056)	(298,119)	(40,079)	(338,198)
investment gains/(losses)
Net gains/(losses) on investments			10	(38,474)	(21,235)	(59,709)	65,737	86,244	151,981
Net gains/(losses) on revalua6on		ofproperty	9		269,861	269,861
Net income/(expenditure)				(84/tgg)	157,496	73,098	(232,382)	46,165	(186,2'17)
Total funds brought forward				494,643	821,564	1,316,207	727,025	775,399	1,502,424
Transfers between funds				50,000	(50,000)
Total funds carried forward				460,243	929,060	1,389,303	494,643	821464	1416,207

Balance Sheet	Balance Sheet	Balance Sheet
as at
31 December		2020
				Notes	31.12.20			31.12.19
							2	2
Fixed Assets
Tangible assets				8
Investment	property			9		425,000		155,139
Investments				10		897,605		1,048,143
						1,322,605		1,203,282
Current Assets
Debtors					4,368		4,503
Cash at bank		and in	hand		75,395		136,578
					79,763		141,081
Creditors:	amounts		falling due within one year
Liabilities				12	(13,065)		(28,156)
Net Current		Assets				66,698		112,925
Total Assets		less Current		Liabilities		1,389,303		1,316,207
The Funds	of the Charity
Restricted	income funds			14		460,243		494,643
Unrestricted		income	funds	14		929,060		821,564
						1,389,303		1,316,207
The notes	at	pages	11 to 20 form part of these accounts.
Approved	by the trustees			and signed on their behalf

						31.12.20			31.12.19	31.12.19
					Charitable	activities		Total	Total
			Note	MUslc	Fratry	Common	Church
						fund	House
					2	2	2
Direct costs
Grants made				30,433	50,000	12,000		92,433	574,457
Support	costs
Legal and professional				877		784		1,661		932
Office costs										235
Church	House	Repairs					111,925	111,925	52,236
Church	House	Insurance					1,549	1,549	1,142
Church	House	Water					199	199		113
Church	House	Light & heat					798	798
Auditor's	remuneration					2,620		2,620	2,154
Interest	and charges					36		36		115
				31,310	50.000	15,440	114,471	211,221	631,384

Grants made
			31.12.20		31.12.19
		Restricted	Unrestricted	Total	Total
		8	2	2	2
The Chapter Admin grant	ofCarllsle Cathedral		12,000	12,000	25,400
Fratry project		50,000		50,000	509,918
Music fund		18,377		18,377	20,855
Organ Scholar		12,056		12,056	13,284
Choral Scholar					5,000
		80,433	12,000	92,433	574,457

Tangible assets
	Office		Total
	equipment
	2
COST
At 1 January 2020		758		758
Additions
Disposals
At 31 December 2020		758		758
DEPRECIATION
At 1 January 2020		758		758
Charge for year
Eliminated on disposals
At 31 December 2020		758		758
NET BOOK VALUE
At 31 December 2020
At 31 December 2019

UK investments are stated as follo	ws:
	31.12.20
	2
Valuation
Brought forward	155,139
Additions
Disposals
Revaluation	269,861
Carried forward	425,000

UK investments are stated as follows:
	31.12.20	31.12.19
Market value
Brought forward	1,048,143	1,031,600
Additions Disposals	183,863 ~274.992	154,043 ~229.427
	957,314	896,162
Gains in the year:
Realised	(9,138)	14,682
Unrealised	(50,571)	137,299
Carried forward	897,605	1,048,143

Investmeltts, contd.	Investmeltts, contd.									Purchase	Year end
										Price	Valuation
										2	2
Fixed interest investments						Common			Fund
7,130	M &G Securities				Limited corporate bond					7,208	7,410
16,500	Liontrust Monthly				Income		Bond			17,139	17,292
5,200	JH Strategic	Bond								7,238	7,732
16,000	Standard Life		Investment				Grade Bond			8,971	9,446
18,900	Threadneedle			Global Eq Inc				Z Inc		19,705	20,911
										60,261	62,791
Investment	Trusts					Common			Fund
5,550	Alliance Trust									46,620	50,006
11,725	Aberdeen Standard					Fund	Managers			7,087	7,308
4,600	Murray Income			Trust						41,216	38,272
5,175	Henderson	Far East				Income		Ltd		18,915	16,896
706	Guinness Asset Management									14,811	15,597
16,900	Securities Trust ot Scotland									34,983	34,899
7,400	J P Morgan	Global Growth								25,641	28,601
13,300	Marlborough		Multi		Cap					22,961	19,245
70	Legg Mason	Global				Funds				7,057	7,062
2,500	Ruffer Investment									5,604	6,575
										224,895	224,461
Financlals						Common			Fund
710	Prudential									10,288	9,564
1,250	M&G pic									2,965	2,474
800	Polar Capital									12,688	18,440
1,175	HSBC Holdings									6,955	4,451
										32,896	34,929
Resources						Common			Fund
725	Royal Dutch	Shell			8					16,236	9,131
2,800	BP									13,205	7,134
585	BHP Billiton									10,394	11,261
290	Victrex									7,233	6,803
										47,068	34,329
Consumer						Common			Fund
240	Ungever									10,441	10,541
120	Reckitt Benckiser									7,355	7,850
										17,796	18,391
Pharmaceuticals						Common			Fund
340	Glaxo Smith	Kline								6,049	4,563
300	Smith &Nephew									4,985	4,530
90	Astra Zensea									6,846	6,592
										17,880	15,685
Services						Cammon			Fund
415	WPP									4,426	3,320
										4,426	3,320
SupporlSenrices						Common			Fund
95	Intertex Group			PLC						5,559	5,366
Carried forward										410,781	399,272

								Purchase	Year end
								Price	Valuation
10	Investments, contd.							2	2
	Brought forward							410,781	399,272
	North American Investmsnts				Common		Fund
	40	Visa Inc						5,674	6,400
								5,674	6,400
	Utilities				Common		Fund
	1,200	National Grid						11,332	10,380
	2,900	Greencoat UK	Wind					4,255	3,892
								15,587	14,272
	Investment Trusts					Music Fund
	8,560	M&G Charifund						142,'l57	117,493
	28,018	Sarasin fund						48,248	48,780
	12,800	Scottish American		fund				54,528	59,392
	30,699	Newton Global	fund					56,108	55,399
	13,600	Marlborough Multi		Gap Income P Inc Nav				23,479	19,679
	3,200	Murray Income	Trust		Ord			28,672	26,624
	21,800	Artemis Global						21,453	20,786
								374,645	348,153
	Unlisted	investments				Music Fund
	25,451	Charities Property		Fund				32,381	31,547
	Deposits					Music Fund
		CBFDeposit fund						19
	Investment Trusls					Garraway	Fund
	1,175	Murray Income	Trust					10,528	9,776
	21,300	Threadneedle	Global		Eq	Inc Z Inc		33,339	32,636
	6,100	Standard Life Equity						25,193	18,880
	2,600	Murray International			Trust Ord			32,760	29,380
								101,820	90,672
	Rathbones capital and		income accounts						7,270
	Total Investments							940,907	897,605

11	Debtors
							31.12.20	31.12.19
							6	8
	Trade debtors						900	900
	Other debtors						3,468	3,603
							4,368	4,503
12	Creditors: amounts		falling due within one year
							3'1.12.20	31.12.19
							2	2
	Trade creditors						68	720
	Accru ala						12,997	27,436
							13,065	28,156
13	Funds		1.1.20	Incoming	Outgoing	Investment	Transfers	31.12.20
				Resources	Resources	Gains i
						(Losses)
						2
	Restricted funds
	Music Appeal		502,825	26,536	(31,310)	(38,474)		459,577
	Fratry Project		(8,182)	8,848	(50,000)		50,000	666
			494,643	35,384	(81,310)	(38,474)	50,000	460,243
	Unrestricted	funds
	Common fund		821,564	25,681	(15,440)	(21,235)	(50,000)	760,570
	Church House	tund		13,100	(114,471)	269,861	-	168,490
			821,564	38,781	129,911	248,626	50,000	929,060
	Total funds		1,316,207	74,165	(211,221)	210,152		1,389,303
	Comparative	funds	1.1.19	Incoming	Outgoing	Investment	Transfers	31.12.19
				Resources	Resources	Gains I
						(Losses)
						2
	Restricted funds
	Music Appeal		357,817	21,005	(39,771)	65,737	98,037	502,825
	Fratry Project		271,171	231,723	(511,076)			(8,182)
	Garraway Fund		98,037				(98,037)
			727,025	252,728	550,847	65,737		494,643
	Unrestricted	funds
	Common fund		775,399	33,033	(27,046)	86,244	(46,066)	821,564
	Church House	fund		7,425	(53,491)		46,066
			775,399	40,458	80,537	86,244		821,564
	Total funds		1,502,424	293,186	(631,384)	151,981		1,316,207

Net assets by fund
		31.12.20
	Restricted	Unrestricted	Total
	2	6	2
Tangible assets
Investment property		425,000	425,000
Investments	471,869	425,736	897,605
Current assets	(2,863)	82,626	79,763
Creditors falling due within one year	(8,763)	(4,302)	(13,065)
Total net assets	460,243	929,060	1,389,303
Comparative Net assets by fund
		31.12.19
	Restricted	Unrestricted	Total
	2	2	2
Tangible assets
Investment property		155,139	155,139
Investments	510,695	537,448	1,048,143
Current assets	5,025	136,056	141,081
Creditors falling due within one year	(21,077)	(7,079)	(28,156)
Total net assets	494,643	821,564	1,316,207

						Comm	on Fund
Income and Expenditure			Account
for the year ended
31 December 2020
				31.12.20		31.12.19
				Common	Fund	Common	Fund
				f:	2	6	2
Incoming from:
Donations	and legacies
Gifts				198		198
Bequests				10,000		5,818
					10,198		6,016
Investments
Interest				58		224
Rent						923
Dividends				15,425		25,870
					15,483		27,017
Total income					25,681		33,033
Expenditure on charitable			activities
Admin grant				12,000		25,400
					12,000		25,400
Support costs
Legal and professional				784		(623)
Audit fee				2,620		2,154
Interest and	charges			36		115
					3,440		1,646
Total Expenditure					15,440		27,046
Net income/(expenditure)			before		10,241		5,987
investment gains/(losses)
Realised gains/(losses)					(9,138)		14,682
Unrealised gains/(losses)					(12,097)		71,562
Net income / (expenditure)					10,994		92,231
Gross transfers between		funds			(50,000)		(46,066)
Net movement in	funds				(60,994)		46,166
Fund at 1 January					821,564		775,399
Fund st 31 December					760,570		821,564

31 December 202	0
				31.12.20		31.12.19
				Church House	fund	Church House	fund
				8	8	2	8
Incoming from:
Investments
Rent				13,100		7,425
					13,100		7,425
Total income					13,100		7,425
Support costs
Church House Repairs				111,925		52,236
Church House Insurance				1,549		1,142
Church House Water				199		113
Church House Light & heat				798
				114,471			53,491
Total Expenditure				114,471			53,491
Net income / (expenditure)				101,371)		(46,066)
Net gains/(losses)	on revaluation		of property	269,861
Transfers
Gross transfers between		funds					46,066
Net movement in	funds			168,490
Fund at 1 January
Fund at 31 December				168,490

					M	usic Fund
Income and Expenditure		Account
for the year ended
31 December 2020
			31.12.20		31.12.19
			Music	Fund	Music	Fund
Incoming from
Donations and legacies
Gifts			643		150
Grants receivable			7,500
				8,143		150
Investments
Interest			16		55
Dividends			18,377		20,800
				18,393		20,855
Total income				26,536		21,005
Expenditure on charitable		activities
Grants to Chapter	of	Carlisle Cathedral		30,433		39,139
Support Costs
Professional fees				877		632
Total expenditure				31,310		39,771
Net income/(expenditure)		before
investment gains/(losses)				(4,774)		(18,766)
Unrealised gains/(losses)				(38,474)		65,737
Net Income/(Expenditure)				~43.243)		46,971
Transfers
Gross transfers between	funds					98,037
Net movement in funds				43,248		145,008
Fund at 1 January				502,825		357,817
Fund at 31 December				459,577		502,825

					Fr	atry Fund
Income and Expenditure	Account
for the year ended
31 December 2020
			31.12.20		31.12.19
		Fratry Fund			Frstry	Fund
		2	2		2	2
Incoming from
Donations and legacies
Gifts		8,528			48,134
Tax recoverable			305		8,278
Grants receivable					175,000
			8,833			231,412
Investments
Interest			15		311
Total income			8,848			231,723
Expenditure on charitable activities
Grants to Chapter	of Carlisle Cathedral	50,000			509,918
Professional fees					923
Office costs					235
			50,000			511,076
Total expenditure			50,000			511,076
Net income I(expenditure)			41,152			279,353
Transfers
Gross transfers between	funds		50,000
Net movement in funds			8,848
Fund at 1 January			(8,182)			271,171
Fund at 31 December				666		(8,182