CHARITY COMMISSION Carlisle Cathedral Development Trust Registration number. 512527 Annual Report and Flnancial Statements 31 December 2023 dOdd&co Carllsl• Cathedral Development Trust Contents R6ference and Administrative Details Trustees, report TNstees' responsibilities Independent auditors. report ststement offinancial activities Balance sheet 12 Notes to the financial statements 13 Carlisle Cathedral Development Trust Referenco and Admlnlstrativo Detalls charfty name Carfide Cathedral D6v8lopm8nt Trust Charfty registration number 512527 Prlnclpal offi Carlisl8 Cathodral Office Westwalls CARLISLE CA3 8UF R•gist•rnd offlce Cadisle Cathedral Office Westwalls CARLISLE CA3 8UF Trust•es R Platt C Hensman J Nixon T Hebdon (Reslgned 23 October 2023) (Resigned 31 May 2023) A J Johnston D Allen J Coulthard M Reid Fotheringham M Manley B Carter {Resigned 23 October 2023) (Resigned 23 October 2023) (Appointed 4 December 2023) (Appointed 4 December 2023} {Appointgd 23 May 2023) J D Brewstsr R J Crossley l M Thompson Page 1 Carfisle Cathedral Developmont Trust Reference and Admlnistrative Details Bankors The Royal Bank of Scol8nd Drummond House IFDI Branch Customer S8rvice Centre Drummond House 1 Redheughs Avenue EDINBURGH EH12 9JN Auditor Dodd & Co Audit Limited FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Investment Managers Rathbones Investrnent Management George House 50 George Square GLASGOW G2 1EH Page 2 Carflsle Cathedral Development Trust Trustees. Report for the Year Ended 31 December 2023 The Trustees present th8ir report wth the audited financial aco)unts of the Charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in thè notes to the accounts and comply ￿th the charitys goveming document, Ihe Charities Act 2011 as amended by the Charities Act 2022, and Accounting and Reporting by Charities- Ststement of Recommended Practice applicable in the UK and RepubliG of Ireland. In preparing the accounts the trustees have complied with the duty in section 4 of the Charities Act 2011, as amended by the Charities Act 2022. to have due regard to public benefit guidance published by the Charity Commission. GOVERNANCE The Charity is an unincorporated organisation and its governing document is its trust deed. which was created on 1 Ith March 1982. varied on 16th December 1993 and subsequently on 23rd May 2023. Trustees are appointed by the Board of Twstees, and the trust deed states that there must be at least eight trustees in office at any time. Trustees. Powern of Inveslment A Financo SutrTrCommittee exists which currenly consists of fv8 m8mbers who, under the guidance of their appointed investment managers, Rathbones Investment Management, make all decisions on the inv8strnent and reinvestrnent offunds. Organtsatlon structure The Board of Trustees m8et annually. They have delegated the day-to48y running of the Development Trust to the Development Trust Committee comprising nine trustees of whom six shall be elected. The Financ8 Sub-committee oversees the financ93 and Inv￿tMents of the Trust as mentioned above. Related Partles The Charity has an ongoing connection to the Chaptsr of Carliste Cathedral, with the Charity's operations bèing focused on development and supporting the Cathedral. Trustsos Rlsk Assessment The Committee of delegated Trustèes meet on a regular basis and as part of ongoing business considers the risks that the Trust fa￿5. The main risk is that more lunds are pledged to the Cathedral than can be raised. The Trustees address this issue by ￿refullY considering the level of fvnds that can be raised before making a pledge of funds. OBJECTIVES AND ACTIVITIES Carlisle Cathedral Development Trust has been established to form an ongoing part of the life and work of the Cathedr81 and to assist in its fund-raising for the development of the Cathedral's life and worship. the improvement of its fa￿litIeS and the maintenance and restoration of its buildings. Tho Trust alms to a•sl8t tho Chapter to: M8intain the Cathedral as a place of prayer and worship" Provide fcr the restoration, care and development of the fabric and faciliti8s of the Cathedral and its precinct: Foster and promote the Cathedral in the life of th8 diocese, the city and the county, lift the awareness of the public at large to the mission. worship and life of the Cathedral; Enhance the ministry of welcome - to the community of the city and the county, to vlsitors and to tourists: Nourish th8 importance of the Cathedral in the culture and heritage of the city and county arKI of the nation as a whole. Pag6 3 Carllsle Cathedral Development Trust Trustees. Report for the Y•ar Ended 31 December 2023 ACHIEVEMENTS AND PERFORMANCE Abbey Ground8 and Propertlos The Trust continues to make a grant to the Cathedral towards the cost of repairs, maintenance and restoration for residential properti85 and the precincts. Music Appoal The trust continues to make a grant to the Cathedral to support music and choirs at the Cathedral. Church House The Cathedral office pays to the Trust a quarterly rental for use of the premises and several Car pawking spaces. FINANCIAL REVIEW Total Fundg The total funds for the year increased by £17.922, made up of not outgoing resources of1£3.122} and realised and unrealised gains losses of £21.044. Unrostrteted Fund8 Common Fund The main Sour￿ of Income for the Common Fund is the retum on its investment portfolio and rental income. Annual grants are made trj tho Chapter and are an irnportant contribution towards the day to day activiiies of the Cathedral. The unre$tricted funds balance increased during the year to £742,502. This in¢r8as6 aros8 duè to unrealised gains on the year end investrnent valuation of £20,791 with net outgoing resou￿88 totalling1£8,619). Chureh House 81te Funds increased during th8 year to £167,923. Incorporating Church House, the United Refom Church and Car pa￿Ing,. the properttes are currenlly in full o¢¢upanq. Rentals ar8 collected during the year and distributed on a quarterly basis. A small proportion of collected rental is retained in orderto provide for repairs to the properties. Restricted Funds Music Fund The Music Fund, which now incorporates th8 Garraway Fund. was established in 1999 lo provide bursaries. and instrumental and singing lessons for the Cathedral Choristers. and grants and tuition for choral and organ scholars. The restricted fund balance was flat during the year, with year end funds of £491,672, bging slighty less than funds at the beginning of the year. The net outgoing resources totslled (£1,685} with unr88lised gains on the year end valuation of investments of£253. Fraty Fund The Fraty Fund was established in 2012 to raise finance towards the Fratry Project 'Bringing Untold Stories trj Life for Everyone.. The restricted fvnd balance at the year end was £2,547 and it was du8 to delays in the Trust transfeffing benks that this fund was not closed during the year. This dosure is expected to complete in the coming months, P8ge 4 Carflsle Cathedral Development Trust Trustees. Report for the Year Ended 31 December 2023 Reserves The reserves of the Trust are principally made up of the investrnents that are held in order to oam inveslment Income. The Trust does not hold additional reseNes for any length of ts.me as all money raised is handed over to the Cathedral. Free reseNes at the year erKI wère £28.531, made up of current assets of £34,031 less Creditors of£5,500. Inveslment Powers The Finance Sub£ommittee of the TTUSt monitors, in conjunction with its investment managers, Rathbones Investment Management, the investrnents of the T.ru$t. In accordance with the policy set down by the Trustees the Committee has powers. after seeking advi￿ from the investment managers, to buy and sell investmenls. It meets regularly to review requests from the Cathedral Chapter and to review ts strategy in the light of current ircuMstan￿S reporting to the TrusL Each year the Finance Sutkcommittee hoids a meeting with Rathbones to ¥eek their overall assessment ofthe portfolio. Approved by the Trustees on 21 May 2024 and signed on their behaw by: J Nixon Trustee Page 5 Carllsle Cathedral Development Trust Trustees. Responsibllitlas in relation to the Financlal Statements The trustee$ are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United lfjngdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the ststs of affairs of the chanty and ot the incoming resour￿ and application of resources of the charity for that period. In preparsng these financial statements, the trustees are required to: select suitablg a￿UntIng policies and th8n apply them consistently- observe the methods and principles in the Charities SORP; make judgements and estimates that am reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and exptained in the financial statements" and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disdose Mrith reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure that the financial statements comply wth the Charities Act 2011 as amended by the Chariti'es Aci 2022, the Charity {Accounts and Reports) Regulations and the provision$ of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonablè steps for Ihe prevenlion and detection of fraud and other irregularities. Page 6 Independent Auditors. Report to the Trustees of Carlisle Cathedral Development Trust Oplnlon We have audited the financial statements of Carfisle Cath8dral Development Trust for the year ended 31 December 2023, set out on pages 11 10 21 which comprise the Statement of Financial Activiti8s. fhe B818n¢e Sheet. and the related notes. The financial reporting frameworf< that has been applied in their preparation is applicable law and Unitsd Kingdom Accounting Standard5. including Financial Reporting Stsndard 102 {FRS 102) The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acceptsd Accounting PractiC8}. In our opinion the financial statements= give a true and fair wew of the state of the charivs affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United ￿"ngdoM Generally AC￿pted Accounting Practice applicable to smaller entities., and have been prepared in accordance with the requirements of the Chartties Act 2011 as amended by the Charities Act 2022. Basls for opinion We conducted our audit in accordance wth International Stsndards on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilitios under those standards are further described in the Auditorfs responsibiltties ft>r the audit of the financial stat8m8nts section of our report. We are independènt of the Charity in accordance ￿th the ethÈcal requirements that ar8 relevant to our audit of the financial statements in the UK, including the FRC'¥ Ethical Standard and we have fiJlfill8d our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence w8 have obtained is sufficient and appropriate to provide a basi5 for our opinton. Conclu8ion$ relatlng to going concom In auditing the financial statements, w8 havè concluded that the trustees use of the going concern basis of accounting in the preparation of the financial Statements is appropriate. Based on thé work we have perfomed, have not identified any material uncertaintles relating to events or conditions th8t, individually or collectively, may cast significant doubt on the charity's ability to ¢ontinu& as a going conc8m for a perir our audit work, for this report or for the opinions we have fonned. Page 9 Independent Auditors. Report to the Trustees of Carlisle Cathedral Development Trust continued FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA12RW Dodd & Co Audit Limited Chartered Accountants & Registered Auditors 21 May 2024 Dodd & Co Audit Limited is eligible lo act as an auditor in temis of section 1212 of the Companies Act 2006 Page 10 Carlisle Cathedral Development Trust Statement of Financial Activities for the Year Ended 31 December 2023 Unrestrlcled Restricted Total Funds Total Funds Funds Funds 2023 2022 Note Income Donalions and legacles Investments 48 59,994 60.042 2,605 21,335 23,940 2,653 81,329 83,982 4.736 57,213 61,949 Total in¢ome Expendlture Charitable activtlies 60.058 60,058 27,046 87,104 87,104 110.558 110,558 Total expenditure 27,046 Gainslllossesl on inveslment assets 20,791 253 21,044 148,1061 Net income/{expenditurel 20.775 12,8531 17,922 196,7151 Transfers Transfers be￿een funds Net movement in funds 20.775 12,8531 17,922 {96,715) Reconclllatlon of funds Total funds brought forward Total funds carried forward 889,650 910,425 497,072 494,219 1,386,722 1,404.644 1,483,437 1,386,722 The notes on pages 13 10 21 form an integral part ol these financial statements. Page11 Carflsle Cathedral Development Trust Balance Sheet as at 31 December 2023 2023 2022 Note Flxod assets Investments 1,390,029 1,373,196 Current assets Debtors Cash at bank and in hand 10 8.777 19.397 28.174 8,473 35,450 43,923 Credltors: Amounts falltng duo wlthln ono yoar 11 (13,559) {30,397} Not ¢urront assots 14,815 13,526 Net a#8ets 1.404,644 1,386,722 The funds of tho charity. Restrl¢tod funds 494,219 497.072 Unrostrictod funds Unrestricted income funds 910,425 889,850 Total charity funds Th8 financial statements have been prepared in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland (FRS 102). 1.404,644 1,386.722 Approved by the Board on 21 May 2024 and signed on its behaff by: J Nixon Trustee The notes on pagès 13 to 21 forrn an integral part of these financial statsments. Pagg 12 Carllsle Cathodral Development Trust Notes to the Flnanclal Stataments for the Year Ended 31 December 2023 Accountlng poliel•s Statomont of compllanco The accounts (financial statsments) have been prepared under the historical ¢08t convention bMth items recognised at cost or transaction value unless otheJwise stated in the relevant nots(s) to thése accounts. The financial stslements have beén prepared in accordance with the second edition of thè Chariti8S statement of Recommended pract1￿ issued in October 2019, the Finan¢ial Reportiro Stsndard applicable in the United lfjngdom and Republic of Ireland (FRS 102) and the Charities Act 2011 as amended by the Chariti95 Act 2022. The a¢¢ounls (financial statements) have been prepared to give a 'tru8 8nd fair, viéw and have departed from the Ch8riti8s (Accounts and Reports) Regulatlons 2008 only to the extent required to provide a Irue and fair vie￿. This départure has involved followÈng Accounting and Reporting by Charities preparing their accounts in accordance with thè Financial Reporting Stsndard applicable in the UK and Rèpublic of Ireland {FRS 102) rather than the Accounting and Reporting by Charities:Statement of Recommended Practlcè effective from 1 April 2005 vthich has Sin￿ been withdrawn. Basi$ of pr•paratlon The charity meets the definition of a publi¢ benefit enlity under FRS 102. Assets and liabilities are initially re￿gnised at historical cost or transaction valuè unless otherwise slated in the relevant accounting policy notss. Going conc•m These financial statements have been prepared on a going concem basis. Fund accounling pollcy Unrestricted in¢ome funds are general funds that are avallable for use at the twstees, discretion in furtheran* ofthe objectives ofthè charity. Restricted fvnds are those donated frjr use in a particular area or frjr specific purposes, the use of which is restricted to that area or purpose. Further d8tsils of each fund are disclosed in nots 13. Incomo and •ndowmonts Donatlons and legacies including donations, ￿9a¢10S and grants that provrde core funding or are of a general naturè are recognised where therè is enlillemènt. probability of receipt and the amount Can be measured ￿ sufficient reliability. Income from Govemment and other grants, whether 'capitsf grants or'revenue, grants, is recognlsed when the charity has entitlement to the funds, any perfonnance conditions attached to the grants have been met, it is probable that the Income wll be received and the amount can bé measured reliably and is not deferred. Income from gift ald is inelud8d in the ststsment of financial activities at th8 same time as the gift to which they relate. Investment income is recognised on a re￿1vable ba$i$. Page 13 Carlisle Cathedral Development Trust Notes to the Financial Statements for the Year Ended 31 December 2023 continued Expendlture Liabilrties are recognised as soon as there is a legal or constructive obligation committing the charity to the expendilure. All expenditure is accounted for on an acuuals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and Se￿1¢eS for its beneficiaries. It includes both costs that can be allocated direcdy to such activibes and those costs of an indirect nature necessary to support Ihem. Grants payable are payments made to third parties in the fvrlherance of the charitable objectives. Where th8 charity gives a grant wth conditions for its payment being a specifi¢ level of service or output to be provided. such grants are only recognised in the SOFA once the recipient of the grant has provided the specific seNi¢e or output. Grants payable wthout perfonnance conditions are only recognised In the accounts when a ￿mMitment has been made and there ar8 no conditions lo be met relating to the grant which remain in the control of the Charity. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payablo. Support e08ts Support costs includ8 C8ntral functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for éxample, allocating property costs by tloor areas, or per capita, stsff costs by the time spent and other costs by their usage. Flxèd as#ets All assets with an exp6Ctéd useftTrl life exceeding one year are capitalised in the balance sheeL Depreclatlon Depreciation Ès provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: offi￿ equipment 20% straight line basis Cash and Cash Equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tenn highly liquid investrnents that are readily Gonvertible to a known amount of cash and are subject to an insignificant risk of change in value. Investment propertie8 Investment properties are includ8d in the accounts at fair value. No depreciation is charged on invegtment proporties in line wth FRS102. Investment properties were revalued by Micha81 Tlffin MRICS during the year ended 31 December 2020 on behalf of Walton Goodland(Chartered Surveyors). The Board have rèviewed the value of investrient properties and consider these to be at fair value. Page 14 Carflsle Cathedral Development Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Investments Fixed assot investrnents are included at market Value at the balance she8t dats. Realised gains and on investments are calculated as the diff8renc8 between s8198 proceeds and their market value at the start of the year, or th•ir subsequent cost, and are charged or cr6dited to the statement of tho financial 8Ctivittes in the period of disposal. Un￿aliSed gains and losses represent the movement in market values during the year and are credited or charged to the statement offinancial adivitses based on the market value at the year end. Donatlons and legacles Unrostrlctod Rostrlct•d Total Fund$ Total Funds Fund• Funds 2023 2022 Donatlons and legacie8 Gifts Tax recoverable 48 2.589 2,637 16 2,653 4,726 10 4.736 48 2,605 Of the donations and legacies income in 2022 £48 related to unrestricted funds and £4,688 related to restricted funds. Invoslmant in¢omg Unrestrictad Rgstrf¢tsd Total Funds Total Funds Fund8 Funds 2023 2022 Rent Recharges of insurance and electricity Dividènds Interest 32,367 11,926 15,171 530 32,367 11,926 36,381 655 21.$57 21.210 125 35,569 87 59,994 21.335 81.329 57,213 Of the investment income in 2022 £36.795 relatsd to unrestrictsd funds and £20.418 relatsd to restricted fvnds. Page 15 o*t Orlo o* Ttro tr)fD (D ¢0 o) ffjLUttU￿<<￿_ Carflsle Cathedral Development Trust Notes to tho Financial Statements for the Year Ended 31 Decembor 2023 Of the expenditure in 2022 £48,976 rèlated to unrestrided fvnds and £61.582 related to restricted funds. Grants madè Unrutrleted Rèstrlcted Total 2023 Total 2022 Tho Chapter of Carllsle Cathedral Admin grant Rent grant Fratry project Music fund Chorister grant 12,000 16,250 12.000 16,250 3,968 16,877 4,332 53,427 21.750 3,968 16,877 4.332 25,177 38.714 16,566 3,819 80,849 28,250 In 2022, £59,099 of grants were madé restricted and £21.750 were unrestricted. Governance Costs 2023 2022 Auditors remuneration AC￿Untan¢Y fees Legal and professional fees 1,600 4,714 8,578 14,892 1,800 900 7,414 9,914 Truste￿. rnmuneration and expen888 Trustee eypenses of £nil {2022.' £72} for meeting costs were paid to no {2022:1) trustses. Page 17 CarlFsle Cathedral Development T￿￿t Notes to the Financial Statements for the Year Ended 31 Dec•mb•r 2023 ¢onhnued Taxatlon The registered Gharity is exempt from taxation on income and gains. Investments held as fixed assets Invostmont proporti Unlistsd invostmonts Total Market value As at 1 January 2023 Revaluation Additions Disposals AS at 31 December 2023 433,954 939,241 21,044 37,599 (41,809> 956.075 1,373,195 21.044 37,599 (41.809) 1,390,029 433,954 Nèt book valua As at 31 December 2023 As at 31 December 2022 433,954 433,954 956,075 939,241 1,390,029 1,373,195 All investment assets were held in the UK. 10 DebtoryJ 2023 2022 Tradè dabtors Other debtors 1,707 7,070 8,777 2.416 6,057 8,473 11 Creditt>r8: Amounts falllng due wlthln ono year 2023 2022 Trade creditors Other creditors Acuuals and deferred income 770 24 12.765 13,559 25,353 30,397 Page 18 Carllsle Cathedral Development Trust Notes to the Financial Statements for the Year Ended 31 December 2023 continued 12 Related partles Controlllng entity The charity is controlled by the trustee& Relatsd party transactions During the year the Trust made grants to the Chaptsr of the Cathedral of £53,427 (2022 - £80,849> as detailed in nete 5 ofthe accounts. This in¢lud•s grants of£8,059 (2022- £17,152) which had been awarded but which were unpaid at the year end. During the year. Church House vthich is owned by the Trust, was rented to the Chapter of tho Cathedral, rent payments recetved in the year totalled £16,250 (2022- £9,357). The Chaptergives administrative support to the Trust. 13 Analy31s ol funds Olh•r réeognised galns I losses At31 Decombor 2023 At 1 January 2023 Incoming resources Resources expended General Funds Common fund Church House sits 730,330 159,320 889.650 15,602 44,440 60.042 (24,221) (35,837) (60.058) 20,791 742,502 167,923 910,425 20,791 Restrict￿ Fund8 Musrc fund Fratry fijnd 493,104 3.968 497.072 21.393 2,547 23.940 (23.078) (3.968) (27,046) 253 491.672 2.547 494,219 253 1,386,722 83,982 (87.104) 21,044 1,404,644 Page 19 Carflsle Cath￿ra1 Development Trust Notes to the Financial Statements for the Yoar Ended 31 December 2023 Prior period At1 January 2022 Incoming r8souree# R•Sou￿•S oxpendod Other re¢ogn18ed gainsllosses At31 Decembor 2022 Transfers General Funds Common Fund Church Hous& sitti 780,519 15.286 (29,665) (25.7361 (10,074) 730,330 157,074 937,593 21,557 36,843 (19,311) (48,976) 159,320 (25,7361 {10,074) 889,650 Restricted Funds Music Appeal Fratry Project 517,538 20.804 (22,868) (22,370) 493,104 28,306 4,302 (38.714) (61,582) 10,074 545,844 25.106 (22,370) 10,074 497,072 1,483,437 61,949 1110,558) (48,106) 1,386,722 Page 20 Carlisle Cathedral Development Trust Notes to the Financlal Stat•monts for the Year Ended 31 Do¢•mbor 2023 .. ¢onlinu8d 14 Net assèts by fund Unro$trf¢ted Funds Restrfctad Funds Totsl Fund• 2023 Total Fund8 2022 Investments Gurrenl assets Creditots: Amounts falling due within one year Net assets 881.894 34,031 508,135 (5,857) 1.390.029 28.174 1.373.196 43,923 {5,500) 910,425 (8,059) 494.219 {13.559} 1,404,644 {30.397) 1,386,722 Prlor period Unrestrl¢ted Funds R￿tTle￿d Funds Total Fund8 2022 Total Funds 2021 Investments Current assets Credilors.. Amounts falling due wthin one year Net 8ssets 863,444 40,451 {14,245) 889,650 509.752 3,472 (16.152) 497,072 1,373,196 43.923 {30,397) 1,386,722 1.429,443 75.911 (21,917) 1,483,437 Page 21 Carlisle Calhedral Development Trusl Unreslrlcted Funds Common Fund Income and Expendltur? A¢¢ount for the year ended 31 Decembar 2023 31.12.23 Common Fund 31.12.22 Common Fund Incomlng from: Donatlons and legacles Gifts 48 48 48 198 Inveslmenls Interest Dividends 383 15,171 54 15.184 15,554 15,238 Total inGome 15,602 15,286 Expenditure on charllable acllvltles Admin grant 12,000 21.750 12.000 21,750 Support costs Cost of truste8 meetings Special events costs Legal and professional Accountancy fees Auditors, remuneration Interest and charges 72 2,182 3,106 900 1.600 55 5,881 4,714 1,600 26 12,221 7,915 Total Expenditure 24,221 29,665 Net Incomel(expendllure) before Inveslmeni galnsl(losses) (8,619> (14,379) Realised gainsl{lossesl Unrealised gains/(lossesl (1 ,992} 22,783 (1,518) (24,2181 Net income l (expendllure) 12,172 40,115 Gross transfers between funds {10,0741 Net movement in funds 12,172 50,189 Fund at 1 January 730,330 780,519 Fund al 31 De¢emb8r 742,502 730,330 Page 22 Carllsle Cathedral Development Trust Unrestricted Funds Church House slle fund In¢omo and Expendlture Account for the year ended 31 December 2023 31.12.23 Church House fund 31.12.22 Church House fund Incomlng from: Invèstments Interest Recharges of insurance and electricity Rent 147 11,926 32,367 21.557 44.440 21,557 Total income 44,440 21,557 Expenditure on charitable actlvltles Grants payable 16,250 16.250 Support costs Legal and professional Church House Repairs Church House Insurance Church House Water Church House Light & heat 828 8,195 4,517 (83) 6,130 1,825 9,949 1,165 287 6,085 19,587 19.311 Totsl Expendlture 35,837 19,311 Net Incomel{expendltur&) before Investmeni galn$l(losse8) 8,603 (19,311) Realised gainsl(Iossgs) Unrealised gains/{losses) Net Income l (expendilure) 8,603 2,246 N81 movement in funds 8.603 2,246 Fund at 1 January 159,320 157,074 Fund ai 31 December 167,923 159,320 Page 23 Carllsle Cathedral Development Trusl Reslricted Funds Musi¢ Fund Income and Expendlture Account for Ihe year ended 31 December 2023 31.12.23 Music Fund 31.12.22 Mu85c Fund Incoming from Donatlons and legacies Gifts 121 393 121 356 Investments Interest Dividends 62 21,210 26 20,385 21,272 20,411 Toial Income 21,393 20.804 Expendlture on charitsble activities Grants to Chapter of Carlisle Cathedral 21.209 20,385 Support Cosis Protessional fees 1.869 2,483 Total expendilure 23,078 22,868 Net Incomel(expendilure) before invesimenl gainsl(losses) 11,685) (2,0641 Realised gainslllos5es) Unrealised gainsl(losses) 503 122,873) 253 Net Incomel(Expendlturè) 1,432 24,434 Transfers Gross transfers between funds Net movemenl in funds 1,4321 124,434 Fund at 1 January 493,104 517,538 Fund al 31 Decembor 491,672 493,104 Page 24 Carllsle Cathedral Development Trust Restricted Funds Fralry Fund Income and Expenditure Account for the year ended 31 December 2023 31.12.23 Fralry Fund 31.12.22 Fralry Fund Incoming from Donations and lega¢les Gifts Tax recoverable 2.468 16 4,285 10 2,484 4.295 Inveslments Interesl Total income 2,547 4,302 Expendllure on charilable actlvlties Grants to Chapter of Carlisle Cathedral 3,968 38,714 3,968 38.714 Total expendilure 3,968 38,714 Net income l {expenditure} 1,421 34,412 Transfers Gross transfers between funds 10,074 Net movement In funds 1,421 24,338 Fund at 1 January 3,968 28,306 Fund at 31 December 2,547 3,968 Page 25