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2022-12-31-accounts

Bristol Cathedral Trust

REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2022

Bristol Cathedral, College Green, Bristol BS1 5TJ

Charity number 801008

Bristol Cathedral Trust CONTENTS

Page
Legal and Administrative Information 1
Trustees’ Annual Report 2-8
Independent Auditor’s Report 9–12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statements 16-24

Bristol Cathedral Trust LEGAL & ADMINISTRATIVE INFORMATION

PRINCIPAL OFFICE ADDRESS

Abbey Gatehouse Bristol Cathedral College Green Bristol, BS1 5TJ

TRUSTEES

Mr Stephen Parsons, MBE. DL * ^

Mr Jake Olver (resigned March 23) Miss Naomi Miller Lady Kay Ord (resigned August 22)

Mr Mike Lea ** Mrs Jane Oakland Mr Harry Marshall (joined March 23

Revd Canon Mandy Ford – Dean of Bristol (ex officio) ^

Mr John Savage – Canon Treasurer (ex officio) ^

1989 FOUNDING TRUSTEES

The Rt Hon the Lord Waldegrave of North Hill *** Mr Kevin Abbey Mr Robert Bernays Mr Denis Burn The Very Revd Dr Arthur Wesley Carr* Mr Christopher Curtis Mr Thomas Durie Revd Canon James Free Mr Bruce Hockin Mr Charles Laws Mr George McWatters Mr Alfred Morris Mr Timothy Stanley Mr Derek Tedder Mr John Thornely Sir David Willcocks*

Mr Roger Bennett Mr Andrew Breach His Hon Judge David Hingston Bursell QC Mrs Stella Clarke Marina Ann Dolman Alice Fletcher Mr Philip Gregory Sir John Kingman Mr Christopher Martin Pamela Moon The Rt Revd Barry Rogerson Mr Alan Tasker Mr John Thomas Sir William Verdon-Smith* Sir John Wills*

^ Member of Dean and Chapter

Bankers

NatWest Bank plc 3 Temple Back East Temple Quay Bristol, BS1 9BW

Auditor

Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol, BS1 6FL

Stockbrokers

CCLA Investment Management Ltd 80 Cheapside London, EC2V 6DZ

Solicitors

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay, Bristol, BS1 4QA

1

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2022

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) applicable in the UK and Republic of Ireland published on 16 July 2014.

CHAIRMAN’S REPORT

2022 marked the return of a more rhythmic pattern of worship at Bristol Cathedral.

We thank several Trustees who have resigned from the Trust during the past year: Lady Kay Ord and Jake Olver. Our grateful thanks to them for their work and support.

The consequence of Coronavirus was unprecedented and caused the cancellation of many events which has in turn given rise to a loss of planned income to the Trust. Annual subscription income from the Fitzhardinge Society was significantly reduced and membership was extended over the time of the Pandemic. We look forward to growing membership and welcoming individuals back to events in the coming year.

The Trust was pleased to be able to support an emergency appeal from Chapter in the summer of 2022 providing significant immediate funds to rectify a failing Fire Alarm System in the Cathedral. Grants made by Bristol Cathedral Trust to Bristol Cathedral totalled £121,956 (£25,200 in 2021) and were made in support of the following projects and purposes:

Ongoing fabric works £32,688
All Gods Children £10,000
Monuments Audit £6,000
Organ Refurbishment Fund £73,268

Donations and legacies received by Bristol Cathedral Trust in support of the work of Bristol Cathedral amounted to £8,778 in 2022 (2021 - £30,714). The Trustees of Bristol Cathedral Trust were extremely grateful both for major donations and for the many donations made by members of The Fitzhardinge Society and others.

I am pleased to report that after many months of careful planning several important projects will begin in 2024….notably the Organ restoration beginning in the end of 2023. Our continued thanks to the Harry Crook Foundation for kick starting this once in a generation project.

Our new Articles are established and await Charity Commission approval.

The position of Development Director which had not been appointed during the Pandemic was filled in December 2022. We welcome Martha Lewington as our new Development Director.

Stephen Parsons MBE DL

2

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

PURPOSES AND ACTIVITIES

Objects of Bristol Cathedral Trust

The Trust was established in 1989 with the following purposes:

Aims, objectives and strategy

Bristol Cathedral Trust is one of the registered charities, established to support Bristol Cathedral. We raise funds and build relationships on behalf of Bristol Cathedral, which help us to achieve our ambitious aim. We create partnerships with charitable trusts and grant making organisations. We foster relationships between the Cathedral and the corporate and charitable communities of Bristol. We invite and build relationships with individuals wanting to become more involved, either through the social membership group, The Fitzhardinge Society, or on a personal and individual basis.

In 2021, Chapter set a new vision for the Cathedral – ‘Here with you yesterday, today and tomorrow’. Five purpose statements provide the framework for the delivery of this vision which are:

Here with you to:

This is all underpinned by our values which are to be open, generous, creative and brave.

Through 2023 working groups will be writing a strategy to implement the vision. The Trust is represented across the working groups.

Public benefit

The Trustees are aware of the Charity Commission's guidance on public benefit and have had regard to it in their administration of Bristol Cathedral Trust.

The Trustees believe that, by supporting the work of Bristol Cathedral, the Trust helps to promote the mission of the Cathedral more effectively and that in doing so it provides a benefit to the public by:

3

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

The Trustees believe that this report, taken as a whole, provides evidence that the work of Bristol Cathedral Trust in 2022 furthered its charitable purposes for the public benefit.

Grant-making policies

The Trust has established its grant-making policy to achieve its objects for the public benefit in supporting the work of Bristol Cathedral. Grants can only be awarded to Bristol Cathedral and follow an annual grant application or notification of project schedules submitted to Trustees by the Chapter of the Cathedral. This application specifies the amounts required by the Cathedral to finance fabric projects and other initiatives over the forthcoming calendar year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Bristol Cathedral Trust is a charity registered with the Charity Commission in the United Kingdom, registered number 801008. Bristol Cathedral Trust was formed in 1989 under a Deed of Trust as amended by supplemental deeds dated 17 November 2000 and 28 September 2005 and is constituted as a registered charity but is unincorporated. The Fitzhardinge Society, a member association founded in 2006, is under the governance of Bristol Cathedral Trust.

The original Trust Deed was written in 1989 and whilst fit for purpose at the time, is no longer suitable to reflect the recent changes in corporate governance policies in the charitable sector, nor does it give a specific and accurate representation on what the objectives of the Trust are. By way of example, the Deed allows for the Trust to support the “church” when it is clear that the overarching objective is to support “Bristol Cathedral” and funds have always been used for this purpose. The decision has been taken to review the most appropriate structure for the Trust and explore the possibility of transitioning to a Charitable Company (Limited by Guarantee). Expert legal advice is being sought within the trustee board and externally.

Our new Articles, which will set out our aims, objectives and rules, will look to ensure that:

The project was initially delayed due to Cathedral fabric projects taking precedence and the departure of the Dean which put additional pressures on the Cathedral’s small staff team. However, the work progressed during 2021 and a new entity is now established and awaiting Charity Commission approval. Due to current pressures put on the Cathedral team as a result of the pandemic it is now anticipated that the new entity will be up and running at the end of 2023.

The ex-officio trustees are members of Dean and Chapter as are two of the current serving Trustees. At any point in time the majority of the Board of Trustees is to be independent of Chapter and those who have positions in both are removed from voting on any decisions in which they may be conflicted.

4

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

Method, policy and procedure of recruitment of Trustees

Those acting as Trustees during the year ended 31 December 2022 are listed in Legal and Administrative Information on page 1. There may be between six and fifteen Trustees.

New Trustees are appointed by existing Trustees after wide consultation among members of the Bristol community. The Trust’s aim is to include persons with a wide range of skills and experience who are in sympathy with its purpose of supporting the Fabric of Bristol Cathedral and who can in turn make the needs and opportunities of the Cathedral widely known. New Trustees are inducted into the workings of the Trust under the supervision of the Chairman. Individual Trustee mentoring is undertaken and group Trustee training modules are being pursued.

Organisational structure and decision-making

The quarterly meetings of Trustees review the investments, financial matters and the progress of fundraising initiatives. The work of the Trust office is supervised jointly by the Chairman and the Dean of Bristol Cathedral.

Representatives of the Cathedral Chapter regularly update the Trustees about the Cathedral’s work and future plans and major decisions are made by Trustees in consultation with the Dean and Chapter of the Cathedral.

Risk management

The Trustees assess the major risks to which the charity is exposed, in particular those relating to finance and investments. To help assess the financial performance of the Trust’s Assets, representatives from CCLA Investment Management Ltd are invited to attend meetings during the year. This helps to facilitate an on-going review of the asset allocation within the Trust’s investment portfolio. The Finance Sub-committee monitor market and investment performance with a view to balancing risk and return and report its findings to the Trustees.

The key management risks to the Trust in 2022 were:

The position of Development Director having been vacant for a long period was filled in December 2022.

The impact of the unprecedented events surrounding Coronavirus was the cancelation of all planned events and the loss of income to the Trust. Overall, the level of investment income and the market value of investments remained robust. The timing of grants made to the Cathedral may be impacted if planned works are delayed due to availability of workers or brought forward whilst the Cathedral is not open to the congregation and visitors. The ability to raise funds is reduced as the scope to meet potential donors face to face is reduced and the lack of Fitzhardinge events may result in some members choosing not to renew their memberships.

ACHIEVEMENTS AND PERFORMANCE

Overview

Bristol Cathedral Trust supports the Cathedral in its twenty first century working. Funds are raised through direct donation, sponsored events, grant applications and promoting the Cathedral’s work and mission. Funds are held in general or restricted accounts and grants are then made for specific purposes to the Chapter upon

5

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

the agreement of Trustees. The Trustees believe that a solid foundation allows them to progress their fundraising objectives.

The Trustees recognise the achievements of the Trust by its ability to provide necessary funding to Bristol Cathedral both in the financial year under review and into the future. The performance of the Trust can therefore be measured by both the grants made to Chapter in the year and donations received by the Trust to support the Cathedral's on-going and future work.

Grants made by Bristol Cathedral Trust to Bristol Cathedral totalled £121,956 (£25,200 in 2021) and were made in support of the following projects and purposes:

Ongoing fabric works £32,688
All Gods Children £10,000
Monuments Audit £6,000
Organ Refurbishment Fund £73,268

Donations and legacies received by Bristol Cathedral Trust in support of the work of Bristol Cathedral amounted to £8,778 in 2022 (2021 - £30,714). The Trustees of Bristol Cathedral Trust were extremely grateful both for major donations and for the many donations made by members of The Fitzhardinge Society and others.

Trust Office operations in 2022

The Development Director, Martha Lewington started work in December 2022.

Other than those who serve as Trustees, the Trust does not use unpaid volunteers.

The Fitzhardinge Society

Annual subscription income and other revenue was £8,788 which is lower than in previous years as the decision was taken to extend the current memberships for a year in light of the pandemic. This will be at a cost to the Trust and the Trustees hope that many Fitzhardinge members will continue to support the Trust and the Cathedral with a donation in lieu of the membership fee which will bolster income in 2023.

Subscriptions were received from 14 Single Members and 36 Joint Members

Plans for the future

The Trust will continue with an ambitious but achievable target and schedule of grant applications. Time and support will also be given to the organ appeal and the challenges this will pose during the fund raising and subsequent renovation works.

A number events have been scheduled for 2023 to reinvigorate the Fitzhardinge Society and raise funds for future Bristol Cathedral projects.

The planned legacy giving project is still to be undertaken however this has been deferred.

FINANCIAL REVIEW

Total incoming resources in 2022 amounted to £66,377 (2021 - £84,702) and total expended resources amounted to £144,694 (2021 - £40,096) leaving a net incoming deficit before revaluations and investment gains

6

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

of £-78,317 (2021 – net incoming receipt of £44,606). Net investment losses in the year amounted to £-244,517 (2021 net investment gain of £293,336).

Investment policy

The Trust Deed allows Trustees to make such investments as they think fit. Since March 2007, the Trust has consolidated all financial investments into assorted funds operated by CCLA. These investments are subject to the ethical guidance of the Church of England.

A Trust Finance Sub-committee, chaired by the Trust Treasurer sitting with the Trust Chairman continues to meet from time to time to review investment performance and the aims and assumptions relating to the prevailing investment stance. These are reported at the quarterly Trust meeting.

Throughout 2022 a conservative policy was continued, with the aim of balancing long-term capital growth and maintaining enough income to sustain the Trust’s commitments to the Cathedral.

The funds placed with the Central Board of Finance are divided into three investment portfolios, consisting of the Fitzhardinge Society funds, the permanent endowments and portfolio for the general and smaller restricted funds. These portfolios are allocated appropriately into Fixed Interest, Deposit, Property and Equity Investment funds, based on the objectives of the respective portfolios. The management of funds placed through the Central Board of Finance is undertaken by CCLA Investment Management Limited, which is regulated by the Financial Conduct Authority and has funds under management exceeding £4bn.

CCLA is owned 60% by the Central Board of Finance of the Church of England, 25% by the COIF Charities Investment Fund and 15% by the Local Authorities Mutual Investment Trust. Over the period under review, the overall return on investments was 2.72%, which was felt to be satisfactory.

Following an application made by the Trust, the Charity Commission granted permission in November 2020 that the Choral Endowment Fund and the Fabric 1000 Endowment could be treated as restricted reserves. The longer term strategy is that these funds will be donated to the Cathedral to be held as restricted reserves within the Cathedral’s own accounts however, this will not take place until further advice has been taken regarding the mechanism for making the transfers so as to minimise any tax consequences.

Reserves policy

The Trustees aim is to ensure sufficient funds are available to maintain the smooth, ongoing operations of the Trust. The policy is to hold cash and liquid assets of at least £100k, allowing for the payment of committed grant expenditure to the Cathedral at any point in time and six months’ staff costs. The Trustees consider that this level will provide sufficient funds to ensure that Cathedral commitments are not jeopardised and ensure sufficient funds are available to cover necessary administration costs.

The total value of funds at 31 December 2022 amounted to £2.6m, of which £1.87m is held in restricted funds and £727k in unrestricted funds. The gap between actual reserves and the policy is monitored closely. Any surplus reserves are invested to contribute to the ongoing costs of the Trust and any future fabric projects for the Cathedral. Due to the nature, scale and irregularity of the larger fabric projects undertaken by the Cathedral, unrestricted reserves are maintained above the working capital requirement so as to be available to be drawn upon at such times when these larger projects arise and grant applications are made to the Trust.

Accounting Arrangements 2022

Accounting services for Bristol Cathedral Trust continue to be provided by Bristol Cathedral.

7

Bristol Cathedral Trust TRUSTEES’ ANNUAL REPORT For the year ended 31 December 2022

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The auditor, Bishop Fleming LLP, have indicated their willingness to continue in office and a resolution concerning their appointment will be proposed at the Annual General Meeting.

Approved by the Board of Trustees on …………………. and signed on its behalf by:

………………………………………………………… ………………………………………………………… Mr S Parsons Mr M Lea Chairman Treasurer Date: Date:

8

Bristol Cathedral Trust INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL

OPINION

We have audited the financial statements of Bristol Cathedral Trust for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the

9

Bristol Cathedral Trust INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL

work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

10

Bristol Cathedral Trust INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act and FRS 102 (SORP). In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or avoid a material penalty.

Our procedures to respond to risks identified included the following:

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

11

Bristol Cathedral Trust INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL

USE OF OUR REPORT

This report is made solely to the Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Joseph Scaife FCA DChA (Senior Statutory Auditor) for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL

Date:

Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

12

Bristol Cathedral Trust

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) For the year ended 31 December 2022

Note
Income and endowments from:
Donations and legacies
Other trading activities
Investments
2

Total income

Expenditure on:
Raising Funds
3
Charitable activities
4

Total expenditure

Realised gains on investments
Net gains/ (losses) on investments

Net income / (expenditure)
Transfers between funds

Net movement in funds
Reconciliation of funds:
Funds brought forward

Funds carried forward		 Unrest-
ricted
Funds
Rest-
ricted
Funds
£
£
966
7,812
-
-
57,599
-
_
_

58,565
7,812
_
_

(5,686)
-
(31,452)
(107,556)
_
_

(37,138)
(107,556)
_
_

-
-
(99,830)
(144,687)
_
_

(78,403)
(244,431)
-
-
_
_

(78,403)
(244,431)
804,997
2,112,901
_
_

726,594
1,868,470		 Endow-
ment
Funds
Total
Funds
2022
£
£
-
8,778
-
-
-
57,599
_
_
-
66,377
_
_
-
(5,686)
-
(139,008)
_
_
-
(144,694)
_
_
-
-
-
(244,517)
_
_
-
(322,834)
-
-
_
_
-
(322,834)
-
2,917,898
_
_
-
2,595,064		 Total
Funds
2021
£
30,713
-
53,989
_
84,702
_
(2,707)
(37,389)
_
(40,096)
_
-
293,336
_
337,942
-
_
337,942
2,579,956
_
2,917,898

The statement of financial activities includes all gains and losses recognised in the year. All of the charity’s operations are classed as continuing.

THE NOTES ON PAGES 16 TO 24 FORM PART OF THESE ACCOUNTS

13

Bristol Cathedral Trust BALANCE SHEET As at 31 December 2022

Note
INVESTMENT ASSETS
Property
6
Investments
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
CREDITORS: Amounts falling due within one
year
8
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted Income Fund
Restricted Income Fund
10
Approved by the Board of Trustees on _____
and signed on its behalf by:
…………………………………………………………
……………………………………
Mr S Parsons
Mr M Lea
Chairman
Treasurer
Date:
Date:		 Total
2022
£
506,000
1,925,846
_
2,431,846
15,787
153,933
_
169,720
_
(6,502)
_
163,218
_
_
2,595,064
_
726,594
1,868,470
_
2,595,064
_
………………		 Total
2021
£
506,000
2,117,498
_
2,623,498
8,893
294,328
_
303,221
_
(8,821)
_
294,400
_
_
2,917,898
_
804,997
2,112,901
_
2,917,898
_
……

THE NOTES ON PAGES 16 TO 24 FORM PART OF THESE ACCOUNTS

14

Bristol Cathedral Trust CASH FLOW STATEMENT For the year ended 31 December 2022

Cash flows from operating activities:
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Investment income received net of costs
Proceeds from sale of investments
Purchase of investments
Net cash provided by / (used in) investing activities
Reconciliation of net cash flow to movement in
Net cash funds
Change in cash and cash equivalents in reporting period
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net movements in funds to net cash
flow from operating activities
Net income / (expenditure) for the reporting period
Dividends, interest and rents from investments
(Profit) on sale of investments
Increase in debtors
Decrease in creditors
Unrealised (gains) on revaluation of investments
Net cash provided by / (used in) operating activities		 2022
£
(145,129)
57,599
-
(52,865)
_
4,734
(140,395)
294,328
_
153,933
_
(322,834)
(57,599)
-
(6,894)
(2,319)
244,517
_
(145,129)
 2021
£
(2,596)
53,989
-
(2,692)
_
48,701
48,701
245,627
_
294,328
_
337,941
(53,989)
-
2,014
4,774
(293,336)
_
(2,596)

15

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. Bristol Cathedral Trust meets the definition of a public benefit entity under FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity is an unincorporated charity and its principal office address is: Abbey Gatehouse, Bristol Cathedral, College Green, Bristol, BS1 5TJ.

Going concern

The Trustees are confident that it holds more than sufficient funds in unrestricted reserves to cover any imbalance between income and expenditure. They are confident that Trust income will return to a normal level.

Income

Income from donations and gifts, legacies and special fundraising events is credited to the appropriate fund on a receivable basis. Donations made under gift aid are included together with the amount of tax recoverable thereon.

Expenditure

All expenditure is included in the Statement of Financial Activities. The value of invoices received after the year end in respect of expenditure incurred before the year-end has also been included in the Statement of Financial Activities.

Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio and raising investment income and the recharged salary costs and other fundraising costs incurred in generating donations to the Trust. These are shown in note 3.

Charitable activities comprise donations to Bristol Cathedral. These are accounted for when they become payable and are shown in note 4 and comprise the costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to accountancy services and trustees’ liability insurance and are shown in note 4. Other costs associated with supporting governance activities are not material. The charity also receives legal advice and statutory audit services at no cost.

Investments and the income therefrom

Investment properties are included in the balance sheet at market value and any unrealised gain or loss taken to the Statement of Financial Activities.

Other investments are shown in the balance sheet at market value. Any realised or unrealised gains or losses are allocated to the relevant fund and are shown in the Statement of Financial Activities.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

16

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Financial instruments includes investments, amounts owed to connected parties, cash at bank and in hand, trade creditors, amounts owed to connected entities and accruals.

Funds structure

Restricted funds are funds which are used in accordance with specific restrictions imposed by the donor or Trust deed. Further details of each restricted fund are disclosed in Note 10.

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.

2. INVESTMENT INCOME

Investment income derives from the following sources:
Property rental
Funds invested with Central Board of Finance of the Church of
England
Bank interest		 Total
2022
£
19,200
38,296
103
______
57,599
 Total
2021
£
19,200
34,789
0
______
53,989

3. EXPENDITURE ON RAISING FUNDS

Unrestricted
Funds
Restricted
Funds
£
£
Trust staff costs recharged from Bristol Cathedral
3,124
-
Publicity
2,512
Office printing and stationery
-
-
Other
50
-
__
____
5,686
-

 Total
2022
£
3,124
2,512
-
50
______
5,686		 Total
2021
£
-
2,658
-
49
______
2,707

17

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

4. CHARITABLE ACTIVITIES

Unrestricted
Funds
Restricted
Funds
£
£
Grants to Bristol Cathedral for the
following projects:
Education
-
-
Fabric
14,400
18,288
All Gods Children
10,000
Monuments Audit
6,000
Organ Refurbishment
-
73,268
Governance Costs:
Accountancy Charges
11,256
-
Professional Fees
5,451
-
Trustees’ Indemnity Insurance
345
-
__
____
31,452
107,556

 Total
2022
£
-
32,688
10,000
6,000
73,268
11,256
5,451
345
______
139,008
 Total
2021
£
-
25,200
-
-
-
9,836
2,007
346
______
37,389

Bristol Cathedral Trust is audited for £3,480.

5. STAFF COSTS

The average number of employees during the year was one (2021 – none).

There are no employees who received total employee benefits of more than £60k.

The Trust reimbursed the sum of £ 3,124 (2021 - £nil) to Bristol Cathedral during the period for the cost of staff in the Trust’s Office, as shown in note 3.

6. INVESTMENT ASSETS

Property
Market value at 1 January 2022
(Losses) on revaluation
Market value at 31 December 2022
Historical value at 31 December 2022		 2022
£
506,000
-
_
506,000
_
303,023		 2021
£
506,000
-
_
506,000
_
303,023

18

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

6. INVESTMENT ASSETS (continued)

Investments
Market value at 1 January 2022
Additions to investments at cost
(Disposals) of Investments
(Losses) on sale / revaluation
Market value at 31 December 2022
Historical value at 31 December 2022
Analysed as follows:
CBF Investment Fund (Income shares)
CBF Fixed Interest Fund (Income shares)
CBF Property Fund (Income shares)
CBF Global Equity Fund (Income shares)
CBF Investment Fund (Accumulation shares)
CBF Property Fund (Income shares)
CBF Global Equity Fund (Accumulation shares)
Total
 2022
£
2,117,498
52,865
-
(244,517)
_
1,925,846
_
920,841
_
2022
£
650,351
793
76,308
374,603
575,649
58,536
189,606
_
1,925,846
 2021
£
1,821,469
2,692
-
293,336
_
2,117,498
_
870,667
_
2021
£
682,601
891
86,453
435,755
633,743
63,569
214,486
_
2,117,498

The portfolio is structured in the United Kingdom, except for the CBF Investment Fund (where approximately 58% of the fund is held in overseas equities) and the CBF Global Equity Income Fund (where approximately 88% of the fund is held in overseas equities).

The investment properties comprise two flats, which are rented to Bristol Cathedral to provide housing for vergers. The carrying values of these properties were compared by the Trustees at year end to the market values provided by a leading property valuation website (zoopla.co.uk). No adjustment was required this year.

7. DEBTORS

Trade Debtors
Amounts owed by connected parties
Prepayments & accrued income		 2022
£
650
4,800
10,337
______
15,787
 2021
£
650
-
8,243
______
8,893

19

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022 2021
£ £
Trade Creditors - -
Amounts owed to connected entities 2,331 5,051
Accruals 4,071 2,755
Other Creditors 100 1,015
______ ______
6,502 8,821
______ ______
. FINANCIAL INSTRUMENTS
2022 2021
£ £
Financial assets that are measured at fair value
Investments 2,431,846 2,623,499
Financial assets that are measured at amortised cost
Trade Debtors 650 650
Amounts owed by connected parties 4,800 -
Cash at bank and in hand 153,933 294,328
______ ______
159,383
______		 294,977
______
Financial liabilities measured at amortised cost
Trade creditors - -
Amounts owed to connected entities 2,331 5,051
Accruals 4,071 2,755
Other Creditors 100 1,015
______ ______
6,502
______		 8,821
______

9. FINANCIAL INSTRUMENTS

The fair value of investment properties is determined by obtaining market value from zoopla.co.uk a leading source of UK property market information online. The fair value of investments is determined by obtaining the market value of investments from CCLA.

20

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

10. RESTRICTED FUNDS

Incoming Resources Gains /
Balance b/f resources expended Transfers (losses) Balance c/f
£ £ £ £ £ £
Fitzhardinge Society 1,001,663 7,812 (34,288) - (90,852) 884,335
Hospitality 50,000 - - - - 50,000
Accessibility 51,000 - - - - 51,000
Organ & Sound
Renovation		 73,268 - (73,268) - - -
Historic Building 5,000 - - - - 5,000
Choral Tradition 573,260 - - - (33,115) 540,145
Fabric 1000 358,710 - - - (20,720) 337,990
______ ______ ______ ______ ______ ______
Total
2,112,901 7,812 (107,556) - (144,687) 1,868,470
______ ______ ______ ______ ______ ______

The Fitzhardinge Society Fund represents money donated for the purposes of supporting the care and maintenance of the Cathedral fabric. The society is administered under the aegis of the Trust.

The Hospitality Fund represents money donated for the purposes of investigating the commercial opportunities open to the Cathedral catering operations.

The Accessibility Fund represents money donated for the purposes of improving disabled access into the Cathedral.

The Organ & Sound Renovation Fund represents money donated towards the organ and sound system project.

The Historic Building Fund represents money donated for the purpose of repairing the historic building.

The Choral Tradition Fund was transferred from permanent endowments in November 2020 following Charity Commission approval. Its purpose is to assist the Chapter in maintaining the English choral tradition

The Fabric 1000 Fund was also transferred from permanent endowments in November 2020 following Charity Commission approval and is to be applied for the maintenance of the fabric of Bristol Cathedral.

21

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Property
Investments
Net current
assets
(other)
£
£
£
Restricted Funds
Fitzhardinge
-
823,787
60,548
Hospitality
-
50,000
-
Accessibility
-
51,000
-
Organ & Sound Renovation
-
-
-
Historic Building
-
-
5,000
Choral Tradition
311,243
228,902
-
Fabric 1000
194,757
143,233
-
__
_

506,000
1,296,922
65,548



Unrestricted Funds
-
628,924
97,670


___
506,000
1,925,846
163,218

 Total
2022
£
884,335
50,000
51,000
-
5,000
540,145
337,990
__
1,868,470
_
726,594
___
2,595,064		 Total
2021
£
1,001,663
50,000
51,000
73,268
5,000
573,260
358,710
__
2,112,901
_
804,997
___
2,917,898

12. RELATED PARTY TRANSACTIONS

Trustees received no emoluments (2021 - £nil). No expenses were paid in the year to Trustees (2021 - £nil).

The Canon Treasurer, Dean are members of the Chapter of Bristol Cathedral, which is the chief recipient of the Trust's grants. While they were involved in discussions relating to the Chapter's grants application for the forthcoming year, they played no part in the actual decision to approve Chapter's request.

By virtue of their membership of the Fitzhardinge Society, individual Trustees made donations to Bristol Cathedral Trust in the year totalling £225 (2021: £675).

22

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

13. 2021 STATEMENT OF FINANCIAL ACTIVITIES

Unrest- Rest- Total
ricted ricted Funds
Funds Funds 2021
£ £ £
Income and endowments from:
Donations and legacies 21,426 9,287 30,713
Other trading activities - - -
Investments 53,989 - 53,989
_ _ _
Total income 75,415 9,287 84,702
_ _ _
Expenditure on:
Raising Funds (2,707) - (2,707)
Charitable activities (12,189) (25,200) (37,389)
_ _ _
Total expenditure (14,896) (25,200) (40,096)
_ _ _
Realised gains on investments - - -
Net gains/ (losses) on investments 101,238 192,098 293,336
_ _ _
Net income / (expenditure) 161,757 176,185 337,942
Transfers between funds - - -
_ _ _
Net movement in funds 161,757 176,185 337,942
Reconciliation of funds:
Funds brought forward 643,240 1,936,716 2,579,956
_ _ _
Funds carried forward 804,997
______		 2,112,901
______		 2,917,898
______

23

Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022

14. 2021 RESTRICTED FUNDS

Incoming Resources Gains /
Balance b/f resources expended Transfers (losses) Balance c/f
£ £ £ £ £ £
Fitzhardinge Society 881,094 9,287 (25,200) - 136,482 1,001,663
Hospitality 50,000 - - - - 50,000
Accessibility 51,000 - - - - 51,000
Organ & Sound
Renovation		 73,268 - - - - 73,268
Historic Building 5,000 - - - - 5,000
Choral Tradition 539,050 - - - 34,210 573,260
Fabric 1000 337,304 - - - 21,406 358,710
______ ______ ______ ______ ______ ______
Total
1,936,716 9,287 (25,200) - 192,098 2,112,901
______ ______ ______ ______ ______ ______

24