*• BRISTOL • CATHEDRAL TRUST REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 Bristol Cathedral, College Green. Bristol BS15TJ Charity number 801008
Bristol Cathedral Trust CONTENTS Page Legal and Administrative Inforniation 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. BS I STJ TRUSTEES Mr Stephen Parsons. MBE. DL * A Mrs Jane Oakland Mr Harry Marshall Steve Smith O'oined Ortober 23) Miss Naomi Miller (resigned June 2023) Mr Mike Lea Beth Napier O"oined Ortober 23) Louise O'Donnell (joined October 23) Revd Canon Mandy Ford - Dean of Bristol (ex officio) ' Mr David Cain - Canon Treasurer (ex offjicio) Mr John Savage - (retired August 2023) 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 Durie4¥ Revd Canon James Free Mr Bruce Hod(in 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 Breath His Hon Judge David Hingston Bursell QC Mrs Stella Clad<e Marina Ann Dolman Alice Fletcher Mr Philip Gregory Sirjohn Kingman Mr Christopher Martin Pamela Moon The Rt Revd Barry Rogerson Mr Alan Tasker Mr John Thomas Sir William Verdon-Smith41* Sirjohn Wills * Chaimian ** Treasurer A Member of De and Chapter *** Founding Chairman deceased Bankers Natwest Bank plc 3 Temple Back East Temple Quay Bristol, BS19BW Auditor Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol. BS16FL Stocld)rokers CCLA Investment Management Ltd 80 Cheapside London, EC2V 6DZ Solicitors Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay. Bristol. BSI 4QA
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Bristol Cathedral Trust TRUSTEES, ANNUAL REPORT For the year ended 31 December 2023 PURPOSES AND ACTIVITIES Objects of Bristol Cathedral Trust The Trust vrfas established in 1989 with the following purposes: to assirt the Chapter of Bristol Cathedrdl to restore. maintain and repair the fabric of the Cathedral. its contents and precincts.. to advance the eduGltion of the genernl public in the role of the Church and the history of the Cathedral.. and to support music at the Cathedral Aims. objertives 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 Cathedrdl, vthich help us to achieve our ambitious aim. We creats partnerships with charitable trusts and grnnt making organisations. We foster relationships between the Cathedral and the corporate and charitsble communities of Bristol. We invite and build relationships with individuals vrfanting to become more involved, either through the social membership group. The Fitthardinge 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 frnmework for the delivery of this vision which are: Here with you to. Follow Jesus ChrisL Worship God. Serve Others. Transform communities. Serrfe the Bishops and the Diocese. This is all underpinned by our values which are to be open. generous. creotive ond brov Public benefit The Trustees are aware of the Charity Commission's guidance on public benefff and have had regard to tt in their adminisu7tion of Bristol Cathedral TrusL The Trustees believe tha( by supporting the work of Bristol Cathedrdl. the Trust helps to promote the mission of the Cathedral more effettively and that in doing so it provide5 a benefrt to the public by: supporting facilities for public worship. pastoral care and spirFtual, moral and intellettual development for anyone who wishes to benefit from what the Cathedrdl offers. supporting the musical tradrtion and educational role of the Cathedral. to the benefit of the Cty of Bristol and the wider area. serving as the guardians for the unique Grade I listed buildin& ensuring it's stability and safety and helping communities to engage with its heritage. to the benefrt of the Ciry and of Bristol and the wider area. raising the profile of the Cathedral to the people of Bristol and to the city s visitors. both national and international, to the benefit of well-being and the tourism economy.
Bristol Cathedral Trust TRUSTEES, ANNUAL REPORT For the year ended 31 December 2023 The Trustees believe that this report taken as a whole. provides evidence that the work of Bristol Cathedral Trust in 2023 furthered its charitable purposes for the public benefJL Grantsmaking policies The Trust has estsblished irs grant-making policy to achieve its objects for the public benefit in supporting the work of Bristol Cathedral. Grants can only be avmded to Bristol Cathedral and follow an annual grant application or notification of projett 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 fomied in 1989 under a Deed of Trust as amended by supplementsl deeds dated 17 November 2000 and 28 September 2005 and is constituted as a registered charity but is unincorporated. The Firzhardinge Society. a member association founded in 2006. is under the governance of Bristol Cathedral TrusL The original Trust Deed was written in 1989 and whilst fit for purpose at the tim& is no longer suitable to reflett the recent changes in corpordte governance policies in the charitable settor. nor does it give a specific and accurate representation on what the objectives of the Trust are. By vrdy 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 alvfays 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 thaL' our objectives are clearly aligned with the strategy and vision of the Dean and Chapter. a c105e and cohesive. albeit independenL Wor.ng rejationship between the Trusc Dean and Chapter is forged, and best practice is adopted wtth regard to corporate governance. The new entity 15 now established and ha5 received Charity Commission approval. The ex-officio trustee5 are members of Dean and Chapter as are one 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 position5 in l)oth are removed from voting on any deasions in which they may be conflicted. Method, policy and procedure of recruitment of Trustees Those acting as Trustees during the year ended 31 December 2023 are listed in Legal and Administrative Infomiation on page l. There may be between six and fifteen Trustees. New Trustees are appointed by existing Trustees after wide consultation among members of the Brisiol community. The Trust's aim is to include persons wtth a wide range of skills and experience who are in sympathy with its purpose of supporting the Fabric of Bristol Cathedrdl and who can in turn make the needs and opportunities of the Cathedral widely known. New Trustee5 are inducted into the workings of the Trust under
Bristol Cathedral Trust TRUSTEES. ANNUAL REPORT For the year ended 31 December 2023 the supervision of the Chairman. Individual Trustre 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 jointty by the Chairman and the Dean of 8ri5tol Cathedrnl. Representatives of the Cathedral Chapter regularty update the Trustees about the Cathedral's work and future plans and major decision5 are made by Trustees in consultation with the Dean and Chapcer of the Cathedral. Risk management The Trustees assess the major risks to which the charity is exposed. in particular those relating to finance and investrnents. To help assess the financial perforniance 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 2023 were: a fall in investment income. due to market or political uncertainties. a fall in membership income arising from a fall in the recruitment or membership of the Fitzhardinge Society. ACHIEVEMENTS AND PERFORMANCE oveieW Bristol Cathedrnl Trust supports the Cathedrnl tn its r#Yenty first century working. Funds are raised through dirett donation. sponsored events. grant applications and promoting the Cathedral's work and mission. Funds are held in geneTrl or restritted accounts and grants are then made for specific purposes to the Chapter upon 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 perfomiance of the Trust can therefore be measured by both the grnnts made to chaPr 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 Cathedrnl cotalled £68.290 (£121.956 in 2022) and were made in support of the following projetts and purposes: Fire Alarni Rainwater Pipes Fabric Works £28.854 £15.436 £24.000 Donation5 and legacies received by Bristol Cathedral Trust in support of the work of Bristol Cathedral amounted to £30.783 in 2023 (2022 - £8,778). 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 other5.
Bristol Cathedral Trust TRUSTEES. ANNUAL REPORT For the year ended 31 December 2023 Trust Office operations in 2023 The Development Director. Martha Lewington started to reengage the members of the Fitzhardinge Society. A programme of events was held, and a programme has been planned for 2024. Other than those who senrfe as Trustees. the Trust does not use unpaid volunteers. The Fitzhardinge Society Annual subscription income and other revenue was £6.364 which is lower than the previous year. With new events planned for 2024, it is hoped that we will be able to encour7ge new members. Subscriptions were recetved from 16 Single Members and 12 Joint Members Plans for the future The Trust will continue to support the work of the Cathedrdl through targeted fund raising and grnnts.. A number events have been scheduled for 2024 to reinvigorate the Fitzhardinge Society and rdise funds for future Bristol Cathedrdl projetts. The planned legacy giving project is still to be undertaken however this has been deferred. FINANCIAL REVIEW Total incoming resources in 2023 amounted to £92.063 (2022 - £66.37T) and total expended resources amounted to £132.422 (2022 - £144.694) leaving a net incoming deficit before revaluations and investment gain5 of £40,359 {2022 - net incoming deficit of £-78.317). Net investment gains in the year amounted to £242,032 (2022 net investment loss of £-244,51 n. Investment policy The Trust Deed allows Trustees to make such investments a5 they think fir. Since March 2007, the Trust has consolidated 211 financial investments into assorced funds operated by CCLA These investments are subjett 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 perf0rn7ance and the aims and assumptions relating to the prevailing investment stance. These are reported at the quarterly Trust meeting. Throughout 2023 a conserrdtive policy was continued. with the aim of balancing long-term capital growth and maintaining enough income to sustain the Trutt's commitments to the Cathedrnl. 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 restrirted funds. These portfolios are allocated appropriately into Fixed Interes( Dep05iL Property and Equtty Investment funds, based on the objettives of the respettive portfolios. The management of funds placed through the Central Board of Finance is undertaken by CCL4 Investment Management Limited. which is regulated by the Financial Condutt Authority and has funds under management exceeding £4bn.
Bristol Cathedral Trust TRUSTEES, ANNUAL REPORT For the year ended 31 December 2023 CCLA is owned 60% by the Central Board of Finance of the Church of England. 25Y by the COIF Charities Investment Fund and 15Y by the Local Authorities Mutual Investment TnJsL Over the period under review. the overall return on investments was 12.8%. which was felt to be satisfactory. Following an application made by the Trusc the Charity Commission granced permission in November 2020 that the Choral Endowment Fund and the Fabric l 000 Endowment could be treated as restrirted reserves. The longer-terni strategy is that these funds will be transferred over to the newly incorporated entlty shortly and further advice is being taken on what we can then do with them. Reserves policy The Trustees aim is to ensure sufficient funds are available to maintain the smooth. ongoing operntions of the Trust. The policy 15 to hold cash and liquid assets of at least £1001 allowing for che payment of committed grant expenditure to the Cathedral at any point in time and stx months, staff costs. The Trustees consider that this level will provide 5uFficient funds to ensure that Cathedral commitments are not jeopardised and ensure sufficient funds are available to cover necessary administration costs. The tOLII value of funds at 31 December 2023 amounted to £2.797m. of which £1.995m is held in restricted funds and £802k in unrestricted funds. The gap between actual reseryes 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 Cathedr21. Due to the nature. scale and irregularity of the larger fabric projects undertaken by the Cathedral, unrestricted reserves are maintained above the working capitsl requirement so as to be available to be drawn upon at such times when these larger projeccs arise and grant applications are made to the Trust Accounting Arrangements 2023 Accounting serrfices for Bristol Cathedral Trust continue to be provided by Bristol Cathedral. TrusteÈs' 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 Unrced Kingdom Accounung Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for eath 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 ststements, the Trustees are required to: select surtable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that are reasonable and prudenL State whether applicable accounting standards have bn followed. subjert to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charsry and enable them to ensure that the financial statements comply with the Charities Att 201 I, 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 Step5 for the prevention and detection of fraud and other irregularities.
Bristol Cathedral Trust 5 AUSTE£S' AP4NU.AL REPORT lh¢ t¥&" )¢ZJ The 2uthtc¢. FlwD.ry LLP. to c5yxiA • ts*e Ind a Alyt)s by the Bo•rtl c4 Tfvstoes .. 21 14Q4 S P¥vJX .•.
Bristol Cathedral Trust INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL OPINION We have audited the financFal statements of Bristol Cathedrdl Trust for the year ended 31 December 2023 which comprise the Statement of Financial Attivities. rhe Balance SheeL 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 Yhe Financial Reporting StsrKlard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Prac(ice). In our opinion the financial statements= give a true and fair view of the state of the charity's affairs as at 31 December 2023 and its incoming resources and application of resources. including its income and expenditure for the year then ended. have been pmperly prepared in accordance with United Kingdom Genernlly Accepted Accounting Prartice.. and have been prepared in accordan with the requirements of the Charities Att 2011. BASIS FOR OPINION We condutted our audit in accordance with Internationat 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 reporc. We are independent of the Chariry 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 SLindard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined 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 identthed any material uncertainties relating to events or conditions thaL individually or collettively, 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 respett to going concern are described in the relevant settions of this reporL OTHER INFORMATION The Trustees are responsible for the other inforniation. The other inforn)ation comprises the inforniation included in the Annual Repor( other than the financial statements and our Auditors. Report thereon. Our opinion on the financial statements doe5 not cover the other information and. except to the extent otherwise explicitly stated in our repor( we do not express any form of assurance condusion thereon. In connection wich our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider vthether the other information is materially inconsistent with the financial stacements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent marerial 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
Bristol Cathedral Trust INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRISTOL CATHEDPAL work we have performed. we conclude that there is a material misststement of this Other information. we are required to report that fatt 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, ReporL We have nothing to report in respect of the following matter5 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf. in our opinion: the charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from brnnches not visited by us,. or the chariWs financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audiL or RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities StatemenL 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 cor)trol as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemen( 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 settion 151 of the Charities Act 2011 and report in accordance with the Att and relevant regulations made or having effett thereunder. Our objectives are to obtain reasonable assurdnce about véhether the financial statements as a whole are free from maternal misstatemen[ whether due to fraud or error. and to issue an AudFtors' Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condutted in accordance with ISAS (UK) will alYYS detect a material misstatement when it exists. Misstatsments can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities. including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detett material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detetting IrregularitS, including fraud is detailed belovr. We have considered the nature of the sector. control environment and financial performance; We have considered the results of enquiries with management and Trustees in relation to their own dent5fication and assessment of the risk of irregularities within the entity.. and We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. 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 spectfic procedures to respond to the risk of management override. We have also obtsined understanding of the legal 2nd 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 lav and regulations we considered in this context included the UK Charities Act and FRS 102 (SORP)- In addition. we considered the provisions of other law5 and regulations that do not have a direct effett on the financial statements but compliance with which may be fundamental to the chariry's ability to operate or avoid a material penalty. Our procedures to respond to risk5 identrfied included the following. Reviewing the financial statement disdosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having 2 direct effect on the financial ststements,. Performing analytical procedures to identify unusual or unexperted relationships that may indicate risks of material misstatement due to fraud; Reviewing board meeting minutes: Enquiring of management in relation to attual and potential claims or litigations,. Performing detailed transattional testing in relatN)n to the recognition of revenue, specifically grdnts. with a particular focus around year-end cut off: and In addressing the risk of fraud through management override of controls. testing the appropriateness of journal entries and other adjustments,. assessing whether the judgments made in accounting estimates are indicative of potential bia5" and evaluating the business rationale of signrficant tfdnsactions that are unusual or outside the nornial course of business. We also communicated identified laws and regvlations 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 throLJghout the audit. As a result of the inherent limitations of an audi¢ there is a risk that not all irregularities. including a material misstatement in financial statements or non-compliance with regulation. will be detected by u5. The risk increases the further removed compliance with a law 2nd regulation is from the events and transattion5 refietted in the financial statements, given we will be less likely to be avnre of IL 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: vnvw.frc.org.uklauditorsresponsibilities. This description fonns part of our Auditors, ReporL
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 che 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 bodx. for our audit work for this report. or for the opinions we have formed. Chris Tranth2m FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BSI 6FL Date: 28 October 2024 Bishop Fleming LLP are eligible to art as audicors in ternis of section 1212 of the Companies Acc 2006. 12
Bristol Cathedral Trust STATEMENT OF FINANCIAL ACTIVITIES (incorpordting the income and expenditure account) For the year ended 31 December 2023 Note Unrest- ricted Funds Rest- rirted Funds Endow- ment Funds Total Fund5 2023 Total Funds 2022 Income and endowments from: Donations and legacies Other trading activitie5 Invescments 4.419 805 60.475 26,364 30,783 805 60.475 8.778 57.599 Total income 65.699 26,364 91063 66,377 Expenditure on: Raising Fund5 Charitable activities {51780) (11.352) (68.290) (51780) (5.686) (79,642) {139,008) Total expenditure {64.132) (68,290) (131422) (144,694) Realised gains on investments Net gainsl (losses) on investments 73.464 168.568 242.032 (244,517) Net income l (expenditure) 75.031 126,642 201,673 (322.834) Transfers between fijnds Net movement in funds 75,031 126.642 201,673 (322,834) Reconciliation of funds: Funds brought forward 726.594 1.868.470 1595.064 2,917.898 Funds carried forward 801.625 1.995.112 2.796,737 2.595,064 The statement of financial acrivities 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 2ALA.NIE SHEET Trfal 202J 2022 INVESTMEN'T Assf TS Prow 533.C 2_143,870 2.676.e70 )43I.846 CIARENT ASSETS 12.4S8 117,142 15.7e7 15)933 CREW(XS. ;"JAry orle yti 19.7)31 16.SQ21 YET CURREN- ASSETS 119.867 16).218 ,Y£°, ASSETS 2.796 737 2.595. FUNJS Uftf¢str<itd F..Jr ;.625 1.995.112 6594 IW.470 10 2.196737 2.59S.C64 PTE$ PAGES 16 TO 24 FOAM PAA", OF THESE Acccu%rs 14
Bristol Cathedral Trust CASH FLOW STATEMENT For the year ended 31 December 2023 2023 2022 Cash flows from operating artivities: Net cash provided by l (used in) operating activities (94.274) (145.129) Cash flows from investing artivities: Investment income received net of costs Proceeds from sale of investments Purchase of investments 60.475 57.599 (2.992) (52.865) Net cash provided by l (used in} investing activities 57.483 4,734 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 (36.791) 153,933 {140.395) 294.328 Cash and cash equivalents at the end of the reporting period 117.142 153,933 Reconciliation of net movements in funds to net flow from operating activities Net income l (expenditure) for che reporting period 201,673 (322.834) Dividends, interest and rents from investments (Profit) on sale of invettments Decrease in debtors Increase in creditors Unrealised (gains) on revaluation of investments (60.475) {57.599) 3,329 3,231 1242.032) (6,894) (2,319) 244,517 Net cash provided by l (used in) operating activities (94.274) (145.129) 15
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 I. ACCOUNTING POLICIES Basis of preparation The accounts (financial statements) have been prepared under the historical c05t convention with items recognised at cost or tran5artion va]ue unless otherwise stated in the relerdnt notes to these accounts. The financial staMentS have been prepared in accordance with the Sratement 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) (effective l January 2019). and the Charitie5 Art 2011. The financial sra*ments have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Report5) Regulations 2008 Qnty 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 issued in Ortober 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Prartice effettive from l April 2005 which ha5 since been withdrawn. Bristol Cathedral Trust constitutes a public benefit entity as defined by FR5 102. Going concern The Trustee5 are confident that it hold5 more than sufficient funds in unrestritted reserves to cover any imbalance between income and expenithture. They are confident that Trust income will return to a nomial level. Income Income from donations and &"fts. lepcies and special fundrnising events is credited to the appropriate fund on a receivable basis. Donations made under aid are included together with the amount of ttx recoverable thereon. Expenditure All expenditure is included in the Sratement of Finanaal Acuvities. The value of invoices received after the year end in respett of expenditure incurred before the year-end has also been included in the Sta¢emenc of Financial Acuvities. Expenditure on rsing funds comprises those costs directly attributable to managing the investment portfolio and rdising investment income and the recharged salary costs and other fijndrdising costs incurred in generating donations to the Tru5L 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 sUPPOrting governance attivities are not material. The chariry a150 receives legal advice and statutory audit services at no COSL Investments and the income therefrom Investment properties are included in the balance sheet at market value and any unreaEi5ed gain or Ios5 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 Activittes. Debtors Trade and other debtors are recognised at the setdement amount due after any trade discoun¢ offered. Prepayments are valued at the amount PrePd nec of any trdde discounts due. Cash at bank and in hand Cash at bank and in hand indudes osh and short term highly liquid investments with a shor¢ maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL 16
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 Creditors Creditors and provisions are recognised where the charity has a present obligation resulung from a past event that will probably result in the transfer of fijnds to a third party and the amount due to settle the obli8Ation Can be measured or estimated reliably. Creditor5 and provisions are norffAlly recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initiatly recognised at transaction value and subsequently measured at their setttement alUe. Funds structure Restricted funds are funds which are used in accordance with specthc re5trittions imposed by the donor or Trust deed. Further details of each restricted fund are disdosed in Note l O. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unre5tricred funds include designated funds where the Trustees. at their discreuon, have created a fund for a specific purpose. 2. INVESTMENT INCOME Total 2023 Total 2022 Investment income derives from the following sources: Properry rental Funds invested with Central Board of Finance of the Church of England Bank interesc 19.200 19,200 40,931 38,296 344 103 60,475 57.599 3. EXPENDITURE ON RAISING FUNDS Unre5trirted Funds Restrirted Funds Total 2023 Total 2022 Trust staff costs recharged from Bristol Cathedral Publicity Office prinung and stationery Costs of Activitie5 Other 48,526 1350 12 1.834 58 48.526 1350 12 1.834 58 3,124 2.512 50 51780 52.780 5,686 17
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 4. CHAR ABLE ACTIVITIES Unre5trirted Re5trirted Funds Funds Total 2023 Total 2022 Grants to Bristol Cathedrdl for the following projects= Fabric Rainwater Downpipes Fire Alarm Organ Refurbishment 24,000 15.436 28.854 24,000 15.436 28.854 32.688 i o,01)o 6,000 73.268 Governance C05ts: Accountancy Charges Profession Fees Tru5tees' Indemnity Insurance I l.lJ)2 11.002 11.256 5,451 345 350 350 11.352 68.290 79.642 139.008 Bristol Cathedrnl Trust is audited for £3,660. 5. STAFF COSTS The average number of employees during the year was one (2022- one). There are no employees who received total employee benefits of more than £60k. The Trvst reimbursed the sum of £ 48.526 (2022 - £3.124) to Bristol Cathedrdl during the period for the cost of stsff in the Trust's Office. a5 shown in no 3. 6. INVESTMENT ASSETS 2023 2022 Property Market value at l January 2023 Gains on revaluation 506,000 506.oc 27,000 Market value at 31 December 2023 533,000 506,000 Historical value at 31 December 2023 303.023 303.023 18
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 6. INVESTMENT ASSETS (continued) Investments 2023 2022 Market value at l January 2023 Additions to investments at cost (DISPOS5) of Investments Gains on sale I revaluaoon 1.925,846 2,117,498 1992 52,865 215.032 (244,517) Market Ydlue at 31 Decernber 2023 1143.870 1.925.846 Historical value ar 31 December 2023 923.833 920,841 Analysed as follow5.' 2023 2022 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 share5) CBF Property Fund (Income shares) CBF Global Equity Fund (Accumulation shares) 711,539 856 71.625 430,435 647.983 57,742 223,690 650,351 793 76,308 374,603 575.649 58,536 189,606 Total 2,143.870 1.925.846 The portfolio is strurtured in the United Kingdom. except for the CBF InYe5tsnent Fund (where approximately 63°A of the fund is held in overseas equities) and the CBF Global Equity Income Fund (where approximatety 90% of the fijnd is held in overseas equitie5). The invescment properries comprise two flats. which are rented to Bristol Cathedral to provide housing for verger5. The rryng values of these properries were compared by the Twstees at year end to the market values provided by a leading property vaiuation website {zoopl&co.uk) and were adjusted accordingly to reflett their realistic market values. 7. DEBTORS 2023 2022 Trade Debtors Amounts owed by connected parties Prepayments & accrued income 650 650 4,800 10.337 11.808 12.458 15.787 19
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 8. CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 2023 2022 Trade Credicors Amounts owed to connected entities Accruals Other Creditors 585 5,384 3.664 100 2,331 4,071 100 9.733 6.502 9. FINANCIAL INSTRUMENTS 2023 2022 Financial a55ets that are measured at fair value Investments 2,676.870 2,431,846 Financial assets that are measured at amortised cost Trade Debtors Amounts owed by connecced parries Cash at bank and in hand 650 650 4,800 153.933 117.142 117,792 159,383 Financial liabilities measured at amorttsed cost Trade creditors Amounts owed to connetted entities Accruals Other Creditors 585 5.384 3.664 100 2.331 4.071 9,733 6,502 The fair value of investrnent propertie5 is determined by obtaining market value from zoopla.co.uk a leading source of UK property market inforn)ation online. The fair value of investments is detern)ined by obtaining the market value of investments from CCL 20
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 10. RESTRicfED FUNDS ncoming resources Resources expended Gains 1 (losses) Balance bff Transfers Balance clf Fitthardinge SocTrety Hospitaiity Accessibility Floors Historic Building Choral Tradityon Fabric l 000 884.335 50.000 51.000 6.364 (68.290) 102.652 925,061 50.000 51.000 20,000 20.000 5.000 540.145 337.990 40.545 25,371 580,690 363,361 Total 1.868.470 26.364 {68.290} 168,568 1,995.112 The Fitthardinge 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 TrusL The Hospitality Fund represents money donated for the purposes of invesugating 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 tovrfards the organ and sound system projecL The Historic Building Fund represents money donated for the purpose of repairing the historic building. The Choral Tradition Fund vras trdnsferred from pemianent endovrfments in November 2020 following Charity Commission approval. Its purpose is to ass1St the Chapter in maintaining the Engtish choral tradttTron The Fabric 1000 Fund was also transferred from pernianent endowments in November 2020 following Charity Commission approval and is to be applied for the maintenance of the fabric of Bristol Cathedrdl. 21
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 I I. ANALYSIS OF ASSETS BETWEEN FUNDS Property Investments Net current assets (other) Total 2023 Total 2022 Restricted Funds Fitzhardinge Hospitaliry Accessibility Floors Historic Building Chorai Tradition Fabric l 000 929.415 50.000 51.000 (4.354) 925.061 50,000 51,000 20,000 5,000 580.690 363.361 884,335 50,000 51.000 20.01)0 5.000 5.000 540.145 337.990 327,850 205,150 251840 158.211 533,0(Xi 1.441.466 20.646 1.995.112 1.868,470 Unrestricted Funds 701404 99,221 801,625 726,594 533.000 2,143.870 119.867 2.796.737 2,595,064 12. RELATED PARTh TRANSACTIONS Tnjstees received no emoluments (2022 - £nil). No expenses were paid in the year to Trustees (2022 - £nil). The Canon Treasurer. Dean are members of the Chapter of Bristol Cithedrat. which is the chief recipient of the Trust's grants. While they were involved in discu55ion5 relaong to the Chapter's grants application for the forthcoming year. they played no part in the actual decision to approve Chapter's requesL By virtue of their membership of the Fitthardinge Society. indNidual Trustees made donations to Bristol Cathedral Trust in the year totalling £375 (2022.. £225). 22
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 13. 2022 STATEMENT OF FINANCIAL A1VITIEs Unrest- rirted Funds Rest- ricted Funds Total Funds 202Z Income and endowments from". Donations and legacies Other trading actiMtie5 Investments 966 7.812 8,778 57.599 57,599 Total income 58.565 7.812 66.377 Expenditure on. Raising Funds Charitable activities (5.686) (5.686) (31.452) {107.556} (139.008} Total expenditure (37.138) (107.556) (144.694) Realised gains on investments Net gains1 (losses) on investments {99,830} (144.687) {244,517) Net income l (expenditure) (78,403) {2H.431) (321834} Transfers between fund5 Net movement in funds (78.403) 1244,431 } (321834) Reconciliation of funds: Funds brought forward 804.997 2,111901 1917,898 Funds carried forward 726.594 1,868,470 2.595,064 23
Bristol Cathedral Trust NOTES TO THE FINANCIAL STATEMENTS For che year ended 31 December 2023 14. 2022 RESTRICTED FUNDS Incoming resources Resources expended Gains I (1055e5) Balance blf Transfers Balance clf Ficzhardinge Soaety Hospi1 Accessibility Organ & Sound Renovation Historic Building Choral Tradition Fabric l 000 1,001.663 50.000 51.000 7.812 (34.288) (90.852) 884.335 50,000 51,000 73.268 (73.268) 5,000 540.145 337.990 573.260 358,710 (33.115) 120.720) Total 1112.901 7,812 (107.556) (144.687) 1.868,470 24