The Cathedral Church of the Holy and Undivided Trinity in Bristol
REPORT AND FINANCIAL STATEMENTS
for the year ended 31 December 2014
The Cathedral Church of the Holy and Undivided Trinity in Bristol CONTENTS
Page
Legal and administrative information 1-2
Annual report 3-21
Independent auditor's report 22
Consolidated statement of financial activities 23
Consolidated balance sheet 24
Cathedral balance sheet 25
Notes to the accounts 26-38
The Cathedral Church of the Holy and Undivided Trinity, Bristol LEGAL AND ADMINISTRATIVE INFORMATION for the year ended 31 December 2014
Address Auditors Bristol Cathedral Bishop Fleming LLP College Green Chartered Accountants Bristol 16 Queen Square BS1 5TJ Bristol BS1 4NT
Bankers Stockbrokers NatWest Bank plc CCLA Investment Management Limited PO Box 238 85 Queen Victoria Street 32 Corn Street London Bristol EC4V 4ET BS99 7UG
During the year under review, the membership of the Chapter was as follows: Dean The Very Revd Dr David Hoyle
Canons Residentiary The Revd Canon Nicola Stanley (from Mar 2014) Canon Precentor The Revd Canon Timothy Higgins (until Feb 2014) City Canon and Vice Dean The Revd Canon Robert Bull Canon Pastor Other members of the Chapter (Capitular Canons) Canon John Savage – Canon Treasurer (from Feb 2014) Canon Susan Topalian (until Nov 2014) Canon Jon Cannon – Keeper of the Fabric Canon Anthony Brown - (from Dec 2014)
Chapter Clerk Miss Wendy Matthews
Consultant Architect Ms Louise Bainbridge
Consultant Archaeologist Mr Kevin Blockley
Master of the Choristers and Organist Mr Mark Lee
Assistant Organist Mr Paul Walton
Education Officer Mrs Margaret Bull (temporary cover Jan to Nov 2014), Mrs Frances Taylor (from Nov 2014)
Head Verger & Sub-Sacrist Mr Glynn Usher
Vergers Mr Roger Dubois, Ms Louisa Pittman, Mr Nigel Nash
1 The Cathedral Church of the Holy and Undivided Trinity, Bristol LEGAL AND ADMINISTRATIVE INFORMATION for the year ended 31 December 2014
Music Secretary Mr Tim Popple
Executive Assistant & PA to the Dean Mrs Sarah Morris
Development Director, Bristol Cathedral Trust Ms Naomi Miller (from Jan 2014)
Trust Secretary and Cathedral administrator Mrs Wendy Pradalie
Finance Manager Mr Andrew Webb
Finance Assistant Mrs Chrissie Graham
Coffee Shop staff Ms Caroline Wren, Mrs Dyon Campbell
Finance Advisory Committee: Mr Colin Havill (Chairman), The Dean, Mr Richard Bacon, Mr Mark Blackmore, Mr Richard Bott, Canon John Savage. In attendance: the Chapter Clerk and the Finance Manager.
Fabric Advisory Committee : Mr Quentin Alder (Chairman), Mr Alistair Brooke, Mrs Mary Greenacre, Mr Derek Worthing, Dr Beth Williamson, Dr Martin Crossley-Evans, Mr Andrew Foyle. In attendance: Dean, Canon Jon Cannon, Architect, Archaeologist and the Chapter Clerk.
2 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT for the year ended 31 December 2014
Introduction
2014 was something of a ‘red letter’ year presenting some new and unusual opportunities for our visitors, volunteers, and staff. The highlight was the Archbishop of Canterbury’s visit to the Diocese of Bristol in September. We played a pivotal role in the organisation of the visit, which included a ‘Standing Room Only’ event with the Diocese on the Friday night, a packed Eucharist service on Holy Cross Sunday, and an education event with the Mayor of Bristol and invited audience chaired by the Dean. It was a pleasure to host the Archbishop and his wife, Caroline, and we had very positive feedback. The Archbishop wrote – “I was hugely encouraged by my weekend in the Diocese of Bristol – I saw God at work, people learning to love and follow Jesus Christ, and loving their communities – doing the things Christian communities do, that are the glue that holds this country together.”
Later in the year we hosted a fictional Henry VIII and Thomas Cromwell as we took part in the BBC’s acclaimed production of ‘Wolf Hall’, Hilary Mantel’s award winning novel. This was a similarly intense experience to the visit above, with the Vergers providing unofficial wardrobe advice on the correct wearing of vestments to the cast. The choir also had the opportunity to try new things as they led the singing at the Remembrance Sunday parade, which is the largest ceremony outside London, and serenaded the city as the Christmas lights were lit up at Cabot Circus (retail centre).
With the help of the Lord Lieutenant we also launched our ‘We have our lives’ project which commemorates the local war dead from World War I and is part funded by the Heritage Lottery Fund. We have also delivered and progressed a number of fabric and management projects.
All of these varied events and opportunities were important, mainly because they enabled us to welcome new people into the Cathedral. Whether they were coming to the Harvey Nicholls fashion show, or to see our World War I project, or hear the Archbishop talk about his faith journey what matters is that people come into the Cathedral and had the opportunity to explore their place in the community. Above all, the Cathedral is a place of worship, and our numbers for both weekday and Sunday attendance are well above the five yearly average. At Christmas we sadly had to turn people away because we were full.
The rest of this report summarises the progress that has been made in the last year and covers: • Governance and relationship management. • Activities, achievements and performance against our corporate objectives. • Corporate development and delivery. • Evaluation and outcomes. • Financial review.
3 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Governance and relationship management
The Cathedral is formally the seat of the Bishop and a centre for worship, teaching and mission in the Diocese of Bristol. It extends geographically through Swindon, South Gloucestershire and North Wiltshire. The Constitution and Statutes governing the Cathedral were approved in 2001 under the Cathedrals Measure (1999). The Measure also defines the governance structures that are required for the effective management of Cathedrals, which includes: The Cathedral Council, College of Canons, and the Chapter, with its associated standing committees for finance and fabric. The sections below summarise their role, membership, and activities during 2014.
Cathedral Council The Council is responsible for furthering and supporting the work of the Cathedral, “spiritual, pastoral, evangelistic, social and ecumenical, reviewing and advising upon the direction and oversight of that work by the Chapter...” (Cathedral Statutes 2001). The Council consists of up to twenty members with a chair person appointed by the Bishop. Members are drawn from the Cathedral congregation, the Chapter, the College of Canons, the diocesan synod and the diocese and wider community. The Council met twice in 2014 and discussed a range of topics, and received the annual report and accounts for 2013.
College of Canons The College is made up of 40 clerical and lay representatives from the Cathedral and the wider diocese1. They met on two occasions in 2014 to discuss progress on key projects, theological issues, and received the annual report and accounts for 2013.
Chapter The Chapter is the main body responsible for the direction and oversight of the Cathedral and is made up of the Dean and three residentiary Canons, and three lay non-residentiary members. The clerical representatives are appointed, after consultation, by the Crown, and the lay representatives are appointed, after consultation, by the Bishop. The current membership is set out on page 1 (see above). The lay canons hold office for terms of three years, which are renewable. Induction support for new members is provided by the Association of English Cathedrals. The Chapter is required to meet at least nine times a year and its main role is to “order the worship and promote the mission of the Cathedral” (Statutes 2001). The main responsibilities of the Chapter are to: • Articulate the Cathedral’s priorities and to formulate appropriate plans for their delivery. • Oversee the management of the Cathedral’s assets and investments, and ensure that all necessary repair, maintenance and development works to the fabric and precincts are carried out. • Oversee the management of the Cathedral and to make sure appropriate policies and processes are in place for child protection, health and safety, HR and other issues. • Oversee the preparation of an annual budget and an annual report and audited accounts. • Monitor and evaluate the performance of the Cathedral. • Review the Constitution and Statutes. (The full version of the Constitution and Statutes is available upon request.)
1 The College of Canons consists of up to 22 Honorary Canons (clergy), the Archdeacon and up to six Lay Canons, all of whom are appointed by the Bishop; other members are the Suffragan Bishop, the Dean and all members of the Chapter. Members of the Chapter other than the Dean and the Canons Residentiary are collated to supernumerary canonries, known as Capitular Canonries, and in virtue of that they are full members of the College of Canons.
4 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
The Chapter’s specific financial responsibilities, under Section 27 of the Cathedrals Measure 1999, are as follows: • Preparing and publishing an annual report and audited accounts which give a true and fair view of the financial activities for each financial year and of the assets, liabilities and funds at the end of each financial year of the Cathedral and its connected entities, the report and accounts to comply in all material respects with the guidelines on the subject prepared by the Association of English Cathedrals. • Stating that they have complied in all material respects with the regulations on the subject prepared by the Cathedrals Administration and Finance Association (CAFA) or describing which recommendations have not been complied with and giving reasons for the non-compliance. • Selecting suitable accounting policies and then applying them consistently. • Making judgements and estimates that are reasonable and prudent. • Keeping proper accounting records from which the financial position of the Cathedral can be ascertained with reasonable accuracy at any time. • Safeguarding the assets of the Cathedral and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Chapter met 9 times in 2014, which included an away day session which covered debates on strategic direction and priorities. Topics and issues covered in the regular meetings included: • Governance/policy issues – progress on the delivery of the Cathedral’s strategic priorities was regularly discussed. The priorities were; worship, proclamation, building and sustaining community, and justice and peace. There was an away day session in September. • Management issues – a range of key management/administrative issues were discussed including; child safeguarding, health and safety, HR, and communications. • Financial and fabric matters - financial management reports were considered at each meeting and there were regular discussions on the progress of all fabric projects and the risk register. • Performance management – the key performance indicators were discussed and progress was monitored.
The responsibilities of the individual members of Chapter are set out in Annex A .
Risk management The Chapter is responsible for managing the strategic level risks associated with the delivery of the Cathedral’s vision and mission. The Chapter considers the key reputational, financial and legal risks during its regular meetings, and identifies the likelihood of the risk and the mitigating measures in its risk register. There are specific policies to cover key areas including; child protection, health and safety and HR. These are regularly reviewed. The Finance Advisory Committee regularly considers the progress reports on funds managed by CCLA Investment Management and discusses the risks associated with the financial/investment markets. In 2014 the Cathedral risk’s register was reviewed and substantially revised. It was discussed by the Finance Advisory Committee as well as Chapter. The main risks relate to unexpected and major issues in relation to fabric, finance or compliance (including safeguarding). Both Chapter and the Finance Advisory Committee are now receiving a new quarterly risk report.
The safeguarding and health and safety policies were also reviewed and substantially revised during the year, and we developed a faith and sustainability statement in our strategy and on our website.
5 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Standing committees The Finance Advisory Committee provides an audit committee function and expert advice and guidance to the Chapter and the Chapter Clerk on the management of the budgets, risk and investment strategies. The Committee met twice in 2014 and provided input on a range of issues including investment performance and financial strategy.
The Fabric Advisory Committee (FAC) provides expert advice and guidance to the Chapter and the Chapter Clerk on issues relating to the physical protection, preservation and development of the Cathedral buildings and its external precincts. The Cathedrals Fabric Commission for England (CFCE) is responsible for overseeing the approvals process for any major works in the Cathedral, and the FAC are responsible for approving more minor projects. The work of the FAC is informed by the Cathedral Architect and the Cathedral Archaeologist, who are ex-officio members and retained consultants, and provide on-going advice on all matters relating to the fabric. The FAC met three times in 2014 and discussed progress on a range of physical projects, details of which are set out in the achievements section.
National church and diocesan links Chapter members also play an active role in the life of the national Church and the Diocese of Bristol which has 200 churches and over 30,000 regular worshippers. Highlights from 2014 include:
• Preaching and teaching – the Dean and clergy Canons regularly preached in churches around the Diocese and supported special services and events.
• Ministerial development - the Dean has delivered theological lectures to Area Deans, ordinands and ordained clergy on a range of topics exploring doctrine and faith. He also supported the ministerial development review process for clergy, provided spiritual direction to clergy in the Diocese and more widely, and continues to be part of the Bishop’s staff team. The new Canon Precentor provided training for new clergy on ritual and worship.
• Selection for ordination – the Dean continued his work supporting the selection of ordinands for training.
• Trusts and Boards – the Dean’s term of office on the Diocesan Board of Education came to an end in the autumn.
• Patronage – all Chapter members take responsibility for supporting our 22 patronage parishes. We are involved in consultations on vacancies, parish re-organisations, and supported the recruitment processes for new clergy.
6 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Strategic partners Bristol Cathedral Choir School (BCCS) The Cathedral has a close relationship with BCCS which is sited in the Cathedral’s external buildings and precincts. Since becoming an Academy in 2008 the school has gone from strength to strength with strong OFSTED performance and growth in pupil numbers. During 2014 there were a number of significant issues for the Cathedral to address with the school, including a complaint from the Campaign for Fair Access to the Office of the School Adjudicator about the school’s admissions policy. The complaint was upheld technically, but has been successfully resolved through the use of a derogation from the Secretary of State for Education: The derogation allows the school to admit choristers. There are also continuing discussions about the school’s governance and operating structures, and the opportunities for the development of a multi-academy trust. The Dean and Canon Precentor represent the Cathedral’s interest on the governor’s group and regularly briefed Chapter on the progress of discussions. These discussions are likely to be resolved in 2015. There was also some joint working on fabric projects, including a major programme of repair to the Old Deanery roof.
The Cathedral team are also proactively developing links with a range of local and national partners including:
• National partners - the national Church, Church Commissioners, the CFCE, and the Association of English Cathedrals (AEC) – staff participate in peer-to-peer networks groups which provide a support structure and a way of spreading best practice. The Dean, Canon Precentor and Head Verger all attended national peer group conferences in 2014.
• Civic partners - Bristol City Council – As part of the Archbishop of Canterbury’s visit (see below) we hosted an education event with George Ferguson (Mayor of Bristol) and an invited audience. We also work closely with the offices of the High Sheriff, Lord Lieutenant, the Lord Mayor, and with the Avon and Somerset Constabulary. We liaise regularly with our Beat Officers and more senior officers to coordinate special events and deal with any anti-social behaviour issues.
• Local faith partners – we build relationships with clergy across the Diocese through the College of Canons and Ecochurches South West and other groups.
• Tourism partners – we have continued to work with Destination Bristol, Tourist Information, M Shed and other cultural partners, which help us to promote the Cathedral to visitors. In 2014 we have been working closely with M Shed and other local partners on the development and launch of our World War I commemoration project (see below).
• Civil society partners – we have also continued to work with local partners. In 2014 we became a member of the Bristol Fairtrade Network, and we signed up for the Bristol Pound. The Pound is a local currency that can be used to pay for local trades and services. It promotes community resilience and sustainability by supporting local businesses. The Cathedral café will accept payment in Bristol Pounds in future.
• Education partners – we work closely with both the universities of Bristol and the West of England and their higher education Chaplaincy teams, and with Trinity College.
7 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
• Business partners – we have continued to build relationships with our local businesses and in 2014 delivered held a reception for the Park Street Traders Group, the Marriott hotel and other neighbours. We also held a joint event with the Park Street group when the Christmas lights were turned on.
Public benefit The Chapter is aware of the Charity Commission's guidance on public benefit in the advancement of religion and have regard to it in the administration of Bristol Cathedral. The Chapter believe that by promoting the work of the Church of England in the city of Bristol and across the Diocese of Bristol, the Cathedral helps to promote the whole mission of the Church (pastoral, evangelistic, social and ecumenical) more effectively and that in doing so it provides a benefit to the public by:
• Providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers.
• Promoting Christian values, and service by members of the Church in and to the community, to the benefit of individuals and society as a whole.
This report, taken as a whole, provides evidence that the Cathedral furthered its charitable purposes for the public benefit in 2014. Specific examples can be found in the justice and peace section on page 14.
8 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Activities, achievements and performance
The progress we have made on the delivery of our priorities in 2014 is set out below.
Worship – offering a daily cycle of prayer and praise
The Cathedral site was originally home to a monastic community who followed the rule of St Augustine. Our watchword is a quotation from the rule – “Live in unity in the house, and be of one heart and mind in God”. Coming together with friends and strangers to offer a daily cycle of prayer and praise is central to all that we do. Highlights included hosting:
• A visit from the Archbishop of Canterbury . The Archbishop visited the Diocese of Bristol from 12-14 September. It was a very full programme and included two visits to the Cathedral for a ‘Standing Room Only’ event on the Friday night, where he told his faith story, the Cathedral Eucharist on Holy Cross Sunday, where he preached on the theme of the cross, and a ‘Learning Together’ event, which included the Mayor of Bristol and invited audience, who came to discuss inequality and access to education for children in the city. The panel was chaired by the Dean, and the visit finished with lunch in the Chapter House. The visit required intensive planning with Diocesan colleagues and went extremely well. There was a substantial amount of national and local press coverage which was positive for the Cathedral’s profile and reputation in the city.
• A special service for the 501 Squadron , which was supported by the Duke of Gloucester and the Lord Lieutenant. We also held a service for the laying up of the Tank Regiment’s Association standard and a special service for the Knights Templar.
• Our regular round of festival services , which continue to attract good numbers. Over 1,000 people attended our Easter services and nearly 3,000 attended on Christmas Eve and Christmas Day, which was an increase on 2013.
• Charter day and foundation day services for our local schools. Bristol Cathedral Choir School continues to use the Cathedral for assemblies, prize-giving and commemoration.
• The annual legal service , which honours the contribution of the legal profession to civic life. Approximately 250 people attended this service which was led by the High Sheriff, and attended by the High Court Judge, Mr Justice Dingemans, and the Lord Lieutenant, Mayor, Lord Mayor, the Judiciary and lawyers. The Right Reverend Christopher Hill (former Bishop of Guildford) was the preacher.
• Diocesan ordination services and licensing services for new priests and lay ministers and the installation of new Cathedral canons.
• Weddings, baptisms and confirmations for those joining the church community. The clergy also provided support and preparation for people who were participating in the sacraments.
9 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
We also hosted a number of memorial and funeral services, which included a poignant service to remember the life of David Banfield who was a former Archdeacon of Bristol, and long term member of the congregation.
Cathedral Choir During 2014 the choir were able to participate in a number of interesting events and more unusual opportunities. Highlights included:
• A major tour by the choir to Poland. There were a number of fundraising activities in advance of the visit and the choir sang at a local Polish church and a Business West event. The choir was based in Krakow, and highlights included singing in a saltmine in Wielczka, and visiting St Thomas’s church in Leipzig and the tomb of J S Bach.
• Broadcasting a live service of Choral Evensong on Radio 3 before Easter. The choir sang the Howells St Pauls setting and the anthem ‘In Exile’ by Herbert Sumsion.
• Singing for the Archbishop of Canterbury. Both the boy’s and the girl’s choir sang together for the main Eucharist service. The setting was ‘Missa Bell’ Amfitrit’ Altera’ by Orlande de Lassus.
• The choir led the singing at the city’s Remembrance Day parade. Bristol has the largest ceremony outside London and this was the first time the choir and Cathedral had been involved in the procession.
• The choir also provided a musical accompaniment for the lighting up of the Christmas lights at Cabot Circus (major retail area) in December.
These activities help the choristers to stretch themselves and grow in confidence when they see what they can achieve, both individually and as part of a team. Being involved in high profile events can also help raise their sense of aspiration, and gives them the opportunity to give back to the community. We also hosted Royal School of Church Music course during August for new organ scholars.
The Cathedral was also fortunate to host a number of visiting choirs during 2014, who sang when our own choir was away or on holiday. Highlights included; school choirs as well as, the Chandos choir and two American choirs from Michigan and Portland, and choirs from other local parishes.
Proclamation
Part of our role as a Cathedral is to reach out to the many communities who are part of this city and to find new ways to help people engage with the idea of faith and the story of Jesus. The main ways that we do this are through our pastoral work with visitors, our education programme, teaching and public lectures, and art exhibitions. Some highlights from each area are set out below.
10 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Pastoral and teaching work Part of the way we reach out to people is by spending time with people who come to the Cathedral and are troubled or struggling, or just need to talk. Our clergy, Day Chaplains, Mother’s Union welcomers and staff all spend time listening to those in need, offering prayer and encouragement where they can. Some of our volunteers also provide prayer support to people during the Sunday service. Whether it’s giving a bowl of soup to someone who is hungry, or lighting a candle and saying a prayer for people in need, this is an important and crucial part of our work. We hope people feel less alone in their difficulties, and loved and accepted. We provide free booklets on the life of Jesus so that people can explore the faith further following their visit. We also place a strong emphasis on preaching the gospel and teaching the faith at our regular services. The Cathedral has a good reputation for the quality of its preaching, from our Dean, Residentiary Canons, and visiting speakers. Visiting preachers in 2014 included the Dean of Peterhouse, and former Sub-Dean of Southwark.
Education During 2014 over 2,500 children attended our Big Draw and Candlemas days and enjoyed guided tours. We had several visits from foreign schools including France, Hungary, and Denmark. We recruited a new Education Officer, Frances Taylor, who began work in November 2014. The Dean and Chapter were very grateful to Mrs Margaret Bull who provided temporary cover during the year and helped us maintain our usual programme of activity. In 2015 Frances will be developing our offering further with a new Cathedral crafty day during half term and other activities.
Our education work helps children and young people to engage with Christianity as a faith, and the Cathedral itself as a community. In terms of outcomes we hope that the children will understand a little bit more about who we are and what we do, and will have the confidence to know that the Cathedral is a place they can come and enjoy.
Bristol Voices Our choral outreach programme also continued its work during the year. Three primary schools are visited each term by our choristers and they all perform together in a concert at the end of the term performing both classical and popular music. We also have a children’s choir that is open to everyone, which performs at our Carols by Candlelight service in December. The outreach programme helps us to promote the choral tradition and encourage children to engage with the faith and with the Cathedral.
Art During 2014 we hosted a number of art events including:
• The Senior Schools Art Exhibition , sponsored by the Savages, which gives local secondary schools the opportunity to showcase the talent and work of their pupils. The standard of entries was high in 2014 and the exhibition was well received.
• The launch of our World War I project, ‘We Have Our Lives’ . Our project was launched by the Lord Lieutenant after a special service of Choral Evensong on Armistice Day attended by representatives from the forces. The programme, which is funded by the Heritage Lottery Fund, includes an interactive exhibition which commemorates a local casualty for each month of the conflict, who is remembered at a Requiem Eucharist on the last Friday of each month. Local people can add the names and stories of their own families. We have also made links with local schools, who have
11 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
provided some of their class work for display, and have a display of WWI objects from local organisations. The project will run through to 2018 and will include a programme of art and other events at key milestones, such as the Somme in 2016. We have been part of the Bristol 2014 partnership which has been coordinating WWI commemorations across the city.
• Filming for the acclaimed BBC TV production of Hilary Mantel’s novel ‘Wolf Hall’. We were delighted to be part of this series which featured the nave, the Eastern and Elder Lady Chapels, the Chapter House and Cloister, as various settings in the book. There was a large amount of positive national press coverage following the series which had been beneficial. We have developed a Wolf Hall trail so that visitors can follow where the filming took place. The Cathedral and College Green continued to be a popular filming location for students, amateurs and professionals, and local arts groups use the Cathedral for sketching practice.
• We also hosted a fashion show for local retailer Harvey Nicholls, which bought in a different audience to the Cathedral.
Our art programme can work for people at different levels. For some it will give them an opportunity to explore specific ideas and concepts around faith, or the gentler experience of enjoying beauty in a sacred space. For others the beauty of the work gives an experience of transcendence and heightens a sense of spirituality. Art in this context is about giving people the freedom and opportunity to explore the work in the Cathedral space. We do not charge for these events, so they are open to all.
Teaching and public lectures • Annual theology lecture – in 2014 our annual lecture explored green themes with well-known speaker Professor Tim Gorringe from the University of Exeter.
• Lent course - Our popular lectures explored the themes of the seven deadly sins through the work of artists and writers.
Concert programme During 2014 we continued to host a number of concerts, including a regular series of lunchtime recitals and chamber events in the Chapter House, as well as larger scale events in the Nave. We believe it is important to host concert events, as they are a good way of encouraging people who might not usually come in to enjoy the Cathedral and what it can offer. The therapeutic benefit of live music is well understood; like art it can comfort and soothe the soul and, through sacred works particularly, help people to explore their ideas and understanding of God and the faith. Highlights included the London Concertante Concert and the High Sheriff’s annual concert.
12 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Building a sustainable community
Cathedral community The Cathedral community continue to be supportive of our work and find ways to support our outreach and social justice activities. Volunteers have been running monthly community lunches and Lent lunches which have raised a substantial amount of money for Christian Aid. The Open Fellowship and Forum groups continue to provide a space for people to explore their ideas and experience of faith.
We continue to hold regular community meetings so that we can engage the congregation in our planning and decision making. Our current and planned fabric projects have taken account of the feedback we have received from our regular congregation.
Volunteers Like all Cathedrals we rely heavily on our volunteer community – without them we could not deliver our vision and mission. We have a diverse group of approximately 200 volunteers. The main areas they cover are:
• Gardening – our gardeners look after the Cathedral graveyard and garden, and have won awards from Bristol in Bloom for their work.
• Stewarding – we rely on stewards to welcome people to services and to guide and direct people through the liturgy and at concerts and other events. Our team have helped over 25,000 people who have attended our services.
• Guides – our guides provide tours for visitors from many different countries. Some of them also support our education work by showing the building to school groups.
• Happy Hippos – we have a dedicated team who look after the younger members of our congregation in the Cathedral’s Sunday School.
• Sewing – we have a team who help look after all of our vestments and robes for the choir.
• Serving – our servers provide support to the Clergy during services and include younger people who want to be engaged with the Cathedral.
• Shop – our volunteers continue to play a significant role in the commercial success of the shop.
• Cleaning – our duster team helps the Vergers to manage the complex task of keeping the Cathedral well presented.
• Flower arranging – our flower arranging team continue to enhance the Cathedral for all our major festivals and services.
• Bellringing – our ringing team support all our major festivals and events and ring special peals for particular occasions.
13 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Justice and peace
In our work on justice and peace we work closely with a number of local partners on a range of social and economic issues.
• Food poverty – during 2014 we have continued our work with the 5k partnership. We have continued to act as a donation point for food and to highlight food poverty issues during the year.
• Human trafficking – during 2014 we have continued to work with the city’s anti-slavery partnership. In particular we worked with Soroptimist International, Unseen, and Stop the Traffic to draw attention to trafficking issues by hosting a ‘Gift box’ on College Green. Bishop Mike came and opened the box which provided information and advice on trafficking issues. In 2015 we are working with ASP on a joint event on for Slavery Sunday.
• Fairtrade – during 2014 we became a member of the Bristol Fairtrade Network and signed up for the Bristol Pound.
• Green capital – during 2015 Bristol will be the Green capital. As part of our efforts to increase our work in this area we became a member of the Ecosouthwest churches group, have published a statement about our approach to faith and sustainability on the website, and have begun preparations to promote the 2015 Lent Challenge to reduce water use.
• Christian Aid – we have also been in conversation with Christian Aid about ways we can promote their work. In 2015 hosted the iWitness exhibition about Haiti and are promoting Christian Aid Week, and our Diocesan link with Uganda, in May.
Corporate development and delivery
We made substantive progress in 2014 and completed a number of significant projects which will improve the way the Cathedral is managed and delivers its work. These included:
• Human resources and staff changes – we had a number of significant in-year staff changes during 2014. Inductions were arranged for each new member of staff tailored to their role.
- Rev Nicola Stanley, was formally installed as our new Canon Precentor in March 2014.
- Naomi Miller started as the Bristol Cathedral Trust Development Director in January 2014.
- Frances Taylor started as the new Education Officer in November 2014.
- Roger Dubois was promoted to Deputy Head Verger.
14 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
• Health and safety – during 2014 we make progress on a number of issues. The Gatehouse fire protection improvement programme signed off and delivered in February 2015. It included a substantial programme of works to improve fire safety in the Gatehouse and better escape access for staff in the event of a fire. The 2012 H&S audit plan has now been delivered. In 2014 the health and safety policy was also reviewed and revised. In 2015 there will be security review and ICT improvements to support business continuity and disaster recovery. New risk and COSHH assessments will be rolled out to staff and volunteers. We will also provide staff training by the Lamplugh Trust on dealing with violent/abusive situations in June.
• Safeguarding – during 2014 the safeguarding policy was reviewed and revised, in concert with the Diocesan Safeguarding Advisor. The DBS checking system has also been improved and is now an on-line, rather than paper based, system. In March 2015 the Chapter Clerk completed advanced allegation training.
• Data protection – in 2014 two staff undertook data protection training. In 2015 a new single database for the Cathedral will be purchased and a data cleansing/preference exercise will take place.
Fabric matters Positive progress was also made on fabric matters in 2014. The main projects delivered were:
• Eastern Lady Chapel and Chapter House floor repairs – a major programme of floor work was completed in the spring to remove trip hazards and stop subsidence. It included archaeological investigations of two areas of floor which were fully recorded and written up by the Cathedral Archaeologist. The grave of a nineteenth century Dean was rediscovered as part of the process.
• Residential repairs – a major programme of repairs on the two clergy properties in Salisbury Road, including major roof works, external and internal redecoration. In 2015 there will be some work completed at the Deanery.
• Plaster panels – the panels have been sent to Cliveden Conservation for the work on cleaning and restoration. They will be returned to the Cathedral in 2015.
• ICT upgrade – some additional cabling was laid so that telephones and additional ICT stations can be provided in the Cathedral’s meeting rooms.
• Victoria Court flat – Chapter also agreed in 2014 that the Victoria Court flat should be sold and the proceeds invested. The sale was completed in April 2015.
Progress was also made on the development of our new projects in 2014, including:
• Toilet refurbishment – the improvement project for the toilets and hot water facilities will be delivered in summer of 2015.
• Heating scheme – the heating review report was signed off by Chapter and the Fabric Advisory Committee in the autumn and was sent to the Cathedral Fabric Commission for England for advice. Their reply was broadly positive. They welcomed the work done so far, but we need to wait for new
15 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
guidance on underfloor schemes which will be published early next year before seeking formal permission for our plans. We also successfully bid for funding to deliver phases 2 and 3 of the heating scheme; boiler replacement and draught exclusion improvements. The specifications are being developed and the projects will be delivered in the summer of 2015.
• Organ restoration – the Chapter Clerk and Director of Music held a number of meetings with organ restoration companies to get advice about the various approaches that could be taken to the organ restoration programme. The results will be discussed with the Cathedral’s expert consultant and a final recommendation made to Chapter in 2015.
Evaluation and outcomes
The outcomes of our work have an impact on individuals, on members of the Cathedral community and on the wider community within the city, and it is important that we monitor those outcomes effectively, so that we know what works well and also what we can improve. Some aspects of the spiritual journey are private and hard to articulate, but there are aspects which we can monitor and track over time. Since 2007 we have been monitoring a number of performance indicators, which has helped us to assess trends over time and track our performance. We monitor the numbers of worshippers, and the figures for 2014 are positive, as they show that the average Sunday attendances are above the five-year average.
We also monitor the compliments and complaints we receive from the congregation and visitors. We have listened to the concerns people raise, which is why we are looking at practical issues like improving the heating and toilet facilities. During 2014 we had positive feedback from a number of users. The main outcomes from 2014 have been:
• More people engaging with God through worship . As numbers grow there is a real sense of mounting confidence and greater engagement. The Archbishop’s visit and other occasions enabled us to welcome new people into the Cathedral. • Deeper relationships with local partners. We have developed new links with new groups. • Personal development for clergy. Our work on ministerial development review helps clergy to reflect on their ministry and work, and encourages personal development. • Engagement in our patronage parishes. We have been part of the recruitment teams for clergy in our patronage parishes (those parishes where the Cathedral has a right to appoint), and developed contacts and a programme of visits. • People have been comforted, helped and supported through pastoral support and the occasional offices, which includes confession, and prayer for healing. Our Clergy, Day Chaplains and Welcomers all play a key role. • Helping struggling families through our work on food poverty. • Choir development. The choir continues to develop and improve thanks to the additional investment we have encouraged through one-to-one tuition and other measures. • More children engaging with the faith and story of Jesus through our Big Draw days and other events.
16 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Financial review
Financial outturn The accounts to December 2014 show a surplus of £195k. This figure is inflated by the inclusion of a grant of £184k from the First World War Centenary Cathedral Repairs Fund. This will be utilised in 2015 to make the Cathedral warmer by replacing and upgrading the boiler and improving draught exclusion measures. When the grant funding is removed the net surplus was £11k. The Dean and Chapter would have reported a deficit, due to building works on the clergy housing, but the costs were offset by an increase in the unrealised gains on our investment portfolio.
This continues the positive performance of the last 2 years with a large surplus being recorded in 2013 (£118k) and a smaller one in 2012 (£20k). Income from charges, fees and investments was stronger than expected and included fees for filming and one-off events. We continued to receive rental income from Bristol Cathedral Choir School and event fees from the University of the West of England.
In 2014 the amount of regular giving that was Gift Aided dropped. Regular giving added over £77k to the Cathedral’s income in the year under review plus Gift Aid recovered of just under £11k. Voluntary income 2 represents 16% of our income. The arrangements for voluntary giving will be reviewed in 2015 and new actions considered to help increase the levels of Gift Aid.
During the year, and given the positive performance of the local housing market, the Dean and Chapter reviewed the properties held and decided that the flat in Victoria Court, Cotham, which had been originally provided for the sub-organist was surplus to requirement and could be sold. An offer was received and accepted before Christmas, and the sale was completed in April 2015.
Investment performance CCLA Investment Management Ltd is responsible for managing the Dean and Chapter’s equity, fixed interest and property investments. The portfolio is kept under regular review by the Dean and Chapter and the Finance Advisory Committee which provides expert oversight and advice. Despite the financial uncertainties in the Euro-zone and a period of low growth in the UK the portfolio has performed well. CCLA have generally out-performed their comparator benchmarks and the overall value has increased by £73.3k from £1.2m to £1.27m. The investment portfolio yielded a total annual income return of approximately 4.0%.
Bristol Cathedral Trust In 2014, Bristol Cathedral Trust made grants totalling £22k to the Chapter. Of these, £8k went towards defraying costs incurred in maintaining the music tradition at the Cathedral and £500 was received towards education works. Grants amounting to £6k were received towards signage and customer experience and £5k towards fabric work. The two staff in the Trust office are employees of the Chapter, but their salaries are met entirely by Bristol Cathedral Trust. Bristol Cathedral Trust also contributed £2.5k towards the costs of running the Cathedral administrative offices.
2 Voluntary income includes planned giving, gift aid and one-off donations and legacies.
17 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Bristol Cathedral Enterprises Ltd (BCE) BCE is the trading arm of Bristol Cathedral and consists of the café and the shop. The accounts for BCE are prepared separately to this report and are submitted to Companies House 3, but the figures are then consolidated into the Dean and Chapter report. The outturn for 2014 was a loss of £4k.
In 2013 we entered into a formal partnership arrangement with Aslan Christian Books (part of A Great Read Ltd) with the aim of improving the shop’s commercial competitiveness. The Cathedral remains responsible for the physical fabric of the shop, including the fixtures and fittings, but Aslan are now responsible for the stock and the management arrangements. They provide the managers for the shop, but the Cathedral volunteers provide the staff capacity. BCE receives a monthly rental for the use of the shop space and receives a commission on net sales above £3k (5%), rising to £10k (10%). The 2014 sales figures were very encouraging, and were approximately double the figures for the previous two years. We are continuing to have discussions with Aslan about further ways to improve sales in 2015.
The café performed better in 2014 as well, partly due to a good summer. The sales figures were up on 2013 and performance is significantly above the five year average. During 2014 we began a commercial review of the café and are planning a re-vamp project which will include new menus and longer opening hours to maximise returns. The project will be delivered in 2016.
Presentation of accounts The Report and Financial Statements in the following pages are prepared in the form prescribed in the guidelines on English Anglican Cathedral Accounts, published in November 2006. These have been specified by the Church Commissioners under Section 27 of the Cathedrals Measure 1999 as a standard for Cathedral accounts.
Under the guidelines the financial activities of the Cathedral must be divided into movements on unrestricted funds, restricted funds and endowment funds. Unrestricted funds are those free of any condition as to their use.
Restricted funds (note 17) cover monies received or held by the Chapter for particular purposes at the request of donors or by the terms of an appeal. All the monies so received may be expended within the defined purposes by the Chapter. That activity will also be reflected in general revenue expenditure through the unrestricted funds.
The use of the Fabric Fund is described in note 1, Accounting Policies.
The Endowment Fund (note 16) represents capital monies from which only the income is available to the Chapter.
3 Copies of the accounts are available upon request to [email protected]
18 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Investment policy The policy objective for 2014 was to maintain a diversified and ethically invested portfolio that provided sufficient income to support the Cathedral’s operational budget, while still allowing for long-term capital growth. This was achieved with an investment portfolio in the ratio 63% in the CBF Investment Fund, 20% in the CBF Property Fund, 9% in the CBF Global Equity Fund 4% in the CBF Fixed Interest Fund and 4% in the CBF UK Equity Fund. This remains under regular review, in consultation with CCLA Investment Management Ltd.
Reserves policy Reserves are needed to allow the Cathedral to be managed efficiently and to avoid any interruption in activities, as well as to cover exceptional repair and other items. The Chapter considers that an appropriate level of unrestricted reserves in the short term at 31 December 2014 would be at least £500,000. This is based on an estimate of ongoing expenditure commitments over a two year period. The actual level of those reserves at 31 December 2014 was £494,973. In the calculation, Cathedral housing and property at £2,853,663 have been excluded. Investment performance is closely monitored and the impact on reserves is regularly reviewed.
Investment property The Cathedral has no investment property, as all the houses it owns are occupied by clergy or lay staff for the more efficient performance of duties. Portions of the historic precincts are also let to Bristol Cathedral Choir School.
Total returns on investments See above under Investment Performance and notes 6 and 7.
Note - The various connected entities of the Cathedral are set out in Annex B.
Plans for the future
During 2014 we finalised our strategy for the next 10 years. Its primary focus is invitation and welcome and it seeks to make the Cathedral a place where people can explore their place in the community. We want to reach out to our neighbours, including the students who are now living in the city centre, and increase our efforts with young people and families. The strategy also includes an ambitious programme of projects which will make the Cathedral a more welcoming and comfortable place to visit. By the end of the plan period we want to have improved all the Cathedral’s core facilities. Our plans include; a new heating scheme, a re-landscaped west end precinct, and an organ restoration programme. We have already won grant funding for parts of the programme and made progress in 2014 in developing the projects. Some phases of the work will be delivered in 2015 (see page 16 for more detail). In 2015 Bristol will be the EU Green Capital and we will be working closely with Green Capital partners on a range of events to promote the faith and sustainability agenda.
………………………………. …………………… Acting Dean Date
19 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Annex A: Chapter responsibilities
Dean of Bristol
- Responsible for the leadership of the Cathedral community and the Chapter - Responsible for the development of worship and mission. - Responsible for overseeing the management and administration of the Cathedral budget, fabric and all matters relating to repair and maintenance. - Responsible for fulfilling clerical duties relating to services and events. - Responsible for line managing the Verger team, the Chapter Clerk, the Executive Assistant, and acting as a Director of Bristol Cathedral Enterprises. - Member of the Diocesan Board of Education and School Governor at Bristol Cathedral Choir School Canon Precentor and Vice -Dean
- Responsible for the development of the musical and liturgical life of the Cathedral and managing the delivery of services and events. - Responsible for managing the recruitment and development of the choir (lay clerks, choral scholars and choristers) and choir outreach programmes. - Responsible for fulfilling clerical duties relating to services and events. - Responsible for line managing the Master of the Choristers, the Assistant Organist and the Music Administrator. - Governor at Bristol Cathedral Choir school. Member of the Choral Foundation. Canon Pastor
- Responsible for developing and managing the pastoral and education work of the Cathedral. - Responsible for fulfilling clerical duties relating to services and events. - Responsible for developing and managing the volunteer community. - Responsible for line managing the Education Officer. City Canon - up to Feb 2014
- Responsible for fulfilling clerical duties relating to services and events. - Responsible for managing work related to the justice and peace agenda. - Responsible for relationships with city networks, multi-faith affairs and Churches for work and social justice Canon Treasurer (lay)
- Responsible for overseeing the development of the Cathedral’s financial strategy and budget. - Providing advice and guidance on financial and investment matters. - Acting as a Director of Bristol Cathedral Enterprises. Keeper of the Fabric (lay)
- Responsible for overseeing the management of the Cathedral fabric and its precincts including College Green, the Gatehouse, and the buildings of the Bristol Cathedral Choir School. - Providing advice and guidance to the Fabric Advisory Committee. Lay canon (exhibitions) – up to Nov 2014
- Responsible for providing general advice and support to Chapter. - Managing the delivery of art exhibitions within the Cathedral. Chapter Clerk (ex -officio)
- Secretary to Chapter and responsible for managing strategic planning, budgeting and performance reporting. Secretary to the Fabric and Finance advisory committees, Cathedral Council and College of Canons. - Responsible for developing a schedule of work for all fabric matters, delivering repairs and maintenance projects. - Responsible for HR, health and safety, child protection, and ICT. - Responsible for Bristol Cathedral Enterprises (BCE) and the management of the Cathedral shop and coffee shop - Responsible for the delivery of events. - Line management responsibility for the Finance Team and the BCE staff. - Director of Bristol Cathedral Enterprises.
20 The Cathedral Church of the Holy and Undivided Trinity in Bristol ANNUAL REPORT (continued) for the year ended 31 December 2014
Annex B: Connected entities
Bristol Cathedral Enterprises Limited is wholly owned by the body corporate of the Cathedral and its activities are therefore consolidated into the financial statement of the Cathedral. The company operates the shop, the coffee shop and catering activities, and certain other trading activities of the Cathedral. The accounts of the company are also prepared separately and submitted to Companies House.
Bristol Cathedral Concerts (a limited company and a registered charity) contributes to the work of the Cathedral through its promotion of a variety of concerts and other musical events. It is legally independent of the Cathedral.
Bristol Cathedral Trust (a registered charity) is independent of the Chapter, although of course working closely in consultation, and its accounts are published separately. The Chapter acknowledges its gratitude to the Trust for the financial contribution and all the other support which it gives.
The Friends of Bristol Cathedral (a registered charity) is also an independent organisation publishing its own accounts, and we are similarly indebted to them for their consistent and generous commitment to projects that beautify the Cathedral or enhance its facilities.
The Bristol Cathedral Choral Foundation (a registered charity) provides financial incentives for the choristers; the accounts of the Foundation are published separately.
Bristol Cathedral Choir School is the successor to Bristol Cathedral School and operates as an Academy under a funding agreement with the Department of Education (formerly DCSF). It is legally independent of the Chapter, though the Dean is ex-officio a governor, and the Chapter appoints five further governors, amongst whom the Canon Pastor currently serves. Its report and accounts are published separately. Please note – the predecessor body, Bristol Cathedral School , continues to act as a residual entity and hold property occupied by the school. It continues to publish its own report and accounts with the Charity Commission.
The Chapter notes the contribution of all these bodies and it records its gratitude for the ways in which they enrich the life of the Cathedral.
21 The Cathedral Church of the Holy and Undivided Trinity in Bristol INDEPENDENT AUDITOR’S REPORT TO THE ADMINISTRATIVE BODY OF THE CATHEDRAL for the year ended 31 December 2014
We have audited the financial statements for the year ended 31 December 2014 which comprise the consolidated statement of financial activities, the consolidated balance sheet and the cathedral balance sheet and the relevant notes on pages 23-38, which have been prepared on the basis of the accounting policies set out on pages 26-27. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Cathedral’s Administrative Body. Our audit work has been undertaken so that we might state to the Administrative Body those matters we are required to state to them in an auditor's 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 Administrative Body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of the Administrative Body and auditor As explained more fully in the Statement of Responsibilities of the Administrative Body on page 5, the Administrative Body is responsible for the preparation of financial statements which give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the group’s and cathedral’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Administrative Body; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Administrative Body’s Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements In our opinion the financial statements: • give a true and fair view of the state of the group’s and cathedral’s affairs as at 31 December 2014 and of its incoming resources and application of resources, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice • have been properly prepared in accordance with the provisions of the Accounting and Reporting Regulations for English Anglican Cathedrals issued in November 2006 and specified by the Church Commissioners under the powers given to them by the Cathedrals Measure 1999.
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the applicable law requires us to report to you if, in our opinion: • the information given in the Administrative Body’s Annual Report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit.
Joseph Scaife FCA BISHOP FLEMING LLP Chartered Accountants and Registered Auditors 16 Queen Square Bristol BS1 4NT
Date:
22 The Cathedral Church of the Holy and Undivided Trinity in Bristol CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2014
Notes Unrestricted Restricted Endowment 2014 2013 £ £ £ £ £ Incoming resources 2
(i) Voluntary income 176,581 12,671 - 189,252 226,436 (ii) Grants receivable 771 506,947 - 507,718 396,301 (iii) Charges and fees arising in the course of the mission 112,982 - - 112,982 103,259 (iv) Income from activities generating funds 71,650 - - 71,650 69,285 (v) Income from property and investments 206,107 97,214 158 303,479 285,834 (vi) Other income 2,325 - - 2,325 315 ______
Total incoming resources 570,416 616,832 158 1,187,406 1,081,430
Costs of generating funds 3 (70,125) - - (70,125) (89,058) ______Net incoming resources available for mission 500,291 616,832 158 1,117,281 992,372 ______
Resources expended on mission 4 (i) Ministry (278,452) (284,978) - (563,430) (459,839) (ii) Cathedral and precincts upkeep (219,889) (129,485) - (349,374) (392,668) (iii) Education and outreach (52,812) (500) - (53,312) (50,839) (iv) Community - (5,553) - (5,553) (49,491) ______
Total resources expended on mission (551,153) (420,516) - (971,669) (952,837) ______
Governance costs (23,889) - - (23,889) (19,569) ______Total resources expended on generating funds, mission and governance (645,167) (420,516) - (1,065,683) (1,061,464) ______
Net (outgoing)/incoming resources (74,751) 196,316 158 121,723 19,966
Gains / (losses) on revaluations and disposals of investments Unrealised 6 18,137 54,941 211 73,289 98,577
Gross transfers between funds 30,479 (30,479) - - - ______
Net increase / (decrease) in funds (26,135) 220,778 369 195,012 118,543
Funds brought forward 3,374,771 981,920 3,655 4,360,346 4,241,803 ______
Funds carried forward 3,348,636 1,202,698 4,024 4,555,358 4,360,346 ______
23 The Cathedral Church of the Holy and Undivided Trinity in Bristol CONSOLIDATED BALANCE SHEET as at 31 December 2014
Total Total Notes Unrestricted Restricted Endowment 2014 2013 £ £ £ £ £ Fixed assets Investment assets Investments 7 257,973 1,006,380 4,024 1,268,377 1,195,088 ______
Non investment assets Non-investment property 8 2,862,794 - - 2,862,794 2,862,794 Equipment, fixtures and fittings 9 79,347 - - 79,347 88,918 ______
2,942,141 - - 2,942,141 2,951,712 ______
Total fixed assets 3,200,114 1,006,380 4,024 4,210,518 4,146,800
Current assets Stocks 1,638 - - 1,638 1,692 Debtors 10 74,078 194,958 - 269,036 146,318 Cash at bank and in hand 193,024 1,360 - 194,384 209,368 ______
268,740 196,318 - 465,058 357,378 Liabilities due within one year Creditors 11 (120,218) - - (120,218) (143,832) ______
Net current assets 148,522 196,318 - 344,840 213,546
______
Net assets 3,348,636 1,202,698 4,024 4,555,358 4,360,346 ______
Funds Endowment 16 - - 4,024 4,024 3,655 Restricted 17 - 1,202,698 - 1,202,698 981,920 Unrestricted General Fund 3,348,636 - - 3,348,636 3,374,771 ______
3,348,636 1,202,698 4,024 4,555,358 4,360,346 ______
The accounts set out on pages 26 to 38 were approved by the Administrative Body on …………………
……………………………………………. ……………………………………………. Acting Dean Canon Treasurer
24 The Cathedral Church of the Holy and Undivided Trinity in Bristol CATHEDRAL BALANCE SHEET as at 31 December 2014
Total Total Notes Unrestricted Restricted Endowment 2014 2013 £ £ £ £ £ Fixed assets Investment assets Investments 7 257,973 1,006,380 4,024 1,268,377 1,195,088 Investment in subsidiary 7,309 - - 7,309 13,351 ______
265,282 1,006,380 4,024 1,275,685 1,208,439 ______
Non investment assets Non investment property 8 2,862,794 - - 2,862,794 2,862,794 Equipment, fixtures and fittings 9 78,248 - - 78,248 86,394 ______
2,941,042 - - 2,941,042 2,949,188 ______
Total fixed assets 3,206,324 1,006,380 4,024 4,216,728 4,157,627
Current assets Stocks 547 - - 547 547 Debtors 10 90,648 194,958 - 285,606 173,910 Cash at bank and in hand 191,801 1,360 - 193,161 195,640 ______
282,996 196,318 - 479,314 370,097 Liabilities due within one year Creditors 11 (115,611) - - (115,611) (140,743) ______
Net current assets 167,385 196,318 - 363,703 229,354
______
Net assets 3,373,709 1,202,698 4,024 4,580,431 4,386,981 ______
Funds Endowment 16 - - 4,024 4,024 3,655 Restricted 17 - 1,202,698 - 1,202,698 981,920 Unrestricted General Fund 3,373,709 - - 3,373,709 3,401,406 ______
3,373,709 1,202,698 4,024 4,580,431 4,386,981 ______
The accounts set out on pages 26 to 38 were approved by the Administrative Body on …………………
……………………………………………. ……………………………………………. Acting Dean Canon Treasurer
25 The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS for the year ended 31 December 2014
1. ACCOUNTING POLICIES
Basis of Accounting The accounts are prepared in accordance with applicable accounting standards and under the historical cost basis of accounting as modified by the revaluation of certain fixed assets, and in accordance with the Guidelines on Accounting and Reporting by English Anglican Cathedrals (“the 2006 guidelines”) prescribed by the Church Commissioners under s.27 of the Cathedrals Measure 1999 and published in November 2006.
Heritage assets Following the adoption of the 2006 guidelines, the Cathedral and its ancillary buildings are classified as heritage assets and are therefore excluded from the balance sheet. Heritage assets previously capitalised were excluded from the balance sheet and were written off in the statement of financial activities, after total funds brought forward, in accordance with section 7.2.6 of the 2006 guidelines.
Basis of consolidation The consolidated financial statements include the Cathedral and its subsidiary, Bristol Cathedral Enterprises Limited. Intra-group income and expenditure are eliminated fully on consolidation. The activities of Bristol Cathedral Trust, The Friends of Bristol Cathedral, The Bristol Cathedral Choral Foundation, Bristol Cathedral School and Bristol Cathedral Choir School have not been consolidated because the Cathedral does not control those activities.
Depreciation Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual value, on a straight line basis over the expected useful economic life of the asset concerned. Depreciation is calculated at the following rates:
Equipment, fixtures and fittings Over 3-10 years
Freehold property included in fixed assets is maintained, as a matter of Cathedral policy, by way of a programme of repair and refurbishment such that the residual value of the property is at least equal to its book value. Therefore, the Chapter considers the value of depreciation of the freehold property to be immaterial and no charge has been made.
Non Investment properties Assets defined as non investment properties within the 2006 guidelines should be included at a valuation. The Chapter believe that revaluation of the property used by Bristol Cathedral Choir School would not be practical and the Cathedral would not benefit from revaluation. As a result, this is a departure from the 2006 guidelines.
Capitalisation of Fixed Assets All fixed assets over £5,000 purchased or received by way of gift (other than heritage assets) are capitalised and shown in the balance sheet.
Investments Investments are shown in the balance sheet at market value. Any realised or unrealised gains are allocated to the relevant fund and shown in the Statement of Financial Activities.
Pension Costs The Cathedral makes contributions to a defined contribution scheme in respect of some of its staff. The assets of the schemes are held separately from those of the Cathedral in independently administered funds. The amounts charged against income represent contributions payable to the schemes by the Cathedral in respect of the accounting period.
26 The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS (continued) for the year ended 31 December 2014
1. ACCOUNTING POLICIES (continued)
Grants, Donations and Legacies Grants, donations and legacies subject to restrictions are credited to the appropriate fund when they are received or become receivable. Restricted amounts received in respect of the purchase of a depreciated fixed asset are credited to the Statement of Financial Activities and an amount debited to the restricted fund each year in respect of the depreciation of the asset.
Third party receipts and payments Where amounts are payable on behalf of the cathedral by third parties then these are shown under both income and expenditure.
Stock Stock is stated at the lower of cost and net realisable value.
Operating Leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Funds The Cathedral funds are analysed into three different categories as follows:
Unrestricted funds are expendable at the discretion of the Chapter in furtherance of the Ministry of the Cathedral.
Restricted funds are funds subject to a specific purpose within the objects of the Cathedral. The related expenditure of these funds is charged to these funds.
The largest restricted fund is the Cathedral’s Fabric Fund. The Fabric Fund is held for the purpose of defraying the costs of maintaining or enhancing the Cathedral fabric, including professional fees and insurance.
Included in restricted funds are capital amortization funds. These include grants received and spent on the purchase of fixed assets. These funds are being amortized in line with the depreciation of the relevant fixed asset. The balance on these funds does not represent unspent funds. In accordance with the 2006 guidelines, grants for inventory items are no longer to be amortised and so the balance relating to them has been written out.
Endowment funds are funds where the Cathedral has no power to convert the capital into income but can apply income derived from the funds for the general purposes of the Cathedral.
Allocation of support costs All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as detailed in note 4.
27 The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS (continued) for the year ended 31 December 2014
2. INCOMING RESOURCES ------Fund------Unrestr- Restr- Endow- 2014 2013 icted icted ment Total Total £ £ £ £ £ (i) Voluntary income Regular giving – gift aided 42,332 - - 42,332 51,378 Regular giving – not gift aided 34,848 - - 34,848 20,412 Donations – gift aided 3,054 - - 3,054 4,405 Donations – not gift aided 85,000 9,371 - 94,371 69,197 Gift Aid 11,347 - - 11,347 13,945 Legacies - 3,300 - 3,300 67,099 ______
176,581 12,671 - 189,252 226,436 ______
(ii) Grants receivable Church commissioners - 278,045 - 278,045 258,035 Other revenue and capital gains 771 190,200 - 190,971 22,960 Income from Friends and local trusts - 38,702 - 38,702 115,305 ______
771 506,947 - 507,718 396,301 ______
(iii) Charges and fees arising in the course of mission Hire and facility fees 112,982 - - 112,982 103,259 ______
(iv) Income from activities generating funds Gross income of shop, refectory and other activities 71,650 - - 71,650 69,285 ______
(v) Income from property and investments Property income 192,082 56,058 - 248,140 226,515 Investment income 14,025 41,156 158 55,339 59,319 ______
206,107 97,214 158 303,479 285,834 ______
(vi) Other income Other 2,325 - - 2,325 315 ______
Total incoming resources 570,416 616,832 158 1,187,406 1,081,430 ______
28 The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
3. COSTS OF GENERATING FUNDS ------Fund------Unrestr- Restr- Endow- 2014 2013 icted icted ment Total Total £ £ £ £ £
Gross costs of shop, refectory and other activities 70,125 - - 70,125 89,058 ______
4. EXPENDITURE ON MISSION
(i) Ministry Clergy stipends and working expenses - 115,633 - 115,633 104,140 Clergy housing costs 78,824 - - 78,824 14,905 Clergy support costs 1,817 - - 1,817 2,164 Services, music and congregational costs 65,127 169,345 - 234,472 227,134 Administrative services 132,684 - - 132,684 111,496 ______
278,452 284,978 - 563,430 459,839 ______
(ii) Cathedral upkeep Maintenance and fabric projects 61,624 37,290 - 98,914 99,204 Cathedral insurance 27,096 - - 27,096 26,602 Heat, light and water 36,928 - - 36,928 54,303 Vergers 30,399 89,019 - 119,418 156,135 Depreciation - 676 - 676 676 Administrative services 63,842 2,500 - 66,342 55,748 ______
219,889 129,485 - 349,374 392,668 ______
(iii) Education and outreach Educational activities 20,866 500 - 21,366 20,674 Charitable 4,256 - - 4,256 3,659 Administrative services 27,690 - - 27,690 26,506 ______
52,812 500 - 53,312 50,839 ______
(iv) Community Communications - 5,553 - 5,553 49,491 ______
- 5,553 - 5,553 49,491 ______
29
The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
5. AUDITORS’ REMUNERATION 2014 2013 The auditors’ remuneration (excluding VAT) was as follows: £ £ Bristol Cathedral 6,985 7,493 Bristol Cathedral Enterprises Ltd 3,275 3,225 ______
6. INVESTMENT INCOME AND GAINS/LOSSES
Equity / Fixed Investment Property Interest 2014 2013 Interest Funds Fund Shares Total Total £ £ £ £ £
Investment income receivable 38,007 15,593 1,739 55,339 59,319 ______
38,007 15,593 1,739 55,339 59,319 ______
Unrealised gains/(losses) 42,381 27,634 3,274 73,289 98,577 ______
42,381 27,634 3,274 73,289 98,577 ______
Total income and gains/(losses) 80,388 43,227 5,013 128,628 157,896 ______
7. FIXED ASSETS – INVESTMENTS AT MARKET VALUE GROUP AND CATHEDRAL
CBF CBF CBF UK CBF Fixed CBF Global Equity Property Interest Investment Equity Fund Fund Fund Fund Fund Total £ £ £ £ £ £
Balance b/f 50,169 222,478 40,582 76 7,438 114,42 1 1, 195 ,08 8
Unrealised gain/(loss) (1,07 6) 27,63 5 3,274 40,866 2,590 73,28 9 on revaluation
Balance c/f 49,09 3 250 ,11 3 43,856 808 ,30 4 117,011 1, 268 ,37 7
The portfolio is structured in the United Kingdom, except for the CBF Global Equity Fund and the CBF Investment Fund, where approximately 40% of the fund is held in overseas securities and approximately 4% is held in overseas fixed interest.
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The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
8. FIXED ASSETS – NON INVESTMENT PROPERTY GROUP AND CATHEDRAL For For Cathedral School Total Use Use £ £ £ AT COST OR VALUATION At 1 January 2014 2,853,663 9,131 2,862,794 Additions - - - Revaluation - - - Disposals - - - ______
At 31 December 2014 2,853,663 9,131 2,862,794 ______
DEPRECIATION At 1 January 2014 - - - Charge for the year - - - Disposals - - - ______
At 31 December 2014 - - - ______
NET BOOK VALUE At 31 December 2014 2,853,663 9,131 2,862,794 ______
At 31 December 2013 2,853,663 9,131 2,862,794 ______
The freehold property cost or valuation above represents the cost or valuation of acquiring various properties in Bristol and the cost of any improvements made to these properties.
The Cathedral owns five residential properties and during the year four of these properties were occupied by the Dean, two Commissioners’ Canon and the Head Verger. The fifth property was formerly occupied by the Assistant Organist and is now surplus to operational requirements and was sold in 2015 for £245,000. The gain will be shown in 2015 accounts. The values of these properties have been reviewed in the year by the Finance Manager, in the light of appropriate market information for properties of similar location and condition.
The Cathedral owns various land and buildings adjoining the Cathedral precincts that are used by Bristol Cathedral Choir School. The Cathedral does receive rental income from the school but due to the inherent difficulty in separating and valuing the different properties used by the school, this class of property is valued at cost.
The Cathedral shop and coffee shop are within the Cathedral precincts and have no separate insured value.
The office accommodation used by the Cathedral’s administrative staff is within the Cathedral precincts and has no separate insured value.
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The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
9. FIXED ASSETS – EQUIPMENT FIXTURES AND FITTINGS
CATHEDRAL GROUP Equipment, Equipment, Fixtures & Fixtures & Fittings Fittings £ £ AT COST At 1 January 2014 341,368 398,682 Additions during the period 16,290 16,290 Disposals and write offs (215,634) (263,821) ______
At 31 December 2014 142,024 151,151 ______DEPRECIATION At 1 January 2014 254,974 309,764 Charge for the period 24,436 25,861 Disposals (215,634) (263,821) ______
At 31 December 2014 63,776 71,804 ______NET BOOK VALUE At 31 December 2014 78,248 79,347 ______
At 31 December 2013 86,394 88,918 ______
10. DEBTORS CATHEDRAL GROUP 31 December 31 December 31 December 31 December 2014 2013 2014 2013 £ £ £ £
Trade debtors 45,216 63,303 28,337 35,353 Other debtors and prepayments 240,390 110,607 240,699 110,965 ______
285,606 173,910 269,036 146,318 ______
The increase in ‘Other debtors and prepayments’ is due to the inclusion of a grant of £184k from the First World War Centenary Cathedral Repairs Fund.
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The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
11. CREDITORS CATHEDRAL GROUP 31 December 31 December 31 December 31 December 2014 2013 2014 2013 £ £ £ £
Trade creditors 14,485 41,685 16,762 42,561 Taxation & Social Security 12,013 9,525 12,013 9,525 Other creditors 89,113 89,533 91,443 91,746 ______
115,611 140,743 120,218 143,832 ______
12. STAFF COSTS
Staff costs included in the expenditure of the Unrestricted Fund and the Church Commissioners Fund were as follows: Employers National Insurance Pension 2014 2013 Salaries Contributions Costs Total Total £ £ £ £ £
Clergy 82,093 7,312 26,227 115,632 104,140 Vergers 94,924 6,995 4,627 106,546 94,603 Services and Music 123,283 8,337 3,709 135,329 119,890 Administration 104,530 9,627 6,880 121,037 128,664 Trading Activities 36,056 1,987 1,712 39,755 46,262 Education 14,668 456 568 15,692 17,428 ______
455,554 34,714 43,723 533,991 510,987 ______
Restricted fund receipts included in other grants in note 2ii relate to the salaries of the Dean and the Residentiary Canons. The corresponding expenditure is described as clergy costs above.
The average number of persons, in total and full time equivalent employed during the year was as follows:
Full time equivalent Total
2014 2013 2014 2013
Clergy 3 3 3 3 Vergers 4 4 7 7 Music 3 3 20 20 Administration 2 2 4 4 Trading 1 1 3 3 Education - - 1 1 ______
13 13 38 38 ______
No member of staff had emoluments above £60,000.
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The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
13. OPERATING LEASE COMMITMENTS
At 31 December 2014 the Cathedral had annual commitments under non-cancellable operating leases as follows:
2014 2013 £ £ Expiry Date: Within 1 year - - Between 2 and 5 years 1,565 1,565 After more than 5 years - -
14. RELATED PARTY TRANSACTIONS
The total of Chapter member expenses reimbursed (for 7 members) during the year was £7,227 (2013: £8,020 for 8 members). The total amount owed to the members outstanding at 31 December 2014 was £nil (2013: £475). This is included within Trade Creditors.
The Dean is a governor of Bristol Cathedral Choir School and a trustee of Bristol Cathedral Choral Foundation. The Canon Treasurer and Dean are also trustees of Bristol Cathedral Trust. The Dean and the Chair of the Finance Advisory Committee are also members of the Temple Trust grants committee. Details of the transactions between these related parties are disclosed on page 36.
15. EXPENDITURE COMMITMENTS
The Cathedral will spend the £184,000 grant received during 2014 on replacing the boilers in 2015.
16. ENDOWMENT FUND – GROUP AND CATHEDRAL Ida Freeman Fund £
At 1 January 2014 3,655 Interest 158 Gain on revaluation 211 ______
At 31 December 2014 4,024 ______
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The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
17. RESTRICTED FUNDS – GROUP AND CATHEDRAL Self Capital Balancing Other Total Amortization Funds Funds Restricted Funds 17a 17b Funds £ £ £ £
Balance at 1 January 2014 676 - 981,244 981,920 ______
Income Interest - - 41,156 41,156 Donations and legacy received - - 3,605 3,605 Grants received - 316,747 190,200 506,947 Other - 56,058 9,066 65,124 ______
Total income - 372,805 244,027 616,832 ______
Expenditure Vergers - 89,019 - 89,019 Fabric - 4,915 32,375 37,290 Services and music - 154,685 14,660 169,345 Education - 500 - 500 Clergy costs - 115,633 - 115,633 Depreciation 676 - - 676 Administration - 2,500 - 2,500 Community - 5,553 - 5,553 ______
Total expenditure 676 372,805 47,035 420,516 ______
Net (outgoing) / incoming resources (676) - 196,992 196,316 ______
Gain on revaluation of investments - - 54,941 54,941
Gain on sale of investments - - - -
Transfer to unrestricted funds - - (30,479) (30,479) ______
Balance at 31 December 2014 - - 1,202,698 1,202,698 ______
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The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
17. RESTRICTED FUNDS – GROUP AND CATHEDRAL (continued)
a. Self Balancing Funds Bristol Bristol Bristol Bristol Other Church Cathedral Cathedral Cathedral Cathedral Grant -making Total Commissioners Trust Choir School Concerts Choral Fdn Bodies £ £ £ £ £ £ £ Balance at 1 January 201 4 ------
Income Donations received ------Grants for fabric - 4, 915 - - - - 4, 915 Grants for music - 8,250 - 1,000 15,984 - 25,234 Grants for education - 500 - - - - 500 Other grants 278,0 45 5,553 - - - - 283 ,598 Other income - 2,500 56,058 - - - 58,558
Total Income 278, 045 21,718 56,0 58 1,000 15,984 - 372,805
Expenditure Vergers 89,019 - - - - - 89,019 Fabric - 4, 915 - - - - 4, 915 Services and music (inc. organist) 73,393 8,250 56,0 58 1,000 15,984 - 154,685 Education - 500 - - - - 500 Clergy costs 115,633 - - - - - 115,633 Other projects - 5,553 - - - - 5,553 Administration - 2,500 - - - - 2,500
Total expenditure 278,0 45 21, 71 8 56,0 58 1,000 15,984 - 37 2,80 5
Balance at 31 December 201 4 ------
36 The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
17b. OTHER RESTRICTED FUNDS – GROUP AND CATHEDRAL Fixed Organ Flagpole Music Choir Girls Asset Scholarship Choral Cathedral Maintenance Floors Purchase Tour Organ Prize Garden Choir Fund & Singing Training Education Fabric Festival £ £ £ £ £ £ £ £ £ £ £ £ £ £
Bal . at 1 January 201 4 686 43,939 8,397 - 140,367 384 511 13,844 30,479 2,016 29,867 32,620 673,41 2 4,722
Income Interest 30 1, 90 2 363 - 6,079 17 22 599 - 87 1,2 93 1, 41 2 29,148 204 Donations received - - - - 305 ------Legacies - - 2,150 ------1,150 - Grants received ------Other - - - 9,066 ------
Total Income 30 1, 90 2 2,51 3 9,066 6,384 17 22 599 - 87 1,2 93 1,412 30,298 204
Expenditure Fabric - 26,731 - - - - 75 - - - - - 5,569 - Services and music - - 830 2,616 222 339 - 1,366 - 2,220 1,868 - - 5,199 Education ------
Total expenditure - 26,731 830 2,616 222 339 75 1,366 - 2,220 1,868 - 5,569 5,199
Gain on revaluation of 40 2,539 485 - 8,114 22 30 800 - 117 1,726 1,885 38,910 273 investments Loss on sale of investments ------Transfer from/(to) ------(30,479) - - - -- Unrestricted Fund - -
Bal at 31 December 201 4 75 6 21,649 10,56 5 6,450 154,6 43 84 488 13,8 77 0 0 31,018 35,917 73 7,0 51 0
37 The Cathedral Church of the Holy and Undivided Trinity in Bristol NOTES TO THE ACCOUNTS ( continued ) for the year ended 31 December 2014
17b. OTHER RESTRICTED FUNDS – GROUP AND CATHEDRAL (cont)
WW1 World Cathedral War 1 Repair Fund (HLF) Total £ £ £
Bal . at 1 January 201 4 - - 981,244
Income Interest - - 41,156 Donations received - - 305 Legacies - - 3,300 Grants received 184,000 6,200 190 ,200 Other - 9,066
Total Income 184,000 6,200 24 4,027
Expenditure Fabric - - 32, 375 Services and music - - 14,660 Education - - -
Total expenditure - - 47,03 5
Gain on revaluation of - - 54,941 investments Loss on sale of investments - - - Transfer from/( to) (30,479) Unrestricted Fund - -
Bal at 31 December 184,000 6,200 1,202,698 2014
38