Annual Report and Accounts 2013-14 ODS 15€“-Cathedral...On 21 December there was a free...

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Annual Report and Accounts 2013-14

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ODS 15.1

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Annual Report August 2013 - July 2014 Introduction Christ Church Cathedral enjoyed a year full of variety, one of its many highlights being the launch of the Cathedral Music Trust at St James’ Palace in the presence of our Visitor, Her Majesty the Queen, and His Royal Highness the Duke of Edinburgh. The year was also marked by a large number of major services and by some significant building work, including the repair of our most famous architectural feature, the chancel vault. Preparations began for the retirement of Christopher Lewis, Dean for the past eleven years, at the end of September 2014. Sorry as we were to be losing him, we were delighted to be able to announce the election of Martyn Percy, well known to many around the diocese as Principal of Ripon College, Cuddesdon, who was installed on 4 October 2014. His appointment was the fruit of a very positive collaboration between the academic and cathedral sides of Christ Church – a real opportunity for College and Cathedral to appreciate each other’s distinct but complementary priorities. Worship There are between three and six regular Cathedral services every day of the year. Our congregations are varied: they include a core of regular worshippers, notably at Sunday Matins and the Thursday Sung Eucharist, as well as people attending special services and civic events and a significant number of tourists visiting Christ Church from around the world. Attendance at the daily Eucharist and at weekday Evensongs, especially over the summer period, has increased in the past year. The Cathedral’s informal Sunday evening service, After Eight, continued through the Michaelmas and Hilary terms and covered a wide range of topics, including ‘Conversations with Islam’ and ‘Poetry, Place and Faith’, a series of dialogues with leading British poets. A new initiative on Good Friday was an all-age Journey to the Cross. Aimed particularly at families with young children, this was a development of the Christmas Journey to Bethlehem, which was itself a great success in its second year. There were many special events and services during the year among them the following: Our old friends, the Rambert School of Ballet and Contemporary Dance,

were in residence for a week during August On 14 December we celebrated both the feast of Saint Lucy and our ongoing

link with the Diocese of Växjo in Sweden with a concert sung by a young people’s choir from Växjo Cathedral

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On 21 December there was a free performance of Olivier Messiaen’s spectacular meditation on the birth of Christ, La Nativité du Seigneur

The new Chancellor of the Diocese of Oxford, the Revd Alexander McGregor, an alumnus of Christ Church, was welcomed at Evensong on 11 January

The installation of four new Honorary Canons took place on 25 January: Michael Beasley, Diocesan Director of Mission, Mark Dearnley, Rector and Area Dean of Wendover, Linda Green, Rector of Banbury and Edmund Newell, Principal of Cumberland Lodge

The new Archdeacon of Berkshire, the Venerable Olivia Graham, was collated at Evensong on 11 October

The Venerable Judy French, Archdeacon of the newly-created Archdeaconry of Dorchester, was collated at Evensong on 19 June

Christ Church was pleased to support the Diocesan Conference in March The Twentieth Anniversary of the Ordination of Women was celebrated in

the company of the Right Reverend Pushpa Lalitha, Bishop of Nandiyal in the Church of South India, on 7 June

We bid farewell to our Dean of the last eleven years, the Very Revd

Christopher Lewis, with a dinner in hall on 4 July. The Dean’s last Sunday in the Cathedral was 6 July, when he preached at both Matins and the Sung Eucharist, and a drinks reception was held in the Cathedral Garden for Christopher and his wife, Rhona

Two memorial services merit special mention: the Funeral Service of Mama Josephine Otunnu on 11 January and the Memorial Service for Martin Mays-Smith on 30 June. Josephine Otunnu was a friend of the Archbishop of Uganda, Janani Luwum, who was martyred under the regime of Idi Amin, and her funeral filled the cathedral with the spirit of the East African Revival; Martin Mays-Smith was for many years a servant of the diocese in numerous capacities, notably as Chair of the Board of Finance

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Education Stained glass from the Cathedral formed part of an important exhibition at Tate Britain. Thanks are due to the Dean’s Verger, Matthew Power, and to Dr Sarah Mortimer, Official Student in History, for their work on this project. The Biennial Conference for Incumbents of Christ Church’s livings took place in September. Over sixty clergy from all over the country spent a fruitful three days exploring reconciliation on the local, national and global scale. Speakers included Jonathan Aitken, Oliver McTernan and Canon Professor Nigel Biggar. An important lecture series, marking the impending centenary of the outbreak of the First World War, took place at Christ Church during January and February. Organised by Canon Professor Nigel Biggar and the McDonald Centre for Theology and Public Life in collaboration with the Cathedral, Oh what a Lovely war? attracted large audiences to hear a range of speakers including Jeremy Paxman and Margaret MacMillan. The Cathedral continued to develop its ministry of hospitality on small and large scales, hosting more than a hundred clergy from the Diocese of Llandaff for their clergy conference in September and welcoming the Deanery Chapters of Cowley and Oxford for quiet days. Significant numbers of Schools and Parishes took advantage of our programme of tours and visits. Ministry to Visitors This year Christ Church welcomed a record number of 425, 000 visitors through Meadow Gate, in addition to the usual large number of worshippers, pilgrims and diocesan visitors.

Every other year Christ Church holds an Open Day as part of the Open Doors weekend sponsored by the Oxford Preservation Trust. Several thousand people took advantage of this opportunity to visit the college and cathedral on 14 September.

We were pleased to host the annual conference of the Cathedral and Church Shops Association from 25-27 September. On 28 November we enjoyed the rare sight of a horse in Tom Quad: it was ridden by William Reddaway nearing the end of a pilgrimage on horseback around the English Cathedrals, raising funds for The Family Holiday Association and Wormwood Scrubs Pony Club.

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Music

Her Majesty the Queen’s decision to attend the formal launch of the Cathedral Music Trust at St James’s Palace was a powerful reminder of the extent to which the choir is valued beyond the confines of Christ Church.

Later in March it was announced that the Director of Music, Dr Stephen Darlington, had been

awarded a prestigious Fellowship of the Royal School of Church Music in recognition of his outstanding contribution to church music over several decades.

The choir’s recording of a second volume of Eton Choirbook music entitled Choirs of Angels (AV2184) was short-listed for a Gramophone Award, a citation describing it as ‘glorious in its sound and effects’. A third volume entitled Courts of Heaven was recorded in March for release later in the year. The choir’s broadcast of Choral Evensong on BBC Radio 3 took place the day after the death of the composer John Tavener and included some of his music.

There were concert performances in the Sheldonian Theatre (Britten anniversary celebrations), St John’s Smith Square in London, and in the Cathedral.

In the field of new music, the choir performed Harry Bramma’s fine setting of the Benedicite, Francis Grier’s Missa Aedes Christi, and Harrison Birtwistle’s Pange Lingua as part of the celebrations of his Honorary DMus from the University of Oxford.

In the spring the Cathedral Choir undertook an extensive and popular tour to North America and Canada, visiting Los Angeles, Charlotte and Toronto.

The choir’s outreach to local schools continued in collaboration with the Oxfordshire County Music Service. The Cathedral Singers (our voluntary choir) have had a busy and productive year. Membership continues to grow and reflect the diverse nature of the Choir. As well as the usual pattern of services, the Cathedral Singers have been out and about singing in Cathedrals and venturing as far as Lund in Sweden for a mini tour. The choral and organ scholarship scheme kindly supported by the Friends, has four sixth form students and has resulted in our last organ scholar Bertie Baigent gaining a place at Cambridge and his successor, Josh Ridley the offer of the organ scholarship at Clare College, Cambridge.

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College Activities The Cathedral is also the College Chapel and continued to be used by members of the college, with weekly College Communion services at which college musicians played, and termly Corporate Communion services for the whole college community. Members of the Cathedral staff and congregation also attended on some of these occasions. The Advent Carol Service for the college once again attracted a capacity congregation, with around nine hundred people attending, primarily undergraduates and graduate students and their families and friends, as well as staff from across the Foundation. The College Choir sang Evensong on Mondays each term, and on a couple of occasions did so jointly with the Cathedral Singers, as well as holding two concerts, and singing in other cathedrals too. In addition, there were concerts organised by the Christ Church Music Society and Orchestra. One undergraduate was baptised and confirmed at Easter, several other baptisms were held for the children of old members and staff, and a dozen old members were married during the year. As in previous years, members of the college also took part in the wider cathedral life by serving, reading and assisting as welcomers.

Christ Other Activities We were pleased to host the Dean of Kimberley, the Very Revd Simon Aiken,

from 26-30 November during part of his visit to the Diocese. Canon Carol Starkey and two other friends from Kimberley and Kuruman also visited Christ Church during the year

The Cathedral was privileged to host an important work of art, Charlotte Mayer’s sculpture, The Thornflower, from Candlemas to Pentecost. On 1 April it formed the centrepiece of an evening of music and reflections on the theme of reconciliation, organised jointly by the cathedral and the Council of Christians and Jews

Later in the year the artist Rachel Williamson created an installation around the site of the Shrine of Saint Frideswide. An evening of music and readings around the shrine was held on 20 July, with speakers including Canon Robin Gibbons and Professor Henry Mayr-Harting

The ministry of the hundreds of volunteers - sidesmen, stewards, guides welcomers, flower arrangers, embroiderers, bell ringers, servers of tea and coffee and others - who help at the Cathedral was recognised and celebrated at the biennial Volunteers Garden Party on 29 June

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Fabric

The chief glory of the cathedral’s architecture, the Chancel Vault, had been identified as increasingly unsafe and was thoroughly repaired and restored between January and March. The work was completed in the spring on time and on budget with minimum disruption to the liturgical life of the Cathedral.

Thanks to a fundraising campaign and the support of the Friends of Christ Church Cathedral, a splendid Eagle Lectern made by Francis Skidmore, a leading figure in the Gothic Revival, is now gloriously restored. It features silvered figures of Saint Frideswide, Cardinal Wolsey and Robert King, the first bishop of Oxford, and has proved to be one of the most popular – and frequently photographed – of the cathedral’s treasures. Visitors to Christ Church will have been aware of the closure of the Porters’ Lodge, pending major refurbishment. For six months the Lodge was relocated to a Portakabin in Tom Quad, which was dramatically lifted in by crane at the dead of night. Charitable Work A number of events were held throughout the year in conjunction with Christian Aid. On 13 March Sarjon Toma, a Christian Aid partner working in Iraq, spoke powerfully about his work and the plight of his country; the Sub Dean undertook a sponsored abseil from the tower of St Mary Magdalene’s on 8 March; and Christ Church hosted a debate to raise funds from major donors on 5 June: Is Business the Best Ladder out of Poverty? During the year the Cathedral donated £16,000 to a number of local and international charities. These included a bursary fund for school children at St. Cyprian’s, Kimberley & Kuruman in South Africa, the Church Urban Fund which promotes marginalised communities in England’s inner cities and local charities Archway and Jacari, supporting home tutoring and loneliness respectively. In addition, The Gatehouse, Oxford and St. John of Jerusalem Eye Hospital were the beneficiaries of substantial congregational collections at the popular Christmas services of Nine Lessons and Carols.

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Staff Changes After a large number of personnel changes in the recent past, the year saw a return to stability in the Chapter, though there was of course a sense of both gratitude and sadness as we prepared to say farewell to Christopher Lewis, who retired after eleven years as Dean at the end of September 2014.

We looked forward to welcoming our new Dean, Professor Martyn Percy, to be installed on 4 October.

We said farewell to our Canons’ Verger, Jessica Hallion, who after five years at Christ Church, moved in April to become the Dean’s Verger at Portsmouth Cathedral.

Christopher Waterhouse, who joined the verging team in November 2013, succeeded Jessica as Canons’ Verger and Sacristan.

Meanwhile we were able to plan a careful re-structuring of the verging, visitor and education roles, to take effect from the autumn of 2014. We bid farewell to Martin Bruce, Headmaster of Christ Church Cathedral School in December and welcomed Richard Murray, his successor, who joined us from the beginning of Hilary Term 2014. Financial Review Christ Church Cathedral is unique in the Church of England in that it is outside the scope of the Cathedral Measure 1963 and subsequent Cathedral legislation. Founded in 1546 by Henry VIII, the Cathedral is part of the Collegiate Foundation, styled ‘Ecclesia Christi Cathedralis Oxon: ex Fundatione Regis Henrici Octavi’, traditionally known as ‘The House’. The Cathedral has charitable status but is not an independent registered charity. Christ Church (as a whole) obtained charitable status in 2011 with charity registration number 1143423.

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The Dean and Canons have identified the major strategic, business and operational risks that may affect the Cathedral and have taken reasonable steps to mitigate those risks. The Treasurer of Christ Church underpins the financing of the Cathedral's activities by providing a corporate grant to cover the Cathedral’s excess of expenditure over income on its unrestricted fund. An annual budget is agreed with the Treasurer and submitted to the Governing Body of Christ Church for approval. In total, the call upon the corporate grant in 2013/2014 was £204,800 (2012/2013 - £130,200) Incoming resources: Total incoming resources (excluding the corporate grant) rose by 8.4% to £1,398,900. The main components of this increase were net visitor fees (up £63,800) and grants towards Cathedral projects (up £73,500), offset by a fall in facility fees of £27,500 as a result of a reduction in large scale events. The contribution from the Cathedral Music Trust fell by £37, 000 primarily as a result of the costs incurred in the Trust’s public launch. The Friends of the Cathedral continued to provide substantial support which enabled the completion of the project to extend and improve the storage areas at the back of the Cathedral. Resources expended: Expenditure for the year rose by £157,400 (11%). Other than the expenditure related to projects, the main cost increases relate to the choir with substantially higher fee increases for the choristers and the cost of an increased number of lay clerks because of a shortage in suitable choral scholars. Net assets rose by £31,500. The major element of this gain was restricted fund donations which will be spent in future years. The balance sheet also shows a significant reduction in cash as a result of amounts due from the Treasury on the intercompany account. A post year-end payment of £186,300 settled this account. The format of the accounts is not prescribed by the Cathedral Measure but by applicable Accounting Standards and the guidance laid down by the Statement of Recommended Practice for Charities. As a standalone audit of the Dean & Canons is not required, the scope of work performed by the auditors is limited to that deemed necessary to form an opinion on the transactions of the Cathedral in the context of Christ Church as a whole. Critchleys’ audit opinion on the accounts of Christ Church was issued on 12 November 2014 and is unqualified. These accounts will be available on the Charity Commission website (www.charity-commission.gov.uk) when filed.

http://www.charity-commission.gov.uk/

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Chapter and Chapter responsibilities The members of the Chapter during the year were: The Very Revd Dr C A Lewis (Retired 30 September 2014) The Revd Canon Dr E J Newey (Sub-Dean) The Revd Canon Professor N J Biggar (Chapter Treasurer) Canon Professor S R I Foot The Revd Canon A C W Tilby The Revd Canon Professor G J Ward (Chapter Safeguarding Officer) The Venerable M C W Gorick

The Very Revd Professor M W Percy was installed as Dean on 4 October 2014 on the retirement of the Very Revd Dr Christopher Lewis. In addition to the members listed above the Precentor, the College Chaplain, the Organist and the Cathedral Registrar attended Chapter meetings.

Christ Church statutes require the Chapter to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Chapter should follow best practice and:

select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of

recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

Chapter is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ascertain the financial position of the charity and to ensure that the financial statements comply with applicable laws and regulations, including Christ Church statutes. It is also responsible for safeguarding the assets of the Chapter and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By order of The Dean and Canons

The Very Revd Prof M W Percy The Revd Canon Dr E J Newey Dean of Christ Church Sub-Dean of Christ Church 12 November 2014

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The Dean & Canons of the Cathedral Church of Christ in Oxford Statement of financial activities for the year ended 31 July 2014

2014

2014

2013

Note Unrestricted

Restricted

Total

Total

Funds

Funds

Funds

Funds

£000

£000

£000

£000

Incoming resources: Incoming resources from

generated funds Voluntary income Corporate grant

204.8

-

204.8

130.2 Visitors' fees

882.3

-

882.3

818.5

Donations and grants

184.6

255.5

440.1

366.6 Investment income 2 0.3

6.3

6.6

7.4

Incoming resources from charitable activities

Facility fees, choir income and royalties

23.4

46.5

69.9

97.5

1,295.4

308.3

1,603.7

1,420.2

Resources expended:

Charitable activities 3 1,289.3

280.1

1,569.4

1,415.6

Governance costs 3 6.1

-

6.1

2.5

Total resources expended

1,295.4

280.1

1,575.5

1,418.1

Net incoming resources

-

28.2

28.2

2.1 Unrealised gain (loss) on investment assets

-

3.3

3.3

16.9

Net movement in funds

-

31.5

31.5

19.0

Fund balances brought forward

63.3

321.1

384.4

365.4

Fund balances carried forward 8 63.3

352.6

415.9

384.4

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The Dean & Canons of the Cathedral Church of Christ in Oxford Balance Sheet as at 31 July 2014

Note 2014 2013 £000 £000

£000

£000

FIXED ASSETS

Investments 4

154.2

150.9

CURRENT ASSETS

Debtors 5 303.3

233.5

Cash at bank and in hand

85.5 167.7

388.8 401.2 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 6 127.1 167.7

NET CURRENT ASSETS

261.7 233.5

NET ASSETS

415.9 384.4

FUNDS

Restricted funds 7 352.6 321.1

Unrestricted funds 7 63.3 63.3

415.9 384.4

The financial statements were approved by the Dean and Canons on 12 November 2014

The Very Revd Dr. M W Percy The Revd Canon Dr. E J Newey Dean of Christ Church Sub-Dean of Christ Church

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The Dean & Canons of the Cathedral Church of Christ in Oxford

Accounting policies and other information

a) Basis of accounting

The accounts are prepared under the historical cost convention, as modified by the revaluation of investments, and in compliance with applicable accounting standards. In preparing the accounts the charity has followed best practice as laid down in the Charities Act 1993 and the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (revised 2005). The principal accounting policies adopted in the preparation of the accounts are described below. They refer to the financial transactions of that part of the Christ Church Foundation which relate to the Cathedral as defined in the statutes of Christ Church, Oxford.

b) Fixed assets

In accordance with Christ Church policy, only individual assets costing in excess of £20,000 are capitalised. At present, there are no such items.

c) Investments

Investments in the Central Board of Finance of the Church of England Investment Fund are shown at market value. Gains and losses are reflected in the Statement of Financial Activities (SOFA).

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Cathedral and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the Cathedral for specific purposes. The cost of raising and administering such funds are charged against that specific fund.

Investment income and other gains and losses are allocated to the appropriate fund.

The Blue Boar Fund was established for the upkeep of the Canons’ houses and their grounds

Bequests Fund: The capital of the bequests is restricted in use for the benefit of music in the Cathedral

The Marjorie Cross Bequest, consisting of a share of the estate of Marjorie Cross and royalties from the Oxford Dictionary of the Christian Church, is to be used for the benefit of music in the Cathedral

The Choir Recordings Fund was established to support the Choir in the production of recordings of their performances. The financial results of the Choir’s outside performances are also recorded in this fund

The Orlando Prize Fund supports an annual prize for a musical composition by an undergraduate or graduate of the University of Oxford

The Friends of Christ Church Cathedral Fund was established for donations made by the Friends to support specific costs or projects of the Cathedral

The New Zealand Appeal Fund was established to provide financial support to Christchurch New Zealand Cathedral following the earthquake in 2011 Other Funds support a range of other Cathedral building projects, including the Foundation-wide annual fund which supports various projects across the Institution

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Accounting policies and other information (continued)

e) Incoming resources All incoming resources are included in the SOFA when the Cathedral is legally entitled to the income

and the amount can be quantified with reasonable accuracy. Incoming resources are generally recognised on a receivable basis and are reported gross of related expenditure, where the amounts are reasonably certain and where there is reasonable likelihood of receipt.

The following specific policies are applied to particular categories of income:

● Voluntary income received by way of grants, donations and legacies is included in full in the SOFA when receivable. Gift aid recoverable is accounted for when received.

● Legacies are recognised as income only when the charity becomes entitled to the income, receipt is certain and the amount concerned is measurable.

● Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

● Investment income is accounted for when receivable.

f) Resources expended

Resources expended are accounted for on an accruals basis and gross of any related income. They are

classified under headings that aggregate all costs related to the category. Where costs cannot be directly

attributed to particular headings, they have been allocated to activities on a basis consistent with use of

the resources. Governance costs include those costs, such as statutory audit and legal and professional fees, associated with constitutional and statutory requirements.

g) Pension costs g.1 The Pension Schemes

The Cathedral participates in three principal pension schemes for its staff - the Universities Superannuation Scheme ("the USS"), the University of Oxford Staff Pension Scheme ("the OSPS"), and the Church of England Funded Pension Scheme (" the CEFPS"). All three schemes are contributory defined benefit schemes (i.e. they provide benefits based on length of service and final pensionable salary) and are contracted out from the State Second Pension Scheme. The assets of USS, OSPS, and CEFPS are each held in separate trustee-administered funds.

Each scheme is a multi-employer scheme and the Cathedral is unable to identify its share of the underlying assets and liabilities of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS17 "Retirement Benefits", the Cathedral accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the SOFA represents the contributions payable to the schemes in respect of the accounting period.

In September 2005, the Government introduced legislation whereby an employer may not withdraw from a multi-employer scheme without funding (to a specified level) its share of any pension liability in the scheme. The funding level specified is the amount required to buy-out the liabilities with an insurance company, and is commonly known as the 'buy-out debt' or 'section 75 debt'. The buy-out debt is a more onerous funding requirement than the scheme’s own cautious assumptions and the sums involved can be very substantial.

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g.2 Actuarial valuations USS

The latest actuarial valuation of the USS was carried out at 31 March 2011. This valuation identified a funding deficit of £2,910m, the scheme assets representing 92% of the scheme liabilities at that date. USS implemented, with effect from 1 October 2011, a package of changes including the admission of new members into a Career Revalued Benefits section. Future details about the changes may be reviewed on the USS' website, www.uss.co.uk. After allowing for those changes, the actuary established a long term employer contribution rate of 12.6% of total pensionable salaries for the 2011/12 year, reducing over time USS agreed with Universities UK, on behalf of all the employers participating in the scheme, to address the deficit by continuing the employer contribution rate at the previously agreed rate of 16% of total pensionable salaries (this being the rate paid by the employers since 1 October 2009) until 31 March 2017, following which the employers will pay an additional 2% of salaries in excess of the blended employer future service cost of accruals. The actuary has certified that the additional contribution should eliminate the deficit by 31 March 2021. The actuary has estimated that the funding level under the scheme specific funding regime will have fallen 92% at 31 March 2011 to 85% at 31 March 2014. This estimate is based on the results from the valuation at 31 March 2011 allowing primarily for investment returns and changes to market conditions. The next actuarial valuation of the USS is due to take place at 31 March 2014 and should be published early in 2015.

OSPS

The latest actuarial valuation of the OSPS, carried out at 31 March 2013, identified a required long-term employer contribution rate of 20.1% of total pensionable salaries, and a funding deficit of £173m. The University, on behalf of all the employers participating in the scheme, has agreed with the trustees of OSPS to address this deficit by raising the employer contribution rate in increments of 0.5% of pensionable salary to 23.5%, with this increase being implemented over the next three years to 1 August 2017. The actuary has certified that the additional contribution should eliminate the deficit by 30 June 2026.

CEFPS

The latest actuarial valuation of the CEFPS, carried out at 31 December 2012, identified a funding deficit of £293m, the scheme assets representing 75% of the scheme liabilities at that date. The employer contribution rate will continue at 38.2% until 31 December 2014, rising to 39.9% from 1 January 2015 until 31 December 2025. The actuary has estimated that the deficit has fallen to £132m at 31 December 2013. The next actuarial valuation of the CEFPS is due to take place as at 31 December 2015.

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Notes to the accounts for the year ended 31 July 2014

1

OPERATING SURPLUS

2014

2013

£000

£000

Operating surplus is shown after charging:

Audit fees

2.5

2.5

2

INVESTMENT INCOME

2014

2014

2013

Unrestricted

Restricted

Total

Total

Funds

Funds

Funds

Funds

£000

£000

£000

£000

Investment fund income -

6.3

6.3

6.8

Bank deposit interest 0.3

-

0.3

0.6

0.3

6.3

6.6

7.4

3

TOTAL RESOURCES EXPENDED

2014

2014

2013

Unrestricted

Restricted

Total

Total

Funds

Funds

Funds

Funds

£000

£000

£000

£000

Running of Cathedral

Dean & Chapter 264.4

-

264.4

251.9

Choir and Music 591.1

49.1

640.2

573.9

Upkeep of Cathedral 254.0

231.0

485.0

402.4

Cathedral office and administration 163.8

-

163.8

171.3

1,273.3

280.1

1,553.4

1,399.5

Governance

Audit and legal fees 6.1

-

6.1

2.5

Annual distribution from collections 16.0

-

16.0

16.1

1,295.4

280.1

1,575.5

1,418.1

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Choir and Music includes choristers' school fees. In the current year, Christ Church Cathedral Music Trust contributed £99,500 (2012 - £129,800) towards chorister school fees.

One employee (2013 – 1) had emoluments, as defined for tax purposes, of between £60,000 to £65,000 in the year.

No member of Chapter received any remuneration, other than remuneration from the Cathedral for the role for which they are employed. Staff costs include the costs of property rental where housing is provided as part of an employee's remuneration package.

2014

2013

£000

£000

Staff costs incurred during the year were:

Dean & Chapter

264.5

240.6

Choir and Music

210.9

189.8

Upkeep of Cathedral

177.8

155.2

Cathedral office and administration

133.8

134.0

787.0

719.6

The pension charge for the year was

99.1

86.5

The number of employees in the year was

26

25

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4

INVESTMENTS

Blue Boar

Bequests

Marjorie Cross

Total

£000 £000 £000 £000

Cost

At 1 August 2013

and 31 July 2014 14.1 3.0 1.0 18.1

Market Value

At 1 August 2013 124.4 26.0 0.5 150.9

Unrealised gain 2.8 0.5 - 3.3

At 31 July 2014

127.2

26.5

0.5

154.2

Number of shares held 10,000 2,091 297

Investments held are CBF Church of England managed funds of which all, except the fixed

interest Marjorie Cross investments, are held in the CBF Investment Fund administered by CCLA.

5

DEBTORS

2014

2013

£000

£000

Corporate income

198.8

27.3

Prepayments and other

104.5

206.2

303.3

233.5 6

CREDITORS: AMOUNTS DUE WITHIN ONE YEAR

2014

2013

£000

£000

Trade creditors and accruals

75.9

116.5

Cathedral Music Trust

51.2

51.2

127.1

210.1

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7 RESERVES

Unrestricted Fund

Restricted Funds

General

Blue Boar

Allen/Shaxby Bequests

M Cross Bequest

Choir Recordings

Orlando Prize

Friends Other Funds

NZ Appeal

Total

£000 £000 £000 £000 £000 £000 £000 £000 £000 £000

Income 1,295.4 5.2 1.1 3.0 42.5 - 203.0 53.5 - 1,603.7

Expenditure (1,295.4) (10.2) - - (49.1) - (203.0) (17.8) - (1,575.5)

Unrealised gain on investments -

2.8 0.5 - - - - - - 3.3

Net movement in funds -

(2.2) 1.6 3.0 (6.6) - - 35.7 - 31.5

Opening value of funds 63.3

148.4 28.2 112.6 7.0 1.2 - 5.0 18.7 384.4

Closing value of funds 63.3 - 146.2 29.8 115.6 0.4 1.2 - 40.7 18.7 415.9

Represented by: £000 £000 £000 £000 £000 £000 £000 £000 £000 £000

Cash (112.9) 19.0 3.3 115.1 0.4 1.2 - 40.7 18.7 85.5

Debtors 307.6 - - - - - - - - 307.6

Creditors (131.4) - - - - - - - - (131.4)

Investments - - 127.2 26.5 0.5 - - - - - 154.2

Total 63.3 146.2 29.8 115.6 0.4 1.2 - 40.7 18.7 415.9

A description of the purpose of each restricted fund is contained on page •

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Annual Report and Accounts 2013-14 ODS 15€“-Cathedral...On 21 December there was a free...

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Transcript of Annual Report and Accounts 2013-14 ODS 15€“-Cathedral...On 21 December there was a free...