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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1152990

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

LEICESTER CATHEDRAL CHARITABLE TRUST

Duncan & Toplis Limited, Statutory Auditor

3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

LEICESTER CATHEDRAL CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14 to 20
Detailed Statement of Financial Activities 21 
LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

TheTrusteesof theLeicesterCathedralCharitableTrustpresenttheirannualreportfortheyearended31 December
2021 and confirmthey complywith the requirementsof the CharitiesAct 1993, as amendedby the CharitiesAct  2006
and subsequently by the Charities Act 2011.

Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutinnotesto the
accountsandcomplywiththecharity'sgoverningdocument,theCharitiesAct2011andtherelevantversionof the
Statementof RecommendedPracticeapplicableto charitiespreparingtheiraccountsin accordancewith the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectof the CharitableIncorporatedOrganisation(CIO) is, for the publicbenefit,to promote,aid and further the
objects and work of the Churchof Englandby supportingthe work of the Chapterof the CathedralChurchof St  Martin
in Leicester including but not limited to:

-TheprovisionofafittingplaceofintermentforthehumanremainsofKingRichardIIIofEnglandand associated
religious facilities and activities and the repair, maintenance and renewal of all such provisions and facilities; and

- The preservation, maintenance and development of the Cathedral Church of St Martin in Leicester generally.

Trustees induction and training

Allcurrenttrusteesarealsotrusteesofothercharitableorganisationsandwellexperiencedinthenatureofthe role
andlegalresponsibilities.New trusteeswillreceivean induction,be made awareof the roleof a trusteeas laid down
bytheCharityCommissionand,ifappropriate,attendappropriatetraininganddevelopmentseminarstohelp them
develop their role.

Fundraising

Fundsare raisedto supportthe currentrequirementsof the Cathedral.In orderto do this,a professionalfundraiser is
usedwhocomplieswithallrelevantcodesof practice.Fundraisingactivitieson behalfof the Cathedralare subject to
regularreviewbyseniormanagementandnofundraisingcomplaintshavebeenreceived.Afundraisingpolicyis in
place.

Allreasonablecareistakentoensureprotectionofthepublic,includingvulnerablepeople,from unreasonably
intrusive or persistent fundraising approaches, and undue pressure to donate.

Public benefit

The charitytrusteeshave compliedwiththeirdutyto have due regardto the guidanceon publicbenefitpublished by
the Charity Commission in exercising their powers or duties.

Page 1

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

ACHIEVEMENT AND PERFORMANCE

Review of activities 2021

LeicesterwasthecityinEnglandwhichexperiencedthelongestlockdownsandfacedsomeofthebiggest challenges
in persuadingsome of our sub-populationsto be vaccinated.Even after governmentalrestrictionswere eased and the
peoplestartedreturningtosomeworkinginofficesandsomeaspectsofso-callednormallife,therewas significant
caution in church going populations and the footfall in the city centre was also much depleted.

Thismeansthatforabouthalfof2021theCathedralwasclosed,andtheentireyearwasnowherenearnormal in
termsofactivityorengagement.SignificantserviceswhichusuallywouldseeafullcathedralliketheJustice Service
becameonlineoccasionswhilstothermomentssuchasArmedForces'Daywerescaledbackand ordinations
happened out in local churches in smaller gatherings.

In2020theCathedralplannedhowtoreshapeourstaffingandactivityinthelightofCovid.Thisresultedina staff
restructureand redundancies.2021 allowedus to embed these new roles includingensuringthat staff worked across
areastotryandavoidasmanysilosaspossible.Inordertotryandenticepeoplebackandtoremindthemof the
Cathedral'songoingworkandwitness,we hostedLuke Jerram'sGaia in late May/earlyJune (a largeto scale model of
the earth).This was very successfulandgave confidencebackto the staff andvolunteersin workingtogetherto host
large scale public events.

ForthepastnumberofyearsthefocusontheTrusthasbeentoraisemoneyfortheLeicesterCathedral Revealed
(LCR)Project.Thisworkhasbeenachievedthrougha Panelchairedby GordonArthur,withothermembers including
JanetArthur,theDean,theSub-Dean,theProjectDirectorandDevelopmentManager.ThisPanelalso included
ChristineStokes our FundraisingConsultantfrom FundingMatterswho has been advisingus from the inceptionof  the
LCR Project.

Covid19providedaverychangedfundraisingenvironmentwhichmeantthatfundswerebeingfocusedon the
responseto the pandemicaway from other work.It meant that there perhapswas not confidenceto begin new large
scaleprojects.However,therewasalsoopportunityperhapsforprojectsreadytobeginifthefundinggapcould be
closed.Wefocussedonthislateraspecttoaddressamatrixoffunderswhotogethercouldpotentiallyclose the
fundinggapforLeicesterCathedralChaptertoproceedwithconfidenceto let a contractandto commenceworks on
site.

We adopteda dynamicapproach;constantlyshiftingtargets and prospectsto meet the dynamiccontext.We included
inthefundraisingtarget£300ktowardstheCathedral'srevenuecoststocoveragranttotheChapterin2022 and
2023tosupportrunningcostswhenthebuildingwouldbeclosed.Anupliftgrantwasachievedfromthe National
LotteryHeritageFundandtheGarfieldWestonFoundation,alongsidegrantsfromtheDioceseofLeicesterBoard of
Finance,LeicesterCity Counciland LeicestershireCountyCouncil.Significantpledgeswere also receivedfrom some  of
ourgenerouspatronsincludingDavidSamworth'sfamilytrust,David& LauraWilsonandIan& ClaireMattioli. Many
otherswhohadalreadygiventotheprojectgaveagainwiththefinaltargetbeingrealisedfromacrowd funder.
TrusteesexpressourenormousgratitudetoindividualdonorsandtoandourmanyTrustswhohavecontributed to
raising sufficient funds for the LCR £12.7 million project to move forward.

The CathedralChaptertenderedfor a maincontractorwithMessengerConstructionLimitedmovingon site in August
2021 and a full handoverof the site identifiedfor January2022. So the fundsraisedover these past years began to be
spentfurtherin2021largelyforLCRandtrusteeswillcontinuetodothisin2022and2023withthemain cathedral
building scheduled to open in Q4 2023 and the new Chapter House to open in early 2024 pending unforeseen delays.

We express gratitudeto Janet Arthurwho has now stooddown as a trusteeand we have welcomedSara Burgess who
has been appointed.Sara is a CathedralWarden,a choir parentand works as a Tax Managerin the field of agricultural
and property accounting.

Page 2

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW

Financial position

At31December2021theunrestrictedfundwhichprovidesthematchedfundingfortheRichardIII Interpretation
project and other work in the Cathedral had a cash balance of £29,180 and an overall balance of £16,058.

The restrictedfund had a cash balanceof £4,295,588,and an overallbalanceof £4,143,135made up of, £4,000 for  the
ChapelofChristtheKing(anelementoftheLeicesterCathedralRevealedproject)and£4,139,155for Leicester
Cathedral Revealed.

Reserves policy

The Trusteesconsiderthatan appropriatelevel of unrestrictedreservesshouldbe sufficientto cover any Governance
Costs, around £5,000. The current balance exceeds this and is considered sufficient.

Going concern

Sinceearly2020thecoronaviruspandemicimpactedthefundraisingoperationoftheTrust.Thelevelsof private
givingandrevenuegrantsdidnotdeclineandallnecessaryfundsfortheLCRprojectwerefullyraised.The Trustees
consider that the Trust has sufficient reserves to continue to meet its charitable objectives.

FUTURE PLANS

TheTrustwillbevitalinsupportingChapterasitdevelopsLeicesterCathedralRevealed,withtheobjectives of
financially supporting the build phase of the project from 2022 onwards.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

LeicesterCathedralCharitableTrust is a CharitableIncorporatedOrganisation(CIO) who's onlyvotingmembers are  its
charity trustees.

It is governed by its Constitution dated 20th June 2013.

Organisational structure

TheCharitableTrustworkscloselywithLeicesterCathedraltoachieveitsaimsandusesthestaffingresourcesof the
Cathedraltomeetthese.Thetrusteesmeetregularlytohaveoversightofitsfundraisingactivitiesandannually to
receivethereportandaccountspreparedbytheAdministrator.Theday-to-dayoperationiscarriedoutby the
Cathedralstaffandseniorteam,incloseconsultationwiththeLeicesterCathedralRevealedProjectBoard which
meets monthlyto overseetheexpenditureof theproject;theTrusteesandtheCathedralChapterreceiveupdates at
each of their meetings.

Risk management

The main purposeof the Trust is to raise money to enable the Chapterof LeicesterCathedralto achieve its purpose as
describedintheObjectsoftheTrustabove.TheTrusteesareinvolvedinfundraisingactivitieswithotherstaff from
theCathedralandinthiswayhavedirectinputtothedevelopmentofstrategiesandtheirimplementation. The
Trusteesareacutelyawareoftheirresponsibilitieswithregardtothemoneyraisedandthatitisonlytobeused for
the purpose given. They have established controls to mitigate any risks in the treatment of funds.

ItistheChapterthatwouldcommissionanyexpenditureandthereforeanyriskwouldfalltothem.In making
decisionsto committo workin the Cathedralthe Chapterwouldneed to be mindfulof the need to ensurethat funds
exist either from the Charitable Trust or other sources.

Safeguarding

TheTrustoperateswithintheSafeguardingPolicyandProceduresofLeicesterCathedralwhichisconstructed using
the Church of England National Safeguarding Policy and Procedures adapted to this local cathedral context.

Page 3

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Thanks

Finally,theTrustwholiketorecorditsthankstoMrsJanetArthurwhohassteppeddownasaTrustee following
service since the inception of the Trust.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1152990

Principal address

Cathedral Office
St Martins House
7 Peacock Lane
Leicester
Leicestershire
LE1 5PZ

Trustees

The Very Reverend David Monteith- Dean of Leicester

Mrs Janet Arthur- Member of the College of Canons (Resigned 18.05.2021)

Mr Jonathan Kerry- Chief Executive and Diocesan Secretary for the Diocese of Leicester
Cathedral Administrator

Mrs Sara Burgess- Member of the College of Canons (Appointed 18.05.2021)

Auditors

Duncan & Toplis Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

Solicitors

Revd T Kirkman MA (Cantab)
Latham and Co Solicitors
Charnwood House, 2 Forest Road
Loughborough
LE11 3NP

Page 4

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

REFERENCE AND ADMINISTRATIVE DETAILS Administrator

Trevor Peel
Financial Controller - Leicester Cathedral

Bankers

Barclays Bank plc
1 - 3 Haymarket Towers Branch
Humberstone Gate
LE1 1WA

Investment Managers

CCLA Investment Management Ltd
80 Cheapside
London
EC 2V 6DZ

Brewin Dolphin
First Floor, Waterfront House
Waterfront Plaza
35 Station Street
Nottingham
NG2 3DQ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

ThetrusteesareresponsibleforpreparingtheTrustees'AnnualReportandthefinancialstatementsin accordance
withapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).

ThelawapplicabletocharitiesinEngland&Walesrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresourcesofthecharityforthatperiod.Inpreparingthesefinancialstatements,thetrustees are
required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP 2019 (FRS 102);

- make judgements and estimates that are reasonable and prudent;

- state whetherapplicableaccountingstandardshave been followed,subjectto any materialdeparturesdisclosed and
explained in the financial statements;

- preparethe financialstatementson the going concernbasis unless it is inappropriateto presume that the charity will
continue in operation.

The trusteesare responsiblefor keepingproperaccountingrecordsthat disclosewith reasonableaccuracyat any  time
the financialpositionof the charityand enable them to ensure that the financialstatementscomplywith the Charities
Act2011,theCharities(AccountsandReports)Regulationsandtheprovisionsofthetrustdeed.Theyare also
responsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................
Very Rev D Monteith - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
LEICESTER CATHEDRAL CHARITABLE TRUST

Opinion

WehaveauditedthefinancialstatementsofLeicesterCathedralCharitableTrust(the'charity')fortheyear ended
31December2021whichcomprisetheStatementofFinancialActivities,theStatementofFinancialPosition, the
Statementof Cash Flows and notes to the financialstatements,includinga summaryof significantaccounting policies.
ThefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnited Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's Ethical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of  accounting
in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the  relevant
sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we  conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.

Matters on which we are required to report by exception

We have nothingto reportin respect of the followingmatters where the Charities(Accountsand Reports) Regulations
2008 requires us to report to you if, in our opinion:

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEICESTER CATHEDRAL CHARITABLE TRUST

Responsibilities of trustees

As explainedmore fully in the Statementof Trustees'Responsibilities,the trusteesare responsiblefor the preparation
ofthefinancialstatementswhichgivea trueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue  to
fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
LEICESTER CATHEDRAL CHARITABLE TRUST

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat  includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Wehaveidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffecton the
financialstatementsfromourgeneralcommercialexperience,knowledgeofthesector,areviewofregulatory and
legalcorrespondenceand throughdiscussionswith Trusteesand otherkey managementobtainedas partof the work
requiredby auditingstandards.We have also discussedwith the Trustees and other key managementthe policies and
proceduresrelatingto compliancewith laws and regulations.We communicatedlaws and regulationsthroughout the
team and remainedalert to any indicationsof non-compliancethroughoutthe audit.The potentialimpactof  different
laws and regulations varies considerably.

Firstly,thecharityissubjecttolawsandregulationsthatdirectlyimpactthefinancialstatements(for example
financialreportinglegislation)andwe haveassessedtheextentofcompliancewithsuchlawsaspartofour financial
statementsaudit.Weevaluatedmanagement'sincentivesandopportunitiesforfraudulentmanipulationof the
financialstatements(includingriskofoverrideofcontrols)anddeterminedthattheprincipalriskswererelated to
managementbiasinjudgementalareasofthefinancialstatementssuchasincomerecognition,aswellastherisk of
inappropriatejournalentriesto manipulatereportedsurplus/deficit.Auditproceduresperformedby the  engagement
teamincludedtheidentificationandtestingof unusualmaterialnominalledgerentriesandchallenging management
onkeyassumptionsandjudgementsmadeinthepreparationofthefinancialstatements.Wecarriedout detailed
substantivetestsonmaterialincomestreams,includingreviewingthesupportingdocumentationusedto determine
therecognitionensuringitisconsistentandrecognisedinthecorrectperiod,andagreeingtheamountsof income
physically received to the bank statements where applicable.

Secondly,the charityis subject to other laws and regulationswhere the consequencefor non-compliancecould have a
materialeffectontheamountsordisclosuresinthefinancialstatements.Weidentifiedthefollowingareasas those
mostlikelytohavesuchaneffect:Writtenrestrictionsordesignationsimposedbygrantprovidersordonors. Again,
wehavereviewedthesupportingdocumentationforallmaterialincomereceivedandassuredourselvesthat any
writtenconditionshavebeenadheredtoasapplicable.Wenotethatgiventhenatureofthecharity,thereare no
specificlawsandregulationsgoverningtheactivities,asidefromCompaniesAct2006,CharitiesAct2011, Charitable
Incorporated Organisations (General) regulations 2012 and the applicable accounting standards.

Auditingstandardslimitthe requiredauditproceduresto identifynon-compliancewiththeselawsandregulations to
enquiryoftheTrusteesandotherkeymanagementandinspection.Thisinspectionincludedreadingminutes of
meetingsofthosechargedwithgovernanceanddiscussingwithboththosechargedwithgovernanceandthe key
managementtoconfirmthattotheirknowledgetheywerenotawareofanyinstancesofnon-compliance. Through
theseprocedures,ifwebecameawareofanynon-compliance,weconsideredtheimpactonthe procedures
performed on the related financial statement items.

Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetected some
materialmisstatementsinthefinancialstatements,eventhoughwe haveproperlyplannedandperformedour audit
inaccordancewithauditingstandards.Thefurtherremovednon-compliancewithlawsandregulationsisfrom the
events and transactionsreflectedin the financialstatements,the less likely the inherentlylimitedprocedures required
byauditingstandardswouldidentifyit.Aswithanyaudit,thereisagreaterriskofnon-detectionofirregularities as
thesemayinvolvecollusion,intentionalomissionsoftheoverrideofinternalcontrols.Wearenotresponsible for
preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEICESTER CATHEDRAL CHARITABLE TRUST

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.

Use of our report

This reportis made solely to the charity'strustees,as a body,in accordancewith Part 4 of the Charities(Accounts and
Reports)Regulations2008. Our auditwork has been undertakenso that we might state to the charity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Duncan & Toplis Limited, Statutory Auditor

3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR
Date: .............................................

Page 9

LEICESTER CATHEDRAL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
5
Charitable giving
Other running costs
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
18,000
-
18,000
-
6,822
6,822
11,178
4,880
16,058		 Restricted
funds
£
1,520,759
372
1,521,131
994,771
2,580
997,351
523,780
3,619,355
4,143,135		 2021
Total
funds
£
1,538,759
372
1,539,131
994,771
9,402
1,004,173
534,958
3,624,235
4,159,193		 2020
Total
funds
£
345,476
21,624
367,100
452,720
6,595
459,315
(92,215)
3,716,450
3,624,235		 
The notes form part of these financial statements

Page 10

LEICESTER CATHEDRAL CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021

Notes
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
-
29,180
29,180
(13,122)
16,058
16,058
16,058		 Restricted
funds
£
71,991
4,295,588
4,367,579
(224,444)
4,143,135
4,143,135
4,143,135		 2021
Total
funds
£
71,991
4,324,768
4,396,759
(237,566)
4,159,193
4,159,193
4,159,193
16,058
4,143,135
4,159,193		 2020
Total
funds
£
1,281
3,699,278
3,700,559
(76,324)
3,624,235
3,624,235
3,624,235
4,880
3,619,355
3,624,235		 
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:

.............................................
Very Rev D Monteith - Trustee

The notes form part of these financial statements

Page 11

LEICESTER CATHEDRAL CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2021
£
625,118
625,118
372
372
625,490
3,699,278
4,324,768		 2020
£
3,476
3,476
21,624
21,624
25,100
3,674,178
3,699,278 
The notes form part of these financial statements

Page 12

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Interest received
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operations		 2021
£
534,958
(372)
(70,710)
161,242
625,118		 2020
£
(92,215)
(21,624)
44,091
73,224
3,476

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.1.21
£
3,699,278
3,699,278
3,699,278		 Cash flow
£
625,490
625,490
625,490		 At 31.12.21
£
4,324,768
4,324,768
4,324,768 
The notes form part of these financial statements

Page 13

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. GENERAL INFORMATION

LeicesterCathedralCharitableTrustisaCharitableIncorporatedOrganisation(CIO)registeredinEngland and
Wales,whoseonlyvotingmembersareitstrustees.Thecharity'sregisterednumberis1152990and the
Companyregistrationnumberis CE000600.The principaladdressof the charityis St MartinsHouse,7 Peacock
Lane, Leicester, LE1 5PZ.

The financialstatementsarepresentedinsterlingwhichis thefunctionalcurrencyof thecharityand rounded
to the nearest £.

Thesignificantaccountingpoliciesappliedinthepreparationofthesefinancialstatementsaresetout below.
These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements cover the individual entity.

The entity constitutes a public benefit entity as defined by FRS 102.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Theaccounts(financialstatements)havebeenpreparedinaccordancewiththerelevantversionof the
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewith the
FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) and the Financial Reporting
StandardapplicableintheUnitedKingdomandRepublicofIreland(FRS102)andtheCharitiesAct2011 and
UK Generally Accepted Accounting Practice.

The accounts(financialstatements)havebeenpreparedto give a 'trueandfair'view andhavedeparted from
theCharities(AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea'trueand fair
view'.ThisdeparturehasinvolvedfollowingtherelevantversionoftheStatementofRecommended Practice
applicableto charitiespreparingtheir accountsin accordancewith the FinancialReportingStandard applicable
intheUK andRepublicof Ireland(FRS102)ratherthantheAccountingandReportingbyCharities: Statement
of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Income

Income is recognisedwhen the Trust has entitlementto the funds, any performanceconditionsattachedto  the
item(s)ofincomehavebeenmet,itisprobablethattheincomewillbereceivedandtheamountcan be
measured reliably.

Income from the governmentand other grants,whether'capital'grantsor 'revenue'grantsis recognised when
thecharityhasentitlementtothefunds,anyperformanceconditionsattachedtotheitem(s)ofincome have
beenmet, it is probablethatthe incomewillbe receivedandthe amountcanbe measuredreliablyandis  not
deferred.

For legacies, entitlement is taken as the earlier of the date on which either:

-TheTrustisawarethatprobatehasbeengranted,theestatehasbeenfinalisedandnotificationhas been
made by the executor(s) to the Trust that a distribution will be made,

- or when a distribution is received from the estate.

Receipt of a legacy in whole or in part, is only consideredprobablewhen the amount can be measured reliably,
andtheTrusthasbeennotifiedoftheexecutor'sintentiontomakeadistribution.Wherelegacieshave been
notifiedtotheTrust,ortheTrustisawareofthegrantingofprobate,andthecriteriaforincome recognition
have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants received have been used to cover expenditure as required by the conditions of the grant.

continued...

Page 14

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Income

Interest receivable

Intereston funds held on depositis includedwhen receivableand the amountcan be measuredreliablyby the
Trust; this is normally upon notification of the interest paid or payable by the bank.

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
useofresources.Expensesareaccountedforinclusive(whereapplicable)ofanyVATwhichcannot be
recovered.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

UnrestrictedfundsarefundswhichareavailableforuseatthediscretionoftheTrustinfurtheranceof the
general objectives of the charity and which have not been designated for other purposes.

DesignatedfundscompriseunrestrictedfundsthathavebeensetasidebytheTrustforparticular purposes.
The aim and use of each designated fund is set out in the notes to the financial statements.

Restrictedfundsare fundswhichare to be usedin accordancewithspecificrestrictionsimposedby donors or
whichhavebeenraisedbytheTrustforparticularpurposes.Thecostofraisingandadministeringsuch funds
arechargedagainstthespecificfund.Theaimanduseofeachrestrictedfundissetoutinthenotesto the
financial statements.

Debtors and creditors receivable / payable within one year

Debtorsandcreditorswithnostatedinterestrateandreceivableorpayablewithinoneyeararerecorded at
transaction price. Any losses arising from impairment are recognised in expenditure.

Financial Instruments

TheTrustonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasicfinancial instruments.
Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalueandsubsequentlymeasuredat their
settlement value.

Going concern

Thefinancialstatementshavebeenpreparedonthegoingconcernbasisasthetrusteesbelievethat no
materialuncertaintiesexist.Thetrusteeshaveconsideredtheleveloffundsheldandtheexpectedlevel of
income and expenditure for 12 months from authorising these financial statements.

As notedin the trusteesreport,the trusteeshave paiddue regardto the Covid-19pandemicwhile considering
the going concern of the charity.

continued...

Page 15

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

3. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Gift aid
Legacies
Grants
Grants received, included in the above, are as follows:
Grants in support of mission		 2021
£
858,168
70,710
10,000
599,881
1,538,759
2021
£
599,881		 2020
£
41,662
9,988
-
293,826
345,476
2020
£
293,826		 
Includedwithingrantsis £80,990(2020:£53,118)receivedfrom the Departmentfor Culture,Mediaand Sport
ListedPlaceofWorshipScheme(LPWS)inrespectoftheRevealedProject,whichisagovernmentgrant as
defined by the SORP.

4. INVESTMENT INCOME

Deposit account interest
CHARITABLE ACTIVITIES COSTS
Charitable giving
Other running costs		 Direct
Costs
£
994,771
2,580
997,351		 2021
£
372
Support
costs (see
note 6)
£
-
6,822
6,822		 2020
£
21,624
Totals
£
994,771
9,402		 2020
£
21,624
1,004,173

5. CHARITABLE ACTIVITIES COSTS

continued...

Page 16

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

6. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Other running costs 6,822
AUDITORS' REMUNERATION
2021 2020
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 4,596 4,340
Preparation of the financial statements 2,226 2,100

7. AUDITORS' REMUNERATION

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees'remunerationor other benefitsfor the year ended 31 December 2021 nor for the year
ended 31 December 2020.

Trustees' expenses

Therewerenotrustees'expensespaidfortheyearended31December2021norfortheyearended 31
December 2020.

Employees

Excludingtrustees,therewerenoemployeesforthecharityduringthecurrentorprioryear.Asthe charity
does not employ staff there were no staff or key management remuneration costs.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable giving
Other running costs
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
fund
£
-
-
-
-
6,440
6,440
(6,440)
11,320		 Restricted
funds
£
345,476
21,624
367,100
452,720
155
452,875
(85,775)
3,705,130		 Total
funds
£
345,476
21,624
367,100
452,720
6,595
459,315
(92,215)
3,716,450		 
continued...

Page 17

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
TOTAL FUNDS CARRIED FORWARD
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors and accrued
income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Amounts owed to parent
Accruals
12.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Chapel of Christ the King
Revealed
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Revealed
TOTAL FUNDS		 - continued
Unrestricted
fund
£
4,880
At 1.1.21
£
4,880
4,000
3,615,355
3,619,355
3,624,235
Incoming
resources
£
18,000
1,521,131
1,539,131		 
continued...

Page 18

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Chapel of Christ the King
Revealed
TOTAL FUNDS		 At 1.1.20
£
11,320
4,000
3,701,130
3,705,130
3,716,450		 Net
movement
in funds
£
(6,440)
-
(85,775)
(85,775)
(92,215)		 At
31.12.20
£
4,880
4,000
3,615,355
3,619,355
3,624,235 
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Revealed
TOTAL FUNDS		 Incoming
resources
£
-
367,100
367,100		 Resources
Movement
expended
in funds
£
£
(6,440)
(6,440)
(452,875)
(85,775)
(459,315)
(92,215)

Chapel of Christ the King

A fund established to allow works to be carried out in the Chapel.

Leicester Cathedral Revealed

This fund has been established to financially support the reordering project for Leicester Cathedral.

continued...

Page 19

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

13. RELATED PARTY DISCLOSURES

Duringthe year endedthe Trustmade Grantsof £994,771(2020- £452,720)to LeicesterCathedralin order to
enableittomakepaymentsinrelationtoworkonreorderingtheCathedral.Attheendoftheyearthe Trust
owed Leicester Cathedral a net total of £231,368 (2020 - £70,024).

The CharitableTrustis vitalin supportingthe workof the CathedralChapterandparticularlyin relationto the
Leicester Cathedral Revealed Project.

ThetrusteesoftheCharitableTrustarenominatedbyLeicesterCathedral.Theresultsofthe Leicester
Cathedral Charitable Trust have, therefore, been included in the consolidated results of Leicester Cathedral.

14. ULTIMATE CONTROLLING PARTY

The charityis controlledby its ultimateparent,Leicester Cathedral.Copies of the consolidatedaccountscan  be
obtained from the Cathedral office: St Martin's House, 7 Peacock Lane, Leicester, LE1 5PZ.

The object of the ultimate parent is being a centre of worship and mission for the

advancement of the Christian religion in accordance with the precepts of the Church of England.

TheCathedralworkstowardstheseaimswiththeservicesandeventstheyholdattheCathedralandin the
wider community.

The parent can exercise control via its common trustees.

Page 20

LEICESTER CATHEDRAL CHARITABLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Legacies
Grants
Investment income
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Charitable Giving
Sundries
Support costs
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Total resources expended
Net income/(expenditure)		 2021
£
858,168
70,710
10,000
599,881
1,538,759
372
1,539,131
994,771
2,580
997,351
4,596
2,226
6,822
1,004,173
534,958		 2020
£
41,662
9,988
-
293,826
345,476
21,624
367,100
452,720
155
452,875
4,340
2,100
6,440
459,315
(92,215)		 
This page does not form part of the statutory financial statements

Page 21