```
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:`
- `give a true and fair view of the state of the charity's affairs as at 31 December 2021 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; and`
- `have been prepared in accordance with the requirements of the Charities Act 2011.`
## **`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:
```
- `the information given in the Report of the Trustees 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.`
```
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
```