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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1152990

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Statement of Financial Position 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12 to 17 
LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

TheTrusteesoftheLeicesterCathedralCharitableTrustpresenttheirannualreportfortheyearended31December2022 and
confirmtheycomplywiththerequirementsoftheCharitiesAct1993,asamendedbytheCharitiesAct2006andsubsequently by
the Charities Act 2011.

Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutinthenotestotheaccounts and
complywith the charity'sgoverningdocument,the CharitiesAct 2011 and the relevantversionof the Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectof the CharitableIncorporatedOrganisation(CIO)is, forthe publicbenefit,to promote,aid and furtherthe objects and
work of the Church of England by supporting the work of the Chapter of the CathedralChurch of St Martin in Leicesterincluding but
not limited to:

- The provisionof a fitting place of intermentfor the human remainsof King RichardIII of Englandand associatedreligious 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

Allcurrenttrusteesarealsotrusteesofothercharitableorganisationsandwellexperiencedinthenatureoftheroleand legal
responsibilities.Newtrusteeswillreceiveaninduction,bemadeawareoftheroleofatrusteeaslaiddownbythe Charity
Commission and, if appropriate, attend appropriate training and development seminars to help them develop their role.

Fundraising

FundsareraisedtosupportthecurrentrequirementsoftheCathedral.Inordertodothis,aprofessionalfundraiserisused who
complieswith all relevantcodes of practice.Fundraisingactivitieson behalf of the Cathedralare subject to regular review by  senior
management and no fundraising complaints have been received. A fundraising policy is in place.

Allreasonablecareistakentoensureprotectionofthepublic,includingvulnerablepeople,fromunreasonablyintrusive or
persistent fundraising approaches, and undue pressure to donate.

Public benefit

Thecharitytrusteeshavecompliedwiththeirdutytohavedueregardtotheguidanceonpublicbenefitpublishedbythe Charity
Commission in exercising their powers or duties.

ACHIEVEMENT AND PERFORMANCE

Review of activities 2022

TheCathedralBuildingclosedinJanuary2022forsubstantialrefurbishmentandrenewalconstructionworks(aprojectknown as
'LeicesterCathedralRevealed'(LCR))and remainedclosedfor the remainderof the year.Workcontinuesapaceand we anticipate
returning to the building for worship by the end of November 2023, although the external works, along with the constructionof the
newHeritageandLearningCentre/ChapterHousewillnotbecompleteduntilthesummerof2024.Thelatterdeadlinehas been
pushed back as a result of considerablearchaeologicalworkthat was requiredduring excavationsto createthe basementfloors of
the new building, work whose extent greatly exceeded the expectations of experts prior to work on site starting.

This extra work has also increasedthe overallcost of the projectby nearly £2m so, whilst all the originallybudgeted costs had  been
raisedpriortothestartofwork,ithasbeennecessarytore-openthefundraisingappealwithapproachestoourexisting donors
and funders, as well as new sources.We are extremely grateful for the sympatheticand generous responses that we have received
tothisfurtherappealand,althoughatthetimeofwritingmuchworkisstilltobedone,wearecautiouslyoptimisticabout the
eventual outcome.

Support for LCR is currentlythe main focus of the activityof the Trust.We have continued to support the project by releasing  funds
held by the Trust previously raised, as well as the re-opened appeal.

Meanwhile,theworshiplifeoftheCathedralhascontinuedhostedinthenearbyStNicholasChurchandStMartinsHouse, and
regularSundayafternoonvisitswiththechoirtoparishchurchesaroundthedioceseunderthebanner'Togetherwith Leicester
Cathedral'.During 2022 there were also significantevents in the life of our nationthat were markedwith localcommemorations -
the celebrationof the DiamondJubilee of Her MajestyQueen ElizabethII in June and, sadly,servicesof reflectionand thanksgiving
following her death in September 2022.

Page 1

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Financial position

At31December2022,theunrestrictedfund,whichprovidesthematchedfundingfortheRichardIIIInterpretationproject and
other work in the Cathedral, had a cash balance of £18,169 and an overall balance of £7,130.

Therestrictedfundhadacashbalanceof£3,180,273,andanoverallbalanceof£3,041,361madeupof£4,000fortheChapel of
Christ the King (an element of the Leicester Cathedral Revealed project) and £3,037,361 for Leicester Cathedral Revealed.

Reserves policy

The Trustees consider that an appropriatelevel of unrestrictedreserves should be sufficientto cover any GovernanceCosts, around
£7,000. The current balance exceeds this and is considered sufficient.

Going concern

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

FUTURE PLANS

TheTrustwillbevitalinsupportingChapterasitcontinuestodevelopLeicesterCathedralRevealed,withtheobjectives of
financiallysupportingthe completionof the build phase of the projectin 2023 and 2024 and the deliveryphase running through to
2027.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

LeicesterCathedralCharitableTrustisaCharitableIncorporatedOrganisation(CIO)whoseonlyvotingmembersareits charity
trustees.

It is governed by its Constitution dated 20 June 2013.

Organisational structure

TheCharitableTrustworkscloselywithLeicesterCathedraltoachieveitsaimsandusesthestaffingresourcesoftheCathedral to
meetthese.Thetrusteesmeetregularlytohaveoversightofitsfundraisingactivitiesandannuallytoreceivethereport and
accountspreparedbytheAdministrator.Theday-to-dayoperationiscarriedoutbytheCathedralstaffandseniorteam,in close
consultationwiththe LeicesterCathedralRevealedProjectBoardwhichmeetsmonthlyto overseethe expenditureof the project;
the Trustees and the Cathedral Chapter receive updates at each of their meetings.

Risk management

The main purpose of the Trust is to raise money to enable the Chapter of LeicesterCathedralto achieveits purpose as described in
theObjectsoftheTrustabove.TheTrusteesareinvolvedinfundraisingactivitieswithotherstafffromtheCathedralandin this
wayhavedirectinputtothedevelopmentofstrategiesandtheirimplementation.TheTrusteesareacutelyawareof their
responsibilitieswith regard to the money raised and that it is only to be used for the purpose given. They have established controls
to mitigate any risks in the treatment of funds.

It is the Chapterthat wouldcommissionany expenditureand thereforeany risk wouldfall to them. In makingdecisionsto commit
toworkintheCathedraltheChapterwouldneedtobemindfuloftheneedtoensurethatfundsexisteitherfromthe Charitable
Trust or other sources.

Safeguarding

TheTrustoperateswithintheSafeguardingPolicyandProceduresofLeicesterCathedralwhichis constructedusingtheChurch of
England National Safeguarding Policy and Procedures adapted to this local cathedral context.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1152990

Principal address

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

Page 2

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

The Very Reverend David Monteith - Dean of Leicester (Resigned 17.12.2022)

The Reverend Karen Rooms - Acting Dean of Leicester (Appointed 18.12.2022)

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

Mrs Sara Burgess - Member of the College of Canons

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

Administrator

Trevor Peel
Financial Controller - Leicester Cathedral

Bankers

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

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trusteesare responsibleforpreparingthe Trustees'AnnualReportand the financialstatementsin accordancewith applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

ThelawapplicabletocharitiesinEngland&Walesrequiresthetrusteestopreparefinancialstatementsforeachfinancial year
whichgivea trueandfairviewofthestateofaffairsofthecharityandoftheincomingresourcesandapplicationofresources of
the charity for that period. In preparing these financial statements, the trustees 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;

- preparethe financialstatementson the going concernbasisunless it is inappropriateto presumethat the charitywill continue in
operation.

The trustees are responsiblefor keeping proper accountingrecordsthat disclosewith reasonableaccuracyat any time the financial
positionofthecharityandenablethemtoensurethatthefinancialstatementscomplywiththeCharitiesAct2011,the Charities
(AccountsandReports)Regulationsandtheprovisionsofthetrustdeed.Theyarealsoresponsibleforsafeguardingtheassets of
the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

LEICESTER CATHEDRAL CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Approved by order of the board of trustees on 25 September 2023 and signed on its behalf by:

Rev K Rooms - Trustee

Page 4

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

Opinion

WehaveauditedthefinancialstatementsofLeicesterCathedralCharitableTrust(the'charity')fortheyear ended
31 December 2022 which comprisethe Statement of FinancialActivities,the Statement of FinancialPosition,the Statement of Cash
Flowsandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthat has been applied in their preparationis applicablelaw and United KingdomAccountingStandards(United Kingdom
Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunder those standardsare further described in the Auditors'responsibilitiesfor the audit of the financial statements
section of our report.We are independent of the charityin accordancewith the ethical requirementsthat are relevantto our  audit
of the financialstatementsin the UK, includingthe FRC'sEthicalStandard,and we have fulfilledour other ethicalresponsibilities in
accordancewith these requirements.We believe that the audit evidencewe have obtainedis sufficientand appropriateto  provide
a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyor collectively,may castsignificantdoubt on the charity'sabilityto continueas a going concernfor a periodof at least
twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin therelevantsections of
this report.

Other information

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

Our opinionon the financialstatementsdoes not coverthe otherinformationand, exceptto the extent otherwiseexplicitly stated
in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoing so,
considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedin the
auditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparent material
misstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementinthefinancial statements
themselves.If, based on the work we have performed,we concludethat there is a materialmisstatementof this other information,
we are required to report that fact.  We have nothing to report in this regard.

Matters on which we are required to report by exception

WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(AccountsandReports)Regulations 2008
requires us to report to you if, in our opinion:

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthepreparationof the
financialstatementswhichgive a true and fairview,and forsuch internalcontrolas the trusteesdetermineis necessaryto  enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparingthe financialstatements,the trusteesare responsiblefor assessingthe charity'sabilityto continueas a going concern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthe trustees
either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 5

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

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththeAct and
relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceis a high levelof assurance,but is not a guaranteethat an audit conductedin accordancewith ISAs (UK)  will
alwaysdetecta materialmisstatementwhenit exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyor in the aggregate,they could reasonablybe expectedto influencethe economicdecisionsof 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:

Wehaveidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffectonthe financial
statementsfromourgeneralcommercialexperience,knowledgeofthesector,areviewofregulatoryandlegal correspondence
and through discussionswith Trusteesand other key managementobtainedas part of the work required by auditing standards. We
have also discussedwith the Trusteesand other key managementthe policiesand proceduresrelating to compliancewith laws and
regulations.We communicatedlaws and regulationsthroughoutthe team and remained alert to any indicationsof  non-compliance
throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly,thecharityissubjecttolawsandregulationsthatdirectlyimpactthefinancialstatements(forexamplefinancial reporting
legislation)and we haveassessedthe extentof compliancewithsuch lawsas partof our financialstatementsaudit.We evaluated
management'sincentivesandopportunitiesforfraudulentmanipulationofthefinancialstatements(includingriskofoverride of
controls)and determined that the principalrisks were related to managementbias in judgementalareas of the financial statements
suchasincomerecognition,aswellastheriskofinappropriatejournalentriestomanipulatereportedsurplus/deficit. Audit
proceduresperformedby the engagementteamincludedthe identificationandtestingofunusualmaterialnominalledger entries
and challengingmanagementon key assumptionsand judgementsmade in the preparationof the financialstatements.We  carried
outdetailedsubstantivetestsonmaterialincomestreams,includingreviewingthesupportingdocumentationusedto determine
therecognition,documentingourownviewonthetreatmentofthese,ensuringitisconsistentandagreeingthe amounts
physically received to the bank statements where applicable.

Secondly,thecharityissubjecttootherlawsandregulationswheretheconsequencefornon-compliancecouldhavea material
effect on the amounts or disclosuresin the financialstatements.We identifiedthe followingareas as those most likely to have such
aneffect:Writtenrestrictionsordesignationsimposedbygrantprovidersordonors.Again,wehavereviewedthe supporting
documentationforallmaterialincomesreceivedandassuredourselvesthatanywrittenconditionshavebeenadheredto as
applicable.Wenotethatgiventhenatureofthecharity,therearenospecificlawsandregulationsgoverningtheactivities, aside
from CompaniesAct 2006, CharitiesAct 2011, CharitableIncorporatedOrganisations(General)regulations2012 and the applicable
accounting standards.

Auditing standardslimit the required audit proceduresto identify non-compliancewith these laws and regulationsto enquiry of  the
Trusteesandotherkeymanagementandinspection.Thisinspectionincludedreadingminutesofmeetingsofthosecharged with
governanceand discussingwith both thosechargedwith governanceand the key managementto confirmthat to their knowledge
theywerenot awareof anyinstancesof non-compliance.Throughtheseprocedures,if we becameawareof any non-compliance,
we considered the impact on the procedures performed on the related financial statement items.

Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetectedsome material
misstatementsinthefinancialstatements,eventhoughwehaveproperlyplannedandperformedourauditinaccordance with
auditing standards.The further removednon-compliancewith laws and regulationsis from the events and transactionsreflected in
thefinancialstatements,thelesslikelytheinherentlylimitedproceduresrequiredbyauditingstandardswouldidentifyit.As with
anyaudit,thereisagreaterriskofnon-detectionofirregularitiesasthesemayinvolvecollusion,intentionalomissionsof the
overrideofinternalcontrols.Wearenotresponsibleforpreventingnon-complianceandcannotbeexpectedto detect
non-compliance with all laws and regulations.

A furtherdescriptionof ourresponsibilitiesforthe auditof the financialstatementsis locatedon the FinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 6

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

Use of our report

Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accountsand Reports)
Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothecharity'strusteesthosematterswe are
requiredto state to them in an auditors'reportand for no other purpose.To the fullestextent permittedby law, we do not accept
or assume responsibilityto anyone other than the charityand the charity'strustees 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 7

LEICESTER CATHEDRAL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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
£
-
-
-
-
8,928
8,928
(8,928)
16,058
7,130		 Restricted
funds
£
746,604
42,536
789,140
1,890,914
-
1,890,914
(1,101,774)
4,143,135
3,041,361		 2022
Total
funds
£
746,604
42,536
789,140
1,890,914
8,928
1,899,842
(1,110,702)
4,159,193
3,048,491		 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 
The notes form part of these financial statements

Page 8

LEICESTER CATHEDRAL CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2022

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
£
-
18,169
18,169
(11,039)
7,130
7,130
7,130		 Restricted
funds
£
42,318
3,180,273
3,222,591
(181,230)
3,041,361
3,041,361
3,041,361		 2022
Total
funds
£
42,318
3,198,442
3,240,760
(192,269)
3,048,491
3,048,491
3,048,491
7,130
3,041,361
3,048,491		 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		 
The financialstatementswere approvedby the Boardof Trusteesand authorisedfor issue on 25 September2023 and were signed
on its behalf by:

Rev K Rooms - Trustee

The notes form part of these financial statements

Page 9

LEICESTER CATHEDRAL CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/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		 2022
£
(1,168,862)
(1,168,862)
42,536
42,536
(1,126,326)
4,324,768
3,198,442		 2021
£
625,118
625,118
372
372
625,490
3,699,278
4,324,768 
The notes form part of these financial statements

Page 10

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

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

RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Interest received
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2022
£
(1,110,702)
(42,536)
29,673
(45,297)
(1,168,862)		 2021
£
534,958
(372)
(70,710)
161,242
625,118

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.1.22
£
4,324,768
4,324,768
4,324,768		 Cash flow
£
(1,126,326)
(1,126,326)
(1,126,326)		 At 31.12.22
£
3,198,442
3,198,442
3,198,442 
The notes form part of these financial statements

Page 11

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. GENERAL INFORMATION

LeicesterCathedralCharitableTrust is a CharitableIncorporatedOrganisation(CIO) registered in England and Wales, whose
onlyvotingmembersare its trustees.The charity'sregisterednumberis 1152990and the Companyregistrationnumber is
CE000600. The principal address of the charity is St Martins House, 7 Peacock Lane, Leicester, LE1 5PZ.

Thefinancialstatementsarepresentedinsterlingwhichisthefunctionalcurrencyofthecharityandroundedto the
nearest £.

The significantaccountingpolicies applied in the preparationof these financialstatementsare set out 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)havebeenpreparedinaccordancewiththerelevantversionoftheStatement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)andtheFinancialReportingStandardapplicablein the
UnitedKingdomandRepublicofIreland(FRS102)andtheCharitiesAct2011andUKGenerallyAccepted Accounting
Practice.

The accounts(financialstatements)have been preparedto give a 'true and fair'view and have departedfrom the  Charities
(AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea'trueandfairview'.Thisdeparture has
involvedfollowingtherelevantversionoftheStatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)  rather
thantheAccountingandReportingbyCharities:StatementofRecommendedPracticeeffectivefrom1April2005 which
has since been withdrawn.

Income

Incomeis recognisedwhenthe Trusthasentitlementto the funds,anyperformanceconditionsattachedto the item(s) of
income have been met, it is probable that the income will be received and the amount can be measured reliably.

Incomefromthe governmentand othergrants,whether'capital'grantsor 'revenue'grantsis recognisedwhen the charity
has entitlementto the funds,any performanceconditionsattachedto the item(s)of incomehavebeen met,it is probable
that the income will be received and the amount can be measured reliably and is not deferred.

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

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

- or when a distribution is received from the estate.

Receiptofalegacyinwholeorinpart,isonlyconsideredprobablewhentheamountcanbemeasuredreliably,and the
Trusthas been notifiedof the executor'sintentionto makea distribution.Wherelegacieshavebeen notifiedto the Trust,
or the Trust is aware of the granting of probate,and the criteriafor income recognitionhave 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.

Interest receivable

Intereston funds held on deposit is included when receivableand the amount can be measured reliablyby the Trust; this  is
normally upon notification of the interest paid or payable by the bank.

continued...

Page 12

LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Expenditure

Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocatedto activitieson a basis consistentwith the use of resources.Expensesare accountedfor inclusive
(where applicable) of any VAT which cannot be recovered.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

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

DesignatedfundscompriseunrestrictedfundsthathavebeensetasidebytheTrustforparticularpurposes.Theaim and
use of each designated fund is set out in the notes to the financial statements.

Restrictedfundsarefundswhichareto be usedin accordancewithspecificrestrictionsimposedby donorsorwhich have
beenraisedbytheTrustforparticularpurposes.Thecostofraisingandadministeringsuchfundsarechargedagainst the
specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Debtors and creditors receivable / payable within one year

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

Financial Instruments

The Trust only has financialassets and financialliabilitiesof a kind that qualify as basic financialinstruments.Basic financial
instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. DONATIONS AND LEGACIES

Donations
Gift aid
Legacies
Grants
Grants received, included in the above, are as follows:
Grants in support of mission		 2022
£
80,935
20,669
-
645,000
746,604
2022
£
645,000		 2021
£
858,168
70,710
10,000
599,881
1,538,759
2021
£
599,881		 
continued...

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LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

4. INVESTMENT INCOME

Deposit account interest
5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Charitable giving
1,890,914
Other running costs
-
1,890,914
6.
SUPPORT COSTS
Other running costs
7.
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's financial
statements
Preparation of the financial statements		 2022
£
42,536
Support
costs (see
note 6)
£
-
8,928
8,928
2022
£
6,438
2,490		 2021
£
372
Totals
£
1,890,914
8,928
1,899,842
Governance
costs
£
8,928
2021
£
4,596
2,226

8. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022norfortheyear ended
31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Employees

Excludingtrustees,therewerenoemployeesforthecharityduringthecurrentorprioryear.Asthecharitydoes 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		 Unrestricted
fund
£
18,000
-
18,000
-
6,822
6,822		 Restricted
funds
£
1,520,759
372
1,521,131
994,771
2,580
997,351		 Total
funds
£
1,538,759
372
1,539,131
994,771
9,402
1,004,173 
continued...

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LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
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		 Unrestricted
fund
£
11,178
4,880
16,058
At 1.1.22
£
16,058
4,000
4,139,135
4,143,135
4,159,193
Incoming
resources
£
-
789,140
789,140		 Restricted
funds
£
523,780
3,619,355
4,143,135
2022
£
42,318
2022
£
183,341
8,928
192,269
Net
movement
in funds
£
(8,928)
-
(1,101,774)
(1,101,774)
(1,110,702)
Resources
expended
£
(8,928)
(1,890,914)
(1,899,842)		 Total
funds
£
534,958
3,624,235
4,159,193 
continued...

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LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.21
£
Unrestricted funds
General fund
4,880
Restricted funds
Chapel of Christ the King
4,000
Revealed
3,615,355
3,619,355
TOTAL FUNDS
3,624,235
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
18,000
Restricted funds
Revealed
1,521,131
TOTAL FUNDS
1,539,131		 Net
movement
in funds
£
11,178
-
523,780
523,780
534,958
Resources
expended
£
(6,822)
(997,351)
(1,004,173)		 At
31.12.21
£
16,058
4,000
4,139,135
4,143,135
4,159,193
Movement
in funds
£
11,178
523,780
534,958

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.

13. RELATED PARTY DISCLOSURES

Duringthe yearendedthe TrustmadeGrantsof£1,890,914(2021- £994,771)to LeicesterCathedralin orderto enable it
tomakepaymentsinrelationtoworkonreorderingtheCathedral.AttheendoftheyeartheTrustowed Leicester
Cathedral a net total of £183,341 (2021 - £231,368).

TheCharitableTrustisvitalinsupportingtheworkoftheCathedralChapterandparticularlyinrelationtothe Leicester
Cathedral Revealed Project.

The trustees of the CharitableTrust are nominatedby LeicesterCathedral.The results of the LeicesterCathedral Charitable
Trust have, therefore, been included in the consolidated results of Leicester Cathedral.

continued...

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LEICESTER CATHEDRAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

14. ULTIMATE CONTROLLING PARTY

Thecharityiscontrolledbyitsultimateparent,LeicesterCathedral.Copiesoftheconsolidatedaccountscanbe obtained
from the Cathedral office: St Martin's House, 7 Peacock Lane, Leicester, LE1 5PZ.

The objectof the ultimateparentis being a centreof worshipand missionfor the advancementof the Christianreligion in
accordance with the precepts of the Church of England.

TheCathedralworkstowardstheseaimswiththeservicesandeventstheyholdattheCathedralandinthe wider
community.

The parent can exercise control via its common trustees.

Page 17