```
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;
```
- `state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;`
```
- 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:
```
- `give a true and fair view of the state of the charity's affairs as at 31 December 2022 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))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:
```
- `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.`
## **`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...
```
```
Page 13
```
```
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...
```
```
Page 14
```
```
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...
```
```
Page 15
```
```
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...
```
```
Page 16
```
```
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
```