2022-03-31-accounts - Peterborough Cathedral Development And Preservation Trust CIO

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REGISTERED CHARITY NUMBER: 1159730

Trustees' Report and

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Peterborough Cathedral Development and Preservation Trust CIO

Stephenson Smart (East Anglia) Limited Chartered accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ

Peterborough Cathedral Development and Preservation Trust CIO

Contents of the Financial Statements for the Year Ended 31 March 2022

	Page
Reference and Administrative Details	1
Trustees' Report	2 to 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Statement of Financial Position	7
Statement of Cash Flows	8
Notes to the Statement of Cash Flows	9
Notes to the Financial Statements	10 to 17
Detailed Statement of Financial Activities	18 to 19

Peterborough Cathedral Development and Preservation Trust CIO

Reference and Administrative Details for the Year Ended 31 March 2022

Trustees	Col R Boyle DL
	Mr B Hellyer DL (resigned 4.1.2022)
	Mr D Laing
	Rev T Alban Jones
	Miss A Spriggs (resigned 4.1.2022)
	Mr M Smith (resigned 4.1.2022)
	Sir L Howard
	Mr P Parsons (resigned 4.1.2022)
	Very Rev'd C Dalliston
	Mr R S G Barnwell DL
	Mr T R S Jackson (appointed 1.11.2021)
	Ms C L Graham (appointed 1.12.2021)
	Mr C J Pulley (appointed 3.1.2022)
	Ms A Davison-Young (appointed 4.1.2022)
	Ms A Bentley (appointed 4.1.2022)
	Mr T Sakhrani (appointed 4.1.2022)
	Mr M Williams (appointed 4.1.2022)
	Mr J R Howell (appointed 3.1.2022)
Principal address	Main Office
	Minster Precincts
	Peterborough
	PE1 1XS
Registered charity number	1159730
Independent examiner	Stephenson Smart (East Anglia) Limited
	Chartered accountants
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ
Solicitors	Farrer & Co
	66 Lincolns Inn Fields
	London
	WC2A 3LH

Peterborough Cathedral Development and Preservation Trust CIO

Trustees' Report for the Year Ended 31 March 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Objectives and aims

The objectives of the Charity are the support of such charitable purposes connected with the Cathedral and the Chapter of Peterborough Cathedral, and the support of such other charitable purposes or charitable foundations as the Trustees, being not less than seven in number, shall from time to time by deed executed with their unanimous consent declare.

Fundraising

The sole purpose of the Trust is to raise funds to support the work and ministry of the Cathedral and to preserve, maintain and improve its fabric and facilities. It does so through encouraging membership of the Company of St Peter; direct fundraising though grants, donations, legacies and fundraising events. The Trust also encourages businesses to join the Corporate Partnership.

Income received may be restricted for use on a project or purpose specified by the donor. Such income is classified as restricted and must be used for the project purpose. Income may be paid directly to the Chapter in accordance with the terms of the grant donation. Otherwise funds are transferred from time to time for the use at the discretion of the Chapter in furtherance of objectives of the Trust. A small balance is retained to cover fundraising costs.

Volunteers

The Trust is indebted to the hard work and commitment of all Trustees and other volunteers in supporting its work. In addition, the hard work of the Chapter staff in supporting and sustaining the work of the Trust was highly valued.

Peterborough Cathedral Development and Preservation Trust CIO

Trustees' Report for the Year Ended 31 March 2022

Achievement and performance

In response to a difficult year caused by the global Covid-19 pandemic, the Trust refocused resources on generating grant income. This successful short term strategy resulted in increased year on year income of 28%. We are extremely grateful to Dawn Caplin (CEO) who despite the unprecedented challenge, demonstrated true leadership, applied her knowledge, her skills and then exceeded our expectations.

The Trust's office also secured £250,000 from heritage Lottery Grants that went directly to Chapter for operational costs during the height of the pandemic.
The Cathedrals 10-year-old IT systems have been completely upgraded by a grant of £23,000 from the Trust with an extra £2,305 upgrade to the IT equipment in the music department.
Music emergency grant secured to cover operating costs £41,565 from Cathedral Choirs' Emergency Fund.
The Cathedrals internal lighting was upgraded from halogen to LED at a cost of £23,000 from a major supporter.

The generosity of the Company of St Peter (now transitioned to Cathedral Keys) supports the routine work of the Cathedral contributing £35,000 towards the cost of ministry, maintaining its fabric, providing Choral Music throughout the year and the cost of Lay clerks.

The Trust is very grateful to all those grant making trusts and individuals who have supported and continue to support this iconic building in the heart of Peterborough City Centre.

We are also very grateful of all the support we receive from volunteers, Trustees and Vice Presidents.

Financial review

Financial position

The Trust uses Xero accounting software that generates a range of reports. Our bank accounts data feeds into Xero which provides management and trustees with real time financial information. Our access to information has been further enhanced since we converted to internet banking.

Total income for the financial year was £171,135 remarkably higher than the previous year income. Even navigating through the pandemic, we still managed to increase our income. the Trust also secured £250,000 from the Heritage Emergency fund for operating costs that were passed directly to the cathedral.

The increase in income was mainly due to successful grant applications. Our future fundraising strategy will re-focus on regular monthly giving, through membership schemes, corporate engagement, core funding grants through trusts and other philanthropy.

The Trust approved and paid out £99,958 in restricted funds and £13,545 unrestricted in support of music, fabric, mission and operational costs.

Reserves policy

It is the intention of the Trustees to maintain 9 months unrestricted income for operational costs in order to cover ongoing costs, and that normally 10% of all donations received are allocated to the cost of generating income and support costs of the Charity.

Peterborough Cathedral Development and Preservation Trust CIO

Trustees' Report for the Year Ended 31 March 2022

Future plans

In 2020/21 the Trust will build its Cathedral Keys Membership enabling the Cathedral access to unrestricted income in support of Chapters operating costs.

We have been working on the new Cathedral shop project and hope to see a newly installed shop December 2021.

Laurel Court viability study, which the Trust secured funding from AHF, will be completed by March 2022.

We will seek funding from corporates, trusts and members for a number of sustainability projects that the Chapter have identified, enabling the Cathedral to generate regular income that will cover operating costs and maintenance.

It costs £1.5 million per year to operate the Cathedral or £4,200 per day. The Cathedral depends on donations, events and commercial activity to cover its costs.

The Trust will be seeking funding for a number of capital projects, mainly Green Spaces project to improve the precincts for visitors, a new Handyman's workshop, outside lighting and new up lighting in the Cathedral, and a number of repairs and improvements as suggested in the latest quinquennial report.

Structure, governance and management

The Peterborough Cathedral Development and Preservation Trust is a charitable incorporated organisation (CIO) and was registered with the Charity Commissioners on 29 December 2014.

The Trustees are responsible for the sound management of the Charity and are responsible for the appointment of new Trustees. Trustees must number a minimum of 7 and a maximum of 25. All Trustees are appointed for a three-year term and when making appointments Trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

None of the Trustees has any beneficial interest in the Charity. All Trustees are members of the Charity and guarantee to contribute £1 in the event of winding up.

In addition to appointed Trustees, the Dean of Peterborough cathedral is automatically a Charity Trustee.

The Executive Committee also have powers to appoint not more than three charity trustees for a fixed term of office.

Approved by order of the board of trustees on 12 January 2023 and signed on its behalf by:

Ms A Davison-Young - Trustee

Independent Examiner's Report to the Trustees of Peterborough Cathedral Development and Preservation Trust CIO

Independent examiner's report to the trustees of Peterborough Cathedral Development and Preservation Trust CIO

I report to the charity trustees on my examination of the accounts of Peterborough Cathedral Development and Preservation Trust CIO (the Trust) for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christopher Goad BFP FCA Stephenson Smart (East Anglia) Limited Chartered accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ

12 January 2023

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Financial Activities for the Year Ended 31 March 2022

Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Income and endowments from Donations and legacies 3 196,601 410,090 - Other trading activities 4 - 8,460 - Investment income 5 81 - - Other income - - - Total 196,682 418,550 - Expenditure on Charitable activities 6 Costs of events and activities - 3,574 - Grants payable 190,102 347,769 - Support costs 74,821 - - Governance costs 7,206 - - Total 272,129 351,343 - NET INCOME/(EXPENDITURE) (75,447) 67,207 - Reconciliation of funds Total funds brought forward 96,607 6,000 17,719 Total funds carried forward 21,160 73,207 17,719	31.3.22 Total funds £ 606,691 8,460 81 - 615,232 3,574 537,871 74,821 7,206 623,472 (8,240) 120,326 112,086	31.3.21 Total funds £ 98,863 - 43 71,229 170,135 279 113,503 70,483 3,798 188,063 (17,928) 138,254 120,326

The notes form part of these financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Financial Position 31 March 2022

Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Current assets Debtors 12 990 2,905 - Cash at bank 124,158 312,589 17,719 125,148 315,494 17,719 Creditors Amounts falling due within one year 13 (103,988) (242,287) - Net current assets 21,160 73,207 17,719 Total assets less current liabilities 21,160 73,207 17,719 NET ASSETS 21,160 73,207 17,719 Funds 14 Unrestricted funds Restricted funds Endowment funds Total funds	31.3.22 Total funds £ 3,895 454,466 458,361 (346,275) 112,086 112,086 112,086 21,160 73,207 17,719 112,086	31.3.21 Total funds £ 7,232 129,178 136,410 (16,084) 120,326 120,326 120,326 96,607 6,000 17,719 120,326

The financial statements were approved by the Board of Trustees and authorised for issue on 12 January 2023 and were signed on its behalf by:

Ms A Davison-Young - Trustee

The notes form part of these financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Cash Flows for the Year Ended 31 March 2022

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) 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	31.3.22 £ 325,207 325,207 81 81 325,288 129,178 454,466	31.3.21 £ (61,808) (61,808) 43 43 (61,765) 190,943 129,178

The notes form part of these financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Statement of Cash Flows for the Year Ended 31 March 2022

1.	Reconciliation of net expenditure to net cash flow from operating activities	Reconciliation of net expenditure to net cash flow from operating activities
			31.3.22	31.3.21
			£	£
	Net expenditure for the reporting period (as per the Statement of
	Financial Activities)		(8,240)	(17,928)
	Adjustments for:
	Interest received		(81)	(43)
	Decrease/(increase) in debtors		3,337	(3,843)
	Increase/(decrease) in creditors		330,191	(39,994)
	Net cash provided by/(used in) operations		325,207	(61,808)
2.	Analysis of changes in net funds
		At 1.4.21	Cash flow	At 31.3.22
		£	£	£
	Net cash
	Cash at bank	129,178	325,288	454,466
		129,178	325,288	454,466
	Total	129,178	325,288	454,466

The notes form part of these financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements for the Year Ended 31 March 2022

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is a Charitable Incorporated Organisation (CIO). The address of the principle office is Cathedral Office, Minister Precincts, Peterborough, PE1 1XS.

2. Accounting policies

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the charity, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

2. Accounting policies - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

3. Donations and legacies

3. Donations and legacies
Donations Legacies 4. Other trading activities Fundraising events 5. Investment income Deposit account interest 6. Charitable activities costs	31.3.22 £ 293,840 312,851 606,691 31.3.22 £ 8,460 31.3.22 £ 81	31.3.21 £ 98,863 -
		98,863
		31.3.21 £ - 31.3.21 £ 43

Costs of events and activities Grants payable Support costs Governance costs	Grant funding of activities Support Direct (see note costs (see Costs 7) note 8) £ £ £ 3,574 - - - 537,871 - - - 74,821 - - 7,206 3,574 537,871 82,027	Totals £ 3,574 537,871 74,821 7,206
		623,472

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

7. Grants payable

Grants payable The total grants paid to institutions during the year was as follows: Music Fabric Other Cathedral choir emergency fund	31.3.22 £ 537,871 31.3.22 £ 195,950 151,819 190,102 - 537,871	31.3.21 £ 113,503
		31.3.21 £ 22,305 25,953 13,545 51,700
		113,503

8. Support costs

Support costs
Management £ Support costs 74,130 Governance costs - 74,130	Governance Finance costs £ £ 691 - - 7,206 691 7,206	Totals £ 74,821 7,206
		82,027

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

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

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

10.
Staff costs
31.3.22
£
Wages and salaries
56,039
Social security costs
6,214
Other pension costs
1,320
63,573
The average monthly number of employees during the year was as follows:
31.3.22
2
No employees received emoluments in excess of £60,000.
11.
Comparatives for the statement of financial activities
Unrestricted
Restricted
Endowment
fund
fund
funds
£
£
£
Income and endowments from
Donations and legacies
65,518
33,345
-
Investment income
43
-
-
Other income
-
71,229
-
Total
65,561
104,574
-
Expenditure on
Charitable activities
Costs of events and activities
-
279
-
Grants payable
13,545
99,958
-
Support costs
50,954
19,529
-
Governance costs
3,798
-
-
Total
68,297
119,766
-
NET INCOME/(EXPENDITURE)
(2,736)
(15,192)
-
Transfers between funds
(11,499)
11,499
-
Net movement in funds
(14,235)
(3,693)
-
Reconciliation of funds
Total funds brought forward
110,842
9,693
17,719
Total funds carried forward
96,607
6,000
17,719

31.3.21
£
52,756
5,705
1,313
59,774
31.3.21
1
Total
funds
£
98,863
43
71,229
170,135
279
113,503
70,483
3,798
188,063
(17,928)
-
(17,928)
138,254
120,326

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

12.	Debtors: amounts falling due within one year
			31.3.22	31.3.21
			£	£
	Other debtors		245	-
	Amounts due from Peterborough
	Cathedral		2,905	2,905
	Gift aid recoverable		745	4,327
			3,895	7,232
13.	Creditors: amounts falling due within one year
			31.3.22	31.3.21
			£	£
	Taxation and social security		845	2,769
	Other creditors		345,430	13,315
			346,275	16,084
14.	Movement in funds
			Net
			movement
		At 1.4.21	in funds	At 31.3.22
		£	£	£
	Unrestricted funds
	General fund	96,607	(75,447)	21,160
	Restricted funds
	Restricted fund	6,000	67,207	73,207
	Endowment funds
	CSP Ministry	13,635	-	13,635
	CSP Fabric	4,084	-	4,084
		17,719	-	17,719
	TOTAL FUNDS	120,326	(8,240)	112,086

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

14. Movement in funds - continued

Net movement in funds, included in the above are as follows:

		Incoming	Resources	Movement
		resources	expended	in funds
		£	£	£
Unrestricted funds
General fund		196,682	(272,129)	(75,447)
Restricted funds
Restricted fund		418,550	(351,343)	67,207
TOTAL FUNDS		615,232	(623,472)	(8,240)
Comparatives for movement in funds
		Net	Transfers
		movement	between
	At 1.4.20	in funds	funds	At 31.3.21
	£	£	£	£
Unrestricted funds
General fund	110,842	(2,736)	(11,499)	96,607
Restricted funds
Restricted fund	9,693	(15,192)	11,499	6,000
Endowment funds
CSP Ministry	13,635	-	-	13,635
CSP Fabric	4,084	-	-	4,084
	17,719	-	-	17,719
TOTAL FUNDS	138,254	(17,928)	-	120,326

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

14. Movement in funds - continued

Comparative net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	65,561	(68,297)	(2,736)
Restricted funds
Restricted fund	104,574	(119,766)	(15,192)
TOTAL FUNDS	170,135	(188,063)	(17,928)

A current year 12 months and prior year 12 months combined position is as follows:

		Net	Transfers
		movement	between
	At 1.4.20	in funds	funds	At 31.3.22
	£	£	£	£
Unrestricted funds
General fund	110,842	(78,183)	(11,499)	21,160
Restricted funds
Restricted fund	9,693	52,015	11,499	73,207
Endowment funds
CSP Ministry	13,635	-	-	13,635
CSP Fabric	4,084	-	-	4,084
	17,719	-	-	17,719
TOTAL FUNDS	138,254	(26,168)	-	112,086

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

14. Movement in funds - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	262,243	(340,426)	(78,183)
Restricted funds
Restricted fund	523,124	(471,109)	52,015
TOTAL FUNDS	785,367	(811,535)	(26,168)

15. Related party disclosures

During the year the Trust entered into the following transactions with related parties:

Grants of £537,871 (2021 : £113,503) were awarded to the Chapter of Peterborough Cathedral during the year, of which some of the Trustees are members. Included within debtors is £2,905 which is due from the Chapter of Peterborough Cathedral (2021 : £2,905).

Peterborough Cathedral Development and Preservation Trust CIO

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Income and endowments Donations and legacies Donations Legacies Other trading activities Fundraising events Investment income Deposit account interest Other income Job retention scheme Cathedral choir emergency fund Total incoming resources Expenditure Charitable activities Costs of events and activities Grants to institutions Support costs Management Wages Social security Pensions Insurance Computer expenses Office expenses Postage and stationery Advertising	31.3.22 £ 293,840 312,851 606,691 8,460 81 - - - 615,232 3,574 537,871 541,445 56,039 6,214 1,320 943 6,961 1,484 551 618 74,130	31.3.21 £ 98,863 -
		98,863 - 43 19,529 51,700
		71,229
		170,135 279 113,503
		113,782 52,756 5,705 1,313 1,178 6,698 1,187 332 725
		69,894

This page does not form part of the statutory financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Management Finance Bank charges Governance costs Accountancy fees Legal and other professional Independent exam fees Total resources expended Net expenditure	31.3.22 £ 691 1,800 3,906 1,500 7,206 623,472 (8,240)	31.3.21 £ 589 1,800 498 1,500 3,798 188,063 (17,928)

This page does not form part of the statutory financial statements