2023-03-31-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 2023

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 2023

	Page
Reference and Administrative Details	1
Trustees' Report	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Statement of Financial Position	6
Statement of Cash Flows	7
Notes to the Statement of Cash Flows	8
Notes to the Financial Statements	9 to 16
Detailed Statement of Financial Activities	17 to 18

Peterborough Cathedral Development and Preservation Trust CIO

Reference and Administrative Details for the Year Ended 31 March 2023

Trustees	Col R Boyle DL
	Mr D Laing
	Rev T Alban Jones
	Sir L Howard
	Very Rev'd C Dalliston
	Mr R S G Barnwell DL
	Mr T R S Jackson
	Ms C L Graham
	Mr C J Pulley
	Ms A Davison-Young
	Ms A Bentley
	Mr T Sakhrani
	Mr M Williams (resigned 12.7.2023)
	Mr J R Howell
	Ms G Beasley (appointed 11.4.2023)
Principal address	Cathedral Office
	11 Minster Precincts
	Peterborough
	Cambridgeshire
	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 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 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 Keys programme (both personal and corporate); direct fundraising though grants, donations, legacies and fundraising events.

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.

Achievement and performance

In response to the continuing difficult economic climate, the Trustees undertook a strategic review in the late spring of 2022, resulting in the decision to support the Cathedral in its appointment of fundraising staff who would devote time for the fundraising activity of all its stakeholders, including Peterborough Cathedral Preservation and Development Trust. As a result of that decision, a redundancy position arose for both of its staff at the end of June 2022.

Whilst the Cathedral undertook its recruitment process, all activity other than receiving legacies, some small grant applications made on behalf of The Trust and donor management ceased. This is reflected in the fall of income shown during the year.

As part of the restructure, further reorganisation of the Trustee body took place with a complete review of governance procedures and policies, and the establishment of new sub committees to support the renewed focus of The Trust.

Financial review

Financial position

The Trust transitioned to a new accounting system during the year, overseen by an external management accountant provision.

Total income for the financial year was £197,460 (2022 £615,232), almost entirely arising from legacy income.

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 £164,162 (2022 £537,871) in support of, fabric and operational costs.

Peterborough Cathedral Development and Preservation Trust CIO

Trustees' Report for the Year Ended 31 March 2023

Financial review

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.

Future plans

In 2023/24 the Trust will build its Cathedral Keys Membership enabling the Cathedral access to unrestricted income in support of Chapters operating costs.

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 £5,942 per day to operate the Cathedral. The Cathedral depends on donations, events and commercial activity to cover its costs, and therefore the work of The Trust is critical to future sustainability.

The Chapter have recruited a new Head of Fundraising, and he is currently producing a fundraising strategy for the all the bodies which sit within the Cathedral family. There is now a great opportunity for those bodies to work together, guided by the 15-year master plan "Touching History", to raise funds so that the master plan is delivered. The Trust has yet to consider the fundraising strategy but there will be opportunities for the Trust to seek funding for capital projects set out on the 'Touching History' master plan.

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 18[th] January 2024 and signed on its behalf by:

........................................................................ Ms G Beasley – Chair of Trustees

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 2023.

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

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

Date: 18[th] January 2024

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Financial Activities for the Year Ended 31 March 2023

Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Income and endowments from Donations and legacies 3 154,720 41,085 - Other trading activities 4 1,500 - - Investment income 5 155 - - Total 156,375 41,085 - Expenditure on Charitable activities 6 Costs of events and activities 276 208 - Grants payable 124,675 39,487 - Support costs 40,362 - - Governance costs 9,226 - - Total 174,539 39,695 - NET INCOME/(EXPENDITURE) (18,164) 1,390 - Reconciliation of funds Total funds brought forward 21,160 73,207 17,719 Total funds carried forward 2,996 74,597 17,719	31.3.23 Total funds £ 195,805 1,500 155 197,460 484 164,162 40,362 9,226 214,234 (16,774) 112,086 95,312	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

The notes form part of these financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Financial Position 31 March 2023

Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Current assets Debtors 13 10,804 - - Cash at bank 136,255 142,351 17,719 147,059 142,351 17,719 Creditors Amounts falling due within one year 14 (144,063) (67,754) - Net current assets 2,996 74,597 17,719 Total assets less current liabilities 2,996 74,597 17,719 NET ASSETS 2,996 74,597 17,719 Funds 15 Unrestricted funds Restricted funds Endowment funds Total funds	31.3.23 Total funds £ 10,804 296,325 307,129 (211,817) 95,312 95,312 95,312 2,996 74,597 17,719 95,312	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

The financial statements were approved by the Board of Trustees and authorised for issue on 18[th] January 2024 and were signed on its behalf by:

............................................. Ms G Beasley – Chair of Trustees

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 2023

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid 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	31.3.23 £ (158,110) (186) (158,296) 155 155 (158,141) 454,466 296,325	31.3.22 £ 325,207 - 325,207 81 81 325,288 129,178 454,466

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 2023

1.	Reconciliation of net expenditure to net cash flow from operating activities	Reconciliation of net expenditure to net cash flow from operating activities
			31.3.23	31.3.22
			£	£
	Net expenditure for the reporting period (as per the Statement of
	Financial Activities)		(16,774)	(8,240)
	Adjustments for:
	Interest received		(155)	(81)
	Interest paid		186	-
	(Increase)/decrease in debtors		(6,909)	3,337
	(Decrease)/increase in creditors		(134,458)	330,191
	Net cash (used in)/provided by operations		(158,110)	325,207
2.	Analysis of changes in net funds
		At 1.4.22	Cash flow	At 31.3.23
		£	£	£
	Net cash
	Cash at bank	454,466	(158,141)	296,325
	Total	454,466	(158,141)	296,325

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 2023

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, 11 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 2023

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	31.3.23 £ 115,805 80,000 195,805 31.3.23 £ 1,500 31.3.23 £ 155	31.3.22 £ 293,840 312,851
		606,691
		31.3.22 £ 8,460 31.3.22 £ 81

6. Charitable activities costs

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) £ £ £ 484 - - - 164,162 - - - 40,362 - - 9,226 484 164,162 49,588	Totals £ 484 164,162 40,362 9,226
		214,234

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

7. Grants payable

Grants payable
Grants payable The total grants paid to institutions during the year was as follows: Music Fabric Other	31.3.23 £ 164,162 31.3.23 £ - 40,893 123,269 164,162	31.3.22 £ 537,871
		31.3.22 £ 195,950 151,819 190,102
		537,871

8. Support costs

Management £ Support costs 39,236 Governance costs - 39,236	Governance Finance costs £ £ 1,126 - - 9,226 1,126 9,226	Totals £ 40,362 9,226 49,588

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

10. Staff costs

Staff costs
Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Staff	31.3.23 £ 43,232 (11,000) 440 32,672 31.3.23 1	31.3.22 £ 56,039 6,214 1,320
		63,573
		31.3.22 2

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

10. Staff costs - continued

No employees received emoluments in excess of £60,000.

11. Ex gratia payments

Staff wages and salaries include redundancy costs of £8,750 (2022 - nil).

12. Comparatives for the statement of financial activities

Unrestricted
Restricted
Endowment
fund
fund
funds
£
£
£
Income and endowments from
Donations and legacies
196,601
410,090
-
Other trading activities
-
8,460
-
Investment income
81
-
-
Total
196,682
418,550
-
Expenditure on
Charitable activities
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

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

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

13.	Debtors: amounts falling due within one year
			31.3.23	31.3.22
			£	£
	Other debtors		-	245
	Amounts due from Peterborough
	Cathedral		2,905	2,905
	Gift aid recoverable		7,899	745
			10,804	3,895
14.	Creditors: amounts falling due within one year
			31.3.23	31.3.22
			£	£
	Trade creditors		105	-
	Taxation and social security		(17,191)	845
	Other creditors		228,903	345,430
			211,817	346,275
15.	Movement in funds
			Net
			movement
		At 1.4.22	in funds	At 31.3.23
		£	£	£
	Unrestricted funds
	General fund	21,160	(18,164)	2,996
	Restricted funds
	Restricted fund	73,207	1,390	74,597
	Endowment funds
	CSP Ministry	13,635	-	13,635
	CSP Fabric	4,084	-	4,084
		17,719	-	17,719
	TOTAL FUNDS	112,086	(16,774)	95,312

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. 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	156,375	(174,539)	(18,164)
Restricted funds
Restricted fund	41,085	(39,695)	1,390
TOTAL FUNDS	197,460	(214,234)	(16,774)
Comparatives for 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 2023

15. 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	196,682	(272,129)	(75,447)
Restricted funds
Restricted fund	418,550	(351,343)	67,207
TOTAL FUNDS	615,232	(623,472)	(8,240)

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

		Net
		movement
	At 1.4.21	in funds	At 31.3.23
	£	£	£
Unrestricted funds
General fund	96,607	(93,611)	2,996
Restricted funds
Restricted fund	6,000	68,597	74,597
Endowment funds
CSP Ministry	13,635	-	13,635
CSP Fabric	4,084	-	4,084
	17,719	-	17,719
TOTAL FUNDS	120,326	(25,014)	95,312

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. 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	353,057	(446,668)	(93,611)
Restricted funds
Restricted fund	459,635	(391,038)	68,597
TOTAL FUNDS	812,692	(837,706)	(25,014)

16. Related party disclosures

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

Grants of £164,163 (2022 : £537,871) 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 (2022 : £2,905).

Peterborough Cathedral Development and Preservation Trust CIO

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Income and endowments Donations and legacies Donations Legacies Other trading activities Fundraising events Investment income Deposit account interest 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 Finance Bank charges Interest payable	31.3.23 £ 115,805 80,000 195,805 1,500 155 197,460 484 164,162 164,646 43,232 (11,000) 440 952 4,556 979 77 - 39,236 940 186 1,126	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 74,130 691 - 691

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 2023

Finance Governance costs Accountancy fees Legal and other professional Independent exam fees Total resources expended Net expenditure	31.3.23 £ 3,013 4,413 1,800 9,226 214,234 (16,774)	31.3.22 £ 1,800 3,906 1,500 7,206 623,472 (8,240)

This page does not form part of the statutory financial statements