2024-03-31-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 2024

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 2024

	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 2024

Trustees	Col R Boyle DL
	Mr D Laing (resigned 31.3.2024)
	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 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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

During the year restructuring of the Trust Board continued, and in October 2023 the Cathedral was able to provide support through the newly appointed Head of Fundraising.

In early 2024 the Trustees took active participation in developing the Cathedral's fundraising strategy which encompasses all stakeholders. Just after the year end, the fundraising support was enhanced with a further appointee at the cathedral of a donor management fundraising officer. The full effect of the combined working is expected to develop through 2024/25.

Trustees formed into three active sub-committees to focus on governance, fundraising and finance/general purposes. Through the hard work of Trustees, supported by the consultant work of Michelle Dalby, the Corporate Keys programme was launched in January, following extensive early work and discussions with individuals who had been identified as likely supporters. Their work helped to shape a corporate offer that was felt to be right for Peterborough's corporate base.

Extensive work was also carried out to update the database with current Keys donors and identify those who had ceased giving for whatever reason. In addition to attracting new Keys members, a programme of renewing relationship with those who had left was started.

Trustees agreed a programme of events to welcome Keyholders which included a soirée in the Cathedral for the launch of the Corporate Keys. Donors were also invited to other events in the cathedral.

Peterborough Cathedral Development and Preservation Trust CIO

Trustees' Report for the Year Ended 31 March 2024

Financial review

Financial position

Total income for the financial year was £103,105 (2023 £197,460), comprising £63,013 from donations through the Keys programme (which now includes donors to the previous Company of St. Peter), and £39,635 from legacies. The donations saw a reduction of 46%, due largely to the inability to manage donors whilst staff were not in post. The active management of this generous group of individuals is in hand for future years.

The Trust approved and paid out £119,841 (2023 £164,162) in support of music, ministry, fabric and operational costs.

Reserves policy

It is the intention of the Trustees to maintain two years unrestricted income for operational costs in order to cover ongoing costs, and that normally 5% of all donations received are allocated to the cost of generating income and support costs of the Charity

Future plans

In 2024/25 the Trust will continue to build its Cathedral Keys Membership, enabling the Cathedral access to unrestricted income in support of Chapters operating costs.

We will also continue efforts to 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 Head of Fundraising developed a stakeholder-wide strategy which was approved by Chapter in early 2024. Our Trust body had a chance to be heard during that consultation. There will be future opportunities for the Trust to seek funding for capital projects as identified through the strategy.

Trustees will also continue to work together with the Cathedral and other stakeholders to deliver the 15-year master plan "Living Stones - Inheriting the Future" (previously named "Touching History"), to raise funds in support of the cathedral's sustainable future

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.

Peterborough Cathedral Development and Preservation Trust CIO

Trustees' Report for the Year Ended 31 March 2024

Approved by order of the board of trustees on 28 November 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 2024.

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

28 November 2024

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Income and endowments from Donations and legacies 3 101,863 785 - Other trading activities 4 - - - Investment income 5 457 - - Total 102,320 785 - Expenditure on Charitable activities 6 Costs of events and activities 2,129 - - Grants payable 76,970 42,871 - Support costs 6,076 - - Governance costs 7,189 - - Total 92,364 42,871 - NET INCOME/(EXPENDITURE) 9,956 (42,086) - Reconciliation of funds Total funds brought forward 2,996 74,597 17,719 Total funds carried forward 12,952 32,511 17,719	31.3.24 Total funds £ 102,648 - 457 103,105 2,129 119,841 6,076 7,189 135,235 (32,130) 95,312 63,182	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

The notes form part of these financial statements

Peterborough Cathedral Development and Preservation Trust CIO

Statement of Financial Position 31 March 2024

Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Current assets Debtors 13 1,739 - - Cash at bank 62,065 32,511 17,719 63,804 32,511 17,719 Creditors Amounts falling due within one year 14 (50,852) - - Net current assets 12,952 32,511 17,719 Total assets less current liabilities 12,952 32,511 17,719 NET ASSETS 12,952 32,511 17,719 Funds 15 Unrestricted funds Restricted funds Endowment funds Total funds	31.3.24 Total funds £ 1,739 112,295 114,034 (50,852) 63,182 63,182 63,182 12,952 32,511 17,719 63,182	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

The financial statements were approved by the Board of Trustees and authorised for issue on 28 November 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 2024

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash 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	31.3.24 £ (184,487) - (184,487) 457 457 (184,030) 296,325 112,295	31.3.23 £ (158,110) (186) (158,296) 155 155 (158,141) 454,466 296,325

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 2024

1.	Reconciliation of net expenditure to net cash flow from operating activities	Reconciliation of net expenditure to net cash flow from operating activities
			31.3.24	31.3.23
			£	£
	Net expenditure for the reporting period (as per	the Statement of
	Financial Activities)		(32,130)	(16,774)
	Adjustments for:
	Interest received		(457)	(155)
	Interest paid		-	186
	Decrease/(increase) in debtors		9,065	(6,909)
	Decrease in creditors		(160,965)	(134,458)
	Net cash used in operations		(184,487)	(158,110)
2.	Analysis of changes in net funds
		At 1.4.23	Cash flow	At 31.3.24
		£	£	£
	Net cash
	Cash at bank	296,325	(184,030)	112,295
	Total	296,325	(184,030)	112,295

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 2024

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 2024

2. Accounting policies - continued

Pension costs and other post-retirement benefits

The charity operated a defined contribution pension scheme which was closed in 2023 as the charity no longer employs staff. 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

Donations Legacies 4. Other trading activities Fundraising events 5. Investment income Deposit account interest Other interest receivable 6. Charitable activities costs	31.3.24 £ 63,013 39,635 102,648 31.3.24 £ - 31.3.24 £ 73 384 457	31.3.23 £ 115,805 80,000	31.3.23 £ 115,805 80,000
		195,805
		31.3.23 £ 1,500 31.3.23 £ 155 - 155
			155

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) £ £ £ 2,129 - - - 119,841 - - - 6,076 - - 7,189 2,129 119,841 13,265	Totals £ 2,129 119,841 6,076 7,189
		135,235

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7. Grants payable

Grants payable
Grants payable The total grants paid to institutions during the year was as follows: Music Fabric Other	31.3.24 £ 119,841 31.3.24 £ 15,035 22,950 81,856 119,841	31.3.23 £ 164,162
		31.3.23 £ - 40,893 123,269
		164,162

8. Support costs

Management £ Support costs 5,482 Governance costs - 5,482	Governance Finance costs £ £ 594 - - 7,189 594 7,189	Totals £ 6,076 7,189 13,265

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

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	31.3.24 £ - - - - 31.3.24 -	31.3.23 £ 43,232 (11,000) 440
		32,672
		31.3.23 1

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

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 £nil (2023 - £8,750).

12. Comparatives for the statement of financial activities

Unrestricted
Restricted
Endowment
fund
fund
funds
£
£
£
Income and endowments from
Donations and legacies
154,720
41,085
-
Other trading activities
1,500
-
-
Investment income
155
-
-
Total
156,375
41,085
-
Expenditure on
Charitable activities
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

Total
funds
£
195,805
1,500
155
197,460
484
164,162
40,362
9,226
214,234
(16,774)
112,086
95,312

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

13.	Debtors: amounts falling due within one year
			31.3.24	31.3.23
			£	£
	Amounts due from Peterborough
	Cathedral		-	2,905
	Gift aid recoverable		1,739	7,899
			1,739	10,804
14.	Creditors: amounts falling due within one year
			31.3.24	31.3.23
			£	£
	Trade creditors		-	105
	Taxation and social security		-	(17,191)
	Other creditors		50,852	228,903
			50,852	211,817
15.	Movement in funds
			Net
			movement
		At 1.4.23	in funds	At 31.3.24
		£	£	£
	Unrestricted funds
	General fund	2,996	9,956	12,952
	Restricted funds
	Restricted fund	74,597	(42,086)	32,511
	Endowment funds
	CSP Ministry	13,635	-	13,635
	CSP Fabric	4,084	-	4,084
		17,719	-	17,719
	TOTAL FUNDS	95,312	(32,130)	63,182

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

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	102,320	(92,364)	9,956
Restricted funds
Restricted fund	785	(42,871)	(42,086)
TOTAL FUNDS	103,105	(135,235)	(32,130)
Comparatives for 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 2024

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

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

Net movement At 1.4.22 in funds At £ £ Unrestricted funds General fund 21,160 (8,208) Restricted funds Restricted fund 73,207 (40,696) Endowment funds CSP Ministry 13,635 - CSP Fabric 4,084 - 17,719 - TOTAL FUNDS 112,086 (48,904)	31.3.24 £ 12,952 32,511 13,635 4,084 17,719 63,182

Peterborough Cathedral Development and Preservation Trust CIO

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

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	258,695	(266,903)	(8,208)
Restricted funds
Restricted fund	41,870	(82,566)	(40,696)
TOTAL FUNDS	300,565	(349,469)	(48,904)

16. Related party disclosures

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

Grants of £119,841 (2023 : £164,163) were awarded to the Chapter of Peterborough Cathedral during the year, of which some of the Trustees are members. Included within debtors is £nil which is due from the Chapter of Peterborough Cathedral (2023 : £2,905).

Peterborough Cathedral Development and Preservation Trust CIO

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Income and endowments Donations and legacies Donations Legacies Other trading activities Fundraising events Investment income Deposit account interest Other interest receivable 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 Finance Rates and water Carried forward	31.3.24 £ 63,013 39,635 102,648 - 73 384 457 103,105 2,129 119,841 121,970 - - - 1,002 4,280 - 200 5,482 (82) (82)	31.3.23 £ 115,805 80,000 195,805 1,500 155 - 155 197,460 484 164,162 164,646 43,232 (11,000) 440 952 4,556 979 77 39,236 - -

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 2024

Finance Brought forward Bank charges Interest payable Governance costs Accountancy fees Legal and other professional Independent exam fees Total resources expended Net expenditure	31.3.24 £ (82) 676 - 594 5,689 - 1,500 7,189 135,235 (32,130)	31.3.23 £ - 940 186 1,126 3,013 4,413 1,800 9,226 214,234 (16,774)

This page does not form part of the statutory financial statements