REGISTERED CHARITY NUMBER: 1159730
Trustees' Report and
Unaudited Financial Statements for the Period 1 April 2024 to 31 December 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 Period 1 April 2024 to 31 December 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 16 |
| Detailed Statement of Financial Activities | 17 to 18 |
Peterborough Cathedral Development and Preservation Trust CIO
Reference and Administrative Details for the Period 1 April 2024 to 31 December 2024
| Trustees | Col R Boyle DL |
|---|---|
| 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 (resigned 7.11.2024) | |
| Ms A Bentley (resigned 16.1.2025) | |
| Mr T Sakhrani | |
| Mr J R Howell | |
| Ms G Beasley (resigned 22.5.2025) | |
| Mr C Butler (appointed 23.9.2024) | |
| Mr M Bradbury (appointed 15.5.2025) | |
| Mr J Jelley (appointed 15.1.2025) | |
| 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 |
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Peterborough Cathedral Development and Preservation Trust CIO
Trustees' Report for the Period 1 April 2024 to 31 December 2024
The trustees present their report with the financial statements of the charity for the period 1 April 2024 to 31 December 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 Charity’s objectives are to support charitable purposes connected with the Chapter of Peterborough Cathedral, and such other charitable purposes or foundations as the Trustees (being not fewer than seven in number) may from time to time unanimously declare by deed.
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.
Restricted income is used solely for the project or purpose specified by the donor.
A small balance is retained to meet the fundraising and administrative costs of the charity.
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.
Achievements and performance
During the nine-month period the Trustees continued to work closely with the Cathedral team and participated in the initial meetings of the Cathedral Stakeholder Group, which aims to bring together all fundraising stakeholders to coordinate efforts in support of the Cathedral.
Trustees continued to work in three active sub-committees to focus on governance, fundraising and finance/general purposes. The Trustees are grateful to Gillian Beasley who was Chair of Trustees until her resignation in May 2025, for her drive and enthusiasm on behalf of the Trust. We also thank Anna Bentley who was a member of the fundraising committee until January 2025 when she was appointed as the Cathedral's permanent Head of Fundraising. Additionally, the Trustees thank Amanda Davison-Young who spearheaded the financial governance prior to her resignation in November 2024. Through the hard work of Trustees, supported by the consultant work of Michelle Dalby, the Corporate Keys programme continued to grow, albeit more slowly than originally hoped and due largely to the economic climate.
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 relationships with those who had left continued, with a focus on engagement and ensuring that current supporters were included in fundraising evenings, both to express appreciation and to encourage them to act as ambassadors to attract new supporters.
Trustees agreed a programme of events to welcome Keyholders which included a Summer Garden Party in the grounds of the Bishop's Palace, hosted by the recently appointed Bishop of Peterborough, the Right Reverend Bishop Debbie Sellin. Donors were also invited to other events in the cathedral.
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Peterborough Cathedral Development and Preservation Trust CIO
Trustees' Report for the Period 1 April 2024 to 31 December 2024
Financial review
Financial position
Total income for the financial period was £78,698 (2023/2024 - £103,105), comprising £61,140 from donations through the Keys programme, and £17,500 from legacies. Donations decreased by 3%, compared with a 46% reduction in the previous year. The active management of this generous group of individuals is reflected in the stabilised figure for the nine-month period and bodes well for future periods.
The Trust approved and paid grants to the value of £58,829 (2023/2024 - £119,841) in support of music, ministry, fabric and operational costs.
Reserves policy
In July 2024 the Trustees confirmed a reserves policy to maintain two years’ unrestricted income to cover ongoing operational costs, with 5% of all Keys donations and 15% of all legacies allocated to fundraising and support costs.
Future plans
In 2025 the Trust will continue to build its individual Cathedral Keys Membership, enabling the Cathedral access to unrestricted income in support of Chapter’s operating costs. Recognising the challenges of expanding the Corporate Keys programme, the Trustees plan to broaden engagement by encouraging corporate partners to contribute staff time through CSR initiatives and donations of goods or services.
We will also continue efforts to seek funding from corporates, trusts and members for a number of sustainability projects that the Chapter has identified, enabling the Cathedral to generate regular income that will cover operating costs and maintenance.
It costs £6,000 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.
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. This will be amplified by a strategic masterplan currently being undertaken on behalf of the Cathedral, and due for delivery in February 2026.
Structure, governance and management
The Peterborough Cathedral Development and Preservation Trust is a charitable incorporated organisation (CIO) and was registered with the Charity Commission 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.
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Peterborough Cathedral Development and Preservation Trust CIO
Trustees' Report for the Period 1 April 2024 to 31 December 2024
Approved by order of the board of trustees on 22 October 2025 and signed on its behalf by:
Mr J Jelley – Chair of Trustees
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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 period 1 April 2024 to 31 December 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
22 October 2025
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Peterborough Cathedral Development and Preservation Trust CIO
Statement of Financial Activities for the Period 1 April 2024 to 31 December 2024
| Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Income and endowments from Donations and legacies 3 77,140 1,500 - Investment income 4 58 - - Total 77,198 1,500 - Expenditure on Charitable activities 5 Costs of events and activities 8,610 1,500 - Grants payable 58,829 - - Support costs 4,782 - - Governance costs 6,802 - - Total 79,023 1,500 - NET INCOME/(EXPENDITURE) (1,825) - - Reconciliation of funds Total funds brought forward 12,952 32,511 17,719 Total funds carried forward 11,127 32,511 17,719 |
Period 1.4.24 to Year ended 31.12.24 31.3.24 Total Total funds funds £ £ 78,640 102,648 58 457 78,698 103,105 10,110 2,129 58,829 119,841 4,782 6,076 6,802 7,189 80,523 135,235 (1,825) (32,130) 63,182 95,312 61,357 63,182 |
|---|---|
The notes form part of these financial statements
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Peterborough Cathedral Development and Preservation Trust CIO
Statement of Financial Position 31 December 2024
| Unrestricted Restricted Endowment fund fund funds Notes £ £ £ Current assets Debtors 11 4,433 - - Cash at bank 38,924 32,511 17,719 43,357 32,511 17,719 Creditors Amounts falling due within one year 12 (32,230) - - Net current assets 11,127 32,511 17,719 Total assets less current liabilities 11,127 32,511 17,719 NET ASSETS 11,127 32,511 17,719 Funds 13 Unrestricted funds Restricted funds Endowment funds Total funds |
31.12.24 Total funds £ 4,433 89,154 93,587 (32,230) 61,357 61,357 61,357 11,127 32,511 17,719 61,357 |
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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22 October 2025 and were signed on its behalf by:
Mr J Jelley – Chair of Trustees
The notes form part of these financial statements
7
Peterborough Cathedral Development and Preservation Trust CIO
Statement of Cash Flows for the Period 1 April 2024 to 31 December 2024
| Notes Cash flows from operating activities Cash generated from operations 1 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 |
Period 1.4.24 to Year ended 31.12.24 31.3.24 £ £ (23,199) (184,487) (23,199) (184,487) 58 457 58 457 (23,141) (184,030) 112,295 296,325 89,154 112,295 |
|---|---|
The notes form part of these financial statements
8
Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Statement of Cash Flows for the Period 1 April 2024 to 31 December 2024
| 1. | Reconciliation of net expenditure to net cash flow from operating activities | Reconciliation of net expenditure to net cash flow from operating activities | ||
|---|---|---|---|---|
| Period | ||||
| 1.4.24 | ||||
| to | Year ended | |||
| 31.12.24 | 31.3.24 | |||
| £ | £ | |||
| Net expenditure for the reporting period (as per | the Statement of | |||
| Financial Activities) | (1,825) | (32,130) | ||
| Adjustments for: | ||||
| Interest received | (58) | (457) | ||
| (Increase)/decrease in debtors | (2,694) | 9,065 | ||
| Decrease in creditors | (18,622) | (160,965) | ||
| Net cash used in operations | (23,199) | (184,487) | ||
| 2. | Analysis of changes in net funds | |||
| At 1.4.24 | Cash flow | At 31.12.24 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 112,295 | (23,141) | 89,154 | |
| 112,295 | (23,141) | 89,154 | ||
| Total | 112,295 | (23,141) | 89,154 |
The notes form part of these financial statements
9
Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements for the Period 1 April 2024 to 31 December 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. The following specific policies are applied to particular categories of income:
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Legacy income is recognised when receipt is probable and entitlement is established.
Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
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.
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Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements - continued for the Period 1 April 2024 to 31 December 2024
2. Accounting policies - continued
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty, net of bank overdrafts which are shown within borrowings in current liabilities.
3. Donations and legacies
| Donations Legacies |
Period 1.4.24 to Year ended 31.12.24 31.3.24 £ £ 61,140 63,013 17,500 39,635 78,640 102,648 |
|---|---|
4. Investment income
| Investment income | ||
|---|---|---|
| Period | ||
| 1.4.24 | ||
| to | Year ended | |
| 31.12.24 | 31.3.24 | |
| £ | £ | |
| Deposit account interest | 42 | 73 |
| Other interest receivable | 16 | 384 |
| 58 | 457 |
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Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements - continued for the Period 1 April 2024 to 31 December 2024
5. Charitable activities costs
| 5. | Charitable activities costs | ||||
|---|---|---|---|---|---|
| Grant | |||||
| funding of | |||||
| activities | Support | ||||
| Direct | (see note | costs (see | |||
| Costs | 6) | note 7) | Totals | ||
| £ | £ | £ | £ | ||
| Costs of events and activities | 10,110 | - | - | 10,110 | |
| Grants payable | - | 58,829 | - | 58,829 | |
| Support costs | - | - | 4,782 | 4,782 | |
| Governance costs | - | - | 6,802 | 6,802 | |
| 10,110 | 58,829 | 11,584 | 80,523 | ||
| 6. | Grants payable | ||||
| Period | |||||
| 1.4.24 | |||||
| to | Year ended | ||||
| 31.12.24 | 31.3.24 | ||||
| £ | £ | ||||
| Grants payable | 58,829 | 119,841 | |||
| The total grants paid to institutions during the period was as | follows: | ||||
| Period | |||||
| 1.4.24 | |||||
| to | Year ended | ||||
| 31.12.24 | 31.3.24 | ||||
| £ | £ | ||||
| Music | - | 15,035 | |||
| Fabric | - | 22,950 | |||
| Other | 58,829 | 81,856 | |||
| 58,829 | 119,841 |
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Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements - continued for the Period 1 April 2024 to 31 December 2024
7. Support costs
| Management £ Support costs 4,288 Governance costs - 4,288 |
Governance Finance costs £ £ 494 - - 6,802 494 6,802 |
Totals £ 4,782 6,802 |
|---|---|---|
| 11,584 |
8. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the period ended 31 December 2024 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 December 2024 nor for the year ended 31 March 2024.
9. Employees
The average number of employees during the period was NIL (2023/2024 - NIL).
10. Comparatives for the statement of financial activities
| Unrestricted Restricted Endowment fund fund funds £ £ £ Income and endowments from Donations and legacies 101,863 785 - Investment income 457 - - Total 102,320 785 - Expenditure on Charitable activities 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 £ 102,648 457 103,105 2,129 119,841 6,076 7,189 135,235 (32,130) 95,312 |
|---|---|
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Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements - continued for the Period 1 April 2024 to 31 December 2024
| 10. | Comparatives for the statement of financial activities - continued | Comparatives for the statement of financial activities - continued | Comparatives for the statement of financial activities - continued | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |||
| fund | fund | funds | funds | |||
| £ | £ | £ | £ | |||
| Total funds carried forward | 12,952 | 32,511 | 17,719 | 63,182 | ||
| 11. | Debtors: amounts falling due within one year | |||||
| 31.12.24 | 31.3.24 | |||||
| £ | £ | |||||
| Gift aid recoverable | 4,433 | 1,739 | ||||
| 12. | Creditors: amounts falling due within one year | |||||
| 31.12.24 | 31.3.24 | |||||
| £ | £ | |||||
| Trade creditors | 166 | (1) | ||||
| Other creditors | 32,064 | 50,853 | ||||
| 32,230 | 50,852 | |||||
| 13. | Movement in funds | |||||
| Net | ||||||
| movement | At | |||||
| At 1.4.24 | in funds | 31.12.24 | ||||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 12,952 | (1,825) | 11,127 | |||
| Restricted funds | ||||||
| Restricted fund | 32,511 | - | 32,511 | |||
| Endowment funds | ||||||
| CSP Ministry | 13,635 | - | 13,635 | |||
| CSP Fabric | 4,084 | - | 4,084 | |||
| 17,719 | - | 17,719 | ||||
| TOTAL FUNDS | 63,182 | (1,825) | 61,357 |
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Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements - continued for the Period 1 April 2024 to 31 December 2024
13. 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 | 77,198 | (79,023) | (1,825) |
| Restricted funds | |||
| Restricted fund | 1,500 | (1,500) | - |
| TOTAL FUNDS | 78,698 | (80,523) | (1,825) |
| Comparatives for 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 |
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Peterborough Cathedral Development and Preservation Trust CIO
Notes to the Financial Statements - continued for the Period 1 April 2024 to 31 December 2024
13. 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 | 102,320 | (92,364) | 9,956 |
| Restricted funds | |||
| Restricted fund | 785 | (42,871) | (42,086) |
| TOTAL FUNDS | 103,105 | (135,235) | (32,130) |
14. Related party disclosures
During the period the Trust entered into the following transactions with related parties:
Grants of £58,829 (2023/2024 - £119,841) were awarded to the Chapter of Peterborough Cathedral during the period, of which some of the Trustees are members.
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Peterborough Cathedral Development and Preservation Trust CIO
Detailed Statement of Financial Activities for the Period 1 April 2024 to 31 December 2024
| Income and endowments Donations and legacies Donations Legacies 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 Insurance Computer expenses Postage and stationery Advertising Finance Rates and water Bank charges |
Period 1.4.24 to Year ended 31.12.24 31.3.24 £ £ 61,140 63,013 17,500 39,635 78,640 102,648 42 73 16 384 58 457 78,698 103,105 10,110 2,129 58,829 119,841 68,939 121,970 910 1,002 2,920 4,280 118 200 340 - 4,288 5,482 - (82) 494 676 494 594 |
|---|---|
This page does not form part of the statutory financial statements
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Peterborough Cathedral Development and Preservation Trust CIO
Detailed Statement of Financial Activities for the Period 1 April 2024 to 31 December 2024
| Finance Governance costs Accountancy fees Independent exam fees Total resources expended Net expenditure |
Period 1.4.24 to Year ended 31.12.24 31.3.24 £ £ 4,282 5,689 2,520 1,500 6,802 7,189 80,523 135,235 (1,825) (32,130) |
|---|---|
This page does not form part of the statutory financial statements
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