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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1164872

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

LEICESTER CATHEDRAL MUSIC FOUNDATION

Duncan & Toplis Limited, Statutory Auditor

3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

LEICESTER CATHEDRAL MUSIC FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Statement of Financial Position 12
Statement of Cash Flows 13
Notes to the Statement of Cash Flows 14
Notes to the Financial Statements 15 to 24
Detailed Statement of Financial Activities 25 
LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees of the Leicester CathedralMusic Foundationpresent their annualreport for the year ended 31  December
2021 and confirmthey complywith the requirementsof the CharitiesAct 1993, as amendedby the CharitiesAct  2006
and subsequently by the Charities Act 2011.

Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutinthenotesto the
accountsandcomplywiththecharity'sgoverningdocument,theCharitiesAct2011andtherelevantversionof the
Statementof RecommendedPracticeapplicableto charitiespreparingtheiraccountsin accordancewith the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Page 1

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

OBJECTIVES AND ACTIVITIES

Objectives and aims

Review of activities in 2021

Leicesterwas the cityin Englandwhichexperiencedthe longestlockdownsandfacedsome of the biggest challenges
in persuadingsome of our sub-populationsto be vaccinated.Even after governmentalrestrictionswere eased and the
peoplestartedreturningto workingin officesandsome aspectsof so-callednormallife,therewas significant caution
in church going populations and the footfall in the city centre was also much depleted.

Thismeansthatforabouthalfof2021thecathedralwasclosed,andtheentireyearwasnowherenearnormal in
termsofactivityorengagement.Significantserviceswhichusuallywouldseeafullcathedral,liketheJustice Service
becameonlineoccasionswhilstothermomentssuchasArmedForces'Daywerescaledback,and ordinations
happened out in local churches in smaller gatherings.

In2020theCathedralplannedhowtoreshapeourstaffingandactivityinthelightofCovid.Thisresultedina staff
restructureandredundancies.2021allowedus to embedthese new rolesincludingensuringthatstaffworked across
areastotryandavoidasmanysilosaspossible.Inordertotryandenticepeoplebackandtoremindthemof the
Cathedral'songoingworkandwitness,we hostedLuke Jerram'sGaia in late May/earlyJune (a largeto scale model of
theearth).Thiswas verysuccessfulandgaveconfidencebackto thestaffandvolunteersinworkingtogetherto host
large scale public and musical events.

Our CathedralMusic and CathedralMusic Outreachwere faced with enormouschallengesas the pandemic continued
withuncertaintyaroundtherelationshipofsingingtotheCovid-19infection.So,theTrusteescameto understand
betterthespecificneedsoftheCathedralMusicDepartmenttorecoverandrebuildaswellasadaptingtoa new
context including live streamed and online worship provision.

TheCathedralChapterweresuccessfulwithagranttotheArtsCouncilwhichmeantthatsometargeted fundraising
consultancycouldbe procuredto raisemusicalfundsfor the Foundation.This includeddevelopinga case for support
bothforstrengtheningthecoremusicalworkbutalsotohelpdevelopouroutreachprogrammes.Funds raised
throughtrustapplicationsalongsidefundsraisedbytheChaptermeantthatthemusicdepartmenthadresources to
rebuild the junior boys' and girls' choirs with adequate administrative support also being put in place.

Grantsreceivedtotalled£8,800.AstheCathedralChapterweresuccessfulwiththeirgrantfundraisingtoo,not all
monies planned in the budget to be handed over to Chapter in 2021 were required.

During2021theVenerableDavidNewman,ourChairofTrusteesbothretiredfromhissubstantiveclergypost as
Wardenof LaundeAbbeybut also,he faced challengingpersonalcircumstances.This meant he had to step back from
active involvementand eventuallyresignedas a trustee.The Dean acted informallyas Chairof Trustees in the interim.
TheTrustthensetaboutidentifyinganewtrusteewhowouldalsobewillingtobetheChair.TimHercock,a former
High Sheriff of Leicestershire and local businessman with a previous career in the Army agreed and he was appointed.

Trustees began to discuss in earnest a strategicmusic plan with the Canon Precentorand Directorof Music so that this
Trustcanthenreallybeclearthequantumoffundsrequiredandtoassistdevelopingastorywhichcanbetold in
compelling ways to attract funding. This plan will be clarified and agreed in 2022.

TheFoundationrecognisesthatnowthewiderCathedralhasbeensuccessfulinfundraisingforLeicester Cathedral
Revealed,thenextfewyearscanreallyfocusonraisingfundsformusicandsobuildingcapacitytostrengthen the
work of the Cathedral Music Department moving forward towards the centenary of the Cathedral in 2027.

Trustees' induction and training

Allcurrenttrusteesarealsotrusteesofothercharitableorganisationsandwellexperiencedinthenatureofthe role
andlegalresponsibilities.New trusteeswillreceivean induction,be made awareof the roleof a trusteeas laid down
bytheCharityCommissionand,ifappropriate,attendappropriatetraininganddevelopmentseminarstohelp them
develop their role.

Page 2

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

Public benefit

The charitytrusteeshave compliedwiththeirdutyto have due regardto the guidanceon publicbenefitpublished by
the Charity Commission in exercising their powers or duties.

ACHIEVEMENT AND PERFORMANCE

Achievements

TheCharitableIncorporatedOrganisation(CIO)fundraisesprimarilythroughinstitutions,trustand foundations
togetherwithevent-basedfundraisingandindividualdonations.TheCIOdoesnotengageincold-calling or
street-basedfundraisingand all activitiesundertakenare directlymonitoredand controlledby the Trustees.It has not
receivedanycomplaintsintheyearinconnectionwiththeproprietyofitsfundraising.Thecharityisawareof the
needtoprotectpotentiallyvulnerabledonorsandinthesmallnumberofcaseswherethisisapplicableitdoes so
through their families.

TheCIOhasreceivedfundstotalling£8,800fromtrustsandprivateindividuals,includingadonationof£5,000 from
the RadcliffeTrust. It also received a donationof £3,050 from the family of Provost Alan Warren to enable an award to
becreatedinhismemory.TheAlanWarrenAwardistobegivenatthediscretionoftheDirectorofMusicto young
people(under18s) who sing in the CathedralChoir.The Awardis to supportmusicaldevelopmentfor thosewho play
violin,viola,celloordoublebase.ThemoniesarepartoftheMusicFoundationfundsandarepartofthefree funds
with any interest gained to be added and used as it becomes available.

Theinterestearnedfrominvestmentstotalled£10,709,ofwhich£8,120wastransferredtotheMusic Scholarship
Fund to support Choral Scholarships, with the remainder supporting the general work of the foundation.

FINANCIAL REVIEW

Financial position

Attheyear-end,theunrestrictedfundshadacashbalanceof£88,265andanoverallbalanceof£82,125as the
Foundation had outstanding creditors of £6,374.

The restricted funds had a cash balance of £25,118 and an overall balance of £74,275.

Theendowmentfundshadanoverallbalanceof£478,084.TheCathedraltransferred£99,080ofinvestmentto the
MusicFoundationon the 31st of December2021.This comprised£57,803of endowmentfundingtowardsthe annual
salaryoftheAssistantDirectorofMusicand£41,277ofrestrictedfundingknownastheChoirScholarship Fund,
interest from which will be added to the Music Scholarship Fund.

Reserves policy

The Trusteesconsiderthatan appropriatelevel of unrestrictedreservesshouldbe sufficientto cover any Governance
Costs, around£5,000.The currentlevel of reserves well exceeds this amount(£82,125)and this is availableto  develop
the workof the Choir,the continuationof the DioSingprogrammeandsupportthe Salaryof the AssistantDirector of
Music.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing statute

LeicesterCathedralMusic Foundationis a CharitableIncorporatedOrganisation(CIO) whose onlyvotingmembers are
its charity trustees. It was incorporated on 5 November 2015.

Organisational structure

TheMusicFoundationisofsignificantimportanceinsupportingChapterandparticularlytheCollegeofCanons to
achieveits aims and it uses the staffingresourcesof the Cathedralto meet these. The trusteesmeet regularlyto have
oversightofitsfundraisingactivitiesandannuallytoreceivethereportandaccountspreparedbythe Administrator
andFinanceManager.ThedaytodayoperationiscarriedoutbytheCathedralstaffandseniorteam,in close
consultationwiththeTrusteeswhomeetonaregularbasis,andwiththeCollegeofCanons;theCathedral Chapter
receives updates at each of its meetings.

Page 3

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The main purposeof the charityis to raise money to enable the Dean and Chapterof Leicester Cathedralto achieve its
purposeasdescribedintheobjectsofthecharity.TheTrusteesareinvolvedinfundraisingactivitieswithother staff
fromthe Cathedralandin thisway havedirectinputto the developmentof strategiesandtheirimplementation. The
Trusteesareacutelyawareoftheirresponsibilitieswithregardtothemoneyraisedandthatitisonlytobeused for
the purpose given. They have established controls to mitigate any risks in the treatment of funds.

ItistheChapterthatwouldcommissionanyexpenditureandthereforeanyriskwouldfalltothem.In making
decisionsto committo workin the Cathedralthe Chapterwouldneed to be mindfulof the need to ensurethat funds
exist either from the Music Foundation or other sources.

Safeguarding

TheTrustoperateswithintheSafeguardingPolicyandProceduresofLeicesterCathedralwhichisconstructed using
the Church of England National Safeguarding Policy and Procedures adapted to this local Cathedral context.

Impact of the coronavirus pandemic

In early 2020 the coronaviruspandemicimpactedthe fundraisingoperationsof the charity.Whilst the levels of  private
givingandrevenuegrantsdidnotdeclinesignificantly,itreducedtheabilitytoattractnewdonors,andthis will
continuetobecloselymonitoredin2022.Thebookvalueoftheinvestmentssignificantlydeclinedinitially,and it
impacted on the dividend income as well, although in the latter part of 2020 and in 2021 their values increased.

The Trustees consider that the charity has sufficient reserves to continue to meet its charitable objectives.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1164872

Principal address

Cathedral Office
St Martins House
7 Peacock Lane
Leicester
Leicestershire
LE1 5PZ

Trustees

Very Rev D Monteith
Canon Prof R Allison
Lady J Gretton
Reverend D Johnson
Mr P Leech
The Ven Canon D Newman (resigned 16.8.21)
Canon P Russell
Mr T R Hercock (appointed 5.11.21)

Auditors

Duncan & Toplis Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

Page 4

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Solicitors

Revd T Kirkman MA (Cantab)
Latham and Co Solicitors
Charnwood House, 2 Forest Road
Leicester
LE11 3NP

Administrator

Jonathan Kerry
Chief Executive, Diocesan Secretary and Cathedral Administrator

Finance Manager

John Orridge
Chief Financial Officer - Leicester Cathedral Finance Manager (resigned 31 December 2020)
Trevor Peel
Financial Controller - Leicester Cathedral (appointed 1 February 2021)

Bankers

Barclays Bank plc
1 - 3 Haymarket Towers Branch
Humberstone Gate
Leicester
LE1 1WA

Investment Managers

CCLA Investment Management Ltd
80 Cheapside
London
EC 2V 6DZ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

ThetrusteesareresponsibleforpreparingtheTrustees'AnnualReportandthefinancialstatementsin accordance
withapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).

ThelawapplicabletocharitiesinEngland&Walesrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresourcesofthecharityforthatperiod.Inpreparingthesefinancialstatements,thetrustees are
required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP 2015 (FRS 102);

- make judgements and estimates that are reasonable and prudent;

- state whetherapplicableaccountingstandardshave been followed,subjectto any materialdeparturesdisclosed and
explained in the financial statements;

- preparethe financialstatementson the going concernbasis unless it is inappropriateto presume that the charity will
continue in operation.

The trusteesare responsiblefor keepingproperaccountingrecordsthat disclosewith reasonableaccuracyat any  time
the financialpositionof the charityand enable them to ensure that the financialstatementscomplywith the Charities
Act2011,the[Charities(AccountsandReports)Regulations2008andtheprovisionsofthetrustdeed.Theyare also
responsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.

Page 5

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................
Mr T R Hercock - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
LEICESTER CATHEDRAL MUSIC FOUNDATION

Opinion

WehaveauditedthefinancialstatementsofLeicesterCathedralMusicFoundation(the'charity')fortheyear ended
31December2021whichcomprisetheStatementofFinancialActivities,theStatementofFinancialPosition, the
Statementof Cash Flows and notes to the financialstatements,includinga summaryof significantaccounting policies.
ThefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnited Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's Ethical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditingthe financialstatements,we have concludedthat the trustees' use of the going concernbasis of  accounting
in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilitiesand the responsibilitiesof the trusteeswith respect to goingconcernare describedin the  relevant
sections of this report.

Other information

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a
materialmisstatementin the financialstatementsthemselves.If, based on the work we have performed,we  conclude
thatthereis a materialmisstatementof thisotherinformation,we are requiredto reportthatfact.We have nothing
to report in this regard.

Matters on which we are required to report by exception

We have nothingto reportin respect of the followingmatters where the Charities(Accountsand Reports) Regulations
2008 requires us to report to you if, in our opinion:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
LEICESTER CATHEDRAL MUSIC FOUNDATION

Responsibilities of trustees

As explainedmore fully in the Statementof Trustees'Responsibilities,the trusteesare responsiblefor the preparation
ofthefinancialstatementswhichgivea trueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessaryto enablethe preparationof financialstatementsthat are free from materialmisstatement,whetherdue  to
fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF
LEICESTER CATHEDRAL MUSIC FOUNDATION

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat  includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.

Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignprocedures in
linewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities, including
fraud. The extend to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Wehaveidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffecton the
financialstatementsfromourgeneralcommercialexperience,knowledgeofthesector,areviewofregulatory and
legalcorrespondenceand throughdiscussionswith Trusteesand otherkey managementobtainedas partof the work
requiredby auditingstandards.We have also discussedwith the Trustees and other key managementthe policies and
proceduresrelatingto compliancewith laws and regulations.We communicatedlaws and regulationsthroughout the
team and remainedalert to any indicationsof non-compliancethroughoutthe audit.The potentialimpactof  different
laws and regulations varies considerably.

Firstly,thecharityissubjecttolawsandregulationsthatdirectlyimpactthefinancialstatements(for example
financialreportinglegislation)andwe haveassessedtheextentofcompliancewithsuchlawsaspartofour financial
statementsaudit.Weevaluatedmanagement'sincentivesandopportunitiesforfraudulentmanipulationof the
financialstatements(includingriskofoverrideofcontrols)anddeterminedthattheprincipalriskswererelated to
managementbiasinjudgementalareasofthefinancialstatementssuchasincomerecognition,aswellastherisk of
inappropriatejournalentriesto manipulatereportedsurplus/deficit.Auditproceduresperformedby the  engagement
teamincludedtheidentificationandtestingof unusualmaterialnominalledgerentriesandchallenging management
onkeyassumptionsandjudgementsmadeinthepreparationofthefinancialstatements.Wecarriedout detailed
substantivetestsonmaterialincomestreams,includingreviewingthesupportingdocumentationusedto determine
therecognitionofincome,ensuringitisconsistentandrecognisedinthecorrectperiod,andwehavereviewed and
assessedtheknowledgeandexpertiseoftheinvestmentmanagersandverifiedthevaluationsandincomefrom the
investments to third party confirmations.

Secondly,the charityis subject to other laws and regulationswhere the consequencefor non-compliancecould have a
materialeffectontheamountsordisclosuresinthefinancialstatements.Weidentifiedthefollowingareasas those
mostlikelytohavesuchaneffect:Writtenrestrictionsordesignationsimposedbygrantprovidersordonors. Again,
wehavereviewedthesupportingdocumentationforallmaterialincomesreceivedandassuredourselvesthat any
writtenconditionshavebeenadheredtoasapplicable.Wenotethatgiventhenatureofthecharity,thereare no
specificlawsandregulationsgoverningtheactivities,asidefromCompaniesAct2006,CharitiesAct2011, Charitable
Incorporated Organisations (General) regulations 2012 and the applicable accounting standards.

Auditingstandardslimitthe requiredauditproceduresto identifynon-compliancewiththeselawsandregulations to
enquiryoftheTrusteesandotherkeymanagementandinspection.Thisinspectionincludedreadingminutes of
meetingsofthosechargedwithgovernanceanddiscussingwithboththosechargedwithgovernanceandthe key
managementtoconfirmthattotheirknowledgetheywerenotawareofanyinstancesofnon-compliance. Through
theseprocedures,ifwebecameawareofanynon-compliance,weconsideredtheimpactonthe procedures
performed on the related financial statement items.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LEICESTER CATHEDRAL MUSIC FOUNDATION

Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetected some
materialmisstatementsinthefinancialstatements,eventhoughwe haveproperlyplannedandperformedour audit
inaccordancewithauditingstandards.Thefurtherremovednon-compliancewithlawsandregulationsisfrom the
events and transactionsreflectedin the financialstatements,the less likely the inherentlylimitedprocedures required
byauditingstandardswouldidentifyit.Aswithanyaudit,thereisagreaterriskofnon-detectionofirregularities as
thesemayinvolvecollusion,intentionalomissionsoftheoverrideofinternalcontrols.Wearenotresponsible for
preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.

Use of our report

This reportis made solely to the charity'strustees,as a body,in accordancewith Part 4 of the Charities(Accounts and
Reports)Regulations2008. Our auditwork has been undertakenso that we might state to the charity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Duncan & Toplis Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

Date: .............................................

Page 10

LEICESTER CATHEDRAL MUSIC FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
3
10,392
Investment income
4
2,589
Total
12,981
EXPENDITURE ON
Charitable activities
5
Charitable activities
17,100
Other running costs
5,295
Other
-
Total
22,395
Net gains on investments
-
NET INCOME/(EXPENDITURE)
(9,414)
RECONCILIATION OF FUNDS
Total funds brought forward
91,539
TOTAL FUNDS CARRIED
FORWARD
82,125		 Restricted
Endowment
funds
funds
£
£
44,327
57,803
8,120
-
52,447
57,803
-
-
-
-
-
-
-
-
-
47,374
52,447
105,177
21,828
372,907
74,275
478,084		 2021
Total
funds
£
112,522
10,709
123,231
17,100
5,295
-
22,395
47,374
148,210
486,274
634,484		 2020
Total
funds
£
115,041
9,073
124,114
16,933
5,959
-
22,892
5,043
106,265
380,009
486,274 
The notes form part of these financial statements

Page 11

LEICESTER CATHEDRAL MUSIC FOUNDATION

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021

Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one
year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
fund
£
-
234
88,265
88,499
(6,374)
82,125
82,125
82,125		 Restricted
funds
£
41,277
7,880
25,118
32,998
-
32,998
74,275
74,275		 Endowment
funds
£
478,084
-
-
-
-
-
478,084
478,084		 2021
Total
funds
£
519,361
8,114
113,383
121,497
(6,374)
115,123
634,484
634,484
82,125
74,275
478,084
634,484		 2020
Total
funds
£
260,896
132,080
100,042
232,122
(6,744)
225,378
486,274
486,274
91,539
21,828
372,907
486,274		 
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:

.............................................
Mr T R Hercock - Trustee

The notes form part of these financial statements

Page 12

LEICESTER CATHEDRAL MUSIC FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Income attributable to endowment
Expenditure attributable to endowment
Net cash provided by financing 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		 2021
£
166,629
166,629
(211,091)
(211,091)
57,803
-
57,803
13,341
100,042
113,383		 2020
£
(143,705)
(143,705)
-
-
113,042
(2,131)
110,911
(32,794)
132,836
100,042		 
The notes form part of these financial statements

Page 13

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Gain on investments
Income attributable to endowment
Expenditure attributable to endowment
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by/(used in) operations		 2021
£
148,210
(47,374)
(57,803)
-
123,966
(370)
166,629		 2020
£
106,265
(5,043)
(113,042)
2,131
(130,818)
(3,198)
(143,705)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21 Cash flow At 31.12.21
£ £ £
Net cash
Cash at bank 100,042 13,341 113,383
100,042 13,341 113,383
Total 100,042 13,341 113,383 
The notes form part of these financial statements

Page 14

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. GENERAL INFORMATION

Leicester CathedralMusic Foundationis a CharitableIncorporatedOrganisation(CIO) registeredin England and
Wales,whoseonlyvotingmembersareit'strustees.Thecharity'sregisterednumberis1152990and the
Companyregistrationnumberis CE000600.The principaladdressof the charityis St MartinsHouse,7 Peacock
Lane, Leicester, LE1 5PZ .

The financialstatementsarepresentedinsterlingwhichis thefunctionalcurrencyof thecharityand rounded
to the nearest £.

Thesignificantaccountingpoliciesappliedinthepreparationofthesefinancialstatementsaresetout below.
These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements cover the individual entity.

The entity constitutes a public benefit entity as defined by FRS 102.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Theaccounts(financialstatements)havebeenpreparedinaccordancewiththerelevantversionof the
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewith the
FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) and the Financial Reporting
StandardapplicableintheUnitedKingdomandRepublicofIreland(FRS102)andtheCharitiesAct2011 and
UK Generally Accepted Accounting Practice.

The accounts(financialstatements)havebeenpreparedto give a 'trueandfair'view andhavedeparted from
theCharities(AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea'trueand fair
view'.ThisdeparturehasinvolvedfollowingtherelevantversionoftheStatementofRecommended Practice
applicableto charitiespreparingtheir accountsin accordancewith the FinancialReportingStandard applicable
intheUK andRepublicof Ireland(FRS102)ratherthantheAccountingandReportingbyCharities: Statement
of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Income

Incomeisrecognisedwhenthecharityhasentitlementtothefunds,anyperformanceconditionsattached to
theitem(s)ofincomehavebeenmet,itisprobablethattheincomewillbereceived,andtheamountcan be
measured reliably.

Incomefromgovernmentandothergrantswhether"capital"grantsor"revenue"grantsisrecognised when
thecharityhasentitlementtothefunds,anyperformanceconditionsattachedtotheitem(s)ofincome have
beenmet, it is probablethatthe incomewillbe receivedandthe amountcanbe measuredreliablyandis  not
deferred.

For legacies, entitlement is taken as the earlier of the date on which either:

Receipt of a legacy in whole or in part, is only consideredprobablewhen the amount can be measured reliably,
and the charityhas been notifiedof the executor'sintentionto make a distribution.Where legacieshave been
notifiedtothecharity,orthecharityisawareofthegrantingofprobate,andthecriteriafor income
recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Interest receivable

Intereston funds held on depositis includedwhen receivableand the amountcan be measuredreliablyby the
charity; this is normally upon notification of the interest paid or payable by the bank.

continued...

Page 15

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
useofresources.Expensesareaccountedforinclusive(whereapplicable)ofanyVATwhichcannot be
recovered.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestrictedfundsarefundswhichareavailableforuseatthediscretionofthecharityinfurtheranceof the
general objectives of the charity and which have not been designated for other purposes.

Designatedfundscompriseunrestrictedfundsthathavebeenset asidebythecharityforparticular purposes.
The aim and use of each designated fund is set out in the notes to the financial statements.

Restrictedfundsare fundswhichare to be usedin accordancewithspecificrestrictionsimposedby donors or
which have been raised by the charityfor particularpurposes.The cost of raisingand administeringsuch funds
arechargedagainstthespecificfund.Theaimanduseofeachrestrictedfundissetoutinthenotesto the
financial statements.

Financial instruments

The charity has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basicfinancialassets,includingtradeandotherdebtorsandcash andbankbalancesare initiallyrecognised at
transactionprice,unlessthearrangementconstitutesafinancingtransaction,wherethetransaction is
measured at the present value of the future receipts discounted at a market rate of interest.

Attheendofeachreportingperiodfinancialassetsmeasuredatamortisedcostareassessedfor objective
evidenceofimpairment.Ifanassetisimpairedtheimpairmentlossisthedifferencebetweenthe carrying
amountandthepresentvalueof theestimatedcashflowsdiscountedattheasset'soriginaleffective interest
rate. The impairment loss is recognised in the statement of financial activities.

Otherfinancialassets,includinginvestmentsinequityinstrumentswhicharenotsubsidiaries,associates or
joint ventures, are initially measured at fair value, which is normally the transaction price.

Suchassetsaresubsequentlycarriedatfairvalueandthechangesinfairvaluearerecognisedinthe income
statement,exceptthatinvestmentsinequityinstrumentsthatarenotpubliclytradedandwhosefair values
cannot be measured reliably are measured at cost less impairment.

Basic financialliabilities,includingtrade and other creditors,are initiallyrecognisedat transactionprice, unless
thearrangementconstitutesafinancingtransaction,wherethedebtinstrumentismeasuredatthe present
value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Tradecreditorsareobligationstopayforgoodsorservicesthathavebeenacquiredintheordinarycourse of
businessfrom suppliers.Accountspayableare classifiedas currentliabilitiesif paymentis due withinone year
orless.Ifnot,theyarepresentedasnon-currentliabilities.Tradecreditorsarerecognisedinitially at
transaction price and subsequently measured at amortised cost using the effective interest method.

continued...

Page 16

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Investments

Fixedassetinvestmentsaremeasuredatfairvalueifthesharesarepubliclytradedorcanotherwise be
measured reliably. The fair value is represented by the bid price at the financial reporting date.

Realisedandunrealisedgainsorlossesoninvestmentsareaccountedforinfullwithintheparticularfund of
which the investment forms a part.

Debtors and creditors receivable / payable within one year

Debtorsandcreditorswithnostatedinterestrateandreceivableorpayablewithinoneyeararerecorded at
transaction price. Any losses arising from impairment are recognised in expenditure.

3. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
Grants in support of mission
INVESTMENT INCOME
Income from listed investments
CHARITABLE ACTIVITIES COSTS
Charitable activities
Other running costs		 Direct
Costs
£
17,283
183
17,466		 2021
£
102,816
906
8,800
112,522
2021
£
8,800
2021
£
10,709
Support
costs
£
(183)
5,112
4,929		 2020
£
2,408
512
112,121		 2020
£
2,408
512
112,121
115,041
2020
£
112,121
2020
£
9,073
Totals
£
17,100
5,295
22,395

4. INVESTMENT INCOME

5. CHARITABLE ACTIVITIES COSTS

continued...

Page 17

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

6. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
2021 2020
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 2,682 3,844
Preparation of the financial statements 2,226 2,100

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees'remunerationor other benefitsfor the year ended 31 December 2021 nor for the year
ended 31 December 2020.

Trustees' expenses

Therewerenotrustees'expensespaidfortheyearended31December2021norfortheyearended 31
December 2020.

Employees

Excludingtrustees,therewerenoemployeesforthecharityduringthecurrentorprioryear.Asthe charity
does not employ staff there were no staff or key management remuneration costs.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3,030
Investment income
-
Total
3,030
EXPENDITURE ON
Charitable activities
Charitable activities
14,802
Other running costs
5,959
Other
-
Total
20,761
Net gains on investments
-
NET INCOME/(EXPENDITURE)
(17,731)
RECONCILIATION OF FUNDS
Total funds brought forward
109,270
TOTAL FUNDS CARRIED FORWARD
91,539		 Restricted
Endowment
funds
funds
£
£
-
112,011
8,042
1,031
8,042
113,042
-
2,131
-
-
-
-
-
2,131
-
5,043
8,042
115,954
13,786
256,953
21,828
372,907		 Total
funds
£
115,041
9,073
124,114
16,933
5,959
-
22,892
5,043
106,265
380,009
486,274 
continued...

Page 18

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2021 260,896
Additions 211,091
Revaluations 47,374
At 31 December 2021 519,361
NET BOOK VALUE
At 31 December 2021 519,361
At 31 December 2020 260,896 
The quotedinvestmentsare principallyholdingsat CBF Investmentand PropertyFunds which are mutual funds
managed by CCLA Investment Managers Ltd.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by parent
Accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Amounts owed to parent
Other creditors		 2021
£
7,880
234
8,114
2021
£
842
5,532
6,374		 2020
£
131,970
110		 2020
£
131,970
110
132,080
2020
£
-
6,744
6,744 
continued...

Page 19

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

12. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Music Scholarship Fund
Choir Scholarship Fund
Allan Warren Award
Endowment funds
Alderman Newton Trust
Ouseley Trust
Friends of Cathedral Music Choral Scholar
Fund
Thomas Topps Charity
Friends of Cathedral Music
Friends of the Cathedral Music ADM Fund
Ousley Church Music ADM Fund
TOTAL FUNDS		 At 1.1.21
£
91,539
21,828
-
-
21,828
97,240
40,523
33,574
62,369
139,201
-
-
372,907
486,274		 Net
movement
in funds
£
(9,414)
8,120
41,277
3,050
52,447
13,945
5,811
5,486
8,885
13,247
39,386
18,417
105,177
148,210		 At
31.12.21
£
82,125
29,948
41,277
3,050
74,275
111,185
46,334
39,060
71,254
152,448
39,386
18,417
478,084
634,484 
continued...

Page 20

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Music Scholarship Fund
Choir Scholarship Fund
Allan Warren Award
Endowment funds
Alderman Newton Trust
Ouseley Trust
Friends of Cathedral Music Choral Scholar
Fund
Thomas Topps Charity
Friends of Cathedral Music
Friends of the Cathedral Music ADM Fund
Ousley Church Music ADM Fund
TOTAL FUNDS		 Incoming
resources
£
12,981
8,120
41,277
3,050
52,447
-
-
-
-
-
39,386
18,417
57,803
123,231		 Resources
expended
£
(22,395)
-
-
-
-
-
-
-
-
-
-
-
-
(22,395)		 Gains and
Movement
losses
in funds
£
£
-
(9,414)
-
8,120
-
41,277
-
3,050
-
52,447
13,945
13,945
5,811
5,811
5,486
5,486
8,885
8,885
13,247
13,247
-
39,386
-
18,417
47,374
105,177
47,374
148,210

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Music Scholarship Fund
Endowment funds
Alderman Newton Trust
Ouseley Trust
Friends of Cathedral Music Choral Scholar
Fund
Thomas Topps Charity
Friends of Cathedral Music
TOTAL FUNDS		 At 1.1.20
£
109,270
13,786
95,320
39,722
35,065
58,736
28,110
256,953
380,009		 Net
movement
in funds
£
(17,731)
8,042
1,920
801
(1,491)
3,633
111,091
115,954
106,265		 At
31.12.20
£
91,539
21,828
97,240
40,523
33,574
62,369
139,201
372,907
486,274 
continued...

Page 21

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Music Scholarship Fund
Endowment funds
Alderman Newton Trust
Ouseley Trust
Friends of Cathedral Music Choral Scholar
Fund
Thomas Topps Charity
Friends of Cathedral Music
TOTAL FUNDS		 Incoming
resources
£
3,030
8,042
-
-
-
-
113,042
113,042
124,114		 Resources
expended
£
(20,761)
-
-
-
-
-
(2,131)
(2,131)
(22,892)		 Gains and
Movement
losses
in funds
£
£
-
(17,731)
-
8,042
1,920
1,920
801
801
(1,491)
(1,491)
3,633
3,633
180
111,091
5,043
115,954
5,043
106,265

Restricted Funds

Music Scholarship Fund

The fund receives the income earned from the endowment funds dedicated to music
and scholarships

Choir Scholarship Fund

ForpaymentofChoristerscholarships,thisfundwaspreviouslyheldbytheCathedralandwas previously
known as the BE Fund, GT Fund and William Alan North Fund.

Alan Warren Award

To be given at the discretionof Directorof Music to youngpeople(under18s) who sing in the Cathedral Choir.
The award is to support musical development for those who play violin, viola, cello or double base.

Endowment Funds

Alderman Newton Trust

This fund was given in 2008 and the income is to be used for Choral Scholarships.

Ouseley Trust

This fund was given in 2008 and the income is to be used for Choral Scholarships.

Friends of Cathedral Music Choral Scholar Fund

ThisfundaroseasaresultofagrantfromtheFriendsofCathedralMusicandtheincomewillbeused to
provide Choir Scholarships in future years.

Thomas Topps Charity

This fund represents a historic endowment dating from 1874. The income is used towards Choral Scholarships.

Friends of Cathedral Music

continued...

Page 22

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

12. MOVEMENT IN FUNDS - continued

This fundwas given in 2016 and held by the Cathedralas a restrictedfund.Once moved to the Foundation, an
EndowmentFund was set up and the interestfrom this is towardsthe generalwork of the Foundation.In  2020
aspartoftheclosureoftheGTPlayerCharityfurtherfundingwasgiventosupporttheworkofthe Music
Foundation

Friends of Cathedral Music ADM Fund

Established towards the end of 2013 following a grant from the Friends of Cathedral Music the return on
the investment is to be used towards the salary of the Assistant Director of Music.

Ouseley Church Music ADM Fund

An additional fund established to support the role of the Assistant Director of Music.

13. RELATED PARTY DISCLOSURES

The FoundationmadeGrantstotheCathedralinrelationto themusicalworkof theCathedral.At theend of
theyearthecharityowedtheCathedral£842(£nilin2020).AttheendoftheyeartheCathedralowed the
charity £7,880 (£131,970 in 2020).

TheMusicFoundationisvitalinsupportingtheworkoftheCathedralChapterandtheCollegeofCanons in
developingthemusicallifeoftheCathedralinallitsaspects.ThetrusteesoftheMusicFoundation are
nominatedbyLeicesterCathedral.TheresultsoftheLeicesterCathedralMusicFoundationhave, therefore,
been included in the consolidated results of Leicester Cathedral.

During the year, the Foundation received donations from Trustees totalling £580 (£580 in 2020).

14. ULTIMATE CONTROLLING PARTY

The charityis controlledby its ultimateparent,Leicester Cathedral.Copies of the consolidatedaccountscan  be
obtained from the Cathedral office: St Martin's House, 7 Peacock Lane, Leicester, LE1 5PZ.

Theobjectoftheultimateparentisbeingacentreofworshipandmissionfortheadvancementof the
Christian religion in accordance with the precepts of the Church of England.

TheCathedralworkstowardstheseaimswiththeservicesandeventstheyholdattheCathedralandin the
wider community.

The parent can exercise control via its common trustees.

15. FINANCIAL INSTRUMENTS

The carrying amount of the charity's financial instruments are as follows:
2021 2020
£ £
Financial assets at fair value through income and expenditure
Listed investments 519,361 260,896 
Theincomes,expenses,netgainsandnetlossesattributabletothecharity'sfinancialinstruments are
summarised as follows:
2021 2020
£ £ 
Net gains and losses (including changes in fair value)

continued...

Page 23

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

15. FINANCIAL INSTRUMENTS - continued

Financial assets measured at fair value through net income/expenditure47,3745,043

The totaldividendincomefrom financialassets thatare measuredat fairvaluethroughthe income statement
was £10,709 (2020 - £9,073).

Page 24

LEICESTER CATHEDRAL MUSIC FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Investment income
Income from listed investments
Total incoming resources
EXPENDITURE
Charitable activities
Charitable Giving
Support costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Unrealised gains/losses
Net income		 2021
£
102,816
906
8,800
112,522
10,709
123,231
17,466
21
2,682
2,226
4,908
22,395
100,836
47,374
148,210		 2020
£
2,408
512
112,121
115,041
9,073
124,114
16,933
15
3,844
2,100
5,944
22,892
101,222
5,043
106,265 
This page does not form part of the statutory financial statements

Page 25