```
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:`
- `give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;`
- `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and`
- `have been prepared in accordance with the requirements of the Charities Act 2011.`
## **`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:
```
- `the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or`
- `sufficient accounting records have not been kept; or`
- `the financial statements are not in agreement with the accounting records and returns; or`
- `we have not received all the information and explanations we require for our audit.`
```
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:
```
- `the charity is aware that probate has been granted, the estate has been finalised and notification has been`
- `made by the executor(s) to the charity that a distribution will be made,`
- `or when a distribution is received from the estate.`
```
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
```