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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1164872

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Statement of Financial Position 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13 to 21 
LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

TheTrusteesoftheLeicesterCathedralMusicFoundationpresenttheirannualreportfortheyearended31December2022 and
confirmtheycomplywiththerequirementsoftheCharitiesAct1993,asamendedbytheCharitiesAct2006andsubsequently by
the Charities Act 2011.

Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutinthenotestotheaccounts and
complywith the charity'sgoverningdocument,the CharitiesAct 2011 and the relevantversionof the Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102).

Page 1

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES

Objectives and aims

Objects

The Objects of the CIO are, for the public benefit:
1.  The advancement of education in music by, but not limited to:
i)   The granting of scholarships and bursaries to musicians, choristers and choirs;
ii) The provision and maintenance of music, musical instruments and other facilities for providing music;
iii)  The training of musicians and choristers; and
iv) The provision of musical and choral education in schools, churches and the wider community; and

2. The advancement of the Christian religion in accordance with the precepts of the Church of England.

Review of activities in 2022

Quality of Performance

The quality of singing from all groups has steadily improved and the repertoire increased.

DioSing

In 2023 LeicesterCathedralhas joined the NationalSchools'Singing Programme,as one of six Anglicancathedrals(the others being
Derby, Sheffield,Liverpool,Newcastleand York).The scheme has been running for a while in Roman Catholicdiocesesand is based
onthemodeloftheRCDioceseofLeeds'Schools'SingingProgramme.Thisgivesus£75,000infundingfromtheHamish Ogston
Foundation over the next five academic years, (£25,000 in the first year and £5,000 less each year in years two to five).

OurbidforfundingfromtheRankFoundationwasalsosuccessful:theyaregivingus£20,000perannumforthenext three
academicyears.Thismeansthattheprojectisvirtuallyfullyfundeduntiltheendoftheacademicyear2025-2026and facilitates
the expansionto at least14 schools.We currentlyhavenineon ourbooks.Thesegrantswillenableus to employa third full-time
member of music staff,whose job will be principallyto deliver DioSing,but will also be availableto assist with trainingof  choristers
in supporting skills (aural, theory) and to conduct the choirs on occasion

Together With Leicester Cathedral

ThishasbeenagreatsuccessandformedthebasisofourmostrecentfundingapplicationtotheCathedralMusicTrust.We will
knowtheoutcomeofthatinMay2023.Includedinthatapplicationwasfundingforanorganscholar,whichwouldenableus to
continueTogetherWithvisitsatarateofuptotwopermonthwithoutcompromisingthescheduleofchoralservicesat the
cathedral.Evenwithouttheorganscholar,wehopetocontinuethemata rateofroughlyonea monthanddatesup tothe early
part of 2024 have been identified.

Singing lessons

Currentlyall senior girls, young songmen and choralscholarshave singing lessons,currentlyfunded by the CathedralMusic Trust. A
number have done exams with great success. Two senior girl choristers sang at the Guild of St Martin dinner.

Commission

CeciliaMcDowallis being commissionedto write an anthem for the celebrationsin 2024 of the reopeningof the Cathedraland the
golden anniversary of the girls' choir at Leicester Cathedral.

Grand Piano

WehaveasignificantdonationfromasinglebenefactorforthepurchaseofaSteinwaygrandpianofortheCathedral. A
professional pianist, is advising on this.

Trustees' induction and training

Allcurrenttrusteesarealsotrusteesofothercharitableorganisationsandwellexperiencedinthenatureoftheroleand legal
responsibilities.Newtrusteeswillreceiveaninduction,bemadeawareoftheroleofatrusteeaslaiddownbythe Charity
Commission and, if appropriate, attend appropriate training and development seminars to help them develop their role.

Public benefit

Thecharitytrusteeshavecompliedwiththeirdutytohavedueregardtotheguidanceonpublicbenefitpublishedbythe Charity
Commission in exercising their powers or duties.

Page 2

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENT AND PERFORMANCE

Achievements

TheCharitableIncorporatedOrganisation(CIO)fundraisesprimarilythroughinstitutions,trustandfoundationstogether with
event-basedfundraisingandindividualdonations.TheCIOdoesnotengageincold-callingorstreet-basedfundraisingand all
activitiesundertakenaredirectlymonitoredandcontrolledbytheTrustees.Ithasnotreceivedanycomplaintsintheyear in
connectionwith the proprietyof its fundraising.The charity is aware of the need to protect potentiallyvulnerabledonors and in  the
small number of cases where this is applicable it does so through their families.

TheCIOhasreceivedfundstotalling£92,668fromtrustsandprivateindividuals,includinggrantsof£29,700fromthe Cathedral
MusicTrust.£3,000fromthe EdingtonMusicFestival.£3,000fromWilliamHercockLimitedand a donationof £2,000fromthe Sir
Andrew Martin Trust.It has also receivedtotal donationsof £36,000(plus associatedGift Aid) for the provisionof a Grand Piano in
LeicesterCathedral.ThisdonationwasgivensolelyforthepurposesofpurchasingaGrandPianofortheCathedral,suitable for
professional concert use

The interestearnedfrominvestmentstotalled£15,313,of which£9,109wastransferredto the MusicScholarshipFund to  support
ChoralScholarships,withtheremaindersupportingthegeneralworkofthefoundation.ThreeChoralScholarswereappointed in
November 2022.

FINANCIAL REVIEW

Financial position

At the year-end,the unrestrictedfunds had a cash balanceof £96,384 and an overallbalanceof £68,460 as there were  outstanding
creditors of £27,924.

Therestrictedfundshadacashbalanceof£117,459,aninvestmentbalanceof£36,439,outstandingcreditorsof£6,688and an
overall balance of £147,210.

The endowment funds had an overall balance of £420,546.

Reserves policy

The Trustees consider that an appropriatelevel of unrestrictedreserves should be sufficientto cover any GovernanceCosts, around
£8,300.Thecurrentlevelofunrestrictedreserves,£68,460,comfortablyexceedsthisamountandthisisavailabletodevelop the
work of the Choir, the continuation of the DioSing programme and support the salary of the Assistant Director of Music.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing statute

LeicesterCathedralMusicFoundationisaCharitableIncorporatedOrganisation(CIO)whoseonlyvotingmembersareits charity
trustees. It was incorporated on 5 November 2015.

Organisational structure

The MusicFoundationis of significantimportancein supportingChapterand particularlythe Collegeof Canonsto achieveits aims
anditusesthestaffingresourcesoftheCathedraltomeetthese.Thetrusteesmeetregularlytohaveoversightofits fundraising
activitiesandannuallytoreceivethereportandaccountspreparedbytheAdministratorandFinanceManager.Thedayto day
operationis carried out by the Cathedralstaff and senior team, in close consultationwith the Trustees who meet on a regular basis,
and with the College of Canons; the Cathedral Chapter receives updates at each of its meetings.

Page 3

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The main purposeof the charityis to raisemoneyto enablethe Dean and Chapterof LeicesterCathedralto achieveits purpose as
describedin the objectsof the charity.The Trusteesare involvedin fundraisingactivitieswith other staff from the Cathedraland in
thiswayhavedirectinputtothedevelopmentofstrategiesandtheirimplementation.TheTrusteesareacutelyawareof their
responsibilitieswith regard to the money raised and that it is only to be used for the purpose given. They have established controls
to mitigate any risks in the treatment of funds.

It is the Chapterthat wouldcommissionany expenditureand thereforeany risk wouldfall to them. In makingdecisionsto commit
toworkintheCathedraltheChapterwouldneedtobemindfuloftheneedtoensurethatfundsexisteitherfromthe Music
Foundation or other sources.

Safeguarding

TheTrustoperateswithintheSafeguardingPolicyandProceduresofLeicesterCathedralwhichis constructedusingtheChurch of
England National Safeguarding Policy and Procedures adapted to this local Cathedral context.

Impact of the coronavirus pandemic

Inearly2020thecoronaviruspandemicimpactedthefundraisingoperationsofthecharity.Whilstthelevelsofprivategiving and
revenuegrantsdidnotdeclinesignificantly,itreducedtheabilitytoattractnewdonors,andthishasbeenaddressedby the
introductionof the Guild of St Katherinein 2023. The bookvalueof the investmentssignificantlydeclinedin 2022,and it impacted
on the dividend income as well.

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 (resigned 17.12.22)
Canon Prof R Allison
Lady J Gretton
Reverend D Johnson
Mr P Leech
Canon P Russell (resigned 20.1.23)
Mr T R Hercock
Rev K Rooms (appointed 17.12.22)

Auditors

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

Solicitors

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

Page 4

LEICESTER CATHEDRAL MUSIC FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS Administrator

Jonathan Kerry
Chief Executive, Diocesan Secretary and Cathedral Administrator

Finance Manager

Trevor Peel
Financial Controller - Leicester Cathedral

Bankers

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

Investment Managers

CCLA Investment Management Ltd
1 Angel Lane
London
EC 4R 3AB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trusteesare responsibleforpreparingthe Trustees'AnnualReportand the financialstatementsin accordancewith applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

ThelawapplicabletocharitiesinEngland&Walesrequiresthetrusteestopreparefinancialstatementsforeachfinancial year
whichgivea trueandfairviewofthestateofaffairsofthecharityandoftheincomingresourcesandapplicationofresources of
the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsiblefor keeping proper accountingrecordsthat disclosewith reasonableaccuracyat any time the financial
positionofthecharityandenablethemtoensurethatthefinancialstatementscomplywiththeCharitiesAct2011,the [Charities
(Accountsand Reports)Regulations2008 and the provisionsof the trust deed. They are also responsiblefor safeguardingthe  assets
of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

..............................................................................

Mr T R Hercock - Trustee

Page 5

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

Opinion

WehaveauditedthefinancialstatementsofLeicesterCathedralMusicFoundation(the'charity')fortheyear ended
31 December 2022 which comprisethe Statement of FinancialActivities,the Statement of FinancialPosition,the Statement of Cash
Flowsandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthat has been applied in their preparationis applicablelaw and United KingdomAccountingStandards(United Kingdom
Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunder those standardsare further described in the Auditors'responsibilitiesfor the audit of the financial statements
section of our report.We are independent of the charityin accordancewith the ethical requirementsthat are relevantto our  audit
of the financialstatementsin the UK, includingthe FRC'sEthicalStandard,and we have fulfilledour other ethicalresponsibilities in
accordancewith these requirements.We believe that the audit evidencewe have obtainedis sufficientand appropriateto  provide
a basis for our opinion.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyor collectively,may castsignificantdoubt on the charity'sabilityto continueas a going concernfor a periodof at least
twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin therelevantsections of
this report.

Other information

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

Our opinionon the financialstatementsdoes not coverthe otherinformationand, exceptto the extent otherwiseexplicitly stated
in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoing so,
considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedin the
auditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparent material
misstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementinthefinancial statements
themselves.If, based on the work we have performed,we concludethat there is a materialmisstatementof this other information,
we are required to report that fact.  We have nothing to report in this regard.

Matters on which we are required to report by exception

WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(AccountsandReports)Regulations 2008
requires us to report to you if, in our opinion:

Responsibilities of trustees

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthepreparationof the
financialstatementswhichgive a true and fairview,and forsuch internalcontrolas the trusteesdetermineis necessaryto  enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparingthe financialstatements,the trusteesare responsiblefor assessingthe charity'sabilityto continueas a going concern,
disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessthe trustees
either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 6

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

Our responsibilities for the audit of the financial statements

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewiththeAct and
relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceis a high levelof assurance,but is not a guaranteethat an audit conductedin accordancewith ISAs (UK)  will
alwaysdetecta materialmisstatementwhenit exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyor in the aggregate,they could reasonablybe expectedto influencethe economicdecisionsof users taken on the basis
of these financial statements.

Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignproceduresinlinewith our
responsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,includingfraud.Theextentto which
our procedures are capable of detecting irregularities, including fraud is detailed below:

Wehaveidentifiedareasoflawsandregulationsthatcouldreasonablybeexpectedtohaveamaterialeffectonthe financial
statementsfromourgeneralcommercialexperience,knowledgeofthesector,areviewofregulatoryandlegal correspondence
and through discussionswith Trusteesand other key managementobtainedas part of the work required by auditing standards. We
have also discussedwith the Trusteesand other key managementthe policiesand proceduresrelating to compliancewith laws and
regulations.We communicatedlaws and regulationsthroughoutthe team and remained alert to any indicationsof  non-compliance
throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly,thecharityissubjecttolawsandregulationsthatdirectlyimpactthefinancialstatements(forexamplefinancial reporting
legislation)and we haveassessedthe extentof compliancewithsuch lawsas partof our financialstatementsaudit.We evaluated
management'sincentivesandopportunitiesforfraudulentmanipulationofthefinancialstatements(includingriskofoverride of
controls)and determined that the principalrisks were related to managementbias in judgementalareas of the financial statements
suchasincomerecognition,aswellastheriskofinappropriatejournalentriestomanipulatereportedsurplus/deficit. Audit
proceduresperformedby the engagementteamincludedthe identificationandtestingofunusualmaterialnominalledger entries
and challengingmanagementon key assumptionsand judgementsmade in the preparationof the financialstatements.We  carried
outdetailedsubstantivetestsonmaterialincomestreams,includingreviewingthesupportingdocumentationusedto determine
therecognitionofincome,ensuringitisconsistentandrecognisedinthecorrectperiod,andwehavereviewedandassessed the
knowledgeandexpertiseoftheinvestmentmanagersandverifiedthevaluationsandincomefromtheinvestmentstothird party
confirmations.

Secondly,thecharityissubjecttootherlawsandregulationswheretheconsequencefornon-compliancecouldhavea material
effect on the amounts or disclosuresin the financialstatements.We identifiedthe followingareas as those most likely to have such
aneffect:Writtenrestrictionsordesignationsimposedbygrantprovidersordonors.Again,wehavereviewedthe supporting
documentationforallmaterialincomestreamsandassuredourselvesthatanywrittenconditionshavebeenadheredto as
applicable.Wenotethatgiventhenatureofthecharity,therearenospecificlawsandregulationsgoverningtheactivities, aside
from CompaniesAct 2006, CharitiesAct 2011, CharitableIncorporatedOrganisations(General)regulations2012 and the applicable
accounting standards.

Auditing standardslimit the required audit proceduresto identify non-compliancewith these laws and regulationsto enquiry of  the
Trusteesandotherkeymanagementandinspection.Thisinspectionincludedreadingminutesofmeetingsofthosecharged with
governanceand discussingwith both thosechargedwith governanceand the key managementto confirmthat to their knowledge
theywerenot awareof anyinstancesof non-compliance.Throughtheseprocedures,if we becameawareof any non-compliance,
we considered the impact on the procedures performed on the related financial statement items.

Owingtotheinherentlimitationsofanaudit,thereisanunavoidableriskthatwemaynothavedetectedsome material
misstatementsinthefinancialstatements,eventhoughwehaveproperlyplannedandperformedourauditinaccordance with
auditing standards.The further removednon-compliancewith laws and regulationsis from the events and transactionsreflected in
thefinancialstatements,thelesslikelytheinherentlylimitedproceduresrequiredbyauditingstandardswouldidentifyit.As with
anyaudit,thereisagreaterriskofnon-detectionofirregularitiesasthesemayinvolvecollusion,intentionalomissionsof the
overrideofinternalcontrols.Wearenotresponsibleforpreventingnon-complianceandcannotbeexpectedto detect
non-compliance with all laws and regulations.

A furtherdescriptionof ourresponsibilitiesforthe auditof the financialstatementsis locatedon the FinancialReporting Council's
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

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

Use of our report

Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4oftheCharities(Accountsand Reports)
Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothecharity'strusteesthosematterswe are
requiredto state to them in an auditors'reportand for no other purpose.To the fullestextent permittedby law, we do not accept
or assume responsibilityto anyone other than the charityand the charity'strustees 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 8

LEICESTER CATHEDRAL MUSIC FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
3
17,968
Investment income
4
4,249
Total
22,217
EXPENDITURE ON
Raising funds
4,000
Charitable activities
5
Charitable activities
23,543
Other running costs
8,339
Total
35,882
Net gains/(losses) on investments
-
NET INCOME/(EXPENDITURE)
(13,665)
RECONCILIATION OF FUNDS
Total funds brought forward
82,125
TOTAL FUNDS CARRIED FORWARD
68,460		 Restricted
Endowment
funds
funds
£
£
74,700
-
11,064
-
85,764
-
-
-
7,991
-
-
-
7,991
-
(4,838)
(57,538)
72,935
(57,538)
74,275
478,084
147,210
420,546		 2022
Total
funds
£
92,668
15,313
107,981
4,000
31,534
8,339
43,873
(62,376)
1,732
634,484
636,216		 2021
Total
funds
£
112,522
10,709
123,231
-
17,100
5,295
22,395
47,374
148,210
486,274
634,484 
The notes form part of these financial statements

Page 9

LEICESTER CATHEDRAL MUSIC FOUNDATION

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2022

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
£
-
-
96,384
96,384
(27,924)
68,460
68,460
68,460		 Restricted
funds
£
36,439
-
117,459
117,459
(6,688)
110,771
147,210
147,210		 Endowment
funds
£
420,546
-
-
-
-
-
420,546
420,546		 2022
Total
funds
£
456,985
-
213,843
213,843
(34,612)
179,231
636,216
636,216
68,460
147,210
420,546
636,216		 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 
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon............................................. and
were signed on its behalf by:

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

The notes form part of these financial statements

Page 10

LEICESTER CATHEDRAL MUSIC FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Dividends received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Income 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		 2022
£
85,147
85,147
-
15,313
15,313
-
-
100,460
113,383
213,843		 2021
£
155,921
155,921
(211,091)
10,709
(200,382)
57,803
57,803
13,342
100,041
113,383		 
The notes form part of these financial statements

Page 11

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

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

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:
Losses/(gain) on investments
Dividends received
Income attributable to endowment
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 2022
£
1,732
62,376
(15,313)
-
8,114
28,238
85,147		 2021
£
148,210
(47,374)
(10,709)
(57,803)
123,967
(370)
155,921

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22
Cash flow
At
£
£
Net cash
Cash at bank
113,383
100,460
113,383
100,460
Total
113,383
100,460		 31.12.22
£
213,843
213,843
213,843 
The notes form part of these financial statements

Page 12

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. GENERAL INFORMATION

LeicesterCathedralMusicFoundationisaCharitableIncorporatedOrganisation(CIO)registeredinEnglandand Wales,
whoseonlyvotingmembersareit'strustees.Thecharity'sregisterednumberis1152990andtheCompany registration
number is CE000600. The principal address of the charity is St Martins House, 7 Peacock Lane, Leicester, LE1 5PZ .

Thefinancialstatementsarepresentedinsterlingwhichisthefunctionalcurrencyofthecharityandroundedto the
nearest £.

The significantaccountingpolicies applied in the preparationof these financialstatementsare set out 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)havebeenpreparedinaccordancewiththerelevantversionoftheStatement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)andtheFinancialReportingStandardapplicablein the
UnitedKingdomandRepublicofIreland(FRS102)andtheCharitiesAct2011andUKGenerallyAccepted Accounting
Practice.

The accounts(financialstatements)have been preparedto give a 'true and fair'view and have departedfrom the  Charities
(AccountsandReports)Regulations2008onlytotheextentrequiredtoprovidea'trueandfairview'.Thisdeparture has
involvedfollowingtherelevantversionoftheStatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)  rather
thantheAccountingandReportingbyCharities:StatementofRecommendedPracticeeffectivefrom1April2005 which
has since been withdrawn.

Income

Income is recognisedwhen the charityhas entitlementto the funds, any performanceconditionsattachedto the item(s) of
income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from governmentand other grants whether "capital"grants or "revenue" grants is recognisedwhen the charity has
entitlementto the funds, any performanceconditionsattachedto the item(s)of incomehave been met, it is probable that
the income will be received and the amount can be measured reliably and is not deferred.

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

The estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will

Receiptofalegacyinwholeorinpart,isonlyconsideredprobablewhentheamountcanbemeasuredreliably,and the
charityhasbeennotifiedoftheexecutor'sintentiontomakeadistribution.Wherelegacieshavebeennotifiedto the
charity,or the charityis awareof the grantingof probate,and the criteriafor incomerecognitionhave not been met, then
the legacy is treated as a contingent asset and disclosed if material.

Interest receivable

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

Expenditure

Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocatedto activitieson a basis consistentwith the use of resources.Expensesare accountedfor inclusive
(where applicable) of any VAT which cannot be recovered.

continued...

Page 13

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

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

Designatedfunds compriseunrestrictedfunds that have been set aside by the charityfor particularpurposes.The aim and
use of each designated fund is set out in the notes to the financial statements.

Restrictedfundsarefundswhichareto be usedin accordancewithspecificrestrictionsimposedby donorsorwhich have
been raised by the charityfor particularpurposes.The cost of raising and administeringsuch funds are chargedagainst the
specific fund. The aim and use of each restricted fund is set out in the notes to 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,includingtradeand otherdebtorsand cashand bankbalancesare initiallyrecognisedat transaction
price,unlessthe arrangementconstitutesa financingtransaction,wherethe transactionis measuredat the present value
of the future receipts discounted at a market rate of interest.

Attheendofeachreportingperiodfinancialassetsmeasuredatamortisedcostareassessedforobjectiveevidence of
impairment.Ifanassetisimpairedtheimpairmentlossisthedifferencebetweenthecarryingamountandthe present
valueoftheestimatedcashflowsdiscountedattheasset'soriginaleffectiveinterestrate.Theimpairmentloss is
recognised in the statement of financial activities.

Otherfinancialassets,includinginvestmentsin equityinstrumentswhichare not subsidiaries,associatesor joint ventures,
are initially measured at fair value, which is normally the transaction price.

Suchassetsaresubsequentlycarriedatfairvalueandthechangesinfairvaluearerecognisedintheincome statement,
exceptthatinvestmentsinequityinstrumentsthatarenotpubliclytradedandwhosefairvaluescannotbe measured
reliably are measured at cost less impairment.

Basicfinancialliabilities,includingtradeandothercreditors,areinitiallyrecognisedattransactionprice,unless the
arrangementconstitutesa financingtransaction,where the debt instrumentis measuredat the 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.

Trade creditorsare obligationsto pay for goods or services that have been acquired in the ordinarycourse of business from
suppliers.Accountspayableareclassifiedascurrentliabilitiesifpaymentisduewithinoneyearorless.Ifnot,they are
presented as non-currentliabilities.Trade creditorsare recognisedinitiallyat transactionprice and subsequently measured
at amortised cost using the effective interest method.

Investments

Fixed asset investmentsare measuredat fair value if the sharesare publiclytradedor can otherwisebe measured reliably.
The fair value is represented by the bid price at the financial reporting date.

Realisedandunrealisedgainsorlossesoninvestmentsareaccountedforinfullwithintheparticularfundofwhich the
investment forms a part.

Debtors and creditors receivable / payable within one year

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

continued...

Page 14

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's financial
statements
Preparation of the financial statements		 Direct
Costs
£
31,534
-
31,534

4. INVESTMENT INCOME

5. CHARITABLE ACTIVITIES COSTS

6.

7. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022norfortheyear ended
31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Employees

Excludingtrustees,therewerenoemployeesforthecharityduringthecurrentorprioryear.Asthecharitydoes not
employ staff there were no staff or key management remuneration costs.

continued...

Page 15

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
10,392
Investment income
2,589
Total
12,981
EXPENDITURE ON
Charitable activities
Charitable activities
17,100
Other running costs
5,295
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
9.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2022
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Restricted
Endowment
Total
funds
funds
funds
£
£
£
44,327
57,803
112,522
8,120
-
10,709
52,447
57,803
123,231
-
-
17,100
-
-
5,295
-
-
22,395
-
47,374
47,374
52,447
105,177
148,210
21,828
372,907
486,274
74,275
478,084
634,484
Listed
investments
£
519,361
(62,376)
456,985
456,985
519,361		 Total
funds
£
112,522
10,709
123,231
17,100
5,295
22,395
47,374
148,210
486,274
634,484 
ThequotedinvestmentsareprincipallyholdingsinCBFInvestmentandPropertyFundswhicharemutualfunds managed
by CCLA Investment Managers Ltd.

continued...

Page 16

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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
12.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Music Scholarship Fund
Choir Scholarship Fund
Allan Warren Award
Grand Piano Fund
Cathedral Music Trust
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		 2022
2021
£
£
-
7,880
-
234
-
8,114
2022
2021
£
£
20,105
842
14,507
5,532
34,612
6,374
Net
movement
At
At 1.1.22
in funds
31.12.22
£
£
£
82,125
(13,665)
68,460
29,948
7,289
37,237
41,277
(4,838)
36,439
3,050
-
3,050
-
45,000
45,000
-
25,484
25,484
74,275
72,935
147,210
111,185
(13,035)
98,150
46,334
(5,432)
40,902
39,060
(6,551)
32,509
71,254
(7,875)
63,379
152,448
(17,868)
134,580
39,386
(4,618)
34,768
18,417
(2,159)
16,258
478,084
(57,538)
420,546
634,484
1,732
636,216		 2022
2021
£
£
-
7,880
-
234
-
8,114
2022
2021
£
£
20,105
842
14,507
5,532
34,612
6,374
Net
movement
At
At 1.1.22
in funds
31.12.22
£
£
£
82,125
(13,665)
68,460
29,948
7,289
37,237
41,277
(4,838)
36,439
3,050
-
3,050
-
45,000
45,000
-
25,484
25,484
74,275
72,935
147,210
111,185
(13,035)
98,150
46,334
(5,432)
40,902
39,060
(6,551)
32,509
71,254
(7,875)
63,379
152,448
(17,868)
134,580
39,386
(4,618)
34,768
18,417
(2,159)
16,258
478,084
(57,538)
420,546
634,484
1,732
636,216		 2021
£
7,880
234
8,114
2021
£
842
5,532
6,374
147,210
98,150
40,902
32,509
63,379
134,580
34,768
16,258
420,546
636,216 
continued...

Page 17

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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
Grand Piano Fund
Cathedral Music Trust
Assistant Director of Music Fund
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
£
22,217
9,109
-
45,000
29,700
1,955
85,764
-
-
-
-
-
-
-
-
107,981		 Resources
expended
£
(35,882)
(1,820)
-
-
(4,216)
(1,955)
(7,991)
-
-
-
-
-
-
-
-
(43,873)		 Gains and
Movement
losses
in funds
£
£
-
(13,665)
-
7,289
(4,838)
(4,838)
-
45,000
-
25,484
-
-
(4,838)
72,935
(13,035)
(13,035)
(5,432)
(5,432)
(6,551)
(6,551)
(7,875)
(7,875)
(17,868)
(17,868)
(4,618)
(4,618)
(2,159)
(2,159)
(57,538)
(57,538)
(62,376)
1,732		 Gains and
Movement
losses
in funds
£
£
-
(13,665)
-
7,289
(4,838)
(4,838)
-
45,000
-
25,484
-
-
(4,838)
72,935
(13,035)
(13,035)
(5,432)
(5,432)
(6,551)
(6,551)
(7,875)
(7,875)
(17,868)
(17,868)
(4,618)
(4,618)
(2,159)
(2,159)
(57,538)
(57,538)
(62,376)
1,732
72,935
(13,035)
(5,432)
(6,551)
(7,875)
(17,868)
(4,618)
(2,159)
(57,538)
1,732

Comparatives for 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		 Net
movement
At
At 1.1.21
in funds
31.12.21
£
£
£
91,539
(9,414)
82,125
21,828
8,120
29,948
-
41,277
41,277
-
3,050
3,050
21,828
52,447
74,275
97,240
13,945
111,185
40,523
5,811
46,334
33,574
5,486
39,060
62,369
8,885
71,254
139,201
13,247
152,448
-
39,386
39,386
-
18,417
18,417
372,907
105,177
478,084
486,274
148,210
634,484		 Net
movement
At
At 1.1.21
in funds
31.12.21
£
£
£
91,539
(9,414)
82,125
21,828
8,120
29,948
-
41,277
41,277
-
3,050
3,050
21,828
52,447
74,275
97,240
13,945
111,185
40,523
5,811
46,334
33,574
5,486
39,060
62,369
8,885
71,254
139,201
13,247
152,448
-
39,386
39,386
-
18,417
18,417
372,907
105,177
478,084
486,274
148,210
634,484
74,275
111,185
46,334
39,060
71,254
152,448
39,386
18,417
478,084
634,484 
continued...

Page 18

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

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
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

Restricted Funds

Music Scholarship Fund

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

Choir Scholarship Fund

For paymentof Choristerscholarships,this fund was previouslyheld by the Cathedraland was previouslyknownas the  BE
Fund, GT Fund and William Alan North Fund.

Alan Warren Award

TobegivenatthediscretionoftheDirectorofMusictoyoungpeople(under18s)whosingintheCathedralChoir. The
award is to support musical development for those who play violin, viola, cello or double base.

The Grand Piano Fund

The sole purpose of the fund is to purchase a grand piano for the Cathedral suitable for professional concert use.

The Cathedral Music Trust

The grant received into this fund is for the 2022/23 Academic years and is mainly focused on DioSing.

Assistant Director of Music Fund

The return on the investmentin the Friends of CathedralMusic ADM Fund is allocatedto be used towardsthe salaryof  the
Assistant Director of Music.

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

continued...

Page 19

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12. MOVEMENT IN FUNDS - continued

ThisfundaroseasaresultofagrantfromtheFriendsofCathedralMusicandtheincomewillbeusedtoprovide 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

This fund was given in 2016 and held by the Cathedralas a restrictedfund. Once moved to the Foundation,an Endowment
Fund was set up and the interestfrom this is towardsthe generalwork of the Foundation.In 2020 as part of the closure of
the GT Player Charity further funding was given to support the work of the Music Foundation.

Friends of Cathedral Music ADM Fund

Establishedtowardsthe end of 2013 followinga grant from the Friends of CathedralMusic 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 Foundationmade Grantsto the Cathedralin relationto the musicalworkof the Cathedral.At the end of the year the
charityowedthe Cathedral£20,105(£842in 2021).At the end of the yearthe Cathedralowedthe charity£NIL(£7,880 in
2021).

The Music Foundationis vitalin supportingthe workof the CathedralChapterand the Collegeof Canonsin developing the
musicallife of the Cathedralin all its aspects.The trusteesof the Music Foundationare nominatedby Leicester Cathedral.
TheresultsoftheLeicesterCathedralMusicFoundationhave,therefore,beenincludedintheconsolidatedresults of
Leicester Cathedral.

Duringtheyear,theFoundationreceiveddonationsfromTrusteestotalling£280(£580in2021).TheFoundation also
received a grant of £3,000 (£nil in 2021)  from William Hercock Limited, a company owned by one of the trustees.

14.

ULTIMATE CONTROLLING PARTY

Thecharityiscontrolledbyitsultimateparent,LeicesterCathedral.Copiesoftheconsolidatedaccountscanbe obtained
from the Cathedral office: St Martin's House, 7 Peacock Lane, Leicester, LE1 5PZ.

The objectof the ultimateparentis being a centreof worshipand missionfor the advancementof the Christianreligion in
accordance with the precepts of the Church of England.

TheCathedralworkstowardstheseaimswiththeservicesandeventstheyholdattheCathedralandinthe 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:
2022 2021
£ £
Financial assets at fair value through income and expenditure
Listed investments 456,985 519,361
The income, expenses, net gains and net losses attributable to the charity's financial instruments are summarised as
follows:
2022 2021
£ £
Net gains and losses (including changes in fair value)
Financial assets measured at fair value through net income/expenditure (62,376) 47,374 
continued...

Page 20

LEICESTER CATHEDRAL MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

15. FINANCIAL INSTRUMENTS - continued

The total dividend income from financialassets that are measured at fair value through the income statementwas  £15,313
(2021 - £10,709).

Page 21