```
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:
```
- `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 whether applicable accounting standards have been followed, subject to any material departures disclosed and`
- `explained in the financial statements;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will`
- `continue in operation.`
```
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:
```
- `give a true and fair view of the state of the charity's affairs as at 31 December 2022 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))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:
```
- `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.`
## **`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 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.`
```
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
```