S7 ALBANS Music Trust St Albans Cathedral Music Trust Annual Report and Financial Statements For the Year Ended 30 November 2023 Charii}' Nuinbcr.. i ofJ1072
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 CONTENTS Trustees, annual report Independent exarniner's report to trustees io Statement of financlal actlvlties li Balance sheet 12 Notes to the financial statements 13-23
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023 TRUSTEES Lionel Wallace - Chair Ralph Abel Smith Ito 13th June 20231 Keith Brown Moira Dean (to 13th June 20231 The Very Revd Jo Kelly-moore Pete Letanka Andrew Lucas John Palmer (to 6th June 20241 Richard Pinel Gini Trower Ashley Yu (from 8th February 20241 St Albans Cathedral Musie Trust is governed by a Trust Deed dated 30th October 1995 as subsequently amended on 91h November 2021. The Trust is registered as a charity by the Charity Commission Iregistration number 10510721. PRINCIPAL ADDRESS St Albans Cathedral Cathedral House Sumpter Yard St Albans ALI IBY BANKERS Barclays Bank plc 16-18 St Peters Street St Albans ALI 3NA INDEPENDENT EK4MINER Steve Robinson FCA Mercer & Hole 72 London Road St Albans ALI INS TRE4SURER Claire Stephenson Head of Finance, St Albans Cathedral SEcRARy Sabrina Farrugia Development and Fundraising Executlve, St Albans Cathedral INVESTMENT MANAGERS CCLA Investment Management Ltd One Angel Lane London EC4R 3AB
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 THETRUST'S AIMS AND OBJECTIVES The objects of the Trust as set out in its Trust Deed are.. to promote and advance the education of the public in the art of music particularly at or In connection with the Cathedral and Abbey Church of St Alban; to promote and advance the Christian religion and public worship connected with it through the support of music at or in connection with the CatF]edral and Abbey Church of St Alban. The main aim of the Trust is to build a level of endowment sufficient to fund the day to day cost of St Alban Cathedral's music and to realise the Trust's vision for the Cathedral's musical life. St Albans Cathedral has much to celebrate as a centre of musical exce51en¢e. Music is central to worship at the Cathedral. It expresses divine mysteries and human longings where words fail, and creates harmony out of dtfference. The Cathedral has two of the finest cathedral choirs in the country, a magnif1cent Harrison & Harrison organ, a busy programme of innDvative musical events and concerts, and various voluntary choirs and music groups which add further dimension to the Cathedral's worship. The Trust supports and develops the Cathedral's tradition of choral worship and promotes music of the highest quality in the Cathedral. Unlike many of the ancient cathedrals, St Albans Cathedral has no historic endowment to support its music. The costs of the choirs and the upkeep of the Cathedral's organs all have to be found from operating income. The Trust's current vision is to enable and sustain a flourishing and financially secure musical life at the Cathedral through.. daily choral seNices led by the cathedral choirs, with a continuing place for voluntary choirs and music groups., an organ which is sufficiently expressive and versatile for the Cathedral's use and for the International Organ Festival; high quality musical events with concert appearances by the Cathedral's own musicians and visiting performers; full orchestral works in the liturgical setting on occasions during the year. the sharing of the Cathedral's musical resources with others through an education programme that encourages children and young people to get involved in music and music-making, and by visits of the Cathedral's choirs to other parish churches., raising an endowment fund of £5m to meet the cost of maintaining the Cathedral's music and its instruments. The cathedral choits sing at services six days a week throughout term time, rehearsing both before and after school. Their work is all the more remarkable because the choristers do not attend a special choir school, but Come from a wide variety of backgrounds and attend a nurnber of different local schools. In addition to the daily round of choral services and rehearsal, the choirs take part in concerts, tours. broadcasts and recordings. The Cathedral's Harrison & Harrison organ was built in 1962 to a design by Peter Hurford and Ralph Downes. It was the first organ to be installed in an English cathedral in the twentieth century on the classical principles of voicing, layout and chorus design. Containing over 4,500 pipes, varying from half an inch to 32 feet, each pipe plays its part in producing the glorious mixture of soJnds that the organ delivers. The organ can be heard being played almost every day, either for choir rehearsal, organ practice or service accompaniment.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 TRUST ADMINISTRATION The board of trustees met on three occasions during the year to direct and monitor the work of the Trust. The Trust is supported in its day to day activities by St Albans Cathedral's development and finance teams. The TrLJSt Deed provides for two ex-officio trustees, namely the Dean of St Albans Cathedral and the Master of the Music of St Alban5 Cathedra5. All other trustees are appointed by the board of trustees on the basis of suggested joint nominations from the two ex-officio trustees. Trustees hold office for a period of five years and may be reappointed for a further single term of five years. A trustee's term may be extended by up to two further years in exceptional circumstances and with the agreement of the board of trustees. Trustees are selected for the skills and experience they can bring to the Trust, in particular expertise In music and fundraising. On appointment, trustees are briefed as necessary on the aims and objectives of the Trust and their legal responsibilities. All new trustees sign a model trustee declaration statement confirming their eligibility and responsibilities. RELATIONSHIP WITH ST ALBANS CATHEDRAL As an independent charity, the Trust is not controlled by St Albans Cathedral. Summarised results of the Trust's activities are disclosed for information in St Albans Cathedral's financial statements. FINANCIAL SUPPORT FOR THE CATHEDRAL'S MUSIC The Trust made grants to StAlbans Cathedral in the year amountingto £113,36412022: £113,8801. This comprised: £80,39812022- £79,880), beingthe investment incomefrom the Trust's endowmentfunds in support of the day to day costs of the Cathedral's music. £6,00012022.' £6,000) as an annual grant from the Trust's unrestricted funds to support of the day to day Costs of the Cathedral's music., £4,00012022.' £4,0001 as an annual grant from the Trust's unrestricted funds to supportthe work of the Cathedral's development team, which provides significant fundraising and operational support to the Trust., £10.000 12022: £10,000) as an annual grant from the Trust's unrestricted funds to support the provision of the Cathedral's choir chaperones, a role that is critical for both proper safeguarding. pastoral care, and engagement between choristers and choir parents: Further grants in 2023 comprised the following: £5,000 towards the costs of the Cathedral Girls Choiy recording of music by Elizabeth Poston: £9,000 towards the costs of the Cathedral Choir tour to Fano. Italy in May 2023. £1,034 of recoverable VAT was reimburseL1 to the Salisbury Fund for work on the refurbishment of the Song School. Further grants in 2022 comprised the following.. £4,000 towards the costs of the Cathedral Girls Choir tour to Sweden in June 2022., £10,000 towards the costs of a concert of Mendelssohn's oratorio St Paul in conjunction with the St Albans Bach Choir in July 2022.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 THE TRUST'S FUNDRAISING AND DONOR ENGAGEMENT The Trust receives donations through patron subscriptions, legacies. fundraising and endowments. Alban Foundation The Trust is delighted to continue to work in partnership with the St Albans Cathedral Alban Foundation. The foundation helps the Cathedral and its associated fundraising trusts to nurture, develop and promote fundraising, under the overall governance and direction of Chapter, the Cathedral's governinE body. Its members play a pivotal role in fundraising activity, and support the stewardship and continued engagement of all those who have given financially in support of the Cathedral. The foundation supports Chapter in its determination of future fundraising priorities and works closely with this Trust, along with the St Albans Cathedral Education Trust and the Friends of St Albans Cathedral. The Chair of the Trust is an ex-officio member of the foundation. Endowments The generosity of donors past and present enables the Trust to support 4 endowed lay clerks and 35 endowed choristers. The Trust is also grateful to all those who support the 'Endow a Day's Music, programme. with the number of endowed days now standingat 50 at the end of the year. Legacies The Trust is ever grateful to all who have contributed to the Trust by way of legacies. Legacy giving can often provide the Trust with the opportunity to make specific grants to the Cathedral in pursLJit of the Trust's vision that it would otherwise be unable to do. Unrestricted legacies totalling £Nil 12022.. £Nill were received in the year. Donations Donations of £22,07512022'. £16,179) were received in the year from the Trust's many patrons and other donors, including those through the 'Adopt a Pipe, scheme. 'Adopting st Albans Cathedral, was launched by the Cathedral in 2019 as a new way for visitors and all who love the Catheolral to give their support to help safeguard its treasures for the next generation. One of the ways of giving is to 'Adopt a Pipe, from the magnificent Harrison & Harrison organ contsining over 4,500 pipes. All gifts from 'Adopt a Pipe, are passed to the Trust, essentially as a successor scheme to the Trust's predecessor initiative along the same lines of 'Sponsor a Pipe.. Events Advent Processlon and Dlnner The 2023 Advent Procession took place on 3 December 2023 so falls outside thls set of accounts. Fundraising Consultsncy The Trust has engaged Wootton George Consultingto conduct a fundraising review to help build the Trust's case for support and to understar)d potential future fundraising opportunities. The board of trustees is currently reviewine the report's recommendations, focussing on the case for support.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 CHARITABLE EVENTS IN SUPPORT OF THE CATHEDRAL'S MUSIC As well as direct financial grants to St Albans Cathedral, the Trust seeks to support and promote the Cathedral's musical activity through various charitable events. Outreach Concert The Trust's usual annual Outreach Concert, originally planned to be at St Mary's Church, Bedford. was relocated at short notice to St Nicholas Church, Harpenden and took place on 4th February 2023. The 2024 concert will be returning to St Mary's Church. Bedford. St Albans Young Musicians Competition The Trust has decided to take the opportunity to look afresh at the format of the competition to see how it can be best developed for future years. Patrons. Evensong The annual PatrDns' Evensong took place on 30 September. Patrons are Invlted to watch the choir rehearse and attend Evensong followed by a reception hosted by the Dean. FUTURE PLANS AND ACTIVITIES Donor Engagement The Trust continues to produce a regular newsletter as an important means of promoting the aims and achievements of the Trust to both its patrons and wider audiences. A readily accessible leaflet titled 'How you can support music in St Albans Cathedral, ha5 been produced and is available in the Cathedral and promoted at relevant events. Fundralslng Events Following the disruption caused by the pandemic, the Trust very much hopes that fundraising events will be able to return in greater number through 2024. The fitst of such events is Midsummer Music on 29 June at Stanstead Bury Farm including an organ recitsl and Jazz concert Charltsble Events The following events to support and promote the Cathedral's musical activity are scheduled tD tske place or have already taken place.. Cathedral Choir5 Outreach Concert on 2nd March 2024 at St Mary's Church Bedford Annual Patrons Evensong Nave Organ The Cathedral continues its longstanding and lengthy process of evaluating options for a new Nave section for the Cathedral's organ. A potential design solution for a free-standing organ in the south Nave aisle is currently being evaluated before applications are rnade to the necessary statutory bodies. The Trust very much hopes the project will be able to proceed over the next year. Funding remains set aside to support the project, comprising the Trust's Organ Appeal Fund and Lyne Legacy Fund. Song School The Trust has previously agreed to release up to £50,000 from the Salisbury Legacy Fund to enable the improvement of facilities in the Chapter House Song School, including new music desks. a modification to the new rehearsal organ and the purchase of a new rehearsal piano. £31,504 of this allocation has been utilised and it is anticipated that the remaining allocation will be applied over the next couple of years.
ST ALBANS CATHEDIL4L MUSIC TRUST ANNUAL REPORT 2022-23 THE TRUST'S FINANCIAL POSITION Qverall position The Trust's net assets atthe end ofthe year totslled £3,174,53612022'. £3,141,202). Investments Funds held for long-term endowment purposes are invested with CCL4 Investment Management in thelr CBF Investment Fund. CCLA manages investments for the Church of England, other charities and a number of local authorities. The Trust's investments in the CCLA CBF Investment Fund amounted to £3,053,325 12022- £3,005,375) at the end of the year. Capital additions to the fund over the course of the year amounted to £1.500 12022.. £9,600). No withdrawals were made from the fund 12021. £Nill. The net annual gain Dn the fund arising from revaluations amounted to £46,75012021: £233,155 lossl. The Trust's short-term deposit investments are held In the CCLA CBF Deposit Fund and amounted to £120,51112022'. £128,731) atthe end of the year. Reserves A8 the main aim of the Trust is to build a level of endowment sufficient to fund the day to day cost of the Cathedral's music and to realise the Trust's vision for the Cathedral's musical life, the vast majority of the Trust's funds are held as ¢apital endowment funds. Where income has been donated to the Trust for specrfic purposes and has not been used in the year, this income is necessarily held in restricted income funds. The Trust seeks to hold a relatively sma15 level of free reserves in order to meet its financial liabilities, operational commitments and likely future ad-hoc grant funding. The Trust's total unrestricted funds stand at £189,684 12022.. £201,279) at the end of the year. Of these unrestricted funds, £23.965 12022- £43,300) represent free reserves, the remainder being designated for specific purposes. The Trust aims to maintain its free reserves at a trend level of around £15,000 to £20,000. A combination of legacy receipts and the final distribution from the Cathedral's historic fundraising campaigns has meant the Trust's free reserves have been above this position in recent years. This is compounded by the reduction in the Cathedral's non-routine musical activities during the COVID-19 pandemic. The board of trustees maintains an ongoing process to identify ways in which the Trust can best make use of these additional funds, both in the near-terrn and longer-term. Details of donations that have been committed from existing funds are provided in the financial statements.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 RISK MANAGEMENT Careful consideration is given to the major risks and wider external environrnent to which the Trust is exposed. The board of trustees has ultimate responsibility for the Trust's overall risk management and internal control, recognising that any risk management and internal control framework can only manage risk to a reasonable level rather than to eliminate all risk of failure, and can provide only reasonable, and not absolute. assurance against material misstatement or loss. As a fundraising body, the Trust has specific risks to manage, principally in the areas of fundraising, financial control and compliance. Systems and procedures are in place covering each of these rislf areas. The Trust uses the Cathedral's finance team for transactional processin& financial reporting and compliance activities, and the Cathedral's development team for fundraisingadvice and support. The Trust monitors its profile, reputation and presence on an ongoing basis. PUBLIC BENEFIT The board of trustees confirms it has complied with the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining its activities. By supportingst Albans Cathedral, the Trust helps promote Christian faith and music Df the highest standard that is available to STATEMENT OF TRUSTEES. RESPONSIBILITIES The board of trustees is responsible as follows with regard to the annual report and financlal ststements: preparing a statutory annual report and financial statements for each financial year in accordance with applicable law and regulations, which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period., stating that the financial statements comply in all material respects with the provisions of the Trust Deed, the Charities Act 2011, the applicable Charitie5 (Accounts and Reports) Regulations, and with applicable law and United Kingdom Accounting standards (together United Kingdom Generally Accepted Accounting Practice), as set out in the notes to the financial Statements and subject to any material departures disclosed and explained in the financial statements. selecting suitable accounting policies and then applying them consistently,. making judgements and estimates that are reasonable and prudent., preparing the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue to be financially viable. keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable the board of trustees to ensure the financial statements comply with applicable law and regulations., and safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The board of trustees confirms the financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the provisions Df the Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities-. Ststement of Recommended Practice applicable to charities preparing their financial ststements in accordance with the Financial Reporting standard applicable in the UF( and Republic of Ireland IFRS 1021. Lionel Wallace Chair On behalf of the board of trustees 6th June 2024
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST ALBANS CATHEDRAL MUSIC TRUST I report to the trustees on my examination of the accounts of the above charity 1.the Trust") for the year ended 30th November 2023 set out on pages 11 to 23. ResponsIbilleS and basis of report As the charity's trustee5, you are responslble for the preparation of the accounts in acoordance with the requirements of the Charities Act 20111"the Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have folSowed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charitles Act,. or the accounts did not accord with the accounting records; or the accounts did not comply with the applicatrjle requirements eoncerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no Dther matters in connection with the examination to which attention Should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. 10 July 2024 Steve Robinson FCA Mercer & Hole, 72 London RoaLI, St Albans, ALI INS
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2023 Unrestricted Designated Restricted Endowment Funds Funds Funds Funds 2023 2023 2023 2023 Total 2023 Total 2022 Note Income and endowments Donations Legacies Fundraising events Charitable events Investments 25.123 1,500 26,623 28,544 91 91 2.480 1,132 1,300 2,314 80,398 85,144 80,760 Totsl income 26.346 1,300 2,314 81.898 111,858 111.784 Expenditure Grants for the benefit of St Albans Cathedral towards music Cost of fundraising events Cost of charitable events Consultancy fees Nave Organ project Publicity, printing and postage Sundry expenditure Independent Ex8mination fee 34.000 11,0341 80,398 113,364 113,880 784 82 3,508 5,187 3,508 5,187 229 1,332 214 1,440 229 1,332 214 1,440 798 1.500 Totsl expendlture 45.681 11,0341 229 80.398 125,274 117.128 Net income/lexpenditurel before gains/llos5esl on investments Net gains/llossesl on investments 119.3351 2.334 2,085 1,500 113,4161 (5,3441 5,406 4,224 37,120 46,750 1233,1551 Net income/lexpendtlurel 119,3351 7,740 6,309 38,620 33,334 1238.499) Transfer between funds io Net movement In funds 119,3351 7.740 6,309 38.620 33,334 1238,499) Reconclllation of funds Total funds brought forward 43.300 157,979 157,376 2.782,547 3,141,202 3,379,701 Totsl funds carried forward 23.965 165,719 163,685 2,821.167 3,174,536 3,141,202 All amounts above relate to continuing operations and the Trust has no other recognised gains or losses. Li
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 BAiANCE SHEEf AS AT 30 NOVEMBER 2023 Total 2023 Total 2022 Note Fixed assets Investments 3.053,325 3,005.375 Current assets Debtors Short term cash deposit investments Cash at bank 1,925 120,511 31,432 128,731 7,342 153,868 136,073 Current li8bllltles Creditors 132,6571 12461 Net current assets 121,211 135.827 Net assets 3,174,536 3,141.202 The charity's funds Endowmentfunds Restricted funds Designated funds Unrestricted funds io li 12 2,821.167 163,685 165,719 23,965 2,782.547 157,376 157,979 43,300 Totsl funds 13 3.174.536 3.141,202 The financial statements on pages 11 to 23 were approved by the Trust's board of trustees on 61h June 2024 and signed orn its behalf by Lionel Wallace Chair 1.2
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 NOTES TO THE FINANCIAL STATEMENTS Counting pollcles Basis of preparation and assessment of golng concem The financial ststements have been prepared on a going concern basis under the historic cost convention, with items recognised at cost or transaction value. apart from investments which are held at market value. The financial statements have been prepared in accordance with111 the second edition of Accounting and Reporting by Charities: Ststement of Re¢omrllended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019',121 the Financial Reporting Standard applicable in the UK and Republie of Ireland IFRS 1021 issued in March 2018,. 131 other applicable United Kingdom Generally Accepted Accounting Practice as it applies from l January 2019. and141 the Charf(ies Act 2011. The financial statements have been prepared to give a true and fair view and have departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice for charities preparing their financial statements in accordance with FRS 102, rather than following the since withdrawn Accounting and Reporting by Charities.. Statement of Recommended Practice ISORP 20051 as referenced in the regulations. The Trust constitutes a public benefit entity as defined by FRS 102. The financial ststements are prepared in £ sterling, which is the functional currency. Monetary amounts in the financial statements are rounded to the nearest £. The board of trustees consider that there are no material uncertaillties related to events or conditions about the Trust's ability to continue as 8 going concern. The board is of the opinion that the Trust has sufflcient ongoing income and cashflow to meet its liabilities as theyfall due. The board has made its going concern assessment in respect of a period of at least one year from the date of approval of these financial ststements. Income Income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the monetsry value of the income can be measured with sufficient reliability. If the use of income has been restricted, it is used for the specific purpose in the year or credited to an appropriate fund until it can be spent for the restricted purpose. Income is received by way of donations from patrons, fundraising events, appeals, legacies, endowments and other general donations. In the Case of donations, entitlement usually arises on receipt unless there are additional terms and conditions which must be met before the Trust is entitled to the donation. Gift Aid on donations is recognised when a claim is submitted to HMRC. Any Gift Aid recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund a5 the initial donation unless the donor or the terrns of the appeal have specified otherwise. Legacies are accounted for on a receivable basis when they meet the income recognition criteria set out above. Typically, thls will only be after grant of probate, the executors have established there are suff icient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. Where legacies have been notified to the Trust and the criteria for income recognition have not been met, details of the legacy are disclosed If material in the notes to the financial statements. Investment income is recognised on a receivable basis once it has been declared and notification has been received of the dividend due. No amounts are included in the financial ststements to reflect the value of services provided free of charge to the Trust by its many volullteers.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 Expendlture ExpenditLJre is recognised as soon as there is a legal or constructive obligation to transfer economic benefits as a result of past transactions or events, it is probable that the transfer of economic benefit will be required in settlement and the monetary value of the settlement can be measured with sufficient reliability. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Taxatlon The charity is entitled to certain tax exemptions on income and profits from investments, and on any surpluses frorn trading activities carried out in furtherance of the Trust's primary objectives, providing any Income, profits and surpluses are applied solely for charitable purposes. Irrecoverable VAT is charged to the appropriate expenditure heading. Investments Listed investments are stated at market value as fair value at the balance sheet date. Realised and unrealised gains and losses relatingto the movement in valuatlon or sale of listed investments are shown in the Statement of Financial Activities in the year in which they arise. Investments held on cash deposit are stated at face value at the balance sheet date. The carrying values of all investments are reviewed annually to establish if there has been any material impairment in their value, Flnancial Instruments The Trust holds only basic financial instruments. The Trust's financial instruments, represented by its financial assets and financial liabilities, and their measurement bases, are as follows. The only class of financial instrument measured at fair value as opposed to amortised cost or cost less impairment is listed investments within fixed asset investments, the carrying amount of which is provided in note 7. Financial assets.. Listed investments within fixed asset investments are held at fair value as set out above. Amounts due from connected entities and accrued income within debtors are debt instruments measured at amortised cost and are held at their settlement amount less any provision for non-recoverability. Prepayments within debtors are not deemed to be financial assets as the cash settlement has already taken place. Short term cash deposit investments are held at face value. Cash at bank is held at face value. Financial liabilities.. Amounts due to connected entities and accruals within creditors are debt instruments measured at amortised cost and are held at their anticipated settlement amount. Deferred income within creditors IS not deemed to be a financial liability as the cash settlement has already tsken place and there is an obligation to deliver charitsble servi¢es rather than cash or another financial instrument. Funds Funds provide the financial resources for the Trust's activities. The Trust's funds are divided between unrestricted funds and restricted funds. Unrestricted funds are expendable at the discretion of trustees in furtherance of the Trust's objectives. Trustees also have the discretion to set aside unrestricted funds for designated purposes. Restricted funds can only be applied in furtherance of some particular a5pe¢t as defined by the donor at the Point of donation or at the point of fund establishment. These conditions, or trusts, are binding on the trustees. The restriction can be explicitly declared by the donor, implied with their authority le.g. In a public appeal), or established by the Trust Deed or other legal process. Much of the Trust's restricted income is held in the form Of endowment, in line with the Trust's retention of such income as capital in order to generate investment income. The Trust's endowment is expendable, meaning the board of trustees can at some point in the future determine it Is in the best interests of the Trust to spend or apply the endowment capitsl. The board of trustees has no current plan5 to do so. 14
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 signiflcant areas ofjudgement in the appllcation of accounting policies In preparing the financial statements, the board of trustees may have to make a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenditure in the application of the Trust's accounting policies set out above. The board does so on a continuous evaluation basis using historical experience and prudent evaluation of future events that are believed to be reasonable under the circumstances. In doing so the resulting accounting estimates will, by definition, seldom equal the related actual results. In the course of preparing the financial statements, no judgements have been made in the process of applying the Trust's accounting policies. other than those involving estimates about the future (which are dealt with separately belowl, that have had a significant effect on the recogr¢ition and measurement of assets, liabilities, income and expenditure in the financial ststements. Reportlng uncertalnty in the next reportlng period from judgements involvlng estimates about the future With respect to the Trust's next reporting period, the year ending 30 November 2024. the most significant areas of uncertainty from judgements involving estimates about the future that may affect the carrying value of assets and liabilities held by the Trust as at 30 November 2023 are as follows. Legacy income.. In applying the Trust's accounting policies to legacy income, the board of trustees uses the income recognition criteria set out above to determine when it is appropriate to recognise legacy income in the financial statements. This can involve applyingjudgement overthe probability of the income being received and its ability to be measured with sufficient reliability and, once recognised, estimation of the monetary value of the income. As at 30 November 2023 £Nil12022'. £Nill of legacy income has been recogni5ed in the financial statements that has not yet been physically received. Listed investments.. Although not impacted by judgement involving estimates about the future as the fair value of listed investments can be accurately obtained at any one point in time, the following disclosure is provided due to the relative significance Df the Trust's listed investments to overall net assets. The actual fair value of the Trust's listed investments at any one time is affected by market-driven changes and the performance of uncertain investment markets outside of the Trust's direct control. Fair values at the reporting date may therefore varyf rom those in the future. As at 30 November 2023 the value of the Trust's listed investments amounted to £3,053,32512022.' £3,005,375) Isee note 7}. Stsff costs and key management personnel The Trust does not have any employees. The trustees consider the board of trustees as comprising the Trust's key rnanagement personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. No remuneration. other benefits or expenses are paid to any trustee in execution of thelr Trustee role. 15
ST ALBANS CATHED114L MUSIC TRUST ANNUAL REPORT 2022-23 Donatlons 2023 2022 Unrestricted funds General donations Gift Aid 22.075 16,179 Endowment fund5 Endow a Day's Music Gift Aid 1,200 300 50 7,200 Totsl donatlons 26.623 28.544 Fundraising events income and expenditure Surplus/ Ideficiti Income Expenditure 2023 Advent Procession and Dinner 2022 91 91 91 91 2022 comparatives Advent Procession and Dinner 2022 2,480 784 1,696 2,480 784 1,696 l()
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 Charitsble events income and expendliure surprs/ Ideficitl Income Expenditure 2023 Outreach cOnrt - Harpenden Patrons, Evensong 3,396 112 13,3961 11121 3,508 13,508 2022 comparatives Patrons, Evensong 82 1821 82 1821 Grants for the benefit of St Albans Cathedral towards muslc 2023 2022 Unrestricted funds Cathedral music Cathedral development tsam Cathedral choir chaperone Cathedral Girls, Choir recording Cathedral Choir Tour Calhedral Girls, Choir Tour Cathedral Choirs Concert 6,000 4.000 10.000 5,000 9.000 6,000 4.000 10,000 4,000 34 Designated funds Cathedr81 Song School rehears81 organ Refurbishment of Cathedral Song School 34 Endowment funds Endow a Day's Music Choristerships and Scholarships 18,730 18,551 329 79 Totsl grants 113,364 113,880 As at 30 November 2023. the Trust had committed grant funding to be paid during the year to 30 November 2024 of£20,000 from its unrestricted funds, upto£18,496 as the remaining balance from £50,000 from its designated funds towards improvements to the Chapter House Song School, and the investment income that will be earned in that year from its endowment funds. In any one year, a number of further specifSc grants are likely to be paid from the Trust's unrestricted funds towards specrfic musical activities. 17
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 Investments 2023 2022 Valuation at l December Additions Withdrawals Net gain on revaluation 3,005,375 1.200 3,228,930 9,600 46,750 1233,1551 Valuation at 30 Novernber 3,053,325 3,005,375 TheTrust's investments are held in a pooled common investmentfund with CCLA Investment Management In their CBF Investment Fund. The fund's Portfolio comprises an actively managed. diversified portfolio of assets. investing mainly in equities but also including property, bonds and other asset classes. The historic cost ofthe investments held at 30 November 2023 is £1,538,26612022: £1,537,0661- Debtors 2023 2022 All due within one year Amounts due from St Albans Cathedral Prepayments and accrued income 1,672 253 1,925 Creditors 2023 2022 All due within one year Amounts due to St Albans Cathedral Accruals and deferred income 31,877 780 246 32.657 246
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 io. Endowmentfunds 2023 Balance Movement in resources l Dec Incomlng Outgoing Transfer 2022 Reval'n Balance 30 Nov 2023 The Endow a Days Music Fund The Ouseley Trust Fund The Bassett Leg8cy Fund The Laing Choristership The Alban 2000 Fund The Steel Trust Scholarship The Pilling Trust Choristership The Fraternity of Friends Fund The Friends of Cathedral Music Fund The Wixamtree Trust Fund The Kirby Laing Foundation Fund The Parnell Scholarship The Pallant Trust Scholarship The Leathersellers Scholarship The Fraternity of Friends (Huntl Fund The Steel Trust (No 21 Scholarship The (John) Stocker Choristership The Elles Carver Choristership The Berryman Fund (Bowland Trusti The Guy Whalley Choristership The Atkinson Scholarship The Hurford Scholarship The Wixafntree Trust (No 21 Fund The BlO0M Choristership The Andrews Choristership The Foxton Choristership The Rosecroft Lay Clerkship The Fraternity of Friencls (No 21 Fund The Griffiths Choristership The Filkin Choristership The St Ronan Choristership The Freeman Choristership The Mainstone Choristership The Fayrfax Scholarship The Oram Scholarship The Salisbury Choristership The Burton (Ford) Choristership The Lois Scott Choristership The Parkinson Choristership 647,544 90,115 44,274 43.435 97,790 50,926 62,790 62,236 62,008 59.823 59.823 58,427 60.186 55,244 53,937 49,389 50.022 52,413 46.482 49,197 55,312 61,449 43,206 43,403 81.748 70.152 120,408 62,331 49,420 49,420 50.737 49.671 37.636 91,920 42,596 51,576 11,296 38,726 35,479 20.230 118,7301 2,603 12.6031 1,279 11,2791 1,255 11,2551 2,825 12,8251 1,471 11.4711 1,813 11.8131 1.798 11,7981 1.791 11,7911 1.728 11,7281 1,728 11,7281 1,688 11,6881 1,738 11,7381 1,596 11,5961 1,558 11.5581 1,426 11.4261 1.445 11,4451 1,514 11,5141 1,342 11,3421 1,421 11,4211 1,598 11,5981 1.775 11,7751 1,248 11.2481 1.253 11,2531 1,783 11.7831 2,029 12,0291 3,478 13,4781 1,800 11,8001 1,427 11,4271 1,427 11.4271 1.465 11,4651 1,435 11.4351 1,087 11,0871 2,655 12,6551 1,230 11,2301 1,490 11,4901 326 13261 1.118 11.1181 1,025 11.0251 8,666 1.201 590 579 1,303 678 836 829 826 798 798 779 802 737 719 658 667 699 619 656 737 819 576 578 823 935 1,605 831 659 659 676 662 501 1,225 657,710 91,316 44.864 44,014 99,093 51,604 63,626 63,065 62,834 60,621 60,621 59,206 60,988 55,981 54.656 50.047 50,689 53,112 47,101 49,853 56,049 62.268 43.782 43,981 62,571 71.087 122.013 63.162 50,079 50,079 51,413 50,333 38,137 93.145 43.164 52,263 11,446 39,242 35,952 687 150 516 473 2,782,547 81,898 180,398) 37.120 2.821,167 The Endow a Day's Music Fund supports the total cost of daily music at the Cathedral. Donors to the fund select a date on which their gift is recognlsed. All other Endowment Funds are used for the purposes of sustaining the financial costs of 8 chorister or lay clerk within the Cathedral. Donors are assocSated in perpetuity with a particular chorister's or lay clerk's place in the choirs.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 io. Endowment funds (continued) 2022 comparatives Balance Movement in resources l Dec Incoming Outgoing Transfer 2021 Reval'n Balance 30 Nov 2022 The Enclow a Dals Music Fund The Ouseley Trust Fund The Bassett Legacy Fund The Laing Choristership The Albèn 2000 Fund The Steel Trust Sehtslarship The Pilling Trust Choristership The Fraternity of Friends Fund The Friends of Cathedral Music Fund The Wixamtree Trust Fund The Kirby Laing Foundation Fund The Parnell Scholarship The Pallant Trust Scholarship The Leathersellers Scholarship The Fraternity of Friends (Huntl Fund The Steel Trust INO 21 Scholarship The (Johnl Stocker Chori5tership The Elles Carver Choristership The Berryman Fund (Bowland Trust) The Guy Whalley Choristership The Atkinson Scholarship The Hurford Scholarship The Wixamtree Trust INO 21 Fund The Blossom Choristership The Andrews Choristership The Foxton Choristership The Rosecroft Lay Clerkship The Fraternity of Friends (No 21 Funcl The Griffiths Choristership The Filkin Chor1Stership The St Ronan Choristership The Freeman Choristership The Main5tone Choristershlp The Fayrfax Scholarship The Oram Scholarship The Salisbury Choristership The Burton IFordl Choristership The Lois Scott Choristership The Parkinson Choristership 690,025 95,025 50,081 46,898 105.589 54.987 67,796 67,199 66,954 64,594 64,594 63,087 64,986 59,650 58,238 53,327 54,012 56,593 50.190 53,121 59.723 66,350 46,651 46,864 66,672 75,746 130,011 67,302 53,362 53,362 54,783 53.632 40.637 99,251 45.992 55.689 12.197 41,814 38,308 27,851 118,5511 2,589 12,5891 1,272 11.2721 1.248 11,2481 2.809 12,8091 1,463 11.4631 1,804 11.8041 1.788 11.7881 1.781 11,7811 1,718 11,7181 1,718 11,7181 1.678 11,6781 1,729 11,7291 1,587 11,5871 1.549 11,5491 1.419 11,4191 1,437 11.4371 1,506 11,5061 1,335 11.3351 1,416 11,4161 1,589 11,5891 1,765 11.7651 1.241 11,2411 1.247 11,2471 1,774 11,7741 2,015 12.0151 3,459 13,4591 1,790 11,7901 1,420 11,4201 1,420 11,4201 1.457 11,4571 1.427 11,4271 1,081 11.0811 2,640 12.6401 1.224 11,2241 1.482 11,4821 324 13241 1,112 11,1121 1.019 11,0191 151,7811 17.1861 13.5311 13,4631 17.7991 14,0611 15.0061 14,9631 14,9461 14.7711 14.7711 14.6601 14,8001 14,4061 14,3011 13,9381 13,9901 14,1801 13,7081 13,9241 14,4111 14,9011 13,4451 13,4611 14,9241 15,5941 19,6031 14,9711 13,9421 13,9421 14,0461 13,9611 13,0011 17,3311 13,3961 14,1131 19011 13,0881 12,8291 647.544 90,115 44.274 43,435 97,790 50,926 62,790 62,236 62,008 59,823 59,823 58,427 60,186 55,244 53.937 49,389 50,022 52,413 46,482 49,197 55,312 61,449 43,206 43,403 61.748 70,152 120,408 62,331 49,420 49.420 50.737 49.671 37,636 91,920 42,596 51,576 11,296 38,726 35,479 2.995.292 89,180 179,880) 1222.0451 2,782.547
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 ii. Restricted funds 2023 Balance Movement in resources Incoming Outgoing Transfer Reval'n Balance 30 Nov 2023 2022 Organ Appeal Fund 157,376 2.314 12291 4,224 163,685 157.376 2.314 12291 4,224 163.685 2022 comparatives Balance Movement in resouroes Incoming Outyoing Tr8nsfer Reval'n Balance 30 Nov 2022 2021 Organ Appeal Fund 161,854 395 14,8731 157,376 161,854 395 14,8731 157,376 The Organ Appeal Fund has been estsblished to fund the restoration and enhancement of the Cathedral's renowned Harrison & Harrison organ. 12. Designated funds 2023 Balance IDe¢ 2022 Movement in resources Incoming Outgoing Transfer Reval'n Balance 30 Nov 2023 Lyne Legacy Fund Salisbury Leggw Fund 124,475 33.504 1,037 1,297 4,224 1,182 129,736 35,983 157,979 2.334 5.406 165.719 2022 comparatlves Balance IDec 2021 Movement in resources Incoming Oirtgoing Transfer Reval'n Balance 30 Nov 2022 Lyne Legacy Fund Salisbury Leg8¢y Fund 129,171 34,827 177 41 14,8731 11,3641 124,475 33,504 163.998 218 16,2371 157.979 '21
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 Designatgd funds Icontinuedl The Lyne Legacy Fund is currently set aside to support the Cathedral's organs. The Salisbury Legacy Fund was used first in 2016 to fund new pianos for the Cathedral, utilisingan arnount of £48,250. A further amount of £11,750 was used in 2021 to provide funding towards the costs of microphones and livestreaming equipment to enable music to be maintained as an integral part of the Cathedral's online worship. £50,000 has been set aside to help fund improved facilities for the Cathedral's Song School, of which £32,538 has been spent on new choir stalls, a modification to the new rehearsal organ and the purchase of a new rehearsal piano. The majority of the remaining set aside amount will be applied over the following couple of years. It is currently anticipated that the remainder of the fund will be used to support anyfurther costs associated with the Cathedral's Song School or other music-related costs the trustees consider have a sufficient degree of permanence about them. 13. Analysls of net assets between funds 2023 Unrestricted tlesignated Funds Funds 2023 2023 Restricted F¥Jnds 2023 Endowment Funds 2023 Total 2023 Investments Debtors Short term cash deposit investments Cash at bank Creditors 130,497 101,961 2.820,867 3,053,325 1.925 120,511 31,432 132,6571 1.925 23,336 31,361 132,6571 35.222 61,953 12291 300 Totsl net assets 23.965 165.719 163.685 2.821.167 3.174,536 2022 comp8r8tives Unrestrictsd Designated Funds Funds 2022 2022 Restricted Fun(ts 2022 Endowment Funds 2022 Total 2022 Investments Debtors Short term cash deposlt investments Cash atb8nk Creditors 125,092 97,736 2,782,547 3.005,375 36,204 7.342 12461 32,887 59,640 128,731 7,342 12461 Totsl net assets 43,300 157,979 157,376 2.782,547 3,141,202
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2022-23 14. Analysls of prior year comparative statement of financial activities between funds Unrestricted Designated Restricted Endowment Funds Funds Funds Funds 2022 2022 2022 2022 Total 2022 Total 2021 Note Income and endowments Donations Legacie5 Fundraising events Charitable events Investments 19.244 9,300 28,544 30,547 18,000 2,077 915 76.923 2,480 2,480 267 218 395 79,880 80.760 Totsl income 21,991 218 395 89,180 111,784 128,462 Expenditure Grants for the benefit of St Albans Cathedral tOW8rds music Cost of fundraising events Cost of charitable events Publicity, printing and postsge Sundry expenditure Independent Examination fee 34,000 79,880 113,880 124,309 784 82 798 84 1,500 784 82 798 84 1,500 1,496 534 272 2,640 Totsl expenditure 37.248 79.880 117,128 129,251 Net income/lexpenditurel before gains/llossesl on investments Net gains/llossesl on investments 115.2571 218 395 9,300 15,3441 17891 16,2371 14,8731 1222,0451 1233.1551 425,756 Net income/(expenditure) 115,2571 16,0191 14,4781 1212,7451 {238.4991 424,987 Transfer between funds io Net movement In fvnds 115,2571 16,0191 14,4781 1212.7451 1238,4991 424,967 Reconclliatlon of funds Total funds brought forward 58,557 163,998 161,854 2,995,292 3,379,701 2,954,734 Total funds carried forward 43,300 157,979 157,376 2.782,547 3,141.202 3,379,701 15. Transactions with related parties and connected entlties There have been no transactions between the Trust and related parties during the reporting period {2022'. Nill. Although St Albans Cathedral does not meet the definition of a related party to the Trust, the following information is provided due to the connected re5ationship of the two entities. The Trust made grants for the benefit of the Cathedral towards music of £113,36412022.' £113.8801 in the year. The net balance owed by the Trust atthe end of the year is £30,20512022: owed by the Trust£2461. 2.8