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
SEcR￿ARy
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.
ResponsIbil￿leS 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
surpr￿s/
Ideficitl
Income
Expenditure
2023
Outreach cOn￿rt - 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 BlO￿0M 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