IRAL Music Trust St Albans Cathedral Music Trust Annual Report and Financial Statements F()i' tlie I'L cll. Eiiclecl .40 Noiren)l)ei" 2()24 C;licll-iL)' N, LiiiibLI': I11.')10 19
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 CONTENTS Trustees, annual report Independent examiner's report to trustees 10 Statement of financial activities 11 Balance sheet 12 Notes to the financial statements 13-24
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 TRUSTEES Lionel Wallace Chair Ralph Abel Smith (to 13th June 2023) Keith Brown Moira Dean (to 13th June 2023) William Fox (from 1st September 20241 The Very Revd Jo Kelly-moore Pete Letanka Anclrew Lucas (to 31st August 20241 John Palmer (to 6th June 20241 Richard Pinel Gini Trower St Albans Cathedral Music Trust is governed by a Trust Deed dated 30th October 1995 as subsequently amended on 9th November 2021. The Trust is registered as a charity by the Charity Commission (registration 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 EXAMINER Steve Robinson FCA Mercer & Hole 72 London Road St Albans ALI INS TREASURER Michael Birkett Chief Finance Officer, St Albans Cathedral SECRETARY Sabrina Farrugia Development and Fundraising Éxecutive, St Albans Cathedral INVESTMENT MANAGERS CCLA Investment Management Ltd One Angel Lane London EC4R 3AB
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPOIIT 2023-24 THE TRUST'S AIMS AND OBJECTIVES The objects of the Trust as set out in its Trust Deed are: to promote and advance the edLtcation 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 itthrough the support of music at or in connection with the Cathedral and Abbey Church of St Alban. The main aim of the Trust is to build a level of endowment sufficient to support 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 excellence. Music is central to worship at the Cathedral. It expresses divine mysteries and human longings where words fail, and creates harmony out of difference. The Cathedral has two of the finest cathedral choirs in the country, a magnificent Harrison & Harrison organ. a busy programme of innovative musical events and concerts, and various voluntary choirs and rnusic 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 CatliedraS. 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 services led bythe 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., f ull orchestral works in the liturgical setting on occasions d uri ng 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,. increasing the endowment fund to over £5m to meet the cost of maintaining the Cathedral's music and its instruments. The Cathedral choirs 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 number 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 producingthe glorious mixture of sounds 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 CATHEDIIAL MUSIC TRUST ANNUAL REPORT 2023-24 TRUST ADMINISTRATION The board of trustees met on four 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 Trust Deed provides for two ex-officio trustees, namely the Dean of St Albans Cathedral and the Director of Music of St Albans Cathedral. 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, trLtstees 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 confirmi ng 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 St ASbans Cathedral in the year amounting to £110,031 (2023: £113,364). This comprised: £82,03112023.' £80,398), beingthe investment income from the Trust's endowment funds in support of the day to day costs of the Cathedral's music. £6,00012023.' £6,000) as an annual grant from the Trust's unrestricted funds to support of the day to aay costs of the Cathedral's music: £4,00012023: £4,000) as an annual grant from the Trust's unrestricted funds to SUPPOrt the work of the Cathedral's development team, which provides significant fundraising and operational support to the Trust; £10,000 (2023.. £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 2024 comprised the following: £3,500 towards the costs of the Cathedral Choir recording of music by Philip Moore., £4,500 towards the costs of the Cathedral Girls Choir tour to Hildesheim, Germany. Further grants in 2023 comprised the following: £5,000 towards the costs of the Cathedral Girls Choir 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 reimbursed to the Salisbury Fund for work on the refurbishment of the Song School.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT'202.8-24 THE TRUST'S FUNDRAISING AND DONOR ENGAGEMENT The Trust receives donations through patron subscriptions, legacies, fundraising and endowments. Endowments The generosity of donors past and present enables the Trust to support 4 endowed lay clerks and 36 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 standing at 52 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 opportunityto make specific grants to the Cathedral in pursuit of the Trust's vision that it would otherwise be unable to do, Unrestricted legacies totalling £25,099 12023: £Nill were received in'the year. Donations Donations of £17,021 (2023.. £22,075) 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 Cathedral 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 containing 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 Procession and Dinner The 2023 Advent Procession took place on 3 December 2023. Fundraising Consultancy The Trust has engaged Wootton George Consulting to conduct a fundraising review to help build the Trust's case for support and to understand potential future fundraising opportunities. The Board of .Trustees is implementing the recommendations of the report and have established its case for support to be associated with the Excellence for Everyone campaign
ST ALBANS CATHEDIIAL MUSIC TRUST ANNUAL REPORT 2023-24 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 charilable events. Outreach Concert The Trust's usual annual Outreach Concert took place on 2nd March 2024 at St Mary's Woburn, in Bedfordshire. 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 Patrons, Evensong took place on 5th October 2024. Patrons are invited 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, has been produced and is available in the Catheclral and promoted at relevant events. Fundraising Events The trust is prioritising Fundraising events in the context of the upcoming 30th Anniversary starting November 2025 and in relation to cultivation of current or prospective donors. Charitable Events The following events to support and promote the Cathedral's musical activity took place or have already taken place.. Cathedral Choirs Outreach Concert on 2nd March at St Mary's Woburn. Crossing the Water's A concert held in partnership with the St Albans Cathedral Education Trust 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 made 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 remain ing allocation will be applied over the next couple of years.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT'20'23-24 THE TRUST'S FINANCIAL POSITION Overall position The Trust's net assets at the end of the year totalled £3,485,34412023.. £3,174,5361. Investments Funds held for long-term endowment purposes are invested with CCLA Investment Management in their 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 £3,361,905 {2023'. £3,053,325) at the end of the year. Capital additions to the fund over the course of the year amounted to £31,50012023: £1,500). No withdrawals were made from the fund12023.' £Nill. The net annual gain on the fund arising from revaluations amounted to £278,280 {2023: £46,750}. The Trust's short-term deposit investments are held in the CCLA CBF Deposit Fund and amounted to £105,82712023: £120,511) at the end of the year. Reserves As 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 capital endowment funds. Where income has been donated to the Trust for specific 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 small 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 £205,963 12023: £189,684) at the end of the year. Of these unrestricted funds, £22,883 {2023'. £23,965} 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-term and longer-term. Details of donations that have been committed from existing funds are provided in the financial statements.
ST ALJ3AN,S CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 RISK MANAGEMENT Careful consideration is given to the major risks and wider external environment 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 elim inate 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 risk areas. The Trust uses the Cathedral's finance team for transactional processing, financial reporting and compliance activities, and the Cathedral's development team for fundraising advice 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 bythe Charity Commission in determining its activities. By supporting St Albans Cathedral, the Trust helps promote Christian faith and music of the highest standard that is available to all. STATEMENT OF TRUSTEES, RESPONSIBILITIES The board of trustees is responsible as follows with regard to the annual report and financial statements: 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 applicatiorr 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 Charities (Accounts and Reports) Regulations, and with applicable law and Linited 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 estimatos 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 etection 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 of the Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland (FRS 1021. Lionel Wallace Chair On behalf of the board of trustees Ilth September 2025
ST ALBANS CATHEDRAL NfUSIC TRUST ANNUALREPORT 202&24 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST ALBANS CATHEDRAL MUSIC TRUST I report to the trustee5 on my examination of the accounts of the above charity I'the Trust") for the year ended 30th November 2024 set out on pages 11 to 24. Responsibilities and basls of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance 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 followed all the applicable Directions given by the Charity Commission under section 14515}{bl of the Act. Independent examiner's ststsment 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 Charities Act; or the accounts did not accord with the accounting records: or the accounts did not comply with the applicable requirements concerningthe form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the 8ccounts 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 other 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. steve Robinson FCA Mercer & Hole, 72 London Road, St Albans, ALI INS
ST ALIIANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024 Unrestricted Designated Restricted Endowment Funds Funds Funds Funds 2024 2024 2024 2024 Total 2024 Total 2023 Note Income and endowments Donations Legacies Fundraising events Charitable events Investments 19,169 25,099 2,414 13,385 1,033 31,500 50,699 25,099 2,414 13,385 88,199 26,623 91 1,872 3,263 82,031 85,144 Totsl income 61,100 1,872 3,263 113,531 179,766 111,858 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 Examination fee 28.000 82,031 110,031 113.364 1,078 24,507 5.374 1,078 24,507 5,374 3,025 1,730 107 1,386 3,508 5.187 229 1,332 214 1,440 3,025 1,730 107 1,386 Total expenditure 62,182 3,025 .82,031 147,238 125,274 Net income/lexpenditurel before gains/llosses) on investments Net gains/llossesl on investments 11,082) 1,872 238 31,500 32,528 113.416) 15,489 12,102 250,689 278,280 46,750 Net income/(expenditure) (1,082) 17,361 12,340 282,189 310,808 33,334 Transfer between funds io Net movement in funds 11,082} 17,361 12,340 282,189 310,808 33,334 Reconciliation of funds Total funds brought forward 23,965 165,719 163,685 2,821,167 3,174,536 3,141,202 Totsl funds carried forward 22,883 183,080 176.025 3,103,356 3,485,344 3.174.536 All amounts above relate to continuing operations and the Trust has no other recognised gains or losses.
ST ALBAN,S C.ATHE4 DRAL MUSIC TRUST ANNUAL REPORT 2023-24 BALANCE SHEET AS AT 30 NOVEMBER 2024 Total 2024 Total 2023 Note Fixed assets Investments 3,361,905 3,053,325 Current assets Debtors Short term cash deposit investments Cash at bank 258 105,827 17,960 1.925 120,511 31.432 124,045 153,868 Current liabilities Creditors {6061 (32.6571 Net current assets 123,439 121,211 Net assets 3,485,344 3,174,536 The charlty's funds Endowment funds Restricted funds Designated funds Unrestricted funds 10 li 12 3.103,356 176,025 183,080 22,883 2,821,167 163,685 165,719 23,965 Totsl funds 13 3,485,344 3,174,536 The financial statements on pages 11 to 24 were approved by the Trust's board of trustees on Ilih September 2025 and signed on its behalf by Lionel Wallace Chair
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPOIIT 2023-24 NOTES TO THE FINANCIAL STATEMENTS Accounting policies Basis of preparation and assessment of going concern The financial statements 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 with (11 tlie second edition of Accounting and Reporting by Charities: Statement of Recommended 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 Republic of Ireland IFRS 1021 issued in March 2018;13} other applicable United Kingdom Generally Accepted Accounting Practice as it applies from l January 2019. and141 the Charities Act 2011. The financial statements have been prepared to give a true and fair view and have departed from the extant Charities IAccounts 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 {SORP 20051 as referenced in the regulations. The Trust constitutes a public benefit entity as defined by FRS 102. The financial statements 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 uncertainties related to events or conditions about the Trust's ability to continue as a going concern. The board is of the opinion that the Trust has sufficient ongoing income and cashflow to meet its liabilities as they fall 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 statements. Income Income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the monetary value of the income can be measured with suff icient 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 as the initial donation unless the donor or the terms 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, this will only be after grant of probate, the executors have established there are sufficient 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 volunteers.
ST ALISANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 Expenditure Expenditure 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. raxation The charity is entitlecl to certain tax exemptions on income and profits from investments, and on any surpluses from trading activitie5 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 valuation 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. Financi81 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 taken place and there is an obligation to deliver charitable services 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 aspect 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 bythe 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 capital, The board of trustees has no current plans to do so.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 Significant areas of judgement 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 cloing 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 below), that have had a significant effect on the recognition and measurement of assets, liabilities, income and expenditure in the financial statements. Reporting uncertainty in the next reporting perlod from judgements involving estimates about the future With respect to the Trust's next reporting period, the year ending 30 November 2025, 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 2024 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 over the probability of the income being received and its ability to be measured with suff icient reliability and, once recognised, estimation of the monetary value of the income. As at 30 November 2024 £Nil {2023: £Nill of legacy income has been recognised 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 of 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 vary from those in the future. As at 30 November 2024 the value of the Trust's listed investments amounted to £3,361,90512023: £3,053,325) (see note 7}. Staff 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 management 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 their Trustee role.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 Donations 2024 2023 Unrestricted funds General donations Gift Aid 17.021 22,075 Endowment funds Endow a Day's Music Gift Aid Choristersh ips GiftAid 1.200 300 1,500 30,000 Totsl donations 50,699 26,623 Fundraising events income and expenditure Surplus/ (deficit) Income Expenditure 2024 Advent Procession and Dinner 2023 . 2,414 1,078 1,366 2,414 1,078 1,366 2023 comparatives Advent Procession and Dinner 2022 91 91 91 91
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REI)ORT 2023-24 Charitable events income and expenditure Surplus/ (deficit) Income Expenditure 2024 Crossing the Waters Outreach Concert - Bedford Choi'us Documentary Cathedral Choirs concert with SABC Lunchtime concerts 3,163 4,148 3,189 9,537 7,531 102 19851 13,1891 363 17,5311 220 9,900 322 13,385 24,507 (11,1221 2023 comparatives Outreach Concert - Harpenden Patrons, Evensong 3,396 112 13,3961 11121 3,508 (3,508) Grants for the benefit of St Albans Cathedral towards music 2024 2023 Unrestricted funds Cathedral music Cathedral development team Cathedral choir chaperone Cathedral Choir recording Cathedral Girls. Choir recording Cathedral Choir Tour Cathedral Girls. Choir Tour 6,000 4,000 10,000 3,500 6,000 4,000 10,000 5,000 9,000 Designated fund5 Refurbisliment of Cathedral Song School Endowmentfunds Endow a Day's Music Choristerships and Scholarships 19,030 18,730 Total grants 110,031 113,364 As at 30 November 2024, the Trust had committed grant funding to be paid during the year to 30 November 2025 of £20,000 from its unrestricted funds, up to £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 specific grants are likely to be paid from the Trust's unrestricted funds towards specific musical activities.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 Investments 2024 2023 Valuation at l December Additions Withdrawals Net gain on revaluation 3,053,325 30,300 3,005,375 1.200 278.280 46,750 Valuation at 30 November 3,361,905 3,053,325 The Trust's investments are held in a pooled common investment fund 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 bonds and other asset classes. The historic cost of the investments held at 30 November 2024 is £1,568,56612023,. £1,538,266). Debtors 2024 2023 All due within one year Amounts due from St Albans Cathedr81 Prepayments and accrued income 1,672 253 258 258 1,925 Creditors 2024 2023 All due within oneyear Amounts due to St Albans Cathedral Accruals and deferred income 31,877 780 606 606 32,657
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 10. Endowment funds 2024 Balance Movement in resoLtrces l Dec Incoming Outgoing Transfer 2023 Roval'n Balance 30 Nov 2024 The Endow a Day's Music Fund The Ouseley Trust Fund The Bassett Legacy Fund The Laing Choristership The Alban 2000 Fund The Steel Trust Scholarship The Pilling Trust Choristership The Fraternity of Friends Fund The Frieiids 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 Friend5 (Huntl Fund The Steel Trust INO 21 Scholarship The (John) stocker Choristership The Elles Carver Choristership The Berryman Fund (Bowland Trust) The Guy Whalley Choristership The Atkinson Scholarship The Hurford Scholarship The Wixamtree Trust (No 21 Fund The Blossom Choristership The Andrews Choristership The Foxtoii Choristership The Rosecroft Lay Clerkship The Fraternity of Friends INO 21 Fund The Griffiths Choristership The Filkin Choristership The St Ronan Choristership The Freeman Choristership The Mainstone Choristersmip The Fayifax Scholarship The Oi'am Scholarship The Salisbury Choristership The Burton (Fordl Choristership The Lois Scott Choristership The Parkinson Choristership The Moyes Choristership The Lawrence Sawyer Choristership 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 20,530 119,0301 2,643 12,6431 1,299 11.2991 1,274 11,2741 2,869 12,8691 1,494 11,4941 1,842 11,8421 1,826 11,8261 1,819 11,8191 1,755 11.7551 1.755 11,7551 1,714 11,7141 1,766 11.7661 1,620 11,6201 1,582 11,5821 1,449 11,4491 1,467 11,4671 1,537 11,5371 1,364 11,3641 1,443 11,4431 1,623 11,6231 1,802 11,8021 1,267 11,2671 1,273 11,2731 1,811 11,811) 2,058 12,058) 3.532 13,5321 1.828 11,8281 1,450 11,4501 1,450 11,4501 1.488 11,4881 1,457 11,4571 1,104 (1,1041 2,696 12.6961 1,249 11,2491 1,513 11,5131 331 13311 1,136 11,1361 1,041 11.0411 25,339 13391 5,035 1351 58,283 8,096 3,978 3,902 8,785 4,575 5,640 5,591 5.571 5,374 5,374 5.249 5.407 4,963 4,845 4,437 4,493 4,709 4,177 4,419 4,969 . 5,520 3,881 3,899 5,547 6,302 10,817 5,600 4,440 4.440 4,558 4,462 3,381 8,259 3,826 4,634 1,015 3,479 3,187 410 195 717,'493 99,412 48,842 47,916 107,878 56,179 69,266 68,656 68,405 65,995 65,995 64.455 66,395 60.944 59,501 54.484 55,182 57,821 51.278 54,272 61.018 67,788 47,663 47.880 68,118 77.389 132.830 68,762 54,519 54,519 55,971 54,795 41,518 101,404 46,990 56,897 12,461 42,721 39,139 25,410 5,195 2,821,167 113,531 182,031) 250,689 3,103,356 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 recognised. All other Endowment Funds are used for the purposes of sustaining the financial costs of a chorister or lay clerk within the Cathedral. Donors are associated in perpetuity with a particular chorister's or lay clerk's place in the choirs.
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL IIEPORT 2023-24 10. Endowment funds (continued) 2023 comparatives Balance Movement in resources l Dac Incoming Outgoing Transfer 2022 Reval'n Balance 30 Nov 2023 The Endow a Day's Music Fund The Ouseley Trust Fund The Bassett Legacy Fund The Laing Choristership The Alban 2000 Fuiid The Steel Trust Scholarship The Pilliiig Trust Choristership The Fraternity of Frieiids Fund The Friends of Cathedral Music Fund The Wixamtree Trust Fund The Kirby Laing Foundation Fund The Parnell Scholai'ship The Pallant Trust Scholarship The Leathersellers Scholarship The Fraternity of Friends IHuntl Fund The Steel Ti'ust (No 21 Scholarship The (John) Stockei. Choristership The Elles Carver Choristership The Berryman Fund (Bowland Trust) The Guy Whalley Choristership The Atkinson Scholarship The Hurford Scholarsliip The Wixamtree Trust (No 21 Fund The Blossom Choristership The Andrews Choristership The Foxton Choristership The Rosecroft Lay Clerkship The Fraternity of Friends (No 21 Fund The Griffiths Choristership The Filkin Choristership The St Ronan Choristership The Freeiran Choristership The Mainstone Choristership The Fayrfax Scholarship The Orain Scliolarship The Salisbury Choristership The Burton (Ford) Choristership Tlie 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 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 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 11,728) 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 1,8001 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 1326} 1,118 (1,1181 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 1.225 568 687 150 516 473 657,710 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 2.782.547 81,898 180,398) 37.120 2,821,167
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 202,3-24 11. Restricted funds 2024 Balance IDec 2023 Movement in resources Incoming Outgoing Transfer Reval'n Balance 30 Nov 2024 Organ Appeal Fund 163,685 3,263 {3,0251 12,102 176,025 163,685 3,263 (3,0251 12,102 176,025 2023 comparatives Balance IDec 2022 Movement in resources Incoming Outgoing Transfer Reval'n Balance 30 Nov 2023 Organ Appeal Fund 157,376 2,314 12291 4,224 163,685 157,376 2,314 {2291 4,224 163,685 The Organ Appeal Fund has been established to fund the restoration and enhancement of the Cathedral's renowned Harrison & Harrison organ. 12. Designated funds 2024 Balance IDec 2023 Movement in resources Incoming Outgoing Transfer Reval'n Balance 30 Nov 2024 Lyne Legacy Fund Salisbury Legacy Fund 129,736 35,983 1,477 395 12,102 3,387 143,315 39,765 165,719 1,872 15,489 183.080 2023 comparatives Balance IDec 2022 Movement in resources Incoming Outgoing Transfer Reval'n Balance 30 Nov 2023 Lyne Legacy Fund Salisbury Legacy 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
ST ALI3ANS CATHEDRAL fvtUSIC TRUST ANNUAL REPORT 2023-24 12. Designated funds (continued) 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, utilising an amount 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 applie(J over the following cou ple of years. It is currently antici pated that the remainder of the f und will be used to support anyfurther costs associated with the Cathedral's Song School or other music-related costs the trustees consider have a suff icient degree of permanence about them. 13. Analysis of net assets between funds 2024 Unrestricted Designated Funds Funds 2024 2024 Restricted Funds 2024 Endowment Funds 2024 Total 2024 Investments Debtors Short term cash deposit investments Cash at bank Creditors 145,986 114,063 3,101,856 3,361,905 258 105,827 17,960 16061 258 6,367 16,864 16061 37,094 62,366 1404) 1,500 Total net assets 22,883 183,080 176,025 3,103,356 3,485,344 2023 comparatives Unrestricted Designated Funds Funds 2022 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 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 31,432 132,657} 1,925 23,336 31,361 132,657) 35,222 61,953 1229) 300 Total net assets 23.965 165.719 163,685 2,821,167 3,174,536
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2023-24 14. Analysis of prior year comparative statement of financial activities between funds 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 Pu blicity, printing and postsge Sundry expenditure Independent Examination 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 84 1,500 Totsl expenditure 45,681 (1,0341 229 80,398 125,274 117,128 Net income/lexpenditurel before gains/llossesl on investments Net gains/(lossesl on investments 119,335} 2,334 2,085 1,500 113.4161 15,3441 5,406 4,224 37,120 46,750 1233,1551 Net income/(expenditurel (19,335) 7,740 6,309 38,620 33,334 1238,499) Transfer between funds io Net movement in funds 119,335) 7,740 6,309 38,620 33,334 (238,499) Reconciliation 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
ST ALBANS CATHEDIIIL MUSIC TRUST ANNUAL REPORT 2023-24 15. Transactions with related parties and connected entities There have been no transactions between the Trust and related parties during the reporting period {2023', Nill. Although St Albans Cathedral does not meet the definition of a related parLy to the Trust, the following information is provided due to the connected relationship of the two entities. The Trust made grants for the benefit of the Cathedral towards music of £110,031 (2022: £113,364) in the year. The net balance owed by the Trust at the end of the year is £Nil (2023: owed by the Trust £30,205).