IRAL
Music Trust
St Albans Cathedral Music Trust
Annual Report and Financial Statements
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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).