ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 Transactions with related parttes and connected entities There have been no transactions between the Trust and related parties during the reporting period 12024: Nill. Although St Albans Cathedral does not meet the definition of a related party to the Trust, the following information is provided due to the connected relationship of the two entities. The Trust made grants for the benefit of the Cathedral towards music of £117,09212024'. £110,031) in the year. The net balance owed to the Trust at the end of the year is £40212024: owed by the Trust £Nill. ST ALBANS CATHEDRAL MUSIC TRUST Included in Consultancy fees for 2025, is an amount of £1.871 paid to Strand PR Limited for 8 branding review, brand design concepts and implementation programme. LaLJra Pearce is the sole directorof Strand PR Limited and a trustee of the StAlbans Music Trust. This contract was approved by the Board of Trustees as in the interest of the Trust as best value, and the least cost option following tenders. St Albans Cathedral Music Trust Annual Report and Financial Statements For the Year Ended 30 November 2025 Charkry Nutnber.. 1051072 24
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 202¥25 sr ALBANS CATHEDK4L MUSIC TRUST ANNUAL REPORT 202&25 CONTENTS 14. Ana18 of prforyear compar8ttve statement of financial actlvltles betsyeen fijnds Trustees, annual report Unrestricteil Oesignated Restricted Endowment Funds Funds Funds Funds 2024 2024 2024 2024 Totsi 2024 Totsl 2023 Independent examiner's rep)rt to trustees io ststement of financial activities li Income and endowments Donations Legacies Fundraising events Charitsble 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 Balance sheet 12 91 Notes to the financial statements 13-24 1,872 3,263 82.031 85,144 Totsl income 61,100 1872 3,263 113.531 179.766 IIIB58 Expenditure Grants for the benefit of St Albans Cathedral towards music Cost of funcfraising events Cost of charitable events Consultancy fees Nave Organ project Publicity, printing and postsge 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 expendfbjre 62.182 3,025 82,031 147.238 125,274 Net incorne/lexpenditurel before gains/llossesl on investments Net gains/llossesl on investments 11,0821 1,872 238 31,500 32,528 113,4161 15.489 12,102 250,689 278.280 46,750 Net income/lexpenditure) {£082) 17361 12,340 282,189 310008 33034 Transfer between funds io Net movement in funds 11.082) 17261 12340 282.189 310,808 33.334 Reconciliatlon of fvncts Total funds brought forward 23,965 165,719 163,685 2,821,167 3,174.536 3.141,202 Total funds carried forward 22.883 183.080 176.025 3.103356 3.485.344 3.174.536 23
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 sr ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 Designated funds {contlnued) The Lyne Legacy Fund is currently set aside to support the Cathedral's organs. TRUSTEES, ANNUAL REPORT FOR THEYEAR ENDEO 30 NOVEMBER 2025 TRUSTEES The Salisbury Legacy Fund was used first in 2016 to fund new pianos for the Cathedral, utilisingan 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 helpfund improved facilitiesfor the Cathedral's Song School. of which £42.538 has been spent on new choir stslls, a modrfication to the new rehearsal organ and the purchase of a rehearsal piano and grand piano. The majority of the remaining set aside amount will be applied over the following couple of years. It is currently anticipated that the remainder of the fund will be used to SUPPOrt any f urther costs associated with the Cathedral's Song School or other music-related costs the trustees Consider have a sufficient degree of rmanenCe about them. Lionel walla - Chair Keith Brown William Fox The Very Revd Jo Kelly-moore Pete Letanka Richard Pinel Gini Trower Laura Pearce (Appointed 27 February 20251 Charles Naylor (Appointed 27 February 20251 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 Charty Commission (registration number 10510721. AalS of net assets ttheen funds 2025 Unrestricted Designate(I Funds Fun¢J$ 2025 2025 Restricted Fvnds 2025 Endowment Funds 2025 PRINCIPAL ADDRESS Total 2025 St Albans Cathedral Cathedral House Sumpteryard St Albans ALI IBY Investments Debtors Short term deposits Cash at bank Creditors 133.668 112,202 2.991.144 3,237,014 2,750 5.459 107.312 12,229 12,9021 2,709 6,654 12,219 12,9021 38,774 61,884 io 8ANKERS Barclays Bank plc 1&18 St Peters Street StAlbans ALI 3NA Totsl net 8sset5 .680 172.442 174.096 2.993.894 3.359,112 2024 comparative5 Unrestrfj¢tgd Designated Funds Funds 2022 2022 R8Stri¢ted Funds 2022 Endowment Funds 2022 INDEPENDENT EXAMINER Total 2022 Steve Robinson FCA Merr & Hole 72 London Road St Albans ALI INS 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 14041 1,500 TREASURER Totsl net assets 22.883 183.080 176,025 3,103,356 3.485.344 Michael Birkett Chief Finance Officer, St Albans Cathedral SEcRARy Sabrina Farrugia Development and Fundraising Executive, St Albans Cathedral INVESTMENT MANAGERS CCLA Investment Management Ltd One Angel Lane London EC4R 3AB 22
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 ST ALBANS CATHEDRAL MUSIC TRusr ANNUAL REPORT 202&25 THE TRUST'S AIMS AND OBJECTIVES The objects of the Trust as set out in its Trust Deed are: to promote and advan the education of the PLJblic in the art of music particularly at or in connection with the Cathedral and Abbey Church of St Alban., to promote and advance the Christian religion and public worship connected with it through the support of music at or in connection wtth the Cathedral and Abbey Church of St Alban. ii. Restricted funds 2025 Balance IDec 2024 Movement Sn resourc Incoming Oirtgoing Reval'n Balanct 30 Nov 2025 Transfer Organ Appeal Fund Excellence for Everyone 176,025 2,809 700 13,5771 11,8611 173,396 700 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 lrfe. 176.025 3.577 11861) 174,096 St Albans Cathedral has much to celebrate as a ntre of music81 excellence. Music is central to worship at the Cathedral. It expresses divine mysteries and human longings where words fail, and creates harmony out of differen. The Cathedral has two of the finest cathedral choirs in the country, a magnifint Harrison & Harrison organ, a busy programme of innovative musical events and Conrts, and various voluntary choirs and music groups which add further dimension to the Cathedral's worship. 2024 comparatr Balance IDe¢ 2023 Movement in resources Incoming OuWin# Trartsfer Reval'n Balance 30 Nov 2024 The Trust supports and develops the Cathedral's tradttion of choral worship and promotes music of the highest quality in the Cathedral. Unlike many of the ancient cathedrals, St Alb8ns 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. Organ Appeal Fund 163,685 3,263 13,0251 12.102 176,025 163.685 3,263 13.025) 12.102 176.025 The Trust's current vision is to enable and sustsin a flourishing and financially secure musical lrfe at the Cathedral through: daily choral services led bythe cathedral choirs, wrth a continuing pla for voluntary choirs and music The Organ Appeal Fund has been established to fund the restoration and enhancement of the Cathedral's renowned Harrison & Harrison organ. an organ which is sufficiently expressive and vetsatile for the Cathedral's use and forthe International Organ Festival; high quality musical events wtth concert appearan by the Cathedral's own musicians and visiting performers; full orchestral works in the liturgical setting on occasions during the year the sharing of the Cathedral's musical resources with others through an education programme that encourages children and young people to get involved in music and music-making, and by visits of the Cathedral's choirs to other parish churches., increasing the endowment fund to over £5m to meet the cost of maintsining the Cathedral's music and its instruments. Designated funds 2025 Balance IDec 2024 Movement in resour¢es Incoming Outgoing Transfer Reval'n Balance 30 Nov 2025 Lyne Legacy Fund Salisbury Legacy Fund 143.315 39,765 1,324 355 110,0001 11,8611 14561 142,778 29,664 The Cathedral choirs sing at services sfx day3 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 ehoral SeNiS and rehearsal, the choirs tske part in concerts, tours, broadcasts and recordings. .080 1.679 {10.OCK)I {2.317) 172,442 2024 comparati 8alance Movement in Te50urces Incoming Outgoing Transfer Rwal'n Balance 30 Nov 2024 The Cathedral's Harrison & Harrison organ was bu1 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 ntury on the classical principles of voicing, layout and chorus design. Containing over 4,500 pipes, varyingfrom half an inch to 32 feet, each pipe plays its part in prc(lucing the glorious mixture of sounds that the organ delivers. The organ can be heard being played almost every day. etther for choir rehearsal. organ practice orservice accompaniment. 2023 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 21
ST AIANs CATHEDRAL MUSIC TRusr ANNUAL REPORT 2024-25 ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 io. Endowment fund5 {continuedl 2024 comparntives TRUST ADMINISTRATION Balance Movement in resources l Dec Incomin8 Outgoing Transfer 2023 Reval'n Balance 30 Nov 2024 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 dayactivities by StAlbans 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 exofficio trustees. Trustees hold Offi 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. 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 Pi1Sing Trust Choristership The Fraternity of Friends Fund The Friends of Cathedral Music Fund The Wixamtree Trust Fund The Kirby Laing Foundation Fund The Parnell Scholarship The Pallant Trust Scholarship The Leathersellers Scholarship The Fraternity of Friends IHuntl Fund The Steel Trust INO 21 Seho12rship The (John) Stocker Choristership The Elles Carver Choristership The Berryman Fund IBowland Trusti The Guy Whalley Choristership The Atkinson Scholarship The Hurford Scholarship The Wixamtree Trust (No 21 Fund The Blossom Choristership The Andrews Choristership The Foxton Choristership The Rosecroft Lay Clerkship The Fraternity of Friends INO 21 Fund The Grifftths Choristership The Filkin Choristership The St Ronan Choristership The Freeman Cttoristership The Mainstone Choristership The Fayrfax Seholarship The Oram Scholarship The Salisbury Choristership The Burton (Ford) 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 11.8111 2,058 12.0581 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 11,1041 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 Trustees are selected foi the skills and experience they can bring to the Trust, in particular expertise in music and fundraisin& On apwintment. trustees are briefed as necessary on the aims and objectives of the Trust and their legal responsibilities. All new trustees sign a mlylel trustee declaration statement confirming their eligibility and responsibiif(ies. RELATtONSHIP WITH ST ALBANS CATHEDFi4L As an independent charty, the Trust is not controlled by St Albans Cathedral. Summarised res 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 Albans Cathedral in the year amounting to £117,09212024= £110.0311. Thi8 comprised= £84,87612024.. £82.0311, beingthe investment income from the Trust's endowmentfunds in support of the day to day costs of the Cathedral's music-, £6,00012024= £6,000) as an annual grant from the Trust's unrestricted funds to support of the day to day costs of the Cathedral's music., £4,00012024.' £4,000) as an annual grant from the Trust's unrestrieted funds to support the work of the Cathedral's development team, which provides significant fundraising and operation81 support to the Trust., £10,000 12024: £10,000188 an annual grant from the Trust's unrestricted funds to SUPF)Ort the provision of the Cathedral's choir chaperones, a role that is crf(ical for both proper safeguardin& pastoral care, and engagement between choristers and choir parents., Further grants in 2025 comprised the following £2,000 towards to cost of the Cathedral Choir tour to Germany. £10,000 towards a new Grand Piano for the Song School. £216 towards the costs of the Parish Orchestra. 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 c(Ists of the Cathedral Girls Choir toui to Hildesheim, Germany. 2,82L167 113,531 182.0311 250.689 3,103,356 20
ST ALBANS CATHEDIi4L MUSIC TRUST ANNUAL REPORT 202425 ST ALBANS CATHEDRAL MUSIC TRusr ANNUAL REPORT 2024-25 THE Trusrs FUNDR41SING 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 57 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 gtving can often provide the Trust with the opportunity to make specrfic grants to the Cathedral in pursuf( of theTrust's vision that tt would otheise be unable to do. Unrestricted legacies totslling £Nil 12024- £25,099) were reiVed in the year. io. Endowment funds 2025 Balance Movgment in resour l De¢ Incoming Outgoing Transfer 2024 Reval'n Balance 30 Nov 2025 The Endow a Dals 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 Fraterntiy of Friends Fund The Friends of Cathedral Music Fund The Wixamtree Trust Fund The Kirby Laing Foundation Fund The Parnell Scholarship The Pallant Trust Scholarship The Leathersellers Scholarship The Fraternity of Friends (Huntl Fund The Steel Trust INO 21 Seholarship The (John) Stocker Choristership The Elles Catver Choristership The Berryman Fund (Bowland Trusti The Guy Whalley Choristership The Atkinson Scholarship The Hurford Scholarship The Wixamtree Trust (No 21 Fund The Blossorn Choristership The Andrews Choristership The Foxton 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 Choristership The Fayrfax Scholarship The Oram Soholarship The Salisbury Choristership The Burton (Ford) Choristership The Lois Scott Choristership The Parkinson Choristership The Moyes Choristership The Lawrence Sawyer Ch¢)ristership 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 40,883 119,8831 2.707 12,7071 1.330 11.3301 1,305 11,3051 2,937 12,9371 1,529 11,5291 1.886 11,8861 1,869 11,8691 1,862 11,8621 1,797 11,7971 1,797 11,7971 1.755 11,7551 1.808 11.8081 1,659 11,6591 1,620 11,6201 1,483 11,4831 1.502 11,5021 1.574 11,5741 1.396 11,3961 1.478 11,4781 1,661 11,6611 1,846 11,8461 1.298 11,2981 1,304 11.3041 1.854 11,8541 2,107 12,1071 3,616 13,6161 1.872 11,8721 1,484 11,4841 1,484 11.4841 1.524 11,5241 1,492 11,4921 I,0 11,1301 2,761 12,7611 1,279 11,2791 1,549 11,5491 339 13391 1,163 11.1631 1,066 11,0661 692 16921 6,428 11781 132,2841 14,3651 12,1451 12,1041 14,7371 12.4671 13.1)411 13,0151 13,0041 12,8981 12.8981 12,8301 12.9151 12.6761 12,6131 12,3921 12,4231 12,5391 12,2521 12,3831 12.6791 12,9761 12,0931 12,1021 12,9911 13.3981 15.8321 13.0191 12.3941 12,3941 12,4581 12,4061 11,8231 14.4521 12.0631 12.4981 15471 11,8761 11,7181 17981 12131 706,208 95.047 46,697 45,812 103,141 53,712 66,225 65,641 65,401 63,097 63,097 61,625 63,480 58,268 56.888 52,092 52,759 55,282 49,026 51,889 58,339 64.812 45.570 45.778 65,127 73,991 126,998 65,743 52.125 52,125 53.513 52,389 39,695 96,952 44,927 54,399 11,914 40,845 37,421 24,612 11.232 Donattons Donations of £17.33512024.. £17,021) were reiVed in the yearfrom the Trust's many patrons and other donors, including those through the 'Adopt a Pipe. heMe. 'Adopting St Albans Cathedral, was launehed 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 wajs 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 Proce&sAon and Dinner The 2024 Advent Procession took place on l December 2024.A drinks reception was held for Patrons after the serviee. followed by a dinner in the Cathedral's Abbot's Kitchen 3.103,356 112,128 184M761 1136.7121 2.993.894 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 wf(hin the Cathedral. Donors are associated in perpetuity with a particular chorister's or lay clerk's place in the choirs. 19
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 Investments Icontlnued) CHARITABLE EVENTS IN SUPFY)RT OF THE CATHEDRAL'S MUSIC The Trust's investments are held in a pooled common investment fund with CCL4 Investment Management in their CBF Investment Fund. The fund's portffolio comprises an actively managed, diversrfied 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 2025 is £1,584,56612024: £1,568,566). As well as direct financial grants to St Albans Cathedral. the Trust seeks to support and promote the Cathedral's musical activity through various charitable events. Patrons. Evensong The annual Patrons, Evensong took place on 27 September 2025. Patrons are invited to watch the choir rehearse and attend Evensong followed by a reptIOn hosted by the Dean, Chair of the Music Trust and the Director of Music. Debtors 2025 2024 Inaugural Patrons, Conferen Trustees, Patrons and Cathedral stsff met on 4 July atsopwell House, St Albans, to discuss the forthcoming Excellen for Everyone fundraising campaign ahead of its autumn launch. Patrons were encouraged to act as advocates by identifying prospective suptK)rters. The Chair, Lionel Wallace. outlined the five-year campaign strategy, highlighting inclusive giving levels to broaden participation, including younger donots, alongside efforts to attract higher-level corporate support. All due within one year Amounts due from St Albans Cathedral Prepaymerrts and accrued income 1,360 4,099 258 5,459 258 FUTURE PLANS AND ACTivmES 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 Cathedral and promoted at relevant events. Credito 2025 2024 I due within one year Amourrts due to St Albans Cathedral Accruals and deferred income 1,762 1,140 606 Fundralslng Events The trust is prioritising Fundraising events in the context of the upcoming 30th Anniversary starting November 2025 and in ielation to cultivation of current or prospective donors. Charttable Events The following events to support and promote the Cathedral's musical activtty took place or have already taken place: Annual Patrons Evensong Patron's Conference 2.902 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 frtandIng organ in the South Nave aisle is currently being evaluated before applications are made to the neSSary 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, comprisingthe Trust's Organ Appeal Fund and Lyne Legacy Fund. As at 30th November 2025. the Trust's Organ Appeal Fund was £176,025. This fund is restricted. The Lyne Legacy Fund was £142,778. This fund is designated. 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 MLJSIC desks, a modification to the new rehearsal organ and the purchase of a new rehearsal piano. £41,504 of this allocation has been utilised and it is anticipated that the remaining allocation will be applied over the next couple of ye8rs. 18
ST AIJANS CATHEDRAL MUSIC TRusr ANNUAL REPORT 2024.25 ST ALBANS CATHEDIL4L MUSIC TRUST ANNUAL REPORT 2024.25 THE TRUSTS FINANaAL POSlnON Overall positron The Trust's net assets at the end of the year totslled £3.359,11212024: £3,485.3441. 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 £3,237,014 12024- £3,361,9051 at the end of the year. Capital additions to the fund over the course of the year amounted to £26,000 12024= £31,500). A withdrawal of £10,000 12024: £Nill was made from the Salisbury fund. The net annu81 loss on the fund aiising from revaluations amounted to £140,89112024: gain of £278.2801. Charitable events income and expenditure Surplus/ Ideficitl Income ExFendriure 2025 Patrons, Conference Patrons, Even50ng 406 16041 11831 11981 11831 1787) 13811 2024 comp8rative5 Crossing the Waters Outreach Concert - Bedford Chorus Documentary Cathedral Choirs concert with SABC Lunchtime conrtS 3,163 4,148 3,189 9,537 7,531 102 19851 13,1891 363 17,5311 220 The Trust's short-term deposit investments are held in the CCLA CBF Deposit Fund and amounted to £107,31212024.' £105,827) at the end of the year. 9,900 322 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. 13.385 24.507 111,122) Grants forthe benefft of St Albans Cathedrdl towards music 2025 2024 The Trust 5kS 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 stsnd at £191,122 12024: £205,963) at the end of the year. Of these unrestricted funds, £18,680 12024.. £22.8831 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 boarcl 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 ststements. Unrestricted funds Cathedral music Cathedral development team Cathedral Choir chaperone Cathedral Choir recording Cathedral Girls, Choir Tour Cathedral Choir Tour Parish Orchestra 6,000 4,000 10,000 6,000 4,000 10,000 3,500 4,500 2,000 22 DeSiated funds New Piano for Cathedral Song School Endowment funds Endow a Day's Music Choristerships and Scholarships 19,883 19,030 Totsl grants 117.092 110.031 Investsnents 2025 2024 Valuation at l December Additions Withdrawals Net gain/llossl on revaluation 3,361,905 26,000 iio,o(x)I 1140,8911 3,053,325 30,300 278,280 Valuation at 30 November 3,237.014 336L9)5 17
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024.25 ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024.25 Donations RISK MANAGEMENT Careful consideration is gven 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 eliminate all risk of failure, and can provide only reasonable, and not absolute, assurance against material misstatement or loss. 2025 2024 UnrestriLXed funds General donations Gift Aid 17,335 17,021 Restricted funds Excellence for Everyone GiftAd 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 f0rfundraisingadvl and suprA)rt. The Trust monitors its profile, reputation and presen on an ongoing basis. 700 700 Endowment funds Endow a Day's Music Gift Aid Choristerships Gift Aid 19,500 1,500 5,000 1,500 30,000 PUBLIC BENEFIT The board of trustees confirms it has complied with the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining its activities. BysupportingStAlbans Cathedral. the Trust helps promote Christian faith and music of the highest standard that is available to Total donations 48371 50,699 STATEMEMf 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 stste of affaits of the Trust and of the incorlling resources and application of resources of the Trust for that period,. stating that the financial statements comply in all material respects with the provisions of the Trust Deed, the Charities Act 2011, the applicable Charrties (Accounts and Reports) Regulations, and with applicable law and United Kingdom Accounting Standards ItOEether United Kingdom Generally Accepted Accounting Practicel. as set out in the notes to the financial ststements and subject to any material departures disclosed and explained in the financial statements., selecting suitable accounting policies and then applying them consistently- making judgements and estimates that are reasonable and prudent., preparing the financial ststements 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 accurdcy at any time the financial position of the Trust and enable the board of tnjstees to ensure the financia5 statements comply with applicable law and regulations- and safeguarding the asgets of the Trust and henee for taking reasonable steps for the prevention and detection of fravd and other irregularf(ies. Fundraising events inrx)me and expenditure Surplus/ Ideficitl Income Lxpendf(ure 2025 Advent Procession and Dinner 2024 Advent Procession and Dinner 2025 Lunchtime Recitals 2,519 3.328 718 19221 11,2241 1.597 2.104 718 6.565 12.1461 4,419 2024 comparatives Advent Procession and Dinner 2024 2,414 1.078 1,366 2.414 L078 1.366 The board of trustees confirms the financial statements have been prepared in 8ccordance with the accounting policies set out in notes to the financial statements and comply with the provisions of the Trust Deed, the Chartties Act 2011 and 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. Llonel Wallace Chair On behalf of the board of trustees 71h July 2026 16
sr ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024.25 sr AIBANS CATHEDK4L MUSIC TRusr ANNUAL REPORT 2024-25 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST ALBANS CATHEDRAL MUSIC TRUST Signttloant areas ofjudgement In the appllcation of accountingpolicles In preparing the financial ststements, the board of trustees may have to make a number of judgements. estimates and assumptions about the recognttion and measurement of assets, liabilities, income and expenditure in the application of the Trust's accounting policies set out above. The board does so on a continuous evaluation basis using historical experience and prudent evaluation of future events that are believed to be reasonable under the circumstances. In doing so the resulting accounting estimates will. by definition, seldom equal the related actual resutts. In the course of preparing the financial statements, no judgements have been made in the process of apping 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 ststements. I report to the trustees on my examination of the accounts of the atM)ve charity I'the Trust") for the year ended 30th November 2025 set out on pages 11 to 24. Responsiblltties and basis of rert 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. 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 14515llbl of the Act. Independent examinerfs statement Reporting UnrtaIntyIn the next reportingwbdfrom judgements involving estlmates al)outthe futu 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 2025 are as follows. Legacy income.. In apping 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 abilty to be measured wTth sufficient reliability and, On recognised, estimation of the monetary value of the income. As at 30 November 2025 £Nil12024: £Nill of legacy income has been recognised in the financial ststements that has not yet been physically ieceived. 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 signrficance 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 market4riven 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 2025 the value of the Trust's listed investments amounted to£3,237.01412024= £3,361,905) Isee note 71. 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 reo)rds were not kept in accordan wtth section 130 of the Charities Act., or the accounts did not accord with the ao{jntin£ records,. or the accounts did not comply wtth the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come acr¢M no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Steve Roblnson FCA Mercer & Hole, 72 London Road, St Albans, ALI INS 12 August 2026 Stsff costs and key management peTronnel 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 entty. directty or indirectly. No remuneration, other benefits or expenses are paid to any trustee in execution of their Trustee role. io
ST AIJANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 202&25 ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 pendltu Expenditure is recognised as soon as there is a legal or constructive obligation to transfer economie benefits as a result of past transactions or events, it is probable that the transfer of economic beneftt will be required in settlement and the monetary value of the settlement can be measured with sufficient reliabilf(y. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. STATEMENT OF FINANCtAL ACTivrriES FOR THE YEAR ENDED 30 NOVEMBER 2025 Unrestricted Designated Restricted Endcttlment Funds Funds Funds Funds 2025 2025 2025 2025 Total 2025 Totsl 2024 Note Taxatlon The chartty is entttled to certain tax exemptions on income and profits from investments, and on 8ny surpluses from trading activities carried out in furtheran 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. Ino)me and endowmerrts Donations Legacies Fundraising events Charitsble events Investments 20,421 700 27,250 48,371 51,319 25,099 2,414 13,385 88,199 6,565 406 288 6,565 406 89,652 1,679 2,809 84,876 Investments Listed investments are statsd at market value as fair value at the balance sheet date. Realised and unrealised gains and losses relating to 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 deposf( are stated at face value at the balance sheet date. The carrying values of all investments are reviewed 8nnually to establish if there has been any material impairment in their value. Total income 27.680 1.679 3.509 112.126 144.994 179,766 Expendriure 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 Indepencsent Examination fee 22,216 10,000 84,876 117,092 110,031 Financial instruments The Trust holds only basic financial instruments. The Trust's financial instruments, represented by its financial assets and f inancial 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 a&%ets as the cash settlement has already taken place. Short term cash deposit investments are held at fa value. Cash at bank is held at face value. 2,146 787 2,156 2,146 787 2,156 3,577 3,105 87 1,386 1,078 24,507 5,374 3,025 1,730 107 1,386 3,577 3,105 87 1.386 Totsl expenditure 3L883 10.000 3,577 84E76 130.336 147,238 Net income/lexpenditurel before gainslllossesl on investments Net gains/llos8esl on investments 14,2031 18,3211 1681 27,250 14,658 32,528 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 charttable services rather than cash or another financial instrument. 12,3171 11.8611 1136,7121 1140.8901 278,280 Net income/{exp8ndf(urel 14.2031 (10,6381 IL9291 1109.472) 1126.232) 310,808 Transfer between funds io 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 furtheran of some particular aspect as defined by the donor at the point of donation or at the point of fund estsblishment. These conditions, or trusts, are binding on the trLtstees. The restriction can be explicitly declared by the donor, implied with their authority le.g. in a public appeall, 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 inwme 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 tt 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. Net movement in fund5 14.2031 (10.6381 IL9291 1109.472} (126.232} 310,808 Recon'llation of funds Total funds brought forward 22,883 183,080 176,025 3,103,356 3,485,344 3.174,536 Totsl funds carried forward 18.680 172,442 174,¢)96 2,993.894 3,359.112 3,485,344 All amounts above relate to continuing operations and the Trust has no other recognised gains or losses. 14
ST ALBANS CATHEDRAL MUSIC TRUST ANNUAL REPORT 2024-25 ST ALBANS CATHEDIL4L MUSIC TRUST ANNUAL REPORT 2024.25 BALANCE SHEEf AS AT 30 NOVEMBER 2025 NOTES TO THE FINANCLAL STATEMENTS Total 2025 Totsi 2024 Nots Accounting polkles 8asls of prepardtlon and assessment of going concem The financial ststements have been prepared on a going concern basis under the histoiic cost convention, with items recognised at cost or transaction value, apart from investments which are held at market value. The financial statements have been prepared in accordance with111 the second edition of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordanee wilh 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- 131 other applicable United Kingdom Generally ACpted Accounting Practice as it applies from l January 2019,. and141 the Chartties Act 2011. The financial statements have been prepared to gave a true and fair view and have departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Accounting and Reporting by Charities= Ststement of Recommended Practice for charf(ies preparing their financial ststements in accordance with FRS 102, rather than following the since withdrawn Accounting and Reporting by Charities.. Ststement of Recommended Practice ISORP 20051 as referend in the regulations. The Trust constitutes a public benefit entity as defined by FRS 102. The financi81 statements are Prepared in £ sterling, which is the functional curreney. Monetsry amounts in the financial statements are rounded to the nearest £. Fixed assets Investments 3,237,014 3,361.905 Current assets Debtors Short term cash deposit investments Cash at banlf 5,459 107,312 12.229 258 105,827 17,960 125,000 Current liabiliues Creditors 124.045 12,9021 16061 Net cajrrent assets 122,098 123.439 3.359.112 3.485344 The chartys fiinds The board of trustees consider that there are no material ijncertainties related to events or conditions about the Trust's abilrty 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 pericxy of at least one year from the date of approval of these financial statements. Enclowment funds Restricted funds Designateol funds Unrestricted funds io li 12 2,993.894 174,096 172,442 18,680 3.103,356 176,025 183,080 22,883 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 sufficient reliability. If the use of income has been restricted. it is used for the specific purpose in the year or credited to an appropriate fund until it can be spent for the restricted purpose. Income is received by way of donations from patrons. fundraising events, appeals, legacies, endowments and other general donations. In the case of donations, entttlement usually arises on receipt unless there are additional terms and conditions which must be met before the Trust is entitled to the donation. Gtft Aid on donations is recognised when a claim is submitted to HMRC. Any Grft Aid recovered on a donation is considered to be part of that gtft and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have speerfied otherwise. Legacies are accounted for on a receivable basis when they meet the income reeognition criteria set out above. Typically. this will only be after grant of probate, the executors have established there are suff icient assets in the estste 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 crtteria 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 reeeivable basis once it has been declared and notification has been received of the dividend due. Totsl funds 13 3.359,112 3.485.344 The financial statements on pages 11 to 24 were approved by the Trust's board of trustees on 1st July 2026 and signed on its behalf by Uonel Walla Chalr No amounts are included in the financial ststementsto reflect the value of services provided free of charge to the Trust by its many volunteers. 12 13