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.
Ana￿18 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.
A￿a￿lS 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
Mer￿r & 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
SEcR￿ARy
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 magnifi￿nt Harrison
& Harrison organ, a busy programme of innovative musical events and Con￿rts, 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 SeNi￿S 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 AI￿ANs 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 othe￿ise be unable to do. Unrestricted legacies totslling £Nil
12024- £25,099) were re￿iVed 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 re￿iVed 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 re￿ptIOn 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 fr￿tandIng organ in the South Nave aisle is
currently being evaluated before applications are made to the ne￿SSary 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 con￿rtS
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 5￿kS 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
DeSi￿ated 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 app￿ing 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 re￿rt
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 Un￿rtaIntyIn 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 app￿ing 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 a￿o{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 AC￿pted 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 referen￿d 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