Charity r¢gistTh2tlon number 1085870 THE HASTINGS MUSIC ENDOWMENT FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE HASTINGS MUSIC ENDOWMENT FUND LEGALAND ADMINISTRATIVE INFORMATION Truslees MrAlex Spir6S Mr Benjamin Trtsnchard Mr Simon Nurser The Reverend Canon Tim Alban Jone5 MissAnne McDonald Mr Marius Camey Mi35 Tansy Caslledine The Reverend Dr Rowan Willlams Mr Richard Tapp Charity number 1085870 Prlncipal addres* Gathedral Office Mlnster Precincts Peterborough PE11XS Indopendent examiner Kerry Hilliafd ACA FCCA CTA Bankers Bardays Bank PLC 1 Church Street Pelert)orough Cambridgeshire PE1 1XE The CBF Church of England Funds COIF Charities Deposll Fund 80 Cheapside London EC2V 6DZ Investment advisors CCLA Investment Management Llmiled COIF Charities Deposit Fund 80 Chèapside London EC2V 6DZ
THE HASTINGS MUSIC ENDOWMENT FUND CONTENTS Page Trustees, report Indepen(fent examinerfs r8POrt Stalemenl of finandal actlvltles Bolance sheel Notes lo the financial statements 9-19
THE HASTINGS MUSIC ENDOWMENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and accounts for the year ended 31 March 2024. The financial slalemenls have been prepared in accordance wllh the accounting polides Set out in note 1 to the finanGial Statements end comply w5th the Charity's goveming document, the Charttles Act 2011 and 'Accounting and Reporting by Charities: Statem8nl of Recommended Practi applicable to ch8ritles preparfng Iholr accounts In accordance wllh the Flnancial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and actlvitles The Charitys objeGlives are sel out in detail later in this reporL The pollcles adopted in furtherance of these ob]e¢ls are as Set out below,- there hes been no chengfr in thèse during the year. Income.. In respect of the endowment fund, Ét is the Trustses, polrw to pay the income of the charity to Th8 chapter of Peterborough Calhedral In furtherance cf the Charity's objeclives, Such payments are generally mada at quarterly intervals. Durfng Ihe year in queslion grants totalling £95,901 were made to support the cosl of m?Intainlng tht Cathedral's muslc departmgnt and lo Go¥Jtribute to the Gosl of spe¢ifiG aclivities. The Trustees seek donations and legacies to be added lo the endowmenl wlth a view to increasing Ihe capital Investsd to increase income ovar the long term. Investments: Slncé the andowmanl is intended to bè held in p8rpetuty. the Trustees, policy Ès to manage the underfying InvaÈtm&nls wlth 2 vlew to growth, whilst taklng Into accounl tha C3lh8dral'B need for income lo fund the c05t of maintalning tis choral and instrumental music. The n(-propertY Investmènts ar8 martaoed on 8 discretionary basis by CCLA Investment Management Ltd. The prop8ty a5S8ts 8re managed by the Twsts8s asslsled by thelr professional advisors. The Trustees have pald due regard to ouldance IssLted by the Chadty Commission in dectding what activities the Charity should undertake. A scheme erebY a donor may contribute a specified capitsl sum to secure a day each year ift perpetuity. upon which his or her benefa¢tion wll be recognlsed In the Cathedral, has been particu18tly Successful and will be rnaintained. A fflemorial notice is displayed on the chosen day and prayers and thanks are offered for the donor or their loved one. In ¢onsldering and p18nning our future obJ&ctlves. alms and activtties of the Charity, we have r?ferred to th8 guidance conlained In thè Charfty Commission's gonèral guidance on public benefil and the Trustees have coftsidered how they will contrlbute to the aims and objectives they have seL
THE HASTINGS MUSIC ENDOWMENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlovements and perfomiance The grants made by the Trusl to Petert)orough Cathedral havè secured the provision of choral music at a hlgh 8landard by both Choristers and profession81 musicians and singers, This includes three choral services during tem tEme on Sundays and evensong on five other days. In addllion, fity young choristers, both boys and girls, are exposed to the rlclies of the great English choral tradition, thus provldlng not only benefit to Ihe church and themselves. but also lo congregations and wlder audlenc9S. n¥8$tm¢nts The CCLA funds have performed salisfactotily during th8 year and show Income remaining at a similar level to last year al £35,684. The investments al the date of these accounts have recnvered significanly from Ihe irnpact of the pandemic and now stand at £1,424,192. The Truslees vi8W this as satisfadory but are conscious that there remain economio headwinds which ar8 likely lo impact upon the value and income for the fund. Prop¢ty InYg$lmpnts The Trust owns two Investment properties. The Trustees CL)nsidered the various options open lo Ihem and have taken professlonal advlcts concluding that it is lo the long-lerm benefil of the trust lo maintain ownetshlp for the medlum lo long term. Referenc8 has also been made to the Chapter of Peterborough Calhedral as custodians of tha other ownad propaty in Ihe Cathedral precincts who have $18tsd that Ihe preferred out¢ome of the review by the Trustees would be to malntain ownership. The propeitie5 are generally In a satisfactory slate of repair although as with all listed bulldin9$ of thls age subj8Ct to potentlal lon9 tem) end espen5ive costs Df repair and rellewal. The Tnjstees place 10Q/o of propety Income In a designated slnklng fund to defray fuiure property costs. The Trus18es are currently undertaking renewal of thè roofing to Deans Court. A let for Deanery Mews was agreed effe¢live 1st May 2019 for 10 years at £26,000 per annum to the Chapter cf PelertM)rough Cathedral for use as tha Cathedral Offices. Deans Court comprf5es four flats whlch ar8 SussfUllY let wilh an annual Income of clr¢a £44,000. Wtth the completion of Ihe Deans Court project Ihe Trusiees re*valued Deans Court and Deanery Mews the detail of which is induded in the financial slalements.
THE HASTINGS MUSIC ENDOWMENT FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew The Trustees consider Ihe financlal posillon lo be satisfa¢lory given Ihè steps bèing laken to in¢7ease the income and grant maklng capacity of the Trust, The operational expenses of the Charlty are small, but the Trustees have a policy of maintalnlng a cash reserve eqLtal to one quarter grant giving, Iher8by ensuring grant glvin9 can be maintained if unexpectedly th9r$ was a delay in recèipt of incotne or there was a temporary decline in that inGome. In additson, a property sinking fvnd recetves 10% of property income tct mEllgate against future potential pn)pety The Tnjslees have revi8wed the needs of the Charfty and how to develop the Trust to be of long-tsrm benefft to m88t their primary objective of supporting the music of Peterborough Cathedral. They are dev81oping plans to inease thÈ fund and thereby intreasing the Trustees grant gÉving capacty. The Twstee5 undertake a revlew of finandal and other C£*ntrols on an annual basis. The Tfustees continue to be in full control of th8 Charity b2nk accounts and th8 investments with CCLA. A process of review continues with 8 compreh8nsive review of policies and procedures which is being 8pproaGhed sy5tsmalically. The Trustees have assessed th8 major risks to which the Trusl is exposed and are satisliod that systems and proce55es are in place lo mltigate the exposure to these rtsks. The Trustees look forward tc continuing lo work with Kery Hilliard of Pri Balley LLP who has been the appointed independent examiner since 2020.
THE HASTINGS MUSIC ENDOWMENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structures governancè and manayment The Charity was established by a ¢haritable Trust Deed on 9 MaKh 20018nd Supplemental Deeds datèd 6 September 2002 and 13 March 2006. The TTUSI changed ils name on 13 Mar¢h 2006 from The Elizab6lh Anne Hastlngs Muslc Endowment Fund to The Hastings Muslc Endowment Fund. The main objects of the TTU8L as sol out in tts Trust and Supplemental De&d$, are. the advancement of religion by the provision and maintenanc8 of choral and SnstNmental music in worshlp in Pelerborough Cathedral. Ihe advancement ofthe education of thè public In the arts by th6 promotSon of music. play7, films, exhibltions, concerts, lectures, readings and other simli ar chaTltable educattonal activities by the choir and muslcians of the Cathedral and l or other singers and muslcians or perfomers either in Peterborough C8thedral or elsewhere. in respect of incr)m8 artsing from tho Franrn Bequest, the provision of financlal assistance f¢r the education of chorist8rs of Pglerborough Cathedral. The original doed of 9 March 2001 provides for. no more thari eight Ttuslees Ihe Dean Is ex-offieio at least one Trustee other than the Dean is 8 member of Chapt9r or a person nominated to represent Chapter at least two are choristers cr former chorisleTS. Provided that in the event of no member or representative of ihè Chapter or no thorister or fomier ¢honsler {as the case may be) belng wllllng lo flll a vacancy, the TTUSte88 Shall be at libèty to appolnt another suitable person to fill the vacancy. The supplemental deed dated 13 March 2006 whlch varied the name of the Charity. also increased the moximum number of Trust888 from elght to t8n. Th8 trustees who sèrved during the year and up to the date of this report ware: MrAlex Spires lthr Benjamin Trench8rd Mr ChrlstopherTrotman Mr Slmon Nurs8r The Reverend Canon rim Alban Jones Miss Anne McDrJnald Mr Marius Cemey Miss Tansy Casuedine The Reverenk1 Dr Rowan Williams Mr RiGhard Tapp IResigned 7 May 2024) Mr Simon Nurser was appointed Chalr subject to annual review on the 6 April 2017. Under the terms of the Trust Deed, the Trusl8es have the power lo appoint Truslees in place of any who retire, and also to appoint additional Trustees provlded Ihat the toLql number of Truslees shall not exceed tèn. Trustees ar8 r&cnJited due lo their independence and to maintain a balance on the board of Truste88 to ensure a ¢xllecti¥e experience encompassing finance, choral eXGel1en, education, and business.
THE HASTINGS MUSIC ENDOWMENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organisatlonal structure" The Trvslees aim lo m6et on a quarterty basis as required lo,transa¢t the buslness of the Charily. Olher ad-ho¢ communiGation takes place by eledronic means bkneen meetings should circumstances require a decision is made in this way. Pertinenl informalion is also shared electronically. The ffinancial affairs of Ihe Charfty Bre conducted by the Trustees. The Chapter of Peterborough Cathedral is represented on the Board ofTru$tees by the VI Dean, R&v Dr Williams and Mr Ri¢hard Tapp. By means of regular reports by the Director of Muslc, who is a180 a Trusteo, the Twsteo$ are made familiar wilh the musical lrfe of the Cathedral and the finanGial implic8tions of maintaining Ihe Cathedral's mln5s1ry of muslc. Asset ¢overfor funds Note 19 sots out an analysis of the assets attributa& to the vartous funds and a description of IhB trusts. These assets a sufficient to m68t the Ch8riVs obligation on a fun&by-fund basls. The Trustees, report was approved by the 8o£rd of Trust8è5. On behalf of the board Cf Trustees The Reverend Canon TIM Alban Jone5 Trustee Dated: I...1..fral5
THE HASTINGS MUSIC ENDOWMENT FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HASTINGS MUSIC ENDOWMENT FUND I report to the Twste&g on my @xamination of tha financf81 sL*ements of The Hasungs Music Endowment Fund (the Charity) for Ihe year ended 31 March 2024. R•yponglbllitle8 atw bao1$ of r&port As the Trustees of the Charity you are responsible for the preparation of the flnancial $18iements in accordance with the requirem6nts of the Charities Acl 2011 (the 2011 Act). I report in respect ol my examination of the Charity's financial ststements carded out under sectlon 145 of the 2011 ACL sn carying out my examinatlon I have followed all the applicabia Directions given by the Charlty Commission under section 145{5llb) of tha 2011 Act. Independent examinerfs statement Your attention is drawn lo the fact that the charity has prepared financial stal8ments in armrdance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic cf Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Ststement of R8Mmendo Practicg Issued on 1 Aprtl 2005 which is referred to in the extant regulations but has now been withdrawn. l understand Ihat Ihis has been done In order for finan¢ial slatements to provide a true and fair view In accordance wth Generally Accepted Accounting Practice effective lor reporting periods beginning on or after I January 2015. I have Completed my examination, I nriMi that no matters have come to my attention in connection wllh the examination givlng me cause to belleve that in any malarial respect: accountlng records were not kepl In re5P8Ct of the Charity as requlrgd by seGtlon 130 of the 2011 Act" or the flnancial statements do not ac¢ord wilh thosè rècords., or the finandal stalaments do not comply wtth the applicable requirem8nts conceming the fom and content of accounts Sat out In lh8 Chartlles (Accounts and Reports) Regulallons 2008 othar Ihan any requlrement that the accounts glve a true end falr vlew whlch Is not a malter consldered as part of an Independent examlnauon. I have no ¢on¢erns and havè come across no oth6r matters in connection with the examlnalion to which altenlion should be drawn In thls report in order to enable a proper under6tanding of the financlal statements io be reaGh8d. Kerry Hilliard ACA FCCA CTA Price Bailey LLP 38 Tyndall Court Cornmerce Road Lynchwood Peierborough CambTidgeshire PE2 6LR Dated.. ity.. 2015
THE HASTINGS MUSIC ENDOWMENT FUND STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total Total 2024 2023 Notes ncome from: Don8tions and legacies Investments 3,735 3,735 107,025 14,849 88,732 102,414 4.611 Total income and endowments 102,414 4.611 3,735 110,760 103,561 Ex ndlture on. Charitable aclivtties 102,322 5,101 107.423 72,084 Net gainsl(lossesl on investrnents 10 166,051 166,D51 13,361 Net In¢omlngl{outgolng) re$our¢es before transfers 92 1490) 169.786 189.388 44.858 N•t movemgnt In fund$ 92 149Q) 169.786 169.388 44,858 Fund balanc6s at 1 April 2023 20.466 25,153 2,438.141 2,483,760 2,438,902 Fund balances at 31 March 2024 20.558 24.663 2,607.927 2.653,148 2,483,760 The statement of financial acliwlies indudes all gains and Ios88s recognised in the year. All inwme and expenditure derive Irom continuing activities.
THE HASTINGS MUSIC ENDOWMENT FUND BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Flxed assets Investment propety Inve3trnenl$ 12 13 1,180.000 1,424.192 1,180,000 1,258,141 2.604,192 2,438,141 Current as$¢ts Dtrbtors Cash at bank and In hand 14 8,611 65,727 16.117 54,508 74.338 70.625 Creditor8: amounts falling due withln one yaar 15 125,382) 125,006) Net Currenl assets 48,956 45.619 Totsl a$$ets less current liabilille$ 2,653,148 2.483.760 Capltsl funds Endowment funds - general Income funds Reslrlcted funds 16 2.807.927 2,438,141 17 24,663 25,153 Designated funds General unrestricted funds 18 16.714 10,716 9.750 20.558 20,466 2.653.148 2,483,7eO Th6 finani?al statements were approved by Ihe Trustees on l*...%,:.%.0 Mr Rtchard Tapp Trustge
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aocountlng polSeias Charfty Infomiat5on The Hastings Mustc Endowment Fund is a Regislefed Charlty. 1.1 AGcountln9 conventlon The fin8nclal st818m8nts have been pr8pared in accordance with the Charivs govarning documant, the Charities Act 2011 2nd °Accounting arsd Reporting by Charities: Statement ol Re¢ommonded Practice applicable lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 (effeclive 1 January 2019)° The Charity is a Public Benefit Entlty as deflned by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statgmenl of Cash Flows. The finanGial statements are prepared In sledlng, whi¢h is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The finan¢lal statements have been prepared under the historical ¢osl convention, modlfied to include the revaluallon ol fehOld properties and to include investment propertlos and certain financlal instfuments at fair value. The prinoipal aG¢ounling policies adopted are set out below. 1.2 Goln9 ncern At the Ilme of approving the financial statements, the Trustees have a reasonable expectatlon that the Charfty has ad8quatÈ règourceg to conlinué In operational èxigl8nce for the foreseaabl8 future. Thus tha Truste&s continuo trj adopt tha going concern basis of accounllng in preparlng the financlal statements. 1.3 Charftablè funds UnrestriGted fun(Js are available for use at the discretion of the trustees in furtherance of Ihe5r charitab18 objectives unless the funds have been designatèd for other purposes. Restricted funds are subjed to speclfic conditions by donors as to how they may be used. The putposes and uses of the restrlcted funds a Set out In the notes to Ihe financial statements. Endowment fvnds ropr9sent thosè a5sÉts whiGh are hdd permanèntly by the Charity. 1.4 Income Income is recA>gnised when th8 Charity is legally enliled to it after any perfomance conditions have been mel, the amounts can be measured reliably, and il is probable that Inrne will be r8ceived. Donations, 18gaci8s and other foms of voluntary income arè rÉcognis8d as incoming resources when rÉeelv2ble, except insofar as they are incapable of financial measuremant. 1.5 Resources expertdod Exp&ndlture is included on an accruals basis. Charitable expendlture indudes the dlrect costs of the adivllies of the Charity. Grants payable are charged in the year when th$ orant is made. Donated facilities and services are recognised in expenditure as a donation when provided. Donated facililias and seNic8S 8re measured on the basis of thè value of the gift by the Charity. Man#semenl and admlnlstratlon wmprises costs lor the running of the Charfty itself 85 an organlsaiion.
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1,6 Investment PTopertlas Investrnent property, which is property held lo eam rentals andlor for ¢apital appreciation, Is inilially recognised at cost, which includes the purchase ¢05t and direcdy attributable expenditure. Subsequently it is measured at f?if value at the reporling end dale. The surplus or deficil on revalualion is recognised In profil or loss. 1.7 Cash and cash &qulvalènts Cash and cash equivalents Intse cash In hand. deposits held at call wilh banks, olher short-tem liquid investmenls with original maturilies of three months or18ss, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilltses. 1.8 Financial Instruments Tho Charity has elected lo apply th& provisions of Seciion 11 'Baslc Financial Instruments, and Sectlon 12 'Other Finan¢ial Instrumènts Issues, of FRS 102 to all of its financial instruments. Financial Instruments are recognised in the Charivs balance sheet when the Charfly becomes paty to the contractual provisions of the instrument. FinanGial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforc8able right to s8t off the recognlsed amounts and there Is an intention to settle on a net basis or to realise th8 2&8et and settle the liabilty 8imultaneously. Baslc financlal ass8ts Baslc flnandal assets. whlr* Indude debtors and cash and bank balances. 2r8 initially measured al transaction price including transactlon costs and are subs8quently carried at amortised c4)st Using the effecllve Intèrèst method unless the arrangement constitutes a financing transaction, where the transaction Is measured at the present Wdlue of the fulure receipts discounted at a market rale of interest. Financial assets classified as receivable within one year ere not amort15ed. Baslc flnancial IIEblllties Basic financial liabilities. including trdde and other payables, are inilially recognised at Ifansaction price unless the arrar)gement ¢onstitules a finan¢ing transaction, where the debt instrument is measured at the present Value of th8 fiJlura ClPt5 discounted al a markat rats of inlerosL Dèbt instrum¢nts ar9 $ubsgquentty Cald at amortised cost, uslng the effective Inte$t rate method. Trade payables are obligation8 to pey for goods or serviGes that have been aGquired in the ordinary cour8e of ope@tions from suppllers. Amounts payable are cla5s1fied as ¢utrent liabilllies If payThenl is due within one year or léss. If not. they are presented as non-current liabilities. Trade payables ar8 recognised initially at transadtsn price and subsaquently measured at amortisèd cost using the èffeelive inlerest mtsthod. Crltlcal accountlng èstlmates and Judgemonts In lh8 application of the Charity's scwinting policies. the Trustees arè required to fnake judgements, estimates and 838umptions about the carryin9 arnount of asset8 and liabilities that are not readity apparent from olher sources. The estimates and as$o¢lated assumptions are based on historl¢al experience and other factors th818re consldgrèd to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptlons are reviewed on an ongoing basis. Revislons to acttounling estimates are recognised in the pefiod in which tho estimalo is revised whore the revision affects only ihat period, or in the period of the revision and future periods where Ihe revlslon affeGls both current and fulure portods. 10-
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 Donatlons and legacies Endowment funds general 2024 Totsl 2023 Donations and gifts 3,735 14,849 Investments Unrestfidèd Restrlcted funds funds Total Total 2024 2Q24 2024 2023 Rental income Income from listed inv8slments InteTest receivabl8 70,787 31,242 385 70,787 35.684 554 49,007 39,620 105 4.442 169 102.414 4,611 107.025 88,732 11
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltablè aetlvltles 2024 2023 Lighl 8nd heat Rep8irs and malntenance Insurance Lettings managemgnt fges Interest on overdue 18xatlon 229 4.981 992 1,615 1.231 567 2,544 939 2,965 9.048 7.015 Grant funding of activities (see note 61 95.901 60.250 Share of 6UPPOrt c¢sts (see note 7) Share of governance wstslsee note 71 153 4.666 2,284 107,423 72.084 AnatysSs by fund Unrestficted lund$ Restricted funds 102,322 5,101 70.834 1.250 107.423 72.084 Grants payablo 2024 2023 Grants to Instllulltjns.. Grants payable to Chapter Grant payable for concert orchestra Grant payable for film produGtion 90,800 3,650 1,451 60,250 95,901 60,250 Induded wllhln grants payabl8 is e donation of rent-fr86 accommodation to Chapter as explained In note 20. The value of the donation based upon the mafket renl equlvalent Was £10,800 (2023- £9.QOO}. 12-
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Govemance Costs costs 2024 Support Governance costs costs 2023 Subscripuons 190 190 153 153 Audit fees Legal and professional 1,734 550 1,734 1.649 3.017 1,649 3,017 190 2,284 2,474 153 4,666 4,819 Analysed belween Charitsblp activities 190 2,284 2,474 153 4,666 4,819 Govemance Costs Indudes payments to the independent examiners of £1,734 <2023 £1,649) for independent examination fees. Trustees None of Ihe Trustees {or any persons connecled wlth them) r1Ved any remuneration durin9 the year, none of them were reimbursed expenses. Employees The average monthly number of employees during the year was: 2024 Number 2023 Numbor Totsl There w8re no employees whose annual rèmunerdtion was more than £60,000. 10 Nat galnsl(losses) ¢n inveslments Endowment Endowment funds funds 8neral genoral 2024 2023 Revaluation of investments Revaluation of invéstment propertl8s 166,051 {57,609) 70,970 166.051 13,361 13-
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Taxatlon The chaiity Is exampt from tax on income and galns falllng wlthin section 505 of the Taxes Act 1988 or sectlon 252 of the Taxation of Chargeable Gains Acl 1992 to the exlent Ihat these are applied to its charitable obiecl8. 12 Investment property 2024 Falr value At 1 April 2023 and 31 March 2024 1,180,000 The fair value of the investment property known as Deanery Mews has been arTlved al on the basis of a valuation carried out at 31 March 2022 by Carter Jonas LLP, Chart8red Surveyors, who are not connected with the Charity of £335.000. The valuation was made on an open market value basis by reference to markel evidence of transactton pric8s for similar properties at the time. The Trustees believe Ihat the v81u8tion ¢ontinuès lo rollecl the fair value of the investrnent property at 31 March 2024. The fair value of the inveslmenl propety known as Dean's Court has been arrived at on the basis of a valu8tlon carried out at 31 March 2022 by Carter Jonas LLP. Chartefed Surveyors. who are not connectsd with the Charity of £845,000. The valuation was made on an open market value basis by reference to market evidÈn¢è of transactson prices for similar properties at the time. The TNstees belleve that the valuation continues lo reltect th8 fair value of the investment propety at 31 March 2024. 13 Ftxed asset inveslments Llsted Investments Cost or Valuation At 1 April 2023 Valuation Ghanges 1.258.141 166.051 At 31 March 2024 1.424.192 Carrying amount At 31 March 2024 1.424,192 At 31 March 2023 1.258.141 14 Dgbtor8 2024 2023 Amounts falllng duo wlthln one year: Trad& debtors Prepoymonts and aGGrued income 8.094 517 15.600 517 8.611 16,117 14-
THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Credltor5: amounts falllng due wlthln one year 2024 2023 Other tax8lion and Soclal security Trade ciedilors A¢cruals and deferied incomg 22.990 660 1.732 21,190 3,816 25.382 25,006 15-
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THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Re5tr1cted funds The income funds of the charity include restricted frjnds compTising the following unexpended b812nces of donation3 and 9rants he5d on tfust for specific purpo¥es: Movement In funds Ineomino re59urc•s Movement in funds Intoming trur¢e• Balance at l Aprll ZDZZ RèBourc•s Balanc• it
¥nded 1 Aprll 20Z3
RB6011rGes Bal•neo •t oxponrtptt 31 MarGh 2024 Income from Franklin Bequest Petorborough Competitive Musi Festival 7,294 4.470 {1.250) 10.514 4,611 (3.S50) 11,475 14,639 14,639 (1,451 } 13,188 7,294 19.109 11,250) 25,153 4,611 (5,101) 24.663 The Income from Franklin Bequest IB for the purpose of providing financial assistance for the education of chorfsters ol Peterborough Calhedral. The ino)me trom Pelerborough Compet(tNe Music Feslrval was received as a donation a5 the organisallon was wound down. The fvnds are to be used for the benefit of Ihe Peterborough Cathedral choirs. 18 Q19n2ted funds The income funds of the charity include the following designated funds whi¢h have been sel aside out of unrestiicled funds by the trustees for specffic purposes: Movement in funds Incomlng Balance at M8our¢o9 l Aprll 2023 Movtment In funds Incomln Balance at
our> 31 Mareh 2024
Balancè at l Ap1 2022 Propety sinklng fund 6,716 4.000 10.716 5,998 16,714 6,716 4.000 10,716 5.998 18.714 The propety reserve fund has been set aside from the dllapldatSon settlom£nl re¢ognlslng that further work to the property is likely to be required. 17-
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THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Relatad party transactlons Durlng the year thè Charity paid grants of £95,901 (2023 £60,250) to The Chapter of Pelerborough Cathedral. Th8 Chapter of Peterbortsu9h Cathedral also had full u$9 of Flat 4, Deans Court undeT a Licence lo Occupy from 15 August 2022. ThÉ Chapter was not charged for tho usg Df a¢¢ammodation. The following amounts hav8 been recognised in these accounts. based on tho aquivalant markat value of the gift.. Rent recelved- £10,80012023'. £9,000) Donattons payable- £10,600 (2023.. £9.000} Included in deblors is £5,200 (2023- £15.6001 due trom The Chapter of Pelerborough CathBdral. There are Trustees common to both Charities. No guarantees have been given or received. 19-