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 Su￿ssfUllY 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
in￿ease 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 Fran￿rn 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 R8￿Mmendo￿ 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 f￿ehOld 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 In￿rne 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 In￿ts￿e 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 ￿C￿lPt5 discounted al a markat rats of inlerosL Dèbt instrum¢nts ar9 $ubsgquentty Ca￿l￿d
at amortised cost, uslng the effective Inte￿$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) r￿1Ved 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-

c ojo
Ec

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 Q￿19n2ted 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 Ap￿1 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-

CI
IX)
z¥
f4
ocy
00)
0*41>
oro)
TJ

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-