THE HASTINGS MUSIC ENDOWMENT FUND Registered Charity no. 1085870 ANNUAL REPORT AND STATEMENT OF ACCOUNTS YEAR ENDED 31 MARCH 2025 THE HASTINGS MUSIC ENDOWMENT FUND CONTENTS Pagés Trustees, report Statsment of financtal activllies Balance sheel Notes to the fin8ncl81 statements 7-15 Independent Examiners Report 18 THE HASTINGS MUSIC ENDOWMENT FUND REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2025 Th* Trustees present their report and a￿Ount5 for the year ended 31 March 2025. The financial ststemenls have been prepared in accordance with the a¢counts'ng policies set oul in note I to Ihé financial $tatements and comrdy Nwth the Chantys governing document, the Charities Act 2011 and "Accounling and Reporling by Ch3rities'. Statement of Recommended Praebce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 {effectr've 1 January 2019)" Objo¢tives and activities The Charws obje¢tives are set out in detail Later in this report. The policies adopted in furtherancg of these obj.ects are as $8t 04rt bejow, the￿ ha8 been no change in these during the year. Incomè In respect of the end¢)wment fund, it is the Tru¥tees' pollcy to pay the Income of the charlty tc The Chapter of Pelerborough Cathedral in furtherancè of the Charity's objectives. Such payments are generally made at quarterfy intervals. During the year in question grants lolaHing £98,374 were ma¢Je tQ SUPPgrt the cost of maintaining the Cathedfal's musi¢ deparknent and lo contrilxrte to the cost of $pÈeifie activitles. Thè Trustees seek donats'ons and tegacies to be 8dded to the endownent with a view to increasing the capital invested to inGrease income over Ihe lon9 torm. Inv08tm•nt• Since the endowment is Intended to be held in perpotuty, the Trusiees, policy is to manage the underf)ry"ng Investments with a vÈew to growlh, whllst takin9 Into atcount the Cathedral's need for income lo fund the cost of maintalnlng its choral and instrumental music. The non*roperty inve$tment$ are managed on a discretionary ba818 by CCL4 Investment Management Ltd. Tf* propety assets are managed by Ihe Truslees assisted by theirprofessional advisors. The Trustees have pald due regard to guklance issued by the Charity Commission in deGiding what actfvrties the Charity should urKlertake. A scheme bthereby a donor may contrlbuts a specified capilal $um to gecure a day each ￿ar In perpetulty, upon which hi¥ or her benefaction ￿11 be recogni5ed in ihe Cathedral. has been partiryjlarty successful in past years and will be mairrtained. A memorial notice is displayed on the Chosen day and prwrs and thanks are offered for the donor 01 Iheif loved one. In ¢onsidering and planning our future objectives. aims and actiwties of the Charity, we have referred to the gutdance c¢)ntsined in the Charity Commission's generd guidance on pu￿1¢ benefrt and the Truslees have considered h(Ml they contribute to the alms and objecttves they have set. Ach49vemonts and perfonnanco The grants made by the Trust to Petefborough Cathedral have secured the provision of choral mu51¢ al a hlgh standard by both Choristers and professional musicians and slngers. This 1ndl￿e$ three chora eTvicas durlng term timè ¢Jn Sundays and evortsong on five other days. In addition, fity young ¢hori8t8rs, both boys and girfs, are exposed to the ri¢he6 of the gr8at English choral tradition, thu8 providing not only benefft to the thurch 8fKE them¥¢lves, bul also to congre9allons and wider audiences. THE HASTINGS MUSIC ENDOWMENT FUND REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 MARCH 2025 Investmvnts The CCLA knnds have perfomied sati$factorlly during the year and show income remaining at a similar tèvel to last year al £36,400. The investments at the date of these accounts now stand at £1,289.092. The Trustee$ view this as satisfactory but are con5CiOUS that there ffjmain economic headw'nds whtch may impact upon the value and income for Ihe thnd. Proporty Invegtments The Twsl owns rnvestment propert￿, The Tnvdte88 considered the various options open to themand have taken professional advtce concluding thal it is to the lon￿terM tser￿ of the trust to maintsin ownership for the medium to k)ng te￿. Reference ha$ also been made lo the Chapter of Peterborough Cat1￿dra1 8$ custodians of the other owned propety in the Cathedral preeincts have previousty ¥tated that the preferred outcome of the review by the Trustees wDukl be to maintain ownership. The propertie5 are generally in a satisfactory state ol repair aEthough as with all listed buitdings of this 3ge suty'Èct to potential long term and expensive costs of rapair and renewal. The Trustees place 10QA of property income in a designated sinking fund to defray future propety costs. The Trustees have recently completed the renewal of the roofing to D8an$ Court. A let for Deanery Mewa was agreed effectlve 1st May 2019 for 10 years at £26,000 per annum to the Chapter of Petert)orough Cathedral for use as the Calhedral offices. Deans Court compri52s lour flats which are $ucee5sfvlly let with an annual income of circa £44,000. Followng the completion of the Deans Court prolect the Trt*slees re-valued Dèans CoLtrt and Deanery Mew& the detail of vknich is included in the financial statements. Flnan¢Eal rovimv The Trustees consider the financial position to be sat19factory given the staps being tsken to maintain fhe IncDme and grant making capacty of Ihe Tru8t. The operational expenses of the Charity are small. but the Trustees have a policy of maintaining a cash re$eV￿ equal to one quarter gram giving, thereby ensuring grant giving can be maintained rf unexpectedty there was a delay in receipt of income or there vras a temporary decline in that income. In addition, a propety sinking fund recelves 1 ￿ of propety income to mitigate against future potèntial propety costs. The Tntstees have reVIe￿*d Ihe needs of the Charfty and how to devek)p the Trust to be of long-terrn benefrt to meet their primary objective of gUPPOrting the music of Peterborough Cathedral. They continue to developing plans to increase the fund and thereby increasing the Trustees grant giving capacty and are working collaboratlvely vhth the Cathedral's fundraising t&im and the other grant￿1vIng charitie8 4thi¢h fund other aspects of the Cathedral's work. The Trustees undertake a review of financial and other controls on an annual basis. The Twstees corrtinue to be in fijll control of the Charity bank accounts and the investments vhth CC A process of review Gontinues vlth a cOMp￿hen$1¥e review of policies and procedures whfch is b¢ir approached systematlcally. The Trustees have assessed the maior risks to vt*iGh the Trust Is exposed and ar¢ satisfied that systems 8nd processes are in place to mitigate Ihe exposure to these ri$k$. The Trustees iook fowdrd to conlinuin9 to w)rk %%ath Kery Hilliard of Price Bailey LLP ¥kno has been the appointed Independent examiner since 2020. THE HASTINGS MUSIC END0¥￿ENT FUND REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 MARCH 2025 Structure. govwnance and management The Charity was est3blished by a charitable Tfttst Deed on 9 March 2001 and Supplemental Deeds dated 6 September 2002 and 13 Mar¢h 2006. The Twst changed Ks name on 13 March 2006 frorn The Elizabeth Anne Hastings Music Endowment Fund to The Hasbngs Music Endowment Fund. The main objecuves of the Trust as set out in bts Trust and Supplemenlal Deeds, ara: i. the advancement of religion by the Provision and M￿ntenance of choral and instnimental music in worshlp in P8t8rborough Cathedral. ii. the advancement of the education of the public in the arts by the promotion of musiG, plays, films. exhibrtions, concerts, lectures. resdings and other similar charitable edL*cational actimts.es by the choir and rnusicians of the Cathedral and l or other singers and musiuans or perfotmers eilher in Peterborough Cathedral or elsewhere. til. in respect cf income arising from the Franklin Bequest. the provlsion of financi?1 assistance for theeducation of choristers of Peterbjrough Cathedral. The or￿inal deed of 9 Marth 2001 provitjes for. no more than eight TTUStees. the Dean is Ihe ex￿o￿1clo. at least one Trustee other than the Dean is a member of Chapter or a person nominated to represent Chapter. at least two are choristers or fomier choristers. Provkled that In the event cf no member or representalive of the Chapter or no thorister or fomier thorister (as the case may te) being ¥￿IlIng tt> fill a vacancy. the Trustses shall be at liberty to appoint another suitable person to fill the vacancy. The supplemental deed dated 13 March 200S which varied the nome of the Charity, a150 in¢rea$ed the maximum number of Trustees from eight to ten. The trustee$ Ytho served during the year and up to the date of this report were.. Mr Alex Spires Mr Benjamin Trenchard Mr Simon Nurser (Chair) The Rèverend Canon Tim Alban Jon6S Miss Anne m￿On2k1 Mr Marius Camey Miss Tansy Casttedine The Reverend Dr Rowan Wllli8m$ Mr Richard Tapp Mr Simon Nurser vrds appointed Chair subject to annual review on the 8 Aprll 2017. Durtng Mis5 Ca5Uedine's absence from her post on leave, Mr Christopher Strange, Actlng Dlrector of Musi¢, has been in attendance at meetings of the Tru$teè$ Undef the term$ of the Tru$t Deed, the Trustee$ have the P0￿r to appoiTrt Trustees in ptace of any retire, and also to appoint zdditional Trustees provided that the total number of Trustees shall not exceed ten. Trustees are recruited due tr# their independence and lo maintaln a balance on the board of Trustees to ensure a colleGtive experlence encompassing finance, choral excellence, education, and business. THE HASMNGS MUSIC ENDOWMENT FUND REPORT OF THE TRUSTEES {CONTINUEDI YEAR ENDED 31 MARCH 2025 Oruanl$ational gtru¢ture The Trustees aim to meet on a quarterty b8sls as required to transact the business of the Charity. Other ad- hoc Communication lakes pla￿ by electronic means between meets.ngs should circumstances require ecision is made In this way. Pertinent Information ￿ also shared electronicalty. T1￿ ￿'na￿la1 affairs of the Charity are conducted by the Trustees. The Chapter of Peterl)orough Cathedral 15 Tepresented on the Board of Trustees by the Vice Dean. Rev Dr Willtrams and Mr R￿h￿rI Tapp. By means of regular ￿portS by the Director of Music, who is also a fruslee. nd in her absence Ihe ￿tr"￿9 Director of Mu51C. the TTUStees are made familiar wrth the musical life of the Cathedral and the financi81 Implications of maintaining the C8thedral's ministry ()1 M￿lC. Asset ¢over for fund$ Note 19 selg out an ana￿lS of the assets attributable to the varioug funds and a description of the trus￿. These assets are sufficient to meet the Chart(Vs obligation on a fund-by-fund basis. The Trustees, report W35 approved by the Board of Trustees. On behalfo the board of Trustees ' Pi iY,W.' T￿ R•v•rend Canon TIM Alban Jon•s Trustee Date. J l Dect¥**xbw Zoif THE HASTINGS MUSIC ENDOWMENT FUND STATEMENT OF FINANCIAL ACTIVIES YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total 2025 Total 2024 Donations & legactes Investrnents Totsl Incomo and •ndowm•nts 21,705 100.685 122.390 180 21,885 105.472 127,357 3,735 107,025 110,760 4.787 4,787 180 Ex nditu CharltafAe actlvites 150.284 107 423 Net gainsl(losses) on Investments 65.100 65.100 166,051 Not incoming rosources b8forè transf8 (27,894) (2,787) (84,920) (95,6011 169,388 Transfers between funds 70,000 170,000) Not movemgnt In funds 42,106 {2,78n 1134,920) 195,601) 169,388 Fund balances at 7 April 2024 20.558 24,663 2.807,927 2,853,148 2,483,760 Fund balantas at 6 AprN 2025 21M76 THE HASTINGS MUSIC ENDOWMENT FUND STATEMENT OF FINANCIAL ACTMES YEAR ENDED 31 MARCH 2025 Notos 2025 2024 FFxéd a8S Invesbnent property Investmenlg 11 12 1,180,000 1.289,092 1.180.000 1424.192 2,469,092 2,604,192 Curr￿1 assets Debtors Cash 8t bank 13 698 114.224 8,611 114.922 74,338 ¢r•ditors: Amounts falllng du• wlthln ono y¥ar 14 26.467 N8t currgnt ass8ts 88A55 48,956 Total assets less current Ilabllltes 2,557,547 2,653.148 Capllal fund8 Income funds un￿StriCted funds - general Unrestricted funds - dosignated Total unrestitted funds 15.379 3,844 19.20 62,664 20,558 Rtstrlcted funds 17,18 21,878 24,663 Endt)wmenl funds 15,16 2,473,007 2,607.927 Total Funds 1557,547 2 653 148 The financial statements on pages 5 10 16 V+*re approved by the Trustees and signed on thetr behalf by.. Mr R Tapp Date. 2oif The accompanying notes fom part of these flnancial statements. THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 1. AccoupifiNG POLICIES Charlty inforniation The Hastings Music Endowment fund is a Registered Charity. 1.1 A¢countlng conventh7n The financial statemetrts have been prepared in accordance vitth the Chanty's goveming document, the Charlties Act 2011 and "Accounting and Rwrtina by Charities.. Ststément of Recommended Practice applicable to charities preparing their account5 in accordance wth the Financial Reporting Stsndard applicabk in the UK and Repubh'c of Ireland (FRS 102) (effective 1 January 2019)" The Charity is a Public Benèfit Entty as defined 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 Statement of Cash Flows. The financial statemerrt$ are propared in sterling, thich 15 the funckn'onal ¢urrency of the Charity, Monetary amounts in these financial slatements arÈ rounded to the nearest £. The financial statements have been prepared under the historical Cost convention. modffied to indude the revaluation of freehold propert￿5 and to include investment properties and certain financial instrument$ al fair value. The principal accounting poltcies adopted are set out below. 1.2 Golng concern At the bme of approving the financial statements, the Tnjstees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable fvture. Thu? the Trustees conts'nue to adopt the going concem basis of accounts'ng in preparing the financial slalemenls. 1.3 Charitablo funds Unrestricted funds are available for use at tt)e discretion of the trustees in furtherance of thetr charitable objectives unless the fund5 have been deslgnated for other purposes. Restrictsd funds are subjo¢t to $pe¢ffic conditlons by donors a5 to how they may be used. The purpo$es and uses of the ￿$tr￿ded fun(fs are set out in the notes to the financial slatemenls. Endo)Affl)ènt funds repregent thoge assets which ar8 hold permananty by tho Charity. 1A Ineomo Income is rectsgnised vknen Ihe Charity is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably. and it is probable that incomè will be received. Donations, legacies and other fomis of volLtntary income are recognised as incoming resources vthen receivable, except insof8r a5 they are incapable of financial mfrasuremenL THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 I. ACCOUNTING POLICIES (CONTINUED) 1.5 Rèsourcès èxpanded Expendilure is induded on an accruals basis. Charitsble expenditure includes Ihe direct C031S of the activities of the Gharity. Grants payabig are charged In tr￿ year bvhen Ihe grant Is made. Donated fa¢illtt¢s and servi￿5 are recognlsed in expenditure as a donatTon provided. Donated facilities and 5eNices are measured on the basis of the value of the by the Charity. Management and 8dmini3tration comprises ct)sts for the running of the Charity itself as an organisats'on 1.6 Inv8stmont Propertles Investsnent property, which Is property held lo eam rentaEs andlor for capital appreciation. is initfally reccgnised at cosL ￿lch includes the purchase cost and any directy attributabie expenditure. Subsequently it is measured al falr value at Ihe reporling end date. The surplus or deftlt on revaluation is recognised in profit or loss. 1.7 Ca8tt and cash oquivalents Cash and cash equivalents indude ¢ash in hand, depo$its held at ¢all banks, other short-term IiquKI inve5tmeTrts with QTigiFbal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown Vjlthln borrowlngs in currènt liabilities. 1.8 Flnancial instruments The Charity has ele¢ted to apply the provi$i¢)ns of Se¢tion 11 'Basic Financia Instruments, and Section 12 '0ther Financial Instrumonts Issues. of FRS 102 to all of ils financial instruments. Financial instruments are recogni$ed in the Ch8Tity'$ balance sheet V*hen the Charity becomes party to the contractual Pro￿lOn9 of the instrument. Financial aÈsels and liabilities a￿ effset, V4ilh the net amounts wegented in the financial statèmènts, en there is a legally enfor¢eable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settte the liability simuftaneously. Baslc flnanclal assets Ba81¢ fina￿la1 assets, vttjich include debtors and cash and bank balances, are wiitially measured at transaction price including transaction Costs and are Subsequenty ¢arried al amortlsed Cost uslng the effective interest method unle99 the arrangement constitutey a financing transaction, vknere the transacll¢)n ig measured at the present vahje ol future receipts discounted at a market rate of interest Financial assets classified a$ receivable within one year are not amorh'sed. THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 1. PRINCIPAL ACCOUNTING POUCIES {CONTINUED} 1.8 Flnantlal Ingtruments {¢ontlnuedl Basic financial lial)iliti¢s Basic finaneAal liabilities. including trade and othef payables, are initialty re¢ogni$ed at transaciion pr unless the arrangement constitutes a financing transaction, therè the debt instrument is measured at the present value of the fulufe receipts discounted at a market rate of interesL Debt instruments are subsequently ¢arried al amortised ￿St, using the effecltve interest rate method. Trade payables are obligations to pay for good$ or services that have been acquired in the ordinary course of oper*'ons from suppliers. Amounts payable are classif￿d as current babilithes rf payment due wthin one year or less. If not, they are presented as noTrcurrent Ilablmues. Trade payables are recognised initialty at transaction price and subsequentsy measured at amortlsed cost using the effective interest method. 2. CRMCAL ACGOUNTING E3TlklATES AND JUDGEMEMT8 In the application of the charit￿s accounting policies, the TTUStees are required to make jud9ements, estimates and assumpty'ons about the carryhg amount of assets and liabilrties that are not readity apparent from olher sources. The estimates 8rKI associatsd assumpoons are based on historical experience and other factors Ihat are considered to be relevant. Actual results may differ from these estimates. The estlmates and underfylng assumpts'ons are reviev￿1 on an ongoing basis. Revisions to accounting e6￿MateS are recognised in the period in ￿lch the estimate Is revlsed where the Tevision affects only that period. or in the period of ttie revision and future periods vthere the r8vision affects both current and future perfods. 3. DONATIONS AND LEGACIES 2025 2024 Donations and gifts 21,885 3,735 4. INVESTMENT INCOME UnY•strleted R•$trlcted funds funds 2025 2025 Total 2025 Total 2024 Rental income Income from ii$ted investrnents 68,369 31,869 419 100,657 68,369 36,401 702 105,472 70,787 35,684 554 107,025 4,532 2e3 4,815 Interest receivablé THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 6. EXPENDrruRE ON CHARifABLE ACTIVITIES 2025 2024 Lighl and heat Repairs and maintenance Insurance Lettings management fees Interest on overdue taxation 221 50,095 715 229 4,981 992 1,615 1,231 9,048 4.135 55.166 Grant funding acti¥f¢ies (see note 6> 98,374 95.901 ¥upport costs Subscriptions Bank charges 182 44 226 190 190 Govgman¢• costs Independent examlnallon fees Legal and professional 2,268 1,824 4,092 1,734 S50 2,284 157,858 107,423 Anafyryls by fund Unrestncted funds Restricted funds 150,284 7,574 157,858 102,322 5.101 107,423 6. GRANT8 PAYABLE 2025 2024 Grants payable tolfor. Chapter Concert orchestra Film production Big Give 90,80D 1.354 90.800 3,650 1,451 6,220 98,374 95,901 Included wthin grants payable is a donation of rent-f￿ accDmmod8tion to Ghapter as explained in Note 20. The value of the donation based upon market fent equivalent was £10,800 (2023.. £10,800}. 1D THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 7. TRUSTEES None of the Trustees (or any persons connected with them) received any remuneratlon durlng the year, none of them were reimbursèd expenses. EMPLOYEES There were no employees during the year (2024 - none). There were no employees whLise annual fernu￿ ration was more than £60,000. 9. NET GAINSI{LOSSESI ON INVESTMENTS 202S 2024 Revaluation of listed investrnents 166,051 10. TAXATION The charity is exempt from tsx on income and gains falling ￿*hIn section 505 of the Taxes Act 1988 or seGtion 252 of the Tayation Chargeable Gains Act 1992 to the extent that these are applied lo its charitable objects. 11. INVESTMENT PROPERTY 2026 1,180,000 The fair value of the investrnenl property known as Deanery Mew5 has been arrlved at on the basls of valuation carried out at 31 March 2D22 by Cartef Jonas LLP, Chartered Surweyors, who arè not connected with the Chaiity of £335,000. The valuation was made on an open market value basis by ¢renGe to market evidence of Iransaction prices for similar propert￿$ at the time. The Trustees believe that the vaualion contlnues to reflect the fair value of the investment propeTty at 31 March 2025. The lair value of the inveslment property known as Dean's Court has been arrived at on the basig of a valuatlon carried t)ut at 31 March 2022 by Carter Jonas LLP, Chartèred Suryeyors, vtho are not eonnectsd with the Charty of £845,000. The valuatFon was made on an open market value basis by reference to rnafkel evidence of transaction pri¢es for slmilar properties at the time. The Trustees believe that the valuab'on ¢ontinues lo reflect the fair value of the investment proporty at 31 March 2025. 11 THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 12. FIXED ASSET INVESTMENTS Llst Inve¥lments At 1 April 2024 Disposals Valuation changes At 31 March 2025 1,424.192 rio,OOD) 65,100 1,289,092 13. DEBTOR8 2025 2024 Trade debtors Prepayments 103 595 698 8,094 517 8.611 14. CREDITORS 2025 2024 Trade creditors Accruals Other taxation 2,340 2.050 22,077 26.467 1,732 25.382 15. ENDOWMENT FUNDS - CURRENT YEAR Balance at 1 Aprfl 2024 Rfrvaluatlon galn$ and los$es Bala1￿0 at 31 Alarch 2025 Incoming our¢os Trnnsfers Franklin Bequest General Music 169,727 2,438.200 2,607.927 (1,870) 57,230 65.100 181,8S7 2,311.150 2,473,007 180 180 70,000 70,000 12 THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 16. ENDOWMENT FUNDS - PRIOR YEAR B8lan¢9 4t l April 2023 Revaluation galns and losses Balance at 31 March 2024 Incoming mouTCOS Transfers Franklin Bequest General Music 151,147 2,286,994 2,438,141 18.580 147471 166,051 169,727 2,438,200 2,607,927 3,735 3,735 17. RESTRICTED FUNDS - CURRENT YEAR Balance at 1 April 2024 Revaluation gains and lossès Balanco at 31 March 202S Incomlng resources Franklin Bequest Peterborou9h Competitive Mu51C 11,475 13,188 24,663 4,787 16,262 5,614 21,876 ,574 ,574 4,787 18. RESTRICTED FUNDS - PRIOR YEAR Balance at 1 April 2023 R•valuation gains and lossfrs BAlon¢• at 31 March 2024 Incoming FranklEn Bequest Peterborough Compethve Music 10,514 14,639 25.153 4,611 13,650) 1,451 11,475 13,188 24.663 4,611 The Income from Franklin Bequest is for the purpose of providing financial assistance for the •ducation of choristers ol Peterborough Cathedral. The income from Peterborough Competit￿e Music Festkval was received as a donation as the organisation was wound down. The funds are to be used for the bènéfrt of the Pelerborough Cathedral choirs. 13 THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 19. DESIÈNATED FUNDS. CURRENT YEAR Balance at 1 April Incoming 2024 resour￿5 Balatte at 31 March 2015 Rèsources expended Trnnsf•rs Property sinking fund 16,714 5,998 45,42 47.285 20. DESIGNATED FUNDS . PRIOR YEAR Balance at 1 Apnl 2023 8alan¢• at 31 March 2024 Incoming Resources resources expended Transf•rs Propety sinking fund 10,716 5,998 16,714 The propety reserve fund has been set aside from the thFapldalion settlemem re￿nISIng that further rk lo the propety is likety to be Trquired. 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted R•8trlctsd En￿O￿nt fundg fund8 funds 2025 2025 2025 Totsl 2025 Fund balances are re5presented by., Invesknent propert￿8 Investments Net assets 1,180,000 1,289.092 3,915 2.473.007 1,180.000 1,289.092 2.636 21,904 21.904 2 557.547 21 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestrlcted Rostrlctod Endowment funds funds funds 2024 2024 2024 Total 2024 Fund balances are respresented by.. Investrnent properties Invè$tm&nts Net assets 1.180,000 1,424,192 3,735 2,607,927 1,180,000 1.424,192 48,956 2,653,148 20,558 20,558 24,663 24.663 THE HASTINGS MUSIC ENDOWMENT FUND NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 23. RELATED PARTY TRANSACTIONS The Charity has common Trustees ￿th The chapt￿ of Peterborough Cathedral ("The Chapteff). Durin9 the year the Charity pald grants of £98,374 (2023 - £95,901) to The Chapter. The Chapter also had full use of Flal 4. Deans Court under a LiGence to Oc￿pY from 15 August 2Q22. The Chapter was not ehar9ed for the use of accommodth'on. Grants received 2nd donations payable of £10,800 (2024: £10,800) have been recogni3￿ in these a¢¢ounts, based on equivalent Ma￿et value of the gift. Included in debtors is £nil (2024 - £5,200) due from The Chapter of Peterborough Cathedral. No guarantee$ have been given or receNed. 15 THE HASTINGS MUSIC ENDOWMENT FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES YEAR ENDED 31 MARCH 2025 I report to the Trugtee$ on my examination of the fin8nclal statements of The Hagling> Music Endowmènt (the Charity) for the year ended 31 hrtarch 2025. Responslbllltles and b•$ls of roport As the Tru?tees of the Charity you are responsible lor the preparation of the financial statements in accordance the requirements of the Chariti'es Act 2011 (Ihe 2011 Act), I report in respeGI gf my examination of the ChaTity's financial statements carrsed out undèr Secti￿ 145 of the 2011 Act. In Carrying out my examination I have followed all the appIl￿ble Directions given by the Char