BRECON CATHEDRAL CHOIR TRUST TRUSTEES, REPORT ATID FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BRECON CATKEDRAL CHOIR TRUST INDEX TO THE IqNANCIAL STATEMENIS for the year ended 31 Deeember 2024 Reference 2dmiLi8trative infonnation Report of the Trustees Report of the independent aMIner Statement of financlal Ktlvldes Balance sIt Notrs to the financial statements
BRECON CATHEDRAL CHOIR TRUST AR ENDED 31 DECEMBER 2024 REFEIIENCE AND ADMtNISTRATIVE INFORMATIOF4 Trusteej The Very Rev Dr P ShleY Mr G Davies Mrs G Jones-Powcll Mr J M Gre&tor¢x Mr M Parry Mrs RLloyd Miss H M Rudge Rev Canon S E Griffith The Ri8ht Rev J D P LOD Address of the Trnstees BT¢con CathedTal Office Cathedrui Close Breco Powys LD3 9DP Reg18tered Charity Nvmber 1093670 IDdependent Eiaminers W J JaEDes & Co Bishop Hiiuse 10 Wheat Street Brecon Powy5 LD3 7DG Bankers Lloyds Bank 38 High Stre Brecon Powys LD3 7AR Page I
BRECON CATEEDRAL CHOIR TRUST REPORT OF THE TRUSTEES for the year ended 31 D¢¢ember 2024 STRUCTURL GOVERNANCE AND MANAGEMENT GovtrDfiDg Dotument The clwity is governed by a tkclaration of Trust dated 20 Marcb 2(Kb2. It is registered as a tharity with the Charity C()nimissio The Clwity operates from the cathedrnl church of St John the EvangelisL Bre£0 in the DI of SwaDsea at Bren. OrganisatloR The Trustees who bav¢ S¢TYed during the y¢u and since the year-end are set out onpage l. Objec¢Aves xd aetivitses The objeKts of the charity 8r¢ to offer all ¢horisters, from the time of their ailm110 as fidl ¢hwistm until the end of their full-time stabjtory education, ttIon OR a musical instrument or singiDg lessons in addttion to thetr chor81 training in the uthedrai GhoiF. The Charity specifically intends to contribute towards a fulktim¢ D1ctor of MuBi¢ and Assistant Organist enwloyed by the Dean and Chapt¢r of Brecoll Catheitsd. In order to be able to achi¢v¢ th¢ obj¢rtivcs. the Charity innds to mainkn its iovestmeytts at ovw £1.2 Million- plus achi¢viDg returns from income and capttsl appreciation to compensate for increasing costs. Aehlevemettts and perfornance Once agaiD in 2024 the financi81 year ha8 been influenced by the absence of pernianent rn1¢ staff from post in the Cathedral requirtng the Tnw to continu¢ with support for their salaries alld acoimmodation and supporting the Dean and Cl4pter in lg telpOrary llUL8ical staff. The tot SuprtPrOvided in 2024 formusic staff. siipporting the choir and Catlthl music was £79257 with the total Choir trust ¢xpenditstre incr¢&sing to £87,435. As agregl with our4nvestment advisors the Trst continues to r1ve a fixed monthly 5tuD of £3,5CQ compit8ing dividends aFK£ capital. Dividends and interest received in the year were £38.215. The nwket vallle of inveSthts and cash beld by our investDt advisots. Brewin Dolphi in¢r¢&sed ftom £1.35 million lo £1.41 million. The Trust free cash of £12,719 and is expe£ted to operate on an incoD)e deficit in the malium terni utttil the pernwienL filll time Directoi of Music tskes up his post in September 2025. The Trust's pl4nn¢d free c&8h is ¢xpected to stabtlise at levels between £IO.IKMI and £20,IX)O. Page 2
BRECON CATHEDRAL CHOIR TRUST REPORT OF THE TRIISTEES (CONTINUED) for the year ended 31 December 21124 Report of the Chair Last year I Te[ed that it bad been a difficoh year for the Music DpaTt and this continu¢d itito 2024. Howevff. w¢ w¢ gr¢ady by thc Collllllittllent and hard WO f5Y of Mr James Davies and latteAy MT Jon Pl11 as our actiD8 Directors of Music. As a TesulL we have been able to continuc our usual round of choral services atsd we are now looking firward to a more stable fAfftwe for the choir. As part of this we have appo¢nted Mt David Stevens &s our new Director of Music 5tartiD8 iu Sept¢D)ber 2025. He ¢om¢s to vs from All Saint. Hov4 whcrc hc thc DireL%or of Music. He h&s a wealth of ¢xpwience incluthng five yews as Diwtor of Musi¢ at Belf&st Cathedral where he buat up th¢ thoir almost from s¢rdt¢h. Mr Jon Pilgrim will be leaving us in the summer toTr*gin a Master's degree at Ijjrham University. T would like to take thi5 OPPOfturrity to thank him for all that he ha5 done fir5lly a5 As5i51ant Orgallist aThl latterly &s Acting Dtrector of Music. He h&8 brougbt CODsiderable skill in organ playing along with 4D wthusiasm for th¢ thora] tr8dition of the Cathedral. I wish him well in his fiiture ventures. In June we will be app(xnling a DQW Assistant Orgonist who will also be starting at the beginning of September. At th¢ end of July, the lay aeTk5 went on a choir tour to Munich. It w&$ a great success aftd would DOthav¢ been possible without the financial support of thc TTus#. I would ]ike to take this opportillllty to thaak the Trust comEniltee manbers for supporting this a¥Jd I look f(wward to many more tout3 in the fitture. l thiDk thes¢ tours are iD]p(Ktsth as they help members ofthe choir bond together in a social as wejl 83 8 WOTk setting. In various ways this 1&8t 12 to 18 mondL8 has be a draia on the TTusI'8 finances with Urtexpted out goings. FTQM Septembcr wc will back to baving a Director of Mwic and an Assistant Organist and as a result we should notbave any )exrted expenditu as we go forward. Fundlng pollcy The TIteeS anticipate that the Chality is now fjmded sufficiently to eJ)able 7t to ¢ary out its long-terra objrftiv&8. at l¢ast foT the lime bein& aaa does not intend to be engaging in filllber COTe fimdrnising in the near Invwtm¢nt and rey¢rves policy Two Trthstee8 sit on the DÈocesan Investmejrt Committee which me¢ts with'"the Ctwity's bro BTw¥in Dolpbin, and seeks to balance income with outgoing5. A cash balance of .FKtween £'Ib,o(4> 8iid t30,fM)O is m&ntsined by the Tnkn for nmning expenses and 8 buffer for capital. Pla]ts for fittur¢ periods The trustees intend to cany out the CIwAty's Stat objeCttV within an 3nDu81 revenue budget of £50.1)00. Risk Mattagement The TIStee8 consider their investment portfolio and aDticip&ted r¢tUrn5 to be their larg&st risk. They recognise the fact dt 1claI ass&s are volatile aad that their value can go down well as and they want to avoid any degradation of ¢8pits] aod income relating to their investments. They mgnage tbis Ii5k by adopting a poh'cy of investing in a Erfoh'o with a diverse range of ethical investsDeDts. Page 3
BRECON CATHEDRAL CHOIR TRUST REPORT OF THE TRUSTEES (CONTINUED) for the ended 31 December 21124 Trustees, r¢spon5iblll¢ks ID relation to tke fiuaDcial statements The ckwity trteeS are respnsible for prcparing the Tn. AnnuaE R¢port aod the fmallciaL statetllents An accordau¢¢ wxth plicable law al UDÉted Kingdom Accounting Stan(larts (UllitC4J Kingdom Generally Accepted Acwunting Practicc). The law applicabl¢ to Cbarilies in England and Wales requir&s the cb&rity 1Fust8 to prepare fioancial Ntstements for each financial year which give a ttTJe and fair vicw OF the state of aff&&rs of the charftty of the incoFniDg resources and application of re50urcts of the clwity for that peri(Jl ttt pE¢pating these fiJwKiai statemenK the select 8uitsble 0t[ng policies alld tkn apply them conststelltly. observe the methods and principles in the Charities SORP. makejudgements and ¢stimats that are reasonable aktd pren4 st* whetber applicable accounting standards have been followe& subject to 8ny RRterial departures disclosed and explained in the financiaF statements" prepare the fmancial ststenwts on the going concern basis unless it ts inappropriate to presurnethat the cbarity will conÉinue in operatio The trustees are T&spollsibl¢ for keeping proper aceountittg records that disclose with re850nabl¢ accuracy at any time th¢ financial position of the charity al enable them to ensure that the financial stateE¥]eThts comply wtth the Charities Act 2011, the applithle Charity (Accounts and Reports) Regutatiolls and the provisions of the TTUSt deed. They are also responsible for safegu&rd•ng the assets of th¢ charity and hence for taktng re&s(Inable Steps for the prev¢DtIOD and detection of fTaud and other irregularities. Approv by the tnteeS and Signed on 14 M&y 2025 on their behalf by . Rev Cajwn S E Griffith Page 4
BRECON CATHEDRAL CHOIR TRUST INDEPEI¥DEiYf EXAMINER?S REPORT TO THE TRUSTEES OF BRECON CATHEDRAL CHOIR TRUST I report to th¢ charity InJsSees on llty examination of the 8cc(nmts of the tharity for the y¢aT ended 31 December 2024 Ivhith are set out co g¢S 6 to I l. RespoDslbilitie8 2nd ba8ls ol report As the charity's trust¢cs you are reSpo81b1¢ for the PTeparation of the tLcwunts in acCe with tlLC requirements of tbe Cbarsties Act 2011 {'the Act,). I report in sPEct of my examination of the charl$ accouots cle under secliou 145 of the Acl 8Dd in C4Trying out my examinatii)n I have followed 411 the applicable Direction8 given by the ChaTity Commission ullder seclion 145{5)(b) of th¢ ACL Independent examiner's statement I have complet¢d my examination. I confirm that no mat¢Tial rnatt5 have come to Try attejrtion in comiection with ihe examination gtving me cause tobelieve tbat in any mal¢rial respect" accowiting records wae not kept in re4)eLt of the ¢b3Tity as Tequired by section 130 of the ACL or the accounts do Dot a¢cord with those records: or the accouTJts do not comply with the applicabk rswirements concerning the forni 8Dd content of accounts 5¢t out in the Charities (Ac£ount5 and Reports) Regulations 2008 h¢T than any rwiirement that the accounts give a 'ttue and fair view. which 18 not a matterconsidered as part of att independent exaJJ]ination. I have no ¢imcerns and have come acro&s no other matters in coDn¢ctson with the cxaminatiiyn to whith attention shou)d be dravm in this rwt in ordcrto ¢nable aproperAmderstan(ling of the accounts to iK reached. JAuthw W A Williams Bsc. FCA WJJam¢s&Co Chartered AcGouDtants Bishop House 10 Wheat Street Brecon Powys Page 5
BRECOIY CATHEDRAL CHOIR TRUST STATEMENT OF FINANCIAL ACTIVTTIES for tbe year ended 31 Deeember 2024 Unrestrieted funds Total 2624 Tetsl 2823 Note5 Don&ion& legacies and similar inwme 1.604 1.916 38,215 38.215 37372 TOTAL INCOME 39,819 39,819 39.288 Costs ofrGis1gItsuds 6.610 6,6110 6,527 cIlbIe activities 79,963 79.963 50,871 Other 862 862 TOTAL EXPENDrruRE 87.435 87,435 58,262 (47.616) (47,616) (18.974) Net gainsl{108ses) on inve5tsnent assets 77,169 77,169 74.162 NET MOVEMEvr tN FUNDS 29.553 29,553 55,188 Reconciliation offundg.. Balantts brought forw8rd at l January 2024 1,406J93 1,406,393 1,351,205 Balances catried folvwd at 31 December 2024 1,435,946 1,435,946 1.406.393 Page 6
BRECON CATHEDRAL CHOIR TRUST BALANCE SHEET 48 at 31 December 2024 2024 2023 FIXED ASSETS Note lttvestm¢nts 1.410,780 1.350,170 CURR£wf ASSETS Debtors Brwwin Dolpbin Capilal and Income accowits Cash at bank 327 14590 12.719 383 8.626 51,806 27,636 60,815 CREDITORS: Amounts falling withill on¢ y¢ar 2.470 4,592 25.166 56,223 TOTAL ASSETS LESS CURREP4T LIABILITIES 1,435,946 1,406,393 Unrestricted 10 1,435346 1,406,393 Approved by the Board ofTnJste&8 on 14 May 2025 and signed on its behalf by Rev Canon S E Griffith TTllStee The llo*s on pages 8 to I I fonn Pkrt of these accounts Page 7
BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FINANAL STATEMENTS for the year ended 31 Decewber 2024 ACCOUNTING POLICIES The fitl¢la1 st3t¢Me have been prepared in accothce witb Accounting and Rewting by CK7aTities." StatcFnent of Recommended Practice applicable to cFk&rities preparbng their aCcOts io accordance wÉth the Financial Reporting Standard applicable in the UK and R¢ptrblÈc of Ireland issued tn Octobtr 2019. the Financial Reporting Standard applicabl¢ in the UK and Republic of Irc12nd (FRS 102). the Clkariti Act 201 l and UK Qenually AccepÉed Accounting Practice. The ttwst coL8titutes a public 1C5t ¢ntity as defined by FRS 102 Accoundng convetrtlon The financial statements are prepaE¢d under the historical cost convention &8 ntrklifiA4 by the revaluatÈon ofinvestmenL8 to market vatue. tncone reabgnltlo All income is reeogtiised once the charity h8s entitlem¢nt to the income, it is probable that the income will be received and the amoullt of incorne [e1vable catk be measured Feliably. Donations and eoliections DoDations, coll¢Gtiops and au volwbtary income 18 accounted for gross when receive(t enditUre recopiiion Liabiliti&8 are reco8nised as expendituo &s soon as there is a legal or co]L8tructive obl1tiOn committing the charity to that &Tpenditure, it is probable that settt¢tn¢nt will be required and th¢ allnt of the obligation catt k jneasured reliably. All expenditure is account1 for OD an accruals b&sts. Costs of raisinE fvRds The costs of g¢nernling full(ts CODSiSt of investmcnt management ts. Flxed &88et Investments Tnvestments Are initially Te£ognt8ed at thelr trdns8clion value and, subsequently measured at theiT f3ir value as at the balan¢¢ $I¢t date using the ¢lospng quoteAI market price. The Statement of Fijwicial Activitrs includes tk net gains and losses ari8ing OD revaluation attd dÉspos. ais throughout the year. DONATKONS, LEGACIES AND SlhftLAR INCOME 2024 2023 Donations in memory ofthe late Mrs Bety Spackjll Regu]ar donations Gift aid relief 225 1,308 383 1,308 296 1,916 Page 8
BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Detember 21b24 INVESTMENT JNCOME AM) INTEREST 2024 2023 DivideDd5 and ititere5t from tthfolio managed by Brewin Dolphia 38215 37,372 COSTS OP ]L4ISING FUNDS Unrestrlrted Fujds 2024 2(Y23 Investment mallagernent fres 6.610 6,610 6,527 CHARJTABLE ACTIVITIES Unrestrirted Fullds 2024 2023 Office expenses Contribution lo salaries paid by Deatl and Chapt¢r for.- Direclor of M81¢ Assistant Organist Substite8 Music and singiog lessons Other choir supp(vt Bank charges 745 745 li 18200 7.400 14.533 14,555 24,569 (39) 18200 7.4fX 14,533 14.555 24,569 (39) 18,200 7,400 8,433 6,889 9.849 89 79.963 79.963 50,871 (YrHER COSTS Unre5trlcted Funds 2024 2023 Accountsnts. clwges Trnsfre itldemnity insurwwe 750 112 750 112 752 112 862 862 864 Page 9
BRECON CAT&tEDRAL CHOIR TRUST IYOTES TO THE FINANCL4L STATEMENrs for the yr ended 31 December 2024 VESTMENTS 2024 Market value at l January 2024 Additio8 to inv&stments at cost DisposaL8 at carrying value 1.350,170 162,925 (179,484) 1264.834 457.465 (446291) lJ33.611 77.169 1,276.008 74,162 Net on revaluation in the year Market Value at 31 DeCemr 2024 1,410,780 I J50,170 tnveslrnents at rna¢t value comprised" 2024 2023 1,113,831 296,949 1,034,065 316,105 Fixed intcrcst securities 1.4LO.780 1.350,170 All investments (wried at their mthet value. Investrnents in equities and fixed interest securities are aEI tr&1ed in quoted public markets. winwily the London Stock ExchaDge. Holdings in commt)n investment fimits. UDÈÈ tsusts and open ended investment companies 8r¢ at the bid price. knet saEes purcbLW are rec4)*1S¢d at the date of trade at their transaction value. DEBTORS 2023 Gift aid rdief rcttivable 327 383 CREDITORS: AmOUs FALLING DUE WITHIN ONE YEAR 2024 2023 A¢¢rued expenses 2,470 4.592 io. ANALYSIS OF Nyr ASSETS BETWEEN FUNDS Unrestrieted fuDd8 Totsl funds Fund balan8 at 31 December 2024 are represented by: Investment Assets cuertt ass¢ts Current liabilities 1.410.780 27.636 (2.470) 1.410.780 27.636 (2.470) 1,435.946 I,4J5,946 Page 10
BRECON CATHEDRAL CHOIR TRUST NOTES TO THE FINANCIAL STATEMENTS for the y¢ar tnded 31 Dell]ber 2024 REMUhRATION OF TRUSTEES AIID coNNEED PERSONS No remunerntion OT reimbuTh8ed expenses have been paid Lo Trustees or connected persons during the year. 12. RELATED PARTY TRANSACTIONS The Very Rev Dr P Sha¢knlcy. R¢v Canon S E Griffith aod Mr8 G Jones Powell who are Trnstees of the Charity we also m¢mb¢r5 of BrecorL Cath¢dral Dean and Chapter. As stated in the R¢port of the Trnstees on pag¢ 2 of thes¢ flliancial statsment4 the purposc of th¢ ¢harity is to PTovid¢ fiDaTh¢ial SUprt to Brecon C4thedr81 Choir, and the support provided is shown in detyil in note 5 of these financial statements. Pagcll