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 sI￿t
Notrs to the financial statements

BRECON CATHEDRAL CHOIR TRUST
AR ENDED 31 DECEMBER 2024
REFEIIENCE AND ADMtNISTRATIVE INFORMATIOF4
Trusteej
The Very Rev Dr P Sh￿￿leY
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
Bre￿n.
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 ailm1￿10￿ 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¢ D1￿ctor 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 in*nds 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 rn￿1¢ 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 ￿l￿g tel￿pOrary llUL8ical staff.
The tot￿ Sup￿rtPrOvided 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 Tr￿st continues to r￿1ve 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 inveSth￿ts and cash beld by our investD￿t 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 D￿paT￿t and this continu¢d itito 2024.
Howevff. w¢ w￿¢ gr¢ady by thc Collllllittllent and hard WO￿ f￿5￿Y of Mr James Davies and latteAy MT
Jon Pl1￿1￿ 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 Urtexp￿ted 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 ￿)exr￿ted expenditu￿ as we go forward.
Fundlng pollcy
The TI￿teeS 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 TI￿Stee8 consider their investment portfolio and aDticip&ted r¢tUrn5 to be their larg&st risk. They recognise
the fact d￿t ￿￿￿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 tr￿￿teeS 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 1Fust￿8 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 ￿0￿￿t[ng policies alld tkn apply them conststelltly.
observe the methods and principles in the Charities SORP.
makejudgements and ¢stimats that are reasonable aktd pr￿￿en4
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 tn￿teeS 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 reSpo￿81b1¢ for the PTeparation of the tLcwunts in ac￿Ce with tlLC
requirements of tbe Cbarsties Act 2011 {'the Act,).
I report in ￿sPEct of my examination of the charl￿$ accouots c￿le￿ 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 rnatt￿5 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 ofrGis1￿gItsuds
6.610
6,6110
6,527
cI￿l￿bIe 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 FINAN￿AL STATEMENTS
for the year ended 31 Decewber 2024
ACCOUNTING POLICIES
The fit￿l¢la1 st3t¢Me￿ have been prepared in accothce witb Accounting and Rewting by CK7aTities."
StatcFnent of Recommended Practice applicable to cFk&rities preparbng their aCcO￿ts 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 1￿C5t ¢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 obl1￿￿tiOn committing
the charity to that &Tpenditure, it is probable that settt¢tn¢nt will be required and th¢ all￿￿nt of the
obligation catt k jneasured reliably. All expenditure is account￿1 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 M￿81¢
Assistant Organist
Substi￿te8
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 y￿r ended 31 December 2024
VESTMENTS
2024
Market value at l January 2024
Additio￿8 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 DeCem￿r 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: AmOU￿s 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 balan￿8 at 31 December 2024 are represented by:
Investment Assets
cu￿ertt 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 De￿ll]ber 2024
REMUh￿RATION OF TRUSTEES AIID coNNE￿ED 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 SUp￿rt to Brecon
C4thedr81 Choir, and the support provided is shown in detyil in note 5 of these financial statements.
Pagcll