GUILDFORD CATHEDRAL MUSIC DEVELOPMENT FOUNDATION Charity No. 1093933 REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024
Guildford Cathedral Music Development Foundation Annual Report and Financial Statements For the year ended 31 December 2024 CONTENTS Page Annual Report of the Trustees Aims and objectives Activities and achievements Structure and governance Trustees, responsibilities Administrative details Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes forming part of the Financial Statement5 9-20
Guildford Cathedral Music Development Foundation Annual Report For the year ended 31 December 2024 The Trustees present their report, along with the financial statements of the Charity for the year ended 31 December 2024. AIMS AND OBJECTIVES The Guildford Cathedral Music Development Foundation is constituted by a deed dated 21 February 2002 and is a Registered Charity No. 1093933. It was established to hoSd and apply funds raised through the Music Development Campaign launched by the Chapter of Guildford Cathedral in 2001. The Trust Deed defines the purposes of the Foundation as the provision and development of music in Guildford Cathedral. It is to hold capital and receive income which the Trustees are to apply to the general objects of the trust. Without prejudice to the generality of the principal object, the Trustees may apply income and capital for the following specific objects.. The provision of bursaries for the education, musical training or welfare of the boy choristers of Guildford Cathedral: The provision of bursaries for the education, musical training or welfare of the girl choristers of Guildford Cathedral; The payment of salaries to the professional staff engaged bythe Chapter to train the Cathedral choirs; The payment of salaries to and the provision of accommodation for the Lay Clerks employed by the Chapter," The provision of scholarships for Choral Scholars and an Organ Scholar on terms to be agreed with the Chapter. The support and maintenance of the Cathedr31 Choirs, including Ibut not restricted to) the provision of music, robes and incidental expenses properly incurred in the maintenance of the choirs. iv) vi) The Trustees are also empowered: vii) To employ staff and pay for professional services. viii) To reimburse the Chapter of Guildford Cathedral for expenses incurred in the setting up and administration of the Music Development Campaign. To issue further appeals, from time to time, for funds to promote the objects of the Charity. ix) The Trustees confirm they have paid due regard to the guidance published by the Charity Commission on public benefit and that the Charity provide5 benefit to the public. The Trustees wish to express theirthanks to all those who help the Foundation in one way or another. We could not exist without them. Donations are gratefully received, the Foundation being a Registered Charity, No. 1093933. Gift aid forms are available from the Cathedral Office.
Guildford Cathedral Music Development Foundation Annual Report For the year ended 31 December 2024 ACHIEVEMENTS AND FiJfiJRE DEVELOPMEKrs Financial review Income forthe yeartotalled £279,389 (2023: £21,425). which includes an accrued legacy of £243,543 from an estate that has had a Grant of Probate. Expenditure in the year totalled £123,351 {2023: £51,780}. This included grants payable of £113,000 (2023: £45.240). Details of grants awarded are given in note 6 to the accounts. Net gains /{losses) on investments were £77,539 (2023: £79,552). The net growth in the value of the funds over the three years has been 1.6% {excluding the £243,543 legacy in 2024 It was a decline of 16.1%) of the opening funds compared to CPI growth of 16.3%. Funds Portfolios Opening Balance Closing Balance Net Inc/Exp Change in fair value cpi 2022 1,357,326 2023 1,099,441 2024 1,148,638 Cumulative 1,357,326 181,127) {30,355) 156,038 44,556 1176,758) 79,552 77,539 (19,667) 1,099,441 1,148,638 1,382,215 1,382,215 9.1% 4.0% 2.5% 16.3% % 3 year growth 1.8% The Trustees expect to make further grants in accordance with the aims and objectives of the Trust. Active fund raising will continue with the intention of increasing the Charit¢s assets thus enabling it to support the music in Guildford Cathedral for the long term. Reserves Policy The Trustees have the power to establish funds for particular purposes and to maintain reserves and are responsible for establishing an appropriate reserves policy. Their primary endeavour is to preserve the real value of the sums raised, and in considering whether to apply capital for a particular purpose they will only in exceptional circumstances apply capital which would have the effect of reducing its overall value below its original value as increased by inflation. At 31 December 2024 total reserves were £1,382,215 (2023: £1,148,638) comprising restricted reserves of £88.749 (2023: £78,511), endowment funds of £596,346 (2023: £576,334} and the balance of £697,120 (2023: £493,793} unrestricted funds for the general purpose of the charity of which £383,279 (2023: £370,417) is designated. Further details about these funds are set out in note 12. Investment Policy The primary objettive of the Trustees is to protect the capital funds from105s, whilst maintaining income to enable the Charity to continue to maintain its grants at a level that reflects the donors, wishes to support the music foundation on an ongoing basis. There are no restrictions on the Foundation's powers to invest. The investment policy is set by the Trustees who consider the income requirements, the risk profile and the investment managers, view of the market prospects in the medium term. Details of investments are set out in note 9.
Guildford Cathedral Music Development Foundation Annual Report For the year ended 31 December 2024 Risk The Trustees review the major risks to which the Charity is exposed on a regular basis. The major risks are assessed as being". Having an appropriate level and type of grants that enable the Cathedral's Music to develop and flourish on a long-term sustainable basis. Having an appropriate mix of investments that provide a proper balance between income yield and maintaining capital value over the long-term. STRucfuRE AND GOVERNANCE Organisational Structure The day-to-day running of the Charity is undertaken by the Trustees with the help of a part-time volunteer assistant, the clerk to the Trustees. A member of staff at the Cathedral oversees the accounts function and a contribution for their time is paid by the charitv. The Trustees are responsible for the strategic direction of the Charity and meet as regularly as necessary. The Foundation has policies for grant-making, investment and reserves; these are reviewed annually, and were reviewed and confirmed by the Trustees at their meeting on 13th February 2025. Grant Making Policy In accordance with the Grant making policy the Trustees will annually make a grant to the Chapter in respect of the income from capital funds held by the Trustees and directed by the donors of those funds to be applied to a specific aspect of the music foundation's activitie5, for example, the provision of . chorister bursaries. In determining the grant paid to Chapter, the Trustees shall have regard to clause 3.2 of the Trust Document under which they are required to ensure that the original value of the Foundation's funds shall be protected. In the expectation that, over the long term, the value of the said capital funds will grow by 4Yo in excess of inflation, they expect the grant to be not less than 4% of the value of the funds. If the annual growth in value exceeds 4%, the Trustees shall consider the extent to which this excess may contribute to an increase in the grant. This grant-making policy will be reviewed annually. The Chapter may from time to time apply to the Trustees for grants in support of the objectives set out in clause 3.1 of the Trust Document. These applications will normally be presented to the Trustees by the Precentor or the Dean and shall be determined by the Trustees having due regard to their existing commitments and income. In making grants for boy and girl choristers, the Trustees will pay due regard to musical capability, the financial circumstances of the chorister's parents or guardians and residence in the Diocese of Guildford. The Trustees will not consider applications from existing or prospective members of the music foundation unless they are supported by the Chapter and forwarded by the Chapter to the Trustees as described above. In making grants to the Chapter, the Trustees shall in every instance have regard to the wishes of the donors. 31 Page
Guildford Cathedral Music Development Foundation Annual Report For the year ended 31 December 2024 Trustee recruitment, appointment and induction Trustees, being Commtttee members, appoint additional members to the Committee. A new Trustee may be appointed at any time (either by way of replacement or addition), but so that the total number of Trustees shall at no time exceed seven. Most Trustees are already familiar with the practical work of the organi53tion. New Trustees are given a short, informal training session to familiarise themselves with the charity and the context within which it operates. This covers: The obligations of Trustees. The main documents which set out the operational framework for the charity. Resourcing and the current financial position as set out In the latest published accounts. Future plans and objectives. Ongoing training Is undertaken as required. TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed; subject to any material departures that must be disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Tthe Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitws website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Guildford Cathedral Music Development Foundation Annual Report For the year ended 31 December 2024 ADMINIStRATIVE DETAIIS Trustees The following Trustees served from l January 2024 up to the date of this report: David Thomas Watts (Chairman} Very Reverend Robert Cooper (from February 20251 Stephen Bourne Prof. Edmund Sebastian Forbes Paul Savage Richard John Stevens Reverend Canon Rachel Young Clerk to Trustees: Graham Norton Advlsors Independent Examiner Rachel Eden, Holy Brook Associates, Curious Lounge, 1st Floor, Pinnacle Building, Tudor Road, Reading National Westminster Bank, 151 High Street, Guildford, GUI 3AH Bankers Solicitors TWM, 65 Woodbridge Road, Guildford, Surrey GUI 4RD Charles Stanley, Myriad House, 33 Springfield Lyons Approach, Chelmsford, Essex, CM2 5LB CCLA Investment Management, l Angel Lane, London EC4R 3AB Investment managers Principal Address Guildford Cathedral. Cathedral Office, Stag Hill, Guildford, Surrey, GU2 7UP Approved by the Trustees and signed on their behalf by: Dated: 7 May 2025 David Thomas Watts Chairman 51 Page
Guildford Cathedral Music Development Foundation Independent Examinerfs Report For the year ended 31 December 2024 I report on the accounts of the Foundation for the year ended 31 December 2024 which are set out on pages 7 to 20. This report is made solely to the Charit¢s Trustees, as a body, in accordance with the Charities Act 2011. My examination ha5 been undertaken so that I might State to the Charit¢s Trustees those matters l am required to state to them in an examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my examination, for this report or for the opinions I have formed. Respertive responsibilities of Trustees and Examiner As described in the Statement of Trustees, Responsibilities on page 4, the Trustees are responsible for the preparation of the Trustees, Annual Report and the financial statements in accordance with Applicable Law and United Kingdom Accounting Standards. The Trustees consider that an audit 15 not required for this period under section 144(2) of the Charities Act 2011 and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act, follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act and state whether particular matters have come to my attention. Basis of independent examlnerfs statement My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examlnerfs statement In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met, or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Rachel Eden Holy Brook Associates Curious Lounge 1st Floor Pinnacle Building Tudor Road Reading Dated: 7 May 2025
Guildford Cathedral Music Development Foundation STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024 Restricted Endowment Funds Funds Total 2024 Total 2023 Note Unrestricted Funds Income from: Donations and legacies Investments 257,408 8,014 265,422 3,340 1,274 4,614 260,748 18,641 279,389 2,092 19,333 21,425 9,353 9,353 Total Expenditure on: Raising funds Charitable activities Total . 3,420 92,008 95,428 543 3,992 1,202 5.194 7,955 115,396 123,351 4,186 47,594 51,780 22,186 22,729 Net Income/¢expenditure) before investment gains 156,038 (30,355) 169,994 (18,115) 4,159 Realised gains on investments Unrealised gains on investments Net gains on Investments 904 144 1,055 2,103 32,429 33,333 5,156 5,300 37,851 38,906 75,436 77,539 79,552 79,552 Net Incomellexpenditure) 203,327 (12,8151 43,065 233,577 49,197 Transfer5 between funds 23,503 123,053) Net movement in funds 203,327 10,238 20,012 233,577 49,197 Total funds brought forward 493,793 78,511 576,334 1,148,638 1,099,441 Total funds carried forward li 697,120 88,749 596,346 1.382,215 1.148,638 The financial statements include all gains and losses in the year. The notes on pages 9 to 20 form part of these Financial Statements.
Guildford Cathedral Music Development Foundation BALANCE SHEEr As at 31 December 2024 Note 2024 2023 Fixed Assets Investments 1,072,773 1,107,582 Current Assets Debtors Cash at bank io 243,543 66,399 309,942 42,056 42,056 Current Liabilities Creditors: Amounts falling due within one year li {5CK)) {I,000} Net Current Assets 309,442 41,056 Net Assets 1,382,215 1,148,638 Represented bv Unrestrirted funds Restricted funds 12 697,120 88,749 596,346 1,382,215 493,793 78,511 576,334 12 Endowment Funds 12 Total Funds 12 1,148,638 The notes on pages 9 to 20 form part of these financial statements. The financial statement were approved by the Trustees and signed on their behalf by: Dated: 7 May 2025 David Thomas Watts Chairman
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 Accounting Policies Basls of Preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) and applicable accounting standards (FRS102), and the Charities Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency, and have been rounded to the nearest pound. The charity has taken advantage of the exemption under FRS102 SIA not to produce a cash flow statement. b) Income Recognltion All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income, the amount can be reliably measured and it is probable that the income will be received. Donations and other forms of voluntary income are recognised when receivable by the charity. Legacies are accounted for at the earlier of: the date on which the charity is aware that probate has been granted; the estate has been finalised and notification has been made by the executor{s) to the charity that a distribution will be made: or when a distribution is made from the estate. Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a distribution. Where legacies have been notified to the charty. orthe charity is aware of the granting of probate, and criteria for income recognition have not been met, then the legacy is treated 35 a contingent asset and disclosed if material. Gift aid is recognised in the period the donation it relates to was received. Investment income includes rental income which is recognised in the period it relates to and dividends and bank interest which recognised in the period the charity is entitled to receipt. Expenditure Recognition All expenditure 15 accounted for on an accruals basis and is inclusive of irrecoverable VAT. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the obligation can be measured reliably. Expenditure on raising funds includes investment managerfs fees relating to the management of the investment portfolio, and the maintenance and administration fees for the rented property.
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 Accounting Poltcies (continued) Expenditure on charitable activities includes grants with relevant SUPPOrt costs. Grants are charged in the year they are approved for payment. No grants are deferred. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the charity. Support costs comprise costs involved in running the charity and have been allocated directly to the relevant expense in accordance with FRS 102. Investment Property Investment property is included initially at cost, and subsequently at fair value atthe balance sheet date. Investments Investments are recognised initially at cost which is normally the transaction price less transaction costs. Subsequently they are measured at mid value and any gains or10sses are taken to the Statement of Financial Activities. Since 2020. the Trustees have taken a common fund approach to its investments SO that they are now held by all funds pro-rata. Income, expenditure and gains/losses for the year are allocated to funds on the basis of the proportion of the fund balances. The Trustees have invested primarily in accumulation funds. The Trustees consider the total return produced by these funds and allocates an appropriate amount from the return to income funds and ensures that the original capital amounts in these funds continue to grow with the Consumer Price Index. f) Financial Instruments The trust only has financial a55ets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Funds Unrestricted funds can be used in accordance with the charitable objects at the discretion of the Trustees. g) Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrirtions arise when specified bythe donor orwhen funds are raised for particular restricted purposes. Endowment funds are held on trust as a capital fund. For expendable endowments, the trustees have discretionary powers to convert capital into income. Permanent endowments funds have no provision for the expenditure of capital. IOIPage
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 Accounting Policies (continued) Judgements and key sources of estimation uncertainty In the application of the charitable companvs accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The key estimates for the purposes of these accounts are: h) Value of investment property. Donations, legacies and slmilar income 2024 Unrestrfcted Funds Restricted Funds Endowment Funds Total 2024 Donations 85 3,340 3,425 13,780 Legacy received 13,780 Legacy Accrued 243,543 243,543 257,408 3,340 260,748 2023 Unrestricted Funds Restrlrted Funds Endowment Fund5 Total 2023 Donations 752 1,340 2,092 Investment Income 2024 Unrestricted Fund5 Restricted Funds Endowment Funds Totsl 2024 Bank interest Dividends and interest Rental income 444 70 518 1,032 4,385 13,224 18,641 1,885 5,685 8,014 300 2,200 6,635 9,353 904 1,274 2023 Unrestrlcted Funds Restricted Endowment Funds Funds Total 2023 Bank interest Dividends and interest Rental income 550 i(xJ 655 1,305 5,220 12,808 19,333 2,200 5,398 8,148 399 2,621 6,431 9,707 979 1,478 11 | Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 Expenditure on Raising Funds 2024 Unrestricted Funds Restrlcted Funds Endowment Funds Total 2024 Investment management fees Maintenance and administration of investment property 369 58 432 859 3,051 485 3,560 7,096 3,420 543 3.992 7,955 2023 Unrestrlcted Funds Restrlrted Funds Endowmerrt Funds Total 2023 Investment management fees Maintenance and administration of investment property 160 29 191 380 1,604 291 1,911 3,806 1,764 320 2,102 4,186 121Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 Charitable Activities 2024 Unrestricted Funds Restricted Funds Endowment Funds Total 2024 Grants payable (Note 61 Accounting support reimbursed to Chapter Trustee Insurance 90,978 22,022 113,000 860 137 1,003 2,1X)O 170 27 199 396 92,008 22,186 1,202 115,396 2023 Unrestrlcted Funds Restricted Funds Endowment Funds Total 2023 Grants payable (Note 6 } Accounting support reimbursed to Chapter Trustee Insurance Sundry expenses 9,232 36,008 45,240 843 153 1,004 2,(KlO 149 27 178 354 10,224 36,188 1,182 47,594 Grants Payable 2024 Unrestricted Funds Restricted Funds Endowment Funds Total 2024 Chapter of Guildford Cathedral Boy Choristers Girl Choristers Lay Clerks, Salaries & Housing Organ Scholar Sub-organist Music Chaperones Others 12,000 7,500 1,500 1,022 12,000 7,500 44,000 2,500 26,000 10,800 10,200 113,000 42,500 1,478 26,000 10,800 10,2(X) 90.978 22,022 13 IPage
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 Dernber 2024 2023 Unrestricted Funds Restricted Funds Endowment Funds Total 2023 Chapter of Guildford Cathedral Boy Choristers Girl Choristers Lay Clerks, Salaries & Housing Organ Repairs Organ Scholar 12,000 7,500 14,008 12,000 7,500 20,000 3,240 2,500 45,240 5,992 3.240 2,500 36,008 9,232 staff Costs and Trustees Remuneration and Expenses The charity does not have any employees12023'. none). The Trustees receive no remuneration12023: £nil). No Trustee expenses were reimbursed duringthe period. Tru5tees' insurance of £396 (2023: £354) wa5 paid by the Charity. Transfers between fund5 2024 UnstrICted Funds Restricted Funds Endowment Funds Income transfer from endowment funds to restricted funds Boy Chorister Hardship Fund incorporated into Boy Chorister Fund Girls Chorister Extras Fund incorporated into Girl Choristers Fund 23,053 {23,0531 15,919 115,919) 8,210 (8,2101 Income transfer from designated fund to general fund 14,817 {14,817) 23,053 (23,0531 The income transfers represent 4% of the opening fund balances of the designated legacy fund and the endowment funds being the amount the Trustees consider an appropriate long-term allocation from the total return to ensure that the original capital amounts in these funds continue to grow with the Consumer Price Index and funds above that are available for distribution. 141 Page
Guildford Cathedral Music Development Foundation Notes to the financial statement5 For the year ended 31 December 2024 2023 Unrestricted Funds Restricted Fund5 Endowment Funds Income transfer from endowment funds to restricted funds Income transfer from designated fund to general fund 22,082 (22,082) 14,2(XJ (14,220) 22,082 {22,0821 Investments 31 December 2024 l January 2024 Change in fair value Additions Fees/Disposals Investment propertv Investment portfolio 270,000 837,582 1,107,582 270,000 802,773 1,072.773 (112,348} (112,348) 77,359 77,539 2024 2023 Investment portfolio CCLA Investment Fund F&C Investment Trust plc Scottish Mortgage Investment Trust Cash 399,386 248,824 151,052 3,511 802,773 411,754 247,811 177,186 831 837,582 10. DebtOTS 2024 2023 Accrued Legaoi income 243,543 11. Creditors: Amounts falling due withln one year 2024 2023 Deferred Girl Chorister Grant 500 1,000 500 I,IxJo 151 Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 12. Funds 2023 Fund Movements l January 2024 Change in fair value 31 December 2024 Income Expenditure Transfers Unrestricted funds General 123,376 259,410 (92,090) 14,817 8,328 313,841 Designated: Michael Barry Legacy 370,417 6,012 {3.3381 (14,817) 25,005 383,279 493,793 265,422 (95,428) 33,333 697,120 Restricted funds Boy Choristers Scholarship Income Boy Choristers Hardship Girl Choristers Scholarship Income Girl Choristers Extras Organ Scholars Choral Scholars Lay Clerks Stipends 26,911 1,935 (12,386) 31,109 2,891 50,460 15,919 {15,919} 16,321 998 17,721) 16,073 1,656 27,327 8,210 951 (8,2101 15 (1,030) (92) 11,500) (22,729) 10,199 166 1,500 4,614 689 10.962 78,511 25,053 5,300 88,749 Endowment Funds Boy Choristers Scholarship Girl Choristers Scholarship 379,766 6,163 (3,422) (15,190) 25,635 392,952 196,568 3,190 (1,772) (7,8631 13,271 203,394 576,334 9,353 (5,194) {25,053) 38,906 596,346 Total funds 1,148,638 279,389 1123,351) 77,539 1,382,215 161Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 12. Funds (continued) 31 December 2023 2023 Fund Movements l January 2023 Change in fair value Income Expenditure Transfers Unrestricted funds General 108,352 2,860 (9,876) 14,200 7,840 123,376 Designated: Michael Barry Legacy 355,003 6,040 {2,1121 (14,2(X)) 25,686 370,417 463,355 8,900 111,988) 33,526 493,793 Restricted funds Boy Choristers Scholarship Income Boy Choristers Hardship Girl Choristers Scholarship Income Girl Choristers Extras Organ Scholars Choral Scholars Lay Clerks Housing Lay Clerks Stipends 22,360 449 (12,0711 14,555 1,618 26,911 14,690 250 (84) 1,063 15,919 14,523 781 {7,561} 7,527 1,051 16,321 7,577 3,184 9,413 11,461 830 129 (44) (2,518) {551 (12,5761 (1,599) 136,5081 548 231 8,210 951 54 160 284 711 681 10,199 831 58 84,038 2,818 22,082 6,081 78,511 Endowment Funds Boy Choristers Scholarship Girl Choristers Scholarship 363,869 188,179 6,228 3,479 12,107) {1.1771 {14,555) (7.527) 26,331 13,614 379,766 196,568 552,048 9,707 {3,2841 (22,082) 39,945 576,334 Total funds 1,099,441 21,425 151,780) 79,552 1,148,638 171 Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 12. Funds (continued) Assets b fund As at 31 December 2024 Debtors Cash Investments Creditors Net assets Unrestricted Funds 427,327 83,613 561,833 1,072,773 243,543 26,449 5,175 34,775 66,399 1199} {39) (262) (500) 697,120 88.749 596,346 Restricted Funds Endowment Funds Total 243,543 1,382,215 Assets fund As at 31 December 2023 Debtors Cash Investments Creditors Net assets Unrestricted Fund5 Restricted Funds Endowment Funds 476,144 75,705 555,733 1,107,582 18,079 2,874 21,103 42,056 (4301 {68) (502> (1,0) 493,793 78,511 576,334 1,148,638 Total 181 Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 12. Funds (continued) Descri tion of funds Funds from a legacy by Michael Barry. The Will indicated that the legacy was for general purposes, but that his wish was for the funds first to be applied towards a sponsorship scheme for boy choristers; to establish an endowment for at least one chorister and the balance to fund a further chorister or lay clerks. The residue was also for general purposes, but with a preference for similar uses as the legacy. To this end the funds have been treated as designated. Boy Choristers The provision of grants for the education or musical training of the Scholarship Income Fund boy choristers The provision of grants for the welfare of the boy choristers, which has now been incorporated into Boy Choristers Scholarship Income Fund Michael Barry Legacy Fund Boy Choristers Hardship Fund Girl Choristers The provision of grants for the education or musical training of the Scholarship Income Fund girl choristers The provision of grants for the welfare or other needs of the girl choristers which has now been incorporated into Girl Choristers Scholarship Income Fund Girl Choristers Extras Fund Choral Scholars Fund The provision of scholarships for choral scholars Organ Scholars Fund The provision of a scholarship for an organ scholar Lay Clerks Housing and Stipends Funds The payment of salaries to and the provision of accommodation for the lay clerks Boy Choristers Scholarship Fund Expendable endowment to fund the education or musical training of the boy choristers Girl Choristers Scholarship Fund Expendable endowment to fund the education or musical training of the girl choristers 13. Related Party Transactions During the year, the Charity awarded the Chapter of Guildford Cathedral grants as set out in note 6. In addition, the Charity paid £2,000 {2023." £2.000) to the Chapter towards financial accounting support provided by Cathedral staff. At 31 December 2024 the charity owed Guildford Cathedral £Nil {2023: £Nil). 191 Page
Guildford Cathedral Music Development Foundation Notes to the financial statements For the year ended 31 December 2024 14. Prior year comparative statement of financial artivitie5 Note Unrestricted Funds Réstricted Funds Endowment Funds Totsl 2023 Total 2022 Income from: Donations and legacies Investments 752 1,340 1,478 2,818 2,092 19,333 21,425 2,088 8,670 10,758 9,707 9,707 Total 8,900 Expenditure on: Raising funds Charitable activities 1,764 10,224 11,988 320 2,102 1.182 3,284 4,186 47,594 51,780 8,513 83,372 91,885 36,188 36,508 Total Net (expenditure) before investment gains {3.088 (33.690) 6.423 (30,355) (81.127) Net (lossesl/gains on investments 33,526 6,081 39.945 79,552 (176,758) Net expendlture 30.438 (27,609) 46.368 49,197 (257,885) Transfers between funds 22,082 (22,082) Net movement in funds 30.438 {5.527) 24.286 49.197 (25785) Total fvnds brought fonvard 463,355 84,038 552,048 1,099,441 1,357,326 Total funds carried forward 11 493.793 78.511 576,334 1.148,638 1.099,441 201 Page