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 De￿rnber 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
Un￿strICted
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 (257￿85)
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