REGISTERED CHARJTY NUMBER . 1154957 THE RIPON CATHEDRAL MUSIC TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023 THE RIPON CA THEDRAL MUSIC TRUST CONTENTS Page Referenee aDd •dministrative d¢t*fis of tbe Cbarhy? it$ Trustees aDd adv5sors Trnsttts, report Trnstees, respoD$ibilities s¢*te)DeDt IDdepeDdent *￿dItors, report the financial st*tsments Statemellt of fJD8ncial aetiv5tks BalaDce she¢¢ Notes to the f￿￿￿¢￿81 st•tement5 10-17 The following pa8&% do not foTEn part of the siatulory fRnancial statem¢nts'. Cb*rfty Detxiled income xnd e￿endIture •ceount 18 THE IUPON CATHEDRAL hlUSIC TRUST REFERENCE AND ADMINISTRATIVE DEfAtLS OF THE CHARJTY, ITS TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Sir Andrew Lawso]J Tancrcd (ChaTrn)an) The Very Revd John Dobson DL Mr P Arundel Mr A Kitchingman Mr R Graham Mrs F Dodd MTS H K Edwards Mr A T A 1￿Ck￿L Rdiring 16 April 2024 Charity registered number 1154957 Princip*l office Liberty Courthouse MinsteT Road Ripon North YorkshiTe HG4 IQS Independ¢￿t Auditor5 Arnistrong Watson Audit Li]Dited Chartered Accouniaiits York House Nonhallerton North Yorkshire DL6 2XQ BADkers CAF BaDk Ltd 25 Kings Hill Aven￿¢ Kings Hill West Ma]ling KeDI ME19 4JQ Solicltor$ Wrigleys Solicitors 11 19 Cookridge Sireet LS2 3AG Sto¢kbrokers Inv¢￿e¢ Wealth & Invesiment Ud Quayside House Callal Wharf LSII SPU THE RIPON CATHEDRAL MUSJC TRUST TRUSTELS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present the5r report with ihe financial stsiements of ihc charity for the year ended 31 December 2023. The iiusiees have adopied the provisions ofAccounting and Rq)orting by Charitie5.' Stalernent of Recommended Pra¢Li¢e applicable to charities preparing their oCCOUJJts in accordance with the FiDa]]¢ial RepoTtRng Sialhdard applicable in the UK aT)d Republic of Jreland (FRS 102) (effective from l January 2019) and the Charities Act 2011. OBJECTIVES AND ACTIVITIES Objectives aDd Aims The principal objeciives of the Charity are for the public benefit io promote and advance the edvcation of the public in the art of DIU5iC. panicularly (but not exclusively} at or in ￿nn¢¢lIon with Riptsn Cathedral,. to promote and advance the Christian religion and public worship connected with it ihTough Ihe support of mwic at or in connection with Ripon Cathedral and also lo further such Charitable purposes rdaling to Ripon Cathed￿1 as the Trustees in their absolute dis¢relion think fit. Publie beDefit From l April 2(K18 section 4 ¢Jf ihe ChaTiti¢S Act 2006 Tequir¢s a]1 charities to meet the legaI re4uirements Ihat its aim5 are for the public benefit. The Charity Comn]ission in its YhaTities aDd Public Benefit" Guidance Slates that there are Iwo key principles lo be met in order to show that an organisation's aims are for the publÈc benefit= firstly. there D]ust be an Identifiable benefii and secondly, that the benefit be io the public or a section of the public. The T[u￿te5 confirni thai they have ¢omplied with the duty in seciion 4 of the Charities Act 21J06 to have du¢ regard io the public benefii guidanee published by the CO￿￿1￿$)0￿ it) deieTmintn8 the act7vities undertaken by tbe Cha¥iry. The Trustees are satisfied tbai the aims a￿d objectives of the Charity, and the activities reported OD the al)ove to achieve those aillJ4 me¢1 these principles. ACHIEVEMENT AI¥D PERFORMANCE Although the year did not see much of an Increase in the trust eDdowmeDi. li was nonetheless a very skgnifi¢ant year foi musi¢ at Ripon Cathedral. Projeci Phoenix has continued io deliver cxtraoidinary results and the Cathedral now has a choir comprising 27 boys and over 30 girls plus 8 choral scho12rs. The growth in numbers bas been malched by 8 growth in qua]ity and I can eonfidently report ihat the choii generally is in better shape tha] it has been for some consRderable number ofyears. This h8s be¢n achieved by virtue of some very hard work by all in the music departmenl but the dedication and leadership of RoDnie Ktippner has been key 10 siicce5s. In De£ember the Choir joind foT¢es with the St Ce¢ilia Orchestra in a sptctsculat Christmas concert featuring some extracts from The Chrislrnas Oraiorio (J.S. Bach) as well as some ttaailionai ChTiStmas music. This was the first lime the Choir had perfonned in a concen setting since well before Covid. and they rose io the occasion in a mogDificent display of chotal sit)ging. Early in the new year tbe choir will be recording a Christhjas CD which will be on sale for Christn]as 2024. We are also well advanced in pla7]s for a foreign lour to Bavavia ID the summer. The Music Trust will be supportsng l)oth of thesc initiatives. Trnst funds stood at £ 1.902.444 as at December 2023. Whilst the objective of the Trust is to build a fi]nd of +£5M, there are a Tjumber of consiTaints which PTesenily inhibit a major fi]nd-rdising initiative, most notably the RCR PToject. Hopefully that proi¢ct will SOOD come to fruitiO]J and allow the SpO￿lE￿t to fail ot)¢e again Oll music. FINANCIAL REVIEW Our funds remain inv¢*ed with Inv&8tec Wealth lllvestsnent Limited and at 31 December 2023 the inve￿ment fijnd in￿¢￿sed to £1,700,81812022 £1,649,494). Aftu a turbuleni 2022 ￿U]lieS rose across the globe and our ￿rtd rose by 30/0 in 2023. THE RIPON CATHEDRAL JIUSIC TRUST TRUSTEES, REPORT (CoNTI￿,UED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTUR[ GOVERNANCE AND MANAGEMEfqT GOVer￿l￿g document The charity is controlled by Rts governit]g documeDL a deed of In]￿. and constitutes an uninco7poraied charity. InductiOD a)d training of the trudtts All new tr￿￿te$ are given. in th¢ view of the board, wfficient training 2nd have knowledge of the specific fjeld lo understand the nature of the charity and fully cornply with the charities ¢urrent views of ils progression. They are required to ensure they are boih aware of both iheir legal aTJd prof¢ssioDa] rw*n&bilitits Under cbaTity and company l¥w. OrgaMis8tio The Trustees listed on page l. are eniiued to hold office for 5 years from the d*e of their appoiniment. The power of appointment of new Trustees is Ve￿¢d i]J the Cathedral Chapter. The Chapter may appoi5)i iiself. lis employees, offi¢ers andlor agen15 as Trustee(s) if it so wishes. The number of Truste&s shall be mainlailled • not less than 3 and no more than 10. The Twstees m¢¢t togethu foi the dispatch Of busines& adjoum or otherwise regulate iheir meetings as they think fjl twice a year. R5$k msnagement The trustees have a duty to identify and review the risks to wbich the charity is exposed a]Jd to ¢nsure appropriate Controls are in place to provide re8sonable assurdnce again￿ fraud and eEror. Approved by ord¢r of the of trustees and s on its behalf by: The Very Revd Joh]J Dob50n IiIpoD Cathedr•l Date= 1210712024 THE IUPOIY CATHEDRAL MUSIC TRUST STA TEMEh'T OF TRUSTEES? RESPOh'SIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Tn]slees are responsible for preparing the Trustees, repon and the fjnancial statemen¢s in accordance with applicable law and Uniled Kingdom Accounting Siatj(lards (Uniled K]"ngdom Generdlly Accepted A¢counting Practice). The law applicable io charitias in England & Wales ¥equires the Trnstees to prewe financial staternents for each financia] year which give a true and faiT view of the slate of affairs of the Charity and its incomi7)g resources and application of Ksources. including its in¢ome and expenditur4 for the period. In prepaTinE ihese financial statement4 thc Trnskes are Jrquir•J to.. select suitable a¢¢ountiDg WTrli¢i¢s and then apply them consistendy" observe the methods and princtples of the Charities SOR￿ (FRS 102). make judgements and accountiJJg ¢stTrmat&s thai are reasonable aDd pnjdenu state whether applxcable UK Accoutjiing Standards (FRS 102) have bee)) followed. subject to any materia] departures disclosed and explained in the finaD¢ia] statements" prepare the f￿anCial staternents 071 ihe going concern basis unless li is inappropriate io presume thai the Charity will continu¢ in bllsine&s. The Trustees are reSpO￿$]b]e for keqjing adequ*e accounting Tetords are sufficient to show aDd explain the Cbarity's transact20ns aDd disclose with reasonable accurdcy at any time the fjnanciai position of the Charity and enable them io ensure th￿ the financial state]nents comply with the ChaTilies A¢1 2011, the Charity (Accounts and Reports) Regulaiions 2(X)8 and the provisions of the Tnjst deed. They 3re a]so responsible for safeguarding the assets of the Charity and heA¢e for tsking reasonable steps foT the preventson aDd detec(Èon of fiaud and other irEegulaTities. Approved by ordeT ofthe m¢mbers of the board T￿￿teS and signed on its behalf by: vd Jobn Dobsoll Date.. THE RIPON CATHEDRAL MUSIC TRUST lI%'DEPEh'DE￿'T AUDITORS. REPORT TO THE MEMBERS OF THE RIPOF4 CATHEDRAL MUSIC TRUST OpinioD We have audited tbe financial statemenis of The Ripon Ca1hed￿ Music Trusi (the'¢haTityJ for the yeor ended 31 Decernber 2023 which comprise the statemeni of financkal activities, the balan¢e shed and the yelated noies, including a summary of signifJ¢ant a¢¢ounting poli¢ies. The fina]J¢ial reporting frdmework that has been opplid in iheir preparation is applicable law and United Kingdom Accounting Standards, iDcluth"ng Financial Repofiing StaDdard 102 The Fina￿Cia] Reporiing Standard applicable in the UK and Republi¢ of Ireland, Iuniied Kingdojn Genually Accepted Ac¢ollnting Practic¢). The financial S￿ementS have been prepared in accordaJ)ce with A¢counliDg aDd Repollit)g by Charities preparing their accounts i accordan¢e with the Financial Reporting Standards applic3ble in the UK and Republic of trelat)d (FRS 102} in preferen¢e to the Accounting and Reporting by Chariti¢s: StaterneDt of R¢¢ommended PractÈce issued on l April 2(K)5 which is refe￿¢d to in the extanl regulations but been withdrawn. Thi5 has been done in order fw the aCC￿nts to provide a true and fair view ¥COTdaD¢e wilh th¢ Generally Accepted Accounting Pra¢tice effecliv¢ foT reporting peTiods beginDRng on OT aftts l January 2019. In our opinion the r]nats¢ial slaleD)ents: give a true and fair view of the stale of the charityts affairs as at 31 Dcccmber 2023 and of its incoming resour¢es and applicatitsn of resources for the year then ended. have been properly prcpared in a¢¢ordaDce wilh United Kingdom Generally A¢cepteAI Accouniing Pla￿1¢¢. and have been prepared ID a¢¢oTOan¢e with the requiT¢ments of the Cbaritics Act 2011. Basis for OPiniOD We coJ)ducted our audit in accordan￿ with htenjational StaDdaTds on Audiling (UK) OSAS (UK)) and applicable law. Our responsibilities under those slandards ate further described in the Auditots, responsibilities for the audit ofihe finaTJ¢ia] ststements sedion of our report. We are independent of the chatity in accordance wRth the eihicaj requirements thai ar¢ relevant to our audit of the financial statements in the Uniied Kingdom, includiT)g the Financiaj Reporiing Council's Ethica] Standard, and we have fulfilled oui other ethical Tesponsibiliiie5 in accordancc with these requiremcnts. We bdieve thai the audit evidence we have obtained is sufficieni and appTrpriate to wovide a basis foi our opiDioD. CoD¢Iusion5 relatlng to ¥OlDg ¢OD¢erii In auditing the financial sthiements, we have Concluded that the ThTrste& use of the goin8 concern basi5 of accounting in the prepa￿lOn of the financia] stzlements is appropriate. Based on the work we h2ve perfomied, we have not identified any Jnalerial UllCAtsiDlies rdating io eveDls or condilions that, individually or collective]y, May cast significani doubi on the tharity's ability to continue as a going concern for a period of at least twdve months froJD when the financial ststements are aUth￿]sed for is37]e. Our responsibilities and the respon￿bIlItieS of the T￿￿¢t$ with respect its going ¢oncern are dewibed in the relevant sections of Ihis report. Other infor￿¥11￿￿ The other i]Jforn)ation comprises the inforrnation included in ihe annual rew other thaD the financial staternents and oui auditors, report ihereon. The Th]stees are respot)sible for the other information contained wiihin the aDnua] ieport. Our opinion on the financial staternents does not cover the oiher infornialion excq)t io the extenl othernryse ¢xplicitiy stated in our report, we do not express any fonn of assurance conclusion thereon. OUT ieswknsibility is to read the other l￿fonnation and. in doing so, ¢onsider wheiher the other infonnation is materia]ly inconsisteni with the financia] slatements. or our knowledge obtained in the course of the audit. or otherwis¢ appears lo be ma¢erially mI&s￿ed. If we identify such Etlaterial in¢onsis1encies or appareni material misstatements, we are re9Utred io deterniine whether this ghvcs rise to a material miwatement in the r]nan¢ia] statements THE RIPON CATHEDRAL MUSIC TRUST JNDEPENDENT AUDITORS, REPORT TO THE l¥lE￿IBERs OF THE RIPON CA T]IEDRAL f4qUSIC TRUST thernselves. If. based on the work we have t*rfornied, we conclude thal there is a maleriat rni&staiement of this other infomaiion, we are requiTed to report that fact. We have nothing io Teport in this regayd. M•tter5 on whi¢b Tve are reQ￿]red to report by eyceptits We have nothing to rqjort in respect of the followTrDg mau¢TS where the Charities (A¢¢ounts and Repons) Regulations 2008 requires us to report to you if, in our OPiTJiOn- the illfonnation given ID the Trnstec5' report is incoDSiStu)t in any material re5ped with the financial llatemenis.. or SU￿]c1enI accounting records have Dot been kept. or the financia] statements are not in agreement with the accounting re￿0$ and Teturns. or we have not receÉved a]1 the iDfornLation and cxplaDations we Tequir¢ for our audit. Responsibilitie5 of trusttts As explained rnore fully in the trusiees, r¢sponsibi]ities siatcmeJiL the Trusiees are responsible for Ihe preparation of ihe financial staiernents which give a twe at)d fair view. ajid for such internal control as the Tnjsltes deteTmine is J)ecessary to enable the preparation of financia] statements aTe free from mateTAal misststemenL whdher due to fraud OT error. In pieparing the financial staiemth)is, the Trustees are respon*ble for assesslng the chaTity'S ability to continue as a going Concern, disclositig, as applicabl< mattets rdated io goiD8 concern aDd using the 80illg Concern basis of a¢¢ollnting unless the Tnkstees either intend to liquid*e the charity or lo cease opu*ioD4 or have no rea]iMi¢ a]ternalive but to do so. Auditors, responsibilities for the xudit of the finaDcial st•tements We have been appointed as avditor UTJder seciioD 145 ofthe Charities A¢t 2011 aDd report in accordaD¢e with th¢ Acl and relevant regulaiions made or having effeci thereundu. Our objectives are lo obtain reasonable a&%urni¢e whejher the financia] statements as a whole are free from material rnisstatemeDI, whether due to fraud or eTror, aDd to issue an audil¢)rs' report thai includes our opinion. Reasonable assurance is a high level of assurance, but is t)ot a guarantee that an audit Conducte41 accordaDce with ISA5 IUK) will always detect a rnaieria] rnisstat¢menl when it ex]￿$. Misstatements c&] arise from fraud or aroT and are considered material if, individua]Iy OT in the aggre8ate, th¢y could Teasonably be expethed to influeD¢e the ¢CODomic decisions of users tsken on the basis of these finall¢ia] statemenls. Irregularities, including fraud, are ins1ances of norfrcompliance with laws aDd reEulations. We d&%ign pro¢eduyes in line with our responsibilitie4 outlined abov< to detect material misstaternents in respec¢ of irregulaT]li￿ includin8 fraud. The extent ¢0 whieh our procedures are capable of detecting iTtegularitie4 including fraud is detsilcd below. Our appioa¢h to identifying and assessing the risks of m3teria] Mis￿ateMent ill Tespecl of irrcgulaTities, includin8 fraud and non- ¢ompliance with laws and regulation4 was as follows.. the engagement partner ensur¢d that the engagement ieam colleaively had the appTopriate cornpetence. capabilities aDd skills to idenlify or recognise non-compliaTJ¢e with applyrable13ws and reglllation4 such as the Charities A¢1 2011,. we ideniified the laws and regulations applicable to th¢ ChaT3ty through discussions with Trustees and other managemenl we assessed the extent of compliance with tbe laws and regulations identified above throtsgh making enquiries of manage]nent' and identified laws and regttlaiions were communicated wilhin the audil team regularly and the team Temained alet1 to instances of non-compliance throughout the audit. We assessed the susceptibility of the ChaTity'S financial ststem¢nts to rnateraal miss#ataneJii, indudin8 obtaining an understanding of how fTalld might occur. by-. rnaking enquiries of managernent as to whcrc they considerttj th¢re was susttptibility to frau¢ their knowledge of actua]. suspected and alleged fraud. ald considering the internal Controls in plxe lo mitigate risks of fraud and noD-complia*¢e with laws and Tegul*ions. THE RIPOP4 CATHEDRAL hlUSIC TRUST l￿DEPE￿'DE￿'T AUDITORS, REPORT TO THE MENIBERS OF THE RIPON CATHEDRAL MUSIC TRUST To addre&8 the risk of frdud throygh management bias and override of control4 we.. perfomed analyti¢al procedures as a risk assessmenl tool lo identify any unusual or unexpttted re]atlODships.' I¢￿ed journal entiies to identify unusua] transactjODS- tested ihe operaling effeciiventss ofkey Controls overpuKhase cyclcs on a saTDple basis. and reviewed the application of accouniing ￿liCit$ inch]ding th¢ application of capit31isation of tangible ass¢t$ In response lo the risk of i￿e¥ll]￿lI1¢S and non-compliance with laws and TegUlatio￿ we designed procedures which included, bui were not limited io: agreeing financial statement disclosures to underfying Supp￿l￿g d￿]men(atiOn. and enquiring of managernent as to actual and potenlia] litigatiOD ajd claims. Due to the inherent limitations of *J audit. there TS an unavoioablc risk thai we rnay not lJav¢ detected some malerial mismiemenls in ihe f]nancia] stalernents. even though we have property plaDned a)d perfornied our audit in a¢¢ordance with auditing standaTds. For example, as with any audit, there remained a higheT risk of no]]41ete¢iioD of irregularitie4 as these may involve collusion, roigery, intentional omissions. misrepreseTJtaiions. or the ovuride of iniernal co]]irols. We are noi responsible for preventing fraud or non¢ompliaDce wilh laws and regvlatlODS a)d cannot be expedttj to detect all fraud and non-compliance with laws aTJd regulations. A further d¢scription of our responsibiliiies for the audit ofthe financial llatemenls is located OD the Financial Reporting Council's website at.. www.fic.OTg.uklauditorsre5ponsibilities. This descriptioll fom)s part of our audilors, repon. Use of our report This report is made solely to ¢he charity's inJ&ee4 as a b(xly. in a￿OrdanCe with Part 4 of the Chatities (A¢¢ounts and Reports) Regulaiions 2008. Our audit woik has been undertaken so thai we rnigbi s¢aie to tbe ¢haTiiy'S trustees those matters we are required to state to th¢m in an audilOTS' report *Jd for no other PUTpose. To the fvllest extent pennitted by law, we do not aceept 01 assume responsibility io anyone otheT ihan the chaTity and its trusiees. as a b(Mty. for our audii worK for this report, or for ihe opinions we have fomied. Simoll Turner (SeD5or Statvtory Auditor) For And b¢bAlf of ArTh$trong Wa(sorb Audit Lim5t¢d Chartered Accouniants & S￿ulOry Auditors Northallerton Date.. 2210712024 Arrnsirong Watson Audit Lirnited aTe eligible to aa as auditors in Itrnhs of secuorL 1212 of the Companies Act 2006. THE RIPON CATHEDRAL MUSIC TRUST STATEMEf4T OF FINANCIAL ACTlVtTIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Total Funds ￿￿d0￿Me￿I FuDd$ Ullrestr5eted Total Funds Funds Notes INCOME AIYD ENDOWMENTS FROM Donaiions and legacie Investment Income 20JOO 41,863 20￿00 41J63 10,850 41.079 Total iD¢ome and endowmellts 62J63 6¥63 52,929 EXPEf4DITURE ON Raising fimds Charitable activities ,173 8,173 96,935 8.847 84,679 96,935 Total ExptndRture &173 96,935 105,107 93.526 Net inf0mel(￿penditure) bef•re ￿tt gAiDS1005fj¢$) oll investments (&173) {34,572) (42,744) (41,597) Net 88itis on investn￿ts 97￿8 97,838 1247,341) Net Income 89,665 (34,572) 55,093 1288,9381 Transfers (48J08) 48?08 Net D￿Ven￿llt in funds 41J57 13,736 55,093 (288,938) ReconclllatloD of funds: Total fimds brougb fonvard Net movemeth in fi￿OS lJ6J,087 41J57 (13,736) 13,736 I￿7?5] 55,093 2.136289 (288.938) Tot*] funds carried forward 1.902,444 1,902.444 1,847,351 The Stsiement of fmancial activities includes all gains and losse5 recogDi￿ in the year. The Doles on pa8&8 1 I to 18 forni part of these statements. Pag¢ 8 THE IUPON CATHEDRAL MUSIC TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Total Funds Total Funds Notes Fixed Assets Investsnents 1,7011,818 1.649,494 Current Asset$ Debtors Cash at bank 3,487 201,479 14,060 186.667 21M906 2(M),727 Current Liab51fitSes Creditors.'amounts falling due within one 13J40) {2,870) Net curreDt *ssets 201,626 197.857 Total assets less current liabilities 1,901444 ,847,351 Total Det assets 1,902,444 1.847.351 Charity Funds Endoivmelli fi￿dS Restricted Unre6tricted 10 1902,444 1.861,087 10 10 113,7361 TOTAL Fuf4DS lJ112,444 1,847351 The fllwKial ststemenl$ were approved and authoriseJ for i&sue by the Trt￿edified by the revaluation of certain assets. The financial staiemeDts have been Tepared io give a Irue and faif view and have depaT(ed from the Charities (accounts and Reports) Regulaiions 2008 onty to the ext¢Dt required to provide a Irue alld faif vivw. Tbe departtue Jw involved f(Trllowing the Charities SORTr (FRS 102) published ¢)n 16 July 2014 rather than the Ac¢ounting and Reporiing by Charities.. Ststement of RecommeDdd Practice eifethive from l April 2005 ￿lch bas since been withdrdwn. The Ripon Cathedrdl Mv&c Trust meets the def]nitioD of a pub]i¢ F*Defii entity ￿￿eT FRS 102. Assets and liabililies are initially recogllised ai bistorical cost or traJ)saction va]ue un]ess otherwise ststed in the relevant h¢counting policy. 1.2 FiDaneig1 reportiDg standard 102- redvced dlsclt)sur¢ eJemptlons Tbe ¢barity has tsken advaDts8e of the following disclosure exemptiOD in preparing these fu￿¢la] statements, as pern]xtted by FRS 102 Tr Financial Reponiog Statldard applicable in tILe UK aJMI Repub]ic of Ireland.: the reqUir￿￿ts of Se¢ti¢)n 7 Sta*meDt of Casb Flows 13 Going tolleer The Board of Trnstees have a&sesed the historical perfonDance of the Twst and tbe fvtUTe plans. This iticludes consideration of the impact of Macro economy aTJd the adverse illlpaet this may have on inwming Te5012rces such as investment itic0n￿. GiveD the cban.iy has limited comtijitied ob]i8atiOllS for the puiod io ai leas¢ twelve months afier tbe date of the approval of accounts. and equity &%sets(even if at a reduced value date io Macro ecottomy) that it could realise at sbort notice that are rnore lthely than Dol to exceed and obligation. the Tru￿¢t$ are satisfTred from this review thai the charity remai￿ a going concern. The fJJ]aocial statements have beell prepared on that bas2S accoTdingly. 1.4 Ineome All incoming is recogllised 0￿¢ the Charity has entidemenl lo the incom¢. it is probable that the incorne will be received and the amount of iD¢ome receivable cau be measured re]iably. Page 10 THE RIPON CATHEDRAL MUSIC TRUST NOTES TO THE FINAf4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polities IconliDued) 1.5 ExpeDditure Liabililies are recogllised as exp¢nditure as soon as there is a legal or CO￿$t[U¢￿ve ob]igation commitling the charity to thal expendiftjre, )t is probable that a transfer of economic benefits w>ll be requ]Ted settleTnent and the amount of the obligation can be measuTed reliably. Expenditure is accounied for on an a¢￿ualS basis and has been classified under headll￿s thal aggregate all ¢ost re]ated io the category. Where costs camiot be direct]y atthbut¢d to particular headings they have been allocated io activities on a bosis consithi vrith the w of resourtts. Grants offered subject to conditions wbich have Doi been met at the year end dat¢ are Doled as a COTDmitm¢Jt but not accn]ed as expenditsre. Expendithtre on tharitable a￿]VitieS is incwred on direthly the activities which fiuther the ChariWs obJ￿￿ve$ as well as any asso¢iaied support cosls. AJI expendiiufe is iIiclusive of irrecovernble VAT. 1.6 Investments Fixed asset iDvestmellts are a fonD of fiDancial instnrnt a￿A aTe initialty recognised ai their Itallsaction cosl and subs¢queDtly me&S￿red ai fair value at the baIance shed datr. unless the value cannot b¢ measured reliably in which case il is measured at CO￿ le￿ impairnienl. Inves￿1 gains aud losse& whether realised or unrea]ised, are combined and preseTLted as'Gaij￿(L￿sse$) on investments, in the matsme￿ of financial activities. 1.7 Debtors Trade and other debtors are reCO￿]sed ai the setUemeDt amount after atty trade discount offered. Prepayments are valued ai the amount prepaid net of any trade discounts due. 1.8 Cash jt bank and in h#nd Cash at bank and hand includes c&sb and short-tem highly liquid investTDents with a sbort m8Nrity of three months or from the date of acquisition or openitig of the dewsii or similar accouDL 1.9 LlabS1ities provisions Liabi]ities an recogllised wben there is aD obligation ai the balance sheet dale as a rewlt of a pasÉ evejii it is probable that a transfer of economic benefit will be required in settlemenL and the amouut of the settlement call be estimated reliably. Liabilities are Tewgnised Èt the amount thai the Ctrwity aDticipaies It will pay to seule the debi or the amount Rt has received as advanced payrnents for the go¢)ds or sthvices li must provide. Frovisi(*ns are measured ai the best 45timate of the amouDts required to settle the obligation. Where the effect of the time vah3e of money is ma*rial, the PTOViSiOn is based OD the pr&qeni value of those amoun￿ diswunted at the prtrt&x diswunt rate tbat ieflects the risk8 specifjc kn the liability. The unwinding of the discount is recognised in the stsi¢m¢ni of financial activities as a fina￿e COSL Pagell THE IUPON CATHEDRAL MUSIC TRUST NOTES TO THE FINANCIAL STATEMEN'TS FOR THE YEAR ENDED 31 DECEMBER 21123 Aeeounting policie5 (continued) 1.10 FiD8n£ial instruments The Charity oniy has fjnancial assets and financial liabib.ties of a kind thai qualify as basic financial instnunellls. Basic financial instsiunents are itlitially Tecognised ai transadioll value ond subseqyendy measured ai their settlement va]ue with the exception of ballk loans which are subsequeDtly measwed at amonised cost using the effective ititerest method. 1.11 Taxatioll The ¢haTity 1$ exempt from tax OD its clwiable aclivities. 1.12 Fund accoujltillg Unrestricted fimds Can be used in a￿rda1￿C with th¢ charitsble objectives at the discr￿10￿ of the trud¢¢s. Restricted fimd5 can Only be wed for paTtscular restrided purposes within the objects of the clJaTity. Restrictions arise when specified by the donor OT when fujhds ar¢ rdisd for paTlicular restricied puTroses. Furtber explanation of the natwe and purpose of each fimd is included in the notes to the r]nancial sthtements. ID¢omt from And legaties UDre5tricted funds 2023 Tot81 funds 2023 Donations 20,500 20JOO UnT¢stricted fvnds 2022 Total 2022 Donations 10.850 10,850 INVESTMENT INCOME Unrestri¢¢ed fuDds 2023 Total funds 2023 Other imiestment inco]lle 41,863 41,863 41,803 41,863 Unrestricted fi￿d$ Total f4Jnds 2022 2022 Other itivestmenl income 41,079 41,079 41,079 41,079 Page 12 THE IUPON CATHEDRAL MUSIC TRUST IYOTES TO THE FINANCIAL STATEMENTS FOR THE I'EAR Ef4DED 31 DECEMBER 2023 Investment management eosts EndowmeDt Total Funds funds 2023 2023 Ponfolio maDa8emeiJt 8.173 &173 Endou￿tL1 Fw 2022 Total funds 2022 Portfo]io management 8,847 8,847 Auditors. remuneratifjD 21123 2022 Fees payable to the C1)arit￿5 auditor for the audit of the Clwitys fiDancia] ststements. 2,4110 2.400 Tru$tees' remuDerAtion and expeDSes During tbe year. no Trusiees received any remunerauon of other benefits (2022 - £Nil) During the year ended 31 DecembeT 2023. 00 Tntstee expenses have been In¢urr￿ (2022. £Nil) Page 13 THE IUPOIY CATHEDRAL hlUSIC TRUST NOTES TO THE FINANCIAL STATEhqE]YTS FOR THE YEAR ENDED 3] DECEMBER 2023 Fixed Asset iDvestments Listed IDvestments Cost or valuation At l January 2023 Additi¢)ns Disposals Revaluations 1,649,494 404,703 (451,217) 97,838 1,700,818 r4et Book Value At 31 De¢emb¢r 2023 1,700,818 At 31 December 2022 1,649.494 2023 Fixed interesl 396,431 503,522 800,865 UK Equities Overs¢a$ equities Tota] 1,700,818 Debtors 2023 2022 Due withfill oDe year Other DebtOTS 3,487 14,060 Creditors:Amounts f#Uing dut withln one y￿r 2023 2022 Other ¢r¢ditors 3,340 2,870 Page 14 THE RIPON CATHEDRAL MUSJC TRUST NOTES TO THE FllK'Ah'CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Statenhent of funds Stalemellt funds- Current yur Balance ai I January 2023 Balance at lllcome EXp￿dIt￿re GaiDs/ 31 December 2023 [￿$se$} Unre5trfficted funds Cener¥l Fund (33,730 62J63 19A935) Endowrnent Funds Endowment Funds 1061,087 18,173) 97,838 1,950,752 Total of Funds IW7?51 62J63 {105,107) 97,838 I,9￿,752 Staterntnt offuDds- PTior year Ba]ance at I Balance at 31 Deceml*r 2022 Income Expendilure Gainsl {knisses) 2022 Unrestricted funds General Fund 19.014 51,929 (84,679) (13,736) EDdowmen¢ Funds Endowment Funds 2.J17275 {8.847) (247J41) 1.861,087 Total of funds 2.136289 51.929 (93.526) (247,341) 1,847.351 Page 15 THE RIPON CATHEDIL4L MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR Eh'DED 3J DECEMBER 2023 I l. Summary of funds Summary of funds- current year Balance at I JaDuary 2023 Balance 8t 31 Dteember IDeome Expendltsre Cainsl {￿$St5) 2023 General Fund EDdowment Funds (13,736) 1,861.087 62J63 (96,935) (8,173) 97,838 1,950.752 1,847J5J 62?63 (105,107) 97.838 J,950,752 Summary of fuDds- prfior YUT B￿aD£t at I January 2022 B813nce #t 31 Decenlber 2022 In£owe ExpenditsT¢ Gainsl (Losse5) Genera] Fuyjd End0￿ent Funds 19,014 2.117275 51.929 {84.679) (8,847) (13,736) 1,861.087 (247,341) 2,136.289 51.929 (93.526) {247,341} 1.847,351 12. Analysls of nel assets betweeD funds Analysis of net assets betweenfunds- Current period Endowmewt [￿lld5 Restricted Unrestricted funds fuDds 2023 Total funds 2023 2023 2023 Fixed asset investments Current assets CTeditOTS due within one year Difference 1,7110.818 2114,966 (3J40) 1,700,818 204,966 (3￿0) Tot81 1,902,444 1,902,444 Page 16 THE RIPON CATHEDRAL MUSIC TRUST Tr40TES TO THE FINANCIAL STATEMEN'TS FOR THE YEAR EF4DED 31 DECEMBER 2023 12. Analysi5 of net assets behyeen funds- turrenl period {eoDtinued) Analysffis of ntt assets betweenfunds- prior yealr EDOowment funds 21122 Restrficted UDrestrieted fuDds fund$ 2022 Total funds 2022 2022 Fixed asset investments Cw7eni assets Creditors due ￿thin one year Difference 1.649.494 200.727 1,649.494 200,727 (2,870) {2,870) (10.866) 10.866 Total 1,861,087 (13.736) 1,847,351 13. Related p#rty traDSaeliollS Jn the year ended 31 Dec¢mbtr 2023. the conthbution iowdTds the office cosl of Ripon Cathedrnl Deve]opment TTUSt was £Nil {2022.. £10,000) and a contribution of £Nil (2022: £2,500) towards the office cosi and bookke¢pill8 of The Chapter of ￿"pon Cathedtal. In addition a contr]￿￿tion of £64,(KM) (2022: £63223) w&$ paid towards the music costs of The Chaptu of Ripon Cathedral. Page 17 THE RIPON CATHEDRAL MUSIC TRUST INCOME AND EXPEh'DITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2022 2022 2022 2022 Income Donations t£ga¢ies Other Inve5troent iticome Deposit account intere 5,850 5.000 40.850 228 20,500 39.735 2,128 62.363 51.928 Gainsl(Losses) Snvestment5 GaiThl(loss) on investtnents 97.838 (247,341) 97.838 (247,341) Gr0$5 ineome ID the reporting period 160201 (195,413) Less: Portfolio mallagement Gratsts io jjWi￿tiolls 8.173 94.(MMI 8,847 69223 102,173 78.070 Support costs Bonk Charges OffJ¢e costs RCDC Office Costs Bool&eeping services Accol￿tancY 65 470 86 470 10,000 2,500 2,400 2,400 2.935 15,456 Total expenditure 105.107 93,526 Net ineome for the reportSng period £55.093 (£288,939) Surplus for the reporting period 55,093 (£288.939) The notu on pages 11 10 17 form part of these financ￿ sts*nThts. Page 18