REGISTERED CHARITY NUMBER . 1154957 THE RJPON CATHEDRAL NIUSIC TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE IUPON CAI'HLDIUL MUSIC TRUST CONTENTS Page Reference and administrative details of the Charity> Its Trllst¢es and advisors Trustees, report Trustees, responsibilities st&tement Independent auditors report on the financial staten)ents Statement of fmancial aetivities Balance sheet Notes to tbe financial statemeDts 10-17 The following pages do not fonn part of the statutory financial statements: ChArity Detailed income and expeDdithre account 18
THE RIPON CATHEDRAL riiisIc TRUST IiEFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS FOR TIIE YEAR ENDED 3 I DECEMBER 2024 Trustees Sir Andrew Lawson Tancred (Chatrnian) The Very Revd John Dobson DL Mr P Arundel Mr A Kitchingman Mr R Graham Mrs F Dodd Mrs II K Edwards Mr A T A Duckett Retiring 16th April 2024 Charity registered umber 1154957 Principal office Liberty Courthouse Minster Road Ripon North Yorkshire HG4 IQS Independent auditors Armrong Watson Audit Limited Chartered Accountants York House Northallerton North Yorkshire DL6 2XQ Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kenl ME19 4JQ SolRCitors Wrigleys Solicitors LLP 19 Cookridge Sir¢et Leeds LS2 3AG Stockbrokers tnvestec Wealth & Investment Ltd Quayside House Canal Wharf Leeds LSII SPU Page I
THE RIPON CATHEDIL4L MUSIC TRUST TRUSTEES) REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees prcsent their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities picparing their accounts in accordancc with Ihc Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effective from l January 2019) and the Charities Act 201 I. OBJEcTLs AND ACTIVITIES Objectives and Aims TILe principal objcctives of the Charity are for thc public benefit to promote and advance the education of thc public ID thc art of music. particularly (but not exclusively} at or in connection with liipon Cathcdral- to promote and advance the Chtistian religion and public worship connected with it through the support of Music at or in connection with Ripan Cathedral and also lo further such cbaritable purposes relating to Ripon Cathedral as th¢ Trustees in their absolut¢ discretion think fit. Public benefit From l April 2008 section 4 of the Charities Act 2006 requires all charities to me¢t the legal requirements that its aims aTC foT the public benefit. The Charity Commission in its"ChaTilies and Public Benefit" Guidance states that tbeTe are two key PTinciples to be rnet in order to show that an OTganisation's aims are for the public benefit.. flrstly, therc must be an identifiable benefit and secondly, that thc benefit must be to the public or a section of the public. The Trus¢ees confirni that they have complied with the duty in section 4 of the Charities Act 2006 lo have due regard to the public benefit guidance published by the Comrnission in deterniining the activities undertaken by the Charity. Thc TTUStees are satisfied that the aims and objectives of the Charity. and the activities reported on the above to achieve those aims, meet these principles. ACHIEVEMENT AND PERFORMANCE 2024 was a particularly exciting and rewarding year for the Ripon CathedTal Music Trust. There has also been considerable activity in other areas. Project Phoenix has continued to deliver spectacular results. There are now over 60 choristers plus 8 ¢horal scholars (more on special occasions) and 6 Lay Clerks. The sheer quality of the Choir has continued to rise and we can have growing confidcnLC that our ambitioll to make the LhoiT onc of the best cathedral choirs ID th¢ country will shortly bc Tealised. The choir's trip to Bavaria. briefly mentioned in my report foT 2023. was a huge success. 'Ihe choir took part in scrvices in Regensberg {2) and MunÉch and gave concerts in Waldsassen and Nuremberg. The Walds&£sen concert was perhaps the highlight of the trip. The wondcrful baroque church was fjlled to capacity - J]caTly 800 people - and ihe conclusion of the concert was met with a standing ovation. Another highlight was the release of the Choir's Christmas CD, which has already sold in cxccss of 500 copies. As in 2023. the choir joined forces with Ripon's St Cccilia OTchestra in a sold-out Christmas concert mixing the less familiar With some old favourites. The Trustees would like to exprcss their thanks and appreciation lo Canon Michael Gisbourne (Canon Precentor). DT Ronny Krippner (Director of Music), Tim Harper, Alastair Ston¢ and all those in the music departraent for their conllnilment and hard work. Thanks, are also due to all the children, parents, choral scholars and lay clerks who have demonstrated an astonishing con]mi¢ment to getting the choir to where it is today. Plans for 2025 include a trip to London where the ¢kLoir will take part in seTvice5 in Westminster Abbey. FINANCtAL REVIEW Our funds remain invested with Investe¢ Wealth and Investment Litnited and at 31 December 2024 the inve5Lment nd incTeased to £1,812,932 (2023 £1,700,818). Shares rose across the globe and our fund rose by 6.60/0 (2023 3 %) in 2024. Page 2
THE IUPON CATHEDIL4L MUSIC TRUST TRL7STEES' REPORT (CONTINUED) FOR THE YLAR ENDED 31 DECLMBER 2024 STRUCTURE, GOVERNANCE AND MAFIAGEMENT Governing document The charity is controlled by its govcrning document, a deed of trust, and constitutes an unincorporaled charity. Induction traiDing of the new trustees All new trustees are given, in thc view of the boaTd, sufficient training and have knowledge of the specific field to understsnd the natur¢ of the charity and fully comply with th¢ chaTities current views of its progression. They are requiT¢d to ensure they are both aware of both their legal and professional responsibilities under charity and company law. Organisation The Truslees listed on page I, are enliiled to hold officc for 5 years from the date of their appointment. The power of appointment of new Trnstees is vested in the Cathedral Chapter. The Chapter may appoint itself, its employees, officers an(VoT agcnts as Trnstee(s) if it so wishes. The number of Trustees shall be maintained at not less than 3 and no more than l O. The Trustees meet together for the dispatch of business, adjoum or otherwise regulate their mtttings as they think fit, twice a year. Risk n)xn2gement The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonablc dssurance against fraud and error. Approvcd by order of the board of truste d signed on its bchalf by.. The Very Revd John Dobson n of Ripon Cathedral Date: 03106 I25 Page 3
THE IUPON CATHEDRAL MUSIC TRUST STATEMENT OF TRUSTEES, RESPO'SBILITlEs FOR TUE YEAR ENDED 31 DECEMBER 2024 Thc Trustees aTe Tcsponsible for prcparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounling standds (Unitcd Kingdom Gcncrally Acccptcd Accounting PTaLtiLe). Thc law applicable to charitics in England & WalGs requires the Trustees to prepare fmancial statemenls for each financial year which give a truc and fair vicw of thc.4tate of affairs of the Charity and its incoming r¢sourc¢s and application of rcsources, including its income and expenditure, for the period. In prcparing these rinancial statements, the Trustees aTC TequiTed to: select suitable accounting policies and then apply them CODSiStently,' observe the methods and principles of the Charities SOR (FRS 102),. make judgements and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards (FRS 102) have been followcd, subject to any material departures 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 adequate accounting rordS that are sufficient to show and explain thc Charity's transactions and di&closc with reasonable accuracy at any time the financial position of the Charity and enabl¢ them to ensure that the financial statements comply with thc Chdritics Act 2011, thc Charity (Accounts and Reports) Regulations 2008 and thc provisions of thc Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and dclcLtion of fraud and othcr irrcgularities. AppToved by ord¢r of the mernbers of the board of TSteeS and signed on its behalf by.. er Revd John Dobson Date.. 0310612ULS Page 4
THE RIPON CATHEDILIL MUSIC TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RIPON CA THEDRAL MUSIC TRUST Opinion We have audited the financial statements of The Ripon Cathedral Music Trust {Ihe 'charity') for the year ended 31 Decernber 2024 which Comprise the statement of financial aclivilies, the balance sheet and the related notes, including a summary of significant accounting policies. The ftnancial reporting framework tbat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Rcporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Treland, Iulllted Kingdom Generally Accepted Accounting Practice). The financial statements have been PTepared in accordance with Accounting and Reporttng by Charities preparing their accounts in aCrdance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference io the Accounting and Reporting by Charities: Statement of Rccommended Practice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a Irue and fair view in accordance with the Generally Accepted Accounting PTactiee effective for reporting PCTiods beginning on or after l January 2019. In our opinion the financial statements.. give a true and fair view of the state of the chaTity's affaiTS as at 31 December 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance witb United Kingdom Generally Acceptcd Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted OUT audit in accoTdance with International Standards on Auditing (iJK) (ISAS OJK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audil of the financial staternents section of our report. We are independent of the charity in a¢¢ordan¢e with Ihe ethical requirements that are relevant lo our audit of the fancial statements in the United Kingdorn, including the Financial Reporting Council's Ethical Standard, and we havc fulfilled OUT other ethical responsibilities in accordance with these requirements. We believe ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lusion$ relating to going coneerD In auditing the financial statements, we have concludcd that the TTUStees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to evenls or conditions that, indivkdually or collectively, may cast significant doubt on the Charity's abilily lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the Trustees wlth respect to going concern are described in the relevant sections of this report. Other information The other inforniation comprises the inforniation included in the annual report other than the financial statements and our auditors, report thereon. The TThstees are responsible for the other infonnation contained within the annual report. Our opinion on the flnancial statements does not cover the other infonnation and, except to the extent oihenvise explicitly stated in our report, we do not express any foTm of assurance conclusion thereon. Our responsibility is to read the other infonnation and, in doing so, consider whether the other inforniation is materially inconsistent with the fmancial statements, or our knowledge obtained in th¢ course of the audit, or othenvise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to delennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the WOTk wc havc perforni¢d, we Conclude that there is a material misstatement of this other infom)ation, we are required to report that facl. We have nothing ¢0 report in this regard. Page 5
THE RIPON CATHEDtL4L MUSIC TRUST INDEPENDENT AIIDITORS) REPORT TO THE MEMBERS OF THE RTPON CATHEDIL4L MUSIC TRUST Matters on which we are requfired to r¢port by exceptlOD We have nothing to report in respect of Ihc following malters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the infornlation giwen in the Trustccs, report TS inconsistent in any material respect with the fillancial statements. or sufficient accounting records ILave not been kept. or the financial statements are not in agreement with the accounting records and returns,. or w¢ hav¢ not Teceived all the inforniation and explanations we require for our audit. RespoDsibilities of trustees As explained more fully in the trustees, responsibilities statement, the Truslecs are responsible for the preparation of the financial statements which give a true and fair view. and for such internal ¢onlrol as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing. as applicable, matters related Io Eoing concern and using the going conccrn basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the Audit of the finAn¢ial statements We have been appointed as auditor under section 145 of the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about wheiheT the financial statements as a whole are free from materia] misstatement, whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with TSAS (UK) will always detect a malerial misstatement when it exi,sls. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influ¢n¢e the economic decisions of users taken on the basis of these financial statements. Irregularities, including frdud, are instances of non-compliance with laws and regulations. We design procedures in liJ)e with our responsibilities, outlined above, to detect matcrial misstaternenls in respect of irregularities, including fraud. The exttnt to which our procedures are capable of detecting irregularilies, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities: including fraud and non- compliance with laws and regulations, was follows= the engagement partner ensured that the engagement leam collectively had the appropriate competen¢e, capabilities and skills to identify or recognisc non-COLnpliance with applicable laws and regulations, such as the Charities Act 2011. we identified the laws and regulations applicable to the Charity through discussions wilh Trustees and other management. we assessed the extent of ¢ompliance with the laws alld regulations idcntified above through making enquiries of nLanagement,' and identified laws and regulations were ¢ommunicaled within the audit team regularly and the team remained alcrt to instances of non-compliance througbout the audit. We assessed the susceptibility of the Charity's financial statements to mateTial rnTSStatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to wheTe they considered there was susceptibility to fraud, their knowledge of actua], suspected and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and Tegulations. Page 6
TEIE IUPON CATHEDRAL MUSIC TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE RIPON CATHEDRAL MUSIC TRUST To address the risk of fraud through management bias and OVCTride of controls, we.. perfornied analyts.cal procedurcs as a Tisk assessment tool to identify any unusual or unexpected relationships. tesied journiil cntrics to idcntity unusual transactions. Icstcd thc operating effectiveness of key controls over purchasc cyclcs on a samplc basi5,' and Teviewed the application of accounting policies includiT]¥ thc application of capitalisation of tangible assets In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to: agreeing financial statement disclosures to UDdeTlying supporting documentation. and enquiring of mauagement as to actual and potential litigation and claims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfom)ed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-delection of itTegularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud OT noDcompliarLce with laws and regulalions and cannot be expected to detect all fraud and non-complian¢e with laws and regulations. A furthcr dcscTiPtion of our responsibilities for the audit of the fmancial statements is localed on the Financial Reporting Council's websile al.. www.frc.org.uklauditorsrcspon8ibililics. This descriptt.on fomis part of our auditors, rcport. Use of our report This report is made solely to the charity's trnstees, as a body, in accordance with Part 4 of the Cbarities (Accoun15 and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight State to the charity's trustees those matteTS we are required lo state to them in an auditors, report and for no other purpose. To the lIest extenl perniitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees. as a body, for our audit work, for this report, or for the opinions we have fonned. Simon Turner (Sellior Statutory Auditor) For And on behalf of Armstrong Watson Audit Lfimited Chartered Accounlanls & Siatutory Auditors Northallerton Dat¢: 0310612o2s Arnistrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Cornpanies Act 2006. Page 7
THE RIPON CATHEDRAL MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECETrIBER 2024 2024 2023 Totsl Endowment Unrestricted Funds FuDds Total Funds YCOME AIYD EIYDOHENTs FROM Donations and Icgacies Investment Income 65 39,815 65 39,815 20,500 41,863 TotAI income and endowments 39,880 39,880 62,363 EXPEF4DITiIRE ON Raising funiL8 Charitable activities 8,084 8,084 112,839 8,173 96.935 112,839 Total Expenditure 8,084 112,839 120,923 105,108 Net incomel(expenditure) beforc net gainsl(losses} on investments (8,084) (72,958) (81,043) (42.745) Net gains on investments 147,423 147,423 97,838 et income 139J38 (72,958) 66,380 55,093 Trgnsfers (72,958) 72,958 Net rnovement in funds 66J81) 66,380 55,093 Reconciliation of funds: Total fiulds brough fonvaTd Net movement in filnds 1,902,444 66,380 1,902,444 66?80 1,847,351 55,093 Total funds carried forward 1,968,824 1,968,824 1,902,444 The Statement of fmancial activities tncludes all gains and losses recognised tn the year. Th¢ notss on pages l O to 17 forni part of these statements. Page 8
'rHE IIIPON CATHEDRAL MUSIC TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 Total 2023 Total Funds Funds Notes Ffixed Assets Tnvestmellts 1,812,932 1,700,818 Current Assets Debtors Cash at batjk 1,459 158,072 3,487 201,479 159,532 204,966 Current Liabi]ilies Creditors.'amounts falling due within one {3,640) {3,340) Net Current assels 155,892 201,626 Total assets less eurrent liabilities 1,968,824 1,902,444 Total net assels 1,968,824 1,902,444 ChArAty Funds EndoMTnent funds Restricted Unrestricted 10 io io 1,968,824 1,902,444 TOTAL FUNDS 1,968,824 1,902,444 Th¢ fmancial statements were approved and authorised for issue by the Trnstees and signed on their bebalf by: Dobson Andrew Kitchingman Date.. (XIO6IZ()2S The notes on pages 10 to 17 £orni part of these fanCIal statements. Page 9
THE RIPON CATHEDRAL TsqUSIC TRUST NOTF,S TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDLD 31 DECEIIIBER 2024 Accounting po]icies 1.1 Basis of preparfing the financial ststement5 The financial statemenls have been prepared in accordance with the Charities SORP (FRS 102)-Accounting and Reporting by Chan'ties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (¢ffective l January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 201 l. The fmancial statements have been prepared under the bistorical cost convension with the exception of investments ThTbich are included at market value, &s modified by the revaluation of certain assets. The financial statements have been repared to give a 'true and fair, view and have departed frotn the Charities (accounts and Reports) Regulations 2008 only to the extent required to provide a 'ttue and fairf view. The departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by CIMrities: Statement of Recomwended Practice effective from l April 2005 which has since been withdrawn. The Ripon Cathedral Music Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction iialue unless othenvise ststed in the relevant accounting policy. 1.2 Financial reporting stsndard 102 - redueed disclosure exemptions The cbarity has taken advalltage of the following disclosure exemption in preparing these finacial statements, as perniitted by FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows 1.3 Going concern The Board of Trnstees have assesed the l)islori¢al fJnan¢ial perforn)ance of the Trust and the tUre plans. This includes consideration of the impact of Macro economy and the adverse impact this may have on incoming resources such as investment income. Given the charity has limited committed obligations for the period to at least Iwelve months after the date of the approval of these accounts. and equity assets (even if at a reduced value date to Macro economy} that it could realise at short notice that are more likely than not to ex¢eed and obligatioii, the Trustees are satisfied from this Teview that the charity Temains a going ¢oncern. The fllwicial statements have been prepared on tbat basis accordingly. 1.4 Income All incoming is recognised once the Charity has entitlement to tbe income. it is probable that the incoTne will be received and the amount of income receivable can be me&sured reliably. Page 10
THE RIPON CATHEDRAL MUSIC TRUST IYOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EM)ED 31 DECEMBER 2024 Accounting polfficies (eontinued) 1.5 Expenditure Liabilities are recognised as expenditure as soon as tbere is a legal or constrnctive obligation ¢on]mitting the charity to that expenditure, it is probable that a transfer of e¢onon)ic benefits will be required in settlement and the amount of the obligation can be measur¢d reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the Gategory. Where costs cannot be direcdy attributed to particular beadings they have been allocated to activities on a basis consisfrnl with the use olresources. Grants otyered subject to conditions which bave not been met at the year end date are noted as a conjmitment but not accrued as expenditure. ExpenditLwe on charitable activities is ijjoutted on directly undertaking the activities which rther the Charitys objectives as well as any associated support costs. All expenditure is inclusive of irTecoverable VAT. 1.6 Investments Fixed asset investments are a forni of fmancial instrument and are initially recognised at their tratL8action cost and SubqU¢tIY measured at fair value at the balance sheet dale, unless the value ¢annot be measured Teliably in which case it is theasured at cost less impainnent. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the statement of fUnCial activities. 1.7 Debtors Trade and other debtors are recognised at tbe settlement atllount after any trade discount offered. Prepawients are valued at the amount prepaid net of any trade discounts due. 1.8 Cydsh at bank and in hand Cash at bank and in hand includes cash and short-tern] highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.9 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement ¢an be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seTViGes it must provide. Provisio1 are measured at the best eStinle of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a fmance cost. Pagell
THE lIoN CATHEDRAL MUSIC TRUST NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (continued) 1.10 Financial instruments The Charity only has fman¢ial assels and fmancial liabilities of a kind that qualify as basic fmancial instruments. Basic financial instruments are initially recognised at transaction value and subsequendy measured at their settlement value Véith tbe exception of baJ)k loans which are subsequendy measured at amortised cost using the effe¢tiv¢ interest method. 1.11 Taxation The charity is cxcrnpt from tax on its chariable activities. 1.12 Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted llds can only be used for particulaT restricted puryoses within the objects of the charity. RestriGtions arise when specified by the donor or when fimds are raised for particular restricted purposes. Further explanation of the nature and purpose of each nd is included in the notes to the fancial statements. Ineome from donations and legacies Unrestricled Total funds 2024 runds 2024 Donations 65 65 Unrestricted fimds Totsl fimds 2023 2023 Donations 20,50Q 20,500 INVFSTMENT INcOlE Unrestrieted Total funds 2024 funds 2024 Other investhient income 39,815 39,815 39,815 39,815 Unrestricted nds 2023 Total funds 2023 Other investment income 41,863 41,863 41,863 41,863 Page 12
THE RIPON CATHEDIL4L MUSIC I'RUS'r F40TES TO THE FINANCIAL STATEMENTS FOR TllE YEAR ENDED 31 DECEMBER 2024 Investment management Costs Endowment Total Funds 2024 fund$ 2024 Portfolio management 8,084 8,084 Endomrynent Funds Totsl fi)nds 2023 2023 Portfolio management 8,173 8,173 Auditors, remuneration 2024 2023 Fees payable to the Charity's auditor for the audit of the Charity's financial statements. 3,000 2,400 Trustees, remuneraiion and expenses During the year. no Trustees received any remuneration of other benefits {2023 - £Nil) Dunng the year ended 31 De¢ember 2024, no Trustee expenses have been incuThd (2023 - £Nil) Page 13
THL IIIPON CAIIIEDRAL MUSIC TRUST NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed Asset investments Listed tnvestments Cost or valuation At l January 2024 Additions Disposals Revaluations 1,700,818 273,915 (309,224) 147,423 1,812,932 Net Book Value At 31 December 2024 1,812,932 At 31 December 2023 1,700,818 2024 Fixed interest UK Equities Overseas equities 539,288 469,884 803,760 Total 1,812,932 Debtors 2024 2023 Due Ivithin one year Other Debtors 1,459 3,487 Creditors:Amounts falling due wfithin one year 2024 2023 Other creditors 3,640 3,340 Page 14
THL RIPON CATHEDRAL MUSIC TRUST I¥JOTES TO THE FINAINCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. StatemeDt of funds Statement of funds - current year Balance at I Ballet at January 2024 Ineome Expenditure Gainsl (Losses) 31 December 2024 Unrestricted funds Gcneral Fund 39,880 {112,839) 72,958 EDdowment Funds Endowinent Funds 1,902,444 (8,084) 74,465 1,968,824 Total of Funds 1,902,444 39,880 (120,923) 147,423 1,968,824 Statement of funds - prior year Balance at I Balance at 31 December January 2023 Income Expenditure Gain {LA)sses) 2023 Unrestricted funds General Fund {13,736) 62,363 (90,935) 48,308 Endowment Funds Endowrnent Funds 1,861,087 (8,173) 49,530 1,902,444 Total of fulld5 1,847,351 62,363 (105,108) 97,838 1,902,444 Page 15
THE RIPON CATHEDIL4L IWSIC I'RUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Summary of funds Sununary of fund5- current yeydr Balance at I Balance at 31 December 2024 January 2024 Ineome Expenditure Gainsl (Losses) General Fund Endowmellt Funds 39,880 (112,839) (8,084) 72,958 74,465 1,902,444 1,968,824 1,902,444 39,880 (120,923) 147,423 1,968,824 Sumnmry of funds- prior year Balance at I January 2023 Balance at 31 December Income Expenditure Gainsl (Losses) 2023 General Fund Endownent Funds (13,736) 1,861,087 62,363 (96,935) (8,173) 48,308 49,530 1,902,444 1,847.351 62,363 (105,108) 97,838 1,902,444 12. Analysis of net assets betTrveell funds Analysis of net assets betTrveenfunds - current period EDdoTvment fllnds 2024 Restricted Unrestricted funds fllnds 2024 2024 Total funds 2024 Fixed asset investments Curreut assets Creditors due within one year Difference 1,812,932 159,532 (3,640) 1,812,932 159,532 (3,640) Total 1,968,824 1,968,824 Page 16
THE IUPON CATHEDIL4L MUSIC TRUST NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 J2. Analysis of net assets between funds- currelll period (continued) Analysis of net assets behveenfunds - prior year Endowment funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investsllents Current assets Creditors due within one year Difference 1,700,818 204,966 {3,340) 1,700,818 204,966 (3,340) Total 1.902,444 1,902,444 13. Related party transactions In the year ended 31 December 2024, the contribution towards the office cost of Ripon Cathedral Developrnent Trust was £Nil (2023.. £Nil) and a contribution of £Nil (2023: £Nill) lowards the office cost and bookkeeping of Tbe Chapter of Ripon Cathedral. tn addition a contribution of £64.000 (2023: £64,000) was paid towards the music costs of The Chapter of liipon Cathedral. In addition a contribution of £30,000 (2023 £30,000) was paid towards the Phoenix Project and £10,000 toward the Choir Tour. Page 17
THE RIPON CATHFDRAL MUSIC TRUST LYCOME AISD EXPFNDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEIIBER 2024 2024 2024 2023 2023 Jn¢ome Donations 65 Leg4¢ies Other Investment income Deposit aG¢ount interest 20.500 39,735 2,128 37,762 2,054 39,880 62,363 GainAI(Lo*$e$) on investments Gainl(loss) on invcstrnents 147,423 97,838 147,423 97,838 Gross income in tbe reporting period 187,303 160,201 Less: Portfolio management Fund Raising Costs Grants to institutions 8,084 5.760 104,000 8,173 94,000 117,844 102,173 Support costs Bank Charges Office costs RCDC Otytce Costs Bookkeeping services Accountancy 65 65 470 14 3,000 2,400 3,079 2.935 Total expenditure 120,923 105,108 Net income for the reporting period 66,380 55,093 Surplus for the reporting period 66,380 55,093 The notes on pages l O to 17 forn] part of these financial statements. Page 18