Charfty numbgr: 1164872 LEICESTER CATHEDRAL MUSIC FOUNDATION UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LEICESTER CATHEDRAL MUSIC FOUNDATION Page Tru8t••8' R•port Indop•ndont Ex•mlnorf$ Rfrport Stat8m•nt ol Flnanclal Actlvltl•s 8al*nca Sh••t 10 Notss to the Flnanelal Stalom•nts 11-24 The foll¢Ming pages do not forni part ofthe statuw fmancial Statem.. 0otall•d In¢om• and Exp•ndtturn Account and 8ummarl••
LEICESTER CATHEDRAL PAUSIC FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Truste of the Leic851or Cattrdral PAusiG Foundalion we8ent thèir annual report for the year ended 31 Decembgr 2024 and confirm they compty with the requirements th8 Cha¥ilies Ad 1993, as amend by the CharitRs Ad 2]8 and subsequentty by the Chariiips Act 2011. The financial statements have been prnpwed in accordance with the arcourrting pol18$ Set out in Ihe not88 to the accounts and comply with the charitys goveming document. the Chariti88 Act 2011 and the e¥ant version ol the Statefflenl of Recommended Practice applKable to charities preparing their accounts in acc(Kdance with tha Financial Reporting Standard applicable in the UK and Republ of Ireland {FRS 102). OblectlV and •ct5vltlo9 a. ObJo¢tl¥u ond alm• Obl•¢ts The ObjKts of the CIO are. for the pubk bw*fiL' 1. The advancemnl of edUc0Th in music by, tArt not rimthy to: il The grantwig of scholarships and bursaries lo muxians. thoristers and clM)its'. ii) The prowsion and maintenae irf music, InstrWne WKI ¢Ah8rIacil' frjr provNliig ft¥J8iC.' iii} The training of musicians ch(xistws: and N) Tha provision of musical and choral in schools. churches ?r#Y the wMl8r cOmmty., a1 2. The advarKemgnt of the Chri¥tign in 8£cwdwKYJ wilh lh8 prepts of the Chwch of England. Page 1
LEICESTER CATHEDRAL MUSIC FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THe YEAR ENDED 31 DecEMBeR 2024 Obl•dlva and actSvltle• (contlnu•d) b. Revlow of a¢tlvttlo8 In 2024 Cathgdral Cholrs Recruilmenl and Retention d Chorters Chtyd Schos The fIt 'Be a Chorister lor a day e¥nt since the &hedrdl reopened place on 27 Pwril attracted 17 children. Thg gvenl con¢lLKled. nat with Choral Even50ng, but wilh a short concert attended by famili08. friend8 and anyone else wtrJ happened lo be in Ihe cath1rd and the change of format alkyw a ¢hoi¢e of repertoire better suited lo teginners. The calibre ol those singers was higher than we'v• ever ha¢1 previously, bul Bad none sub8equenty came forward for auditK)n. Our approach to this aspect of recruitment b8 different in 2025.. followng 8 fflixlel lrialled by our Schc¥Jl¥' Choral Director Lucy Hawh at St Marfs. Nottingham. where she runs the children's choirs, we plw to Tr1d $8S5ions fw prospe¢b ¢horisters on a weekday when th¢ choristers woukl be attending anyxy. Over the ccyjm ofthè Or ¢iW kws nim girls been rncNled diredly from our Dio&ng Schools, most r8¢enty al the start of DeMber. Those children sang along$ide the Boy3 and J10r Gi9 at the Crib Seniice on Christmas Eve all have tetumed in the Year. Betng able to ¢)ffer to eT the cost of to and from the Cathedral has enabled a number of chldren to lake part wouldn't othepmse have been abl8 to do so. Of the nine boys in the chr at the start of 2024, four still in the choir at the end of 2024, of whom, on8 ha5 moved to Nv4VPOrt over the Christmas TVK batches of prctstioneT5 have started. four in Seplember and six in December. the first ofwhich were admitted as Chcrfistern on 19 January 2025. Numbers in the tws, choir a5 of 19 January are theT&ft>re.' sevén thl$tOrS plus six probalionern. One of the choristers wll retire from singing treble jLrnt lJefoTe his 15th kn'rthday in Febnw. All but one of the remaining chorister51probationers we of pr¥nwy-¥th¢Jd agg. (1 nurrt)ws in exh S¢01 year are healthy. Of 19 IlOr gid8 in thè choir at Ihe of 2024. nine There slill in the cholr at the erAI of 2024. TWD new batches ol PTc&alioners weldgJ a k>tsl of $i¥ nv4 Singers. of whom one was admrtted a5 a Chorister on 19 January. Numbers in the junior girfs. as of 19 Jwuary are therefrye.. ten choristers plus fve probationers. spread faity eLY across school years three to eight. girfs in eight will move lo the sgnior gids. choir in the autumn, are singing regularty with senior gith on MdayS and have been invited to sing wth Senior giris on Sunday3 when the jUnr girfs have a swwi¢e. The onty Ch9& to the I'nerup of ftgers am ser)w)r and young scfflgmen was the departure of two 8iXth4omi &ir18 lone to the organ Scholatship al Chrisfs College. Cambridge) and year eight barilone8. One ¢hornl s¢hdar left after transferring to a drfferenl univer8ty and another 18 on a one-year pement in Reading and will retum wi Septert>er 2025. Two fulktim8 choral schdars hav8 been rUIt•d. Tog•th•r Wlth L•lc•At•rCath•dral Eight parish ¥i$it$ took pla in 2024 and a number of parislw visited ¥thile the Cathedral was cb)sed retumed for Choral Evensong. For one of these [In Apill, members of the choirs of th& parishos we had vis>t8d join8d forces wth the Cathedral Choir to sing E¥ensrxfj. When one ol the choirs is singing away from the Cathedr81. Evensong has still taken place at the Cathedral. often sung by a small 9P of songmen. 11 remains our aspiration to b8 able lo pwde a four-part choir al trKI ¥grvio$ simultanewsly. but thi$ lieS on sufficient numbers of confident young songmen ccvning through Tanks, which, gNen th8 agfrprofikn of the boys. choir is unlikely to be the case for wolher fve or six years. Eff'ent, timety aNJ accurate communication wth parishes conliMe8 to Pt ¢hallenges and SUItS in moo tme h"rd to be spent on plannin9 the8e visits than ought to b8 thè case (even taking into account the fact that th8 choir n¢M havo both haW4emi SuThJ8ys offj. but the value of the¥e for our relalionshy wflh the wider dw)cese is recogni5ed. Changes to th• Torn of Engagom•nt of Aduft Songmon Sinc8 septnbr, the le$ of 8ngagement of adutts lolher than ch(Tr1 s¢h¢J15) 8in9 With the Cathedral Choirs has changed. The per-seryKe rate has gone up to £40 (for a call of up to Iwo hours) and £45 (for a call of up to tsvtrand-a-half hours} plus Palig rf needed. thereby bringing our rates in line other Pfovincial Page 2
LEICESTER CATHEDRAL MUSIC FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 310ECEMBER 2024 Obl•ctlves and ac11¥1 {contlnuod} ¢h8drals such as Newcath and Manch8Stw. SKw8 indKate th'r avalAity lo sivJ via a Google Form and are then booked on a pw4eryice basis. xcrAding lo what 18 required for any gini 8eMce. The dIffenCe that this has made lo the qualty of the ¢hoir has been nottsable and we have been abk to ts¢kle new repertoire which wouhj pu91Y have been great a The Music Foundab'on has agreed to fund the extra cost of this for an aveTage of ¢e alto, one ternr and one bass per seplice. We should aspire lo extend this lo of gach part per seNce las is the case in Newcastle. Marthestef. Derby etc.). This change has resulted in a number of highalIty musr¢Fan$ singirwJ with the ¢hoir mu¢h more frequontty than was previously the ¢ase and w• hop8 to expand our furth8r by rates. Slnglng les8ons Currenlty all senior girfg. y)ung sc¥ynen and chtyal s¢hol¥s have singiNJ18sson8. fvnded by a dmalwjn to tl Musie Foundation from Mary S•nworth. A number hwe done ABRSM and other 85 wth great Su8$5 and many pgrfonrd al Leicester MusicF8St some retuming with silverware. It remains our ambition to roll out free instrumental tuith?n to al boys and jun)r girf ch¢xi8tets: the fundin9 (from the same donation) 18 there. and rsJ'ons have started Y•ith the Barth Orcheth about Ithv rThght get that UP orKI runnlng. ¢on¢ort1 The Monday-bJnchtim• recital sertes resumed ir6 Janu 2024. Among the perfomiers engaged are Philharmonia Fellows. instrumentslists wbcpaliig in the Pham10ft11 Orchestra's scheme for professionals at the start oftheir careers. these conrts Ihemsefves have made aloss, that has been offset by inwme from con¢8rt¥ where thè porfomws havenl been pwd a fee (Leicester-shire School$. Music servi 8n$gmblgS, Lei¢ostsr Cathedral Staff musicians, OsnabNck Youth Choir eto) and the 4nproved profile of the series that the Philhamionia's invclvement has brought has drawn in new audienc members.. in 2019 average attendance was 51. betrween January and October 2024 I was 60. Efficient. a¢¢urak and SYStat re¢ording of taking$ and attendance numbers is an ongorKJ Bsu¢. The choirs have done more concerts than in prev1$ one with Leicestershin Chornle. one for Remembrance. and candlelit Christmas concerts for the wh)r gwls and songmen on their own, a t+ th the boys and junior girfs as wel (50th nIversary d the gir15' choir and Christma5 concert V*4th Lèieesler Syfflphony Orche8tra). The financial bertS of t1. partKularfy where NJ paid extemal instrumentalists are invofved, are obwous. but the quantity is nTh¥ such that vft c8nl get perfomiance licence exemptions for the sgnior girts and young songmen aged 1>16. enlailiYJ more admin and more red lape. Dlo81ng This continu8s lo cperate in seven sch¢¥Ss. twghl by the Assh8tant Director of Music and the Schools Choral Director. One sctr¥>)I left the prograw4ne at the end of 2024 for financial reasons and another would have had lo do so. had wo not been 18 to secure funding for this academK y¢ar next from a small family charty. Even the recent ¢hange of govemment Trsufts in irKreased fundiryJ for the state sect. il b8 a years before that is f8lt on the ground and may find ou1$ needing to Subsidisg our work to a greater extent in the meantimg. A signrfKant prowrthon of the money held ty the Music FrndsOn Is. in any case. restricted for this purpose. 8Bcause the Schools Choral rh"rector wa¥ fflly able to accept a part4ime post need to appoint new S¢hoob' Ch¢yal tire¢tor in 2025 in tyder lo fulfi our c4A YJatK)ns to the furnl&rs. Publlc bgnefil The charity trustees have conwlied with their duty to have due to the guidance on publio befft published by the Chanty COMMI in exer¢ising their perS duties. PwJe 3
LEICESTER CATHEDRAL MUSIC FOUNDATION TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 A¢hlovomonts and prfovmanco . Achl•v•m•nts The Charrtable Incorp)raled Org8nisalMM (CIO) fundrases prtimrity throLtgh insts'lutions, trust and foundations together wrth event-baged fundratsing and indrdUd donions. The CIO does not engage in cokJ4allino or streetsed fvndraising an(J all adriit$ undertaken are direw monriored and conlrollEd by thè Trustees. It has not re1¥8 any complaints in the >par in connection with Ihe propriety of its fundraising. Th8 charity is aware of the need lo protect vuknw&)fe donors and in the smal number of cases where this 15 applicable it does 80 through theirfamlies. Th• CIO has reuived funds iotal'r¥J £42,625 from trusts r<KI indrlhluals, vKluding grants of £20,000 from the National Schwls SiTrJwvJ Programm. f20.(M)O from the Rank FLwMlatth and a donation of £2,000 from the Nugee Foundati¢)n. The interest gamgd investrwrts totalled £18,852, £9.805 was transferred to thB Music Scholarship Fund to support Choral Scholarships. with the rernainder supporting th8 general wort( of the foundation. Eight Choral Scholars ha7n been appothtid for the 2024r25 Yew. Flnincl•l r•vlv •. Fln•nclal posltlon Al the r-end. the unrestrKted funds a cash baknce ol £136224, debtors of £28,195, outstanding creditors of £61.158 and an overall balartt crf £103.261. The restricled funds had a cash balan¢e of£153.535. an wwestrrnnt bala1 of£39.435, outstaring creditors of £3,230 and an overal balance of £189.740. The endthwrt lunds had an overnll bdance of£455.054 whh are all held in CCLA investments. b. R•sorY•s polky The Trust8es 5dor that ¥proprth IMI of Unrestr res8rv85 shOd be sufficiènt to coNw any Govemance Costs, around £4,41KI. The current Iwlel of unrnstricted reserves, £103,261, coml¢)rtebly ex¢eed$ this amount and this is available lo devekp the worft of the Choir. the continuation of the DYJSing programme and the salary oflhe Assistant Dife¢tor ol Musi¢. StnKtuM, gov•man¢• and managom•nt a. Governlng sta10 Leicester Cathedral Music Foththtion is a Chartable IncorrA)rated Organ18atn (CIO) whose only voting members are its charity Itee8. It was on 5 Nov8mber 2015. Pwje 4
LEICESTER CATHEDRAL MUSIC FOUNDATION TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 StN¢tUrn, gOV0rn4n¢o and manag•mMt (contlnu•d) b. Organl•atlonal structhrn The Musi¢ Foundation B crf $wJnrfieanl importance in supporting Chapter ar particularty the College of Canons lo achi8ve its aims and it uses the staffing tesources of the Cathedral lo meet these. The trustees meet regularfy lo have oversight of rts fvndraising activitie5 and annudty lo rewve the report and ac£ounts prepared by the Administrator and Finance Manager. The day lo day cwion is carried out by the Cathgdtal slaff and senior leom. in ¢lose ¢Sltat with the Trustees Ttho meet on a regular basis, and wth the College of Canons,. th& ChedTal Char rerAives updat8s at of its m•etin98. c. Rlsk managem•nt The main purpose of the chwity to raise rneY to enat48 the and Chapter of Leicester Cathedral to aCe¥¢ ts purpose as dewbed in the objects of the charity. The Trustees are in fundraising activ((5 with other staff from tho cahadral and in this way have direcl inwt to the development of strategies and their iMerr1enl8tio. The Trustees are • wNare of their responsibiltss wrth regard lo the money raised and thal il is to be used for the wrpose g¥en. TW ha%Y establisw controls to mW8 any risks li the Ireatmenl of funds. 11 is thg Ch¥er that would commission any expenditurt there10 any risk would fall to them. In making deusions to commit to woth in the Cathedral the Chapter need to bg mindful of the ne8d lo ensu that funds exist either Irom the Music FouTrJaion or olher source& The Foundation op¥ate$ within the Safeguarding PoIY and procedu ol Lei¢ster Cathedral which is constrLKtgd using the Churth of Enqd National Safeguwding Policy and Procedures adapted to this l¢xal Cathedral ccmtext. The Trustees consider that tho dwily has rnserves to eontinue to meet its charitable objectives. Rof•r•nc• and admlnlstrallv• d•talls of th• Ch•rlty, its trustws and advis0 Trust•• Canon Pmf R knn. Chair J Grett Mr P Leech Mr T R Hercock Chair l(leceased 30 Jultr 20241 Th8 Very Re%Thl K¥gn R¢Kxns Charfty rnglstsrod numbgr 1164872 Prln¢lpal offic• Cathedral Office Sl Martin$ Hwse 7 Paacock Lane Lcester Leicestershire LE1 SPZ Page 5
LEICESTER CATHEDRAL IIUSIC FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YeAR ENDED 31 DEceMBeR 2024 Ind•pendent oxamln•r8 Ha0£ LLP 10 Queen Street PLxe London EC4R 1AG Bankws Bardays Bank pk 1 . 3 Hay)nathel TtrAer8 Branch Humber5tone G Leicestsr LE1 1WA Soll¢ltorn Re¥d T MA (Cart)) Lwtham and Co Sor1 Charrfwood House. 2 For Ro Leicester LE113NP Admlnlslrntor Jonathan Ke (To 31 P&wch 2024} Chiel Executive. Diocesan Secrary and Chedral Administrator Richard (From 1 Aw4 2024) Chief OpwirvJ oifKer- LeSter Cathedral Flnance Managor Trevor Peel Chief FinwKial Offw- Lo•81er Cathedral Inv•8tm•nt Manag•rn CCLA InvestThth managrrt Ltd 1 Angel Lan& LorKlon EC 4R &48 Page 6
LEICESTER CATHEDRAL MUSIC FOUNDATION TRUSTEES. REPORT (CONTINUED> FOR THE YEAR eNOED 31 De¢EMBeR 2024 Stat•m•nt of Trusts•s' responslbllltl•• The Trustees are responsbl8 for prepwrng the Tntstees. Report and the finarKHI statemnts in accordance with applieIe law and United Kingdom Aceounling StaTrJards (United Kinuwjom General Accepted Accounting Prt0). The applicable to chanties n Englarnl & Wale8 requires the TA8$ to prnpare finala1 statements lor each financial year whh give a tr and fair of the Stale of affairn of the Charity and of its incoming resoutces and appli¢ion of re$wr¢es. indudwig ts income and expenditure, for that peiiod. In preparing these rinancHI statements, the Tw5teos are requir8d to: ¥81gct 5uitsble accounling li)eS and then ap#y them consistenty, obserye the methods and prnciples of the Charitns SORP IFRS 1021., make judgements and xcounting frstimates that we reasonable and prudenl.. stale whether applicable UK Accounting Standanls (FRS 102) have been f(klryHed, sublt to any matsrial departures dwh)sed and explained in the fincial SIatarnts.' prepare the financial statements on the going concem basis unless it is inwpropriate to wesum that tho Charity wll continue in business. The Tru5toe5 are Tesp(Thibl8 for keeping leqL ajUb"n9 r8uxds thal ara sufficient to sh¢yw arid 8XF4ain the ChariV$ tranSa¢tn$ d di1030 with reasonable accuracy at any time the financial poslion of the Charty and enae them lo ensure that Ihe finanaal statements comply with the chariti Act 2011, Charty {Accounls and Reports) Regulations 2008 and the pro$10n9 of the Trusl deed. Tlw are also responsible for safeguarding the assots of the Charty and he8 lor1" wea6onabb& 8tep$ forthe prevention and detection of fraud and other irregularitie5. Approved by order of the oflhe boord clTntslees on 28 Ociobw 2025 and signod on their beham by: Canon Prof R Alllgon (Trusloel Pag8 7
LEICESTER CATHEDRAL IAUSIC FOUNDATION INDEPENDENT EXAMINEKS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Indep•ndgnt Examlnorfs Report to th• Tnt••• of L•kutsr Cath•drnl Foundatlon (Ih• CharWI rep(xt lo the charity Trustees rny examinatKm of the acctyJnls of the Charity for Ihe yaar ended 31 December 2024. ResponbIllI10¥ and Ba•ls of Report As the Trustees of the Charity a responsknle for the pryation of tho accounts in accordance wilh th• raquiremenls of the Charities Act 2011 h0 2011 Acr). I report in respect of my examina of the Charity$ accounts carried out under $a¢tw)n 145 of the 2011 Ad and in carrying out my examinakn'on I have fol(y•Rd the applica)b8 Directions gvlen by the Charity Crynmission under section 145(5)(bl of the 2011 A Indopgndonl Examln•rfs St•tsm•nl Your attention 15 drawn to the fact that the Charrty ha¥ prepared the a¢¢ounl$ in a¢¢ordan¢e Accounting and Reporting by Chanties: Statement of Recommended Practice applicable to charities prgparing th8ir accounts in accordance with the Firnal Reporiin9 StaNlard appkable in t UK and Republic of Ireland (FRS 102) in preference to the Accounting Reporting by Charities". Statemènt of Recommended Prxtice issued on 1 April 2LK$5 which i¥ referred to in the exlant TegulatMs bLrt ha5 begn withdT8¢m. l understand that this has bwi done in order lor the accounts to pro¥id¢ a arxl tair vltsw in a¢cordancè with the Generalty Accepted Accounting Practice effectNe for rewting perrods beginning on or after 1 Janlsary 2015. I have completed my aXwa.(. I conffimi Ihat no mallers have come lo my attention li connection ith the examination giving me cause lo beli that in material resp accourling records were kept in re¥pecl ol the Charty as required by Secti 130 of thg 2011 Act,. Dr accounts do not acconl wilh ItrKe records: or the *¢ounts do not cornpty with ts appk4)k requirements conceming the fomi and c<Jnlent of accounts set out in the Charities (Acawnts and Repots) Regulations 2008 other than any requirement that the accounts give a Irue and fairf which is not a matter considered as part of an independent examination. I have no ¢on¢em5 ar have come across other matters in connection ryth the examination to which altention shoukl be drawn in this report in order io enable a propgr understanding of accounts lo be reached. Stgned. Adam Halsey FCA Haysmac LLP 10 Queen Street Haco London EC4R 1AG 31 October2025 Page 8
LEICESTER CAThEDRAL IAUSIC FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR E14DED 310ECEMBER 2024 Total fund$ 2024 Tot rund$ 2023 funds 2024 funds 2024 fvnds Incom• and •ndowm•nts from: Donations and18gxi80 Invgslmwts 78,386 18.862 211,309 15,856 11.794 Total Incom• and endowrn•nts 63,794 227.165 Expondllure on: Raising furKIs Charl110 actr4rti85: Charitable activities other running costs Otr charitable 1.088 4.PA1 82.229 151, 192 5,138 67 1,022 Total •xp•ndltur• 9.108 78.543 87.651 160,418 Net Incomellexpendllurn) IlOre net galns on Investmenls Nel gain$ on investments 31336 124,7491 7A87 66,747 7.187 7NO 29.6T5 Net movem•nt In fund• 31336 124,1061 7,187 15,417 96.422 R•conclllatlon of lund¥: Totd funds brought forward Not movement in fuThJ$ 213046 (24,106) 447,867 7,187 n2,638 15817 636.216 96,422 336 Total fvnds c•rrl•d ft*Thvard 103.261 189.740 748.065 732.638 The Statement of Finan(aal Aclimtss includes al gans and kxses feco9nised in the year. The note¥ on pago$ 11 to 24 frKm part oflh8se financigl statemeth. Page g
LEICESTER CATHEDRAL MUSIC FOUNDATION BALANCE SHEET AS AT 31 DECEhlBER 2024 2024 2023 Flx•d as8•ts Inveslnwl$ 486,660 486.660 Current a890ts Debtor5 Cash at bank WKI in h¥rKI 10 28.195 289.759 6. 7T1 278.551 317.954 28&3Y2 Credittys.. OUnt$ falling due withtii one year 11 (H388) (39.344J N•t currnnt a••ets 253M6 245.978 70ts14$80ts Iw cumnt Ilablltles 748mS 732,638 Total not as••ts 748J155 732.638 Charfty fund• End(MThenl funds Restricted funds Unre$lTiCted fvnd¥ 12 12 12 45651 189.740 103361 447,867 213.846 70.925 Tolal funds 748.055 732,638 The financlal slatements were aprKo*d and auth lor issue by the Trustees on 28 Odober 2025 and gned on th•ir bèhaw by. J th(L. Canon Prof R Alllson (Tntstee) The notes on pages 11 to 24 form part ofthese financial Page 10
LEICESTER CATHEORAL MUSIC FOUNt)ATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 G•n•r¥l Informatlon Leicester Cathedral Fopx¢dation is a Charitth Organi5ation (CIO) r8gi518r8d in England and Wales. whose onty voting members are if8 trustees. The charitys registered number is 1152990 and the Company Tegstration number is CEO(XO. Th principal address of the charity 15 Sl Martins House, 7 Peac(K Lane. Leicester. LE1 5PZ . The nCIal statements are presenled in slthling is the functK)nal curTery ol the chatTiy and rounded to the Mare81 £. The significant accoLmting pckns a&•d in the of financial ststem8nts are set out beky. These polic4es ha¥e been consistty 8A)led lo all yèars presertted unless olhepwise stated. The financial statements cover the indNKILHI ffitty. The enlity constitutes a b8fft tity as defrnd by FRS 102. A¢Muntlng poll¢l•s Z1 Bag13 of prep•rntlon of financl•l statw The financial stslements ha¥e been prepared in aCCoance wlh the Charities SORP (FRS 102) - Acc(wnting and Reporting by Chariti95'. Statement ol Rectynnwded Practice applicable to charities preparing they accounts in accordance wilh Ihe Finwcial Reporting Standard ¥plicable in the UK and Republic of Ireland IFRS 102) (effectr¥e 1 January 20191. the Firwncial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021 and the Charities Act 2011. The financial Stateme haw bgen prnpared to give a and fairf vi8w hav8 departed from the Charities (Accounts and Reports) Regulati(3 2LK)8 onty to the exlent required to prowde a 'lrue and fairf view. This departurn has inNdved following the Charities SORP IFRS 102) published in Octob8r 2019 rather than th8 Accounting and Reporting by Charities.. Statement of Recommended PraclKe dfective from 1 AP1 2005 which has sirKe b8w withdrawn. Leicester Cathedral FcNJndation meets the definikn'on of a pubh'c benefrt entity under FRS 102. Ass8ts and I111110S are 1n1tknty reccgnised * histori¢al Mst or tronsa¢tion value unless otherwise stated in the relevant accounting fv. Page11
LeKesTeR CATHEORAL MUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Accountlng pollclos (contlnu•d) 2.2 Incom• In¢ome is recogni8ed when the charity has entittem8nt to the funds. any rf0Mian¢e conditions attach8d to the it•m(sl of income been mrt it is wrknb18 that Ihg incom8 be received, aj the amount can be measured reliabty. In¢ome Irom and dh•r gran15 thr"capitaf' grarts or'revenue" grants 1$ o¢ognl$8d when the charity has entitlement to the funds. any p8rforynance conditions attached to the item(s1 of income have been me( rt 15 probaAe that the inc4)me be recei¥od and the •nount can be measured reliTrty and 1$ not doferred. For legaci8s, enti0fflent is taken as the earfw oflhe dats whKh eitr. - The charity is awa that probate ha8 been grnnted . The estate has been finlsd and tIficatIOn has been made by th8 8$) to tl charfty that o dIStt)n will be mte Receipt of a legy in whole or in part. is only considered probabl8 when the OUnt can be measured reliably. and Ihe charity has been notrfied of the executorfs Interti lo make a (thslribution. Where legacTes have been notified to thè charity. or the tharity is aware of the granting ol probate. and the crrteria for incone reC4)gnit have not been mel thgn the legxy ig treated as a conting8nl asset disdosed rf material. 2.3 Expendlturn Liabil'kn'es a fecffjnised as expendilure as %x)n as th8r8 is a legal or constructive obligation commitling tho eharty lo that expenditure. it is prrl)able that a trwsfer of econom benefrts wll be required in settlement the rnnt of the c4>ligation C be measured reliabty. Expendf(ure 18 accounted for on an accwals basis and has been ¢lawfd under headings that aggregate all $1 related lo the category. Where costs cannot b8 dir8cty attributed to particular heading5 they have bgen alkjcated to actNthes on a basis consistent with the use of resouw. Expenses are accounte¢l for inclusr¥e (whwe apphcabie) of any VAT *thich Gn01 be recovered. 2.4 Intsr¢st r•celvable Interest on funds held on deposrt is thduded when recer¥able wd the amount can be measured reliabty by the Chgrity, this is normally w nOtIf8n of the interest paid or payable by the Institut with the lund8 are deposrted. 2.6 TallOn 2.6 Inv•stm•nts FLKed asset investments are a fo of finanoal instrument and are initi'alty recogntsed al their Iranwtion ¢ost and subsequenty rn8d at fair value ai the 8alance Sheet date, unl8ss the value cannot be measured réliably in which case it is measured at cost less impairment. Investmenl gains d losses. wwher reali5ed or unrealised. a coThkned and wesented as 'Gain¥l{Losse$) on investments, in Ihe Statt of Financial Actviilig5. Page 12
LEICESTER CATHEDRAL MUSIC FOUNDATION NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle8 (contlnued) Z7 1)ebtorn •nd Crlt0 r•colvablo I p•y•bl• llhin ¢)n• y•ar Debtors and credttor5 With stated interest rat8 and receiyabk or payable within one are ¢orded at IrwactA)n pit8. Any kJsse8 ansing from iwent afe recognised in gXP8ndiluro. 18 Cash at nk and In hand Cash at b?k and in haThl includes cash and 3hort4e(m htyhly liquJ investments with a short maturity of three months or IBSS the de of acqui5rt)n or openiNJ olthe deposit or simiFaT account. 2.9 Flnancl•l In•lrnmont8 The charity has chosen to adopt th• 11 and 12 of FRS 102 in respect of financial instruments. Basic financi81 assets. irKluding trade and other debtorn cash and bank balance5 arg initially recognised al transactton pite. unles8 the arrangement constitutes a financing transaction, where the transaction 1$ measured * tho prnt vakn (rf the fuiure receipts discounted al a martet rale of interest. At the Bnd of each rewling perNJd financial assets measured at wnorlisod cost arg assessed for ¢)bjg¢tive emdenee of impaimert If an a$set k8 imp8Yed the rnpaimwnt loss is the difference befvn the carying amount and thg pr8senl u8 of th8 estimated cash flows discounted at the assefs original effedNe interest Tata The loss is recognised in thè S&ement of financial actMtie8. financial a5s8is, Investm in equty instruments whh are nol subsidiaries, associates OT joint vgntures. we in measured at fa'T value. whith 1$ ncrnlly the transaction price. SuGh assets are subsequently carried at fair vatue and the thanges in fair value are reniSed in the income $tateThnl, except that investm8nts ¥1 equty in$lrunknl$ that are not publicty traded and whose lairvalues cannot be measured relity arn measured at C05t18S5 impawmenL 8a$i¢ finanoal Iu1n9 b and otIr ¢reditor8. are recognised at transaction prKe. unless the arrangement constitutes a financing tran$actiM. where the debt inslrumnt is measured at the present value of the future ceIpts discounied at a market Tale of int8re8t. Tr•Je ¢r&lit(xs are ob&gatiM$ to pty It or $er4ti8 that have been acquirnd in the ordinary course of busin8ss from SUPF4iers. Accounts payable are tlas$ifd as currenl liabilities rf payment is due within one Year or less. W not. flw are presented as nonUrrent liabilities. Trade creditors are recognised inilialty at pe and 5ubsequentty measured at amortised cost using t effgctive interest meth¢xl. Page 13
LEICESTER CATHEDRAL MUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl•A (c(•ntlnu•d) 110 Fund acwuntlng General funds are unrestricled funds are Wdilabl& for use at the discretion of the Truste0$ in lurtheran¢e of gwwol Objecti of the Chlty and whth have ncl been designated for other purposes. Destgnaled funds comprise unrestricw funds that been set asidg by th8 Trustees for parti¢ular purposes. The and use of e¥h deswated fund WJ sel out in the notes to the financial statements. RestrKted funds are funds which are to bg used in accordarKe with sp9cffic restrli0n$ imposed by (knnors or wthi¢h have been raised ty the Charity for pa'Cular purwges. The costs of raising and Iministsrirwj suth funds aT8 cwed against the Specific lund. The aim arKI use of each restricted fvnd is set out in the notes to the financial statements. InVeStrr inc(m)e. gwns kts9es are alAK*ed to the approwiate fund. Incom• Irorn donatlons and l•gacl Unrostrfthd Rostrl¢tsd nds fund# 2024 Total funds 2024 2024 Donations 12.302 20,0]0 11302 20,000 42.625 Legacie5 Grants Gift ald 42.000 1.459 34,388 42,000 76,386 Tot81 funds 2023 funds 2023 lunds 2023 Donations Granls Gift aid 1&932 128,546 144.478 1.613 218 6.831 17.545 193. 764 211.309 Page 14
LEICESTER CAThEDRAL MUSIC FOUNDATION MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Inv••kn•nt Incomo Unvwtrlct•d R•#trfcl•d fvnds funds 2024 2024 Total funds 2024 Income from property INpstntS Income from listed lwestrrn 4.470 7.324 8,806 10.046 11,794 18.852 Total nds 2tY23 2ff23 2023 Income frcm property inveslments IncLvne from b'stsd VestnTrts 2430 6.833 9.ff23 7,183 4,270 11.586 15.856 Anatysl ol •xp•nd1rn on charflabl• actlvltles Sumrnary by fund ty Unr•8trlcl•d Restrlcted fund 2024 Total 2024 2024 Chartsble ac¢ibib'e5 9.108 87,651 Unrnslrfcterl Restiict8d funds 23 Total 2023 2023 Charitable xknvities 14632 140,698 159.330 Page 15
LEICESTER CATHEDRAL MUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anaty519 of •xp•ndltur• by acllvh AGtivbti undertaken dlroctty 2024 Support costs Totsl funds 2024 Chaiitabl8 adivibes 83,251 4.400 87,651 AcbvitBs IMx*rtaken Siw ¢osls 2023 Total fimds 2023 2023 Chartable 154. 192 5, 138 159,330 Indepond•nt •xamln•rf8 r•mun•ration The independent examinefs remunetalion to an indewdenl examiner lee of £2,400 (2023 - £2,400). Trust••s' r•mun•rntlon and •xp•n••s During th8 year, no Trustees any remuneration or other benefrts f2023. £NIL). During th• year tsMded 31 Decembw 2024. no Tn expenses been Inrred (2023. £VIL). Employ•wJ Excluding trustees, there were no for the th¥ty durirvJ the current or prior year. As the charity does not employ Staff there were no staff or key management remuneration costs. Page 16
LEICESTER CATHEDRAL IAUSIC FOUNDAnoN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FIX ass•t Investts Ll8tod Inv••tm•nts Co¥t or valuatlon At 1 January 2024 Revaluations 7,829 At 31 Dece[8r 2024 N•t book valu• At 31 December 2024 494,489 At 31 December2LY23 486,660 10. D•btor• 2023 wlthln one y•ar Othei debtoryJ 28,195 6,771 28,195 6,771 11. Crndltor8'. Amounts falllng duo *lthln on• y••r 2024 2023 Amounts owed lo paMI other creditors 50.386 14.002 27,522 11,822 64.388 39,344 Page 17
LEICESTER CATHEDRAL MUSIC FOUNDATK>N NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. St•t•m•nt of fufftd• stat•m•nt of funds - ¢urrnnlyMr Balan¢0 at 31 GaIn D•cember ILossts) 2024 Balance •t 1 January In¢om• Exp•ndlturo Unr•Btr1C funds General Funds- all fund8 70.925 19.108) 103.261 Balanc• al 31 GaITr D•c•mb•r Inc(•m• Explturn ILos¥e¥) 2024 Bal•nc• at 1 January Endowment funds Aldern NeOn Trust Ouseley Trust FrierKls of Cathedral Muxic Choral Scholar Fund Thomas Topps Charity FiierKls of Cath8dral Music FrierKl$ ol tho Cathedral IAu¥tc ADM Fund Ousley Church Music ADM Fund 102Y7 42.902 (227) 2,146 102.720 154 1.688 2,970 34,166 70,982 148,674 69,394 145.704 36.091 387 36,478 16.827 169 16,996 447,167 7.187 Balanco at 31 Galnsl D•combor (L0>5es> 2024 January 2024 Incom• Expendlturn RHcted fund5 Music Scholarship Fund Choif Scholwshy Fund lan Warren Award Assistant Dir8rt of MUB Fund DioSirKJ Rank Foundation 38,710 38,792 3.060 (17.$911 30,923 39,435 3,060 (1.9W) 2,OlXI 20.0(rf 2,000 9,386 16.OfA 126.668) Page 18
LEICESTER CATHEORAL MUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Stat•m•nt of lunds (contlnu•d) Statement of fund*- currmt yo•r Icontlnwl Balan at 31 GaIn December Incoffl• exyndllur• ILosse5) 2024 B•lanc• at 1 January NatMJnal Schools Singing Pr&3rme S•nworth Ouselty Trust 2 Old Choristerfs Assoc 18.647 93.939 2,000 2,664 (16A23) 113.395) (2.000) (516) 22,324 80,544 2,078 213 $3,794 8W) 189,740 Total of funds 732,638 187.6S1) 7,830 748,OS6 Pag8 19
LEICESTEft CATHEORAL IALISIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Stat•m•nt of funds IGOlltlnu•d) Regtrlctod Funds Muslc Scholarnhlp Fund The fund re¢eNes irK(yne ened fr(xn the MdrI fiJThls dedThted to music wd scholor5hips. Cholr Schol•rnhlp Fund For payment ol Chorister scholarnhips. thL8 fuTrJ was previously hekl by the Cathedra and was previously krthyn as the BE Furvj. GT Fund ar Akn Ntrth Furnl. Alan Warr•n ATArd To be gNen at the discntion crf the Th'rndor of to swng pwple {und8r 1851 sing in tP Cathedral Chw. The aw¥d is to $LPWt mu¥al d¥4e10X•rt for those who play wolin, viol4 collo or do bass. Tho Gr•nd Pl•no Fund The sole puryhxe ofthe fund i¥ to purthw a gr•)d pl0 lor the Cathedral suitable for pn)fessional concert use. Th• Cath•drnl Musl¢ Tn4t The grant rwAr48d into this fund IB forthe 2023r24 Academic and is mairty frtused on Diosing. Amlstant Olr•ctor of Mu¥l¢ Fund The turn on the investment in the Friends of Cath&lral Music ADM Fund is ahxaled to be used towards the safary of the ASStant Director of Mus Rank Foundatlon This fund is towards the cost ol eXpding the DN)Sing prograrTwn8 by LeKoster Chedral. This grant 8nables th8 Foundation to support the employment of a fvrtr member of musi¢ stsff. whose job wll be principalty to defiver Diosiry. but wil also be available lo assist thith training of chDrtsters in supporting skills {aural, th•tyy) and to cCffld1 the Ch(m on o(xa5itin. Natlonal Schools Slnging Programm• Thi5 fund is toward$ tho ¢ost of eynding the Diosing progranwm run by Leicester ChedTal. This grant enables the Foundation to support the eMplOent of a further member of music staff, whose job wll be prinCipty lo (ieliver Dx)SiThJ. but also be waille lo assist with training of choristers in supporting skills (aural. theory) and to COndt the choirn on OCC8SiDn. Samworth This fund is to provide for choris belween lh8 •Je$ 13Q1 ¢an be used toward8 the cost of singing lessons. instnmnenl leSn8, the prowsp)n of chapep)nes and Ihg $POrt of ¢horisters who wouhl be unable to particwaie in the ¢or w7Ut finan¢1 assistance. Ous•l•y Tru•t 2 This fund was gpn in 2023 and thè iNyJme 18 to be u8ed lor Ch(xal SchOlAjA sw¥Jers fees. Old Chorlstgts Ajsoclallon This fund arose from the closure of the As8cKiK arHI to be used to $UpF the wellbeing of Choristers. Revealed This fund has been e8tabfi8hed to financiolty suppryl the reordering proje¢l for Le$ter Cathedral ILei¢ester Cathedral Revealed). ft was created for donations that had r8ceN8d towards t continued pmrysion of music as part ol this pr(yect. Page 20
LEICESTER CATHEDRAL MUSIC FOUNDATlChY NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 DECEMBER 2024 12. Stat•m•nt of fund• Icontlnu•dl Endowm Fund8 Aldorm•n Nowton Trn•l This lund was gNen in 2008 aThl the income IB io bo used frjr Choral Schol8rship¥. Ouseley Trut This fund w•s gNen in 2008 and the incATh is to be used for Choral Scholarships. Frl•ndG of Cathedral MU¢ cl1 S¢hol•r Fund Thi$ lund arose as a result of a grant from th8 Friends of Cathedral Mu¥1¢ and the in¢ome wll be u8ed to provide Choir sCar$Ip$ in future years. Thomas Topp• Charlty Thi$ fund represents a hist er1dcent datsw from 1874. The incom8 is used towards chal Scholarships. Frt•nds ol Cathedral Mu¥lc This fund was given in 2016 hekl by th• Call1 as a r8slrKtsd fund. Once moved to the Foundation. an Endtrrnl Fund was set up and interest from thi¥ is toward¥ the general work of the Foundation. In 2020 as part of the closure of the GT Player Chariiy further funding wa5 gwen to Support the work of the MUSK Foundati. Frf•nd8 of Cath•dral IAulc ADhl Fund Established ltrwaTd$ the end of 2013 following a grant from the Friends of Cathedral Musi¢ the return on the InvestnI is to b8 used trywards the of the Assislant DirlOr of Music. Ou8•l•y Church Muslc ADM Fund An addrtional fund e$lablished lo suprxjrt the role of Ihe $tant Dir•GtcY of Music. Sl•t•m•nt of funds- prlor y•ar Balance al 31 Gal D8camber Exp6nditurg (Losses) 2023 Ba18nce al 1 January Unrnsirlct•d funds General Fund 6a460 21.816 f19.351J 70.925 Endowm•nt funds Aldeman Nthrton Trust Ou8eley Trust Friend$ of Cathedral siC Clwal Schol¥ Fund Thoma8 T(pp8 Charly Friends of Cathedral Mus FrEnds of the Cara1 Mu AOM Fund 98. 150 40.902 4. 798 102,948 42.902 1,493 6.015 11.124 34,2 69,394 145. 704 63.379 134.5 34.768 1,3r2 36,090 Pa9e21
LEICESTER CATHEDRAL MUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECÉMBeR 2024 12. Statsmont ol funds (contlnued) statem of funds. wlor y•ar (condnu•dl 31 Gam D6combg1 1 January 2023 Ousloy Church Music ADM Fund 16.258 16,827 420,546 27.321 447.867 R••trlcted fund• Musk Scholarship Fund Choir Stholarship Fun Allan Warren AFTd Assistanl DirKtor of Music Fund Rank Foundi National Sthoo15 SirvJiNJ Programme Samworth Ou$eley Trust 2 Old Chorislerf5 Assooation Grand Piano Fund Cathedral MUS Trtl Reveled 37.237 36.439 14.627 (11154) 38, 710 38. T92 3.050 Z353 1.959 (1.9591 (3.946J 16.054 25,000 (6,353J (1061) 18.647 93.939 (346) (7&090J (2A484J (7,6T4J 2.654 4&0 2&484 31,090 7.674 147,210 205.3 (141,067J 2.353 213.846 Total of funds 636.216 227.166 fl60,418) 29,674 732.638 Pagg 22
LEICESTER CATHEDRAL MUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMOED 31 DECEM8ER 2024 13. Summary of fvnds Summary of fund•- curr•nt y•Ar Balanco at 31 Gainsl D•¢omb•r Incom• Expendlturn (Losses) 2024 January 2024 Genwal lundB Endvment funds Re8lrKted fund5 70.925 447,867 213.846 41.444 (9.108) 103.261 455,054 189,740 7,187 8.643) 732.638 187,6S1) 7,830 748,055 Summ•ry of lund- wlor ymr 8818nc8 at 31 1 January Gains/ December 23 Incom8 &pendKurn (L(w8sJ 2023 General furrfls End(pwment fund$ RestTKted fund¥ 68.460 420.546 147,210 21.816 (19.351) ro,925 447,867 213.846 27.321 2.353 20&350 (141.067J 636.216 227, 166 (160,418) 29.674 732.638 14. Anaty•ts of n•t aM•ts b•tw••n fund• Anatysls of net as¥•ts b•twe•D furbds. uirr•nt I0d Unrn•trlcl•d RMtrlct•d Endowmont fundg lunds fund9 2024 2024 2024 Total ft•nds 2024 Fixed a58et investments Current assets Cr•Yitors due within one ear 39.435 153.535 (3,230) 455.054 494A89 317.964 164,3881 164,419 161.1581 Total 103,261 189,740 455,OS4 748.055 Page 23
LEICESTER CATHEDRAL IAUSIC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2024 14. Anatysls of n•t 58•ts b•lOn lunds (contlnu•dl Analy818 of not aM•ts fvnds. prfor rIOd Unrnsbtsd Reted Enthment funds 2023 Total funds 2023 2023 2023 Fixed asset investsnents Current assets Creditors due within one ye 38.792 IT6. 755 {1. 7QlJ 447.868 486.660 285.322 (39,344) 108.56T (37.643J Total 70.924 213.846 447.868 732.638 1& Relat•d party tran•actlons The Foundatim mae grants to the Cathedral In to the musical work ol the Cathedral, t¢)tslling £70,388 {2023: £58,950). At the end ofthe aT the chanty (pwed the Cathedral £50,386 {2023'. £27,073>. At the end of the year the calldra1 the tharity £nil (2023.. £n. The Music Foundation is vilal in supportiTrJ the worf( ol the caldra1 Chapl8r the College of Canon8 in developing the MUS h.fe of the Cathedral in au ib aspecls. The trustees ofthe Music Foundation ar8 nominated by Leuster Cathadral. The Tesurts cl the Leicester CaUdral MUS Foundation have, therefore, been included in the consolKlated results of Lei¢e¥ter Cathedral. DuriNJ the year. the FoUrat received donatiom from Trustees tdalliThJ £2.600 (2023.. £6,780). Th8 FoUrKlaln also received a grant of £nil (2023.. £nl from wliaM Hercock Limited. a company owned by one of th8 Inrntee5. 16. Controlllng party The Chanty is controlled by its ultirnate parent. The Cathedral Church of St Martin Leicester (Charlty Number 12051021 IradiThJ as Lewler Cathedral. Copies of the consolidated accounts can be obtained from the Cathwjral office." St mwlin House. 7 pe Lane. L•er. LE1 SPI The object of the Lrttinate parenl is beiTrJ a ¢entre of worship and msiDn for th8 advancemènt of the Chrislian religmin in ¥Lrda with the prw of the Church of Engd. The Cathedral woths 1ry4Yards these aims wh the 8etvw and events hc4d at the Chedral and in the whfjer community. The parent can exwcise ¢ontrol vo its twstees. Page 24
LEICESTERCATHEDRAL MUSIC FOUNDATION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DEceM8ER 2024 2024 2023 Donatlonq and l•gac Donation8 Lega¢i8$ Grants Grft 8kl Invgslment in¢( 12,302 144.478 42.626 60.OLY) 6.831 15.856 18,852 227,165 Galns on Inv•stm•nlg Gains on investments 29.675 7M30 29.675 Tolal Inrn0 103.068 256,840 Ral•lng donatlons and legacle8 Fundraising trading oxpense8 1,088 1,088 Charitabh 4¢tivllb• Charitable Giwng 832S1 154.192 83251 154, 192 Support Costs Independent exine1$. remuneration A¢¢ounlary and legal fees 2.400 2, 738 5138 Total r•8ourco8 •xp•nd•d 87.651 160.418 Not Incon for th• veportlng p•rf¢)d 15,417 Surplus forth8 reportlng p•rlod Surplu• brought foThvard al l January 2024 16A17 n2.638 96,422 636.216 Surplus carrl•d fomrd at 31 D•c•mb•r 2024 748.055 732,638 The rth an pays 11 to 24 fonn part ol the8e financial Statem. Page 25