The Spence Cathedral Choir Trust Trustee's Report and Accounts for the year ended 31 March 2024 Chai'ity Registration Niiimbei.: 264558
The Spence Cathedral Choir Trust for the year end 31 March 2024 Contents PAge Administiative iiifoi'ination Ti'ustee's Repoit Independent Exaininei s Repoit Statenient of finaNcial activities Balance Sheet Notes to the finanLial stateinents 9- 10
ThL SpenL'e Cathedral Choir Trust Adininisti"ative infoi'matioii Lunstitutioii TSit Trusl was founded Liy Ilie Reveieiid Caiio) FIoi'dLe Speiicc aiid Iiis wife N,Ii's Maijorie F.lirnbctli Sijtnce in 1968 aiid aiigiiiciiled by beqiie.ql8 I'eeeived upoii theii. deailiE. Tl)e Dean arid Chaplei. Df Caiilei-biii'y ekcciJt¢d £1 DcLlaiilioii of Ti'iist U11 21 Jiily 1972 411d Ilie'l'i'iist 'I'i'ustec The Chapter of Caiitei'bury Catlicdi'al is tlie sole Ii'ustee. Dui'iiigi tlie yeaj., Laiiterbuiy Catl)cdi?l Ivas iEoistcitd as a ¢l)arity witli tlie Cliai'ity Coinimissioii witli a I'egislratiuii iiumbci. of1206913, Pi'incipal Officer5 Ms Jlilie Ivood A(".A I'i'incipal ()i'fice Inve.$tinent Ivlanagers Cailiedral House Tlie Pi'tcincls CanteKbiiry Keiil CTI 2LH Jiix()n HoLise IQO %t Paul's Chiii'cliyard Londoi). EC4M 8BU Independent Lxaminer Mi. T. Wacli£i' FC'.A Krestoii Reevc5 1.LP 37 St Mai'garetrs Street Canterbury Kciit CTI ?TU
The Spence Catliedral Choir Trllst Trustee's i'eport foi" the yeai. ended 31 March 2024 doLuiiienl aiid ilie provisioii% of ilie %iatciiien¢ ol'llLLOI)Inien(le<l Pi'actice {SORP)11,'KS1021 (effcLtive l Jaiiii)iy 20191. Objectivos Tlie objectives of tlic cliai'ity al'e Ilie iiiaintenanGc of Ilie clioir ofc211tei.buiy C¥ihedi'&l aiid ils Inusic by Ilie C'.haptei' boy5 diid Lay Clert(% and otliei. iiiciii6ei.s of Ilie C.d(licdi?I clioir iiiclu(ling the Oi'g#iii%t aiid Assiqtani Orgaiiist5 to Cliiiirli of die AniTliuan c.oiiiiiiiinion. Volicie5 Tl)e capiial of tlie Ti'u%t is iiivesled in any stocks, fiiiids. seciirities oi. iiivcsliiietils aiiihoi'ised by law. The capiial is pieseivcd iiiiacl, but aiiy illCDiiie aiid inieresl cll'ising on tlie capitsl is paid ovti. lo tlie Cliai)tei' of Canleibury ea¢l) year foi. Ilietn lo use iii Ilie fiii'ilieiaiic¢ of the Objects of ilic Ti'iist. Structuj'e, Govei'iiaiice and Mai)xgemeiit Tlie goveriiiiig dociimetit of the I'ittsl is tlie Ti'ust Deed. The Triist IS 11)ana¥ed by tlie Cliaplei. of Caiilei'biiry, tlic books of accouiit being tiiainiaithed by tlie C.atlicdi%l's l.-iIiance Depdrinient. Tl)e liivcslinents ale liaged l)y Sai?sin aiid Partneis LLP. I'l)e pei'foL'iiianLe Revleiv ol. AetivitiL'S an(1 tin%iiei21 pei-toi'maiiee 'ri)c Triist liolds invcsiiiieiils, the sncoin¢ fix)iii which, Is pai(1 to th¢ Chaptci. of c211tei.buiy for usc iii accoi'd4iice witli tlie Obje¢ls of the Tru%t. Specialists ale eimployed lo iiiatiaoc tlie iiivestinenls OTI belialf of the Tru51e¢. Dii¥ii)g Ilic yeai. invtslineiit iii¢oine ivas £55,246 (2023.. £52,820). £55,388 was paid to the Cliapter of Caiiterbiii'y12023.. £52.5541. PubliL Benet'it Stateineiit 'riic Ti'ustce confiiyns Ihal It lia% eoiiiplied witli Ilie diily ili Sectioii 17 of Ilie Cl1.1t1eS Aci 201 I to havt due i'egaL-d to rlie Cliai'ity Coiiiiiiissjuil's general oiiidanLe on piibli¢ benefit in det¢i'R)Ining the aclivitlLS iindei1aken by ilie Chai'ity. Caiitei'buiy Cailiedral is the iiiotl)ei' cliurcli (yFtlie Anuli¢an Coiniiiiiiiiort. Tlie Cat]iedi-al lias a 8ti.oiiu miiqical Ii'aditii)ii ivliicli is eiijoyed by a wide 12iige ol'yeople at seivices ai)d also al coiiceils and Icciials. Tile objects aiidience s possible £iiid at a wot5d cldss 5taiid#i'J. lii Ftbi'iiary 2023, tlie Catliedrt)l anix)uiTr¢ed cliaiiges to tlie Inusic provision foi. tSie Cailiedyal diid a iiew iiiodel toi. tl)e clioir wliicli %tai'ted Jui'ing tlie yeAI'. Ntw olioyisieis are no Irjngei. requii'ed 10 alleiid oi. boai'd &1 St EdniiiiiJ'% Scliool in C.aiTrtci-biiry alid ttre being iecriiitLd froiii a bi'oadei- l'ange of edu¢£i1ional l)ackgroiiMd%. Gil'15 and buy elioristcrs are siiigiiig an eqiial nLlI)Iber of services al tlie Catlicdi-al. Tlie C'.atliedi'al lias stai'ied soiiie Jiew niiisical
The Spence Cathedral Choir Trust Fii)ancial Review foi. the year ended 31 Mai'ch 2024 Ilal2iice Slieet Assets 'und Value 'riie net asset vdliie of tlie fiiiid at 31 Mar¢h 2024 was £2,001,52712023'. £1,851,114), an iiicrease of 8. ID/0 on the pievioiis yeai'12023'. 5.70/0 decirasel. The following table illiislrates the iiiovement in valiie and spi'ead of inve51nienls at mai'kel valiie over tlie last foul- yeai's.. 2021 2022 2023 2024 Stocks and Sliares Ca511 TO'I'AL fi UNDS 1,892,309 25,421 1,9 17,730 1,932,962 29,¥64 1,962,821 1,993,445 8.(b82 2,001,527 -34,203 1,8SI,114 2.5(K).000 2.000.000 •2021 1,500,000 U2Q22 1,000.000 2Q23 OZDZ4 500.(NJO Stocks and Shares Cash
The Spence Cathedral Choir Trust Financial Review foi. tlie yeai. ended 31 Mai'ch 2024 (continiied) Incoming Ilesourco5 2(b24 2(b23 Cfisli and Invcsti)ieiil% at Market Value 2.001,527 I,It51,114 55,246 150,555 2U5,801 Iiicieaseelldecreascl iii Mai'ket Value of Iiivestinenrs -rola1 Reiurn (116,051) 163,231 °A Rate of Total Retuiii Tlie Lolal i'etui'n of10.280/0 eoni)ai'es witli a FTSF, all sliarc total retiini of -1-8.40/0 foi. tlic yek)r12023..-3.42Yo compai'e(I witli FTSE zll shal'e lolal retui'ii of +2.92/0 Ileserves policy Tlie ii'ustee coiisidei's tliat tlir reseives of tlit Iriisi ai sufficient to llicet Ili¢iY presetjt coiiimitnieiils. Ilisk maiiagemeiit Tlie ti'ustce lias assesscil tlie Ihi1jOI' risks (o wliicli tlie ¢l)arily is exposed, in pai-1iciila¥ tlio%e I'clat¢<l to tlie Stateineiit of ti'ustee's i-espoiisibililies Tlie ti'ltee Is re%i)oiisiblc foi. pieparing the Ti'i15te¢5' Aiiiiiial Rcpoi1 aiid Ilie finanLidl slateiiiciils in accordance witli applicable law and Ujiiled Kii]odoiii A¢¢oiiiitiiig Standai-ds Iunittd Iliiigdoin Geiierally AcLei)led Accou11tiiig Pi'xcti¢el. applic£l1ion of iesoiiiEes of the ¢liaJ'ity fuj. Ilial period. Iii prepai'iiig these fiiiancial staleiiieiits, thL 11'1Lqlee is reqiiii'ed to-. policies aitsd apply Iheiii coiisistently,. Inake jiidgTen)enls 4tnil estiniate5 Iliat die ieasoiiable aiid piiidciii;
The Spence Cathedral Choir Trust 4inancial Reviemy foi" the year ended 31 Mai'ch 2024 (contiiiued) ,%tatemeiit ol. ti'ustee's i-espoiisibilitie¥ (LORltiiiued) comply ivitli tl)e Cliai'¢tics ALI 201 I, the Cliarilies {Accf)iiiils and Rei)oitsl Regulation5 2008 #lld Ilie provisiuns of Ili¢ trii8t deed. They are alsu rtSPDiisible foi. Sdfegiiai'diiig tlie assets of tlie Gliarily aiid lieiice taking reasonable steps foi. tlie i)ieventian at)d dctectioii offraud 42nd ot])er iireuul8¥ities. Tliis ieport was approved by the tl'llstee oil ol rtQV2024 ajid signed oi) tlicir belialf by-. Tl)e Chapiei. of Caiitei'biiry Catliedral
Independejit Ei xaminei s Report to tlie Ti"iistee of The Spence Cathedral Choir Trust foi. the Yeai" ended 31 Mat'ch 2024. I It)11 ti) tl)c cliarily's'friistee on In}, CXkll)Illli?Iton of tlie accoiiiits of Ilie cliarit), foi. tlie year elided 31 Maicli ?024 wliicli <llE Sct oiit on pagTr¢s 7-10. A¢t 201 l and IEgulatioiis Iiiade iiiidei. se¢lioii 154 olt13at Abt. My ivoi'k lias l)een Iindci1akei) so Iliai I Inigl)t stale tl)e Lli&rity and tlie cliai'ity's Tru%tee, toi. Iny woYl( oi. foi. Iliis Irpurt. Resp0115ibilities 17({ l)asis of i'¢poJ't cai'ryiiig out Iny exaiiiiiiatioii I liave followed all tlie applicable Directiotis siveii by Ili¢ Clvi'ity Coinmi%.%soii uiidei. section 145151{bl of Ilie Atl. liidepciident X%1lner'S statenieiit with tlic exainiiiatioii giiviiig me caiise to believe tlial iii atiy iiiaterial respeci-. l. accoiiiitiiig i'e¢oi'ds ivere not kepl iii iesi)ect of the cl)ai'ity as reqiii¥ed by section 130 oltlie Aci. oi- 2. lh£ #¢coui)ts do iiot accoi-d willi tliosc I'ecoi.ds 3. th¢ acci)unts do nol tolmply witli th¢ applicable i'cqllllEiiients toneerniiig Ilie forni aiid coiiteiit of a¢¢ouiils accoiilits give A'ti'ue and fail. viei¥' whiLlI is not 2 Inatler considered as pail of an ii)depcndeiit eY#iMiiiation. sjiould be di'awii Iliis repoil in oi'dei. Eo enable a piDper undti'sianding of the accoiinis 10 be i'eaclie(l. MI'T. Ki-eslo cliei. FCA ecvc5 LLP
The Spence Cathedral Choii" Trust Stateineiit of Finaiicial Aetivities for tlie yeai. elided 31 Marcli 2024 Ro%tiicte(l R¢51ri¢i 21124 2023 55.246 52.820 51820 R&4tsui're5 52..f54 52,554 266 1S11.J5 1SQ.413 alaii¢e% hftw811l foiwdrd 1&51,114 1,962.826 2,001,$27 Tlie Siaitiiient ol'fiiiancihl AaiVliiCS ilicilid dll gains aiio li)S ITwgiii%td in Ilie yedr.
The Spence Cathedral Choir Trust Balaiice Sheet as t 31 March 2024 Restl'LftÈ¢l RLsli'icted Nole 2024 2023 riixcil Assets 2,001,527 Net cut-reiit issets NL't gssetS 2,001,$27 Funds 2,001,S27 The finaiicial st&iernettts weie approved b)1 the'fi'lislee oli 01 W 2024 and sigtie(l on its belialf by:_ Tlie cliap1. of Canterbiiyy CatliLdi?I 'Flie iiotes 01) pages 9 to 10 fom pait of tliesc a¢ethut)ts
The Spence Cathedral Choir Trust Notes to the accounts foi" tlie year ended 31 Mai'cli 2024 AccoiiiitlEJg politie5 .1 Bgsis of pvepai'atioii of tlie aceouiil% Thc fLnancial slateiiients liave beeii pi'ci)aiEd iii accordaiice willi ihe Statciment ot'Recoinmeiided l)ractiL¢.' Attuuiiting and Rcport11)g by Cliarities prci)di'ing tlicii. accounts iii accordaiicc witli the Fiiiaiicial RePoititl8 Slaiidaixl appliLable in tlie UK and R¢public of Irelaiid {I.-RS 102) aiid C.118rities Act 2011. Tl)e cliarity ¢oiistituies a piiblic benefjl entity as defined by FRS 102. Voluntdl'y iiicoinc aiid IloJiatiDiis #i'e aceoLlllted for as i'eceived by tlie ¢liarity. Iiivesliiients ait stated at iiiat'ket vrtliie. Realised aiid iinrcolised gaills aild losses on investiiibiils aye dtalt witli IT5 tl)e %tateii)ciil of Fiiiaiicial ActjVLti¥s. Iiivestlll¢lll sncoiiie aiid associated i&x recoverable air Ci-edited 10 siiconit on ali a¢ci'uals basi5. 1,4 Valiie Add¢d T*x Value added 18x is not iEcoverable by tl)e ¢1121'ity aiid as such is iDcluded iii Ihe i'elevaiii costs iii tlie 1.5 Expellditure oij iiiAnx£enieJit aiid Adii?iiiisti'8tioii of the cliarity Adinitiis(ialion expenditiire iiicliides all expenditiiie not direcily relaled to thc cliaritablc activity. 1.6 fiiiiid ii ccouiiling Tkne Spetiec Ca(liedral C110ir'l'i'ii8t is a ie%li'ictcd fuiid, Ivlii¢li r)iay Olily be iised for Ilie puryoscs for wliicli tli¢ Tiu%i was set lip. t)aincly tlie provision of iiiiisiLal activities as set out iii Ihe Triist Deed,
The Spence Cathedral Clioir Trust Notes to the accounts for the year ended 31 March 2024 {continued} 'rotAI 2n24 Total 2023 Marl(et walLl¥ l)IDiiglil foi'waixl AililitionsllDssposalsl Fees Nel I'ealiqed 4Tid uiiiealised iiiveslinenl gTains and {lossesl Mai-kei valiie 3 5 131[7 1016,911 30,000 (4,0111 ISO,S55 1,993,445 8,082 2 001527 1,932,962 14,0731 34,203 Aiialyscd as follows.. UK Uiiit l-l'iisls Casli 1,993,445 8,082 2,001.527 34,203 2024 2023 'riie liislorical cost of tlic iiivcstineiiis at 31 Mardi was.. 1,043,156 3 F'uiid5 lid iiiteiest of wliiLI) only be iiscd fur Ilie piDvision of Diu$ical activitics in Caniei-biiry C£2iliedt-al as set o(It in Ihe Ti'iist deed. 4 Coiitrolling Pai'ly Tlie Triisl w%%.%et up to assisL d)e C.liaptti' of Cantei'buty to iii¢et tlie costs of pyovidiiig i)iusic ift Ilie CaLliedra5.-fiie'fi'iibt deed i)iovides tliat tlie Lliai)ier of Cdiitcrbitry is'frustcc of tlie Cliarity and tlic Trusi was eoiitrolled iliyoii£hoiii t]ic ye&Y by Ilie Cl)aptei' of Caiilerl)Iiry, Dui-iiig 11)e ycai. Ilit Trust paid investiellI incornc of £55.38812023.. £52,554) to tlie Cliai)tu of S Ti'u.%tet s Rciiiuiiei'atioii. vrioi. yeai..