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 eo*ni)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'l￿tee 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%1￿lner'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'LftȢl
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 cliap￿1. 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 investi￿ellI incornc of £55.38812023.. £52,554) to tlie Cliai)tu of
S Ti'u.%tet s Rciiiuiiei'atioii.
vrioi. yeai..