2024-12-31-accounts - The Temple Music Trust

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THE TEMPLE MUSIC TRUST Report of the trustees for the year ended 31 December 2024 The Trustees present the accounts on pages 6 to 9, which have been prepared adopting the accruals concept of accountlng. The Temple Muslc Trust is constituted by a declaration of trust dated 3 March 1979 and is a registered charity, No. 277514. Its address forcorrespondence is Landmark Chambers, 180 Fleet Street, London EC4A 2HG. TRUSTEES The charity trustees during the year were.. Robert-jan Temmink KC Ichalrmanl Toby Watkln KC IHon Treasurer) Carollne Hutton (Hon Secretary) Tracy Ayling KC Stephanie Barwise KC Margaret Blckford-smith KC The Revd Robln Grlffith-jones, Master of the Temple Church Trustees are recruited on the basis of skills required to administer the Trust. Careful conslderatlon Is glven to the appolntment of Trustees so that all key areas of responsibility are adequately covered. Trustees are elected according to the requSrements of the Constitution. whlch requires that new trustees are approved by the relevant constitutional bodies of each of the Honourable Society of the Inner Temple and The Honourable Soclety of the Middle Temple. OBJECTS AND AIMS The object of the charity is the advancement of musical education for the benefit of the public, and in particular: 111 the promotion of the musical and general education and training of the persons who for the tlme being are or are to become or have been members of the choir of the Ternple Church by the provision and award of scholarships or payment of fees or otherwise,. and 121 the promotion of public appreclation and understanding of muslc by assisting the performance of music for the benefit of the public and in particular the public performance of choral music In the Temple Church.

THE TEMPLE MUSICTRUST Report of the Irustees for ihe year ended 31 December 2024 (Contlnued) The initial funds of the charity were raised in response to a public appeal in 1979, and they have since been 21 iomtinoA fl irthr AnnJtrinn< !Iirth•r rnntr5h11t!nn¢ frnm rrt!l<brtrlnn¢ r3rrtl rfvirsh£ mtsrnrtrial services and other muslcal events at the Temple Church, from fees paid from weddings and memorlal services. and for recordlngs made at and in the Church. OBJECTIVES AND ACTIVITIES For most of the charitvs existence the income of the charity had been expended primarily in contributing to the grants made towards the educatlon of choristers of the Temple Church at the City of London School. Over many years the charity has also provided direct Support for various activities of the Temple Church Choir. includin8 Choral performances by the Choir and the provision of funds to the Temple Music Foundation (Charity No. 10951411 for those purposes. In 2005 the Trustees establlshed a Choristers Bursary fund with the object of asslstlng In the rellef of hardship in those cases where former chorlste15 would otherwise have been unable, by reason of finan¢lal constraint, from continuin8 their education at their school. Generous donations from the Temple Music Foundation, and from an indivldual supporter, have been applied to this Bursary Fund. In 2013 the Trustees recelved, through the Temple Music Foundation, a bequest from the estate of the late Roslna Hare QC speclflcolly for the purpose of the educatlon of the chorlsters. The bequest was applied to a new fund, the "Temple Church Choristers Education Fund" The fund ha5 since received a number of further donation5. ACHIEVEMENTS AND PERFORMANCE The recovery from the Covid-19 pandemlc was a considerable challenge for mu51c at the Temple Church, and for Sts fundlng. OrdlnarSly the Temple Church recelve5 signiflcant funding from tourlst revenues, which was substantlally lost to it during periods of Closure, and it took time to recover. Durlng thls perSod of recovery the Trustees of the charity provided an increased level of financial support for the music of the Church, and increased it5 finantial support for the fundlng of scholarshlps for the education of the chorlsters from Its Choristers Education Fund. In the near future the Trust expects to make a considerable contribution to a capital pro5e¢t in relation to the Temple Church's music and the education of the chorlsters. In light of the recent period of increased funding, and anticipation of Substantial future fundin& it dld not make any payment towards the support of the musSc of the Church within the year. The Bursary Fund was agaln called upon to support a chorister beyond the Spport provided through scholarshlp from the Church. The Trustees continued to work closely with the Temple Church and Cholr Committees of the Inner and Middle Temples, and wlth the Temple Music Foundation. The Trustees record their appreciation of the hard work of the music staff at the Temple Church for their unwaverlng dedication and professionolism in the performance of muslc wlthln the church. Thelr considerable skill and enthu5ia5m continued, and continues, tQ Strengthen and enhance the reputation of the choir of the Temple Church.

THE TEMPLE MUSICTRUST Report of the truslees for ihe year ended 31 December 2024 (Continued) FINANCIAL ACTIVITIES To fund the charity's objects, the Tru5tees' investment strategy currently targets overall returns through the combination of income and capital growth. Accordingly, for the foreseeable future the Trustees expect to meet the charitv's expenditure requirements by a combinatlon of expenditure of income arid of realised capital gains and expect investment income to be lower than historically. During the year the Trustees carried out a revlew of it5 Investment advlce and appolnted new investment advisers, with effett from January 2025. Unre5trlcted fvnd5 Income withln the unrestricted funds was £20,026 12023.. £16,900) and the recogni5ed gains on investments were £37,785 12023.. £23,136), Fees payable were £6,711 12023.. £7,168). No other expenses were met from unrestricted funds12023'. £01, glvlng a net gain of £51,10012023: £32,868). The fund balance on the general fund to carry fOard at 31 December 2024 was £745,868 12023: £694,768). Restrlcted tund I The income on the restricted fund No I was £3,97812023.. £3,652) and the reco8nised 8ains on investments were £7,51012023.. £5,048). Fees payable were £1,33412023.. £1,564). The expersditure in the year was EIO,06112023.. £13,490), 50 that expenditure (including fees) exceeded income by £7,417 12023.. £11,402) and the fund Sncurred net overall Bain of £9312023:1055 of £6,354). The fund balance at 31 December 2023 was £138,17312023.. £138,080). Restrlrted fund 2 The income on the restricted fund No 2 was £27,28212023.. £22,819) and the recognised gains on investments were £51,50612023: £31,544). Fees payable were £9,14812023'. £9,773). There was no other expenditure irs the year12023.. £01 $0 that Ibefore recognlsed losses on investments) income exceeded expenditure by £18,13412023: £13,046) and the overall increase in the fund In the year was £69,64012023: £44,591). The fund balance at 31 December 2023 was £1,016,69512023.. £947,055). RESERVES POUCY In previou5 years the Trustee5 have aimed to maintain sufficlent free resetves to cover at least the estimated expenditure for 12 months. RISK MANAGEMENT The Trustees have given consideration to the major risks to which the charity is exposed and systems have been designed and established to mitigate those risks. The Trustees review thi5 policy regularlv. PUBLIC BENEFIT The Trustee5 have complied with the Charities Att 2011 to have regard to the public benefit guidance published by the Charitles Commlsslon where relevant, and durlng the year the Trustees have continued to asslst the public performance of music in the Temple Church and outside.

THE TEMPLE MUSIC TRUST Report of the trustees for the ypar ended 31 December 2024 Iconllnuedl TRUSTEES RESPONSIBIUTY FOR THE Accourirs We ackn¢)wledge as Trustees our responslbility to prepare statements of account for each financial year whlch give a true and falr view of the state ol affairs of the Charity and of its incoming resources and application of resources for that period. In preparing those financial statements we are required to.. select 5Urtable accountlng pollcle5 and apply them conslstentty,. bl ObSee the methods and principles in the Charbtles SORP,. make Sudgements and estimates that are reasonable and prudent; d) state whether appllcable accountSn8 Standards have been followed, Subject to any materlal departures disclosed and explalned In the financlal statements; prepare the fSnanclal statemenls on the goln8 concern basls unless h 15 Inapproprlate to presume that the Charlly will continue In operation, TRUSTEE5 RESPONSIBILITY FOR THE ACCOUNTS Icontlnuedl As Trustees we are re5ponslble for keeplng proper accountlng records that dlsc105e wlth reasonable accuracy at any tlme the flnanclal posltlon of the CharRy, and to enable us to ensure that the statements of account mply wlth the Charltles Act 2011, the Charlty IAccounts and Reports) Regulatlons 2008 and the provlslons of the trust deed. We are also responslble for safe8uardin8 the assets of the Charlty and hence for taklng reasonable steps for the pVentIOn and detecilon of fraud and other irre8ularities. The flnanclal statements on their behal es6to9were ro • tyJL_ Robert-JanTemmSnk KC Chalrman Tul) Wrt¥k," k.C . 1 rt r 5b8ned on behalf of the Trustees dated: l?

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TEMPLE MUSIC TRUST I report to the trustees on my examination of the accounts of the above charity I'the Trust") for the year ended 31 December 2023, which are set out on pages 6 to 9. Responslbllltles and basls of report As the charity's trustees, you are responsible for the preparation of the account5 in accordance with the requirement5 of the Charities Act 20111-the Act"). I report In respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Dlrectlons given by the Charity Commlssion under settion 14515llbl of the Art. Independent examlnerfs statement I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination which 8lves me cause to believe that In, ony materlal respect.. the accounting records were not kept in accordance wlth section 130 of the Charlties Act,. or the accounts dld not accord with the accounting record5,' or the accounts did not comply wlth the appllcable requirements concernin8 the form and content of accounts set out in the Charities (Accounts and Reportsl Re8ulations 2008 other than any requirement that rhe accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come acr0s5 no other matters In ¢onne¢tlon with the examination to which attention Should be drawn in thi5 report in order to enable a proper understandlng of the accounts to be reached. £/Jt OG&L- AlJ- JS Robson Brown ACA Dated October 2025 110 Mawson Road, Cambridge, CBI 2EA

TEMPLE MUSIC TRUST Statanent ollln•nthl acttr41tle5foithe>Yarended 31st December 1014 Uthrestrlcted Funds Retrlcted Fund INO. 11 RestrScted Fund INO. 21 Totol ne5 2024 2023 Inve5tThent Income Bank inteie5t recélvable Ircorne frorn Oonatlons afid Le8acs 20,015 li 3978 27,282 51,275 li 44208 39 125 Totsl IrKom¢ Inet of fees pots1•} 20,026 3.978 27.282 51,286 43,372 E¥pwdltur• Fee5 pbyable -6,711 -1,334 -9,148 .17.193 -18.5C6 Exp¥Ldltuf M chor1t•bAttll Scho1brshipsl8uisarSes Othw support for Temple Chr(b Cholr -10,061 -io,(*i .13,4 Tot•1 Expwdltur• -&711 .11,394 -9,148 -27,253 -31,995 N•t Income belore•thor rKopl¥qd 13,315 -7.417 18,134 24033 11377 icogn15ed 8alnsllkn5e51 on Invesiment5 37,785 7.510 51,5C6 96.1 59,729 Net Movement kn Fwdi 93 120.833 71,AC6 Fund balances brou8htforY4atd •t l January 694,768 198,080 947,055 1,779,9JY 1,708,797 Fd b•lIn urrt•d lorn•rd •t >1 l>rf•mbw 745,868 138,173 I16,695 1,9)0,736 I,779,3

TEMPLE MUSIC TRusr Balance Sheet as at 31 December 2024 2024 2023 Notes Flxed Assets Investments IQ Portfollo Equity and Mutual Funds IQ Portfollo Cash Fund 1,796.710 33,094 1,699,909 50.287 Currtnt Ass•ts 1.829.804 1,750,196 Cash at bank and In hand Natwest PIC accounts Investrnent Quorum accounts 263 70,670 252 34,486 Total Current Asjeis 70.933 34,737 Credltois Amounts f4llln¥ due wh1n one VE•r Clty ol London School Accrual -5,030 N•t Current AM•ts 70,933 29.707 Total asseti less ¢urrent Ilabllltles 1,90D,736 1,779,903 Funds of the £harlEV Restrlcted Funds Fund no. I Fund no. 2 138,173 1.016.695 1.154,868 138,080 947,055 1,085,135 Unre5trlrted Fund5 745,868 694,768 Total funds L900,736 1,779,903 Slgned on behalf of all the trustee5 on'lloctobef 2025 bv Aobert-lan Temrnink KC, Chair Toby Watkln KC, Honorary Treasurer

THE TEMPLE MUSIC TRUST

Notes to the accounts for the year ended 31 December 2024

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared on a Fair Value basis, and are in accordance with applicable accounting standards and the Statement of Recommended Practice, Accounting by Charities.

Since 2020 the Trustees have been targeting investment returns by reference to the combination of income and capital growth, rather than income. The charity’s three funds are pooled within one investment vehicle. Following revised accountancy advice, in 2021 the Trustees revised their approach, within the charity’s accounts, to the separation of income, fees/costs of fundraising, and capital growth treated as income for the purposes of distribution by the charity. Specifically, investment management fees are separately disclosed rather than netted against revaluation movements, as was previously the case. In addition, the Trustees have adopted a revised and simplified approach to the apportionment of capital gains and investment income as between the unrestricted funds of the charity and its two restricted funds.

Income

Investment income receivable
Investment income has been apportioned in proportion to the value of the funds at the start of the year.
Donations, legacies, and collections from services are accounted for when received by the Trust

Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered.

Charitable Expenditure

Charitable expenditure comprises all those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries; governance costs due to the nature of the charity and the work done by trustees are rarely incurred but this year due to increased turnover an audit has been necessary but the audit fee and any related governance costs will be included in the accounts next year when they are paid.

2. RESTRICTED FUNDS

Fund no. 1 relates to an historic donation from the late D. Morgan Esq. which was made upon the understanding that it should be used to supplement chorister scholarships to meet the school fees of needy choristers and former choristers, for the benefit of the choristers’ education.

The no. 2 Fund was set up in 2015 following the bequest from the estate of the late Rosina Hare QC and the sub-fund created was to be known as The Temple Church Choristers Education Fund. Within these accounts it is referred to as Fund no. 2. Payments out to fund chorister scholarships and investment income and gains are as set out below.

THE TEMPLE MUSIC TRUST Note5 to the accounts for the year ended 31 December 2024 Icontlnued) Note 3 Movement In Fund5 2024 2023 Fund I Brought Forward Investment income and bank Interest Fees Payable Recognised gains Ilossesl on Investments Charitable expenditure 138,080 3,978 -1.334 7,510 -10,061 144,433 3,652 -1.564 5,048 .13,490 Balance at 31 December 138.173 138.080 Fund 2 Brought Forward Donatlons Investment Income and bank Interest Fees payable Recognised 8ains110$5esl on Investments Charitable expenditure 947.055 902,464 27,282 -9,148 51.506 22,819 -9.773 31,544 Balance at 31 December 1,016,695 947,055 Movement In General Reser¥es Brought Forward Donatlons Investment Income and bank interest Fees payable Recognised gains Ilossesl on Investrnents Charltable expenditure 694,768 661.9) 125 16,775 -7.168 23,136 20.026 -6,711 37,785 Balance at 31 December 745.868 694.768 Total fvnds 1,9L)).736 1,779,903