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 iomtin*oA fl irth￿r AnnJtrinn< !Iirth•r rnntr5h11t!nn¢ frnm rrt!l<brtrlnn¢ r3rrtl r*fvirsh£ 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 S￿pport 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 fO￿ard 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
ObSe￿e 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 p￿VentIOn 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
n￿e5
2024
2023
Inve5tThent Income
Bank inteie5t recélvable
Ircorne frorn Oonatlons afid Le8ac*s
20,015
li
3978
27,282
51,275
li
44208
39
125
Totsl IrKom¢ Inet of fees po￿ts1•}
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•b￿Attl￿l
Scho1brshipsl8uisarSes
Othw support for Temple Ch￿r(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
F￿d b•lIn￿ urrt•d lorn•rd •t >1 l>rf•mbw
745,868
138,173
I￿16,695
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 w￿h1n 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. 

8 



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