ST PAUL'S CATHEDRAL CHORISTER TRUST Charity Re8iStration No: 290205 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ENSORS ACCOUNTANTS LLP Chartered Accountants and Reytered Audiio Connexn$ 159 Pnncts Sireet Ipsv*ich Ipi i(J
ST PAUL'S CATHEDRAL CHORISTER TRUST INDEX Page No.. Réference and kninistrative Informarfjon Trustee5' Reporn Independent Exarriner's rteport Sratement of Finanual AttilIeS BInCe Shee¢ Note5 to the Accounu
ST PAUL'S CATHEDRAL CHORISTER TRUST REFERENCE AND ADMINISTRATIVE INFORMATION CHARITY No: 290205 PATRON: Her lare Maiesw Queen Eli73beth11 PRESIDENT: dernwi Nicho Lyons TRUSTEES: Aler Truste. Alderman Sir Peter Esdin Irttlred 20June 20231 Alderman and Shenff Bronek Masojada (appted 27 September 20231 Aldernun Nicholas Lyons Aldernun Gre&joneS Cathedral Trustees: Andrew Carwood MBE Emity MacKenzie {appointed l March 20231 The Revd Canon M¢S Milne Chorlst*r Trust Truitses: lennrfer Bryant-Pr$oh- chrrn john Mccuin Nlgel Baryyinl lennrfer ftobnson SECRETARY: Nigel Bany clo The Chapter House St14ul's Churchyard London, EC4M 8AD INDEPENDENT EXAMINER: HeleTh Rumsey FCA. Dch A Ensors Accountsnrs LLP Connexions 159 Pn'nces Srreet Ip$with IPI I QJ BANKERS: Lloyds Bank PLC 25 Gresham Street Lon¢k•n. EC2V 7HN FUND MANAGERS: Rathbone Investment Mana8Evrt 8 FiThsbury Circus London EC2M 7AZ
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES. REPORT The Trustees submit their report and financial sutemenrs for the year eThJed 31 AU$( 2023. The informauo on page I forms part of this reporL OBJECTS AND ACTIVITIES The Chon$rer Trust ts a reystered thanw. administered in accordmce with the Trust Deed dated 8 Au8WSC 1984 and 5upplemenral deeds, the latest of which VA$ approved and signed by the Trusrees on 8 january 2013, whose objects are the athancement of mu5iol educ2rion and musical Studies and the presewarion of the tradiuon ol rhe Choristers In the Cathedral Choir for the benefit of the public by.. Providing financial asslsunce for PSe connected with the edUcaTr of the Chorisier$ at the Sthool includin& but not lirnited to-. 35SiSting the Cathedral to educate and provide svtrable accommodation for the Chorisrers suppornThg parent5 and carers who cannot afford to pay the khool's lees and assoCiad c05t$ ol musical education for Chorisrers including 1Cal arKI instrumental fuiiion. aoknncing ¢he health of chI)nr Meeting tht cosu of Instrunwal and vcal tuition In cases of hardship for forffr Chori$ters who are under th• age ol 18 >Thrs. PUBLIC BENEFIT The Tru5tee5 have conshlered rhe public benefit 8wthnc• publlshed by the Charity Commission. In thelr oplnlon Ihe awvities the Chorister Trust has carried out a5 described in rts otsectives and policies comY wirh the requirements gf the Charities Att 2011. Obj¢cts Wbd aims The Trust's object5 (5•t ¢yJi above) w be surrffiari5ed as the advancement ol rwsical educavon and rNsical studies and the preserw7tyon of the rrndloon of the Choristers in the Cathedral Choir by pro¥ing fin¢la1 a5SiStanc• in respecr of the education ol the Chorlsters. Summary of maln activities undertak•n for the publlc benefit in r•latlon to these objects In consukation with the Cathedr41 Chapter and the Senlor Manageffnt of the Cathedral Sthool, the Trusr provides grants t¢)wards the education and board ft¥ those Choristers whose parental fininclal cIrcums¢an would otheTh¥lse nTake it difficuli or impossible for a Chorister to take up 4 place in the Choir. The Tntst may provide granu towards the mu5ital educarion and to help offset the andllary costs associated with the education of Choristern.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT REVIEW OF THE YEAR Summary of main achievements during the year Following her appointment as Chief Operating Officer at St Paul's Cathedral, Emily MacKenzie became Cathedral Trustee from Ihe Annual General Meeting on l March 2023. The Trustee5 remember with gratltude che dedIcad service of Marcin Kiddle, the 8ur$ar at St Paul'$ Cathedral School. whose unurnely death in February 2023 was noted with great sadness, The new Chor15ter Boarding House 15 named in hls memory. His sutctssor Scevt Vlckery has already esrabllshed an excellent relationship with the Trust. The departure ol Simon Larter-Evans from the Headship at the Cathedral School in july 2023, to become Head ar Tring Arts School. ended seven years ol dedicated service ¢0 the school and particular the Chtsristers. He I11 be especlally remembered lor his wlse management of rhe school during the Covid pandemic and lor ensuring che succe$slul completlon of the new chorisier accommodirion. The new Head. ludlth Fremon¢-8arnes was welcomed In September 2023 and wlll attend Trus¢ee5 mee¢lngs. COVID-19 has continued tts impatt vlsltor numbers and conseouently the Ca¢hedral'5 Income. However, Chapter hope to return to profit in 2023. It ha5 rsot been necessary w make signifitant dditional donation5 towards chorister education during the year. The Trust wlll consider further reguests in the future, which comply with it5 aim5 and objects. and will continue its dialogue with the Cachedral concernlng the gver411 furure lor the Cathedral's music. The additlon cf Girls, Volces from Sepcember 2023 wlll requlre the Trusr to provide bur$arie$ for girl$, as well as boys, once additional boarding facIlle$ are avallable. The ¢ru5¢ee5 are making prudent financlal plans ¢0 enable thi5 tg be done. The Trust provided grants iotalling L98,59812022,. £84.1951 for the support 0114 Chorister$12022, 121, thereby enabling chern w benefit from a fir$t.cla$5 education a5 well as the thorough musical groundlng offered by membershlp ol one of the pre-emlnent Cathedral Cholrs in the world. In supporting those Chori$ters who would otherwse be unable to take up their places in the Cathedral Choir due to Insufficient financial means, the Chorister Trust play5 a key role in ensuring that che Cathedral Choir can operate to Its full potential. The Trtssi ConnueS w recelve requ¢5 for other 2550CI?ted educa¢lon and cost5 relating to the Choristers 1¢ Supports. These have included grants towards educational a$Se$$ftn[S and additional tuition. The Tru5¢ apin awarded a small number of granrs this year 10 support Chonsrer paren¢5 whose income wa5 adversely impacted by COVID.19. Durlng School ierm Me, the Choristers continue to sin8 at some 8 setvlces ezch week. These services are open to all. free ol charge. There were a150 a number of Special Services and events during che year in which the choristers participated. The memorable events during the past year were the Seryiee on the day following the death, in September 2022. of Her Majesty. Queen Ellzabeth 11, rhe Trvsi'$ Royal Patron.. 'Messiah' by Handel during Advent 2022 and 8ach'5 'Si john Passion during Lent 2023. In lufy 2023 the choir toured the Netherlands,. the firs¢ overseas ¢our since 2019.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES. REPORT The committed support of the City Lwery Conynies and thr associated charitie5 remains a key driver of the Trust'5 annual income. This svpporr of and auive and engaged interest in the Cathedrdl's nwsical lrfe 15 hugety appreciated by the Trust and the Cathedrnl. parn"culady during this Challenng time for them and the Trust Alderman Sir Peter E$Trn retsred as an Almcer in June 2023. The Trustees are immensely grdtelul to Sir Perer for his wtsdom and wudenr financil advKe. His ptsce was ¢aken by Aldernun and Sherrff Bronek Masoiada in Septener 2023 The Tru5tee5 are again grdtefijl to Sarah Bed(h)w5 from the Cathedral'5 luThdrdisin¥ team for her continued work 5UFwtin¥ the Tru5L GOVERNANCE AND MANAGEMENT The Trusrees meet f0mllY at least three times each year and there is a committee reeWing gt7nt applications from parents with financial needs. The Grants Comittee recorrffiendation5 are subject to approval by the Trustees. All policy decisions are taken by the Trusrees and day-to-day managemeTrr involve5 Continuing contsct tetween Trustees and the adrrmnistration and fijndraising 5UpFr¢ Durtng each accounrlng perW the Trnsrees ¢JererrThne what Trnu 11 be mide ln the following academic yr In respect of parenu wlth financlal needs and thls liakn.lky Is recognised in the aCcounng period in whlch the ¥rdncs are derermlned. Once granrs have been made 10 meer these requesrs. furyher granrs may be made ro Ihe Sthool. GraThc5 are also ma& to th Cathedrdl in respect ofdonations ree•véd w¥d$ the cosiof the education of the Chorlster5. Appllcations for yants ire rrAde by parent5 via the School. The Grants Committee 15 responsible for reviewing applications in conjunction the School and making recornffndation to the Trustees a5 to the 8rant5 to be awarded In dlrect lurtherance ol the Trurt's objects. The Trustees specthcally authorise all yants to the school and to the Cathedral, agaJns¢ an involce authorised by the Grants Committee. All new ap1(atIonS In respert of boarding fee$ are subject ro additional review by an independent organisatson. 8ursary Administration Limited. During the year, the Tnjstees formalty reviewed rhe risks ro which the Chorister Trust is exposed and are satisfied that appropria tontrols are in place w miur4 the impacr ol those risks. FINANCIAL REVIEW A full breakdown of incoff and expenthtyre for the Accumulated and Restricthd Fvnd5 15 5howTh on page 8. Total income for the year amounted to £225.83512021. QI 4,541 } this indudes.. Invesrment and bank InreST income of £63.09612022.. £63.1. donations received from livery companie& Trusts. and Indidud$S. During the year the Trusree3 awarded £9&59812021. £84,195) bursaTies in respecr of Choristers in cases of financial hardship and grants to St Paul's C#thedral School of £12.356 {2022.. 195.867). In addition. a sum ol £33,85212022. £nill was paid ro Si Paul'$ Cathedral to Suppo the eduotion of the Chorisrers. Net income for the year, before tsktng account of net losses on investments. was L54.461 12022.. £14.1 $81. The net realised and unreallsed losses on InveSr*nfS was £64.11112022.. £159.6801. The net ny)vemenr In fvnds for the year was a decrease of £9.65012021' a decrease of 1145.5221. resuking In total funds of £2.649.55912022.. £2.659,209}.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT In arriving at the net result no charge is made for the services of the Cathedral administration staff for fundraising support. The cost of this 15 éiffitult to quanufy buc Is esiimated at no more than £lO.000. No changes were made to che Trust's Statement of Investment Policy during the course of this year. The UK Stock Market remained unpredic¢able and very difficult during the year ¢0 31 August 2023 and losses ol £64.111 were incurred. The Truse$ wlll continue to monitor the work of the investmenc managers during the continuing uncertsin market conditions. The Chorister Trust's reserves policy Is to retain an appropriate level of general free rèsètyes to produce sufficleni future income to eThsure the continued alIty to meet the 9.ecTIveS as set out above. At the batance sheet date, the Chorister Trust had free reserves 01 £2,637,59412022.. £2,634,769) representing che balance carried lorward as the Chorlster Tru51's Aecumulaied Fund. Although thi5 amount can be expended ar che di$creilon ol rhe Tru5tee5. funds are being accumulated In order to prowde a capital base to gtnerate sufficieni Income to meet Ehe Trust's annual commitments. The Trusi has nec current Iiabiliries of £33,31712022.. £43,870) at the balance sheet date. The position is offset by cash dep051ts wlchin the invesimen¢ pgrtfolio. Therefore, the TrusLees are satisfied Ihat Ihe Trust h35 sufficient resource5 w ConnUe as a golng concern lor the foreseeable future. PLANS FOR FUTURE PERIODS The Trustees condnue to supporL from available funds as a first priority. Chorister financial hardship grants. The Tru5tee5 are mlndful thac although Ihese grant commitment5 are &Yen lor lust trne year In advance, 1¢ Is Ilkely this will remain the priority tommitmeni lor the foreseeable future. Th15 will now include the Irl chorlsters. TRVSTEE RESPONSIBILITIES The Tru$tee$ are responsible lor preparing the Trustee5 Repori and Ihe financial statements in accordance with applitable law and Unlted Klngdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice The law applitable to eharirle$ in England and Wales requlres the Trustees ro prepare financial sratements hr each financial year which 8ive a true and lair view of the state ol affair5 01 the Chorister Trusr and of the incoming resources and applicatlon ol resource5 of the Chorisr Trusr for that perlod. In preparifi8 ihese financlal statements the Trustees are required to.. select suitable acttsunting pollcies and then apply them con515centty. observe the method5 and principle5 in the charle$ SORP, make judgements and esEim2tes that are reaSonae and prudenu state whether applicable accounting standards have been followed, subject co any matenal departures disclosed and explained in the financial statements, prepare the financial 5raternen¢$ on the going concern basis unle$5 It is Inappropriate to presume that the Chorister Trusi will Condnue to oper2te. The Trustees are responsible for keeping proper accoundng records whith disclose with reasonable accuracy at any time the financial p051tion of the Chorister Trust and enable them to ensure ihai the financial $¢atements comply with the CharSties Act 201 I, the Financial Reporung Standard5 IFRS 1021 and rhe provisions of the Trust Deed. They are a150 re5pon5ible for safeguarding the assets ol the Chorister Trust and hence for taking reasonable $teps for the prevention and detection of fraud and ocher irregularities.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT APPOINTMENT OF TRUSTEES The operational deed dated 8 january 2013 requi$ there ro be up to eleven Trustee5 01 whom not more than three shall be Almoner Trustees. noc more than four shall be Cathedral Trustees 2nd not more than four shall be Chorister Trust Trustees. All Trustees are requlred to demanstrydte an enthuslasm lor, and an undersrandlng ol rhe impOrnCe of, rhe Anglican choral tradition within a Cathedral context. They should be prepared 10 act as an ambassador lor the Trust and its alm5, promorin¥ its work on a proaciive ba$i$. Appointment of Chorister Trust Truitt The selection and appoliitrnent process lor Chorfster Trust Trustees will be oYer5een by che Tru5tee5 and Cggrdinated by the Chair. Potential candidates may be nominated by any member ol the Trustee body. Candidates should meet wlth as broad a 5electlon of Tru5te85 as 15 practital (ideally one Chari5ter Trust, one Cathedral and one Alrnoner Tru5teel. The opinion of all Trustees should be sought in respect ol a potential candidate's suitability for the role and to ensure that candldates meet the qualities required ol the Truscee5. Appointment of Almoner Trust•es On behalf ol the Trus£ees, the Chalr wlll be re$pon$lble for lialson w4th the Cour¢ of Aldermen In respec¢ of the appointment of Almoner Trusiees to ensure they meet the qualiiie$ required ol Tru$cee$. Appointment of Cathedral Tn4Stees On behalf ol che Trustees. Ihe Chair will be responslble for Ilalson wlth Chapter in respect ol the appolncrnenr ol Ehe Carhedrdl Trustse$ to ensure rhey meet the qualltles requlred ol Tru$¢ee$. The Cathedral Truse$ wlll normally comprise the Chief Operating Offlcer, The Precen¢or and The Rector Chori. Almoner Tru$*es, Chorlster Trust Trustee5 and any Cathedral Trustee who 15 noc an offiter ol che Cathedral shall serve for a term of four years. They may lif appropriatel Serve for a further term ol up w four years but thereafter shall not be ell8ible for reappointment until a period of three year5 ha5 elapsed Since their last term ol office came to an end, unless the relevant appointing w15he5 to appoint that indlyidual for a further term, in which case They may do $0 with the prior consent ol the Trustees. Cathedral Trustee5 who are office holders at the Cathedral Shall cease to be Trustee$ when they are no longer office holders. To avoid the potential lor conflict of interest any individual who is the parent tsr close relative ol a ehild who is Chorister andlor a pupil ai St Paul's Cathedral Sehool will not usually be considered lor appointment as a Trustee IChori5ter Tru5¢ Almoner or Cathedral) until sueh time as their child has left the Schoollcathedral Cholr. A regular skills audii is undenaken to en$ure as wde a range of exper¢ise and insights as possible is represented amongst all the Truscees. This repo as approved by the Trustees on 2ty February 2024 jennifer Brya on- Chairman
ST PAUL'S CATHEDRAL CHORISTER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the Trustees on rny examinaoon of the financial staiements of St Paul's Cathedral Chorister Trust for the year ended 31 Au8USt 2023. Responsibilities and basis of report As the charfty Trustees ol the Chorlscer Trust you are responsible for the prepardtyon ol the financial statements In accordance wilh the requirements of the Charities Act 201 I Irhe Actl. I report in respe¢¢ of my examinarion of rhe Chorister Trust's financial $tatement$ carried ouc under se¢uon 145 01 the 201 l Acr and tn carrying oui my examination I have followed all the appllcable Directions given by the Charlw ComrnS$slon under sectlon 14515llbl of the ACL Ind¢pendnt examln¢r'i statement I have completed my examinaon. I conflrm that no miterial matrs have come ¢0 my attention In connectyon wlth the examination giving me cause to believe that In any material respett.. l. aecountlng records were not kept In respect ol the Chor4$tèr Trust a5 requlred by sectlon 130 01 the Ac4 or 2. the flnancial statements do not accord with chose records,. or 3. ¢he financial statements do not comply with the applicable requirements concerning The form and content of accounis Sei out In the Chanues (Accounts and Reports) Regular+on$ 2008 other Ehan any requlrement chai rhe financlal starements Ive a 'true and falr. vlew whlch Is not a matcer considered as part of an independent examlnaclon. I have no concerns and have come acro$s no other matter$ in connection with the examinatitsn ¢0 whith attention should be drawn in this report In order to enable a proper understanding tsf the financial $¢atemèn to be reached. H Rumsey FCA, Dch A En50r5 Accounrants LLP Connexlon$ 159 Princes Street Ipswich IPI I QI Lhte.. 14 2024
ST PAUL'S CATHEDRAL CHORISTER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Accumulated Restricted Fund Fund (Unrestricted) Note 2023 2022 Nore 7 Income Donaclons & Legacies Inyestmenc Income Interest Receivable Other Income 117,462 63,096 45,202 162,664 63.096 150,861 63,505 175 75 75 Total Income 180,633 225,835 214,541 Expendlture Ralslng Funds - Investment manager fees Charitable Aciivitles.. Support Cost5 for Charitable A£VIeS Grants In Respect of Chorl$ter$ Grant5 w St Paul's Cathedral School Grants 10 Sr Paul's Cathedral Total Expendlture Net incomel{expenditurn> bèfor• Galns on Inv¢stm•nts 19.288 19,288 12.518 7,280 75,706 11,423 7.280 98,S98 12.356 33.852 7.803 84,195 95,867 22,892 933 33,852 57,677 113,697 2¢X1,383 66,936 112,4751 L$¢9 on In¥•stments 1159,6801 Net Movement In Funds 2.825 112.4751 19,6501 1145,S221 Total Funds Brought Forward 2.634,769 24,440 2,659,209 2,804.731 Total Fund8 Carrled Forward 2.637,594 11.965 2,649,559 2,659,209 The Chtsri$ter Trust's income and expendliure all relate to continuing operatioThs. The notes on page$ 10 to 18 form part ol thèse finarscial statements.
ST PAUL'S CATHEDRAL CHORISTER TRUST BALANCE SHEET AS AT 31 AUGUST 2023 Not• 2023 2022 Fixed Assets InvesLments 2,682.876 2,703,079 Current As$et$ Cish & cash equiv31ents Debtors & prepaymen¢s 92.519 1.376 102,559 92.519 Liabilities Creditors.. Amouncs falllng due wSthln on• year 1135,8761 1136.3891 Net Current (Liabilities) 133,3171 143,8701 NET ASSETS 2.649,559 2,6S9.209 REPRESENTED BY: Accumulated Fund- Unrt5tritted Restrfcted Fund 2.637,594 11,965 2,649,559 2.634.769 24,440 2.659.209 The finantial st3mentS wère approved by the Trust1•5 on 27 February 2024 and slgned on their behalf by.. l Bryant-Pearson- Trusieelchalrman J S McCuin- Tru5teelTreasurer The notew Ioto 18formparto these financial statemencs.
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES St Paul's Cachedral Chorlster Trust is a registered charicy and its principal address is The Chaptsr House, St Paul'5 Churchyard. London, EC4M 8AD. a) Bsis of Accounting The financial sratements are prepared in accordance with the historical cosr basts with the exception ol investrnents whlch are staced at market value. The financial sratemeni$ have been prepared sn atcordance with applicable accounting Standards, with the requirements ol the Sr3tement ol Recommended Pracuce- Accounting and Reporting by CharicSes applicable to Chariries preparing their financial statements In accordance with the Financial Reptrrtin8 Standard applicable In the UK and Republlc of Ireland IFRS 1021 leffecrive I january 201913nd the Charities Aa 2011 and UK Generally Accepted Accounting Pracdce, The financial 5taternents have been presented In sierllng whlch 15 the functlonal currency of the Tru$c. Monetsry amounts in these financial statemenu are rounded to rhe nearesr £ l. The Trust has prepared It5 financlal statements to glve a'rrue and hir, wew and in doing 50 has departed from the Charities IActouni$ and Reporisl Regulations 2008 only to the extent required to Ive a 'true and fair, view. This departure has Involved lollowlng AccounEing and Reportlng by Chari¢les Statement ol Recommended Practice applicable to tharities preparing their flnanclal Statements in accgrdance with the Finantial Reportlng Srandard applicable in the UK and Republic ol Ireland IFRS 1021. fdther than rhe Accounting and Reporilng by Charitles.. Statement of Recommended Practlce eNettive from l Aprll ?5, which has since been wlthdrawn. The Trust ¢onstltute$ a public benefit entlty as defined by FRS102. b) Fund Actountln8 Accvmulated funds are unre5tricttd funds which are avallable lor use at the dlscretion ol the Trustees In furtherance of the general oblectlves of ihè ChorSster Trusc and whlch have noi been de5Lgnated for other wJrpo$es. Deslgnated fvnds are unrestricted funds earmarked by che Trusttts lor partScular purposes. Restdcted funds are subiett to res¢rlct4ons on their expendlwrè imposed by the donc or Ihrough rhe terms of an appeal. c> Income All Sncome is Included in the Statement ol Financial Attivitie$ when che Chorister Trust is entitled to rhe Income, 1¢ Is probable that the income will be received. and the amount can be measured reliably. The followlng specific policies are applied to particular categories of income., voluntary income is received by way of grants, donaiions and legacies and is included in lull in the Statement of Financial Activities when receivable. Grants, where eniitlement is conditional on the delivery of a specific performanee by the Chorisrer Trusc, are recognised when the Chorister Trust becomes unconditionally entitleé w che grant. Legcies are accounied for when the Chorister Trust 15 legally entitled to the income and Ihe amount can be quantified with reasonable accuracy. investment income and bank interest are Included when receivable. income from activities for raising fund$ is aecounred for when recelvable. 10
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 d) Expenditure Expenditure is recwised on an accruals basis as a14bility is incurre(L C05t of raiyn¥ frJnd5 comprises the costs aswciatwj with fvndr4ising events and investment managemenL CharitaNe exw¢fiture t¢Jrnprises those costs IncUed by the Chorisrer Trusr In the delivery of iu atuvities and seceS for its Eeneficiaries. Grants payable w the Cathedral. che School and in respect of Choris¢ers are iccoun¢ed for when a Yalid expectation ha5 been created in the mind of the recipienc Governanee Costs include those costs associated with meeting the consrituvonal ind stacutory require$ of the Choriller Trusi and include the independent examlner's remtsnerarion and costs linked to the 5trateyc management of the ChOrisr TrusL These are rreated a5 5UPPOrt Costs within charitable exwditure. All costs are albcated direuly beeen the expenditure catwries ol the SOFA. e) Flxed Asset Investments Fixed a55et invesunents are iniually lSUred at transacuon price including tran$actyoTh cosC5 and are 5ub5equently rwsured 4¢ fair value ar each rePOrn" da. Changes in fair ¥71ue are recognised In ne¢ Income1(exd•tyre> for the year. O FiTrancial Instruments The Trust ha5 elected to apply the provisions of Sety¢Jn I I '81< Flnandal Instruffhints. and Seeuon 12 'Othér Financial In5trUThtht Issues. ol FRS 102 to all of iu fin4ndal insrnJment& Flnanclal Instruffents are recowised In the Trust's Wance she•r wh•rt th Trust becows party ¢0 the contractual provisions ol the in$trurynL Hnanclal asseu and lAbille$ are offstL ¥th the rt aftunts presented in the financial statements. when there is a leplty enforceable rit to sei off the recognised arwunrs and there is an inreArion to $ttfre on a net bxys or to realise the a5srf and se¢tle the IlatAllty slmultaneou$ly. B1( financial assets Basic financial asset& which indude debtors and cash and bank batances. are iniiially measured ar tr3Thsaction pn'ce irKludin8 transaction costs and are subsequenrjy carrted at amoru$ed cosi using the ffective interest method unle55 the arrangement constyrures a financing rransacuon. where the transaction is measured ar the present value of the (uture receipts dixoufiwl ai a marktt rate of intwesL FinarKial assets classified as wthin ce year I nor amorused. Other financlal assets Other financial assets. including investments in equy instrvmenrs which are not subsidiaries, assotiate5 or joint ntUreS. are initialty measured ar lair ltse. which is normally the transaaion price. Such assets are sub5equendy carried at fair v71ue and the changes In fair vale are recognlsed in nei ineomellexpenditure), except that investments in equity instruments thar are nor puNicly traded and whose lair lUeS cannot be measured reliabfy are measured at cost less imwrn)enL
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 Basic financial liablllties Basic financial liabilities, including crediror5 and bank loans are initially recogn15ed ac transactyon price unles5 rhe arrangement conscitutes a financing transacLion, where the debt instrumeni is measured at the present Wdlue ol the future payments discounted at a market rate ol intere5L Flnancial liabilities classified as payable within one year are not amortlsed. Debt in5trurnenrs are subsequently carned 81 amort15ed cos¢ u51ng Ihe effective Interest fdce me¢hod. Trade creditor5 #re 018&¢10n$ to pay for goods or service5 that have been acquired In the ordlnary course of operaclons from suppliers. Amounts paYae are classified as current liabilities if payment Is due within one year or less. 11 noL they are presented as non-currenc 1Sabilities. Trade credlLors are recogni5ed inIallY at transartion price and $ubsequen¢ly measured ac amorclsed cost Using the effectSve interest method, De-r¢co8nltlon of financial liabilitie5 Financial liabilities are de-recogni$ed when the Trust'$ contr4c¢ual obllrddons expire or Ire discharyed or cancelled. 8) Going Concern The trusiees have a55e5sed wheth•r che use of ¢he goln8 contern assumption Is aPproPr¢a irn prepanng these financial sthtements with respect to a perigd ol at leasi one year from the date tsl approval of these financlal s¢a*ment5. They have concluded that there are no material uncertainties related to event5 or condlclon$ that may cast Significant doubt on the ability ol the chariry tg continue as a golng concern. The ner <urrent liabilities 01 £22.626 at the balance sheet date are affset by tash balances wlthln the investmenc porrfollo. h) Crltlcal Accountlng EJtim•t•s and Judgements In the applicatlon of the Tru$i's accoUnnI policies, the Trustees are required to ke judgements. e$Tlmate5 and a5sumpdon$ ibout the carrying amount ol asset5 and Ilablllcles that are not readlly apparent from other sources. The e5tlmate$ and a$$oclated a55umptiens are ba$ed on historical experience and other factors that are consideréd co be relevaTrt. Attual resulis may diHer from these estimates. The esti$ and underlyin8 a5$ump¢lon$ are reviewed on an on-going basis. Revi510n$ to accountin8 estimates are recognlsed in the period in which the estimate is revi$ed where the revision aHects only that period, or in the period ol the revision and future periods where the revision affects borh current and future peritsd$. l) Cash at Bank and In Hand Cash at bank and in hand are basic finaneial assets and include cash in hand, deposits held at Call with banks. Other 5hort-term liquid inve5tmenrs with original maturities of three month$ or les$, and bank overdrafts. Bank overdraft5 are shown wirhin borrowing5 in current liabilities. 12
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 2. SUPPORT COSTS These comprise governance c0$15 of £7.280 12022.. 17,8031 Including independent examiner's remutteracion 01 £3,76212012.. £3,420). The Truse5 received no remuneration during the year12022.. £Nill. During the year no expenses were paid to any Tru5tees12022.. £Nill. 3. GRANTS PAYABLE Grants in respect of Choriitert at St Paul'i Cathedral School 2023 2022 Accurnulated Fund Restric¢ed Fund 75,706 22,892 98.598 62,195 22.000 84,195 Durlng the year ended 31 August 2023. 14 granu were made12022.. 121. Grants to St Paul's Cth•drnl School 2023 2022 Accumulatèd Fund- for the Èducatlon of Chorlsters Re$trlcied Fund- for rhe education of Choriscers 11,423 933 12,356 87,960 7,907 95.867 Grants to St Paul's Cth•dral 2023 2022 Restricted Fund- for educatlon 33.852 4. INVESTMENTS Market Value 2022 Marl¢et Value 2022 Rathbon* Investment Mana8•ment To¢al 2,682,876 2,682,876 2,703,079 2,703,079 Note.. the R2thbone Investment Management balance includes ¢ash deposits of £90.768 12022.. £221,084} which are 'on demand, fund5.
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 4. INVESTMENTS (continued) Movements in investments 2023 2022 Market Wdlue at I Stpternber 2022 Cash drawdown Dividentjs & interest Management fees Re21ised (losses} Unreali5ed1105sesl Market Trrdlut at 31 August 2023 1703.079 2,885.650 175,0001 61,498 19,3B91 1110,3081 149.3721 2,703,079 63.096 {19.1881 (41,5441 (22,5671 2.682.876 Cost at 31 August 2023 Cost a¢ 31 August 2022 2,763,395 17514SI 2.752,451 1.64&822 5. DEBTORS & PREPAYMENTS 2023 2022 PrePaYThen & accrued income 1,376 1,376 6. CREDITORS: aTh¥Jvnts falling due within one year 2023 2022 Trade Creditors crual$ Granu Accruals Other Deferred Income 28,384 56,618 6.550 44,837 136,389 57,478 18,565 59.833 135,876 Accruals Grants 2023 2022 Acerued Grdnrs Brought FoThArd Comnwtted in the Year: . in respett ol Ch0ri5ters • io Cathedral School • to Cathedral Paid in the Year Additional Granrs Awarded during the Year Accrued Grants Carried Forward 5&618 141,387 94.468 11356 33.852 1143,9461 4,130 57.478 81,868 95.867 1264.8311 2.327 5&618 14
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 6. CREDITORS: amounts falling due within one year Icontinuedl Deferred Income 2023 2022 Deferred Income Brought Forward Released to Income In che Year New Deferrals.. The Glrdler$' Co. Charitsble Trust The Clothworkers, Foundauon Trustees ol United Guilds Grant Towards Boardlng Fees The Tallow Chandler5 Thoma5 Carpenter Trust Boarding Fees Morden College Deferred Income Carried Forward 44.837 144.8371 31,996 131.9961 13,(K)O 10,CM)O 10.(x)o 11,837 3,500 11,496 59,633 16.000 10.000 7.000 11,837 44,837 7. RESTRICTED FUNDS The Clothworker$' Foundari¢n donated funds to be used 5peclfically wwards supportlng parencs and carer5 who canno¢ aflord to pay Ihe School's lees and associated cost5 01 muslcal edu¢auon lor Choristers, includin8 vtscal and in$irumen¢21 ¢uition. £10.000 was received and paid in the year. Various livery chariries and similar Trust5 have made donations towards specified purpose5 Wlthin the bleers ol rhe charliy. These have been applied cowards those purposes durlng the year or carried forward for appllcailon In $ubsequent years. 15
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 7. RESTRICTED FUNDS (continued) Balance5 at Balant4s at 31 August 2023 September 2022 Received in the year Grants paid Year ended 31 August 2023: 08E Grants 3,877 The Clothworkers. Foundition The Tallow Chandlers 10.trjo 19.8921 108 The Worshipful Company ofGrocers The Imperial Society of Knights Bachl¢x The Girdlers. Co. Charitablt Tnst Thomas Carptnter's Trust Trustets the United Guild¥ S¢r¥ic• 2.531 646 2,244 1,294 1,474 17BS2 16,0(Kl 133.8521 16.QOOI 17,0001 157,6771 24,440 4S.202 •l•nc•s at 8alanc•s at 31 August 2022 S¢pt¢mb•r R•c•lv•d Sn the year Z021 Grants P41d Y••r •nd•d 31 Au8Ult 2021.. OBE Grants 2,080 1,797 10.ty)o 2,046 3,877 The Clothworkers. Foundatlon 110,o(x)I The Tallow Chandlers 2,045 1.357 The Worshiplul Ctynpany ol Grocers Tht Imperial Sotitty ol Knights Bachelor The Glrdl•rs' Co. Charltabl• Trust Thcma5 Carpent•r's Trust Tru¥tte5 of the United Guilds Sethce 2.S31 1.996 2,ty)0 180 6,852 17,852 1S,OCQI 17.0(X)I 129,9071 14.330 40,017 24.440 16
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 8. ALLOCATION OF NET ASSETS Accumulated Fund Re$trScted Fund Total 2023 At 31 August 2023: Invesiments Cash at Bank Debtor$ 2,682,876 54.645 1.376 189,8801 2,649,017 2,682.876 46,538 1.376 1124,4531 2.660.982 Credittsrs 134,5731 11.965 Accumulat¢d Fund R*stri¢ted Fund Total 2022 At 31 Au8USt 2022: Investments Cash at Bank Creditors 2,703,079 32,948 1101,2581 2,634,769 2,703.079 92,519 1136,3891 2,659,209 59,571 24.440 9. RELATED PARTY TRANSACTIONS derman Gregory lones is a Coun Asslstanc The Leathersellers Company. Andrew Carwtsod MBE 15 Director ol Muslc at St Paul's Cathedral and The Revd Canon James Milne is Pr•centor of St Paul'5 Cathedral and a governor ol St Paul'5 Cathedral School. jennifer Bryant-Pear50n 15 a Past Master, The Pattenmaker5' Company. For the year ended 31 August 2023 grants were made by the Chorister Trust to the School, 85 set out in note 3 of these financial statements. in respect of contributions towards boarding lee5 payable by chor15r$. parent$. Gr4nt$ totalling £57,47812022.. £5&6181 We ouistandlng ar year end. For Ihe year ended 31 Augusi 2023 granu were made by the Chorl$ter Trust to the Cathedral School, as Set out in rt0 3 of these financial staiemencs. No grAnts were outstanding at year end12022.. £Nill. For ihe year ended 31 August 2023 grdnts were made by the Chorister Trust co the Cathedral, as ser out in note 3 01 these financial statements. There were no outstanding 8rant5 CO the Cathedral at year end12022. £Nill For the year ended 31 August 2023 donations were received Irorn The Pattenmakers, Company 17,000 {2022.. £7,000), The Leatherseller5 Company £7.000 12022.. £7,000) and Morden College £11,496 12022.. £11,496). 17
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 10. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Accumulated Restricted Fund Fund {Unrestrlcted) 2022 Income Donation5 & Legacles Inve$rment Intome Interest Receivable Total Incom• 110.844 63,505 175 174,524 40,017 150,861 63,505 175 214,541 40.017 Exp•ndltur¢ Raising Funds - investm•nt rnanagtr fe•5 Charitable activities.. Support C05t5 for Charitable Actlwtles Grants in Respec¢ of Choristers Granu to St Paul'5 Cathedral School Total EXndItUr1 12,518 12.518 7,803 62.195 87,960 170,476 7.803 84,195 9S,867 200.383 22,(0 7,907 29,907 Net Incomt befor• 10s8•9 011 Inv•$tm•nts 4.048 14,158 Losses on I¥tments 1159.wl 1159,6801 N•t Mow•m•nt In Funds IISS,6321 1145,5221 Total Fundi Brou8ht Forward 1790.401 14.330 2.B04,731 Total Fund5 Carri•d Forward 2,634.769 24,440 2,659,209 18