ST PAUL'S CATHEDRAL CHORISTER TRUST Charity Registration No: 290205 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 SRG LLP chart•r￿ Attountants 10 8dt Court London EC4A 3DA ST PAUL'S CATHEDRAL CHORISTER TRUST INDEX Page No.. Reference and Admini5ty3tive Infornution Trustees. Report Inde￿￿￿ènt Examinér's R•port S¢a¢emen¢ of Financial Acts￿￿•$ 10 ance Sheet Notes co the Accounts ST PAUL'S CATHEDRAL CHORISTER TRUST REFERENCE AND ADMINISTRATIVE INFORMATION CHARITY No: 290205 PATRON: HRH the Duchess of GI0￿eSt￿ LG GCVO PRESIDENT: RL HorL The Lord Mayor of the G"ty of London TRUSTEES: Almoner Trustees: derman and Sheriff Bronek Masojada dern)an Sir Nichola5 Lyon5 Aldtrnmn and Sherrfl GrwJone5 Cathedral Trustees: AThJrew Carwc4Jd MBE Emily MacK•nii• The Revd Canon james Milne (resigned I Ivne 20241 Th• Rèvd Canon Pnilip 8anks (appointed 15 October 20241 Chorister Trust Trust••s: Jenniler &ryan¢-Pear5on- chainy￿n John Mccuin Nigel Bampinz jennifer Robinson SECRETARY: Nilel Bamwng PRINCIPAL OFFICE: Th• Chaprer House St Paul's Churchyard Landon ÉC4M 8AD INDEPENDENT EXAMINEK. Tr•vor Clarke FCCA SRG LLP Chartered Accl￿nIants 10 Bolt Court Lon¢ksn EC4A 3DA BANKERS: Uoyds Bank PLC 25 Gresham Stre•t London, EC2V 7HN FUND MANAGERS: Rathbone Investment Manaymenr 8 Flnsbury Circu5 London EC2M 7AZ ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT The Tru5tee5 subfflit th￿"r report and financial $￿teme￿$ for the >Ear eThJed 31 August 2024. The tnforma¢ion on page I forms part ol this reporL OBJECTS AND ACTIVITIES The Chon's¢er Trust is a w5terd charity. admini$t¥ed in accordance wth the Tru5r Deed dated 8 August 1984 and Supplemen￿ deed& the latest of whith was approved and signed by the Trustees on 8 january 2013. whose objétts arè the adTrAnCem￿r ol musiol education and MU￿Cal studies and the près•rYdtion of the tradition of the Chorisrers in the Cathedral Choir for the benefit of the public by.. Providing financial a5S15tance for any purpose connecred with the education of the Chorister5 at the School Includin& but not limited to.. assisong the Cathedral ¢0 educa¢e and F￿VIde 5uiubl• accommodaiion lor the Choris¢er8 supporting parents and carer5 who cannot afford ro pay the School's fees and associa¢ed costs of musical education for Chonsters includin8 vocal and inswumend ¢uition. advancing the health of Choristers. Meeting the costs ol instrumen(al and Yocaj umtion in cases ol hardship for former Chorisrers who are Lbnder the age 0118 years. PUBLIC BENEFIT The Trustees have consideréd th• ￿blIC knefii guidance published by the Charity Commission. In thetr opinion the ac¢ivityes the Chorist•r Trusc has carned out as descriW in its obpuiv•s and polioes comply with th• requirwnen¢5 91 the Charities Act 2011. Obj•(ts and aims The Trnst's abi•cts Is•t out above) can be 5ummaris•d as th• ad¥ancwnen¢ of rnusical tducation and musical 5¢udies and th• pr•seMiioD ol the tradition of Ihe Choristers in the Cathtdral Choir by providing financlai assistance In res￿ of th• •duca¢ion of the Chon's¢er5. Summary of maln acd¥ltl•s und•rtaken for th* publlc b•n•fit Sn relation to th•s• obl•cts In consultation with the Cathedral Chap¢er and the Senior Mar￿geMent of th• Cathedral School. the Trust providés grnnts towards the education and board for those Choristérs whose parental financial ircumstances would oth•rwise make it drffitult or impossible lor a Choristtr to take up a place in the Choir. The Trust may provide 8ranrs towards the musical educatyon ¥nd to help offset the ancillary costs asyyciated with the educauon of Chonster ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT REVIEW OF THE YEAR Summwy of maln achi•¥ements during the year The Trustees were ddish￿d to be infornied in May 2024 that His Maiew King Charles 111 had nominated HRH the Duchess of Gloucester LG GCVO as the Trusr's Royal Parron. The Trustees are telul for Her Rordl Hithness. s¢eadfas¢ 5upp)r¢ for the Cathedr￿, especially the music Fdlowng his apw'ntM￿¢ as Pr¥entor at York Minsw. the Revd Cwn Jame5 Milne resign￿ on I June 2024. Thè TruS￿eS were ￿eased to welcome his 5￿cesS0r. the Revd Canon Philip Banks who rycam• a Cath•drnl Trnstee on 15 Ottober 2024. The cathed￿,$ financial posits'on has continued to recover swdily followin8 the Cov¢d-19 pandemic, a55i5ted by a pleasing Itv•l of vi￿r0r$ in 2023 and eady 2024. The Cathedral Chapter is commit¢ed ¢0 raising É2.8 million ro provide boardin¥ accornmodatson lor the gid ehoriscers Iihe firs¢ of whom commenced as day sch¢)ol prohooners in September 20231 from S•ptember 2025 8uilding work commenced in july 2024 and is due for complevon durin¥ the summer of 2025. In addition. the Cathedral needs w fvnds ¢0 pay for the educarion fees a¢ the Cathedral School. The Trust has committed ¢0 providing bursaries to assist w¢th boarding fee5 for and boys from S•pt•mber 2025. The firsi girl choristers recwyed their surpluses. as lull chw'sters in June 2024. Th• Trustees were yatelul ¢0 the Trust's then Presideni {an Amoner Trusteè). Sir Nicholas Lyons who, as Lord Mayor made the Mansion Hous* awdilable in November 2023 for a Reception hosted by the Trus( to celebrnre the Incepvon of Girls Voices at Sr Paul'& The Receptson was attended by HRH the Duthe5s of Glouc•srer. Supportws frorn thè UK and th• USA heard a performance from the chorisors and two of th• w'rl prObauon￿ speaking abouc thwr initial ex￿.￿¢• of joining a renowned choir. The Trusr provided grnnts tO￿ling L81,43612023.. £98.5981 for the support 01 14 Choristers12023.. 14}. thereby enabling them ￿ benefit Irom a first•class educatyon as well as the thorough musital grounding offéred by membership ol on• of the prwiinent Cath•dAI Chtirs in the wodd. In suppornng thos• Choristers who would othernyise be unable t¢ take up th•ir place5 In the Cath￿rnI Choir due to insufficient financial means the Chorister Trust plays a key role in ensuring that the Cithedral Choir can operate ¢0 tts full pO￿nts￿. The number of boy thoris￿r$ will be lower in the 2024-5 academie year due ro the iM￿tt ol Covid-19 on recruitrnent is rncenr years. The Trust contynues to recei￿ reqijests lor other assoaated education and costs rdating to th• Choristers it support& These have induded grants towards educatsonal assessments and additional tuition. During khool terni time. the Choristers continue ¢0 sing at some 8 serrices each wèek These services are open to all, free of charge. Throughout the 2023-24 academic year. the thoris¢ers have taken part in many swal services. In the autuffln tern). these included an Evensong for the Worshipful Company of Musicians.. a requiem for all Souls Day. the annual ble5yng of the new Lord Mayor on Lord Mayor's Show Day. the Festival of St Cecilia with the choirs of Wesrminster Abbey and Wesrminster Cathedral and a specially arranged Chorister reci￿1 for our Frier)ds from Ameno attend*J by the HRH Duches5 01 Gloucester. ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES. REPORT Christmas 15 alway5 an especially busy tirne at the Cathedrdl. last December we had capacity congregatsons at m05t ol our popU￿r Services. including at the Athient Carol knices, the concert of Handel's Messiah. at the three charity concerts we hdd for Mag&￿e'S, The Royal Osteoporosis and The Prince's TrusL as well as at Brirren's Cerejnony of Carols. the Cdebration of Christmis Orches¢ral Concert and our two tradiuonal Christm3s C¥ol Sernices ￿ 23 and 24 December. In january. the Choir took part in a live broadcast of Choral Evensong ¢)n BBC Radio 3. On IS March. the annu￿ United Guilds Seryice which brings iogether all of the Guilds and knvery CofflpaniÈs of the City, marked irs 80 annivwsary and this was followed a week later, by a concert of Bach's St John's Posston at whith the Chorisrers took on seve￿ ol the 5010 perforniances. During the summer cerni Seve￿ high-profile services ¢ook Pla￿ in close succession. On the f May we had the Cleryy Support Trust Service. in which the cathedr￿ Choir joined with Choirs from Durham and Rlxhester Cathedrdl 10 sing under the Dome. The next day wa5 the IO" Anniversary Sernice for the Invictus Games. auended by the Duke of Sussex and a week later HM King Charles 111 and Queen Camilla joinèd 2CthI 06E honotsrs holders for a Service of Dediatyon. This year for the first time 51nce the Covid pandemic we were able ro return to holding a full series of four Orchestral Masses ovèr four succeMive Sundays in June and july. These are incredibly popular and attratt hug• ongregations. The busy term Ivas rounded off with the annual Friends Festival and Chorjsthr rècital whi¢h attend•d by HRH Duch•ss of GloKe5W. Th• committ•d supporr of the City Livwy Companies and th*r associat•d charits'•s remains a key dr￿r of the Trust's annual income. This support of and artive and *npged interest in the Cachedral's musical life is hugely appreciated by both the Trust and thè cath￿￿. parncularly during this challenging time for them and the Tru5L The Trustees are apin grateful to Sarah Beddows frorn the cath￿rat'S fundrni$in8 c•am for her continued work suppornnl the TrusL GOVERNANCE AND MANAGEMENT The Trust**s m•et fornially ar least three tymes each year and there is a committee reviewing grant applications from parents with finanoal needs. The Grants Committee r￿QMmenda￿0ns are subject to approval by che Trustees. All policy dècisions are taken by the Trnstees and daY-t￿daY mana8emen¢ involves continuing eonract betyleen Trus¢ee5 and thè adminisraDon and hjndraisint supporL During éach accouniing period the Trustee5 detemine what 8rants will be made in tht lollowing academic year in respttt of parenu with financial needs and this li1￿"11￿ is recognised in the accounting period in which the grdnts are déi•rmined. Once gran¢$ have been made w meer these requests. further granrs may be made to the Schod. Grants are also made ¢0 the Cathedral in respettofdonations r•c*v•d wt•nrds the cost ol the ￿Uca￿On of the Choristsrs. Applications lor rdnts are made by parents via the Sthool. The Grants CommitLee is r*spon$ible for reviewing applications in conjunctyon with the Schod and making recommendation tts the Trustees as to the grants to be abfdrded in dirett furtherance of the Trust's 0￿.e£￿. The Trusttts spedfi(ally authorise all grants to the Khool and w the &thedr31. against an invoice authorised by the Grants Commi¢¢ee. All r￿W applications in respett of boarding fee5 are su*'ett to additional review by an l￿d￿l¢ organisatson. Bursary Adminis(rauon kn'mited. ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT FINANCIAL REVIEW A fi￿1 breakdown of income and expenditure for the Accumulated and Re5tn¢¢ed Funds 15 shown on page 8. Total in¢omÈ for the yw amountsd to £232.60312023: £225.835} and this includ investTh￿t and bank int•rest Incom• 01 £70.122 {2023.. £63.096). donatyons received from livery c¢Jmpanrt& TrnS￿ and Individu￿5. During th• yèar the Trust￿$ a*arded £81.436 (2023.. £98.598) in bursaries in respert ol Chori5or5 in cases ol financial hardship and grants to St Paul's Cathedrnl School of £17.632 12023.. £113561. In addityon, a sum of £13.12712023.. £33,852) wa5 paid to St Paul's Cathedrnl ro support the educatyon of the Chon5ters. Ne¢ income for the year, before takn'ng account of gajns on inv*suhents, was £87,32412023.. £54.461 l. The realised and unrealised ￿InS on investments was £247.605 (2023.. £64.111 loss). The nec movemenr in fvnds for ¢he year was an increase of £334,929 12023.. a d￿r•3$* of £9.650>. resulun¥ in to¢al funds of £2.984.488 12023.. £2,649,559). In arrivin¥ 1¢ the ne¢ resul¢ no charge is made lor the s•Thices of the Cathedral administratyon staff for fundraising $upporL The cos¢ ol thi5 Is dbfficult to quantsfy but is esumared ai no more than L l O.(WJ. No Ch￿ge$ were made to the Trust's Stat•m•ni of In¥e$unenr Pdicy during the course af this y•ar. The UK S¢ock Market remained unpredictable during the year w 31 August 2024 but a wdcome improvemènt during the second h￿f ol the year resulted an overdll pin in the value of £247.605. The Trus¢ee5 will continu• to monitor th• work of the investmen¢ minagers during the continuing uncertain market condityons. Thè Chorister Trusr's r•serve5 policy is to retain an appropriate levd of ￿neral free reserves to produc• sufficient future income co ensure the conts'nued ability to meet the ofy'ttdves as set ou¢ above. A¢ the balance sheet daw the Chonster Trust had free reser¥ès of £2.979.460 {2023.. £2.637.5941 represtrtting the balance carried forward as the Chorister Trus¢'s Accumulated Fund. Athough this amount can be exp•nded t the discretion of the Trusitts. lund$ are being accumulated in order to PrO￿de a capital base to generdte sufficient income to mÈet thè Trust's annuai commitrnents. Thè r•stricced reswves a¢ the balance sh•at date were £5,028 {2023.. £11,965) which are no¢ available lor the z•n•ral purposes ol the charity. The Trust ha5 net ¢urrent assets of £6.189 r2023.. £33.317 liabiliu•s) at the balance sheet date. The positson is offset by tash d•posirs within the investment portfolio. Th•xefore. the Trustees are sats'sfied that the Trust has 5uificient re50Urtts co conlinue as a going concérn for the loreseeable futur PLANS FOR FUTURE PERIODS The Tru5tee5 Contrn￿ w wpporL from avwlable funds as a fir5¢ pnority. Chorisw Ilnanclal hardship grydnts. The Trustees are mindlul tha¢ althwgh these grant commitments ar• •Y￿ for just one year in advance. 1¢ IS likdy this will remain the priority commionenc for the foreséeable future. Thi5 will now include the &. chonster5. ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT TRUSTEE RESPONSIBILITIES The Trustees are reSPon￿bIe for prepanng the Tru5tees' Report and the ffinanci￿ statements in aceordance with applicable law and Unrted Kjngdom AccounDng Standards (United Kingdom Genwally Accepted kcounting PrdetiCÈI. The law appljcable to charities in England and Wales requires the Trus¢ee5 to prepare financial statements for each financial year which give a true and fair view ol the srare of affaj'rs of the Chon's¢er Trust and ol the incoming resourtes and application ol res￿rceS ol the Chon'sw Trusr for tha¢ period. In prepanng these financial 5tstements the Tru5t¢es are required to.. 5elett sui¢able acco￿11n1 poli¢ies and thén apply them consillentfy, obs•rve the methods and Princi￿e$ in the Chariues SORP. make judgemen¢s and estymaos that are reasonable and prud•n sute whether applicable accounrin¥ srandards have lollowed 5ubjett ¢0 any maorial departure5 disclosed and exPl￿ne￿ in the financial S[a￿men¢$. epare the financial Star￿en(S on the ￿ing concwn basis Unle￿ it Is inappropriite to presumè that the Chorister Trus¢ will conunue to operat The Trustees are responsible lor kewng proptr acc¢￿n￿n¥ records which disclose with r￿s9n1b1¢ accuracy at any tyme the financial position ol the Chorister Trust and enable them ro ensure that ¢he ffinancial statements comply with the Chwityes Act 2011. the Finanual R•portin8 Srandards {FRS 1021 and the prowsion5 of tht Trust Deed. They are ￿$0 responsible lor 5aleguarding the assets of the Choris¢er Trust and htnc• for taking reasonable step5 lor the prevéntion and d•t•ction ol fraud and other irregulari¢boS. APPOINTMENT OF TRUSTEES The operational d••d dat•d 8 january 2013 require5 there to be up to eleven Trustees ol whom not more than thr￿ shall be Amon•r Trusre•& nor more than four shajl bè Cath￿ra1 Trus(tts and no¢ more than lour shall bt Charis￿r Trust TrUS￿s. Atl Trust•es are requlred to demonstrate an *)thusiasm for. and an under5tand¢ng of thè importance of. the A￿lCan choral tradition within a Cathedral con¢exL They should be prepared to act a5 an ambassador lor the Trust and its aims, promoting its work on a proacU￿ tqsis. Appointment of Chorist•r Trust Truste The selectyon and appointment process for Ch0ri5ter Trust Trus￿ will be overseen by the Trus￿$ and coordinared by the Ch3ir. Potential Candida￿ may be nomiruttd by any Mern￿ of the Trustèe body. Candidates should mee¢ with as broad a selection ol Trustees as 15 practical (ideally one Choris¢er TrusL one Cathedral and one Almoner T￿stee). The opinion of Trystees shoukl be sought in respecr of a potential candidatè's suitabillry for the role to ensure that candidares meet the qualiti•s required of the Trustees. Appointment of Almon•r Trust•es On behalf ol the Trustees the Ch*r will be ￿pL￿&ble for liaison the Court of Abdernien in respett ol the appointm￿t of Amoner Trustees to ensure meer the q￿ltieS required of Tnjsreek Appointment ol Cathedral Trustees On behalf of the Tru5tee& th¢ Chair will be responsible for liai50n with Chaptsr in respect of the appointment of the Cathedral Trusttts to ￿$￿re they meet the qualities required of Trustee& ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT The cathedr￿ Trustees will norm￿lY comprise the Chief Operaung Olticer. The Precentor and The Reccor Chori. Almoner Tru5tee% Chorister Trust Trustees and any Cathedrnl Trustee who is not an officer of the Cathedral shall serve for a wm ol four years. They may Irf appropriate) serye for a lurthtr terni of up co four years bur thereafter shall not be eligible for reappointment unul a penod of three years has elapsed since their last term of offiee came to an emd, unless the rdwdnt app￿.ntyng body wishes to appoint that individual far a furthtr ttrm, In which case they may do so with the pnor consen¢ of the Trus¢ee5. CathedTrl Trustee5 who are office hdders at the cathed￿ shall cease to be Trustees when they are no longer office holders. To avoid the potenual for conflic¢ of intw95t any individual WI￿ is tht parent or clo$• r•lative of a child who is a Chorister andlor a puw'l a¢ S¢ Paul's Cathedral School will not USLAlly be c¢)nsid•red for appoincmenc as a Trustee (Chorister TrusL Amoner or Cèthedrall until such vme as thwr ¢hild has l¢ft thè Schoollcathedral Ch(yr. A regylar 5kn'11s audi¢ is underuken to ¢n5ure ￿ wide a ranp ol ¢xpertis• arbd in￿￿£S as possibl• is represented amongst all the Tru5tee& Jenniler B Chairman ST PAUL'S CATHEDRAL CHORISTER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the Trustees on my èxamination of the accounts of St Paul's cathedr￿ Choristtr Trust for the year ended 31 August 2024 which are set out on p3ge5 9 to 19. Responsibilities and basis of report As the charity ¢rus¢ee5 of the Chorister Trust you art responsible for the preprdtion of the accounts in accordance with the requirements of the Charitie5 Ac¢ 201 I (the kn). I repor¢ in re5pett of my examination of the Trustee's accoun￿ carried out under section 145 of the 201 I Att and in carrying out my examination I have followed all the applicablè Directions given by the Charity Commissi¢)n under section 14515llb) 01 ￿ 2011 IndepeDdMt examinerfs statement I hav• complèted my ￿Minall0￿ I confim thac no marerial mirrers have come to my a¢¢entyon in connecuon with th• ￿minall0n Iving m• cause co believe thic in any ma￿rial respecc . accounting r*cords w•r• not kept in r•specc ol the Chorister Trus¢ as required by sKtyon 130 01 the Ac( or 2. ¢h¢ 4¢¢¢)un¢s do not accord with thos• rncords: or 3. the acccmjnts do not comply with the applicable requirements concerning the forni and content of accounts sèt out in the Charitie5 {Accounts and Rtportsl Re8ulavons 2Cp)8 other than any requirement that the attounts Ov* a 'tru• and fair vi•Y* wtru.ch is not a mI￿r considered as part of an independen¢ examinatyon. I have no concerns And have come across no other macrers in connectyon with the examinatson to which a¢¢entson should be drawn in thi5 repor¢ in ¢rd•r to •nable a proper undersonding of the actounts to bè r•ached. Trevor Clarke SRG LLP Charter•d Accountants 10 Bol¢ Court London EC4A 3DA Date. l} Ilty 2025 ST PAUL'S CATHEDRAL CHORISTER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Accumulated Restrirted Fund Fund (Unrestricted) 2024 2023 Notè 7 Intomé Donauons & Legacies IDve5tment Income Intèrest Receivable Other Income 43.970 162.481 68,329 1,793 162.664 63.096 68.329 1.793 75 Total Incom• 188.633 231603 225,835 Exp•nditur• Raising Fund5- investment manag•r f• Charitable ACuvi￿eS'. Support Costs for Ch¥loble kn"vio•s Grdnts In ResP￿t of Choristers Grants ¢0 S¢ Paul's Cathadrdl School Grants to Sf Paul's Cathedral Total Expenditure N•t Incomél(èxp•ndi￿Y•) b•for• Galns on Investm•nts 24.465 24,465 19.288 &619 S4,4SS &833 8,619 81,436 17,632 13,127 145.279 7,280 98.598 12,356 33,852 171,374 26.981 10,799 13,127 50.907 94,3n 94.261 (&93n 87.324 S4,461 Gainsl(1ossès) on In¥•stm•nts 247.605 247.605 {fA.I 111 Net Mov•mtnt In Funds 341.866 {6,937) 334.929 {9,650) Total Funds Brought Forward 2.637.594 11,965 2,649.559 2,659.209 Total Funds Carrled Forward 2.979.460 5.028 2,984,488 2,649,559 Th• Chorister Tmst's income and expenditurn all relate to conunuing opÈrdti¢)ns. The note5 on pws l O to 18 forni part of these fin￿￿21 ststemen ST PAUL'S CATHEDRAL CHORISTER TRUST BALANCE SHEET AS AT 31 AUGUST 2024 Note 2024 2023 Fixed A$￿ts Investmen 1978,299 1681876 Current A55ets Cash & cash equiyalenrs Debtor5 & prepayThents 13&312 1.154 137.466 101.183 1,376 IOZ559 Llabllltl Credirors: Amounts lailing due within year 1131,2771 1135,8761 Net Curr•nt Asi•tsl{Liabll1tl￿) 6.189 133.317) NET ASSETS 1984.488 2.649.559 REPRESENTED BY: Accurnulated Fund- Unr•strlcted Res¢ricced Fund 1979.460 5,028 1984.488 2.637,594 11,965 2,649,559 Thè financial stat•m•nrs were approved by the Trust￿ oniirf and signtd on their behalf br. 2025 J Bryan¢-Pearson- Truste*lCtrAirman J S McCuin- Trustee￿r￿a$UrIr The notes on pages to 18 forni part of these finarKial statement& ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES St Paul's Cathedral Ch0ri5ter Trust 15 a reys¢ered chan.rr and its pnnopal address 15 The Chapter H￿Str. St Pdul's Churchy¥d. Londo￿ EC4M 8AD. a) Basis of Accounting The financial Statements are prepartd in accordance with the historid cost Easis with the exception of inve5¢ments which are sta¢ed at market value. The finanaal s￿￿MentS have been prepared in accordance with applicable accounting stsndard5. with the requirements of the sta￿MenC of Recommended Pracrice- Accounting and Reporring by Charitie5 applicable to Charitses preparing théir financial sraiements in accordance with the FinarKiaJ Reporring Standard applicable in the UK and Republic of Ireland IFRS 102) (effecuve l Janwy 20191 and the Charities Att 2011 and UK Generally cepted Accounting PActic•. The ffinanci￿ statements have be￿ PreSen￿d in Sterling which is thè functional curr•ncy of th• Trusc Monetary amounts in these finanoal 5¢atements are rounded to the naarest £1. Th• Trust has prnpared its financi￿ S0t•men￿ to •Ye a'true and fwr. ￿eW and in doing 50 has deparwd Irom thè Chariti•s IAcc¢)unts and Reporrsl Regulauons 2fy)8 only to the extent required to &ve a 'true and fAir' This dèparture has tnvdved followin8 Accounting and Reporring by Charityes S¢a¢ement of Recommended Practyce applicable to charitses prepann8 their financial Sutements in accordance with th• Financial Reportyn¥ Stsndard applbcable in the UK and RePu￿1t of Ireland IFRS 102). rather than the Accoun(ing and Reportyn¥ by Charitiek Sut*m•nt of R•C¢)mmen￿ Pracfice effective Irom l April 2005. which has sinc• been withdrawn. The Trus¢ consU¢Ute5 a put41¢ ￿tfit •ntity as d•fined by FRSIOI b) Fund Accountlng Accumulated fvnds are unre5tncted lunds which are available for use a¢ the discretion of th• Trustees in fijrtherance of the general ob￿.we$ of the Chorist•r Trust and whith have not been designat•d for oth•r wrpos•s. Designated fund5 are unrns¢ri¢r&l funds •arniarked by the Trus¢ee5 for ￿rriCular purpos•s. Restricted lunds arn suts'ecr to restriciion5 on th*r exwdicure Imposed by the donor gr throuth th• c•rms of an app￿. c) Incom• l income is included in the S(aremen¢ of Financial Acovioes when the Ch0ri5¢er Trust is enutled to the income. it 15 probable that the income wll be received, and the amount can be measured reliably. The fdlowin8 specific policies are applied ro partbcular categories ol income: voluntary income is received by way of gran¢% donations and lyac*$ and is included in full in the Statement of Financial Activities wh•) rec*¥able. Gran￿ wherè •ntidement is condiuonal on the delivery ol a specific wfornBnce by the Choriscer TrusL are recognistd when the Chorister Trust become5 une0ndirion￿IY entided to the grnnL Legacie5 are accounted for when Ihe Choristsr Trust 15 legally enrided to the income and the amounr be quanofied reasonable accuraq. invesunent income and bank interest are included Wh￿ recwthl overseas dividends are declared net of withholding ra income frorn attivits'e5 for raising fvnds is accounted for when recewdble. ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 d) ExPendI￿re Expenditure is reco8ni5ed on an accruals bay"s as a liability is incurred. Cost of raising funds comprises the costs associa¢ed with fvndrai￿ng events and invesunent managernenL Charitable expenditure comprises those c05ts Incurr￿ by the Chori5w Trust in the delivery of i(s activiues and services for its beneficiarie& Gran¢s payable ¢0 the Cathedral. the School and in respett ol Choris¢ers are accounted for when a valid expecrarion has been created in the mind of the recipienL Govèrnance costs include those costs associated with meeting the constitutional and s¢a¢utory requirernent5 of the Chorister Trust and indude the independenr examiner's remunera¢ion and costs linkÈd to th• strnttyc management of the Choris¢er Trusc These are treaod a5 5UPPQrt 05¢$ within chari¢abie wenditure. I costs are allocated direcdy be￿¢en the exwdi¢ure categories of the SOF •) Flx•d Ass•t Inv•stm•nts Fixed a5se¢ inves¢men¢5 are initially rneasurnd at trnnsactson price including transacuon costs and are subsequendy measured at fair value a¢ eath repor¢ing daté. Chang•s in fair wdlu• ar• rn£0￿ls•d in not incomellexpenditure) for the year. Flnan¢i41 Ins¢rym•nts The Trust has elected ¢0 apply the pro￿$10n$ of Section I I 'Basic Financial Insrrumen¢5' and SKtyon 12 'Other Financial Inswument Issues. of FRS 102 to all ol its financrdl insrruments. Financial instrum•nts art recognised in the Trus¢'5 balance sh•ot whtn thè Tnjsi becomes party ¢0 the Contrac¢u￿ provisions ol th• instrumenc ￿.￿n(la1 ￿se¢S and liah'litiès are offs•4 with the net amoun¢s Presen￿ in thè finantsal starements. when there is a leDlly enforceable right to set off the recognised amounts and ther* Is an int•nrion to setde on a ne¢ basis or ¢0 reali5e the ass*t and setrle the liability simultaneou51y. Baslc financlal ajsets Basic financial assets. which sndvde debtors and cash and bank balances. are Initially measured at transaction price induding transaction costs and are sub5equen¢ty carried at amortised cost using the effective interest method unless the arrnngemeni Constitu￿ a financing transacDon. where the transactson Is measured at the present TrAlue ol the futu￿ receipts discounted at a marker rate of in(•r•sL Financial assets classified as receiTrAble within one year are not amornsed. Othèr financlal ass•ts Other financial assets. including investments in equity insrruments which are not subsidiaries, assooatss or joint ventura are inirthllx measured at t￿r value, which is norni￿lY the tranSa￿On pnce. Such assers are subsequendy carried ac fw'r ¥￿￿¢ and the changes in fw'r value are rectsgnised in net incomellexpenditure). txcepr thac invesunents in equity insrrumenrs that are not publicty trnded and whose fair values (￿n¢T be measured reli3bly ¥e measured at cost les5 impairmenL 12 ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Basic financial liab•lities Basic financial liabilityes, including creditor5 and bank loans are initially recognised at rransacuon price unless the arrnngemeni constiruces a financing ¢ransactyon, where the debt instrument is measured at the present y￿￿e of the hrture pay7r￿ts discounted at a maA(et rate of interesL Financial liabilives classified as payable within one year are not amtirrised. Debt instrumen(s are subsequendy (arried at amortised c05¢ U￿nI tht df•ctN• int•r•st rate method. Trtdè crtdlcors ar• obliganons fo pay for goods or service5 that havé b••n acquired in the ordinary course ol operauon5 from supplws. Amounts payable are classified as current liabilities if payment Is due within one year or les5. If noL they are presented as non Crltlcal Accountin8 Estimateg and Judg•m•nts In the application of thè Trusi's accountin¥ policie% thè Trusttts are required to make judgements. esvma¢es and assumptions about the car￿.ng amount of ass￿ and Iiabiliues that are not readily apparen¢ frorn other sources. The esrima¢es and a$59Cknlted assumptions are based on historital •xperience and othw f¥tors thit ar• cOn￿d￿ed ¢0 be rdevanL Actual rnsults may differ from these •stlmat*& Th• •sumates and UndwI￿ng assumptions are r￿lewed on an on￿ing ba￿$. Revisions to accountinK e5llmates are recogniswj in the penod in which the esuma¢e ts rev15ed wherè the revision affects only that period. or in the pwiod of the rèvision and fuwre pwiods wheré th• affects both current and luture periods. l) Cash at Bank and in Hand Cash ar bank and in hand are basic finanoaj asse¢5 and include cash in hand. deposits hdd at Call with banks, other short-term liquid invesD))enrs with on&nal maturiries of three month5 or less, and bank overdralts. Bank overdrafrs are shown within b￿roWIng$ in curnt liabilityes. 13 ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 2. SUPPORT COSTS These comprise govÈrnance costs of £&619 {2023.. £7,280) including independenc examiner's remuneration of £3.6fy)12023.. £3.7621. The Trnstees recwved no rernuneration during the year12023.. £Nill. During the year no expenses were wd to any Tnjsrees {2023.. £Nill. 3. GRANTS PAYABLE Grants in r•ip•ct of ChoAstèrs at St Paul's Cathedral School 2024 2023 AccLtmulated Fund Restricted Fund 54.455 26,981 81.436 75,706 22.892 Durlng th• y•ar •nded 31 AuwJs¢ 2024. 14 Trnts were madt (2023.. 14). Grants to St Paul'> Cathedrnl school 2024 2023 A¢¢umulat•d Fund- for th• •ducats'on of Ch0ri5WS Restricted Fund- for the education ol Choristérs 6.833 10.799 17.632 11,423 933 12,356 Grants to St Paul'> Cathodr41 20234 20233 R•stricted Fund- for ed4Katyon 13.127 33.852 4. INVESTMENTS Market Value 2024 Mark•t Value 2023 RathlK•ne In¥￿tMent Mana8•m•nt Total 197&299 2.978,299 2.682.876 2,682,876 NO￿.. the Rathb)ne Investment Management balan￿ includes cash deFosits of £18.132 12023: £90,768) vthich are 'on demand, funds. ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 4. INVESTMENTS (continued) Movements in inve5tmerts 2024 2023 mark￿ valut ai I Seprember 2023 Cash drawdown Dividends & inreres¢ IGr0s51 Less.. Overseas Withholding T Marthgemenr fees Realised gainsll1055es) Unr•alised gainsl(lossesl Market value a¢ 31 Augus¢ 2024 2.682.876 1703.079 71.813 13.4841 0,5111 14.890 232.715 2.978,299 66,691 13.5951 (19,1881 141.S44) {22,567) 2,682,876 Cost at 31 August 2024 C05t at 31 August 2023 2.777.008 2.763.395 1763,395 2,752,451 5. DEBTORS & PREPAYMENTS 2024 2023 Prnpaymenrs & accrued income 1.154 1.154 1,376 1,376 6. CREDITORS: amounts falling due within on• y•ar 2024 2023 Accruals Grants Accruals Other Defeffed Incom• 67,785 7,155 56.337 131.277 57,478 18,56S 59.833 135,876 Accruals Grants 2024 2023 Accrued Grants Brought Forward Committed in thè Year.. . in respert of Chon'sters . to Cachedral sChc￿l . to Cathedral Paid in the Year Additsonal Grants ANrdrdÈd during the Year Accrued Grants Cam'ed FoThvard 57,478 56,618 79.582 17.632 13,127 (101,8881 1.854 67.785 94,468 12,356 33,852 1143,9461 4.130 57.478 15 ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 6. CREDITORS: amtyjnts falling due within one year (continued) Deferred Income 2024 2023 Deferrnd Income Brought F¢)Thfdrd Released to Income in the Year New Deferrals.. The Girdler5 Co. Charitable Tnbst The Clochworkers. FoundaDon Trustees of Uni¢ed Guilds Grant To￿ardS 8Wd1￿ Fees The Tallow Chandlers The Worshipful Company of Glovers Thomas Carpenier Trnst Boardi￿ Fees Morden College Dderred Incom• Carritd For￿rd 59,833 159.833) 44.837 144,83 13,SCfvJ 15.000 i 0,000 11.837 6.000 13.000 10.000 10.000 11,837 3,500 11,496 59,833 56.337 Dd•rr•d income re￿t¢S to Irants Iven to 5UPPQrt boarding ftts in th• 2024-25 school year. RESTRICTED FUNDS The Clothwork•rs' Foundation donated fvnds t¢ ￿ used specthcally towards supporring parents and carer5 who cannoi afford to pay the Sthool'5 fee5 and assoeiated cosrs of musical education for Choris*rs including vocal and insrrumental u*tson. £ l o.wi was rnc•ved and paid in the year. V¥ious livery chariti•s and similar Trusrs have made donations tow¥ds specthed purposes within thè objects ol the charity. Thèse haye be￿ apFAied towards those purpos•s during the year or carried fOr￿drd for application in Subsequ￿ ￿r& 16 ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 7. RESTRICTED FUNDS (continued) Balanc￿ at JI August 2024 September Rece￿ed In 21J23 the year Grants pald Year ended JI A￿lurt 2•24: OBE Grants 1,5n 10.C*v) 1.573 (7.5811 110.1081 13.2181 The Clothworkers. Founda￿0￿ The Tallow Chandler5 The Wonhipfvl ComF4ny of Groce Th¢ Irryer•l So¢w of Knryh Bathelor Th¢ Girdth, Co. Charitable Trust Thomas Carpenter'5 Trust Trustees of the Unrted Guilds Se*ryK• 1131 1244 1332 1.474 736 1210 13,1 (13.(Wl (7.0001 110.cthi 147.6421 lo,￿0 4S.086 11.%5 5.028 Balance$ at Oalan¢e* at 31 Au8UIt 2023 Sept•mb•r In 2022 th• yw Gr•n¢s pabd Yw ¢nd•d JI A￿￿$t 202): OBE Gr￿ The Ciothworkers, Foundawn 3177 1131 10.coo 1131 19.8921 The Tallow Chan 1131 1244 The Wor5hiplul Compny ofGrocws The Imp¢r6•1 Sodety of Knizht5 chelor The Girdkrs, Co. Charitable Trust Thomas Carpentsr'5 Tru5¢ Trus￿$ 01 the VniLed Guld5 SeThKe 1531 (9331 1.294 1,474 17.852 16.C*J) 133,8521 16.0001 17,C¥)01 157,67n 24.440 45.202 11.965 ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 ALLOCATION OF NET ASSETS A(￿Mulated Fund ft￿triCted Fund Total 2024 At 31 August 2024: Invesunents Cash at Bank Debtors CreditWS 1978.299 78,675 1.154 (7&668) 2.979,460 1978,299 136,312 1.154 1131,2771 2,984,488 57,637 {S2,609} 5,028 Accumulat•d Fund Restrirted Fund Total 2023 At J l August Z023: Invèstments Cath at Bank Deb¢rys Creditors 2.682.876 54.645 1.376 1101,3031 1637.594 2.682,876 46.538 1.376 1135,8761 2,649,559 134.S731 11.965 9. RELATED PARTY TRANSACTIONS Alderman and SherrfF Gre¥ory lones is a Court AssisonL The Leathersellers. Cornpany. Andrtw Carnood M8E is Dire(¢or of Music at St Paul's Cathedrnl and The Revd Canon Philip Banks is Pr•c•ntor ol Sc Paul's cathed￿ and a governor ol St Pa￿.5 Cathedral khool. lennif•r Bryant.Pearson is a Past Mas¢¢r. Th• Patt•nmakws' Company. For the year ended 31 August 2024 granfs were rrAde by the Choristèr Trust to the School. as Set out in not• 3 01 these financial s¢a¢ernen¢% in rèsp•cc of conrributs'ons cowards boarding fees payable by Chorist•rs' parents. Grants totalling £47,111 12023.. £57.4781 were outstanding at ￿&r end. For tht y•ar ￿d•d 31 Augu5¢ 2024 grants w•r• made by the Chorister Trust to the Cathedral khool, as s•t out in note 3 of these financial ststements. No gran¢$ WWÈ outsonding ai year end {2023.. ÉNill. For the year ended 31 August 2024 grnnts wwe made by the Chorister Trust to the Cathedd. as set out in nots 3 of these finanoal 5ta¢ements. There were outs¢anding grants of £13.127 due to the cathedr￿ at yw end12023.. £33.852) For the year ended 31 August 2024 dona(ions were received from The Pattenmakers, Cornpany £7.000 {2023.. £7,0fy)) and The Leathersellers, Company £1 lOC¥)12023: £7.OC(IF. 18 ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 I O. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Accumulated Restricted Fund Fund (Unrestrirted) 2023 Income Donations & L*Dcies Invesfment Income Interest Receivable Total Income 117.462 63.096 75 180.633 45,202 162.664 63.096 75 225.835 45.202 Exp•ndStur• Rwsing Funds- investment mana8er lees Charitable activities.. Suppon Costs for Charitable ACts.￿t￿5 Grants in RèsF4tt of Chorist•rs Grdnts to St Paul's Cathedrnl Sch(w)I Grnncs co Sf Pavl's Cathedral Totsl Em￿ndItur* 19.288 19.288 7.280 98,598 12,356 33,852 171.374 75.706 11,423 22.892 933 33.852 57.677 113.697 Net incomel(exp*nditur•) b•for• losses on Investmènts 66.936 (12.475} 54,461 L￿5•$ on Inv•itm•nts {64.111) Net Movement in Funds 1825 112.4751 19.6SOI Total Funds Brou8ht Fonvard 1634.769 24,440 1659.209 Total Funds Carried Fonvard 1637,594 11,965 1649,559 19