sr PAUL'S CATHEDRAL CHORISTER TRUST Charlty Reglstratlon No: 290205 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 SRG LLP Chartered Accountants 10 Boli Couri London EC4A 3DA
ST PAUL'S CATHEDRAL CHORISTER TRUST INDEX Page No.. Reference and Athiniswauve Informw¢rt) Trus¢ees' Kepprt Independenc ExamSner's Report sta¢eThI ol Financkil Aco"¥iti¢s 10 BAlance Sheet Notes to the Actounts
ST PAUL'S CATHEDRAL CHORISTER TRUST REFERENCE AND ADMINISTRATIVE INFORMATION CHARITY No: 290205 PATRON.. HRH the Duchess of GkwCe$r LG GCVO PRESIDENT: The FiL Hon. The Lord Mayor of the City of London TRUSTEES: Almoner Trustees: derman Bronislaw Masoiada Aldem12n Sir Nicholas Lyons Alderman Sir Andrew Parmley (appointed 31 December 202SI Alderman and Sheriff Gregoryjones {r¢S1¢d 6 November 20251 Cathedrnl Tntstee Andrew Catwotsd M8E Emity MacKen¢ The Revd Canon Pnill> Banks {¥pointed 15 October 20241 Chorlrter Trust T¢¢5.. Jennrfer BryE-Pe*rs0Th- Ch•lrnwi John Mcculn Nigel B•mwng J•Trr4l•r Roblnson SECRETARY: Nlgel mPOn1 PRINCIPAL OFFICE: The Chapcer House St Paul'5 Chvrchyard London EC4M 8AD INDEPENDENT EXAMINER: Trevor Clark¢ FCCA SRG LLP Chartered Accoununu 10 Bolt Court London EC4A 3DA BANKER&. Uoyds Bank PLC 2S Gre5harn S[r1 London. EC2V 7HN FUND MANAGERS: Rathb¢n¢ Invesunent Management 8 Finsbury Circus London EC2M 7A2
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES. REPORT The Trustees submit their report and financial sta¢$ for the year ended 31 August 2025. The information on page I form5 Part of thts reporL OBJECTS AND ACTIVITIES The Chori5r Trnst is a regisrered chariry. •dminist¢red in accordance with the Trnsr Deed dated 8 August 1984 and supplem deed& the lacest of which wa5 approved and si&med by the Trustee5 on 8 january 2013. vknose obje¢rs are the advancement ol musical educauon and musical $tudies and the presetwarion of the tradiOn of the Ch¢rlsters In the Cathedral Choir for the benefir of the publK by. Pro¥ldlng fin4nclal amlsrance for any purpose connerted with the educarlon of the Chorister3 ar the Sthvd Indudln& but It limited to.. assisty.ng the Cathedral to educate and provide suitable accommodiii lor the Chor15ters, supporting parenrs and ¢arers vtho not afford to pay the School's 1¢¢$ and associated costs ol musitsl educauon for Chcdsters inthdin8 vocal and instrurnentsl cul0Th. I¢41 the health of Chorlster%. mee& the costs of instnjmental and Vocal tuition in ¢ases of hrdship for fonner Ch0ri5ters who ve derthe yof 18y•ar PUBLIC BENEFIT The Trustees h4v¢ Co1red the public benefit published by the crIty Ccmmi55ion. In their opinion the act4vldes the Chorfsrer TnJs¢ has carri•d our as d•5crib•d In its objectives and pollcles ¢omply wlth th• requlrements o( the Chthrles Acr 2011. Oblcts mI The Trust's obl¢cts (set oui above) be Summari$ as tht a¢knncem•nt of muslcal educadon aThd muslcal studks and the preservation ol the tradition of the Choristerj in the Cathedral Choir by provldlng fin11 I$$ce In respect of the ethjcauon of the Choristers. Summ4ry of maln •ctlvltles urbdertaken for the publlc benellt In relatlon to these object In consuhatlon wlth the Cathedral Chapter and the Senlor Management ol the Cathedral School, the Tru$r provides grants tovords the educavon and board for those Choristers whose paren1 finlntial clrcumstance5 would otherwis• make It drfKult or impossible for a Chorister ro take up a pba¢e in the Choir. The Trust may PrOde grants t0rdS th Mu¢#1 edu¢adon and w help offsei the andllary costs as$*xlated wlth the educaOn of Chorfs(Èrs.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT REVIEW OF THE YEAR Summary of maln ¥hlevements durlng the year The Trv5tee5 are grateful to hve the conrinuing suppor¢ ofHRH the Duchess of Gloueesrer LG GCVO as the Trust's Royal Parron. Her ROY HiKhne5s' interest in the activives and we114ieing of the choristers Is shown In many ways alory'de her support for the Cathedr, e5pecialty the music. She has particularty wished to be kept infomied abour the prolress of the 'Girk' Voices. prolecL The Trustees were pleased Lo welcome th¢ Rtvd Canon Fthilip Banks (Precenrorl. who betarne a Cathedral Trustee on I S Ottober 2024.john Mccuin and Nigel B•tryingwere re-appointed as Trustees In June 2025 for a further year They continue as Treasurer and Secre(ary. re5pectivety. The Cathedral's financial posivon has srabili5ed and ths has enabled the Cathedrdl Chapier to focus on a number of mahor projects. One ol these has b¢¢n raising £2.8 mllllon to provide boarding x¢ommodarion for the 8irl choristers lthe first of whom c¢)mmen¢ed as day school probationers In September 2023). from September 2025. &Jilding work cwmenced In July 2024 and complered during the summer of 2025. In addivon. the cathed needs lunds to pay for the rIs. edut2tlon fees at the Cathedrnl School. The Trust has been able to Prnde the ne£essary bursaries ro asslsc wSth bpardl)8 fees for w'rls and boy5 from September 2025. In September 2025 there were 23 probatloners15 of whom were &'rls. By Seprember 2026 11 is expec¢ thac the total number of lull arsd probadon¢r chorlsters will be approachlng 60. wlth an an¢pated equal number of boys and w'rls. Thls wlll make Ic the lar8est Cathedr thorxl fourKlauon in the world. The Trnsrees ¥¢ been encoura8ed by the growln¥ Interest from supporters to increase donatsons or pmmde sp¢¢ih¢ support lor a 81 chorister. The Trustees are Thor expecring a decrease in the need for bursaries in the coming years and contlnue to rr4nage. carnfulty, the endtswmeni fvnds. The Imp051tlon ofVAT In Independent school fees IlnclucJn8 boardln8 cosrs) wlll Incree the Trust's expen(liture without resulting in Y addicional b•nefic (o the benefidarkn. The Trust provlded gr)n todllng £175.58412024.. £81.436) for the support of 19 Choristers (2024.. 14). thereby enabling them ro benefit from a first4ass ¢du¢arion as well as the thorou8h musical grjnding offered by membership ol one of the pre-eminent Cathedral Choir5 in the world. In supportlng those Chwlsters who would otherwise be unabl¢ ro rake up th¢lr places In the Cathedral Ch<Nr due to insuffitienc financial means. the ClriSter Trust plays a key role in ensuring that the Cathedral Cholr can operate to its full potential. The Increase In expenditure reflec¢s an Increased number of boy choristers and the arrMI of&ds in the btsarding house. The Trust ¢ontlnues to recerve requesu for other asso¢i•red edu¢3von and ¢o$rs relaiing ro the Choristers it 5UPPOrt5. These have included grants coward5 educational assessments and additional tuluon. Durlng S¢hoo1 wrm dme. the Chtiristers conunue to sing at some 8 seNces each week. Thest seNl¢es are open ro all. fr¢e of tharyt. Throughout the 2024-25 adeMiC year, the choristers have uken part in many specl*l services. In the autumn rm. these ificded an Evensong for the Worship1 Company of Musicians: a requiem for 1 Sou15 Day. the annual Nes5ing of (he new Lord Mayor on Lord Mayor's Show Day. the Festirdl of St Cecilia with the choirs of Westminster Abbey and Wes(minscer Cathedr. Christmas Is an especialty busy ume at the Cathedral. last t)ecember there were capacity congregauons at mosi of the popular SeNces. incluthng at the Advent Carol SeNces. the concert 01 Handel'5 Me55M7h. and several charity concerrs. There were a150, the aThnval performance ol Brlften'5 CererrM)ry tsf Coro&. the Celebr31ion of Chri5rma5 Orthe5tral Concert and two traditional Christmas Carol sern.ces on 23 and 24 December.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES. REPORT In the Spring Temi. the Choristers took pan in a aas$icFM film with the Choir singng legri.$ 'Miserere'. They also performed thi5 piece in the cathedr41 on Ash Wednesday and Good Friday. In March, the annu Unld Guild5 SeTrice which bring5 together all the Guild5 and LNery Companies of the City, took pL4ce. In Holy Week there w7s the ann concerc of Bath's Sijohn's Paswon at 4thch the Chorlsc¥s took on several of the 5010 performances. Other specul Sernces indude(L. 8 May- VE Day 80 anniversary commemor41ion 7Juty. Anniversary ¢¢)mmemorn¢ion of the London 7n bombings. attended by th Duke and Duchem d Edlnbur There Conder•bIe media InrereK In the arrfv of the Glrl chorterS ¢over4e in.. The Fkn•ncI Tknes BBC Newsround 8BC Women'5 Hour The commitred suppory of the City Livwy Compani•5 and their assocIad charlues remalns a k•y drlver of ¢he Trusr's affthu income. Thi5 SUPPOrt of and actNe and engwd inreresr IN the Cathedral's musial lrfe Is hugety appreciated by both the Trust and the Cathedral. The Truste¢s r¢ •Din grarefvl w Sarah Beddows from the Cath•drnl's fundra151ng team for h•r contlnued work supportln8 the TrusL GOVERNANCE AND MANAGEMENT Tht Tru5tee5 meet fomalty at Itast three times each year and there is a committee rwwing grnnt appliaiSons from parents with financknil needs. The Grants Commrttee recommendatlons are subj¢¢ ro approvaj by th• Trustees. All pollcy declslons ¥e raken by the Twstees and day-d•Y management involves ¢ontinuln8 contact between Trusteas and th¢ •dmlnisr4rlon and fundr$1% supporL Durlng eath ¥coundng p¥lod the Trusi¢es +Jer¢milne whtgranrs wlll be made in the lollovAnk audemlc year In respect ol p•ren¢s wlth financ&1 needs and Ilaly'lity is recognised in tht accounvng pertod which the granu are derermlned. Once granu have been made w meet th¢s¢ requesrs. further granrs may be made w the School. Grants are also made to the Cathedral in respect of donations received tovrdrd5 the c05t of the education of the Chorlsters. Appli¢adpns for gr4nu are ffAde by parents VA thè Scho. The Grants Commluee is rtsponsible lor reviewin8 applicarSpns In tt4)lun¢rlon wlth th¢ Sthool and rfiaklng recoftYnenda¥on io the Trusr¢es as ro the gr4nrs to be awarded in diret¢ furtherance of the Trusr's th't¢r> The Trustees spetffjiolty authorise •ll grants ro the s¢hool and to the Cathedral. against an Involce authorlsed by the Granrs Commluee. All new applIcaOn$ In respect ol boarding fees are subjett to additional re¥ by an independent orrdnisation, Bursary Administration Limited.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT FINANCIAL REVIEW A fijll breakdown pf income and expenthture for the Accumulared and Restricted Funds is shown on page B. Total incpme for the year amounted to £231.40712024.. £231603) and this indudes". Investment and bank intèresr iA¢tyne of 155,332 (2024.. £70.1221, donations r¢¢eived frorn Iwery companies. Trus. and indr¥iduals. DunI the year the Trvstees aw¥ded 1175.584 (2024.. £81.4361 in bursarlts In respect of Choristers in cases olfinancial hardship and grnnrs ¢0 St Paul'5 cathedr School of £ntl12024.. £17.6321. In addition, a sum of £23.171 12024.. L13.1271 was ¢0 St Paul's Cathedral to support the educarion of the Ch0ri5ters. Net Income for the year. before cthng account of net gains on in¥esDnenr& was £246 12024.. £87.3241. The net reali5ed and unreali5ed 8ains on investments was 193.50512024.. £247,605). The net movemettr Ih fvnds for the year was an Incr•ase 01 £96,35112024.. U34.929). rewknng in tod lunds of £3.(W.83912024.. £2.984.4881. In arrin8 at the ne¢ resulr no ttthry• is made for the serrices of the C•thedral admInistraOn staff for fundraisin8 supporu The cost of thls is drficult to quantsfy but 15 estinuted ar no more than £lO.C#)O. No thanps wer• made to the Trust's Surement of Investment Policy thjring the course of thls year. The UK Stock Marker remained unpredicuble durin8 the year to 31 Augusi 2025 bur 4 wdcome Improvement durlng the second hawof the year resulted an overall rd in the value 01 £93.SOS. The Trustees wlll contlnue to monitor th¢ work ol the Inves%men¢ manyrs durin8 the conti1n& uncertn mark¢c Condiuons. The Chorlster Trust's reserve5 polky IS to retain an aPpropna level ol genernl fret reserve5 produce suffi¢S•nc luture Income to ensure the ¢ontlnu¢d •bility to meer the oblectres as st out above. At ihe balance shttt date, the ChoriSr Trust had free reserve5 of É3,070,78012024.. £2.979.4601 represen8 the bInCe carrled forward a5 the Chorlster Trust's Accumuhted Fund. Although thls ampunt can be expended at the dlscretion of the Trustees fund5 are being accwnuknred in order fo prOde a capital ba$• to 8enerate ffici•nt Incom• to m••t the Trust's Trnu commitments. Th¢ restriaed restrves at the baLince sheet dat• were £10.05912024.. IS.0281 whkh are not lable for the zener41 purposes of the ththcy. The Trust kn net current 11'11eS of £21S39 {2024.. £&189 •ss¢rs) ar tht bAlance sheet da The position is offset by cash deposlts within the investment portfolio. Thertfore. th¢ Trtjsrees ¥e sat15fied that the Trutt h suf1k1( rur¢I$ w conrinu• as a ¥oing concern for the for•5eeable future. PLANS FOR FUTURE PERIODS The Trustees continue Lo JLppor¢ from available funds as a first prioriry, ChoriSr financi har&hip grants. The Trustees are mlndful tha& although these granr c¢)mmth¢nrs are yveTh for IUSE one year in advance, It Is IIke thi5 wlll remain the priority COrrlent lor the foreseeak4e fiJture. This will now include the girl ¢h0risfers.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT TRUSTEE RESPONSIBILITIES The Trusree$ are responsible for preparing the Trus¢ees' Reportand the financi statements in aetordaThce with applicable law and ithited Kingdom Accouniing Srandard5 (United Kingdom Genernlly Aecepted Accoursting Practice . The law applicable to tharives in En8land and Wale5 requires the Trustees rts prepare financial ststements for each financi yearwhlth 8ive a trve and f'r view of the Sra ofaffairs of the chorLer Trnsi and of the incoming r¢Sr¢e$ and application of resources of the Ch•rlst¢r Trust for that period. In prepan8 these financlal $tremenu the Trustees are required to." select sultable accountSng polkies and then appty them consistendy. observe rhe methods and principle5 in the Charitie5 SORP, make judgements and estyma¢¢s that are reasonable and prudenL s¢ate whether applicable accounting standard5 have been followed. subj.ett to any rnari departures dlsclosed and explained in the financial suwn¢n prepare the finant+al statements on the going concern knis unless li is Inwroyknte to presume that the Chorfster Trusi will continue opera. The Trus¢ees are reSpOnbIe for keeping proper aCCnting records which disclos¢ wlth reasonable accuracy at any rime the financlal posldon of the Charlsler Trusi and enable them to ensure that the financial statements ¢ompty wlth the charlt$ Act 2011. the Financral Rwrtinz Strndards IFRS 102) and the provi$1ons of the Trust Deed. They are also responsible lor safwarding the assets of the ChorfSr Trust and henc• lor rakl reasonable steps lor the prevention and det¢cuon of fraud and other irrewlarltles. APPOINTMENT OF TRUSTEES The oper4don deed da(ed 8 january 2013 requlr•5 there be up to eleven Trustees of whom not more than three sh1 be Almoner Trustees no¢ more than lour sw be cathedr Trus¢ees and not more than four shall be Chorisler Trusr Trustqes. All Trvst¢e$ are required to dem¢nstf4r¢ an ¢nrhuslasm for. and an undersranding ol rhe Imporrance of. the kngll¢an Choral vadld¢)n a Cath¢drdl ¢onr¢x¢ They sh)uld be prepared to a¢¢ as an ambassador Ipr tht Tru51 and Irs alm5. promorlnl Irs work on a prpa¢rl¥e basis. Appolntment of Chorljter Trust Trustees The selectlon and appointment process for Chorister Trust Tru5tee5 wll be overseen by the Trustees and coordlna(ed by the Chalr. Pocen caDdldates may be nominated by any member of the TnJ$tee body. Candldates should meet wlth a5 broad a selection of Trustee5 as is Pfdctid lidealty one Ch0ri5ter Tru5L one Cathedrnl and ¢e Ajmoner Trusteel. The opirHon ol al Trv5tee5 should be sou8hi in respect of a potent¢al candldate's %ultablllty for the role and to ensure that canthdate5 meet the 911r1e$ required of the Tru$tees. Appolntment of Almoner Trustees On behalf of the Trustees the Chair wil be responsible for liaison with the Court of Adermen In respecr ol the appoinrmenr of Almoner Tru5tee5 to ensure they meet the qua.11¢5 required of Truscees. Appolntment of Cathedrnj Trustees On behajf of the Trv5tees. the Chair wll be re5ponsiWe lor liais* Ch¥ter in respett o( thè apposnrment ol the cathed Trustees to ensure they meei the qu21iries required olTrustees.
ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES, REPORT The Cathedral Trustees nom)atty c¢)mprise the Chief Operating Officer. The Precentor and The Rector Chorl. Almoner TnJste4 Chorister Trusc Trustees and aThy Cathedral Trusree who is nor an olficer of the Cathedral $h•ll serye for a term of four years. They may lif appropriaiel serve for a fvrther terrn of up to four years but thereafter sh1 not be eli&.e for reappoinrmenf unul a ptrlod ol three year5 has elapsed since their lasi ce of office came to an end. unless the relevant appointing body wtshes w appoini that kndwidual for a further tem. In which case they may do so the prior conseni of the Trustees. Cathedral Trustees are offl¢e holders ac the cathedr shall cease w be Trusrees they are no longer office hotd¢rs. To avold the Polen1 for Conflict of interest any Indidual who is the partnr or Close relative of a child who is Chortster andlor a pupil at St Paul's Cathedral School wll no¢ USUlY be considered for appointment as a Trustee Ichorlster Trus4 Almoner or Cathedr4D unril such thelr child has left the SchoollCathedt7i Cholr. A r•guhr skllls udl¢ Is Undertak ro ensure # wide * rnnge of expertlse insights u posstble IJ represenced Imongst all the Trustees. Thls report Wa5 approved by the Trustees on I 1° Mvch 2026 lennlfer rwn- Chalrm•Tr
ST PAUL'S CATHEDRAL CHORISTER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the Ttwstees on my examination of the accounts o( St Paul's Cathedral ChOrr Trnjsi for the year ended 31 Augusi 2025 which are set ou¢ on page$ 9 ¢0 19. RespOnbIlItIeS and basls of report As the ch¥ity rrusrees ol the Ch0ri5ter Trusr you responsible for the prepararion of the %¢tyJnt5 In 3CCor&nce wlth the requlrements of the Charities Act 2011 (th¢ kr). I report in respect of my ex¥rrinaiipn ol the Trustee'5 accounts carrd ou¢ und¥ secrlon 145 of the 2011 Ac¢ and in ar.ng our my e¥amSnatbon I have followed all the appli<able D6recuons gryen by the Charity Commls$lon under sectlon 145{Sllbl of th¢ 2011 ACL Independent examIne% itatem•nt I have completed my •xamir•don. I confirni that no ma(erlal matters have come to my luenon In conThection th the examiThatson 8Nlng me ause to believe that irt any material re5pecL . aCcoUnnI record5 were not kept in respea ofthe Chorister Trusc as required by Section 130 01 the Ac¢.. or 2. th• accounts do not accord wlth those record&. Or 3. the accounts do not co[lY wlth the appUobl¢ r¢qulrements concernln8 the lom and content of accounts Set out in the Charities IAccovnu and Reponsl Reguloon$ 28 other than any requirement that the accoun¢s give a 'true and lair. ¥1 whith Ls not a marcer considered as part of an independent examinatyon. I have no concern5 and have com• acrass no other matters In conneui¢)n tthth the examlnatlon to whlch attenOn should be drawn in ttrus report in order ro enable a proper understanding of the accounts ¢0 be reached. Trevor Clarke FCCA SRG LLP Chartered Accountants 10 Boll Cour( Lofidort EC4A 3DA Oate.. 23M 2026
ST PAUL'S CATHEDRAL CHORISTER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Arcumulated Restrirted Fund Fund (Unrestriaed) Note 2025 2024 Note 7 Incorne DOaon5 & Le8acies Inve5tmeTht Income Infer( Reeehabl• O¢h¢r Income 126.853 53.022 2.310 49.222 176,075 53.022 2,310 162.481 68,329 1.793 Total Income 1tt185 49.222 231.407 232.603 Expendltsre siw nd$- Inves¢menf manazer fees Char4uble A¢VIe$.. Support Costs lor Chirltsble Art1¢5 Grnnts In Rupect of Choristers Grants to St Paul's Cathedral School Gr1$ co Si Paul's Cathedral Total Expendlture Net 1neomel(expendlrej before Galni on Invertments 21.507 21,S07 24.465 8.299 154.564 8,299 175.584 8,619 81.436 17.632 13,127 145,279 21.020 23.171 44,191 23,171 228.561 184.370 11185) 5.031 87.324 G1 on Inv•stm•nts 93.SOS 93.505 247,605 Net Movemont In Fundi 91.320 5.031 96.351 334.929 Totsl Funds Brou¥ht Fonvavd 1979.460 5.028 1984,488 2.649.559 Total Funds Cvrled Forward 3,070,7 10.059 3.080.839 2,984,488 The Chorisrer Trusr's in¢om¢ and expenth'wre 11 relate ro conrinuing operations. The notes on p•ges I I to 19 forni ol thest fiwicial sratemenr
ST PAUL'S CATHEDRAL CHORISTER TRUST BALANCE SHEET AS AT 31 AUGUST 2025 Note 2025 2024 Flxed Assets 3.103.378 2.978.299 Current Assets Cash & cash equivalents Deb¢ors & prepaymenu 204,451 136,312 205.095 137,466 Llabllltles Creditors.. Amounts faling due ¥thin one year (227,634) 1131.277) Net Current (Uabllltles)IAssets {215391 6.189 NET ASSETS 3.080.839 REPRESENTED BY: Ac¢umula(¢d Fund - Unresrri¢¢ed Restrfcted Fund 3,070,7W) 10,059 1979,460 5.028 The fimncial sutements were approved by the Trustees on I 1° March 2026 and 51gned on thelr behaff by. 18ryant*earson- TrusreelChalrnn J S McCuln- Trusteerrreasurer The not I I ro 19 form wr of these financial statements. 10
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES St Paul's cathedr Chorister Trust a rey5tered charity and its prinapal address is The Chaprer HOUK S¢ Paul'5 Churthyard. London. EC4M 8AD. ) Basis of Accounting The financfjal $ratemehts are prep¥ed in accordance with the hlstord tost bas15 with the exception of investments which are $tsted ar mark¢t value. The financi statements have been prepared in accordante wfjth aPFAkable accounting standard& with the requirements of the Statement ol Recommended Practice- Accounting and Reporring by Charities applicat4e to Charities preparing their financial statements In accordance with the FIn£bal Reporting Standard applicable In the UK and Republic of Ireknd IFRS 102) lefiective l January 20191 and the Charitie5 Act 2011 and UK Genernlfy Accepthd Accounting Practice. The f¥n1 itat•rMnts have been presented in sterfin8 whth is the lunction currency of the TrusL Monetary amounts in these financlal ststements are roun¢kd to the nearest £1. The Trusi has prep¥ed tts Ilnan¢kl srar¢nwirs a'tru¢ and falr. VI and In dolng sa has deparred from the charle$ (Accounrs and Rtporys) Regu0$ 2008 anty to the exwir requlred co giv¢ a 'crue and fair, vlew. Th15 departure ha5 In¥plved lo114>wing Ac¢¢unvng and Reporung by Charides sleMen¢ of Recommended Pracce applKable charities preparing their financial sutemenu in accordance with the Hnancial Reporting Standard ¥plicable in the VK and Republic of Irel)nd IFRS 1021. rdthtr Than rhe Accounrlng and R¢portlng by Charitie& Statemeni of Recommended Practice effectlve from l Apdl 200S. whlch has been wtthdr4wn. The Trust coNtltutes a publlc benefic entlry as defined by FRSIO2. b) Fund Ac¢oundni Ac<Umulad funds are unrestrirted (unds Ithich available for we at the discrerlpn of the Trus¢¢es In fvrtherant* of the 8•nernl ¢bI¢¢¢tt of the chOrter Trust whkh hav• not d•signaied for other purposes. Deslgnated fvnd¥ are unrestrbcted funds tarniarked by the Trustees for partlcuFar purposes. Rurritted funds arn subjéct to restrlctlons on thelr expendthre imposed by the donor or throu8h the ternis olan app. c) Income All Income Is Included in the Suremr d Financi Aaivities when the Chorister Trust is enrlrled to the intome. It is probable that the income wiu be received. and the •mount can be measured rellabty. The folowing specrfk poli¢i¢s are applied to wrricular categorie5 of Income.. voluntary income is received by of 8ranr& donations and lezacie5 and is tn¢luded in full in the Srarement of Financial Activiue5 when rrf¢iwable. Grants, where entidement 15 condifion31 on the d¢livery of a specific performance by the ChoristerTrusr. are recognised when the Chorister Trust becomes unconditionalty envrled to the grnnL Lepcies are accounted for when the ChoriSr Tnt is le8alty entided to rhe Income and the amount can be quantified with reasonable CUrAcy1 investment incorne and bxnk interesi are included when receirdble, overseas dIdendS are declared net of withholding rax. Income from actiwtyes for raising fid% Is accounted for %then rKeNatAe.
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 d) Expendkure Expendrture Is recolnised on an a¢enAls basis as a I"1Y is incurred. Ctsst of I$11 Iuhds conyrfses th¢ ¢t>s¢s w¢xi•red with tundrwslng events and Invesunenr Mar¥emenL Ch2rlr2ble expendlture comprtses those cosrs incurred by the Chorisrer Trusr In rhe delfvery of Its ac¢Mties and seM¢es for its berteficiarits. Granrs p4yJble ro th¢ Cth•lrnl. the School and ITh respect of Chorlster5 are accounted for vthen a ld expectation has been created in the mind of the recipienL Governance costs include those costs •5SOCited with meeting the cOnstri0nal and statutory requlrem¢nts of th Chorister Trust and indude the independent examiner's remunerntion and cosrs Iinktd to the manwment ol the CIK)rlster TrusL These are treated as supporr costs wSthln charftable expendlDJre. All costs are all¢xated dir between the expondlwre cate¥orle5 of the SOFA. •) Flxd Inrtments Fixed asset investments are initialty rnea5ured it tnnsaulon wlce Indudln% Ir$&50n costs ind ve subsequ•irty measured a¢ falr v•lue ar ¢•ch reporring date. Changes in fair value are recolSed In net ncomel(expend6DJrel for the >r. FIn4n¢1 Ini¢rum•nts The Trust has elected to apply the provision5 of Sect6on I I 'Basi¢ Financlal Instruments, and Secdon 12 'Other Firthncial In$tyumen¢ Issues, ol FRS 102 to all of its financ instruments. Finan¢6al instruments are rtttsgni in the Trnst's balance sheet when the Trust becomes party to the Contractu provlsion5 01 the initrum•nL Flnanclal assets and lknibiliues are offseL woth the net amoun preSend ID rhe flnoncll staMen, when there 1$ 4 legalty enforceable ritht to set off the recognlsed amouArs and there 13 an Intersdon ¢0 ul¢ on a net basls or ro realise the asset and settle the liabiliw simultlneousty. Basbc Ilnanclal assets Basle thnanclal assefs. whl¢h Indude debtors and ca%h and bk ance& are Inldalfy measured at transaction price in<luding rrdnsacuon costs and are subseqvendy carried ac amornised cosr using the effective Interest rnethod unless the arrangement constivJte5 a financing transacvon. where the tylnsaction is measured at the present Wdlue of the (uture receipts discounted at a rnarket rtte ol Intere$L An3nchl assets classrfRd as receivable within pnt year #re nor amortysed. Other flnanclal assets Other fin•nclal asset& Includlng investments In equlty ins(rumenu whlch are not sub51dlarle& associates or jointvenrures, are initialty measured at fair value. which is norn the transaction price. Such assets are 5L5equ¢hrJy carried at fwr value and the changes in &"r wAlue are recognised in net incomelle¥pendiwr¢l. excepr that investments in equity in5trumenu thai are not publicty traded and whose fair values cannoi be measured reliabty are me35ured af ¢0st less impairmenL 12
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 Basic financial liabilities Ba51c flnan¢Sal liabiliue5. including Creditors and bk lo$ inirialty recogn1 at transattion pCe unless the arrangement constitute5 a financing transaction. where the debt instrument is rneasured at the preseni Ydlue of the fvujre payTnents ¢thscounted at a matet r•¢¢ of inter¢sL Financial liabiliries la5sified as payable wthin one year ¥e n¢x ¥norused. Debt instruments are sthsequentty carried at am0rri5ed C05L using the effective interest rate method. Tr crediwrs are oblTIonS to yy for goods or s¢Nc¢s that have b¢¢n •cquired in th¢ ordinary courte of ¢Vrttk>ns from supplrs. Amounfs pyable ¥¢ cknmifitd as currenr liabiliues if paymtnr is e withln one year or less. If noL thry are presented as non-current liabille5. Trade ¢redltors are reco8nised inlrially at (ran¢(40n price and subsequenrty measured •r am¢•rused co$r using the effecTI bnterest meth D¢-recoznltlon of fflnancl•l Ilabllltl•i FInalI1 Ilabill¢S ire de-recogt)ised when the Trust's contract11 obligations expire or are dlscharged or cancélhd. GoSn8 Concern The tru5tee5 have assessed whether the use ofthe golng c¢)ncern assumprbn is approprla¢4 in preparing th¢se hnanctal ststements with respect to a period of at leasc one year from the dare of approval ol these financlal statements. T have concluded that there art no Malert unc¢1$ rela¢¢d ro events or condIOn$ that may cast SI1( doubr on the abllly pf the charl¢y w Condnue as i golng <oncern. h) Crltlcal Accountln8 Estlmt•% •nd Jud8emen¢• In the aPFA1ca0n of the Trusr's accoundng polide5. the Trustees are required w make jud8ements. esdmaths aThd assumptions about the Carr& anKUhf ol assers aThd Irdbilities that are not readily apparenr Irom other sources. The estimates and 50Clared assump1k$ are bosed on hisroric experienct and other fa¢tors th•r are conjidered to be relevanL Actual resul($ may dlffer from these The esumates and Under£ amumpvons •re reviewed on an on%oiTr8 basi5. Revisions to accounung e1mateS are re¢¢gnlsed In the period in whKh the e5umare is rSed vthere the rewsion affects on that period. or ITh the period of the revision and future period5 where the re5on affetrs both eurrent and fuwre pedods. l) Cash at Bank and In Hand Cash at bank and in hand are blslc assets and indude ush In h. deposlts held at c1 th bank other short-tsmi liquid investments with oriynal mawriDe$ gf three months or Iw, and bank overdrnfts. Bk overdrdfts ar¢ shown within borrowin85 current liabilities. 13
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 2. SUPPORT COSTS These c¢Mnprlse Eovernance costs of £8.299 P024.. £&6191 indudlng Independent examinerfs remuneration of £3.120 r2024.. £3.61. The Trnstees receNed no remunerdrw duriN8 the year (2024.. Nlll. Durlng the year no expenses were pald to any Trustees12024.. INil). 3. GRANTS PAYABLE Gr¢ In rewrt of Chorfsters at St Paul's Cathedval School 2025 2024 A¢cUMular Fund Restricted Fund 154.S64 21.020 175384 S4.455 26.981 81.436 During the y¢ar ended 31 Augusi 2025. 19 &ran¢s w¥e made Q024.. 121. Grnts to St Pad'i Cathedrl khool 2025 2024 Accumulated Fund- lor the e¢knirion of Chorfsters Restrlcted Fund- for the educatbon of Chor55ter5 6.833 10.799 Gr4nts to S¢ Paul's Cathedral 2025 2024 Restritted Fund- for education 23.171 13.127 4. INVESTMENTS Mrk¢¢ Value 2025 14arket Value 2024 Rathbon• Invertment Mwwement Total 3.103.378 3.103.378 2.978.299 2,978.299 Note.. the Rathbone Investment Management balance includes cash deposits of £72,272 (2024.. £18,132) which are 'on dernand. fund5. 14
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 4. INVESTMENTS {¢0Th¢Snued) Movements In Investments 2025 2024 Market Ydlue at I Septwnber 2024 Cash drawdown Dividends & interest (Grossl Less.. ¢kneas Wlthholding Tax Management fees Realised (losse5llgains Unreallsed 8aln5 Markei value at 31 Au8U5t 2024 197&299 2.682,876 56,945 (3.923) {21,44TI {48.6581 142.162 3.103.378 71.813 {3,484) 120,$11) 14,890 232,715 2.978,299 Cast at 31 August 2025 Cost at 31 August 2024 1743.814 1777,CQ8 2.777.008 2,763,395 5. DEBTORS & PREPAYMENTS 2025 2024 Prepayments & accrued incorno 644 644 1,154 6. CREDITORS: amounts falllng due wlthin one year 2025 2024 Accruals Grants Atcrual$ Other Deferred Income 135.901 6.733 85.000 227,634 67.785 7,155 56,337 131,277 Accruals Grants 202S 2024 Acerued Grants Brought Forw7rd Committed in the Year. • in respe¢r ol Choristers • to Cathedral Sthool • to Cathedral id in the Year Add10n Grants Aw7rded durinz the Year A¢¢N Granfs Carried Forvrdrd 67.785 57.478 175.392 79,582 17.632 13,127 1101,8881 1,854 67.785 23.171 1130.638) 135.901 15
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 6. CREDITOR&" •mounrs flIng due wfjthin one year (continued> Deferred Income 2025 2024 Deferred Income Broutht FoThvard Released ¢0 Inc¢ff* In the Year New Deferrals.. The Girdler5' Co. Charitable Trust The Clothworkers. Foun&tion Truse$ of Unlred Gullds The Tallow Chandl¢rs The Wor5hiplul Company of Glovers The Worjhipful Company d Leathersellers The Worshipful Company of Fishmongers Deferred Income Carried Forwrdrd 5&337 (56.33T) Sg.833 159.8331 14.850 Is.( 10.C#)O I2,) 13.5CwJ 15,000 10.000 11.837 12,000 15,150 85,C 56,337 Deferrnd Income rehtes to gr•nts gfven ¢0 support bo•rding fees th the 2025.26 sthool year. 7. RESTRICTED FUNDS The Clothworkers, Foundation donated lunds to be used specffically towards supporung paren[$ and carers who cannot afford to pay the School's fees and •ssoci•ted CO$ of mu$ical educaclon for Choriscers. Incluthng vocal and Instrumental tuiuon. L7.SiKI was receiTr4ed and pald ITh the year. Varlous lfvery charl¢$ and slmllar Trusu have made donarlons rowards spe¢lfied purposes wlthln the ob<($ of the Chariry. These ha¥¢ been ylied WVArds rhose purposes durlng the year or carrled forrd for applkatlon In subsequenc years. 16
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 7. RESTRICTED FUNDS (continued) Balance5 at Balwi¢¢s ¥Jt 31 August 2015 September Ilerefved In 1024 the y&4r GrAnts p•ld Yev ended 31 2025: OBE Grnnrs 2.640 (7.5WI The Tllow Ch•ndlers The Worshipfvl Cowy ofGroc¢rs The Imperil Sc<iery of Kntr 8achelor The Glrdth. Co. CPArKabbè Tru 1,277 1332 1332 1210 3.810 13.5fA) I13.5Cl 16.¢XQI (7.0) 110,owi 144.191 Gold & Wyrn Draw•r¥ The4r CarpIn$ Trusl TnJsth¢s ¢4 th¢ Ur4thd GuikJ5 Ser¥K¢ 10,c 49J22 5.028 IQO59 Septembtt RÈtelved In 2013 th• yw Gr•nts p41 JI Auwst 1024 Y•v •nd•d 31 Au8USt 2024: 08E Grants 1573 ioth) I,S73 17.S811 110,1081 13,2181 The Ck¢thworkws' FodITIOn Th¢ Talltw Clbdr¥ The Wor¥hlpfvl Cowy ol Gracers The ImperAI Socletyol BAthd¢r Th• Glrd•N' Cth CIMrltabh Trwt 1131 1244 1332 1.474 7J6 2.210 13.C(rfJ 113,C*Jll 17,IK#)I {10.tsJ)I 147.6421 Thc•mas Carpenterfs Tst Trusthts #f the Unittd Gwkts Ser¥lte 10,w) 45,086 5.028
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 8. ALLOCATION OF NET ASSETS Ac¢urnulated Fund Restrfcted Fund Total 2025 At 31 August 2025: Investments Cash af B•nk Debtor5 3.103.378 131,371 3,103.378 204,451 644 (227.6341 3.080.839 73.080 Credltors 1164,6131 3.070.7&) 163.021) 10.059 Accumulated Fund Restrlctèd Fund Totsl 2024 At 31 AU¥t 2024: Investments Cash at Bank Debiors Credl¢ors 1978.299 71675 2.978,299 136,312 I,IS4 1131.277) 2.984.488 S7.637 8.6681 2.979.460 {52,6091 5.028 9. AELATED PARTY TRANSACTIONS Aldernmn and Sherlff Grq0rynts ts a Court Assbstan¢ The Leather¥eIr$. Company. Andrew Carwood M8E is Dlrector of Muslc ar St Paul's Cathtdral and The Revd Canon Philip Banks is Precentor of St 14ul's cathedr and a governor of St Paufs Cathedr41 Scht)oJ. lennlfer Bnt.PearsOn 1$ * P•$¢ Mter. The httenrrrtkers, Company Slr An&ew Plrmley Is a lfvery man and Court member of severdl lfvery companies whlch supporr the Chorfster Trus¢ but ht Ob5 no P•r$ b•nefit frorn that support In any cy¢lty. For the year ended 31 Avgwt 2025 gr1$ were rrde by the Chprisr to the Sthool. as set out In note 3 of these fi14nd st*rements. In respe af con¢r11(10ns roward5 brdIng fees payable by ch0sters, par¢nt& Granrs totsJlin£ £111730 (2024.. £54.6581 were outstanding at year eTr& For the year ended 31 Augutt 2025 grants were made by the Chorister Trust to ¢h¢ Cathedr41, as Set out in note 3 of these financi sraremenu. There were ouuunthn8 grants of £23,171 due to the cathed at year end (2024.. £13.127) F¢r the year eThded 31 Au8USt 2025 donations were received from The Pattenmakers, Company £7.000 (2024.. £7.OCQ) and The Leathersellers. Company £1 1c(){2024.. £12.CQOF.
ST PAUL'S CATHEDRAL CHORISTER TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025 10. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Accumulated Restrlcted Fund Fund (Unrestrlrted) 2024 Income Donations & LeD¢ies Inve$rment Income In¢erest Recelydblt To¢41 Inc¢)m* 43.970 1614BI 68,329 1.793 232.603 6&329 1.793 188.633 43,970 ExpendStur• slng Funds - In¥esvn¢nt man4er Itt% Charltable actlvltles.. Support Costs for Chariobl• Activities Grants in Respert of Chorisrers Grants ro St Paufs Cathedral Schod Grants to St Paul's Cathedral Total Exp•ndlture 24.465 24.465 619 54.455 833 8.619 81,436 17.632 13.127 145,279 26.981 10.799 13,127 50.907 94.3n Net Incomel(expendlture) before lomes on Inves¢ments 94.261 (6,93 87.324 Galni on Investments 247.60S 247,605 Net Movement In Funth 341.866 (6.937) 334.929 Total Funds Brou Forward 1637.594 11.965 2,649,559 Total Funds Carrled Forward 2.979.460 5.028 2,984.488 19