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$￿r LG GCVO PRESIDENT: The FiL Hon. The Lord Mayor of the City of London TRUSTEES: Almoner Trustees: derman Bronislaw Masoiada Aldem12n Sir Nicholas Lyons Alderman Sir Andrew Parmley (appointed 31 December 202SI Alderman and Sheriff Gregoryjones {r¢S1￿¢d 6 November 20251 Cathedrnl Tntstee Andrew Catwotsd M8E Emity MacKen*¢ The Revd Canon Pnill> Banks {¥*pointed 15 October 20241 Chorlrter Trust T￿￿¢¢5.. Jennrfer Bry￿E-Pe*rs0Th- Ch•lrnwi John Mcculn Nigel B•mwng J•Trr4l•r Roblnson SECRETARY: Nlgel ￿mPOn1 PRINCIPAL OFFICE: The Chapcer House St Paul'5 Chvrchyard London EC4M 8AD INDEPENDENT EXAMINER: Trevor Clark¢ FCCA SRG LLP Chartered Accoununu 10 Bolt Court London EC4A 3DA BANKER&. Uoyds Bank PLC 2S Gre5harn S[r￿1 London. EC2V 7HN FUND MANAGERS: Rathb¢n¢ Invesunent Management 8 Finsbury Circus London EC2M 7A2 ST PAUL'S CATHEDRAL CHORISTER TRUST TRUSTEES. REPORT The Trustees submit their report and financial sta￿￿¢$ for the year ended 31 August 2025. The information on page I form5 Part of thts reporL OBJECTS AND ACTIVITIES The Chori5*r 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 $tudies and the presetwarion of the tradi￿On of the Ch¢rlsters In the Cathedral Choir for the benefir of the publK by. Pro¥ldlng fin4nclal amlsrance for any purpose connerted with the educarlon of the Chorister3 ar the Sthvd Indudln& but I￿t limited to.. assisty.ng the Cathedral to educate and provide suitable accommodiii￿ lor the Chor15ters, supporting parenrs and ¢arers vtho ￿not afford to pay the School's 1¢¢$ and associated costs ol musitsl educauon for Chcdsters inthdin8 vocal and instrurnentsl cul￿0Th. I￿￿￿¢4￿1 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¢ Co￿1￿red the public benefit published by the c￿rIty 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. Obl*cts ￿mI The Trust's obl¢cts (set oui above) be Summari$￿ as tht a¢knncem•nt of muslcal educadon aThd muslcal studks and the preservation ol the tradition of the Choristerj in the Cathedral Choir by provldlng fin￿￿11 I$￿$￿￿ce In respect of the ethjcauon of the Choristers. Summ4ry of maln •ctlvltles urbdertaken for the publlc benellt In relatlon to these object* In consuhatlon wlth the Cathedral Chapter and the Senlor Management ol the Cathedral School, the Tru$r provides grants tovords the educavon and board for those Choristers whose paren￿1 finlntial clrcumstance5 would otherwis• make It drfKult or impossible for a Chorister ro take up a pba¢e in the Choir. The Trust may PrO￿de grants t0￿rdS th* Mu￿¢#1 edu¢adon and w help offsei the andllary costs as$*xlated wlth the educa￿On 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 Prn￿de 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 Incre*e 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 gr￿jnding 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 The Trustees spetffjiolty authorise •ll grants ro the s¢hool and to the Cathedral. against an Involce authorlsed by the Granrs Commluee. All new applIca￿On$ 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. Du￿nI 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 £2￿46 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 arri￿n8 at the ne¢ resulr no ttthry• is made for the serrices of the C•thedral admInistra￿On 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 conti￿1n& uncert*n 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 s*t out above. At ihe balance shttt date, the ChoriS￿r Trust had free reserve5 of É3,070,78012024.. £2.979.4601 represen￿￿8 the bI￿nCe 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 prO￿de a capital ba$• to 8enerate ffici•nt Incom• to m••t the Trust's *Trnu￿ commitments. Th¢ restriaed restrves at the baLince sheet dat• were £10.05912024.. IS.0281 whkh are not ￿lable for the zener41 purposes of the ththcy. The Trust kn net current 11*￿'11￿eS of £21S39 {2024.. £&189 •ss¢rs) ar tht bAlance sheet da￿ The position is offset by cash deposlts within the investment portfolio. Thertfore. th¢ Trtjsrees ¥e sat15fied that the Trutt h suf1k1￿( r￿u￿r¢I$ 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, ChoriS￿r 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 COrr￿l￿ent 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 chor￿Ler Trnsi and of the incoming r¢S￿r¢e$ and application of resources of the Ch•rlst¢r Trust for that period. In prepa￿n8 these financlal $t*remenu the Trustees are required to." select sultable accountSng polkies and then appty them consistendy. observe rhe methods and principle5 in the Charitie5 SORP, make judgements and estyma¢¢s that are reasonable and prudenL s¢ate whether applicable accounting standard5 have been followed. subj.ett to any rna￿ri￿ departures dlsclosed and explained in the financial suwn¢n prepare the finant+al statements on the going concern knis unless li is Inwroyknte to presume that the Chorfster Trusi will continue ￿ opera￿. The Trus¢ees are reSpOn￿bIe for keeping proper aCC￿nting records which disclos¢ wlth reasonable accuracy at any rime the financlal posldon of the Charlsler Trusi and enable them to ensure that the financial statements ¢ompty wlth the charl￿t$ Act 2011. the Financral Rwrtinz Strndards IFRS 102) and the provi$1ons of the Trust Deed. They are also responsible lor safwarding the assets of the ChorfS￿r Trust and henc• lor rakl reasonable steps lor the prevention and det¢cuon of fraud and other irrewlarltles. APPOINTMENT OF TRUSTEES The oper4don￿ deed da(ed 8 january 2013 requlr•5 there ￿ be up to eleven Trustees of whom not more than three sh￿1 be Almoner Trustees no¢ more than lour sw be cathedr￿ Trus¢ees and not more than four shall be Chorisler Trusr Trustqes. All Trvst¢e$ 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$tee body. Candldates should meet wlth a5 broad a selection of Trustee5 as is Pfdctid lidealty one Ch0ri5ter Tru5L one Cathedrnl and ¢￿e Ajmoner Trusteel. The opirHon ol al Trv5tee5 should be sou8hi in respect of a potent¢al candldate's %ultablllty for the role and to ensure that canthdate5 meet the 9￿11r1e$ 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 $h•ll serye for a term of four years. They may lif appropriaiel serve for a fvrther terrn of up to four years but thereafter sh￿1 not be eli&.￿e for reappoinrmenf unul a ptrlod ol three year5 has elapsed since their lasi ce of office came to an end. unless the relevant appointing body wtshes w appoini that kndwidual for a further tem. In which case they may do so the prior conseni of the Trustees. Cathedral Trustees are offl¢e holders ac the cathedr￿ shall cease w be Trusrees they are no longer office hotd¢rs. To avold the Polen￿*1 for Conflict of interest any Indi￿dual who is the partnr or Close relative of a child who is Chortster andlor a pupil at St Paul's Cathedral School wll no¢ USU￿lY be considered for appointment as a Trustee Ichorlster Trus4 Almoner or Cathedr4D unril such thelr child has left the SchoollCathedt7i Cholr. A r•guhr skllls *udl¢ Is Undertak￿ ro ensure # wide * rnnge of expertlse insights u posstble IJ represenced Imongst all the Trustees. Thls report Wa5 approved by the Trustees on I 1° Mvch 2026 lennlfer rwn- Chalrm•Tr ST PAUL'S CATHEDRAL CHORISTER TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report to the Ttwstees on my examination of the accounts o( St Paul's Cathedral ChOr￿*r Trnjsi for the year ended 31 Augusi 2025 which are set ou¢ on page$ 9 ¢0 19. RespOn￿bIlItIeS 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 carr￿d ou¢ und¥ secrlon 145 of the 2011 Ac¢ and in ar￿.ng our my e¥amSnatbon I have followed all the appliwing Ac¢¢unvng and Reporung by Charides s￿leMen¢ of Recommended Prac￿ce 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 Acs¢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¢ C*th•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 •5SOCi*ted with meeting the cOns￿t￿ri0nal 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. •) Flx*d In￿rtments Fixed asset investments are initialty rnea5ured it tnnsaulon wlce Indudln% Ir￿$&￿50n costs ind ve subsequ•irty measured a¢ falr v•lue ar ¢•ch reporring date. Changes in fair value are reco￿lSed In net ncomel(expend6DJrel for the >*r. FIn4n¢1￿ Ini¢rum•nts The Trust has elected to apply the provision5 of Sect6on I I 'Basi¢ Financlal Instruments, and Secdon 12 'Other Firthncial In$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￿ preSen￿d ID rhe flnoncll sta￿Men￿, 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 b￿k ￿ance& are Inldalfy measured at transaction price inns from suppl*rs. Amounfs pyable ¥¢ cknmifitd as currenr liabiliues if paymtnr is e withln one year or less. If noL thry are presented as non-current liabill￿e5. Trade ¢redltors are reco8nised inlrially at (ran￿¢(40n price and subsequenrty measured •r am¢•rused co$r using the effecTI bnterest meth D¢-recoznltlon of fflnancl•l Ilabllltl•i FIna￿lI1 Ilabill￿¢S ire de-recogt)ised when the Trust's contract￿11 obligations expire or are dlscharged or cancélhd. GoSn8 Concern The tru5tee5 have assessed whether the use ofthe golng c¢)ncern assumprbn is approprla¢4 in preparing th¢se hnanctal ststements with respect to a period of at leasc one year from the dare of approval ol these financlal statements. T￿ have concluded that there art no Malert￿ unc¢￿1￿￿*$ rela¢¢d ro events or condI￿On$ that may cast SI￿1￿( doubr on the abllly pf the charl¢y w Condnue as i golng 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 Trus￿e$ 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 for￿rd 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 T*llow Ch•ndlers The Worshipfvl Cowy ofGroc¢rs The Imperi*l Sc