ST.ALBANS CATHEDRAL Education Trust St Albans Cathedral Education Trust Annual Report and Financial Statements F()1 flie Ye<ll' EiidL.d .41 .1 Lil) 21)'2.i ('.Iitii'iii' N Liiiibcr.. 2fj9817
ST ALBANS CATHEDRAL EDUCATION TRusr ANNUAL REPORT 2024-25 CONTENTS Trustees. annual report Independent examiner's report to trustees io Statement of financlal activities li Balance sheet 12 Notes to the flnancial statements 13-19
ST ALBANS C,ATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024-25 TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2025 TRUSTEES Lady Bella Stuart-smith Chair Iresigned 20ih November 20241 Kate Birss - Chair (from 20th November 20241 Sylvia Cong (appointed 191h March 20251 Rose Hardy Lucy Hinchliffe The Very Revd Jo Kelly-moore Banita Lal (appointed Igih March 20251 Quintin McKellar lappointed 19th March 20251 Patrick Moriarty Mike Newell Rory Tapner The Revd Canon Kevin Walton St Albans Cathedral Education Trust is re¥NStered as a charity by the Charity Commlssion (registration number 2993171. The Trust is governed by a Trust Deed dated 3 May 1988 as subsequently amended, wlth thè current version dated 4 November 2019. PRINCIPALADDRESS St Albans Cathedral Sumpter Yard St Albans ALI IBY BANKERS Barclays Bank plc 16-18 St Peters Street St Albans ALI 3NA INDEPENDENT EXAMINER Steve Robinson Mercer & Hole LLP 72 London Road St Albans ALI INS TREASURER Michael Birkett Chief Finance Officer St Albans Cathedral Sumpter Yard St Albans ALI IBY
ST ALBANS CATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024_25 INVESTMENT MANAGERS CCLA Investment Management Ltd Senator House, 85 Queen Victoiia Street London EC4V 4ET THE TRUST'S AIIAS AND OBJECTIVES The objects of the Trust as set out in its Trust Deed are the advancement of education for people of all ages, and all religious falths ancl none, in particular by promoting the use of the Cathedral and Abbey Church of St Alban ancj its connections as an educational resource. The Trust advances these objects by raisinE funds to help with the cost of St Alban Cathedral's education activities and by providing support and expertise in all areas of this part of the Cathe"dral's work. StAlbans Cathedral has been a renowned centre of leamlngfor many centuries and continues this tradition to the present day. The Cathedral's award-winning school and adult learning programmes were both the first of their kind in the United Kingdom. The Cathedral's schools team hosts visits from over 10.000 children each year, uslng the Cathedral building as Its classroom. The team's programme of trails and workshops complements the National Curficulum and gives children an opportunity to develop their skills in a variety of ways, as well as instilling a sense of wonder, dlscovery and fun. The schools team not only works with prlmary and secondary school children, but also with sixth form students and those at university. The Cathedral is one of onty a few cathedrals in the Country which offers a full programme of adult learning events designed to explore faith. history and culture. These include talks, study days, café events, language courses and discussion groups, covering anything from theology, spiritual and biblical studies, politics and history, ancient languages, art and literature, and film and music. The Cathedral also offers a part-time theology course which allows students to explore the Christian faith and work towards the accredited St Albans Certiflcate In Theolo. The Cathedral also benefits from having a mod&m theological lendlng library contsining books on a variety of subjects, along with an archlves collection contsining materials pertaining to the life and faith of the Cathedral over the course of history. The Trust's vision is to secure learning for the future and to enable the Cathedral to continue to be innovative and pioneering in its le8rningactivities. The Cathedral's recentAlban, Britain's First Salnt project has brought a whole host of brand new learningspaces to provide fantastic opportunities to more children, adults and families alike. The Trust provides a pivotal role in building the Cathedral's revenue resources to maximise this wonderful potential. The Trust's principal source of income comes from its endowment fund, which is invested to generate growing and sustainable income. The Trust is enormously grateful for the generosity of donors past, present and future who have contributed to this fund. The Trust also raises income through its Patrons of Learningand Patron Schools scheme, and the Cathedral's Adopt an Archive scheme. Trustees support the Cathedral's development team in making grant applications relating to learning and in securing donation income.
.5T ALBAN.S C,ATHEDRAL EDUCATION TRUST ANNUAL R£P()RT 2024-25 TRUST ADMINISTRATION The board of trustees met on three occasions dLtring the year to direct and monitor the work of the Trust. The Trust is supported in its day to day activities by St Albans Cathedral's development and finance teams. The Trust Deed provides for the Dean of St Albans Cathedral to be an ex-officio trustee if they wish. Other trustees are appointed by the board of trustees on the basis of Suggested nominations from the Cathedral's governing body. The Bishop of St Albans additionally has the right to nominate a trustee for appointment by the board of trustees. although this right is currently not exercised. Trustees hold office for a period of three years and may be reappointed for further temis. Trustees are selected for the skills and experience they can bring to the Trust. in partlcvlar expertlse in education and fundraising. On appointment. trustees are briefed as necessary on the aims and objective5 of the Trust and their legal responsibilities. All new trustees sign a model trustee declaration statement ¢onflrming thelr eligibility and responsibilities. REL4TIONSHIP WITH ST ALBANS G4THEDRAL The Trust is constituted as an independent Charity and is not contfolled by St Albans Cathedral. Summarised results of the Trust's activities are disclosed for information in St Albans Cathedral's financial statements. FINANCIAL SUPPORT FOR THE CATHEDRAL'S EDUCATION ACTIVITIES The Trust made a grant of £45.72012024- £57.911) in the year to St Albans Cathedral to support its education activities. Thi5 was PTimarily funded from the Trust's endowment investment income along wlth Income arlslng from the Trust's unrestricted funds. Investment income from the Trust's endowment fund is passed as an annual grant to the Cathedral for use towards education activities. The Trust uses its other funds to make grants to the Cathedral in line with the Trust's objects, and in line with any restrictions placed on those funds by donors, elther upon appllcation by the Cathedral for a grant or of its own decision. The board of trustee5 has agreed to make a distribution from its unrestricted funds as a grant to the Cathedral over the three years12023-20251 totslling £45,000. This will allow the Cathedral to continue wlth an annual programme of learning and community engagement actlvities through thi5 period, previously funded by the National Lottery Heritage Fund. An amount of £4,469 was dlstributed in the year from this grant.
ST ALBANS CATHEDRAL EDUCATION TRU ANNUAL REPORT 2024-25 THE TRUST'S FUNDRAISING AND DONOR ENG4GEMENT Alban Foundatlon The Trust is delighted to continue to work in partnership with the St Albans Cathedral Alban Foundation. This body helps the Cathedral and its associated fundraising trusts to nurture, develop and promote fundraising. under the governance of Chapter, the Cathedral's governing body. The members of the foundation play a pivotal role in fundraising activity, and support the stewardship and continued engagement of all those who have given in support of the Cathedral financially. The foundation supports Chapter in its determination of future fundraising priorities and works closely with this Trust, along with the St Albans Cathedral Music Trust and the Friends of St Albans Cathedral. The Chair of the Trust is an ex- officio member of the foundation. Donatlons Donations totalling £6.01112024: £5,004) were received in the year from the Trust's patrons, the Adopt an Archive scheme and other donors. A readily accessible leaflet titled 'Support our Learning. is available in the Cathedral and promoted at relevant events. Giving is also encouraged through the Cathedral's website. The Cathedral's Adopt an Archive scheme Is part of 'Adopting st Albans Cathedral,, a way for visitors and all who love the Cathedral to give thelr support to help safeguard its treasures for the next generation. Adopt an Archive enables donors to adopt an item from the Cathedral's archives and in doing so support the Trust. Patron Schemes The Trust's Patrons of Learning play a vital role In supporting the future of learning at the Cathedral. Patrons receive regular information about learning events and fundraising opportunities. and are invited to the Trust's annual patrons event. Along wSth indlviduals becomlng Patrons of Learnin& schools are invlted to become Patron Schools. A revlew of the Patron Schools scheme was Conducted in the year. with the plan that the programme will become more advlsory than fundraising, but with the continued option of well-resourced schoo15 Still being able to provlde a form of financial donation. Th& Trust currently has 45 Patrons of Learning. FUTURE PIANS AND ACTlVtTIES In 2024/205 the Trust helped the Cathedral to celebrate 40 years of schools learning through the Education Department. Since the first pupils were welcomed in 1984, over 500,000 have visited to learn about this special, place, its history, tts role as a place of worship, the story of Alban and many others. In the year itself the Cathedral had its busiest year ever with over 14,500 children and students visiting from schools across the country. The Adult Learnin£ programme had over 2,400 bookines across our talks, workshops, Courses and reading gfOUP5. From Nursery to University level, learners of all ages have tsken part in an exciting mix of both regular and special events designed to inspire and engage. Highlights this year have included a 40th Anniversary celebration with bestselling author Cressida Cowell. two Roman Festivals, a Science Festival, 8 visit from a mobile Planetarium. Holocaust Memorial Day events. and not one but two unforgettsble Electric Umbrella concerts- plus many more amazing experiences. The trustees recognises that St Albans Cathedral is a uniquely important heritsEe and spiritual asset that should be accessible to all. In keeping with the cathedral mission. it aims to welcome everyone, especially those across the Diocese of St Albans.
ST ALBANS CATHEDIiIL EDUCATION TRUSr . ANNUAL REPORT 2024-25 FUTURE PL4NS AND ACTIVITIES (continued) In the year the Trust continued to look to support bursary places for students who otherwise would not be able to visit the Cathedral through donations from individuals. to further the aim that no one is excluded from participating in the Cathedral's learning activities. Moving into the new year, the Trust will collaborate with the Cathedral's Development and Learning Team to identify existing activities that current or new supporters could attend, A continuing priority for the coming year is to increase the numbei of Patrons to enhance regular income for the Trust, as it looks to support the overall cost that dellverlng programmes has to the Cathedral. These efforts will help ensure the long-term sustainability of learning programmes at the Cathedral. THE TRUST'S FINANCIAL POSITION Overall posltlon The Trust's net assets at the end of the year totalled £1.423.32012024: £1,429,135). Investments The Trust's funds held for long-term endowment purposes are Invested wlth CCLA Investment Management. CCLA manages investments for the Church of England. other charitles and a number of local authoritie5. At the end of the year the Trusl was invested in the CCLA Church of England Investment Fund and the cc Church of England Property Fund. The Trust's overall investment objective for its funds held foi the long-term is to maintsin a balanced investment portfolio that delivers sustalnable growing income and long-term capital growth. This means holding Investments that grow capilal values above Teal terms over the long-term in order to produce sustalnable growth in net investment income year on year. The board of trustees accepts the Trust's investment objective may give rlse to short or medium-term declines In capitsl values or net Investment income, translating most closely to an investment manager defined risk profile of 'medium risk,. In order to achieve sustainable investment retums over the long-term, the Trust requires all of its investment funds to incorporate relevant environmentsl, social and governance Iso-called ESGI considerations as a minimum. The Trust also seeks to invest in an ethical manner that reflects and, where possSble, furthers the mission of the Church of England. The board of trustees receives regular quarterly performance reporting on its investments and reviews the performance of the Trust's overall investment portfolio on an annual basis. The board of Trustees note the reduced performance of its Investment portfolio as highlighted below and will work pro-actively with CCL4 to understand the performance of the investments and the opportunities to improve growth. The Trust's investments are split across investment managers and Indlvidual funds as follows. 2025 2024 CCLA Church of En CCLA Church of En land Investment Fund and Pro ert Fund 1,323,932 90,242 1,330,004 88,011 Totsl 1.414.174 1.418,015
ST ALBANS CATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024_25 THE TRUST'S FINANCIAL POSITION Icontinuedl Investments (continued) There was an addition of £Nil to the Trust's combined investment portfolio over the course of the year. 12024.. £Nill. The net annual gains/llossesl on individual funds arising from revaluations are as follows. 2025 2024 CCLA Church of En CCLA Church of En land Investment Fund land Pro ert Fund 6.072 2.231 91,496 15,3541 Totsl 3.841 86,142 The Trust's annual net investment income by fund is as follows. Income yield in any one particular year ¢an be impacted by the timing of capital additions or withdrawals. 2025 2024 CCLA Church of En CCLA Church of En land Investment Fund land Pro ert Fund 36,394 4.857 35,752 4,799 Total 41,251 40.551 Reserves The vast majority of the Trust's funds are held as a capital endowment fund, the investment income from which 15 applied as grant funding. Where income has been donated to the Trust for specific purposes and has not been used in the year, this income will necessarlly be held in restricted funds until it is used. The Trust holds a relatively small level of free reserves in order to meet its financial Ilabilities, operational commltments and Ilkely future ad-hoc grant funding. The Trust's total unrestricted funds stand at £51,7 16 12024: £53.6901 at the end of the year. The balance on the Oevelopment Fund, a prevlously designated fun(J, has been transferred to General reserves as this Fund is no longer requlred. The Trust is in the process of distributing a significant portion of its accumulated unrestricted funds, primarily through the three year grant referenced above under fin8nclal support for the Cathedral's education activities. RISK MANAGEMENT Careful consideration is given to the major risks and wider external envlronment to whi¢h the Trust is exposed. The board of trustees has ultimate responsibility for the Trust's overall risk management and internal control, ¥ecoenising that any risk management and internal control framework can only manage risk to a reasonable level rather than to eliminate all risk of failure, and can provide only reasonable, and not absolute, assurance against material misstatement or loss. As a fundraising body, the Trust has specific risks to manage, principally In the areas of fundraising, financial control and compliance. Systems and procedures are in place covering each of these risk areas. Following a change in November 2019, the Trust now uses the Cathedral's finance team for transactional processing, financial reporting and compliance activities. The Trust continues to use the Cathedral's development team for fundraising advice and support. The Trust monitors its profile, reputstion and presence on an ongoing basis.
ST ALBANS CATHEDRAL EDUCATION TRusr ANNUAL REPORI. 2024-25 PUBLIC BENEFIT The board of trustees confirms it has complied with the Charvties Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining its activities. By supporting St Albans Cathedral, the Trust helps promote leaming of the highest standard that 15 available to all. STATEMENT OF TRUSTEES, RESPONSIBILITIES The board of trustees Is responsible as follows with Eard to the annual report and financial statements- preparing a statutory annual report and financial statements for each financial year in accordance with applicable law and regulations, which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period; stating that the financial statements comply in all material respects with the provislons of the Trust Deed, the Charitie5 Act 2011. the applicable Charities (Accounts anil Reports) Regulations, and with applicable law and Uniteol Kingdom Accounting standards Itogethei United Kingdom Generally Accepted Accounting Practice). as set out in the notes to the financial statements and subject to any material departures disclosed and explained in the financial statements; selecting suitable accounting policies and then applying them consistently; making judgements and estimates that are reasonable and prudent; preparing the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue to be financially viable. keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable the board of trustees to ensure the financial statements comply with applicable law and regulations., and safeguarding the assets of the TrLtst and hence for taking reasonable steps for the prevention and detection of fraud and other IrregulafitSes. The board of trustees confirms the financial statements have been prepared in accordance with the accounting policies set out In notes to the financial ststements and ¢omply with the provisions of the Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparlng their financial statements in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. Kate Birss Chalr On behalf of the board of trustees
ST ALBANS CATHEDRAL EDUCATION TRusr AN N UAL REPORT 2024-2 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST ALBANS CATHEDRAL EDUCATION TRUST I report to the charity's trustees on my examination of the accounts of the above charity for the year ended 31 July 2025 which are set out on pages I to 19. Responsibilities and bas of report As the charitys trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {-the Act-). I report in respect of my examination of the charity's accoLJnts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commisslon under section 14515llbl of the Acl. Independent examlner's ststement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination whlch gives me cause to believe that in. any materlal respect: l. accountlng records were not kèpt in respect of the charlty In accordance with sectlon 130 of the Act., or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the form 8nd content of accounts set out in the Charities IAccounts and Reports) Regulations 2008, other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters In connection with the examinatlon to which attention should be drawn Sn this report in order to enable a proper understanding of the accounts to be reached. blnson FCA Mer¢er & Hole LLP, 72 London Road. St Albans. ALI INS 27.11.2025
ST ALBANS CATHEDRAL EDUCATION TRusr ANNUAL REPORT 2024-25 STATEMENT OF FINANCIAL ACTIVSTIES FOR THE YEAR ENDED 31 JULY 2025 untrirte Endowment Funds Funds 2025 2025 Total 2025 Total 2024 Note Income and endowments Donations Charitable Events Investments 6.011 6,011 5.0()4 11,611 41,370 315 41,251 41,566 Totsl Income 6.326 41,251 47.577 57,985 Expendrture Grant to St Albans Cathedral for education activities Charitable Events Sundry expenses Independent examination fee 4,469 41,251 45,720 57,911 2.278 603 950 2,278 603 950 8.327 29 776 Totsl expendtiur8 41,251 49,551 67.043 Net Income/lexpenditUTel before gains/llossesl on investments Net gainslllossesl on investments 11.9741 11,9741 19.0581 13.8411 13,8411 86,142 Net Income/lexpendlturel {1.9741 (3.8411 15,815) 77,084 Transfers between funds Net movement In funds 11.9741 {3.8411 {5,8151 77,084 Reconclllatlon of funds Total funds brought forward 53,690 1,375,445 1,429,135 1,352.051 Totsl funds c8rrled forward 51.716 1.371.604 1,423,320 1,429,135 All amounts above relate to Continuing operations and the Trust has no other recognised gains or losses.
ST ALBANS CATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024-25 BALANCE SHEET AS AT 31 JULY 2025 Totsl 2025 Total 2024 Note , Flxed 88sets Investments 1,414.174 1,418,015 Current assets Debtors Short term deposits Cash at bank 10.284 3.619 6.427 10.125 8,304 3.636 20.330 22,065 Current liabilitles Creditors 111.1841 110,9451 Net current assets 9.146 11,120 Net assets 1.423.320 1.429,135 The ¢harlty's funds Endowrnent funds Unrestri¢ted funds 1.371,604 51,716 1,375,445 53.690 io Totsl funds li 1.423.320 1.429,135 The financial statements on pages 11 to 19 were approved by the Trust's board of trustees on and signed on its behalf by .L. Kate Blrss Chair
ST ALBANS CATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024_25 NOTES TO THE FINANCIAL STATEMENTS Accounting policies Basis ofpreparation and assessment of going concem The financial statements have been prepared on a going concern basis under the historic cost convention, with items recognised at cost or transaction value, apart from investments which are held at market value. The financial statements have been prepared in accordance with111 the second edition of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance wlth the Financial Reporting standard applieable in the UK and Republic of Ireland IFRS 1021 issued in October 2019',121 the Financial Reporting standard appllcable in the UK and Republic of Ireland IFRS 1021 issued in March 2018: 131 other applicable United Kingdom Generally Accepted Accounting Piactice as it applies from l January 2019.. and141 the Charitles Act 2011. The financial statements have been prepared to £ive a true and fair view and have departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Accounting and Reporting by Charities.. Statement of Recommended Practice for chaTlties PTeparing their financial Statements in accordance with FRS 102. rather than following the since withdrawn Accounting and Reporting by Charitles.. Statement of Recommended Practice ISORP 20051 as referenced in the regulations. The Trust constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in £ sterling. which is the functlonal currency. Monetsry amounts In the financial statements are rounded to the nearest £. Golng Concern The board of trustees conslder that there are no material uncertalntles related to events or eondltlons about the Trust's abllity to continue as a going concern. The board is of the opinion that the Trust has sufficient ongoing income and cashflow to meet its liabilities as theyfall due. The board has made its going concern assessment in respecl of a period of at least one year from the date of approval of these financial staternents. Income Income is recognlsed once the Trust has entitlement to the Income, it Is probable that the Income will be received and the monetary value of the income can be measured with sufficient reliabllity. If the use of income has been restricted, it Is used for the specific purpose in the year or credited to an appropriate fund until it can be spent for the restricted purpose. Income is recelved by way of donations from patrons, fundralsing events, appeals, legacles, endowments and Other general donations. Pledged donations are not recognised until they are received as too much uncertainty over their receipt remains. Gift Aid on donations is recognised when a claim is submitted to HMRC. Any Gift Aid recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Legacies are accounted for on a receivable basis when they meet the income recognition criteria set out above. Typically this will only be after grant of probate. the executors have estsblished there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. Where legacie5 have been notified to the Trust and the criteria for income recognition have not been met, detsils of the legacy aTe disclosed if material in the notes to the finanoial statements. Investment income is recognised on a leceivable basis once it has been declared and notification has been recelved of the dividend due. No amounts are includecl in the financial ststements to reflect the value of services provided free of charge to the Trust by its many volunteers.
ST ALBANS C.ATHEDRAL EDUCATION TRusr ANNUAL REPORT 2024-25 Expenditure Expenditure is recognised as soon as there is a legal or constructive obligation to transfer economic berFefits as a result of past transactions or events, it is probable that the transfer of economic benefit will be required in settlement and the monetsry value of the settlement can be measured with sufficient reliability. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Tax The charity S entitled to certain tax exemptions on income and profits f¥om investments, and on any surpluses from trading activities carried out in furtherance of the Trust's primary objectives, providlng any income, profits and surpluses are applied solely for charitable purposes. Irrecoverable VAT is charged to the appropriate expenditure headin& Investments Listed Snvestment is stated at market value a5 fair value at the balance sheet date. Realised and unrealised gains and losses relating to the movement in valuation or sale of listed investrnents are combined and shown in the Ststement of Financial Actlvities wlthin net gains and losses on investments in the year In which they arise. Investments held on cash deposit are stated at face value at the balanee sheet date. Retsined interest is shown within net gains and losses on investments. The earrying values of all investments are reviewed annually to establish if there has been any materlal impairment in their value. Flnanclal Instruments The Trust holds only basic financial instruments. The Trust's financial Instruments, represented by its financial assets and financial liabilities. and their measurement bases. are as follows. The only class of flnancial instrument measured at fair value as opposed to amortised cosi or Cost less impalrment is listed investment within fixed asset investments. the carrying amount of which is provided in note 5. Flnancial assets.. Listed Investment within fixed asset investments is held at falr value as set out above. Any cash deposlt within fixed asset Snvestments is held at face value. Any amounts due from connected entities and a¢crued income within debtors are debt instruments measured at amortised cost and are held at their settlement amount less any provlsion for non- recoverability. Any prepayments within debtors are not deemed to be financial assets as the cash settlement has already taken place. Any short term cash det)osit investments are held at face value. Cash at bank is held at face value. Flnancial liabillties.. Any amounts due to connected entities and accruals within creditors are debt Instruments measured at amortised cost and are held at their anticipated settlement amount. Any deferred income within creditors is not deemed to be a financial liability as the cash settlement has already taken place and there is an obligation to deliver charitable services rather than cash or another flnancial instrument. Funds Funds provide the financial resource5 for the Trust's 8Ctivlties. The Trust's funds are divided between unrestricted funds, restricted funds and endowment funds. Unrestricted funds are expendable at the discretion of trustees in furtherance of the Trust's objectives. Trustees also have the discretion to set aside unrestricted funds for designated purposes. Restricted funds can only be applied in furtherance of some particular aspect as defined by the donor at the point of donation or at the point. of fund establishment. These conditions. or trusts, are binding on the trustees. The restriction can be explicitly declared by the donor, implied with their authority le.g. in a public appeal). or estsblished by the Trust Deed or other legal process. The vast majority of the Trust's funds are held in the form of endowrnent, in line with the Trust's retention of such income a5 capital in order to generate investment income. The Trust's endowment is expendable, meaning the board of trustees can at some point in the future determine it is in the best interests of the Trust to srknd or apply the endowment capital. The board of trustees ha5 no current plans to do so. 14
ST ALBANS CATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024_25 Signlficant areas of Judgement In the appllcation ofaccountlng policies In preparing the financial statements. the board of trustees may have to make a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenditure in the application of the Trust's accounting policies set out above. The boarLI does so on a continuous evaluation basis using historical experience and prudent evaluation of future events that are believed to be reasonable under the circumstances. In doing so the resulting accounting estimates will, by definition, seldom equal the related actual results. In the course of preparing the f inancial statements, no judgements have been made in the process of applying the Trust's accounting policies, other than those involving estimates about the future (which are dealt with separately belowl, that have had a significant effect on the recognition and measurement of assets. liabilities. income and expenditure in the financial statements. Reportlng uncertalnty in the next retN)rtlng perlod from Judgements Involvlng estlmates about the future With respect to the Trust's next reporting period. the year ending 31 July 2026. the most significant areas of uncertainty from judgements involving estimates about the future that may affect the carrying value of assets and liabilities held by the Trust as at 31 July 2025 are as follows. Llsted Investments.. Although not impacted by judgement Involving estlmates about the future as the fair value of listed investments can be accurately obtained at any one point in time. the following disclosure is provided due to the relative significance of the Trust's listed investments to overall net assets. The actual fair value of the Trust's listed investments at any one time is affected by market-driven changes and the performance of uncertain investment markets outside of the Trust's direot control. Fair values at the reporting date may therefore vary from those in the future. As at 31 July 2025 the value of the Trust's listed investments amounted to £1,414,17412024.' £1,418,015} Isee note 51. Staff costs and key management personnel The Tiust does not have any employees. The trustees consider the board of trustees as comprlslng the Trust's key management personnel. Key management personnel are those persons having authority and responsiblllty for planning directiftg and controlling the activities of the entity, dlrectly or indirectly. No remuneration, other benefits or expenses is paid to any of the trustees. Donatlons 2025 2024 UnTestricted funds Patrons General donations Adopt an Archive Gift aid 4,704 283 647 377 3,863 180 682 279 Total donatlons 6,011 5,004
ST ALBANS CATHEDRAL EDUCATION TRusr ANN UAL REP()RT 2024-25 Charitsble Events Current year Income E¥penw Surplus/lDefi¢itl Crossing the Waters 12,2781 12,2781 12,2781 12,2781 Prior year Income Expenses Surplus From St Albans with Love Crossing the Waters Exhibitions 8,474 3,137 15,5131 11.8431 19711 2,961 1,294 19711 11,611 18,3271 3,284 Investments 2025 2024 Valuation at l August Additions Withdrawals Net gainlllossl ors revaluation 1.418,015 1.331,873 13,8411 86,142 Valuation at 31 Juty 1.414,174 1.418,015 Further detalls of the Trust's investments are provided in the trustees. annual report. The historic cost of the investments held at 31 July 2025 is £698,46612024'. £698,466). Debtors 2025 2024 All due within one year Dlvidends recelvable 10,284 10,125 10,284 10,125 Credltors 2025 2024 All due within one year Oue to connected entities Accru81s 10,284 900 10.125 820 11.184 10,945
. ST ALBANS CATHEDRAL EDUCATION TRusr ANNUAL REPORT 2024_25 Endowment funds Current Year Balance IAug 2024 Movement in resource5 Incoming Outgoing Transfer Rev81'n Balance 31 July 2025 Endowment Fund 1.375,445 41,251 141.2511 13,8411 1,371,604 1.375.445 41,251 141.2511 13.8411 1.371,604 Prior Year Balance Movement in resources l Aug Incoming Ouigoing Tr8nsf6r 2023 Reval'n Balance 31 July 2024 Endowment Fund 1.289.303 40.551 140.5SII 86,142 1.375.445 1,289,303 40.551 140,5511 86,142 1,375,445 The Endowment Fund is an expendable endowment established to SUprt the Cathedral's learning activities. A transfer of £NII was made from the General Reserve and £Nil from the Development Fund to the Endowment Fund In the year ended 31 July 202512024.. £Nill. Restrlcted funds Current and Pfior Year The Trust currently does not hold any restricted fund balances. io. Unre5trlcted funds Current Year Balance Movement in resources l Aug Incoming Outgoing Transfer 2024 Rgval'n 8alance 31 July 2025 General Reserve 53,690 6,326 18,3001 51.716 53.690 6.326 182001 51.716 Prior Year Balance IAug 2023 Movement in resource5 In¢¢xning ouoIng Transfer Reval'n Balance 31 July 2024 General Resetve Development F¥Jnd 36,125 26,623 17.434 19,1321 117.3601 9.263 19,2631 53,690 62.748 17.434 {26,4921 53,690
ST ALBANS C.ATHEDRAL EDUCATION TRUST ANNUAL REPORT 2024_25 ii. Analysis of net assets between funds Current Year Unrestricted Funds 2025 Endowment Funds 2025 Total 2025 Investments Debtors Short term deposits Cash at bank Creditors 42,570 10,284 3,619 6.427 111.1841 1.371,604 1,414,174 10,284 3,619 6,427 111,1841 Totsl net assets 51.716 1,371.604 1,423.320 Prior Year Unrestricted Funds 2024 Endowment Funds 2024 Totsl 2024 Investments Debtors Short term deposits Cash at bank Credltors 42,570 10.125 8,304 3.636 110,9451 1,375,445 1,418,015 10,125 8.304 3,636 110,9451 Totsl net asgets 53.690 1,375.445 1,429,135
ST ALBANS CATHEDRAL EDUCATION TRusr ANNUAL REPORT 2024-25 12. Analysis of prlor year comparative ststement of financial activities between funds Unrestricted Funds 2024 Endowment Funds 2024 Total 2024 Income and endowments Donations Charitable events Investments 5.004 11,611 41.370 11.611 819 40,551 Totsl income 17.434 40,551 57,985 ExpendUre Grant to St Albans Cathedral for education actSvities Charitable events Sundry expenses lTrdependent examination fee 17.360 40,551 57,911 8,327 29 776 8,327 29 776 Total expenditure 26.492 40.551 67,043 Net income/lexpenditurel before gains/llossesl on investments Net gains/llossesl on Investments 19,0581 19,0581 86,142 86,142 Net inc>)me/leXpendituI 19,058) 86,142 77,084 Transfers between funds Not movement in funds (9.0581 86,142 77.084 Reconc1118tlon of funds Totsl funds brought forward 62,748 1,289.303 1,352,051 Total funds Carrled forward 53.690 1,375.445 1,429,135 13. Transactions wlth related parties and conn*d entltles There have been no transactions between the Trust and related parties during the reporting perlod 12024.. Nill. Although St Albans Cathedral does not meet the definition of a related party to the Trust, the following information is provided due to the connected relationship of the two entities. Tre Trust made grants to St Albans Cathedral of£45,72012024- £57,911) in the reporting period. The net balance owed by the Trust at the end of the reporting period is £10.28412024- £10,1251.