ST.ALBANS
CATHEDRAL
Education Trust
St Albans Cathedral Education Trust
Annual Report and Financial Statements
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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
un￿trirte￿ 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 SUp￿rt 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
ou￿oIng
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
Expend￿Ure
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/leXpenditu￿I
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.