REGISTERED CHARITY NU.MBER: 527519 THE OUSELEY CHURCH MUSIC TRUST Registered Charity: 527519 Report of the Trustees and Unaudited Financial Statement5 for the Year ended 31 December 2024 together with the Independent Examiner'5 Report thereon The Ouselev Chureh ￿luSi¢ Trust Contcn15 of the Statements for the l'iar End￿1 31 December 2024 Page Report of the Trustees Independent Exarniner's Report 12 Statement of Financial Activitles Balance Sheet 14 l%ote5 tu the Flnan¢lg1 StAtements IS to 97 The Ouselev Church Mllslc Trust Report of the Trustees for the l'ear Ended 31 Dtcember 2024 Referellce and AdmiDR5trative Information Re isrered Chari 527519 TNstees number NATrIE r4op*IE)ATIVE TRLSTEES Mrs Gillian Perkins P40MINATIYG BODY FIRST APPoI￿TED cuRRE￿.T TERMI Archbishop of Cant¢rbu Royal College of Music 19 December 2001 19 December 2025 Canon Paul Ma50n 30 April 2012 2 April 2025 Lllr Jobn Attwater Choir Schools Association Ro}'al College of anists Church Music So¢ie 23 S¢pt¢mber 2024 23 Sepiember 2028 Mr Carl Jackso￿ D¥ll'O * Sir John Rutter CBE CO-OPTATEN'E TRLSTEES Irs Sgmjntha Bradburne Professor Dr Stephen Darlin ton illBE Mr Simon Hirtzel ACA 6 Decemb¢r 2021 6 December 2025 7 O¢tob¢r 2000 13 Februa 2028 13 May2019 13 May 2029 7 October 2001 7 October 2026 9 May2017 9 May 2027 Ir David LoTrve The Reverettd Canon Dr Joanna S rexdbur IrThomas Da ett 17 O¢tobeT 2017 28 April 2014 17 October 2027 28 April 2029 23 S tcmb¢r 2024 23Se tember 2029 * indicates tnembership of the Sifting commIttee and g rnembership of the Financ¢ committec. Professor Darlingtoll las chaiman of ihe trustee body) Is a member tsf both committees. Clerk to the Trustees Mr Neil Parsons B.Mu5. Page I The Ouselev Church Music Trust Report of the Trustees- Continued for the lear Ended 31 December 2024 Profe55ional Advisers Indep¥ndenr gxuminev Charlotte Beamond ACCA Streets Dyke Ruscoc Limited Accountants and t3usitJcss Advisors 38 Tcmc Str¢¢t Tenbiiry W¢lls Worcs. WR15 8A4 lrtve.¥tRJÉnt mani7gei'.f RBC Brciyin Dolphin Limited 12 Smithfi¢ld Str¢et London EL I A 9BD Conta¢t.. David Seymour FCSI BfjnkeF5 CAF Bank Limited King's Hill cst Malling Kent ME19 4TA Legal advisep. Norris & Mtles 6 Markci Square Tcnbury Wells Worcs. WR15 8BW Princi al address and contact deiails The Ousel¢y Church Music Trust PO Box 1505 'roxham Norwich NR12 8TJ Telephone.. 07912 696852 E-mail.. clcrk (z)ousclc W¢bsit¢.' w￿￿.Ouse1c rust.or rusr.or .uk Page 2 The Ouselev Church Music Irust Report of the Tru%tee$- ¢ontinued for the I'e#r EThded 31 Deeember 2024 Trustees, Report The trustees present their annual report together with Ihe financial staleTn¢nts of the charity for the year ended 31 Dccember 2024. They have adopted the PTovisions of Accoiiniiktg and Rgporling h}. Churitie.¥. Sialemvnl of RgcommeKdÉd Praclice applicuhle to charities prei)(7ring Éheir uccotsni.¥ in accordttncÉ with thé Financial Repoi'ting Siunduid applicable in the UK and Republic of Ireland (FRS J02) (elteclive Jantian￿ 2015) (th¢ "Chariites SORP IFRS 1021,1. Structure, governance and m4ll4gement The Ouseley Church Music Tn15t {the "Trust") is a registered charity Collstituted by a Cy-pres S¢h¢me made by the Charity ConllnEs5ioners for England & W'ales in 1989. Its constitution provides for twelv¢ twst¢¢s- six nominative and Six CO-OPtatiYe. The names of the six nominative bodies are set out in the foregoing ltiforn￿t1on and the co-optaiive trust¢¢s ar¢ appointed by the trL15tee body. The trustees, the Stfting committee, and the Financ¢ committee each Met twice during the year. The Chairman of the t￿￿tee body is Professor Dr Stephen Darlington. Th¢ Chairnb2n 1$ re-appointed annually by the irustee body at its'first ordillary meeting in each year" The day-1941ay administratioll of the charity is delegated lo the Clerk.. Mr Neil Parsons. The Clerk is employed on a part-tiine basis. ointmcnt of triistees New ttustees are appointed in ac¢ordan¢¢ with the provistons of the governing document. i.e.. in the case of nomiTJativ¢ ITUStees, by onc of the six nominating bodies. and, in th¢ ¢ase of ¢o-OPtative tn￿tees, by the trustee body itself at a special meeting convened for the pu￿0$¢. Th¢ Lerm of office for a nominative itustee is four years, and for a co-optative trustee, rive years. Before appointing a co-opiative trusiee, the tNsiees carry out a simple audit of the skills and experience posS¢Ss¢d by the existing member5 of the trustee body, the findings of which are used to infomi the choice of new trustees. On appoinimeni, tTuslees ale required to sign a staiement of their willingness to serve in ihe trusis of the charity and a"Fit & Proper P¢rson" de¢l￿tiOn in the Charity Cotnmission's usual form. As part of iheit induction process. trustees rec¢ive a copy of Ihe chariry's In￿lee handbook. During th¢ year, Sir John Rutter, previously a co-optative trustee. was appointed as th¢ nominativ¢ uusiee of the Church Music Society, Mr John Attw'ater was appointed as Ilie nominativ¢ trust¢¢ of th¢ Choir Schools, Associaiion and Mr Thotnas Daggett was appointed a5 a co-optative trustee. oinimeni During th¢ y¢ar, Mr5 Samantha Bradburne and the Revd Canon Dr Joanna Spreadbury were both reappoinied as eo- optative trustees. Committees Therc arc two committees.. the Finance ￿mMittee {Chairman.' Canon Paul Mason) and the Sifting ¢omrnittee {Chaim)an-. Mr Carl Jackson}. Trustees serve on the Sifting commiiiee for a period of three or four year5 and ￿#Y be re-appointed. New trnst¢¢s are invited to join ihis committee after a year. Th¢ longest-serving member of the committee normally acts as chairmati. In addition, ther¢ is a small advisory gTOUP for the Pick¢rEng Fund (Chairnian.. Mr T)avid Lowel which manages th practical a￿aDgementS I￿arketing and auditions) and th¢n makes r¢comm¢ndations to trnsiccs on the distribution of the monies subscrib¢d in m¢mory of the late Martin Pickering {s¢¢ pagc 9 for further inlormation about the PiLk¢ring advE50ry group and its activities). Objeetives and Acilvltles The Ttust's objeci is to'promote and maintain to a high standard the choral services of the Church of England. the Church Wales 01 Ihe Church of Ireland Iwheth¢r simple OT elaboratel in such ways as the truste¢5 think fit including th¢ pmmoiion of ihe religious, musical and secular education of pupils attending any school in wkn"¢h inslTUCtion th¢ doctrines of any of the said churches is given and perfom)ance of their choral liturgy is observed" Page 3 The Ouselev Church Music Trust Report of the Trustees- Continued for the Year Ended 31 December 2024 During Ilic year, trustees revi¢iv¢d and republished the grants policy and republished this as part of a defining statemenL which is to concentrate on making grants as follows.. grants towaids tlie costs of mu5ician5, scholarship5, bursaries, and choral outreacWdeY¢lopm¢nt scheines- means-tested assistance towards the fees of individual choristers al cathedrals and choral foundatioiis,. purchase of liturgical music (not hymn books or psalters}; courses for individuals and groups of church musicians,. where theTe is no specifIc choir school.. bryants toward5 chorister support cost5, including theory, instrutnental and vocal tuition, plu5 travel and subsistence associated with choristers at cathedrals and choral foundations., other projects le.g., outr¢a¢hl of an innoN'ative kind that are likely Eo further the Trusi's object in a direct and effective way. In exceptional circwnstances, these tnay include music commissions. In eveTJ' ¢as¢. the project must hav¢ a direct bearing on advan¢ing choral excellence in worship. Awards are made by the trustees at their bi-annual meetings after consideration of recommendations from the Sifting commiiiee and the Pickering advisory Broup. Strategic Review aDd Future plan$ In September 2023. trusiees agreed that a workj.nts paty, consisting of DT DarlillEton, Canon Mason, Mr Lowe and the Clerk should undetuke a strategic rel'iew of the Twst. This ieview took an in4epth study of the following.. the a￿ll￿ and obj¢clives of the Ouseley Church Music Tn￿t- the level of enquiries and applicaiions., the evidence of continuing need tor the Trust's support to cathedrals and parish ¢hur¢h¢s,' the Trust'5 markct nich¢ alongsido sister organis&tion5', the Trnst's grant making policy; Ihe Trust's finances- the strucwre of the Trust. Ev¢n in th¢ changing landscape of Church Music, truste¢s agreed that the Ouseley Church usic Trust IOCMT) had a Strong role to play. This was borne out Èt] the h¢althy number of enquiries and applicaiions continuing to b¢ r¢¢eived. Trustees concluded thai the OCMT had a distinct market niche. based on Advancing Choral Exc¢ll¢ncc, in line with Sir Frederick Arthur Gore Ouseley's original vision when settEng up St Michael's College. Tenbury. A defining siatement of Ihe OCMT'S role, ils aims and objectives, uniqueness, and the tnaiket niche it wishcd to reach should b¢ written and used io amplify the Ttust's principles to potential applicanis. The deftning stsiement was adopted by trust¢es attheir September 2024 meeting. The defining statement includes thc revised grant Tnaking policy dctailcd above under objectives and actlvities. It ivas key for the Trust to be more pro-active in raising ils profjle amongst Cathedrals, parish Lhurches and ￿t￿berS of the Choir Schools, Assoeialion. In reviewing the structure of the Tn￿1. rrnstses decided to seek io apply to beeome a Charitabl¢ In¢orporated Organisation {CIOl, w'hich will proijide an opportunity 10 revise the Trust's governing do¢um¢nt. A small group of tNstees and the Clerk will take this forward. As d¢lail¢d. the Trust's finan¢¢s are hcalthy and ¢arefvlly managed, and reserves have been rebuilt 5in¢¢ the Covid 19 pandemic in 2020. August 2025 maTks the bicentenary of the birth ofouseley. Trustees hav¢ various plans to mark this anniversary includit]g a new choral comtlli5sion. all grant5 in 2025 bein¥ kn0V￿ as'ouseley 200 Awards,, and working wilh oiher organ15atlOllS to PTQtnote Ouseley. Trustees agreed 8 detailed action plan to tske fonvard ihe developments from the Strategic Plan. Public benefit statement The trustees have due regard for the Charity Commission's guidan¢¢ on public benefit. In this report. they are satisfied that the gran15 mad¢ during the year were for the bellefil of the public in that they promoted religion by advan¢ing choral exc¢ll¢nc¢ in thc Church of England, thc Church in W'ales and the Church of Ireland, as well as adyancing thc art and science of music In addition. Ih¢y believc that the grants categorised as 'cducation" i.e. buTsary assiStan¢¢ towards the school f¢¢s of choristers, r¢li¢v¢d povcrty andlor advan¢¢d education in a direct and effective way. Page 4 The Oustlev Church ￿lUsi¢ Trust Keport of the Trustees- continued for the Year Ended 31 Deeember 2024 The number of children who benefited directly from the grants in the last category numbered 10. (2023.. 131. In addition, an unquantifiable numb¢r of chIldre￿You￿g people benefiied from gtatLts for and including a national singing course, from choral and organ scholarships, and assistance towards the core costs of supporting trebles. The trustees also promoted the public's appreciation of the art and sci¢nc¢ of music, as ￿'ell as the fitte arts. by th¢ continued loan of the TtU5t's collection of books. pictures, L)bjei.s d up"1 and musical manuscripts to public InSlitution5 includiiig Hereford Cathedral and its Library., thc Bodleian Library,. the Royal Academy of Music, London; the Britten- Pears Foundation, Aldebuigh," and St Michael'5 Church, T¢llbury Ivells Grant Reports and public bellefit Trustees require a report to be sub]nitted one year after tbe award of a grant. Tn￿tee$ review these repons out of a genuin¢ interest. but also as a method of evaluation - that ¥rants have been sp¢nt wis¢ly to support public benefit. The gTant r¢ports dernonstrate a positive backbryound of ￿'hat is being achieved in cathedral and parish churches in advancing choral cxc¢ll¢ncc. The following are a samplc of quot¢s from rcccnt grani reports.. Thegvnerou,fgrL7nEpffjvidedbyyourlnLfthu.F helped us fn offer the oppoi'tunityfor}oungpeople lo experience wonderful, high quality. chorfjl music wilkin ihefubulous svlling ofone of ihe mosi beauiiful and hisloric churches Éhe UK. Through }oursupport. we have been able to achieve ￿CellenCE, ￿'Z[h mM¥icallv umhitious. a¢complishedyoungniu.SiCidllF ai Iheforefroni of our activitie.s. Thi.$ i.¥ a constani ehallemgefov ts.Y. giv*A ihtsi we are.111u￿ted ipt a tTny tom'n with few IraKsport linkn and u small pool of Childre￿ to Iransform inio high-tt¢hiovirtg mu.tI¢l¢ZA.f. ftrtd K'iihou¢ Ihe siipporl of specialisl independent Choir School iofall back opt. H¥arifeli ihdnknforyouv suppori. The choiul sckoltsr.¥chgnié i.f M'ell urtd hus made enormous differenLg to ihe choir spolisk and appihiiion. Fre ore currenilv exiending our Sundofv. morning repertoire lo includepolyphonic and vienne.se settings of Éhg nrdinftry. The choral.Icholar.i ts¢14Y.V.rÉction leoder.¥ und can.¥ing u.¥ ind¥p¥rydenl epLfemhle a.Y the veed uri.¥￿. Theip. leadei".¥hip has given oikers confidénce amd uttrocted new memhvr5 This ka¥ heen Iransformationalfor ihe purish. Applications During the year, th¢re w¢re 169 r¢quests for application fomis (2023.. 1841 of which 51.47¢/012023.. 45.11°/ol werc r¢jected ah snilto as they f¢ll wholly olltsidc th¢ TNst's objectives. The most frequent reason for rejection was because th¢ TCqUCSt was for an inappropriate course of study either in th¢ UK or abroad. Page 5 The Ouselev Church Music Trust Report of the Tru5tee5- tontinued for the lear Ended 31 December 2024 Grllnts During the yeaT under review, the trustees considered 62 applications120?3.. 76} and .37 grants were auihorised l?023.. 441 totalling £121,98012023.. £94,20Q} as dctailed elscwherc. This include$ i)ne grani totalling £5.0110 made from the Pickering Fund12023.. £01. Grants auihorlsed during the yegr Scssion 1- 16 £55 700 Moorland Choristtrs Camp £2.000. iopivi'ide hiiysary sopporrfor J'tri¢ngpeople io otrend rhe weeklortgtsumnter schnDI. Holy Sepulihr¢ London £2,500- ro supporff ihglundinyofthe wÉekly Clioral Eiensong services St Ltonard Sireaiham £4.200- to (i.*l'l.Ff ii'iihfunding chnrLTI.sehnl¢ii'.g Si Mary the Vir8in Primrose Hill £3.000- tofvnd l choialscholorship. Derby Cath¢dral £5,000- to U.¥.fl.Ft w'ithfunding ihe Music in S¢hool.I Pmgrumme. St Mary Henley £2,500- to assisl w'iihfifnding schtslurship. Si Mary Handsworth £6.000- io L¥SSifff wirhfiirtdirtg chovalseholorshipx. Si Mary the Virgin Wheatley £1,500- to assist wiihfifndillg ihe establishmenl ofo Children's Choir. Lichfield Cathedral £4,000- io ussisr w'irhfunding o Music Scholuj.. Si Peter De Beauvoir £2,500- 10 assui iv'ithfvrtding lifyfr¥ical mtssi¢ptsfrrhoses Qnd music 5alGIi&¥. Pimlico Music Foundation £4.000- to ass15t withfundins rhe Scholor.I'pr¢)gramme Salisbury Cathedral School £13.500- iopr(iiJide hursury suppoi't r()wor￿ s¢hoolfee5 of5 choristers. TTU%tees tnade l awaTd from the Pickering Fund in 2024 Session I.. Si Mary's Nottingham £i.000- tD suppon Ékeii. 3 Children s Choirs. ants totsllin £66 280 Session 11- 20 Chelmsford Cathedral £5,OOD- io ussisi wiihfvndins ehorolschol&rs. H¢xham Abb¢y £4,IX)O- to aSsuI ￿'11h￿ndIng theAS5￿lan1 Diyeclor ofmusic. Wakefield Cathedral £4.￿o- fo a.ssist wiÉhfynding ihe core cosi.F ofihe rrehles. Sl George Je5mond £3,000- to aystsr witlifyuding chorolschtrlthTS. St Mary Wgrwick £3,5(X)- to assist K'ithfvnding the op¥Gn ￿hnl￿r Belfast Cathedral £4,000- tts assisi with Iii#i¥Tcalmwicptsrchwes artdfvnding the thorals¢holiTrs. I Saints, King$ton £3,600- 10 i¥SSili w'iihfyrtdirtg the chorthlscholars. Hereford Cathedral £5.0￿- to LTssisI h'iihfunding vocal thihonfor th¢ treblev. Si Siephen South Duliyiih £4.000- to assisi wiilifvndi4g the ¢horals¢holur&. St Mary Magdalene Richtnond £2,000- to assist withfviidipig tIIE ChorGILeodershipprogramme St Mary Redclitye Brisiol £3.900- 10 rt£Sl.Ff wiihfvnding chnralscholar.v. Cov¢ntry Cath¢dral £4,380- to ats15t M'ithfiinding vocal ruitionfor the hrhles. Holy Trinity Cov¢iity £2,000- 10 (LFsi¥I w'ithfvnding choral.IchnlaJs. Holy CTOSS Crediton £l,(KJO- 10 (Lysisi k'iih lithrgictsl mxvitptsfrthuses. St Michael Sittingbourn¢ £2,4(￿- Io G55lSt wiihfviidiNg chorolscholais. Gloucester Cathedral £3.300- ropm¥'ide hur.sary Sup￿rE i(Iwardsschoolfees of I choiisigr. H¢r¢ford C3th¢dral Schuol £2,30Q- lopivvidg bursary siipporl sch(polfEEs I choft731er King's WoTC¢SteT £6,600_ lopivvide hursap}J support Ioiiaid¥ sch[￿lIef$ of2 ¢h0fr7$1ers. Manchester CathedTO1 £2.300- rtrpJ*Fsde buisQry'St4ppnrl InwardFSchoolfees of I chori$18Y Page 6 The Ouselev Cburch Music Trust Report of the Trustees- eontinued for the Year Ended 31 December 2024 Pickering Fund The Pi¢kerin8 Fund was esiablished in 2017 to comm¢morat¢ th¢ lif¢ and work of Martin Pickering, a former irustee- Ii¢asurer of ihe Charity. The purpose of the ￿nd is 10 make grants io young musicians bom or brought up in Lincolnskn"re and Nottingihamshire by.. enabling them to b¢¢orn¢ Choristers in a parÈsh church, cathedral or choral foundation in England, Wales, or Ireland, enAbling them to become choral or organ scholars, or lay clerks, in a parish church. cathedral or choral foundation. and d¢fraying the costs of COUTses 01 bjrther training for young chorisiers. choral or organ scholars. The Pickering Fund Teceived donations, whi¢h w¢r¢ allo¢at¢d to a r¢stri¢t¢d fund. The Ouseley trustees allocaied monies from the Trust's expendable fund to a d¢5ignat¢d fund to bring thc total sllm in th¢ Pickering Fund to £lOO.000. To manage the distributjon of the Pickering tnonies, the trustees have drawn logeiher a sinall group of Individuals to mak¢ recommendations to trustees for sTraDts. It is led by trusiee Mr David Lowe. 5 other appliLattons io the PickeritLg Fund have b¢¢n r¢ceiv¢d and auditions are being atranged. FinaDce Tbe financial statemetkts are prepared under ihe provisions of the Charities SORP. which requires them to account for the unrealised gains and 105ses on the charity's invesimeni portfoliu at the year-tnd. The PTactical effe¢1 of this on the TTUSt's accoun15 is Nei Income of £207.557 compared with the prior year's amount of £162,338. By far ihe larger part ofboih figures is attributable to the nei gain￿loSseS (boih realised and unrealisedl on the invesrmeni ponfolio. In 2024, therc were Net Gain5 of £258,700 and. in the preceding year, Net Gains of £134,176. Income and Ex enditur¢ During the 12 tnonihs uttder review, totsl Incoining Resources exceeded Total Resources Expended, i.e.. excludin gainsllosses on investments, by £8.85712023.. £28.1621. Total In¢oming R¢sources {¢xcluding sains on investments) amounted to £199.71312023.. £191,647). Total Expenditure (excluding losses on inv¢slm¢ntsl amount¢d to £190,85612023.. £163,485). Th¢ Totsl Expenditure figuTe includes the amount disbursed by way of grants, £121.18012023.. £88,004) which, with support ¢osts of £18,940 12023.. £19.821}, giveg a figure for grant-funding activities of £140,120 (2023.. £107,825). Governance costs were £20,53412023.. £28,060). Costs associated with Ihe making of grants amoutjted to £18.940. Overall. th¢ Charity's administrative costs fell from £47,881 to £39.474. Outtome The Nei Resources on ordinary aciiviiies amounted io a cr¢dit of £8,85712023.. £28,162). Th¢ net funds to rNstees at th¢ year-end totalled £5.71 million (2023.. £5.44 million). DoDAtioD$ legaeies The Trnst received no legacies during 2024. Some minor donations w¢re received. Investment5 The Trust's investmenis are managed by the independent firm of inveslmcni manag¢rs IiBC Br¢win r)olphin. Some investments ar¢ managed on a discretionary basis and some on an execution Otjly basis, as set tsut in the following tablc. Endowmeni fund Discretionary and execution only Expendable fund Discretionary Birch designated ￿nd Execution only Pickering r¢sthcted fund Execution only Pickering dcsignated fund Execution only The investments in the endowment fund managed on an execution ollly basis are held in two charity property funds. The investments in the Birch and Pickerin8 funds are held in markel traded funds. Page 7 The Ouselev Chureh ￿lUSIC Trust Report of the Tru$tee5- Continued for the l'ear ERded 31 December 2024 An explanation of Ihe Trust's five funds above is given in f*ote 17 to the financial stat¢m¢nts. The Trust's Investment policy is reviewed atjnually by the Finance committee. The Ttusl's long-term investment objective is to generate a return on capilal ¢quivalenl 10 the movement in th¢ Consum¢r Price Ind¢x plus 3U/o per annum; the shor¢-iem) investment objective is to achieve th¢ long-t¢nn obj¢ctive without undue fluctuations in the income arising from its inN'estments. The trusiees endeavour to inv¢st in companie5 whose activities are lawful and do not offend generally commonly accepted standards of dcccncy and fair dealin¥. They have regTaid to the guidelines of the EthiLal Iniesunellt Advisory Group ("EIAG"l of Ihe Church of England. The tru51ees confine iheiT investments to developed m3rkets, in which the EIAG, guidclines Can be monitored, at]d refrain from investment sn developin¥ markets. RBC Biemryn Dolphin reports to th¢ Finance conunittee quarterly tts confirni rhat the Trust's inveslm¢nls are being managed in accordance with EIAG guidelines and Ihat there are no investments ¢iiher directly or indirwily in developin¥ llvdrkets. At 31 Decem17cr, 2Q24. the Tnjst's portfolios were distributed across ihe following invesiment classes. UK Gilts, bonds and other fixed-interest UK Equities European equities North American equities Japanese equities Overseas Bonds Global inve8tmenis Absolute Return ￿ndS Property {ineluding Common Investment Funds) Other investments Cash (with brokers} Total 7.09/. 20.73 /0 2.06/. 17.23/0 I.IIO/o 4.17Q/o 3.230/0 2024 erfom)ance and mana ers, char The ov¢rall value of the investmeni portfolio increased during the year by £258,700. and income increased during the year by £11,706. The charges made by RBC BrewÈn Dolphin for managing the two largest funds wIthin the charity's portfolio, th¢ Endowment and Expendable funds, are calculated on an ud vulhfrvm basis, at]d ar¢ fully dis¢los¢d. The three smaller funds are charged on a flat fee basis. In 2024, thc Costs totalled £30.202 (2023.. £27,600}. The tNst¢e5 us¢ all income arL5in¥ on the Endowment and Expendable Funds to finance the TNsi's grants programrn¢ and its administration leaving the capital of the Endowment Fund intact. The trustees use both incom¢ and capital arising on the restricted and desigllaled funds to finance bTrants from those funds. It is expected thai if. in any one y¢ar, income is insufficient to tneet all the Trusi's budgeted expendi¢UTe rhe real value of the chariry wtll still be mainiained. Policies, protocol$ End systems Res¢rves and Investrnent olEcie5 Reserves were almost entirely expend¢d in 2020 on n￿k￿ng a grant to the Cathedral Choirs Etllergency Fund. The trustees have now replenished reserves. Th¢ reserves ststement is toupled with an investmeni policy which sets shoff- and long-tern) objectives. a minimum incom¢ requirement, a risk profile. and all ethical policy. Trustees endeavour io maintain reserves at £18n.000 or a sum equal to th¢ annual moving average of expendiiure calculated over five-year periods. whichever is the higher fjguro The annual moving av¢rag¢ has been calculated from 2020 lone yearl: 2021 (two years). and so on uniil 2024 Ifive yeaTS}. Pag¢ 8 The Ous¢le)' Church Music Trust Report of the Trustees- continued for the l'ear Ended 31 December 2024 A5 of 31 December 2024. reserves stood at £250,707. The annual moving average of expendimre over five years was £164.565. The Inv¢slinenl policy is reviewed anniially by the Finance col￿nillet. The Trust's lollg-tcr￿ inve5tJnent obj¢clive is 10 generate a retum on ¢apital ¢quivalent to the movement in the Consumer Price Index plus 3°/0 per annum; the short-terni investment obj¢cttve is to achieve the long-terni objective without undue fluctuations in the ineoTn¢ arising from its investmcnts. Conflicts of interest rolocol Trustees havc a legal duty to act in their Lharity's be51 interests when makinsi decisions a% a trustee. and il is rccoenised that. from time to tim¢, they will have a conflici of interest where an individual trusl¢e has a perwnal OT other interesi in a matt¢r ihat affccts the charity of which helshe is a trustee. Such conflicts need to be managed, and, in this ¢onn¢ction. the trust¢¢s follow the Charity Commission's guldance in followillg a three-step approach li.e. identify, prevent, rccordl. Before each meeting> of the Irustees and the committees, trustees are invited to declare an}. interest they may have in th¢ business of the meeting and any such d¢¢laratiO￿ are recorded in the minutes. In addition, when the trustees discuss th¢ matter in detail, the Irusiee concerned does not take part in the discussion and recuses him or herself from any decision. This action is also recorded in rhe minutes. Temis and Conditions for Grant Reci ients The Trubt has a detailed ￿an[S paj'meni procedure to ensure that bonk details, corporate and charitable starus are recorded and that copies of ihe grani recipieni's Saf¢bryardillg Policy are seen. Grant Reports have to be submilled twelve months after the award of granr and these are revicw¢d by trustees. Internal Controls Procedures and Bat)kin Arran ements The Trust has an Internal Controls Procedure and Banking Arrangcincnts Procedure. The procedurcs are clear, and ihe audiiors observe that these are workitig well. Th¢ procedures detail specific segregation of duties ill administering the Trusi's finances and uphold robllst governance. They WCTC rcvicwed in March 2025. Grant A lication FoTms and Procedures and Guidelines document Following the SITat¢gic R¢view in 2024, tbe Procedures and Guidelines documetjt was reviewed and updat¢d to refleci the TThst'S revised grallt giving policy. The doLument was also re-WTitten in & user-friendly mann¢r al￿ encourages potential applicants to cngag¢ in a prc-applicaiion diseusslOtJ with th¢ Cl¢rk. GDPR and PTiva¢ sia¢emcnt The Twst has a Privacy Pobcy adopted by the trustee5 ill 2019. This 15 available on the T￿st,5 w¢bsite ilk" Th¢ Trust's tern￿ and conditiolls accornpanying its off¢rs of bTanls also set out its policy on the retention of personal information. Safe Tdin Polic The Twst has a dctailed Safeguarding Policy. which is available on the Trust's website li ijll3 ..k This is reviewed annually al the first tneeting ￿ eacb year. Mrs Gillian PeFkins is the lead trustee for Safeguarding and may be Risk Re ster Trusiees have a dury to identify and rcyiew the risks to whi¢h their charity is exposed 2nd to ¢nsuTe that appropriate controls are In place to provide reasonable, but not absolute. assurance against fraud and crror. Thc Tru8t has a fomial risk asSEssmeni proL¢ss which tncludes a risk statement. This is regularly T¢vi¢wed by th¢ Finan¢¢ committee for adoptio by the tTusl¢es. The current regist¢r was reviewed in spring ?025 for adoption by the trustees ar their meeting in May 20?5. The main risk coniinues to be ihe perfom)ance of Ibe charity's invesiment portfolio. The trusiccs are satisfied that appropnaie systems and atr8n¥ements including, where appropriate, insuran¢¢ are in place to mitigate the Tisks that they have identifIed In practical ways that are consonant ￿'1th the scale of the charity's op¢rations and its resources. Page 9 The Ollselev Chureh Music Trust Report of the Trustees- continued for the Year Ended 31 Deeember 2024 Other matters Possessions on de The charity has a collection of books, music tnanuscripts. print¢d music, pictures 2nd other objects which were otiuinally in the possession of the trustees of St Micliael's College. Tenbury Wells. All (except one small drawing of Ousel¢y as a child) are on loan to public instiNtions. An audit of the possessions on deposit and the insurance arrangeTncnts in plac¢ in the inslituiions in which they are locatcd will b¢ carried out in June 2025. The trustees have reviewed these assets to ascertain which, if any. should be classed as 'heritage ass¢ls" and their treatment in tlic accounts given the requirements ofcurreni accountinu regulaiiotjs. N'ote I to the Financial Statements reflects the currcnt position. In 2(118, Ihe trnstees decided thai on¢ manuscript, a holograph manuscript Composition skelch of Briiten's 2nd String Quartet given to Si Michael'$ College by th¢ composer in th¢ 19iO's, is hcld as an investment asset. An estimate of ils value ai the date when ihe chariiy was sei up was obtained1£35,0001 and the Score is accounted for at this figure th¢ Financial Staiemenls. Publi¢i Considcring the Strat¢gi¢ R¢vi¢w and the need to raise the profil¢ of th¢ Trnsi, s¢v¢ral initiaiiv¢s regarding publicity have been aciioned and are in the process of development.. review and rcfr¢sh th¢ Trust's website. launch of social media,. building a collection of promotional photos to use with publicity.. writing to all Deans, Piecentors. C3thedral Directors of Music, Cathedral Fundtaisers and Cathedral Chapter Stewardslchief Operating Officers 10 promote the Trust: ryiting to all tncmbers of thc Choir Schools, Association to pr(>rtJote the Trust; writing to all Dioces¢s and s¢eking publicity it] diocesan publications lo promote the Trust. making ihe Procedures and Guidelines document more user friendly., refreshing the advert in the Eioyal School of Lhurch Music Quarterly magazine. Links During the year. the ￿￿SleeS enjoyed good relaiionships wilh other charities and organisations actlve in similar areas to the Trust, notably the Educational TNsts Forum, the Choir Schools, Association, the Caihedral Music Trust, atid the Royal Sch[￿1 of Church Music. A lication Pr￿¢dureS and ¢olllact details We aim io make our application process clear, simple. and straight forward and suppon both parish chuTchcs and cathedials. The Martin Pickering Awards (wbich suppon individuals. under ihe age of 22 in Lincolnshirc and Nottinghamshire w'ith training, and to become choristsrs, choral scholars. lay clerks or orgart scholar5 in a parish Church, cathedral. or choral foundaiionl, is a separate ￿OnI sckneme with ils own application process. Trustees meet twice a year to consider applications, nommlly in May and September. Our closing dates for applications are 28 February and 30 June each year. Wc cncourag¢ a pre-applicaiion telephone call with our Cleik. Neil Parsons LI￿￿k-￿(l. oU%LI￿vIni.)t.￿w ilk 07912 696852. Applications may be submitted via the online application fom on our website ¥¥w1!.Ollse!￿Lirll￿i.0t..1.ll￿" This is also availablc from the Clerk. Website.. li %i"Il'.OllSii. .'IrLibl ui'_.Lik The Ouseley Church Music Trust, PO Box 1505, Wroxham. Norwich, NRI 2 8TI. Page 10 The Ouseley Church Music Trust Report of the Trustees- eontlnued for the Year Ended 31 December 2024 Statement of tru$tt¢s' responsibilities Charity law requires the trustees to prepare financial statements for each financial year at¢ordance wilh applicable law and United Kingdom Generally AcceptedAceounting Praciice ("UKGAAP"). These financial statements are required by law to give a tNe and fair view of the State of affairs of the charity and of th¢ Surplus or deficit of the charity for that year. In preparing the financial statements, the trustees are required io.. select suitable accounting policies and then apply them consistently. Tnake judgements and estimates that are reasonable and pwdent: prepare th¢ financial statements on the going conc¢rn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that ihe financial statements comply with the Charities Aet 2011. They are also responsible for safeguarding the assets of the charity and h¢nr¢ for taking reasonable steps for the prevention and detection of fraud and other irr¢gularities. Approved by the trustee5 on 12 May 2025 and sign¢d on their behalf by= Stephen Darlingion Chaimian of Trustees Page 11 Independent Examiner's Report io the Trustccs of The Ous¢ly Chur¢h fwlusic Trust IndL'pcndL'nt examiner's report to the trustets vf Thc Ou5L.le)' Church f*lu5ic Trust I report 10 die charity irn%lees on my ex￿)ination of the accounts of The 0￿￿eleY Church Music Trnsl Iihe Tnistl for the year endcd 31 DeL-eMl￿ 20?4. Responsibilities and basis of report As the ¢hanly Iru51¢e4 vl" the Trn%t you are re%p()nsible for the preparation ol the accounts in accordance with the reqiiirements of the Charities Aa 2011 I'ihe Act l. I report in respect of my exaniination of the Trnsi's accounts carried out under Seciion 145 of the Aci and in carrying Out niy examination I have followed all applicable Ditections giTren by the Chariry Commission linder Section 14515llbl of the A¢1. Indepcndeni examlner's statement I hai'e conipleied mv exaiiiiiialioii. I confjrni thai no nmlerial Inaiiers have come to my aiteniion in ¢onne¢tion with the exanmnaiion giving me ¢aiise 10 believe Ihat in any ma￿nal respeci., accountin8 records ￿'t[C noi kept Èn respect of th¢ Trusi as required by Section 130 of the Ael,. or the accollnl% do not accord ￿1th ihose records., or the accoiinis do not cornply w'ith the applicable requirements concerning the form and conteni of accounts 5¢t out in the Chariiies IAccoiinLS and Repon%l Regulations 2008 otheT than any reqiiiremenl that the accounts give a true and fair view. which is iiol a matter considered a% part of an independent examinaiion. I have no concerns and hai'e come across no other tnatters in co[￿eCtion w'ith Ihe examination io which attention 5hoiild b¢ drdwll in Ihib Teport in order 10 enable a pn)per und¢t5tsnding of the aLLOUnts' lo be reached. C Beamond The As'soLia¢ion of Chartered Certified Accountants. Streets Dyke Ri￿Oe Ltd 110 Corve st￿¢t Ludlow SHROPSHIRE SY8 IDJ 12 Imaj 2025 Page 12 Th¢ Ous¢l¢) Church ￿1￿51£ Trust Stat¢meni of Flnan¢l>Trl Acti%'lttes for tht I'esr Ended 31 December 2024 20?4 Total funds 2023 Total tiinds Unrestricted fwids" lieslricled fund Endowment fvnd Notes IliC'OIIING RLSOL'RCES DOn￿tionS and legacies 1,560 1,560 5,2(K) llll'esttnet]I lllcome Transfer of t¢Sou￿e5 2,984 165,571 24 195,14) 198,153 186.447 Total 170,115 24 29.574 199,713 I91,￿7 RF.SOLiRCF.S FXPENDEDON Rai%ing funds In￿£Stment management Costs 508 120 29,574 30,202 27.6(K> 508 120 29,574 30,21)2 27.6(K Charitgble Acti￿tieS Gub'etnallLe cthl Grant fimding acitl'ities 20,534 140.120 28.060 107,825 137,620 Tot91 2.620 29,574 190,856 163,485 Ner gains on investments 12,306 4.809 241.585 2)8,700 134,176 ,NET I.YCO%IE 23,759 2,?13 241,585 267,5)7 162.338 RECOliCILIATION OF FUINDS Total futjds brought forwaTd 226,948 65,121 5,154,808 5,446,IS77 5,284.539 TOTkll. fuNDS CARRIED FORII".4RD 250.707 67.334 5,396,393 5,714,434 i,446,877 The notes forni pan of these fimcial statement5 Page 13 Thtouseiey Chur(h Musle TTU5t Bal*n¢e Sheet 31 Decembcr 2024 2024 Totol 2023 Total fijnds Uurestri¢trd Re5trirted fvttd Ett&)wment Notes FL¥ED ASSZTS IntaDsible assets Inv£thents 400 187,449 2.240 5J63,508 13 66.044 5,315,056 5,568,549 187,849 66.Oq4 5 J15.056 5.568,949 5,365,748 CURREPIT ASSETS tkbii)T5 Cash at baJ)k 14 15 11.901 73 J38 7,634 81J36 19,535 156,194 12,522 90,099 lJ20 85,439 lJ20 88.970 175.729 102.621 CREDITOI Amounts fa]lin8 within ( 16 122,581) (30) (7.633) (30244) (21.492} NET CURREf4T ASSETS 62.858 1290 81J37 145.485 81,129 TOTAL ASSETS LESS cuRREr￿ LIABILITILS 250,707 67,334 5J96,393 5,714,434 5,446.877 IYET ASSETS 250,707 67.334 5,396.393 5,714,434 5.446,877 FiINDS Unrestricted fi￿￿5 Restricted fi￿￿8 17 250.707 67,334 SJ96,393 226,948 65.121 5,154,808 TOTAL FUNDS 5,714,434 5.446,877 The financial statements wtt¢ appryjved by the Board of Trust¢¢s and ￿thorised for i&w¢ on 12 May 2025 and w¢re Si8ned on behAlf by.. S M DArfington-Ttu*ce The not¢s forni part of these financial statcments Pa8e14 The Ous¢lei' Church fvIus1¢ Trusi vtes tu ihl. FIN¥nci41 StatL'ments (or thl I'car Fnded 31 DLLl￿MbLr 2024 ACCOiiNTING POLICIES Ba515 of preparing the financial statements The lindnLial slaleni¢nLs ol- the ¢harit>'. w'hich 15 a public benefit entity under Financial Reporting Siand&Td 10? IFRS 1021 ellcLriN'e l January ?OlJ, havL been prepar¢d In accordanc¢ ￿lth ilie C'lwities SORP IFRS 1021 'A¢L()l￿ting and Reporting by Chantie5'. Sialellienl of Recoinrnaided Praciice, applicdble lo charities preparing their accoiints in accordan¢e wilh FRS 10? and th¢ ChJritleb Act 2011. The fillancial statLinents hab'e been prep)red under the historical cost convention with Ihe exception of investments which are Included al market 'alue. The tNstees consider Ihai the￿ are tto uncenainiies abuut the Charity's ability to Colliinue as a going concern. All inLoIiie is reco¥nised in the Sidtement of FIll￿claI Activities once the charity has entitlement 10 the funds, it is probobl¢ that the income will be received, and the anioiilll can be measured reliably. Re50urce5 expended l.iJbililie% are recogn15ed a5 eX[KnditU￿ a5 there is a legal or construLtiN'e obligation coinmitting the charity to that expcndirLITe, it is probable thai a trdnster of t￿cted Restricted funds. nd End0￿ment nd Total funds INCO.VIING RESOURCES FRO, DonJlions l¢gaLies 200 5,21M) Investment In¢(>me Transter of r￿OurceS 30 184,616 I li7,6)81 186,447 157,658 Totsl 159,659 i.030 26,9)8 191.647 RESOL'RCES EXPEINDED O Raising fund5 In%'¢simenl Ijianagemenl costs 522 120 26,958 27.6(N) 522 120 26,9)8 27,600 Charitable actis'irtes Cjoiemance ci)sli Grant tunding acti%ilie5 28,060 107,8*5 28,060 107.8?5 Total 136,407 120 26.9) 163,485 Net bJait]s on ini'estments 13.367 4.782 16,0•7 134.176 NE T I.NICo￿lE 36.619 9,692 16.027 102.338 Rfr.CO.YI'II.IATION OF FUNDS I'otal lun(ts brought tOrnl'É2rd 190,329 55,429 5.038,781 5.284.539 TOTAL FUNDS C.4RRIED FORNVARD 226.948 65.121 5.154.808 5,446.877 Page 20 CL)ntinued... The Ousele% ChurLh .Music Trust otti t(Tr the Financial Statements- continued for the l'ear Ended 31 Decenjber 2D24 IIYTANC.IBLE FIXED ASSE'rs Computer software COSl' Ai l Jaiiuarv ?0?4 and 31 Dtceinbei ?0?4 5,520 AIIORTISATION Ai l JdniiaN' 20?4 Charge for y¢¥ 1,840 Ai 31 December 2024 5,1?0 NET BOOK I'ALbE Ai 31 Decenikr 20?4 400 At 31 December ?023 9.240 12. TANGIBLE FIXED ASSETS Computer ¢quipnieni COST Ai l January 2024 and 31 DecemEer 2024 2,357 DEPRFCIATIOI Ai l Janiiary ?024 alld 31 Decetnb¢i 20?4 2,357 Tr4ET BOOK Tr'.4LL.E At 31 Deccmber 20?4 At 31 tkcember 20?3 Pag¢21 conliniied... Thl Ou5¢1c? Church 11 lusit Trust ote5 to the Fingth£i#l Sr#teffte￿t5- ¢Olltinued for ihc l'ear Ended 31 De¢¢mbcr 2024 13. FIXED ASSET IN1'EST￿lE￿1Ts UIiTe5thcted fund Restricted tund Endow'ment fund Listed investments Total 20?4 T012170?3 i arkei %'k)liie as ai 31 Deceillber ?023 Additions. Disposals Nei gaingllossesl, 184,li2 4.7)3 113,7621 63,775 5,080,5X I 649,399 1691.5091 241,585 5,328,i08 654,152 i,141,604 363,041 1310.312} 134,175 12,5401 4,809 258,700 Market N'alue as ai J l Decetnber ?n24 Briiitn at ￿aluatIOn at Cy-Prts scheme tnception 187.449 66,(M4 5,280,056 5.533,549 5.328.508 3),000 35.000 35.Otx) Total value a% al 31 December 20•4 1117,449 66.044 5.315.Oi6 5.5()8,549 5,363,508 31 tkcember 2024 161,41? 51,294 4,317.021 4,5?9.727 4.446.940 Invesrnieijts al inarkel value comprised.. 20?4 2073 4.230,347 1,3L)3,202 3,999,167 .329,341 Fixed interest securities Listed inN'e5tment5 Briiien ms at ¥aluation at Cy-Pres scheme inLeplion 5,533,549 35,orJ) 5.328,iO 3).000 Fixed assd invesnnents 5,568,549 5,363.-$08 Included in equities are overseas invested fi￿dS and unit In￿lS.. ,154,356 827,574 *The additions and disposals of investments durin8 tlie year a￿ %taied after incliiding sto¢kbrokel.s co%ts'.- Conrracl fees lincluding commi%sion chg%l LeTry fees Total 2024 Total ?023 82 82 Page 22 continued... Th¢ Ou%tlL') Church P+lusic Trust hotC5 tv thl Finan¢ial Stat¢metti$- ¢ontinu¢d for ihc I'tar F.ndtd 31 Decembtr 2024 13. FIXED ASSET INVF.STPwlENTS- £ontlnuLMi Unrestricted nds Restricted fund Endownient ** Nei gainslllossesl 2024 fvnd Total 2024 Realised gain&llossesl Inetl Unreali5ed gainvllosse51 Inetl 913 11,393 95 4,715 79,379 212206 30,387 ??8,-I14 12,306 4,810 241,585 258,701 u[￿¢striCted nds. Restricted fiind Endoii'ment fiind *•N'et gain¥llossesl 20)3 Total )023 Redlised gain￿ I105ses1 Ineil Unreali5ed gainsi 38 4,744 1232151 139,242 (22,958 157.134 13,148 13,367 4.782 116,0?7 134,176 14. DEBTORS.. A￿[oL YTS FALLING DUE IVITHIP4 OYE YE.4R 2024 2023 EX￿rtdable ￿lld.. Funds held at brok¢t5 Amvunis 0￿ed by Pickering Designaied f￿rtd lo Expendable fvnd PTepa!nienls 11,462 7,571 i)0 401 439 i.566 Endowneni fijnd.. Amounis D￿'ed by Expendable fund to Endowmeni tiind 7,634 4.430 7,634 4,430 19,535 12,522 Page 23 continued... I'ho Ouselei. Church %1u5ic Trusi ote5 tu the Financial Statement5- continued fur thL, Yi'ar EndL,d 31 DI*LmbLr 2024 Is. CASH AT B￿￿K Birch Designated fund Pickerittg De5ion3ted Total Unresiricted funds Expendable fund Ca%h held al CAF Bank Cash held al broke15 40,843 ?7.447 4,517 267 127 337 45.487 28,0) I 68290 4.784 464 73,538 Pickerii Resiricied fuiid 2024 Total ?0?3 Total funds Endowm)eni nd Cash held at CAF Bank Cash held at brokers 1,009 46,496 109,698 46.240 43,859 81.336 1,320 81.336 156.194 16. CREDITORS: AIIOUNTS FALLI.YG DL'E IVITHI) O.NE YEAR 2024 2023 Expeiidable fund.. Trnde ¢reditors Other accrua15 Amounts owed io Endowment fund by Expendable ￿nd 5,198 9,689 7,634 314 9,813 4,430 22.521 14,557 Pickering tk5ignaled fund.. Other a¢Ert￿lS AtTrioiinls owed to Expelldable fund by Pickering Designaied 30 30 120 30 150 Biich De.signated fund.. Other accruals 30 30 Total Unr￿l￿tied Crediiors 22.581 14,737 Pickering Resiri¢ied'. Other accruaJs- 30 30 30 30 Endowmeni hmd.. Other accruals 7,633 6,7?5 30,244 21,49? Pa¥e 24 eontinued... The Ousele). Church Ni Iusic Trust Notes to the Ftnancial Statements- continued ror the l ear EndL,d 31 December 2024 17. I%IOVE%IEYT IN FUN'DS Expendable Birch Desi¥naied PickeTin¢F Dts. j(Tnaied Total Un￿b¢[iLled Opening balance Inloniing resour¢e.$ Re%oiirces expended Gains.'Ilossesl Transfers behveen funds UnrtstriLled Eiidoii'ment Rcstticted 78,5?1 4.518 1155,9721 1.401 90,951 57,476 2?6,948 4.544 115¥,6621 12.30() 11.6201 4.?87 6.618 165,571 165,571 Closing balance 94,089 97.449 59.169 2iO,7U7 et gssets Fixed assets Intsngible assets Tangible assets Listed inveitmenis 4W 400 36.019 9?,69) 58,735 187.449 36,419 92,695 58,735 187.849 Current assets Debtors Cash at bank 11,9)1 68,29 4,784 464 73,358 77,237 4,784 464 8),439 Creditor5- arnounts falling diie within one year 122,5211 1301 1301 122,5811 F%et current (liabilitiesllassets Total ass¢15 Its5 current liabilities nei assets 54.714 4.754 434 91,133 97.449 59,169 250.707 Page 25 Continued... The Ou5ele) Chur&h Music Trust Notes to the Finallcial St&temcnls- eontlnutd for the I'car Endcd.11 Dcc¢mbL'r 2024 Total Unresirici¢d Pickering Restrilied Endowinenl Total Fi￿d8 Opening balance Incon)ing resources Resources expended CJain*lllo.%%esl TransfeTS between funds Endownienr Resiricted ?2A.948 5,154.%(J8 195,14) 129.i741 241.i85 5,446,877 199,713 1190,8561 258,700 24 12,6?01 4.809 I l i8.6h? I 1).306 165,571 {165,5711 Closing balance ?50.707 67,334 5,396.393 i,714,434 Net a55ets Fixed assets Intxrtgible ass¢ts Tanoible assets Listed Investments Holograph ms cotnposilion sketch of Britten s￿ng Qiianer No. 2, Opus 30 400 187,449 06,044 5,280,Oi6 5,i33,549 35.(M)O 35.000 187.849 66,044 5,315.056 5.568.949 Curreni assets Debtors Cash ai bank 7,634 81,336 19.535 156,194 73,538 1,320 85,439 1,320 8¥,970 175,729 C'reditors- amounts falling due within one year (22.581 } 1301 17,6331 130,2441 Net current assets Total less Lutrent liabilities- nei asse15 81,337 145.485 250,707 67.334 5,396,393 5,714,434 Utirestricted tunds are availabl¢ to be spent for any of the piirposes of the charity. These funds comprise the Expendable fund, Ihe BiT¢h Designated ftind and the Pickeri￿g De51gnaied fund. 'rhe Birch Dtsignated fund is available ti) supplenient the gTanls made b}. the charity. and thi5 fund 15 nom)all}' being expended at the rdte of £10,000 per annum by iyay of an annual tranifer of ft￿d9 from the Bitch Designated ftiiid to the Expendable ￿rt(L The Pickering Resiricied and Ihe Pi¢kerin¥ Designated funds are aiallable to be spent on grants for young people born OT broiight up in Lincolrtshire and Nottinghamshire for choral or or¥an Iraining. The EndowTri¢nt fvnd w35 ¢onsliliited by a Cy-Pres Scheme a8re¢d with the Charity Cornmissionet5 for England & ￿'al¢5 on 6 DeLeniber 1989 and has been inLreased by legacies In subsequent Jears The irtvome g¢neTaid on the tiiiid is a￿aIlable lo finance the activities of the charity and is achieTred bj an annual transfer from the Endownient fvnd 10 the EX￿ndable fi]nd con)prising Ihe total incoming resources after the dediiction of the I￿￿estment tnanagenienl cosis. Page 26 c(Jntinued... The Ou5ele) Church P¥lusic'fru5t tes to the FiTraaJciAI Statements- continued for the I'car Endcd 31 Decenibcr 2U24 18. RELATED PARTY DISCLOSURES There iNere no reiaied pany irnn5aciion￿ for the yearended 31 December 20?4. Page 27