Registered Charity No. 802994
ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2025
ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
| Contents | Pages |
|---|---|
| Trustees’ Report | 1 to 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial activities | 5 |
| Balance sheet | 6 |
| Notes to the Accounts | 7 to 12 |
| Notes on gifts to the endowment capital since 1990 | 13 |
ASCMCMT report and accounts 2025 - Approved 22.02.2026
ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
Administrative information
All Saints Church Marylebone Choir and Music Trust (“the Trust”) was set up by a Trust Deed dated 22[nd] February 1990.
The Trust is a charity registered with the Charity Commission of England and Wales under number 802994.
The correspondence address is All Saints’ Vicarage, 7 Margaret Street, London, W1W 8JG.
The Trustees who have served from 1[st] January 2025 until the date of this report are as follows:
The Revd Dr Peter Anthony (Vicar: ex officio) Miss Catherine Hodgetts (Churchwarden: ex officio) Mr Huw Pryce (Churchwarden: ex officio) Mr Paul Golding CBE
Mr Simon Rainey KC
Structure, governance and management
In accordance with the Trust Deed, the Vicar and two Churchwardens, of the Ecclesiastical Parish of St Marylebone, All Saints’, are ex officio Trustees, the Parochial Church Council (‘the PCC’) of the Parish, (registered charity number 1132895), appoints a further two Trustees each to serve a term of three years which may be renewed.
Objectives and Activities
The objective of the Trust defined in the Trust Deed is:
To maintain and the performance and appreciation of Church Music in St Marylebone and in particular in the Parish Church of the Ecclesiastical Parish of All Saints Margaret Street.
To accord with the Trust Deed in achieving the objective, the capital endowment of the Trust received as donations and bequests is inalienable; only the income from assets which have been invested may be used for the charitable purposes.
Achievements and Performance
Since the Trust was established in 1990, until 31[st] December 2025, gifts to the capital fund have totalled £1,330,022 of which £829,737 has been in the form of legacies. In addition, there have been two gift made totalling USD $192,231 from donors in the United States which are receivable in 2026. Grants of income from the endowment made to the PCC over this same period for the music have totalled £1,255,182. As of 31[st] December 2025, the income generating capital fund of the Trust was £2,286,143 with £5,834 in the income fund. In 2025 the Trust made quarterly grants to the PCC totalling £50,050 to assist with the maintenance of the musical tradition of All Saints’ through the employment of the music staff and engaging professional singers.
Grants from the Trust currently cover well under half of the costs incurred by the PCC for the music staff and paying singers’ fees. The Trustees are endeavouring to encourage donors to make gifts of capital or provision in their wills of bequests to the Trust. The intention is that the endowment fund will be augmented to a level where the income generated covers all the costs of music in the Parish Church.
ASCMCMT report and accounts 2025 - Approved 22.02.2026
Page 1
ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
The PCC has initiated an appeal for renewal of giving to the Trust; this was formally launched on 1[st] November 2025 to encourage one-off gifts, regular donations and future benefactions through legacies and similar instruments. The PCC are administering one-off and regular online giving which will expedite gift-aid recovery; the cash as received will be routinely transferred from the PCC to the Trust. In late 2025 gifts made through the PCC with gift-aid thereon totalled £35,207 and there was an increase of direct giving to the Trust in 2025 of £2,610 above the sum given in 2024. A gift of shares was made directly into the investment portfolio having a value of £27,000 at the date of transfer. These donations are shown on the balance sheet for 2025.
The Appeal has been generously supported by donors in the USA. Two very significant gifts were made in December 2025 of USD $52,231 and USD $140,000 which were paid to the Chapel & York US Foundation, as agents to enable tax efficient giving; these gifts will be transferred to the Trust via the PCC account when received in 2026. These gifts from donors in North America are not included on the balance sheet for 2025.
Legacies continue to be a principal source of new endowment capital and gifts in wills should continue to be bequeathed directly to the Trust (The charities details are under administrative information above).
The Trustees monitor the performance of the investment portfolio managed on their behalf by Brewin Dolphin, the Trust’s financial advisors and stockbrokers. In 2016 the Trustees delegated the Discretionary Management of the portfolio to Brewin Dolphin with the Trustees retaining responsibility for agreeing investment policy with the stockbrokers who are responsible for decisions on purchases and sales in accordance with the agreed strategy.
In 2025 the Trustees have been actively reviewing the arrangements for the management of the investment portfolio in the context of the decreasing percentage income return being achieved but note that there has been significant increase in the capital value of the funds invested. This process is continuing in 2026; investment arrangements remain under review. In the short term the decision has been made that incoming gifts of cash should be placed on deposit with CCLA which is providing a percentage return close to the Bank of England base rate, although recognising that the value of capital held on deposit will not increase.
Investment Policy
The Trust’s Investment Policy, is that the real value of the endowment should be maintained and if possible enhanced through holding a diversified portfolio of bonds and equities to exceed cash rates and inflation whilst producing a reasonable and sustainable level of income which is essential for the charitable objectives. The agreed risk category, agreed with the investment managers, is Risk Category 6 – Moderate Investment Risk.
The main form of financial risk is that of volatility in investment income, which would limit the Trust’s ability to maintain its level of grants towards the charitable objective of supporting the Church’s music.
Financial Review
In 2025 donations totalling £44,027 were made to the endowment fund (2024: £6,210). A gift of shares was made having a market value of £27,000 when received into the portfolio. A legacy of £50,000 was received during the year (2024: £nil). This does not include two substantial donations made through Chapel & York in the US as noted above.
Income generated by the fund in 2025 was £53,044 including dividends pending of £782 (2024: Total £52,820 including dividends pending of £1,200). As stated above, in 2025 the Trust made grants to the PCC during the year under review totalling £50,050 (2024: £50,000.) The surplus covered the minimal administration costs of the Trust.
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
The capital value of investments (excluding the income account) increased through realised and unrealised net gains by £144,286 after payment of portfolio management costs (2024: £107,167). The investment portfolio including cash held in the transactions and dealing account, but excluding the income account and dividends pending, had a market value at 31[st] December 2025 of £2,169,825 (2024: £1,998,539).
In March 2025 the sum of £21,472, being the endowment fund cash held in the bank at 31[st] December 2024, was transferred to the CCLA deposit account, A legacy received of £50,000 and donations of £5,050 were transferred to the CCLA account in June. At 31[st] December 2025 there was £77,340 on deposit at CCLA (2024: £819). The rate of interest paid on this account decreased during the year from 4.6% to 3.8% at 31[st] December 2025.
The net result for the year of capital and income together was an excess of incoming resources over outgoing resources of £267,647 (2024: £115,537). This amount has been added to the fund balances brought forward giving a year-end total of £2,291,977 (2024: £2,024,330).
By 31[st] December 2025 the PCC had raised £35,207 for the choir and music endowment which was passed to the Trust in January 2026. These monies together with the endowment fund cash of £3,770 held in the current account on 31[st] December 2025 and totalling £38,977 were added to the deposit with CCLA in January 2026.
Serious Incidents
An incident which has taken place in a charity is considered as serious if it has resulted or could result in a significant loss of funds or a significant risk to the charity’s property, work, beneficiaries or reputation. There were no serious incidents of which the Trustees became aware during the year.
Reserves
The Trustees do not have a formal policy concerning reserves and do not formally set aside specific sums as reserves. They do not consider that this is necessary because (a) the assets held are periodically reviewed against current and likely future demands to ensure their adequacy, (b) the Trust's activities consist exclusively of grantmaking, and grant payments, are considered in light of available assets, and (c) the administration costs of the Trust are minimal.
The Trustees make no commitment to maintain a defined level of grant to the PCC as the principal beneficiary but only indicates the level of grant which may be possible during the year.
Approved by the Trustees on 22[nd] February 2026 and signed on their behalf by:
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report on the accounts of the All Saints Church Marylebone Choir and Music Trust for the year ended 31[st] December 2025, which are set out on pages 5 to 12.
Respective responsibilities of Trustees and Examiner
As Trustees, you are responsible for the preparation of the accounts; you consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to these matters set out in the statement below.
Independent Examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Francis Lee Francis Lee & Co. Chartered Certified Accountants 62 Ainsdale Road London W5 1JX
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ad
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…… February 2026
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
STATEMENT OF FINANCIAL ACTIVITIES AS AT 31[ST] DECEMBER 2025
| Notes | 2025 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| Income | Endowment | Income | Endowment | ||
| £ | £ | £ | £ | ||
| Income and endowments | |||||
| Donations in cash | 2 | 44,027 | 6,210 | ||
| Gift of shares | 2 | 27,000 | 0 | ||
| Legacies | 3 | 50,000 | 0 | ||
| Deposit interest | 4 | 1,210 | 42 | ||
| Investment income | 4 | 51,052 | 51,578 | ||
| Dividends pending | 4 | 782 | 1,200 | ||
| 53,044 | 121,027 | 52,820 | 52,820 6,210 |
||
| Expenditure on raising funds | |||||
| Costs of generating voluntary income | 0 | 0 0 |
0 | 0 0 |
|
| Expenditure on charitable activities | |||||
| Investment management costs | 5 | 12,785 | 12,260 | ||
| Grants made (to the PCC) | 50,050 | 50,000 | 50,000 | ||
| Bank fees | 120 | 120 | 120 | ||
| Fee for Independent Examiner | 8 | 540 | 540 | 540 | |
| 50,710 | 12,785 | 50,660 | 50,660 12,260 |
||
| Net income (expenditure) before investment gains / (losses) |
2,334 | 108,242 | 2,160 | 2,160 (6,050) |
|
| Gains/losses on investments | 5 | 157,071 | 119,427 | ||
| Net income (expenditure) | 2,334 | 265,313 | 2,160 | 113,377 | |
| Other gains / (losses) | 0 | 0 | |||
| Net movement in funds | 2,334 | 265,313 | 2,160 | 113,377 | |
| Fund balances brought forward | 3,500 | 2,020,830 | 1,340 | 1,340 1,907,453 |
|
| Fund balances carried forward | 5,834 | 2,286,143 | 3,500 | 3,500 2,020,830 |
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
BALANCE SHEET AS AT 31[ST] DECEMBER 2025
| Fund | Notes | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Debtors | ||||
| Fixed asset investments | ||||
| Investment portfolio - Equities and Bonds | E | 5 | 2,150,145 | 1,993,378 |
| Investment portfolio - Transactions Account | E | 5 | 19,681 | 5,161 |
| Total fixed asset investments | 2,169,826 | 1,998,539 | ||
| Current assets | ||||
| Cash held by PCC (capital endowment fund) | E | 6 | 35,207 | 0 |
| Cash at bank (capital endowment fund) | E | 6 | 3,770 | 21,472 |
| Cash at bank (income fund) | I | 6 | 577 | (364) |
| CCLA (capital endowment fund) | E | 4 | 77,340 | 819 |
| Investment Portfolio - Income Account | I | 5 | 5,015 | 4,168 |
| Dividends pending | I | 5 | 782 | 1,200 |
| Total current assets | 122,691 | 27,295 | ||
| Less: current liabilities | ||||
| Creditors | I | 8 | 540.00 | 1,504 |
| Net current assets | 122,151 | 25,791 | ||
| Total assets less liabilities | 2,291,977 | 2,024,330 | ||
| Funds | ||||
| Capital Endowment Fund | E | 2,286,143 | 2,020,830 | |
| Income | I | 5,834 | 3,500 | |
| Total funds | 2,291,977 | 2,024,330 |
These accounts were approved by the Trustees on 22[nd] February 2026 and signed on their behalf by:
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
NOTES TO THE ACCOUNTS
1 ACCOUNTING POLICIES
The accounts
The accounts have been prepared under the historic cost convention and in accordance with suitable accounting standards, except as mentioned below, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 and the Charities Act 2011.
Fixed Asset Investments
Equity investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the market value. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The Trust is not currently subject to identifiable financial risk.
Short-term deposits include cash held at the bank.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Funds
The Trust was set up by the Trust Deed dated 22[nd] February 1990 and is registered as a charity in England and Wales under registration number 802994.
Under charity law following the expiry of the first twenty-one years of the trust, there is no longer power to accumulate income, and it therefore becomes necessary to distinguish between income and capital. All covenants, gifts and legacies are received as capital. Interest and other investment income is disbursed for the charitable objects of the Trust. All expenditure on grants and administration is made from income to the extent that income is available.
This accords with the requirement of the Trust Deed that the capital of the Trust which has been received through gifts and bequests is inalienable; only the income from assets after they have been invested may be used for the charitable objectives.
Incoming resources
Donations and legacies
Donations and immediate legacies are recognised as soon as the Trustees are notified of the Trust’s entitlement and the amount due. Reversionary legacies are recognised when the reversion falls in.
Investment income
Dividends and interest and any recoverable tax thereon are recognised when due.
Resources expended
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.
Grants are recognised when payable within available income. All other costs are recognised when the relevant liability is incurred.
No remuneration or other material benefits have been paid or are payable directly or indirectly to any person connected with the Trust (see also note 9).
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
2 DONATIONS
A gift of 5,000 Allianz Technology Trust PLC Ordinary shares in valued at £27,000 (540 pence each) upon receipt on 31[st] October 2025.
A donation was again received from the Offenheim Trust of £5,000 in 2025 with a number of other donations. The total value of the cash gifts received in 2025 was £44,027 (2024: £6,210).
3 LEGACIES
During 2025 a pecuniary legacy of £50,000 was received from the estate of the late Brian Malcolm Brown who died in 2022. (Legacies in 2024: £0).
4 INVESTMENT INCOME
The investments held with Brewin Dolphin (Note 5 below) produced an income during the year ended 31[st] December 2025 of £52,252 (2024: £53,660). These figures have not been adjusted for the dividends pending at the beginning and end of the year and therefore differ from those on the Statement of Financial Activities.
The dividends and interest are paid into the portfolio income account and cash accrued in this account is transferred by the stockbrokers to the Trust’s bank account during the second week of each month with some three weeks income therefore held by the brokers at 31[st] December of each year. The cash transfer to the bank in 2025 was £51,405 (2024: £54,130). Movement of funds between accounts is shown in the cash analysis (Note 6).
A separate cash investment deposited with CCLA generated interest during 2025 of £1,210 (2024: £42). The large increase was due to the transfer of £76,521 into this account in 2025.
The total income for 2025 was £53,462 (2024: £53,702) before adjusting for the pending dividends.
5 INVESTMENT PORTFOLIO
As at 31[st] December 2025, the investment portfolio excluding the income account and dividends pending had a value of £2,169,826 (2024: £1,998,539). During the year there no cash augmentation to the portfolio (2024: nil). As noted above, there was a gift of shares valued at £27,000 upon transfer into the portfolio. There was an increase in value of the investments through realised and unrealised gains of £157,071 (2024: £119,427) before payment of portfolio management cost of £12,785 (2024: £12,260). After payment of investment management costs the increase in value of existing investments in 2025 was £144,286 (2024: £107,167). Investment management costs are paid from cash held within transactions and dealing account of the investment portfolio and not from investment income generated by that portfolio.
There is a separate interest-bearing deposit account with CCLA as stated above.
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
Analysis of the Portfolio Performance
| Analysis of the Portfolio Performance | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Total Portfolio Value - Opening Balance | 2,003,907 | 1,898,092 |
| Capital Fund - Opening Balance | 1,998,539 | 1,891,372 |
| Cash augmentation | 0 | 0 |
| Gift of shares - augmentation | 27,000 | 0 |
| Portfolio Management Fees | (12,785) | (12,260) |
| Gain / (Loss) before Fees Paid | 157,071 | 119,427 |
| Capital Fund - Closing Balance | 2,169,825 | 1,998,539 |
| Gain / (Loss) after Fees Paid | 144,286 | 107,167 |
| Income Fund - Opening Balance | 4,168 | 4,638 |
| Income paid in | 52,252 | 53,660 |
| Income paid out | (51,405) | (54,130) |
| Income Fund - Closing Balance | 5,015 | 4,168 |
| Dividends Pending | 782 | 1,200 |
| Total Portfolio Value - Closing Balance | 2,175,623 | 2,003,907 |
| Income Return | 2.61% | 2.84% |
| Return on Capital before Fees paid | 7.86% | 6.31% |
| Return on Capital after Fees paid | 7.22% | 5.67% |
| Total Return before fees paid | 10.47% | 9.15% |
| Total Return after fees paid | 9.83% | 8.50% |
Five year return
At the end of 2020 the value of the capital fund was £1,735,274; at the end of 2025 after adjustment to remove the effect of cash augmentations over the five years this was £2,031,951, an increase of £296,677. The percentage increase in the un-augmented capital was therefore 17.10% or 3.21% compound per annum.
Total Income over the five years was £269,043 on the investment before the augmentation; an average annual return of 2.87%
Combined capital growth and income on the original sum before the augmentations was £565,721. Total as a percentage of the 2020 value is 32.60 % or an annual compound return of 5.81%.
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
Investments in the Portfolio at 31[st] December 2025
==> picture [483 x 646] intentionally omitted <==
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Absolute Return|0.9%|
|Global Property|2.5%|
|UK Equities|17.0%|Gold|2.9%|
|Other Alternatives|2.5%|
|Cash Product|1.8%|
|Dealing and Deposit Account|0.9%|
|Income Account|0.2%|
|Dividends Pending|0.0%|
|Global IG Corporate Bonds|3.4%|
|Global Index-Linked Bonds|3.2%|
|Global Sovereign Bonds|2.8%|
|UK IG Corporate Bonds|0.9%|
|UK Sovereign Bonds|5.7%|
|eM|
|Developed Asia ex Japan|6.2%|
|North America Equities|34.1%|Developed Europe ex UK Equities|5.7%|
|Emerging Equities|1.4%|
|Global Equities|5.2%|
|Japan Equities|2.7%|
|Value at 31|[st]|December 2025|Value at 31|[st]|December 2024|
|Global IG Corporate Bonds|£73,178|3.4%|Global IG Corporate Bonds|£96,570|4.8%|
|Global Index-Linked Bonds|£70,369|3.2%|Global Index-Linked Bonds|£18,250|0.9%|
|Global Sovereign Bonds|£61,489|2.8%|Global Sovereign Bonds|£85,324|4.3%|
|UK IG Corporate Bonds|£19,914|0.9%|UK IG Corporate Bonds|£43,028|2.1%|
|UK Sovereign Bonds|£124,294|5.7%|UK Sovereign Bonds|£86,773|4.3%|
|Developed Asia ex Japan|£135,271|6.2%|Developed Asia ex Japan|£125,098|6.2%|
|Developed Europe|£124,549|5.7%|Developed Europe|£81,186|4.1%|
|Emerging Equities|£29,422|1.4%|Emerging Equities|£20,583|1.0%|
|Global Equities|£113,668|5.2%|Global Equities|£121,214|6.0%|
|Japan Equities|£58,647|2.7%|Japan Equities|£61,027|3.0%|
|North America Equities|£741,544|34.1%|North America Equities|£706,113|35.2%|
|UK Equities|£369,105|17.0%|UK Equities|£366,000|18.3%|
|Absolute Return|£19,120|0.9%|Absolute Return|£18,649|0.9%|
|Global Property|£54,370|2.5%|Global Property|£52,171|2.6%|
|Gold|£62,777|2.9%|Gold|£40,865|2.0%|
|Other Alternatives|£53,528|2.5%|Other Alternatives|£53,327|2.7%|
|Cash Product|£38,900|1.8%|Cash Product|£17,200|0.9%|
|Total Invested|£2,150,145|98.9%|Total Invested|£1,993,378|99.5%|
|Dealing Account|£19,681|0.9%|Dealing Account|£5,161|0.3%|
|Income Account|£5,015|0.2%|Income Account|£4,168|0.2%|
|Total Dividends Pending|£782|0.0%|Total Dividends Pending|£1,200|0.1%|
|Portfolio total|£2,175,623|100%|Portfolio total|£2,003,907|100%|
----- End of picture text -----
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
6 CASH MOVEMENT ANALYSIS
| CCLA | Portfolio | Portfolio | NW Bank | NW Bank | |
|---|---|---|---|---|---|
| Deposit | Dealing | Income | Capital | Income | |
| Account | Account | Account | Fund | Fund | |
| Endowment | Endowment | Income | Endowment | Income | |
| 2024 | £ | £ | £ | £ | £ |
| Brought forward from 2022 | 819 | 18,826 | 4,638 | 15,262 | 6,384 |
| Donations received | 6,210 | ||||
| Legacies | 0 | ||||
| Investment income to Portfolio | Investment income to Portfolio | 53,660 | |||
| Income Portfolio to Bank | (54,130) | 54,130 | |||
| Interest from CCLA | 42 | ||||
| To CCLA for Investment | |||||
| To investment Portfolio | 0 | 0 | |||
| Sale of investments | 744,735 | ||||
| Purchase of investments | (746,140) | ||||
| Investment management fees | (12,260) | ||||
| Grants* | (60,800) | ||||
| Bank Fees | (120) | ||||
| Fee for Independent Examiner | 0 | ||||
| Carried forward to 2025 | 819 | 5,161 | 4,168 | 21,472 | (364) |
| *Cash payment in 2024 includes £10,800 for grant agreed for 2023 but not disbursed in the year. | *Cash payment in 2024 includes £10,800 for grant agreed for 2023 but not disbursed in the year. | ||||
| 2025 | |||||
| Brought forward from 2024 | 819 | 5,161 | 4,168 | 21,472 | (364) |
| Donations received** | 8,820 | ||||
| Legacies | 50,000.00 | ||||
| Investment income to Portfolio | 52,252 | ||||
| Income Portfolio to Bank | (51,405) | 51,405 | |||
| Interest from CCLA | 1,210 | ||||
| To CCLA for Investment | 76,521 | (76,522) | |||
| To investment Portfolio | 0.00 | ||||
| Sale of investments | 467,042 | ||||
| Purchase of investments | (439,737) | ||||
| Investment management fees | (12,785) | ||||
| Grants* | (50,050) | ||||
| Bank Fees | (120) | ||||
| Fee for Independent Examiner | (1,504) | ||||
| Carried forward to 2026 | 77,340 | 19,681 | 5,015 | 3,770 | 577 |
| **Excluding £35,207 in cash held with PCC on 31 | **Excluding £35,207 in cash held with PCC on 31st December 2025 transferred in 2026 | December 2025 transferred in 2026 |
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
7 THE JOHN BIRCH ORGAN SCHOLARSHIP
John Birch, who died in 2012, left a bequest of £25,000 with the wish that it be retained as an endowment fund to foster and encourage the musical tradition of All Saints’. In 2013 the trustees of Dr Birch’s estate agreed to convey a share of the residue to the Trust to endow the Organ Scholarship in his name. In 2013 the pecuniary and residuary endowment received was £86,823 with a further £3,793 the next year. At the end of 2014 with growth of the capital sum received and the final share of the pecuniary legacy the fund value increased to £90,887 or 6.07% of the total value of the fund. The value of the endowment then increased with the stock market but decreased as a proportion of the whole as other gifts and legacies were received for the original objectives of the Trust.
In 2018 an appeal was made to augment the fund to increase the relative size of the bursary and a single donation £20,000 was given. This increased the proportion of the total fund to 6.83%. Since 2018 further benefactions to the original objectives of the Trust have reduced the proportion attributable to the organ scholarship endowment which by the end of 2025 was 6.12% of the total value. The notional value of the organ scholarship endowment at the end of 2025 was £139,868.
| Gifts to Scholarship | Gifts to Choir and | Total Capital | Apportioned to | ||
|---|---|---|---|---|---|
| Endowment | Music Endowment | Investments | Scholarship | ||
| 2024 | £0 | £6,210 | £2,020,830 | £130,547 | 6.46% |
| 2025 | £0 | £121,027 | £2,286,143 | £139,868 | 6.12% |
The total grant made to the PCC in 2025 was £50,050 of which 6.12% or £3,063 is attributable to the ongoing organ scholarship costs of the PCC. The PCC determine the size of the bursary for the ensuing year before the actual income attributable can be known. The bursary in any year may therefore be above or below the associated investment income for that year.
8 INDEPENDENT EXAMINER AND CREDITORS
| Fees and Grants | Previous year | Paid in 2025 | Total accrued | |
|---|---|---|---|---|
| for 2025 | accrual (2024) | to 2026 | ||
| Independent examiner | £540 | £1,504 | 1,504.00 | £540 |
| Grants to PCC | £0 | £0 | £0 | £0 |
| Total to balance sheet | £540 | £1,504 | 1,504.00 | £540 |
9 TRUSTEES’ REMUNERATION AND EXPENSES
No remuneration or other material benefits have been paid or are payable directly or indirectly to any Trustee or any person connected with the Trust.
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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ALL SAINTS CHURCH MARYLEBONE CHOIR AND MUSIC TRUST ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] DECEMBER 2025
NOTES ON GIFTS TO THE ENDOWMENT CAPITAL SINCE 1990
Summary of the gifts, grants and legacies to Capital Fund at 31[st] December 2025:
| Transferred from the PCC and All Saints Foundation in 1990 | £11,152 |
|---|---|
| Transferred from closed "Newcastle Trust" in 1995 | £16,976 |
| Gifts, covenants, tax recovered thereon | £472,156 |
| Legacies | £829,738 |
| Total of donations to the Capital | £1,330,022 |
Transferred from the PCC and All Saints Foundation in 1990
These are the donations and monies raised for the appeal from 1989 until they were transferred into to the Trust following its formal creation in February 1990. They include £1,205 from the Eric Arnold Memorial Fund.
Transferred from closed "Newcastle Trust" in 1995
The All Saints Choir School Trust Fund was established on 18[th] March 1918 with a capital sum of £4,000 from Henry Pelham-Clinton, Seventh Duke of Newcastle and Churchwarden of All Saints’. The income was to assist former boys of the Choir School in their continuing education. The school closed at Easter 1968; fifteen years later in 1983 the Trust was determined and the capital of £12,372.42 was repaid to the benefactor’s estate. The Nineth Duke of Newcastle then gave £12,400 to create the All Saints Music Trust with very specific purposes. Under the provisions of the Charities Act 1993 the funds from this Trust were passed to the present Trust in 1995.
Legacies
Legacies received for the endowment to support the musicians fees have totalled £739,121. The legacy and grant from the estate of the late Dr John Birch to support the organ scholarship came to £90,616. The combined total of £829,737 has been received by the Trust from legacies since 1990.
The legacies made to the Trust have been from: Arthur Hutchings, who died in 1989, £5,000; Derek Beavan, who died in 1992, £120,268; John Turner, who died in 1992, £700; John Hanvey, who died in 1993, £155,626; Alice Ballard (widow of Ralph), who died in 1994, £45,000; Tom Chalmers, who died in 1995, £500; Hamish Gray, who died in 1995, £10,000; Ven Anthony John Morcom, who died in 1997, £500; Diana Juniper, who died in 2002, £7,861; Revd Peter Laister, who died in 2002, £500; Revd Peter Tidmarsh, who died in 2008, £2,360; Revd John Thorold, who died in 2010, £50,000; Denzil Freeth, who died in 2010, £50,000; Bishop Ambrose Weekes, who died in 2012, £84,785; Peter Elliott , who died in 2012, £15,000; Richard Tann, who died in 2013, £9,000; Barbara Thrift, who died in 2016, £4,506; Christine Ellis, who died in 2019, £25,000; Richard Phillips, , who died in 2019, £10,404; Jean Harmsworth, , who died in 2019, £4,000; Revd David Paton, who died in 2019, £7,576; Brian Malcolm Brown, who died in 2022, £50,000 (received in 2025); and, Frank Williams who died in 2022, £3,416.
The following legacies which were to All Saints Church were assigned to the Trust by the PCC: Hazel Otway, who died in 1989, £9,619; Doreen Davis, who died in 1992, £500; Mona Morgan, who died in 1996, £7,000 (in memory of Frances Elizabeth Lloyd) ; and, Geoffrey Hughes, who died in 2016, £60,000.
ASCMCMT report and accounts 2025 - Approved 22.02.2026
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