## Salisbury Cathedral Girl Choristers’ Fund
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 31 August 2020
Registered Charity No. 1008158
## Salisbury Cathedral Girl Choristers’ Fund INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2020
||Page in|
|---|---|
||report|
|Legal and administrative details|1|
|Report of the Trustees|2-3|
|Report of the Independent examiner|4|
|Statement of financial activities|5|
|Comparative Statement of financial activities|6|
|Balance sheet|7|
|Accounting policies|8|
|Notes to the financial statements|9-10|
Salisbury Cathedral Girl Choristers’ Fund LEGAL AND ADMINISTRATIVE INFORMATION
|President:|Dame Kiri Te Kanawa|Dame Kiri Te Kanawa|
|---|---|---|
|Life Patron:|Dr Richard Seal||
|Trustees:|The Right Honourable The Countess of Chichester||
||Michael Wade OBE||
||Esther Horwood||
||Robin Creswell||
||Luke March||
||Camilla Goldsbrough||
||The Reverend Canon Anna Macham||
|Principal Officers:|Mr Richard Gurd,|Honorary Treasurer|
|Charity Address:|c/o The Chapter Office, 6 The Close, Salisbury, SP1 2EF||
|Advisers:|Bankers:|Lloyds Bank|
|||38 Blue Boar Row|
|||Salisbury SP1 1DB|
||Solicitors:|Parker Bullen|
|||45 Castle Street|
|||Salisbury SP1 3SS|
||Stockbrokers:|JMFinn & Co|
|||4 Coleman Street|
|||London|
|||EC2R 5TA|
|Independent Examiner:|James Fletcher FCA||
|Registered Charity Number:|1008158||
Page | 1
Salisbury Cathedral Girl Choristers’ Fund REPORT OF THE TRUSTEES
The trustees present their report and the financial statements of the fund for the year ended 31 August 2020. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice on Accounting and Reporting by Charities and applicable accounting standards.
## **CONSTITUTION AND OBJECTS**
The Fund is a registered charity number 1008158. It was founded in 1989 and is regulated by a Deed of Trust dated 22 January 1992.
The principal object of the charity is the provision of choristerships tenable at Salisbury Cathedral School for the education of musical girls between the ages of 8 and 13 (inclusive), thereby enabling them to be Probationers and Choristers at Salisbury Cathedral.
## **ORGANISATION**
The trustees who have served during the year are set out on page 1. Lady Chichester is an original trustee appointed by the Trust Deed. The trustees meet twice each year and they appoint an honorary secretary and a treasurer who attend to the day-to-day running of the charity. New trustees are recruited and appointed by the continuing trustees up to an overall total of seven trustees.
## **GRANT MAKING POLICY**
A selection committee consisting of the Precentor, the Headmaster, the Cathedral Director of Music, and the Bursar of the Cathedral School awards choristerships. Awards are on the basis of:
- musical ability
- academic ability
- general potential to contribute to the life of the school and the choir.
- the financial circumstances of the child and her parents
It is intended to give a basic award to 16 choristers and 4 Probationers and additional awards to those in need. Grants are approved annually in the spring following voice trials and become payable in September of that year.
## **INVESTMENT POLICY**
There are no restrictions on the trustees’ powers of investment however, under the Trustee Act 2000, they delegated these powers to JM Finn & Co on 29 October 2012 whose appointment will be reviewed annually around November.
## **RESERVES POLICY**
It is the policy of the charity to maintain a level of free reserves sufficient to cover expenditure of one year’s grants.
## **RISK MANAGEMENT**
Risk arises mainly on the investment portfolio. Day-to-day management of the investments by JM Finn & Co mitigates it. Most income is received by bank transfer. The Treasurer banks cheques. Two trustees sign cheques drawn on the charity’s bank account. The trustees are satisfied with these arrangements.
Page | 2
Salisbury Cathedral Girl Choristers’ Fund REPORT OF THE TRUSTEES
## **ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW**
## **Review of Activities and Achievements**
During the year the Salisbury Cathedral Girl Choristers’ Fund made grants totalling £92,169 in support of the fees of girl choristers and probationers.
## **Review of Financial Transactions and Position**
The income of the fund for normal activities was £149,505 whilst grants payable and expenses totalled £107,372. Taking into account realised losses and unrealised losses on the Fund’s investments of £180,098 in the year the net assets of the fund decreased by £137,965.
## **Reserves**
At the end of the year the net assets of the Salisbury Cathedral Girl Choristers’ fund were £2,129,889 (31.08.19: £2,267,854). This included £1,899,651 (31.08.19: £2,091,982) which was held in the endowed funds.
## **Future Plans**
The trustees intend to increase their endowment funds to produce more income in order to be able to fully fund the girl choristerships and to be in a position to return to giving larger grants to families in need.
## **RELATED PARTIES**
The Salisbury Cathedral Girl Choristers’ fund is controlled by the trustees. There are no related parties. However the charity is associated with the Chapter of Salisbury Cathedral and Salisbury Cathedral School who train and accommodate the choristers.
## **PUBLIC BENEFIT**
The Trustees are satisfied that Salisbury Cathedral Girl Choristers’ Fund met the requirements of the Charities Act 2011 in relation to public benefit.
## **TRUSTEES’ RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS**
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its financial activities for that period. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- follow applicable accounting standards, subject to material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in function.
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 the financial statements comply with the Charities Act 2011, all current statutory requirements, the charities governing document, and the requirements of the revised statement of recommended practice. The Trustees are also responsible for taking reasonable steps for the prevention and detection of fraud or other irregularities.
Signed on behalf of the Trustees
…………………………………….
Jennifer Gallagher, Honorary Secretary.
Date...........................................
Page | 3
Salisbury Cathedral Girl Choristers’ Fund For the year ended 31 August 2020
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SALISBURY CATHEDRAL SCHOOL GIRL CHORISTERS’ FUND
I report on the accounts of the Charity for the year ended 31 August 2020 which are set out on pages 5 to 9
## **RESPONSIBILITIES AND BASIS OF REPORT**
As the Charity’s 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 Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act.
## **INDEPENDENT EXAMINER’S STATEMENT**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the Charity as required by section 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 and content of accounts set out in the Charities (Accounts 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Fletcher FCA Chartered Accountant Fletcher & Partners Crown Chambers Bridge Street Salisbury SP1 2LZ
Date:
Page | 4
## Salisbury Cathedral Girl Choristers’ Fund
## For the year ended 31 August 2020
|Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
General donations
Hardship donations
Music Commission
Legacies
Cathedral collections and fees
Investment income
UK listed securities and overseas stocks
Bank interest
TOTAL INCOME
EXPENDITURE ON:
Costs of generating funds
Bank and broker’s fees
Fundraising Costs
Charitable activities
Choristers’ grants payable
Hardship grants
Music Commission
Governance costs
1
1
3
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE) FOR
THE YEAR BEFORE INVESTMENT
GAINS
NET GAINS/(LOSSES) ON
INVESTMENTS
Unrealised gains/(losses) on investments
Realised gains/(losses) on sale of investments
NET INCOME / EXPENDITURE
FOR THE YEAR
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
7|General
Funds
£
Endowment
Funds
£
Total
2020
£
Total
2019
£
68,750
-
4,500
-
-
68,750
-
4,500
48,500
9,000
-
11,379
-
11,379
-
663
-
663
721
63,818
-
63,818
61,330
395
-
395
132
______
149,505
-
149,505
119,683
_______
-
12,233
12,233
10,591
-
-
-
-
92,169
-
2,250
720
-
-
-
-
92,169
-
2,250
720
95,709
-
-
720
_______
95,139
12,233
107,372
107,020
______
54,366
-
-
(12,233)
(174,710)
(5,388)
42,133
(174,710)
(5,388)
12,663
94,745
12,697
_______
54,366
(192,331)
(137,965)
120,105
175,872
2,091,982
2,267,854
2,147,749
______
230,238
1,899,651
2,129,889
2,267,854|
|---|---|
The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations. All gains and losses have been dealt with in the above statement. The notes on pages 8 to 9 form part of these accounts.
Page | 5
## Salisbury Cathedral Girl Choristers’ Fund STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2020
|COMPARATIVE INFORMATION ONLY Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
General donations
Hardship donations
Music Commission
Legacies
Cathedral collections and fees
Investment income
UK listed securities and overseas stocks
Bank interest
TOTAL INCOME
EXPENDITURE ON:
Costs of generating funds
Bank and broker’s fees
Fundraising Costs
Charitable activities
Choristers’ grants payable
Hardship grants
Music Commission
Governance costs
1
1
3
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE) FOR
THE YEAR BEFORE INVESTMENT
GAINS
NET GAINS/(LOSSES) ON
INVESTMENTS
Unrealised gains/(losses) on investments
Realised gains/(losses) on sale of investments
NET INCOME / EXPENDITURE
FOR THE YEAR
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
7|General
Funds
£
Endowment
Funds
£
Total
2019
£
48,500
9,000
-
-
-
-
48,500
9,000
-
-
-
-
721
-
721
61,330
-
61,330
132
-
132
______
119,683
-
119,683
_______
-
10,591
10,591
-
-
-
95,709
-
-
720
-
-
-
-
95,709
-
-
720
_______
96,429
10,591
107,020
______
23,254
-
-
(10,591)
94,745
12,697
12,663
94,745
12,697
_______
23,254
96,851
120,105
152,618
1,995,131
2,147,749
______
175,872
2,091,982
2,267,854|
|---|---|
The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations. All gains and losses have been dealt with in the above statement. The notes on pages 8 to 9 form part of these accounts.
Page | 6
## Salisbury Cathedral Girl Choristers’ Fund BALANCE SHEET 31 August 2020
||_Notes_|2020|2019|
|---|---|---|---|
|||£|£|
|FIXED ASSETS||||
|Investments|4|1,791,426|1,967,962|
|||______||
|CURRENT ASSETS||||
|Bank||321,183|293,003|
|Debtors|5|18.000|7,609|
|||______||
|||339,183|300,612|
|CREDITORS: Amounts falling due||||
|within one year|6|720|720|
|||______||
|NET CURRENT ASSETS||338,463|299,892|
|||______||
|TOTAL NET ASSETS||2,129,889
|2,267,854|
|ACCUMULATED FUNDS||||
|General funds|7|230,238|175,872|
|Endowment funds|7|1,899,651|2,091,982|
|||______||
|||2,129,889
|2,267,854|
The financial statements were approved by the Trustees for issue on and signed on their behalf by:
## Trustee
## Trustee
The notes on pages 8 to 9 form part of these accounts.
Page | 7
## Salisbury Cathedral Girl Choristers’ Fund ACCOUNTING POLICIES
## ACCOUNTING CONVENTION
The financial statements have been prepared in accordance with Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Charities Act 2011 and applicable regulations.
The accounts have been prepared under the historical cost convention with items recognised at cost or transactions value unless otherwise stated in the relevant notes to these accounts.
## INCOME
All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from endowment funds is unrestricted.
Gift Aid donations comprise amounts received and associated income recoverable. Gifts, collections, dividends and bank interest are included when received.
## EXPENDITURE
Expenditure is included on the accruals basis.
Costs of generating funds comprise those costs directly attributable to managing the portfolio and raising investment income.
Grants payable are charged in the year when the school fees become due. Future grants are not provided for (see note 8).
Support costs comprise those costs associated with the choristers and the administration of the charity. The charity is primarily a grant making charity with minimal overheads. The cost of the independent examination of the financial statements (governance costs) has been allocated to charitable activities, as this is the primary activity of the charity. Irrecoverable VAT is included in the associated expenditure.
## INVESTMENTS
Investments are included at market value at the Balance Sheet date.
Gains and losses (realised and unrealised) arising in the year are shown in the SOFA and are charged against the fund in which they are held. All dealing costs are after deduction of brokers’ commission.
## FUND ACCOUNTING
The funds of the charity are represented by unrestricted (general) and restricted (endowment) funds. Gifts for specific purposes are retained in the general funds and spent on grants accordingly.
Page | 8
## Salisbury Cathedral Girl Choristers’ Fund NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2020
|1|GRANTS PAYABLE|2020|2019|
|---|---|---|---|
|||£|£|
||Basic awards|92,169|95,709|
||Hardship grant|-|-|
|||______||
|||92,169
|95,709|
|2|TRUSTEES’ REMUNERATION AND STAFF COSTS|||
||No Trustees remuneration, Trustees expenses or staff costs were paid in the year (2019: £nil)|||
|3|GOVERNANCE COSTS|2020|2019|
|||£|£|
||Independent Examiner|720
|720
|
|4|INVESTMENTS|2020|2019|
|||£|£|
||Market value at 1 September 2019|1,967,962|1,269,313|
||Additions|56,421
|850,975|
||Gifted Shares|-|-|
||Disposals|(58,247)|(247,071)|
||Unrealised gains / (losses) in year|(174,710)|94,745|
|||______||
||Market value at 31 August 2020|1,791,426
|1,967,962|
||Historical cost at 31 August 2020|1,581,394
|1,571,691|
||Investments at market value comprised:|||
||UK quoted securities|1,791,426
|1,967,962|
Page | 9
## Salisbury Cathedral Girl Choristers’ Fund NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2020
|5|DEBTORS||2020|2019|
|---|---|---|---|---|
||||£|£|
||Income tax recoverable||2.750|2,500|
||Brokers’ client account||5,250|5,109|
||Legacy||10,000|-|
||||_____||
||||18,000
|7,609|
|6|CREDITORS: Amounts falling due within one year||2020|2019|
||||£|£|
||Accruals||720|720|
||||______||
||||720
|720|
|7|NET ASSETS||||
|||General|
Endowment|Total|
|||Funds|funds|2020|
|||£|£|£|
||Investments|-|1,791,426|1,791,426|
||Current assets|230,238|108,225|338,463|
||||______||
|||230,238|1,899,651
|2,129,889|
||Endowment funds comprise all gifts and donations received by the charity||excluding those received for||
||fees. These funds are mainly invested in an investment portfolio which generates the income used to pay||||
||the girls’ grants.||||
|||General|Endowment|Total|
||COMPARATIVE INFORMATION ONLY|Funds|Funds|2019|
|||£|£|£|
||Investments
Current assets|-
175,872|1,967,962
124,020|1,967,962
299,892|
|||_______|________|_________|
|||175,872|2,091,982|2,267,854|
|||_______|________|_________|
|8|FUTURE GRANTS||||
6
The grants payable to choristers and probationers are payable termly throughout their time in the choir which for most girls is 4 or 5 years. The fund aims to contribute £99,000 per annum, a total of £495,000 to basic grants over the next five years. As fees are only due and payable termly in advance these sums are not provided for in the accounts. The Fund is under no legal obligation to pay these grants.
Page | 10