Salisbury Cathedral Girl Choristers, Fund ANNUAL REPORT AND FtNANCIAL STATEMENTS for the year ended 31 August 2024 Registered Charity No. 1008158
Salisbury Cathedral Girl Choristers, Fund INDEX TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS For the yeai. ended 31 August 2024 Page in report Legal and adminislralii'e delai14 Report of the Tru4tee Repoit of Ilie Indepeiideiil examiiier Siaiement of financial aclivilie Comparalive Sialemcnl of fiiian¢ial acti"1t1• Balance sheei Ac¢ounlii)¥ policie Noie% 10 Il)e financial %ialemeni 9-10
Salisbury Cathedral Girl Choristers, Fund LEGAL AND ADMINISTRATIVE INFORMATION President,. Dame Kiri Te Kanawa Trustees.. The Right Honourable The Counless of Chi¢hest¢r Michael Wade OBE Esther Horwood Robin Creswell Luke March Camilla Goldsbrough The Reverend Canon Anna Macham Charily Address: clo The Chapter olce, 6 The Close, Salisbury, SPI 2EF Advisers: Bankers: Lloyds Bank 38 Blue Boar Row Salisbury SPI IDB Sollcitors.. Parker Bullen 45 Castlc Street Salisbury SPI 3SS Stockbrokers.. JMFinn & Co 4 Colcman Street London EC2R STA Ind¢p¢nd¢ni Examiner.. James Fl¢lch¢r FCA Registered Charity Number: 1008158 Pagel I
Salisbury Cathedral Girl Choristers, Fund REPORT OF THE TRUSTEES The Trusiee% pre.seni their report and ihe financial statemen1% of ihe fund for ihe year ended 31 August ?0?4. The rinancial .siaiemenlS have been prepared in accordance iviih Ihe accounting policies %ei out on page 8 and comply will) the chawity s Irusl deed, tl)e Charities Act ?0 I l and the Sialernent of R¢¢ommended Praciice on Accounling and Reponing by Chariiies and applicable accounlinbF %landards. COIYSTrruTION AND OBJECTS The Fund is a registered charity number l 008158. li wa% founded in 1989 and ]% r¢bpulaled by a Deed of Trust dated 22 January 1992. The principal objeci ofihe charity 1% the provision of chori%lepihip4 lenable ai Sali.%bury Caihedral School for Ihe education of musical girls beiween Ihe ages of 8 aiid 13 linclusive), thereby eiiabliiig them lo be Probaiioner% ai)d Chori.41ers al Salisbury Cathedral. ORGANISATION Tl)e Trusiees who have .served during the year are iel Qui on page l. Lady Chichesier is ali original Tru%iee appointed by the Trusi Deed. The Trustee% meet twice each year and Ihey appoinl an Honorary Secreiary and an Honorary Trea%urer who aiiend io Ihe day-lo-day running of the charily. Neiv Trusiees are recruiied and appoinied by Ihe ¢oniinuin¥ Iriisiee% lip 10 an oi'eral I lolal of qeven Iru*lee%. GRANT INIAKING POLICY A 4eleciion cominiiiee coi)8isiinLy of (he Precenlor, the Headma%ler. the Cathedral Direclor of Music. aiid Ihe Bur%ar ofilie Cathedral School awards ¢hori%lerships. Award% are oil the basi% or.. mu%ical ability academic abiliiy eneral potential lo conlribuie 10 Ihe life ofihc School aiid ihe ¢hoii'. Ihe financial circum%lances of the child aiid li¢i' paienis li 1% iniended io &Five a basic aivard lo 16 cl)ori¥lers aiid 4 pi'obaiioner¥ aiid additional award4 lo Iho¥e in need. Grani% are approved ani)ually in the Spring folloM'in¥ voice trial4 aiid become i?ayable in Seplember of Ihai year. INVESTIllENT POLICY Tliere are iio resiri¢iioiJs 01) Ille trustees poii'ers of ii)vesliiieiil liowever. iiiider tlie Triislee Act ?000. Iliey delegaied these power.% io JM Fiiin & Co on 29 Oclobcr 2012 M,ho%e appoinlmeiil will bc iei'ieived annually arouiid November. RESERVES POLICY li is the policy of the charity lo mainiain a level of free reserves 4ufficienl lo covei. expeiidilure of one > ear s gran15. RISK INIANAGEMENT Risk arises mainly on the inv¢8lmeni portfolio. Day-lo-day maiiagemenl of the iiive%1Ment by JM Finn &. Co mili¥alety it. Most iiicome is received by baiik traiisfer. The Treasurei. baiiks cheque%. Two Tru.siee% sign cheque% draivii oli ihe cliarilv s bank a¢¢oui)i. The Trustees are 5alisfied iviih these arrang¢inenls. PaLie | 2
Salisbury Cathedral Girl Choristers, Fund REPORT OF THE TRUSTEES ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW Review of Activitie5 and Achlevements During the year Ihe Salisbury Cathedral Girl Choristers. Fund made grants toialling £109k in support of the fees of girl choristers and probaiioners. Review of Financial Trans2etlons and Posltlon The income of the fund for normal activities was £144.061 whilsl grants payable and expenses lolalled £123,493. Taking into account realised and unrealised gains on the Fund's investments of £158,034 in the year the net assets of the fund increased by £178,002. Reserves At the end of thc ycar Ihc net assets of the Salisbury Cathedral Girl Choristers. fund were £2,540,074 (31.08.23: £2.361,472). This included £2,145,463 (31.08.23.' £2,(M)1,035) which was held in Ih¢ endowed funds. Future Plans The Truslecs are commilled lo maintaining their support for the girl ¢horislerships al the Current level, covering 300/0 of day school fces, and will continue lo strive lo uphold this commitment. RELATED PARTIES The Salisbury Cailiedral Girl Choristers, fund is controlled by Il)¢ Trustees. There are no ff laled parties. However the charity 15 associated with the Chapter of Salisbury Caihedral and Salisbury Cathedral School who Irain and a¢¢ommodale the chorislers. PUBLIC BENEFIT The Trusl¢¢s are salisfi¢d Ihal Salisbury Calhedral Girl Choristers, Fiind Inel 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 Matemenis for each financial year which give a Irue and fair view of the 51ale of affair5 of the charity and of its financial aclivilics for that period. In preparing those financi81 siaiemeni.s the Iru8iee8 a required to.. select suitable accounting policies and Ihen apply them consislenily. make judgements and estimales ihal are reasonable and prudeni. follow applicable a¢¢ounting standards, subjeci lo material departures disclosed and explained in the financial slalemenls; prepare the financial stalemenls on the going concern basis unless it is inappropriate lo assume Ihat Ihc charity will continue in function. The Truslces are responsible for keeping proper accouniing records which disclose with reasonable accuracy al any lime the financial posilion of Ihe charity and to enable them lo ensur¢ that the financial slatemenls comply wilh ihe Charities Acl 2011. all currenl slatulory requiremenls, the charitie5 governin8 dcUMenl, and the requirements of the revised statement of recommended praciice. The Trustees are also responsible lor taking reasonable sleps for the prevention and detection of fraud or olher irr¢gularilies. Signed on If of the Truslces Jillian Wright, Honorary Se¢re Page13
INDEPENDENT EXAMINER"S REPORT TO THE TRUSTEES OF SALISBURY CATHEDRAL GIRL CHORISTERS" FUND For ihe year ended 31 Augiust 2024 I report on the accounts of Ihe Charity for the year ended 31 Augutst 20?4 1¥,hich ar¢ set out 01) page% 5 10 10 RESPONSIBILITIES AIYD BASIS OF REPORT A4 Ihe Charily's Trustees )'oii al'e responsible for ihe preparation of ihe accoiinis in accordance wilh rhe requireinenis of Ihe Cl)ariiies aci 2011 I'"Ihe A¢i"i. I report in re4peei of my examii)aiion of the Tru%iees accounis carried oul under seciion 145 of Ihe 2011 Act aiid iii carrying oul my examinaiion I have followed all Ihe applicable Direclioiis given by the Charity Commi*%ion under .seclion 145 {5) (b) of Ihe 201 l Acl. IYDEPENDEIYT EXANIINI 'ER'S STATEIMENT I have compleled Iny examination. I coiifinn thai no maierial mailer% have come lo my alleiilion In conneclioii wilh the e.xamiiialion giviiig me cau4e lo believe Ihal In any material respect.. ( l J ac¢ouiiling¥ records iliere iiot kept in re%pe¢i of the Chariiy a% required by %eclion 130 of Ilie Act.. or (21 the accouiil% do not accord with Ihose rccord>: or (3) Ihe accouiii% do not comply with Ihe applicable requireineni.s concerning Ihe form and conleiii of accounts sei oui iii the Charities (Accounls and Reports) Regulalion% ?008 oihcr than aiiy requiremei)I Il)al the account% giivc a 'lrue and fair view" Ivhich is iioi a mailer coiisider¢d as parl of an Indcpcndcni examinaiion. I have ilo eoneerils and have come acro%5 no other maller% In conne¢iion iviil) Ihe exainiiiaiion 10 wl)Ich allenlion sliould be draivn in thi% report in order lo enable a proper underNiandiiig of Ihe accounli lo b¢ re3ched. Jame% Fleiclier FCA Chartered Aceouniai)I Fletcher & Partiiers Croivii Chamber Brid¥e Sireei Salisbury SPI ?LZ Dale.. 20 March 2025 Pagie | 4
Salisbury Cathedral Girl Choristers, Fund STATEMENT OF FtNANCIAL ACTIVITIES For the year ¢nded 31 August 2024 Noies General Endowment Funds Funds Tolal 2024 Toial 2023 INCOME FROM: Gen¢ral donations 56,981 56,981 37,114 Inveslmenl income UK listed securiiies and overseas stocks Bank interest 81,824 5.256 81,824 5,256 73.936 3,715 TOTAL fNCOME 144.061 144,061 114.765 EXPENDITURE ON.. Cost of generaling funds Bank and broker's fees I3,606 13,606 13.832 Charitable activities Choris¢ers' grants payable Hardship Branlts Mktsic Commission Govemance Costs 108,987 108,987 100,767 9CM) 900 9TrJ TOTAL EXPENDLTURE 109,887 13,606 123,493 115,499 NET fNCOME f (EXPENDITUPL) FOR THE YEAR BEFORE INVESTMENT GAINS NET GAINSI(LOSSES) ON INVESTMENTS 34,174 {13,006) 20,568 (734) 158,034 158,034 (66.890) NET tNCOME i EXPENDITURE FOR THE YEAR 34,174 144,428 178,602 (67,624) RECONCILIATION OF FUNDS.. TOTAL FUNDS BROUGHT FOR WARD 360,437 2,001.035 2,361,472 2,429,096 TOTAL FUNDS CARRIED FORW ARD 394,611 2,145,463 2,540,074 2,361,472 The Stalemenl of Financial A¢iivilie.s has been prepared on the basi5 thal all operations are continuing operations. All gains and losses have been d¢ali with in th¢ abov¢ slalemcnt. The notes on pages 8 10 10 fomi part of these accounts. Page15
Salisbury Cathedral Girl Choristers, Fund STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 August 2024 COMPARATIVE fNFORMATION ONLY Noie General Endowmeni Fund Total ?0?3 Siaiemeni of Financial Aclivilie% for the year end¢d 31 Augusl ?023 tNCOME FROM.. General doiiaiion4 Caihedral colleclion% and fee nvc%lm¢nl income UK li4ied seciirilies and over4ea% %tock Bank iniere%l 37.114 37,114 73,936 3,715 73,936 3.715 TOTAL tNCOME 114.765 114,765 EXPENDITURE ON.. Cost of generalii)g fund Bank and broker s fees 13.NJ? 13,832 Chariiable aciivilie% Cliorislers grants pa)'able Hardship granls Mu%ic Commii4ion Govemance co%1 100.767 100,767 91M) TOTAL EXPENDITURE 101.667 115.499 NET INCOME i (EXPENDITURE) FOR THE YEAR BEFORE INVESTMENT GAINS NET GAINS'(LOSSES) ON INVESTMENTS 13,098 113.8321 (7341 166,8901 {66,8901 NET tNCOME EXPENDITURE FOR THE YEAR 13,09R 180.722) (67.6?4) RECONCILIATION OF FUNDS: TOTAL FUNDS BROLGHT FORWARD 347.339 2.081.757 2.4?9,096 TOTAL FUNDS CARRIED FOR WARD 360.437 2.001.035 2,361.472 The Stalemenl of Financial Activities has been prepared on Ihe basis tliat all operaii0118 are coniinuing operaiions. All gains and losses have been deali wilh In the above slalement. The notes 01) pageN 8 10 10 form part of Ilie.%e a¢¢ouiii5. Page16
Salisbury Cathedral Girl Choristers, Fund BALANCE SHEET 31 August 2024 Noles 2024 2023 FIXED ASSETS nvesimenls 2.261.011 2,086,996 CURRENT ASSETS Bank Debtors 266,637 14.226 265,950 9,426 280,863 275,376 CREDITORS.. Amounts falling due within one year 1.800 900 NET CURRENT ASSETS 279,064 274,476 T(AL NET ASSETS 2,540,074 2,361,472 ACCUMULATED FUNDS General funds 394,611 360,437 Endowment funds 2,145,463 2,001,035 2,540,074 2,361,472 The financial 51alemenls were approved by the Truslecs for issue on and signed on Ihcir behalf by: Trusle Trustee 11112()I 11 IflioL The noles on pages 8 10 1 O form part of these accounts. Page17
Salisbury Cathedral Girl Choristers, Fund ACCOUNTING POLICIES ACCOUNTtNG CONVENTION The financial siaiemenl% have been prepared in accordance with Accouniing and reponinLi by Chariiies: Sialemenl of Recommended Practice applicable lo charitie% preparing iheii a¢¢ounl4 In a¢cordance H.iih the Financial Reporting Siandard applicable in Ihe UK and Republic of Ireland {FRSI O?). and rhe Chariiies Acl 2011 and applicable regulations. The accouni.g have been prepared uiider ihe historical cosi convention with ilem4 recogiii.sed ai co%1 or Iransaclions value unle&s oihenvise staled in Ihe relevant nole.s lo these account4. INCOME All income is included in the Siaiemenl of Financial Activities (SOFA) when the charily 1% legally eniiiled 10 the income and Ihe amouni can be quaniifi¢d wilh rca%onabl¢ accuracy. Income from ¢ndowinenl funds is unrcslricled. Gifi Aid donaiions comprise amouiii% received and associated Incoine recoverable. Gifts. ¢ollttiion%, dividend and bank inieresi are iiicluded when received. EXPENDITURE Expendilurc is included on ihe accruals basis. Cos1% of generalin& funds comprise Iho*e cos1% directly altribuiable io managing the portfolio and rai¥iii&' inve%lmeiil income, Grant4 payable are char¥¢d iii the year when the school feel becoine due. Future grant% are iiol provided foi. ( nole 8). Support co414 coinpri4e Iho4e cos[% a%sociated with the chori4ier% aiid the 8dminiiiralion of Ilie charity. Tl)e charity 1% priinarily a Brani making chariiy willi miniinal overheads. Tlie cosi of Ihe ii)dependenl e,xaminaiion of the financial slalemenls (govemaiice co%i41 Sias been allocaled lo charitable aciiviiiek a5 Ihi% 1.% Ihe primary activiiy of the charity. Irrecoverable VA T i.s included in Ihe a%%ociai¢d c.¥paidiiurc, tNVESTMENTS Inveiimei)14 are included at market value ai the Balance Sheei dale. Gains and losses (realised and unrealised) ari%ing in the year are shown in Ihe SOFA and are ¢har&ped again41 tlie fiind in M,hi¢h Ihej are held. All dealin¥ cosls are atler dediiclion of brokers coiiimi55ion. FUND ACCOUNTfNG The funds of the chariiy are represenled by unre.%lricied {¥eneral) and resiricied leiidoivinenii funds. Gifts for specific purposes are retained in Ihe genei'al funds and spent on granls accordingly. Page 8
GRANTS PAYABLE 2024 2023 Basic awards 108,987 100,767 TRUSTEES, REMUNERATION AND STAFF COSTS No Trusiees remuneration. Trusiecs expenses or staff co8ts were paid in the ycaT (2023: £nil) GOVERNANCE COSTS 2024 2023 Independent Examiner 900 INVESTMENTS 2024 2023 Markel value ai I September 2023 Addilions Disposals Nei gain5 1 (105ses) in year 2,086,996 2,037,087 95,860 387,651 (79,879) (270,852) 158,034 (66,890) Markel value al 31 August 2024 2,261,011 2,086.996 Historical wst al 31 August 2024 ,860.012 1,842,768 Invesimenls al market value comprised.. Fixed intere51 UK Bond Equities & Funds UK North America Europe Japan Global 452,977 419,070 1,449,055 55,908 197,913 57.600 32,800 ,301.790 60,125 11111,475 50.100 32,300 Aliernatives 14,758 35,136 2,261,011 2,086,996 Page19
DEBTORS 20?4 ?0?3 Income lax recoverable Salisbury Cathedral Accrued Iniere%l 7,850 3.050 6,376 6,376 9.4?6 CREDITORS.. Amounis fallin¥ due wiihin one year 20?4 ?0?3 Accrual 1,800 900 900 NET ASSETS General Eiidowmei)I Fuiids Toial 2024 Inveiimei)ls Loan from General Fund% lo Endowineni Fuiid Curreiil assel.4 2,261,011 (120,000) 2.261.011 i ?0.000 ?74611 79 394.611 2,145.463 2.540.074 Endoivmeni fund% compri%e all gift¥ and donaiions received by Ilie cliarily excludin¥ Ihose I'eceived for fee%. The.4e funds al'e maiiily iiii'e%led In an iiiK,e%iinei)I ponfolio which geiieraies Ilie income u%ed lo pay Ilie girls ¥raiilS. Lnik)I4'iiiLnt COMPARATIVE INFORMATION ONLY Funds ?n?3 Invesiineni% Loan from (Teneral Funds lo Endowineni Fund5 Currenl assets ?.08(?,L)9f? i ?o.11011 ?411.437 I l ?11.OUal 34.039 ?74.476 3611.4J7 2.001,035 ? 361.47? FUTURE GRANTS The granls payable lo choristers and probalioners are payable remily Ihroughoul Ilicir lime in the choir Yhich for mo%i girls is 4 or 5 year5. In 23.'24 the fund contribuied L109k. Tl)i% is projecled lo in¢rea5¢ 10 L128k in 24.,25 and £140k in 25, 26 including Ihe expecled VA T chai'ge. Thereafter fund contribulion are cApt¢d lo increa4e In lin¢ wilh school fee increase%. As fees are oiily due and payable lermly in dvance these %um5 are noi provided for ii) the accouiil%. The Fund is under i)0 legal obligation lo pay these granis. PaLiel 10