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 o￿lce, 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 dc￿UMenl, 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 cAp￿t¢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