Salisbury Cathedral Girl Choristers, Fund ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 Augusl ?025 Regisiered Ch6rily No. 1008158 Salisbury Cathedral Girl Choristers, Fund INL)EX"I O'I HE ANNUAL KEPOK"fAND FINANCIAL STATEMENTS For the year ended 31 Augusi 2025 Page In report Legal and admini51ralive details Report of (he Tnjsiees RcrrfTrn of Ihe Indepcndeni txaminer Siaiemerti of fin&Trci81 acliviiies Comparative 8iaiemerti of fir￿nCIal artivilie5 Balance 5heei AccokLnlin8 poIicLes Nolcs lo ¢he financial siaiements 9-10 Salisbury Cathedral Girl Choristers, Fund LEGAL AND ADMtNISTRATIVE INFORMATION PrtsJdent-. Dame Kiri Te Kanawa TDJ¥iccs' The Righi Honourable The Couniess ofchicheyier Michael Wade OYE F.sther Hotwood Robin Cre5well Luke Msrch OBE CatnJll& Goldsbrough I"he Reverend Canon Anna Macham Lucinda Coombs April 2025 Chariiy Athlrc5S.' Llo l-he Chapier oifice, 6 The Close, Salisbury, SPI 2EF Advi*ers'. Bank¢T$.' Lloyds Bank 38 Bltse Boar Row Salisbury SP I IDB Soliciior5'. Parker Bullen 45 Ctsile Strtci Salisbury SPI 3SS Siockbrokers.. JM Finn & Co 4 Coleman Streei Lvndon EC2R STA Independeni Examiner= James Fletcher FCA Re¥i%lerEd ChaTily Nufflbcr". 1008158 Pagel I Salisbury Cathedral Girl Choristers, Fund REPORT OF THE TRUSTEES Thc TnJsice.% prescrtt Iheir report Ihe financial siaiemenis ofihe fund for Ihe year ended J I Au¥us1 2025. The rinancial slatctnenls havc bccn prepaied In accordancc wilh thc acrounling policic% scl out on pagc 8 aDd rornply with the charity's Irusi dced, Ihc Chariiies Aci 201 l and Ihe Siatemeni of Recommended Practice on Accountl118 and Reporting by Charil)cs and applirabl¢ ai£oynliD8 Standord¥. CONSTITUTIOP4 AND 0￿ECrS The Furtd Js a rt8lSlCttd chariiy number IOOB158. 11 was louoded in 1989 Jnd Is regulated by a Deed of Tnjsi dal¢d 22 Jan>Jary 1992. The principal obj¢ci olihe charity is ihe provision of chorisierships tenable ai Salisbury CathedT&I School for the ed￿Chil0ft of mUSLral 8Ji15 befwc¢n lh¢ of 8 and 13 linclu5ive), thereby cn#blin8 them 10 be Prob)tioners and Chori%tcrs ai S2lJ.%bury CAthtdral. ORGANISATION The TN$tees who have servc4J durin8 Ihc year are Sei out on page l. Lady Chichesier is aTr original Tru5t¢e app)inicd by thc Trus1 Deed. Thc I'tuslees mcei nvice each year and Ihey appoinl an Honorary Secrciary and &n Honorary Treasurer who aiiend 10 the day-￿-daY nlnmuig olthe Chariiy. New Ttvsiees are recrniied and apwinied by thc continuLng trusieEs up lo an overall iot21 ol seven ttuslecs. C.RANT MAKING POLICY A selection comrniiiee consisling o( th¢ PrecentOT. th¢ Headmaster. the Cathedral Dirccior of Music. and Ihe Bursar ofthe Ca(hedral School 8wards chonsierships. Awards are on Ihe basLS of.. musical ability academic ability general poien¢ial io ¢oniribuie 10 Ihe life of the xhool and Ihe ¢hoir. the financial circumsiaTrces ofihe child and her parents. li Is iniended lo give a b3$it award to 16 ehorisitrs artd 4 probaiiortet8 and addjliortal awards 10 ihose in need. Granis are approved annually in Ihe spring following voicc tria15 and become payable in September of thai year INVESTMENT POLICY There are no weslTicllot￿ on the I[￿51¢¢$. poweis of invesunenl howevei, undeT the Twstee Aci 201K), th¢y delegaied Ihesc p)wcrs lo JM Finn & Cc on 29 October 2012 whost appoinlrneni will be reviewed annually around Novcmbcr. RESERVES POLICY Ii Is the policy of the elthriiy 10 maintain a Icvel of free reserves suffitieni io Cover expendi￿re of ont ytar's grant RISK MANAGEMENT Risk arises mainly on the invesirneni PDnlolio. Day-itrday managemenl of Ihe Invesimenis by JM Finn & Co miii8ale5 11. Most ineome is received by bank Iransfer. lThe Treasurer banks ch¢ques. Two Trustee5 sign cheques drawn on thc charily'5 bank accounl. The TnL%tCC5 arc saiisfied wilh Ihe%e a￿angementS. Page12 Salisbury Cathedral Girl Choristers, Fund REPORT OF THE TRUSTEES ACHlbl'EMEi4TS, PERFORMANCE AND FINANCIAL REVIEW Rtvtew ol Atilvltle5 and AehlevemEnls During the year, Ihe Salisbury C8ihedral Girl Chorisiers. Fund Swarded 8ran¢s iotsllin¥ £132.326 12024: £108.9871 to support the fees ofgitl choristers and probalionrTS Thc majonty of th15 fundin¥ coniribuied iowards the standard 300/0 ¢horisiership gran¢$ covenrtg day sclk)ol fet8 for all girl ¢hors$iets. In addilion. Ihe Fund bencfiled from a generou5 donalion from Ihe Linbury Trust, which enabled the PTaVi%i(In of a specifi¢ haidship rdnl lo wppurf ￿ iTrJividual chorisier in need. Revlew ol Firt*neial TrattsAetlort$ and Poslilo Thc inwme of iht fvnd Iiom nornifvl aciivilies. including donalions and grani8. was £lfA).20112024.. £144,061) whil41 gran1% payable and expense5 tolbllcd £133,25612024. £123.4931. Tbking inlo 3CCOUlIt Icalised Blins and unrealised 10%ses on the Fund's investmenis of £75,577 in Ihe year Ihe nei a5sc15 01 Ihc furKI increased by £811.554. During Ihe &ccouniLng penod, the Salisbury Ckthedral Girl Chori8iers F￿Thd ISCGCFI undcnook a i¢view of ilb inve51mcnl $iroiegy_ The TMiees consulied with their invesuneni mallag¢T, JNq Finn & Co, and 50ughi in(lependeni advice frtsm James Biook-Ttsm¢r of %pecialigi chariiy advbSe￿ Yoke & Co. Following Ihis rcview, Ihe Twu%iees aBrecd lo Iransilion the wrtfolio lo a pl￿1ve invc.slmcnt approDch, while Continuing 10 adhere io the Church of England's Inv¢simenl 8ULdelines. This iransiiion w&$ implemenityj by JM Finn during the year. Advisory COS￿ were mei personally by Ihe Tjusiees. &nd the associated Iiark5ac(ion costs of r¢sttuctuimg ihc portfolio weie eontsined to less than approximaiely 0.25Vr of the portfolio value. As pan of ihe transition, 8 si8ntfi¢3ni proportion ofthe existing FX)nfalio was realised, crysiallisin8 gains Ihat had buili up ovci previou5 P¢Tiod5. Thi5 15 Tcfle¢¢ed In the realised inwestmertl gain reported in the Si&tem¢nt ol Financial Activilies. Ai thc year end, thc restrnctured ponfolio wa5 valu￿ al market price4, re£uliin8 in ¥ unrealised los% due 10 short-lcmi tn41Tkcl tnovernenis followinÉ reinvesimenl. NolwiihslaJhdLng this 5hort-iertn valuaiion movemeni, Ihe revisker's lees 13.968 13.968 13,606 Chiriiable aciiviiie5 Ch0ri51ers' graThis payable Hardship grants Music CommissiDrt (iovemance cos15 132,326 132,326 108,9R7 930 9JO 900 TOTAL EXPENDITURE 133,256 13.968 147.224 123,493 NET tNCOME I IEXPENDITUREI FOR THI YEAR BEFORE INVESTMENT GATNS 26,945 113,968 12.977 20.568 Rea115ed Gains on Invesimertls Unrca115ed Lo8se5 on Investments 155.753 155,753 180.176} (80,176) 156,234 1,800 NET tNCOME . EXPENDITURE FOR THE YEAR 26,945 61,609 88,554 178,602 RECONCILIAI"ION OF FUNDS.. TOTAL FUNDS BROUGHT FORW ARD 394,611 2.145,463 2,540,074 2.361.472 TOTAL FUNDS CARRIED FORWARD 421.556 2.207,072 2.628,628 2,540,074 The Sialemenl of Financial Aclivilic5 has bcen prepared on the basts ihal all operations are conlinuin¥ opcralions. All 8ain5 and luknes have been de&li with in Ihe above Siaiement. The noies on pa¥¢b 8 10 10 fomi p4n of Ihese ac¢ounis, Page16 Salisbury Cathcdral Girl Choristers, Fund STATEMENT OF FtNANCIAL ACTIVITIES For Ihc ycar ¢nd￿ 31 August 2025 COMPARATIVE INFORMATION ONLY Ntsi¥s General Endowment Funds foial 2024 Sigiemeni of Financial Aciiviiics for Ihe yearended J l Augubl 2024 INCOh4E FROM.. General donations Caihedral collections and fces Invesimeni income UK lisied $e¢urities and overseas siocks Bartk intCTesi 56.981 56,981 81,824 5,256 81.824 5,256 TOTAL INCOME 144,061 144,061 EXPENDITURf. ON. Cost of gcnerating funds Bank and broker's ftts 13,606 13,606 Chariiable a¢tivitJes ChorisleTS' 8rants payable Hardship xrfynls Music Commission Governance co418 J08,987 108,987 9r 900 TOTAL EXPENDITURE 109.887 13,606 123.49J NET INCOME I IEXPENDI-I'URk} FOR THE YEAR BEFORE tNVESTMENT GAINS Realised gains on Inv¢simenis UDrealised 8ain5 on Inve5thien15 34.174 113,6061 20,568 156.234 1,800 156,234 1.800 NET ￿CoME.. EXPENDITURE FOR THE YEAR 34.174 144.428 178.602 RECONCILIATION OF FUNDS". TOT AL FLfNDS BROUGHT FORWARD 360,437 2,001,035 2,361,472 TOTAL FUNDS CAIiRIED FORWARD 394.61 2,145,463 2,540,074 I'hc Sialemenl of Financial Aclivilie5 has b￿￿ preparcd Dn the basis Ihai all operaiions are ¢oniinuing operaiions. All gains and bsscs have bcrn deali wilh ilic abovc 51alcrnrnl. The noles on pages 8 10 10 fonn parl of these accounis. Page 7 Salisbury Cathedral Girl Choristers, Fund BALANCE SHEET 31 August 2025 Nores 2025 2024 FIXED ASSETS Invesifflents 2.381.629 2,261,011 CURREN'f ASSEIS Barhk Debiors 234,493 14,336 266.637 14,226 248.829 280.863 CREDTTORS. Amounts falling due within one year 1,830 1.8(K) NE"I' CURRENT ASSETS 246,999 279.063 TOTAL NET ASSF.TS 2.628.628 2,540.074 ACCUMULATED FUNDS General funds 421,556 194,611 Endowmeni fvnds 2.207.072 2.145.463 2.628.628 2,540,074 Thc finoncial %14tcmenis WeTe approved by Ihe a"rusiees (or issue OTr and signed on Iheir behalf by.. lee 13. 6.26 l-rnsiee The noles on pages 8 10 10 forrn part of these accounig. Salisbury Cathedral Girl Choristers, Fund ACCOUNTING POLICIES ACCOUNTING CONVENTION The fLnancial 51aienienis have been prepared in accordance with Accounting and rtporting by Charili¢s, Siaiem¢nl of Re¢omtnended Pia¢ii¢e applicabl¢ 10 chariiies pr¢paring th¢ir accounts ITh accordance wilh thc Financial Rep)rlinB Slandard applicable ID the UK 3nd Rcpublic ol IrElond IFRS1021, ar￿ Ihc Chanlics Aci 201 l and applicablc regulalions. The Kcounts have been prepa￿d U1￿¢[ ihe hi5tLTrTical ￿0$1 convention wilh iiems recognised 81 cosl or Iransaciions value unle55 0lhcrwJ&c siaied ITh ihe relevant ftoies 10 these a¢¢ounts. JNCOME All in¢ome is included in Ihe Siaiemeni of Financial AciiviLies ISOFAI wheft Ihe charity is legally enitiled 10 the incotDe and Ihe amotsni catsbe qU3ttllf￿d wjih rLasonable accuracy Income from endowmeni funds is unresiricled. Gifi Aid donaliotbs compnse amount5 received and a550ciaied income recov¢rabl¢. Gifis, colleclJoTrs, dividctd5 and bank lnicrcsi are Jncluded when received. EXPENDITURE Expcnditure ts ineludcd on the acentals ba51S. Cos15 of gencrating fund5 fQTnprisc thosc COS15 dirccily altribul&blc to ￿a￿a￿]ng tk w)rtfvliu Ind raising inwestmeni income. Gianis pay&ble are charged ift the year when the school fees become duc. Future 8r2nis are noi provided lor (see noie 81. Support Cosis compnse Ihose ¢051$ 8sso¢iaied with the chon8ters 2nd Ihe adminisiraiion of Ihe charity. The charity is primanly a granl making charity wilh tniniIiial oveThead5 The cosl of Ihc JIidcpcndtnt txaminaiion of Iht rirt&ncial slalemenis (governance coslsl hds been allocaled io chanlable aclivilie3, as Ihis is ihe primary 8¢1ivity of Ihe chhriry. IrwecoverJble VA T is includcd in the associated expenditure. INVESTMENTS Invesimenls gre included ai markei value al Ihe Balance Slieel dale. Gaitt8 2￿d lo*se% Irealised and unrealisedl arising in Ihe year are shown In the SOFA and are charged against the fuThd in which Ihey arc held. All dealin8 cosis are alicr deduction olbrokets, commission. FUND ACCOUNTJNG Tht FJnd8 of Ihe charity are reprcsenied by unresiric¢td (general) and remricied lendowTnenll ￿nd5'. Gifi.% for specific purposes are reiain¢d Jn the general (ynds and speni on grants ac¢Lirdin81y. Page19 GRANTS PAYABLE 2025 2024 B35K awards 103,081 81.824 TRUSTEES. REMUNERATION AND STAFF COSTS No TTU51ecs Tcf¥buncTalion. Twstec5 ¢xpen5C5 01 staficosls were pllid in the year12023". £nill GOVERNANCECOSTS 2025 2024 lrtdependenl Examiner 930 900 tNVESTMENTS 2025 2024 MBrkei val￿e ai I Seplemb2r 2024 Addiijonq Disposals Nel gain* l (losses) in year 2.261,011 .710.775 11,509,981) 180,176} 2.086,996 95,860 {78.079) 156,234 drket valut ai 3 1 A￿gUS¢ ?025 2.381,629 2,261,011 Historical ¢osi at 31 Au8U5t 2025 2.087,794 1.860.012 Invesimenis 01 markei value comprised". Fixed inteTest UK Bonds Equi¢ies & Fund5. 477.208 452.977 1,822.061 35.069 1.449,055 55,908 197,913 57.60 32,80C Nonh America Japa fjlobal Global Themed Alicrnalives 15,084 14.807 17.400 14,758 2,381,629 2,261,011 Investmerti marhagemeni fees of £13.83312024..£13,3941 wcre incurrcd I man88ins the Invesimenis. Page | 10 DEB TORS 2025 2024 Income lax rectsverable Salisbury CaihedT81 Accrued Inicrcsi 10.680 7,850 3,656 6.376 14,336 14,226 CREDITORS". Amounts falling due wilhin onc year 2025 2024 Accruals 1,830 1.800 .830 1,800 NET ASSETS Gtneral Efftdowineni Funds 2025 lrtvesimenls Loan from General Funds io Endowmeni Funds CuTT¢ni asscis 2,181,629 {l20,￿K)I 2,J81,62 120,[￿ 301,556 246.999 421,556 2,207,072 2,628.628 Endowment fuT￿S Cornpr￿e all gifls and donation8 rcceivcd by Ihc chanty excluding those received for fees. These funds Bre mainly itiv¢si¢d in an invesimeni ponfolio which geneiaies Ihe irtcome used 10 pay the gills. grAnlS. Enduwrnrnl Funds Total 2024 COMPARATIVE INFORMATION ONLY F¥nds Invcsimcnl5 Loan frorn General Funds 10 Endowment Funds Current a4seis I20.￿0 1120,WOI 4.452 279.06J 394.61 2,145.463 2540.074 FUTURE GRANTS Thc grants psyable to chorisiers and probaiiotterg are payable termly Ihroughoui their time in (he choir which for mosi girls is 4 or S years In 24.,25 Ihe fvnd collliibuied £132k. This is projrcled io Incrcase 10 E146k izi 25.'26 and £1 J4k in 26.27. Th15 reduclioTh in projected fees for 26.'27 is due 10 the expeclalion thai we will noi be abl¢ re¢Nii a full gill ¢horisier ¢hoii for ihe academic year. Therealier fvnd conlribuiions Are expected 10 increase In line wilh school fee increases. As fees are only due and payable iermly in advance Ihese sums dre noi pyovtded for in the aCcO￿nIs. The fund is under no legal oblJgalioD lo pay ihe%e granis. Pagel 11