ALISBURY CATHEDRAL RALF UNDATION REPORT OF THE TRUST AND STATEMENT OF ACCOUNTS FOR THE YEAR I MARCH 202 NTEN Trustee, Officers and Advisers Trusiee's Report Independent Examinerfs Report Sialemcnt of Financial Activilics Balance Sheet Notcs lo the Accounts Income and Expenditure Account 7-12 13 SALISBURY ATHEDRAL RAL FOUIYDATION REGISTERED CHARITY Nu￿lBER 1058899 Tru.%1¢¢'. Sali%bury Caihedral Addre%1: 6 Tl)e Clo%e. Salisbury. SP12EF Liidependenl Examiner.. Hay.%Mac LLP l O Qu¢¢ii Sircel Place, Londoii, EC4V 4ET Soli¢iior%: Parker Bullen 45 Ca%ile Sireel. Sali¥bury, SP13SS Baiikers.. Lloyds Bank plc 38 Blue Boar Roil,. Sali%bury, SP I I DB SALISBURY CATHF.DRAL CHORAL FOUNDATION TRUSTEE'S REPORT E YEAR ENDED 31si MA Legal Status The Foundation is a regimered charity number l 058899. li is re8ulated by a Deed of Trusi dalcd 30th October 1996. Under ihe Twsl Deed th¢ TnJ$t¢¢ of the Foundation is the Cotyordlion of Solisbury Cathedral. The Trust Deed gives ihe Trustee complete discretion over the Foundation'5 investments. Objectlves ind aetlvliies for the publlc benefit Th¢ principal objc¢livc of the Charity is the promotion and enhancement of Churth Music in Salisbury Cathcdral. Th¢ Trust¢¢ has referred to the guidance contained in the Charity Commission's Eeneral guidance on public nefii when reviewing ihe Foundation's aims 4nd objectives and in planning future activities and setting the grAnt making policy for the year. The Foundation achieves ils objective by applyin8 ils income lo assisting chorisi¢TS With iheir fees ai Salisbury Caihedral School and promoting the Cathedral choirs generally. Fundlng Pollcle5 The Foundation's published policy is lo establish gn endowment fund lo provide income lo enable li to provide scholarships and bursaries for S&lisbury Caihedral choristers. Capilal donations. which are made io the Foundation on Ihis basis, ar¢ thffefore added to ihe Endowment Fund. Or84nlsatloD The Chaprer of Salisbury Cathedral, a5 Ihc executive body of the Corp)rate TNslee, meet from lime io rime as Trnslee of the Foundaiion. Tru$te¢'$ Re$ponslblllty for the PrepArAtlon of A¢¢ounl$ Chority Law rcquirc5 the Tnjstee lu prewdre finanLiuI stal¢m¢nts for each financial year which give a true and fair view of the state of affairs of the charity and of lis financial a¢iivilies for Ihfyl period. In preparing those financial slatemenls rhe TN51¢e is r¢quird io.. l ) Seleci suitable accounling policies and then apply them consislertily. 2> Makc jud8emenis and estimates Ihol are r¢asonabl¢ ond pnjdeni. 3) Follow applicable accouniing standards. subject 10 any material departures disclosed and explained in the accounts. 4) Prepare the accSIng investments as ifih¢y were ￿nefIcIallY entitled to ihe Trusi Fund. The TNsiee's rM)licy is lo invest the Foundation's ¢8pilal in charitable common investmcnt funds. in mixture of fund5 based on both eguili¢s and fixed-inierest stocks. The objective is to obtain e r¢laiively high level of inc4Jme while still allowing for ih¢ ￿ssIbl11ry of capital growth, subjeci to a medium degree of risk. In th¢ 12 months lo 3 1st March 2024 lh¢ Chornl Foundation wrtfolio had a lolal return {inLOTne plu5 Capital) of 9.￿￿. Thi5 ¢ompar¢s wilh returns from UK equitics* of 8.77°h. from oversea5 equities** of 23.07°/ts, and from fixed interest of minus 0,59 . Sour¢¢s * MSCI UK Index; **MSCI World ex UK Index., •••Markit iBoxx £ Gilts Index •** Trustee RemunerAtlon and Expenses Neither the Trusiee nor any persons oonne¢l¢d with them received uny remunerati￿ in ihe year. DRAL CHORAL FOUNDATION EPORT CONTINUED FOR THE YEAR EINDED Jl$t NIARCH 2024 Rlsk Illanagement The Chapier has assessed the I￿aJor risks to ii,hi¢h the ¢hariiy is ¢Npos¢d. In panicular ihos¢ rela1￿ 10 Ili¢ operRiions and fiiiances of the TNSI. arid is satisfied iliai s>'siems are In place lo rni11￿le the charil}'s exposure lo the major nsks. Our 4pproa¢h to Fundraising actii'itlc5 The Iruslees are please lo confinii the fo11014'ing'. The fundra15ing approach lakeii by Ihe Charity is lo raise fund5 froiii prii'ate donors or imsts 10 suppon the obJ¢¢iiies of tlil fouiidniion. CU￿¢1)11Y Ilie irnsiecs haic no plans 10 ￿a1)I a professional fundraiser or ¢oiiin)erdance Issued bsl 11)e Charily Tli¢ lrnstccs I￿￿.¢ Iiad i)0 incidciits of failure by tlie fouiidaiioii. or by ai)y persoi) aciiiib¥ on lis belialr, Siiice Ilie Irnsiees Ibrtie noi reiained ali), person a¢iiiiy oil lis behalf no Inoniioring of fuiidraising aciil'iiies by Il)iid PAnies Is eurrentlv uiidenAkeii. 'riie'frnsitts did Iioi receii'e iii Ilie y¢J4 r rcport¢d iii> ¢oiiiplainis r¢c¢ii"ed about 115 fundraisiily Tlic Iru%iees seek io proieci i uli)LrilblL people ai)d oilier Iiieinbers of the public by adhering 10 ioo(I praciiL¢ aiml i%orkiiibi il'iih Ilie Cailiedral by coniplyiiig %% Ith daia pri%'a¢y requireiii¢nis 10 ¢11surc Iliiii fuiurc fundTa151ngy ei Ll)Is li'ill be Sil feguarded froiii behal iour w.hi¢li.' Is ali uiireasoiiAble inirusioii 01) a persoii's prii acy Is uiireHsoi)Jbly persisteiii.. aiid Pla¢es uiidue pressure on a persoii 10 ¥TlI'e Iiioiies. or oiher property Ro%loH' of ,l¢tli'lil¢s The Clioral Foiiiidaiioii coiiiinued 10 use lis ii)i'esiil￿ll1 Incol￿e 10 fuiid bursaries 10 suppon ¢l)orisiers ai Sii Iisburi. Caili¢drii l. DuTillbi Ihi5 fiiiaiiLial year also prDI'ided Sup￿)rt ii'iih a ￿ra*ll ioi%ards Ili¢ ¢horisier lulor. Re%'irJ) of Finynrial Tran$&ctlons Mn(I Posltlon Diirii)g ihL yL4ir doiiutioi)%, IL'bilCIL4. i'01111)lilry ¢OI)Iribuiity14 4iii¢J ini'¢giineni iiicoine dinouiiicd io L191.614 121123 L?()0,7?71. A ioi.ll ol. E I 11 ?411?11?3 I1¢7.10¥1 I¥.414 SP¢llI 01) scholArship* and bur%￿rIeS. Thc cndow'inciii hiiid% increa￿d by L41,1142 1 ?n?3 L33,415 dccrL'¢i%el. iukin¥ inio accouni uiireali4ed losses oil In%'c¥iiiiciii%, i¥'hil%i Ihc ii)Lon)c liii)(1s dccrcu%Ld by LS.303 12()?3 £5?.318 in¢r¢asel. r¢llcciiiig Ihc coiiiinuiii Suppori ol-llie ¢hori*i¢r4.Thc FoundilllOlI'S nLI II%%CI% dt IhL ciid ol the year iottill¢d £901.197 12023 £864.6581 of ii,liich £558.3?1 l?D?3 I516,47C)I Iverc h¢ld 11$ endoiicd liJiid> aiid sir¢ iior ai'Jilabl¢ io sp¢nd. Future Plans Tlie Fouiidaiioii li'ill ¢oi)iiiiue 10 raise fuiids 10 proi'ide cliorisier bursaries, 10 fuiid choir lours ii'hen Iliese lake place arid 10 pron)oi¢ iiiusic iii Salisbury Cailiedrnl Iiiorc &ierieTally. Sigiied on belthlf of Il)e TThsiee Cl)apter Clerk Date.. ?5 Ociober )()?4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF SALISBURY CATHEDRAL CHO DATION FOR T ENDED I t MARCH 2024 I report lo the Trustee on my examination of the accourtls of ihe Charity lor the year ended 31 March 2024, which are sel out on pages 5 10 11. RESPONSIBILITIES AND BASIS OF REPORT As the charity's Trustee you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Aei 2011 ("Ihe Act"). I report in respect of my examination of the Trusiee's accounts carried out under section 145 of the 201 l Act and in earryin8 out my examination I have followed all the applicable Directions given by the Charity Commission under 5cclion 145 (5) (b) of Ihe 201 l Act. INDEPENDEiYf EXANIINER'S STATEMENT I have completed my examination. I confirm that no material matters have Come 10 my allenlion in connection with lh¢ cxamination giving me cau8e to bclicvc that in any material r¢specl'. (l ) accounting records were not kept in respect of the Charity as required by section 130 of the A¢l' or {2) the accounls do not accord with those record5. or {3} the accounts do not comply with Ihe applicable requircmenls concerning the form and content of accounts sel oul in the Charities (Accounts and Reports) Regulations 2008 other than any requircmenl thai the accounts give a twe and fair view" which is noi a maller considered as part of an independent exarnination. I have no concems and have come across no other mallers in connection with the examination to which atteniion should be drawn in Ihis report in order 10 enable a proper underslanding of the accounts lo be reached. Lee Stokes FCA HaysMa¢ LLP l O Queen Streel Place London EC4R IAG D￿¢.. 28 November 2024 SALISBUR Y CATHEDRAL CH0114L FOUNDATION STATF.h.IF.NT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31st fvIARCH 2024 Unre%lri¢led Rv¥iri¢ied Endowmeni Funds Toial ?0?4 Toial 20?3 Income and endowments froni: Doiiali0114 and ILb'aciL Fund-rai%in&r eieiils Iiii c%lmenl Iiicoine 19.584 57.919 4,72R 811,R44 3,6411 16,89? 108,4?8 61.567 21.620 204,22.1 37,35? 19.15? Total liicome 109,384 191.614 260.7?7 Expellditure on: Costs of Income generation F"uiidrai%ii)b> Co￿% Maiiagieineni Fee ?5.?85 1.010 ?5,?85 7.8?7 1?.240 6.379 6,X17 ?6.?95 6.817 33.112 18.619 CIIAri¢able aclii'ities Scliol&lrs1)Ip% and bui'%aYie Clioir I'our Cliori%lL'I' co%1 Music cr)Inmi%4ion Iiidepeiideiil e.xamiiialioii fee 87,108 33,735 65.377 4.000 1,000 .9?5 1.925 63,323 63.123 1,340 1.340 63,323 114.506 177,11?9 191,220 Tot81 eipendilure 89,618 114.506 6.817 210.941 209,8J9 i%et incon1¢ l (eipenditur¢) before gains And losses oil Ini'estnients (7,388) 15.1?)) (6.817) (19,327) 50,888 YET GAlIYSI(LOSSES) 011 IIYI'ESTII IENTS Uiir¢alised profit%1( loNse%} oli ini ellmenl Realised profil%l{lo%ses) on inve%lmenl% 4R.65Q 55.1166 (31.985) 'et income l (expendilurel 1181) (5.122) 41.842 36.539 18,903 TrAnsfer5 bet￿'een funds Net n)oi'ement in funds {181) (5,1?2) 41.842 36,539 18.903 Fund balAnces At l Aprll 2023 263,015 84.564 516,479 864,658 845,755 Fund balances at 31 i%larch 2024 £263,434 L79,442 £558,321 £901,197 L864,658 SALISBURY THEDRAL CHORAL FOUN BALANCE SHEET AS AT31sl MARCH 2 Tl 24 Note 31sl March 2024 31st March 2023 FIXED ASSETS Investrnenis 646,107 598,068 CURRENT ASSETS Debtors Cash at bank 28,566 297,166 325.732 31,783 349,547 381,330 CREDITORS: Amounts falllng due wlthln one ytar 70,643 114,740 NET cUP￿ENT ASSETS 255.090 266,590 TOTAL NET ASSETS £901,197 £864,658 Reprcsenling., ENDOWMENT FUNDS Scholarship and Bursary Fund capital Music Commissioning Fund capital 541,(￿7 17,314 500.462 16,017 558,321 516,479 RESTiucfLD FUNDS Scholarship and Bursary Fund income Music Commissionin8 Fund income Choir Tours Fund 63.470 12,905 3,067 72.183 12,381 79,442 84,564 UNR￿RICTED FUNDS General Fund 263.434 263,615 263,434 263,615 £901,197 £864,658 Signed on behalf of the trust Chapier Clerk Approved by Chapter.. 25 October 2024 SALISB 'RY CATHEDRAL CHORAL FOUNDATIONI NOTES TO THE ACCOUNTS AS AT Jlst NIARCH 2024 ACCOUIYTING POLICIES BASIS of 4¢¢ounting The accoun15 have been prepared in accordance wilh the Charitie% Aci 2011. rhe Siaiemei)i of Recommended Practice on Accounliiigi and Reporti1)¥ by chariti￿ applicable lo charilivi preparing iheir accoui)1s in accordaiice willi tlie Finai)cial Reportingy Siandard applicable in the UK and Republic of Ireland IFRSI O?) leffeclil'e January ?019). Sali%bury Caihedial Clioial FoLindaliOI) Ineel% Ilic definilioii of a public beiiefil enlily under FRS 102. 8lld liabiliiie% are iiiiiially recobJi)iNLd ai liislorical co*1 or Iransaclioi) valLie uiile%% %ialed in the relevant accounting policy i)oie. Prep4ratlon of the aecounls on M going coiiccrii b#sis The charily 1.% a gpraiil 11)IikiiiLF Iru%l, willi a Iigiiii fiL'aiil ii)I'e%linei)I ponfolio aiid ca%h reseri'e4. Tlle eharily ha a loiv lei'el of oK'erl)ead4 and Inake.% di*CI'Llioiiai'y biriiiil%. The Tru%lce is coiifidenl Iliai ilie charity is a byoing coiicerii. Ini'estnients Invellmenls are .slaled ai Inai'kel I'alue ai)Il IhL' Liiircali4cd Liain% ari%iii&y in the year are credited lo the funds iii ivliich Ilie ini'c%tinciils are hel(l. nconie and eipeiidilure Incoine aiid e.xpeiidilui'c al'e Accouiile(I lor oli Ihe aLcriial% ba%1%. Liabiliiie% are recogFni%ed ilihcn a legal or eon%lruclive obligialioi) io iraii%fer eL'oiinmic beiiefii4 ariie% a% a re%uli of pall Iransaclions or ev¢iiis. Scholar4hip4 and bur%aries are accouniLd lor al ilie %iart of ihe 4cliool lerin lo ivhich Iliey relate. Income tAx Incoine lax re¢oi'erable 1% accouiiied for ai Il?c %ame liine as the related i)el iiicome Restricted And end0￿.ment funds Moiieys held on .%peci tic Iruils. ii)eludii)L perinaiieiil endoivmeiil. Ivilhiii Ihe general objec14 of ihe Fouiidaiioii. arv ideiilifi¢d sepai'alely and %hoivn al reslricled or eiidoiyment funds. SALISBURY CATIIEDRAL CHORAL FOUNDATION NOTES TO THE ACCOUNTS ASAT3 24 INVESTMENT INCOME 31st Mf4r¢h 2024 31st March 2023 Dividends on collective investrnents Inlcrest income on deposils 19,394 2.226 £21,620 19.152 £19,152 SUPPORT COSTS Independent examination (govcrnance) 1,340 1,000 El,340 £ I,(M)O Support costs are incidental lo Ihe operation of lh¢ ¢harily and arc allocated to Ihe Bursary and Scholarship Fund. INvESTME￿s Scholarship and Bursary Fund Music Comrni5sioning Fund General Fund Total Market value al l April 2023 Realised Gains Unrealised gainsl(losses) in year Management fees £77,151 £510,154 £10,763 £598,068 7,207 (I,oio) 47,151 1,508 (6,817) 55,866 (7,827) Market value al 31 March 2024 £83.348 £557.305 £5.454 £646,107 Cosl al 31 March 2024 £69,973 £457.806 £14.645 £542,424 Cost at 31 March 2023 £62,599 £409,563 £13,102 £485,264 31st March 2024 Jlst March 2023 The invesimeni portfolio was made up as lollows.. CCLA 646,107 598,068 £646,107 £598,068 SALISBURY CATHERAL CHORAL FOUNDATI TEST THEA S AT 31st NIARCH 2024 .IIsi Il18rch 2024 31st Ilarch 2023 DEBTORS Salisbury Ciiil)Ldral Ei)tLtyri%L.S IiiLI)InL' iii.x riLI)i'LrdblL Sun(lry, DL'bii?r 21,354 4,1150 15.365 16,418 ?8.566 £31.783 CREDITORS: ,Imounls fulllnLJ due iilthln one I.e￿r SuliNbury CJihL￿rIil S4ili%bury CiiihL'(Ir£il SLIIiM)I Siilixhury CriiliLilriil Girl Lliiii'1slLr% Fuiiil ALLI'U￿1 6%.713 <)7.497 7311 730 16.513 £114.740 ENDOII IIENT FUNDS Bur*iiry iiiid Fund Eiid()IvmL'iit BalilllLL' Jt l Ai)ril ?1173 16.a17 516.47Y 47.151 1.511 48.65() 16.8171 IllabVLtnLrit lil BdliinLi th131 McirLh !11?4 £541.on £17,314 L55%.3?1 RLpfL'4LlItLd by: 541.11117 17.314 558,321 £541,007 L17,314 £558,321 SALISBURY CATIIERAI. CHORAL FOUNDATION NOTE THE ACCOUIY'IS CONTINUED AS AT 31st MARCH 2024 ENDOWMENT FUNDS- COMPARATIVE NOTE Bursary and Scholarship Fund E'ndowment Music Commissioning Fund Endowrnent Balance at l April 2022 Realised Gain Unrealised gainsl{1055cs) Managcrn¢nt fcvi 532,841 17.053 549.894 {26,995) (5,384) (864) (172) (27,859) {5.556) Balance at 31 March 2023 £500,462 £16,017 £516,479 Represented by: Invesimenls 500.462 16,017 316,479 £500 462 £16.017 £516,479 RESTIUCTED FUNDS Bursary and Scholarship Fund Income Music Commissioning Fund Income Choir Tours Fund Total Balance al l April 2023 Olhcr collection5 Income Transfer from unrestricted funds Expenditure Unrealised 8ainsl(losses) 72,183 12,381 84,564 103,868 524 4,992 109,384 (112,581) (1,925) (114,506) Balance al 31 March 2024 £63 470 £12,905 £3,067 £79.442 These funds consist of moneys held on specific trusts wiihin the objects of the Foundation, as follows: Scholarship and Bursary Fund - income of the S¢holarship and Bursary Endowment Fund, which is to be used to pay for scholarships and bursaries for choristers. Music Commissioning Income Fund- income of the Music Commissioning Endowment Fund, which is lo be used to commission new music for use in Cathedral services. Choir Tours Fund - donations specifically to assisl wilh funding choir tours. RESTRICTED FUNDS- COMPARATIVE NOTE Bursary and Scholarship Fund Income Music Cornmissioning Fund Income Choir Tours Fund Total Balance al l April 2022 Inoom¢ Transfer from UnT¢slrictcd funds Expenditure 79,127 81,164 15,864 517 4.264 29.471 99,255 111.152 (88.108) (4,000) {33,735) (125.843) Balance al 31 March 2023 £72,183 £12,381 £0 £84,564 elo SALISBURY CATHERAL CHORAL FOUIYDATION NOTES TO THE ACCOUNTS CONTINUED AS AT 31st IARCH 2024 UYRESTRICTED FUNDS Balance al 1st A ril G8in%.'(lo%%es) and tran4ter.% Balance at 3151 March ?U24 Income endilure General fund ?63,615 (89.618) 7.707 ?63,434 Total l214.¥18 L8? ?31 1£89.61tll £7,207 L?63,434 UNRESTRicfED FUNDS- COfvIPARATIV E YEAR BiilJnLe al Gain%,'(lo%se.g) and tran%lers Balance ai 31 %1 March 2U? Iiicome ciidilure Geiieral lund 196.006 149.575 (78.440) (4.1261 263.615 T￿11 t19().()O() L149.575 l L711.4401 IL4,1261 £263.615 Ll RY CATHEDRAL CHORAL FOUNDATI STATEMENT OF FINANCIAL ACTIVITIE FOR THE YEAR Ef4DED 31st MARCH 2023 ID. PRIOR YEAR CONSOLIDATED STATEME￿ OF FINANCIAL A￿1VITIEs Unresiricied F'unds Restricted F'unds Endowm¢ni Punds Tolal 2U23 Income and endowmenls from: Donalion5 and Ic8acies Fund_raising events It)veslment income 123,928 23,176 2,471 80,295 14,176 16.681 204.223 37.352 19,152 Tolal Ineome 149,575 111,152 260,727 Exptndliurt on: Costs of Incoffle generatlon Fundraising ¢osi$ Managemenl Fees 12.240 823 12,240 6.379 5.556 13,063 5,556 18,619 Charltable actlvltles Scholarships and bursaries Choir Tour Chorisier Cosis Music Commission Independent examination fee 87,108 33.735 87,108 33,735 65.377 4.000 1,000 65,377 4,000 i.ooo 65,377 125, 43 191.220 To¢•1 ¢xp¢ndliure 78,440 125,843 5,556 209,839 Net Income I lexpendllure) before galn$ and losses on Inve$tmenls 71.135 114,691) (5,556) 50,888 NET GAIi¥SI(LOSSES) ON IiYVESTMENTS Unre81ised profilsl( losses) on invcslmcnis Realis¢d profii&l(loss¢s) on invesimenis (4,126) (27,859) (31,985) IYe¢ Income l (expendlture) 67.009 (14.691) (33,415) 18.903 Transferg between funds Net movement In funds 67.009 14,691 33.415 18,903 Fund balaneej at l Aprll 2022 196.606 99,2S5 549.894 845,755 Fund bilanees at 31 MArch 2023 £263.615 £84,564 £516,479 £864,658 e l? SALISBURY CATHEDRAL CHORAL FOUINDATI D EXP -YDITURE ACCOUN'T l$1 I￿lARCH 2024 AT YLar Lndcd 31 si Mèrch 21124 YLar L￿dLd 3151 Miir¢h 2U23 GENERAL FUND LLgilly Di)IialiL)ns Fui)dr(11Siiig i1)C1)I￿L 11).j84 3.21fl 4,72 123.928 23.170 2.471 27.522 149.575 E¥pondlturo 12,2411 65,377 82J (Tr3..123 i Jll,'IgiL'IiK'liI FL'L, (14.-133 711,4411 ID¥liL'lI l . Suri)lu 71.135 BURSARY èlYD SCNOLIIRSIIIP FUISD Ineonie DiJiiaiii)n% 15.7511 1 ().36.% 32.IlX 65.Ot> 16,1(I4 81.164 Expondilvro 87.1011 5,384 6.f)IK) ,J411 93,492 IDL*IILl11 Surplu% 187.11691 I12.328) ,NIUSIC COllIll ISSION IPIG FVIND In¢omc Ini'L'ltiiiiiil inL4)InL' 524 517 517 Eipendltur 4.000 172 M(Ill41¥iniLni F¥¥ 4,172 IDLliiii). Surplu 312 (3,6551 CHOIR TOURS FL'YD Incomo D()l)Illi()ns Fui)druisii)¥ 11)ii)InL' ,344 3,64¥ 15.2l)5 14.176 4,992 29.471 Ekpendliur¢ FundT41ising Lipen5L C()515 lil t()urs 1.92) 33.735 1.925 33.735 {DeliLiil , Surplus 3,Ufy7 (4.2()41 Surplu%.. IDLlicit) i)n IncoiiiL Funils 120.5(K)) 50.888 c12