ALI RY ATHEDRAL CHOIL4L FOUNDATION RT FTHETR TEE AND STATEMENT OF A COUNT NT Trustee, Officers and Advisers Trusiee's Report Independent Examinerfs Report Statement of Financial Aclivitics Balance Sheel Noles to the Accounts Income and Expenditure Account 7-12 13
ALI RY ATHEDRAL CHORAL FOUN'DATIO REGISTERED CHARITY INUNL IBER 1058899 I'iu%ltt'. Salisbuiy Caihedi'al AddreN¥: 6 The Close, Saliibury, SPI 2EF Iiidepei)deni Exainiiiei.: Haysmac LLP l O Queen Sireei Place. Londoii, EC4R I AG Solicilors.. Parker Bullei) 45 Casile Sireel. Salisbury. SP13SS Bai)kei'%', Lloyds Bank plc 38 Blue Boar Roiv. Sali%b(Iry, SP I I DB
Pa ALISBURY CATHEDRAL CHORAL FOUNDATI TRUSTEE'S RE FOR THE YEAR E Legal Status The Foundation is a regi¢re charity number 1058899. 11 is r¢gulated by a Deed ofTnJst dated 30th October 1996, Under th¢ Trnst Deed the TNsiee of ihe Foundation is Ihe Corporation of Salisbury Cathedrnl. The Trust Deed 8iv¢s the T$¢¢¢ complete discretion over the Foundation'5 inveslmenls. Objectlves and aetlvlile$ (or ihe publi¢ benef1¢ The principal objective of the Charity is the promolion and enhancement of Church Music irb Salisbury Cathedral. The Trnstee has referred lo the guidance conlned in ihe Charity Commission's general guidance nn public benefit when reviewing the Foundaiion's hims and objeciives and in planning fulure activities and setting the grant making policy foT the year. The FoundRiion achievw ils objeclive by applying its in¢orn¢ 10 assisting choristers with their fees at Salisbury Cathedral School and promoting Ihe Caihedral Choirs generally. Fundlne Polieles The Found81ion's published policy is to establish aft endowment fund to provide income to enable it to Provide scholarships ond bursaries for Salisbury Cathedral choristers. Capi181 donations. which are mad¢ lo the Foundaiion on this basis, are therefo added to th¢ Endowment Fund. OrKAnIslI0ll Th¢ Ch4plcr of Salisbury Cathedral, as the executive b(MJy of the Corporale T81¢¢, meet from time lo lim¢ as Trusiee of the Foundation. Truslee's Reiponslblllty for the Prepiratlon of Aeeounts Charity Law requires the Trusi¢e lo pr¢pare financial statements for each finuniial year which give a true and fair view of ihe slat¢ of affairs of the ¢hariiy and of ils finan¢ig1 a¢tivili¢S for that pericrtl. In prewarin8 those financial siatemertts the Trnsiee is required to.. l ) Select suitable Accouniing policies and ihen apply Ihem consistently. 2) Make judgements and cstimatcs Ihai are reasonable and prudcnl. 3) Follow appliLabl¢ aunting standards, subjeci to any m&lerial departures disclosed and explained in the ac¢ounls. 4) Prepare ihe accounts on the going ¢on¢¢rn blsis unless it ig inappropriaie lo assume Ihal lh¢ Fund will continue (o funciion. 5) Observe the methods and principles in the ChBrities SORP. The Trustee is responsible for keeping proper accounting record5 which dis¢los¢ with reasonable accuracy ai afty time the fsnancial position of the ¢hariiy and lo enobl¢ il lo SUre that the financial slatemenis ¢omply with lh¢ Charities Act 2011, all current statulory requiremenis, th¢ ¢harities governing document, and Ihc requirements of the revised statement of recomincndcd practicc. Thc TNs(¢¢ is also responsible for takiftg reasonable steps for the prevention ond detection of fraud or other iTregularilies. Investment Powerg, Pollcy and PerformAnce The TNsi¢c ha5 th¢ 8uthority to invest ihe Trnsl Fut)d in the pur¢has¢ of al interest on the secuTity ofsuch sl(Kks, funds, shares, securitie5 OT other investments or property of whatever nature and wherever situaied a$ the Trusiee in iheir absolute discretion ihink fit to thc inicni thai the TNsi¢e shall havv th¢ sarn¢ full and unrestricied powers if invesiing and Iransposing invesiinenls as if they were beneficially ¢nliil¢d lo the TN5t Fund. The Twsiec's poli¢y is to inves( the Foundaiion's capilal in chariiable Common investment funds. in a mixlure of funds based on both equities and fixed-interest stkS Th¢ objective is to obtain a relatively high level of income while still allowing for the possibility of capital gr0h, subjecr lo a m¢diuin degre¢ of risk. In the 12 months to 3 Isi March 2025 the Choral Found8lion portfolio had a total reiurn (in¢ome plus Capital) of minus O. I OO/'. This COTnpare5 with relurns from UK equities of10.479 from overseas equities of 4.48Yo, and from fixed inter¢si of minus .1.82 9,0. Sources * MSCI UK Index; MSCI World ex UK Index: •**Markil iBoxx £ Gills Index Truste¢ Remuneratlon And Expenses Neither the Trustee nor any persons connccied with them r¢¢¢ived any remuneration in the yeur.
SALISBURY CATHEDRAL CHORAL FOUNDATION, TRUSTEE'S REPORT CONTINUED R THE I'EAR EN'DED 31si NIAR H202 Rlsk Ilana¥emenl The trustee has assessed (lie Tknajor risks to ii'hich the ¢haril}' is e.xposed. in pariicular tliose relaied 10 The operations and fit)aiices of Ilie Twsi. and Is satisfied thai systems ar¢ in place 10 Iniiigaie Ilic chariiy's e%posure 10 rhe Inajor risks. Our Approaf h to Fundralslns actii'itios The irusiees are pleased io coiifinn Ilie folloii'ing.. The fundraising approa¢h iak¢n bv Ihe charity is to raise funds from priiale doiKsrs or Irwsis to support Ihe objeciii'es of Ihe foundation. Currenily the irusltts liai'e no plans 10 retaiti a professioiial rundraiser or comniercial partieipaior 10 assisi ¥i'iih Iliese fuiKlraisiiig aciil iiies The I$1¢¢$ are pursuii)g r¢gisiration li iih the Fundraisiiig Rcgulaior and ii'ill look ¢0 adhere lo Ihe praciice Iliis bods. recoiniilends In addilloll 10 xdheri118 10 guidaiiLe issued b} the Cllarily Conimissior) Tlie INsiees hai e liad Iio Incideiiis of failure by rhe foundaiion. or by aiij. persoii aciing on lis behalf. 10 conlply li lili fundraising siandards. Siii¢¢ lh¢ Iru%iees li¥%¢ Not retained aiiy per50Th aciii)B on ils belialf iio iiioiiiioni)g of fuiidraisiiig aciiiities by Ihird panies Is currently tsnden&ken. Tlie Twsiees did noi r¢¢ei%'e In Ilie vear reponed aiiy complaiiils receiled about lis fundrai$in8 acfll Ify. The INsitts seek lo proieLI i uliierable pvuplc Olher meiiibeTS of the publi¢ by adhering to good praciicc aiid ii'orking li iih the Cathedral b> ¢oTI)pls'inll i¥'iil) daia PT1% a¢y requirenieiiis 10 eiisure Ihai fuiure fulraISIn¥ ei enis i¥ill be saf¢¥uhrded froiii b¢haiiour wl)i¢h'. Is an unreasonable iniNsiort 011 g p¢rson'$ pri¥"a¢y Is unreasoliably persistent. ai Pla¢¢s undue pressure on a person io giie iiioiKy or oiher propeny Rel lem of Acili'ltlos Tlie Clra1 Foundalion coiiiinued 10 use lis iiii'esinieni income to fund bursarie5 10 5UPPOrt ¢IrI$l¢rS ai Salisbury Cathedral. Duriii¥ this financial year the Choral Foundation also proi'ided suppon M'ill) o $rai)( to%%'ards ihe chorisieT iulor. At Ilie eiid of Il)is fiiiaiicial y¢ar aiid spaiining Iiilo Ilie 20?5'?6 fiiiai)cial year, Salisbry Cailiedral Clioir uiidenook successful tour to Ihe Neiherlaiids. Tlie iour iniolied 30 people lof li hicli ?Q iiere chorisiersl and included a series of liiur¥ical al coi)cen engageii)enis across fil'e Ciiies. Tlie iour li as funded Ihrougli parei)ial fundraisiiig And coniribuiions. ii'ith any sliortfall 11)¢i by Sili5bur)' CaihedTal Chapier. R¢%'ltM' of FinAntial Tran$actions Bnd Posltlon Diiiiii¥ ihe year doiiaiiotts. l¢¥Jcic. i'uluiiiiiry coi)Iributions &iid ii)ie%rineni incoinc ainounicd 10 £406.5?11 i?0?4 £191.6141. A toial of Ll 36.9¥7120?4 £111,241 I w'as pell$ on scholJr%hips Jnd biLfsi1rie$, Thc cndoivm¢nt hinds de¢r¢8s¢d by £?4.!36120?4 £41.84? iiicreasLI, iaking inio 1¢ ccouni unrLialised lo%yes on Ini'esimenis. Ivhil$i lh¢ income hinds Iii¢rCi(I by £137.0?0 I?0?4 £5,303 dccrca%cl. rctleciin¥ Ihe coniii)uinK siippon ofihe chori$iers.The Foundation'4 nct ul thc ciid ot. thc year loldlled E I,n13,98112024 £901,197) 0(,h1¢h £534,085 1?0?4 L5.$8.3?1 I ii'ere held as eiidoii'e(l tiinds and llrc fftoi a%'ailiibl¢ io gpeiid Future Plwn5 The Foundation i%'ill conlinue lo raise funds lo proi'ide chorister bursaries. io fund choir iours ii.hen Ilse lake place and to Promote inusic in Salisbury Caihedral Iiiore 8eneralls'. Signed b¢holf of lh¢ TnJsre¢ Chapier Clerk Dale= 11 Oc>* ?0?5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF SALISBURY CATHEDRAL CHORAL FOUNDATION FOR THE YEAR ENDED 31st MARCH 2025 I report to the Trustee on my examinalion of the accounts of the Charity for the year ended 31 March 2025, which are sel out on pages 5 10 1 RESPONSIBILITIES AND BASIS OF REPORT As the charity's Truslce you are responsible for lh¢ preparation of th¢ COUn1$ in oceordan¢e with the rcquiremen15 of ihc Charities A¢1 2011 {"Ihe Acl"). I report in respect of my examinalion of the Trustee's accounts carried oul under section 145 of Ihe 2011 Act and in carrying out my cxaminalion I have followed all Ihe applicable Directions given by the Charily Commission under section 145 {5) (b) of the 2011 Aci. INDEPENDENT EXAMINER'S STATEMENT I havc compl¢l¢d my examination. I confirm Ihal no material matters have Come lo my allention in connection with Ihc cxaminaiion giving rne cause to believe that in any material respeci,. (l ) accounting records were not kept in respect of the Charity a5 rcquircd by section 130 of the Act: or (2) the COuntS do nol cOrd with those rKords; or (3) the accounts do not comply with the applicable requirements concerning the form and ¢on¢eni of 8¢¢ouni$ set out in the Charitie5 (Accounls and Reports) Rcgulalions 2008 other than any requirement that the ac¢ounts give a "Iruc and fair view" which is not a malter considered as part of an independent examination. I have no concern5 and have come acros5 no oiher mallers in connection with the examinalion lo which allenlion should be drawn in this report in order 10 enabl¢ a proper urtderstanding of the aecounls 10 be Teached. Lee Stokes FCA Haysmac LLP l O Queen Streei Place London EC4R IAG Dc. 9 December 2025
Pa SALI RY CATHEDRAL CH RALF STATENIEINT OF FINI NcIAL ACTII'ITIES FOR THE I'EAR EYDED 31st li IARCH 2025 Uiiresiricted Resiricied Endoivment Funds Fuiid4 Toial ?0?5 T(Aal ?0?4 Income and endoivments froni: Doiialions. le&yacie% and bJrani% l.-und-rai%in&i eveilt Iii% L%lmLiiI ii?come 235.421 77.175 66.070 301.441 77.175 ?7.91? 108.428 61,567 21.6?0 olal incon)e 325.265 406,5?8 191,614 Expenditure on: Custs 0( income 8eneratAon Fundrai%ing CONI Mana&yemeni Fee¥ 24.315 764 902 25.217 5.92? 25,285 7,827 5.158 ?5.079 90? 5.158 31.139 33,11? ChArltable a¢tli'l¢les Scholar41)ip4 and bur%arie Clioir Tour Chorisler costs Muiic commi%%ion Independeiii examination fee 15.036 17.2?4 60.514 1?1.951 ?2.915 136,987 40.140 60,514 1.500 1.560 1.925 63.3?3 1.500 1.560 1.340 92.774 147.926 240.701 177.829 Total expenditure 117.854 148,828 5.158 ?71.840 210.941 Net Inconie l (expendlturt) before gains ind1055es on ini'estments ?07.411 167,565) (5.158) 134.688 {19.3?7) NET CAILYSI(LOSSES) ON IINV ESTIllENTS Unrealiscd pi'ofiis'"(105se%> on invc4lmenls (2,826) (19,078) (21.904> 55.866 Nel income l (expenditure) 204.586 (67.565) {24,236) 112.784 36.539 Transftrs betth'een fuiids Net moi'ement in fundi 204,586 (67,565) (?4,?36) 36.539 Fund balances ai l April 2024 263,434 79,44? 558.321 901.197 864.658 Fund balances at J I li lar¢h 2025 £468.020 El 1,877 E534.085 £1,013.981 £901,197
ALISBURY CATHED BALANCE SHF.ET AS AT 315t MARCH 20 ND Tl Unre51ricied Restrict¢d Funds Funds Endow¢d Funds Tolal 2025 Note 2024 FIXED ASSETS Investments 72,318 11,877 534,085 618,281 646,107 CURRENT ASSETS Debtors Cash at bank 115.253 282.737 397.990 115.253 28,566 282,737 297,166 397,990 325,732 CREDITORS: AmDunts fAllln8 due wlthln one year 2,290 2,290 70,643 NET CURRENT ASSETS 395,700 395.700 255.090 TOTAL NET ASSETS £468,019 £11.877 £534,085 £1.013,981 £901.197 Rweseniing.. ENDOWMENT FUNDS Scholarship and Bursary Fund capital Music Commissioiling Fund Capital 517,522 16.563 534.085 517,522 16,563 534,085 541,007 17,314 558,321 RESTRICTED FUNDS Scholarship and Bursary Fund Income Music Commissionin8 Fund In¥ome Choir Tours Fund 63,470 12,905 3,067 79.442 11,877 11,877 11,877 11,877 UNRESTRICTED FUNDS General Fund 468.020 468.020 263,434 £468.020 £11,877 £534,085 £1,013,981 £901,197 Signed on behalf ofihe truslee Clw)ter Clerk Approved by Chapter..
SALISBURI. C.4THEDRAL CHORAL FOUYI DATIOL TES TO THE ACCOUNTS AS AT 3Jst IARCH 2025 ACCOUI)TING POLICIES Basis o( Accounting The account.s have been prepared in accordance with Ihe Charities Aci 201 l. Ilie Sialemeni of Recommended Praciice on Accounting and Reporting by Charitie% applicable lo charities preparingi their accouiir.s i n accordance iviih the Financial Reporting Siaiidard applicable in the UK nd R¢piiblic of Ireland (FRS I O?) leffeclii'e January 2019). Salisbury Cathedral Clioral Foundation mee15 Ihe definiiion ora public benefii eniiiy under FRS I O? A%%ei% ?iid liabilitie£ are initially recogni%ed al hi%lorical co%1 or Iran%a¢tion value unle5% slated in Ihe relevaiil accounting policy noie. PrepAratlon of the Aeeounts on A going concern b&51S The ihiSrily 1% a biraiii makiiiLY Iru%l. Iviill a ii&¥ni ficaiil ii)veslineiil portfolio and cash reserve4. The Chariiy has a loiv level of overliead4 aiid Inake% di.%crelionary bTranl%. The Trusltt 1.% ¢oiifidenl Ihal Ihc charity 14 a going concern. In%'eslments Iiive.%lmenls are %laled <71 Inarkei value and Ihe unrealised gain.% ari%ing in the year are cr¢diled to the fund5 11) Ivliicli Ilie inveslineiii% are h¢ld. Income and expenditure Ii)come and expenditure are accounted for on the accrual% basil. Liabilities are recounised when a legal or consiruciive obligation 10 transfer economic benefi14 ai'i%e% a% a re%uli of pa%[ transa¢iioM% or events. Scliolarships and biir%arie% are accouiiled for al Ihe .%lail of Ihe ichool lerm 10 which they relaie. liicome tax Income lax recoi'ei'able is accounted for ai Ihe %ame lime as tlie rclaled nel income Res¢rlc(ed Ind endoii'nient funds Money% held oil specific Iru.s1%, including permanent endoii'meiii. ii'iihin rhe geiieral objeci.s of the Fouiidaiion, are idenlified 4eparalely aiid %lioi¥'n a.% re%(ricted or eiidowmeiil fund%.
SALISBUR Y CATHEDRAL CHORAL FOUNDATION NOTES TO THE ACCOUNTS AS AT 31st MARCH 2025 INVESTMENT INCOME 31st Mareh 31st March 2024 2025 Dividends on collective investments Interest income on deposiis 17,500 10,412 £27,912 19,394 2,226 £21,620 SUPPORT COSTS Independent exarnination (govemance) 1,560 1.340 £1.560 £1,340 Support costs are incidenlal to the operation of the charity and are allocatcd io the Bursary and Scholarship Fund. INVESTMENTS Scholarship and Bursary Fund Music comrni55ioning Fund General Fund Total Markd value at l April 2024 Realised Gains Unrealiscd gainsl(losses) in year Management fees Transfcr between funds 83,348 557,305 5.454 646,107 (2,826) (764) (7.440} (18,487) (16,988) (4,308) (591) 11,830 11,748 (21,904) (5,922) Markel value al 31 March 2025 £72,318 £517,522 £28,441 £618,281 Cost al 31 March 2025 £69,973 £457,806 £14,645 £542.424 Cost at 31 March 2024 £69,973 £457,806 £14,645 £542,424 31st March 2025 31st March 2024 The inveslmenl portfolio was made up as follows: CCLA 618,281 646.107 £618,281 £646,107
SALISBURI. THERAL CHORAL FOUNDATION, TO THE ACCOUNTS ASAT Is Il$1 14y¢h 2024 2025 DEBTORS Salisbury CiTrthLxlral Entery)ri%e Salishury Cathlra1 InLOI)IL ia¥ reio¥¢rablL Suiidry DLbii)r5 3.()1)11 103.751 2.()93 4.850 71.354 4.8iO £115.?53 £?8,566 CREDITORS: Amoun1$ falling due Mlthln one lear Salisbury CaihLxlrtsl Saligbur>' CathL'ilrdl Sihcxil Sali%bury CJihLxlral Girl LhoriAILr.s FurKI ALLrnal 68,713 730 1,560 730 £70.643 EYDOW'II IENT FUNDS Bur%4ry 41n SLh()lai'sliip Fun(1 nd1II4'1)IL'nt Mu%iL Fuii(I iidi)¥l'lllL'n( otgl BalanLL UI l April ?0?4 541.007 17.314 558,321 RL'uli%cd Guiii UiirLiIIi.%Ld ¥#i1is'iIc)4II mansLImni leL's (111.4871 119.07111 15,1581 116ni BoliiniL' at 31 IMarL'lI ?11?5 L$17.5?1 £16,563 £534.085 517,5?? 16.563 534,Q85 £517.5?? 16.563 £534.085
Pa SALISBURY CATHERAL CHORAL FOUNDATION NOTES TO THE ACCOUNTS CONTINUED AS AT 3151 MARCH 2 ENDOWMENT FUNDS- COMPARATIVE NOTE Bursary and Scholarship Fund ndowmenl Music Commissioning Fund E"ndowrneni l olal Balance at l April 2023 Realised Gain Unre8lised gains/(losw) Management fees 500,462 16,017 516,479 47,151 (6,606) 1,508 (211) 48,659 (6,817) Balance at 31 March 2024 £541007 £17,314 £558 321 Represenlcd by.. Investments 541.007 17,314 558,321 £541,007 £17,314 £558 321 RESTRICTED FUNDS Bursary and Scholarship Fund Income Music Commissionin8 Fund Income Choir Tours Fund Total Balance at l April 2024 Oihcr colleciions Income Transfer from unrestricted funds Expenditure Unrealised gains1(losses) 63,470 12,905 3,067 79,442 60,040 473 20,750 81,263 (123,510) (1,501) (23,817) (148,828) Balan¢¢ at 31 March 2025 £0 £11877 £0 These funds consist of moneys held on spccifi¢ Irusls within the objects of Ihe Foundaiion, as follows: Scholarship and Bursary Fund - income of the Scholarship and Bursary Endowmeni Fund. which is lo be used lo pay for scholarships and bur5aTICS for choristers; Music Commissioning Income Fund - income of ihe Music Commissioning Endowment Fund, which is lo bc us¢d lo ¢ommission new music for use in Cathedral Krvices; Choir TOUTS Fund - donaiions specifically to assisl wilh funding choir tours. RESTRICTED FUNDS - COMPARATIVE NOTE Bursary and Scholarship Fund Income Music Commissioning Fund Income Choir Tours Fund Tolal Balance at l April 2023 Income Tr2nsfer from unr¢slricl¢d funds Expenditure 72,183 103,868 12,381 524 84,564 109,384 4,992 (112,581) (1,925) (114,506) Balance ai 31 March 2024 £63.470 £12,905 £3.067 £79,442
SALISBURY CATHERAI. CHORAI. Fouf*DATIO.N NOTES TO THE ACCOUNTS CON'TIINUED ASAT I t.NIARCH 2025 UNRESTRICTED FU,Ds Balance at Gains.'(lo%ses) nd transfers Balance ai 31 st March ?0?5 '[ A ril ?024 Income endilure Geiieral fund 263.434 3?5,265 (117,854) (?.8?6) 468.020 Tolal L263.434 L325,265 (1117,8541 l L2.1126 L468.020 IYRESTRICTED FUNDS- CONI IPARATIVE YEAR Balai)ce al 151 A ril ?U?3 Gain%l(10%4e%l and Iransler. Balance al In¢ome endiiure General fund ?63.615 8?,231 189.618) 7.207 263.434 -rola1 £263,615 1%2,231 IL89,6181 L7.?07 L?63.434
e l2 ATHEDRAL RALF NDATI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024 10. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES Unresiricied Funds Resiricied Funds Endowmeni Funds Total 2.024 Ineome nd endowments from: Donations and legacies Fund-raising evenis Invesimeni income 19.584 57.919 4,728 88,844 3.648 16.892 108.428 61,S67 21.620 TotAI Income 82.231 109,384 191,614 Expendlture on: Costs of Income g¢ner4llon Fundraising costs Man8gemenl Fees 25,285 1,010 25,285 7,827 6,817 33,112 Charliable ellvltles S¢holaTShips and bursaries ChoirTour Chorister cost5 Music commission Independenl cx8minalion f¢¢ 111,241 1.925 63,323 1,925 63.323 1,340 1.340 114506 177829 Total expendlturé 89.618 114,506 6,817 210,941 Net In¢ome l (expendltur¢) b¢f•r¢ gilni And o¥se5 on Investment5 (7.3881 (5.122) (6,817) (19,327) NET GAINSI{LOSSES) ON INVESTMENTS Unrealised profilsl( losses) on investments R¢alis¢d profi1(]0$$¢$) on inv¢sim¢nis 7,207 48,659 55,866 Net In¢ome l (expendlture) (181) (5.122) 41,842 36.539 Transfers between funds Net movement In (undi 5.122 41,842 36,539 Fund b4lAn¢e$ At l Aprll 2023 263,615 84,564 510.479 864,658 Fund balances at 31 mAh 2024 £263,434 £79.442 £558.321 £901,197
e13 DETAILED IIYCONIE AND EYPEYDITURE ACCOUNT AT31st IIAR Year LiidLd 31 st fvlarLh >ll?5 YL£2f ldcd 31 %t IMarLh ?U24 GEfERAL FVND Income 31,125 ?IH,296 1.8(Al 1?.669 Doiiaiions Fundra151ng inLC)III¢ 19,584 3.210 4.728 249.fj50 27.522 ETLpendlture i us1¥ & MLdiil Purlhas Fund rui%in¥ L(l.%t Granl li)r Llii)riNILr futiir adinini%lrtiliiiii 24.315 60.514 764 63.323 85.593 64.333 {DL'IILiII , Surplu 164.357 136.¥11) BURSARY AND SCHOLARSHIP FUND Ineome 78,!70 14.7711 43.n40 15.750 16,368 ExPendItre anJblLllILI)I FLX'¥ ().6116 1,340 1.5(?0 128.509 19.187 (DeliLii) Surplu l85,4fj9) (87.069) ,%IUSIC COI%lNIISSIONIIYG FUND Income LL'¥FIL Di)iiation% Ini'L*illlVlii Incoiii¢ 473 524 473 524 Eipendlture man&L)ll1[ FLL 1,660 {Delicitl ' Surplus {1 187) 31? CHOIR TOURS FUND In¢ome thii)aiioiis Fundraising inc()niL' Ini'L'.%iinLni InLoiiiL ?1).75 1.344 3.648 4.997 Exp¢nditure Fundrai%ing eXnL. Cu.%ts 1)I' tiTrurs 902 22.915 1,925 23.817 IDL.IILi(I ' Surplu (3.067) 3.(K)7 su15 l (DLlicil} (Mi Inci?IllL Funds