Westminster Cathedral Choir School Annual Report and Accounts 31 August 2024 Charlly Reglslialion Number 1063761
Contents Reports Reference and administrative details of the charity and its Corporate Trustee Report of the directors of the Corporale Trustee Independent auditor's report 12 Accounts Statement of financial activities 16 Balance sheet 17 Statement of cash flows 18 Principal accounting policies 19 Notes to the accounts 23 Westminster Cathedral Choir School
Reference and administrative details of the charlty and Its Corporate Trustee Trustee of the charity The charity is controlled by the 'Westminster Roman Catholic Diocese Trustee" {WRCDTI, a company limited by guarantee. The company does not conduct any trade or business for its own account and has no assets or liabilities. Its sole purpose is to act as trustee for a number of trusts and funds. The principal of these is the Westminster Roman Catholic Diocesan Trust. The Directors of Westminster Roman Catholic Diocese Trustee {herein referred to as Trustees) are.. His Eminence Cardinal V Nichols Rt Rev J Sherrington Rt Rev N Hudson Rt Rev P McAleenan Rev Mgr M Hayes Rev Mgr J O'Boyle (resigned 5 July 2024) Rt Rev J Curry {appoinled 18 June 2024) Mr A Ndoca Baroness N O'Loan Dame C Bowe Mr K Ingram Mr E Craslon Presldent of the School His Eminence Cardinal V Nichols The Board of Governors Chalrman Mr David Heminway Mr Robert Enserro Mrs Kale Finch Martin Hatlrell Rev Alexander Master (Private Secretary lo the Cardinal} Mr James O'Brien Mr Mike Pillendreigh (resigned 5 July 2024) Ms Laura Pigorini (appointed 14 June 20241 Mr Nick Robinson Rev Stuart Seaton Mr Nicholas Seed {Chief Financial Officer for the Diocese) Ms Maria Strauss Rev Slawomir Witon (The Dean of Westminster Cathedral) Westminster Calhedral Choir School
Reference and administrative details of the charity and its Corporate Trustee In attendance at Governors, meetlngs The Head Master- Mr Neil McLaughlan The Master of Music- Mr Simon Johnson The Bursar- Mrs Joanna Stephens The Deputy Head {Pastorall - Miss Emily Auger The Director of Admissions- Mrs Lucy Freeman (nee Auger) Clerk lo the Governors Mrs Joanna Stephens Princlpal address Westminster Cathedral Choir School Ambrosden Avenue London SW1 1QH Charlty registratlon number 1063761 Audltor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC Bank plc 69 Pall Mall London SW1Y SEY Sollcltors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Westminster Cathedral Choir School
Report of the Dlrectors of the Corporate Trustee Year to 31 August 2024 Introduction The Directors of the Corporate Trustee (hereafter referred to as the Trustees) present their statutory report together with Ihe accounts of Westminster Cathedral Choir School (the charity or School or WCCS) for the year ended 31 August 2024. The accounts have been prepared in accordance wilh the accounting policies sel out on pages 1910 22 of the allached accounts and comply with the charity's trust deed, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). Structure, governance and management Constitutlon Westminster Cathedral Choir School is governed by a trust deed dated 8 July 1997 and is registered with the Charity Commission, Charity Registration No 1063761. Status Westminster Cathedral Choir School was founded by Cardinal Herbert Vaughan in 1902 to provide boarding ChoTislers and Exhibilioners to sing the daily capitular liturgy in the then new Cathedral. In 1976 day boys were introduced and in 2017 a Pre Prep was added. There were 269 boys, aged 4-13 at the start of the 2023124 year. The School is divided into nine year groups (National Curriculum Years Reception lo Year 81. There are approximately 30 boys in each year group. WCCS is situated within Ihe precincts of Weslminster Cathedral and is Roman Catholic by foundation. The Head Master is a member of the Incorporated Association of Preparatory Schools {IAPSI, the Catholic Independent Schools, Conference ICISC) and the Choir Schools, Association (CSA). Organisation Ultimate responsibility for the charity lies with the Directors of Westminster Roman Catholic Diocese Trustee (WRCDTI (the Trustees). Trustees and Governors The Trustees i.e. the Directors of the Corporate Trustee are appointed by the Archbishop of Westminster, Westminster Cathedral Choir School
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Structure, governance and management (continued) Trustees and Governors (conliniied) The Trustees who have been in office since 1 September 2023 are as follows.. His Eminenc8 Cardinal V Nichols Rl Rov J Sherrington Rl Rev N Hudson Rl Rev P McAleenan Rev Mgr M Hayes Rev Mgr J O'Boyle {resigned 5 July 20241 Rl Rev J Curry (appointed 18 June 20241 MrA Ndoca Dame C Bow8 Baroness N O'Loan Mr K Ingram Mr E Cragton On agreeing to become a Director of the Corporate Trustee, the Trustees are thoroughly briefed by their co-Trustees on the history of the charity, the day-to-day management, the responsibilities of the Trustees, the current objectives and future plans. The Trustees are also encouraged to attend any courses which they feel are relevant to the development of their role and to keep up-to-dale on any changes in legislation. The Trustees are ultimately responsible for the policies, activities and assets of the charity. The Archbishop appoints a Chairman of the Board of Governors who appoints other governors for 8 fixed term in consullalion with the Archbishop. The Governors work with the Trustees in determining the general direction of the School and operate within powers sel out in an Instrument of Government. They meet during the year to review the developments with regard to the charity, ils activities and make any important decisions. When necessary, the Trustees andlor Governors seek advice and support from Ihe charity's professional advisers including solicilors and accountants, The Bursar undertakes the day-to.day management of the charity's activities, the implementation of policies, administers payments and keeps the books and records of the charity, The names of the Governors who have served since 1 September 2023 are given on page 1 of this report and accounts. At their meetings, the Governors review the latest management accounts including budget forecasts. Trustees, and Governors, remuneration No Trustee or Governor received any remuneration from the charity in connection with hislher duties as a Trustee or Governor during the year. Two Governors received reimbursement of travel and accommodation expenses totalling £2,18712022123.' £457 for one Governor) from the charity in connection with their duties as a Governor during the year. No Trustee or Governor had any beneficial interest in any contract with the charity. Westminster Cathedral Choir School
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Structure, governance and management Icontinuedl Responslbllltles of the Trustees The Trustees are responsible for preparing the Annual Report and Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the Trustees are required to. • select suitable accounting policies and then apply them consistently., • observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021., • make judgements and estimates that are reasonable and prudent., • state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts., and • prepare the accounts on the going concern basis unless it is inappropriate lo presume that the charity will conlinue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charily and enable them to ensure that the account5 comply with the Charities (Accounts and Reports) Regulations 2008, the applicable Charity {Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Key management personnel The Trustees and Governors consider that they, together with the Senior Management Team {SMTI, comprise the key management of Ihe charity in charge of directing and controlling, running and operating the School. As noted above, neither the Trustees nor the Governors receive any remuneration in respect lo their services. The Governors meet at least once a term and there is regular formal and informal communication between the Governors, Ihe Trustees and members of the SMT. Day lo day management of the School is the responsibility of the Senior Management Team. This consists of the Head Master, Deputy Head {Pasloral), Head of Pre-Prep, Deputy Head (Academic) {also Head of Boarding), Director of Studies, Director of Admissions and Bursar. The SMT meets weekly to discuss any operational. safeguarding or staff matters Westminster Cathedral Choir School
Report of the Dlrectors of the Corporate Trustee Year to 31 August 2024 Structure, governance and management {continued) Key management personnel (continuedj The remuneration of members of the SMT is reviewed annually by the Governors, Remuneration Committee. This Committee considers market pay levels (using external sutvey data where available), individual performance over the year and any changes in responsibilities. Those members of the SMT that also leach will have a portion of their salary determined by the main teaching pay scale. Rlsk management The Trustees delegate risk management to the School's Governing Body- principally through ils Pastoral and Finance Committees, which meet termly. The School is also represented at the Health, Safely and Fire Commillee of the Westminster Roman Catholic Diocesan Trust. Risk5 are identified and assessed, and controls established throughout the year. The key controls used by the School include: • Formal agendas for all committee meetings • Strategic planning, budgeting and management accounting Established organisalional structure and lines of reporting Formal wrillen policies, including safeguarding and child protection • Clear aulhorisalion and approval levels Maintenance of a risk register Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Prlnclpal rlsks and uncertalntles The principal risks and uncertainties facing the charity are detailed in a risk register. The principal risks and the stralegies applied by the Trustees and Governors for managing these are outlined below. Westminster Cathedral Choir School
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Structure, governance and management (continued) Prlncipal rlsks and uncertalnties (conlinued) Safeguarding.. Compliance with safeguarding regulation is a key management concern because of the associated reputational risk for non-compliance. The School has a Designated Safeguarding Lead and a Safeguarding Governor who is responsible for ensuring the policies and procedures comply with the latest Independent Schools Inspectorate {ISI) regulations and Keeping Childraii Safe lip Education, and are implemented in all aspects ofthe School's operation. Advice is sought from Westminster Local Authority Designated Officer ILADOI as appropriate. All staff are subject to an enhanced DBS check which is refreshed every 3 years. Each member of staff receives safeguarding training al induction and this is repealed annually at staff l NSET training. The Senior Management Team receives additional training on safer recruilmenl. The Deputy Head IPaslor811 and Designated Safeguarding Lead reports any pastoral or safeguarding matters to the SMT weekly, and to the Governors, Pastoral Committee and full Governors. meetings termly. Fall In pupll numbers.. A reduction in pupil numbers would result in a fall in income which, over the long term, could affect the overall financial security of the School. The School benefits from a strong market position, and demand for places is high. The School Carefully monitors registration numbers to ensure any deterioration of this position is quickly identified and addressed. The existence of the Pre-Prep substantially reduces the School's reliance on a small, and dwindling, number of Pre-Prep feeder schools, and affords the School greater control of its pupil intake. Future market changes are expected to result in a rise of11 + exits. This is a particular risk for the School that needs a provision in year 7 & 8 to support the choristers in these year groups. The Governors, Strategy committee is monitoring the mafkel closely and the Trustees receive regular updates from the School on this risk. Flnanclal risk.. The charity opened a Pre-Prep for boys aged 410 B in September 2017. Whilst this reduces the risk of falling pupil numbers, il increases the financial risk as subslanlial rent payments must be met to occupy the Pre-Prep building. The renl payments are linked to bank base rate so the School is exposed to interest rate risk. The annual budget and five-year cash flow are reviewed regularly by the Finance Committee lo ensure affordability of rent, There is total confidence in the charity's ability to meet the projected rent levels and cash flow remains strong The introduction of VAT on school fees may impact pupil numbers and affordability of the fees. The loss of business rate relief and increase in employer Nalional Insurance contributions will significantly increase the School's costs and will be factored into the annual budgets. Westminster Cathedral Choir School
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Structure, governance and management (conlinued) Political risk.. Further political changes could impact the School's charitable status. This is a significant risk to the School. The School continues to actively support the local and national community through the Choir and ils support of the choristers. • Reputatlonal rlsk.. The School may attract media interest. Inaccurate media coverage of the School or the Westminster Cathedral Choir creates a potential reputational risk for the School. The School will seek professional advice where necessary to reduce this risk and closely monitors pupil registrations to ensure that any link between adverse press coverage and pupil registrations is noted and addressed. Connected charfty The Trustees are also responsible for Westminster Roman Catholic Diocesan Trust, a regislered charily, Charity Registration Number 233699. Objectlves and actlvltles The general aims of the charity are the advancement of the Roman Catholic Religion and the advancement of education in the Roman Catholic tradition. The charity aims to Irain boys in church choral music through the operation of Westminster Cathedral Choir School. In planning the activities of the charity for the year, the Trustees and Governors have considered the guidance on public benefit issued by the Charity Commission. Pupll numbers At the start of the 2023124 academic year there were 269 boys in the School12022123'. 277) of whom 23 were chorislers12022123.' 22) and 246 day boys {2022123.' 255). Fees Termly fees for 2023124 were £6,974 for day boys in Reception - Year 2 {2022123'. £6,457), £7,204 for day boys in Year 3 (2022123.. £7,204), £7,942 for day boys in Years 4-812022123.. £7,564> and £3,667 for choristers (2022123. £3,600). The Governors, Finance Committee sets the level of fees each year taking into consideration the cost of providing high standards of leaching, learning and pastoral care, and of maintaining the fabric of the building. Academlc Ilfe WCCS continued to develop ils liberal academic curriculum, producing exclusive resources for each subject from Reception to Year 8. The School remains committed to 13+ Common Entrance and continues to prepare boys for a range of senior schools. Westminster Cathedral Choir School
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Objectives and actlvltles (continued} Academic life (coi?linued) In 2024. the School's exit list included the following.. City of London School x 2 Dulwich College x 4 (1 Academic Scholarship) Eton College x 3 Harrow School x 2 King's College School, Wimbledon Radley College x 1 {Music & Sports scholarship) Westminster School x 4 The School also met all the standards for an Independent Schools Inspectorate {ISI) inspection in June 2023. Weslminsler Cathedral Choir continued a busy and varied schedule, on top of the six-day-a- week singing of the capilLtlar liturgy in the Cathedral. This year the choristers sang at the Festival of St Cecilia. at the Christmas Celebration in Westminster Cathedral, and enjoyed a successful tour lo Germany in May, as well as doing a fruitful recording session in June. The School and the local communlty The School continues to devote an enormous amount of time, effort and funds to supporting ils principal form of public benefit.. supporting Westminster Cathedral's world-class choir. The choir sings live in public, at no cost lo its thousands of listeners, six times a week, at a standard universally acknowledged to be world class. All the choristers receive generous scholarships, supported by means-lesled bursaries, lo enable this form of musical education to be accessible to any boy with an aptitude to sing. On lop of supporting the Choir, the School and Parents, Association raised £11,000 for charities over the year. This was split between the Cardinal Hume Centre, a local charily for young homeless people. and Eyehope, a charily founded by a team of Ophthalmologic Consultants at nearby St Thomas's Hospital and trealing eye disease in Tanzania. Financial review Financlal positlon The charity had income during the year of £6,569,155 (2023 £6,427,094). Income from tuition fees and similar charges, net of bursaries, lotalled £6,288,895 {2023 - £6,202,723). Donations and legacies during the year amounted lo £152,152 {2023 - £197,967). Included within this total was £105,000 (2023 £90,000) received by way of a grant from the Westminster Cathedral Choir School Fund (Registered Charity Number 276878). Bank interest was £128,10812023 - £26,404). Westminster Cathedral Choir School
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Financial review (continued) Financial position (continued) Total expenditure amounted to £8,319,147 <2023 £5,882,506) with staff costs, rent for the Pre-Prep building and premises expenditure accounting for a significant proportion of this total, The accounts incorporate expenditure on refurbishment of the facilities and buildings lo improve the quality of education provided to the boys. The charity had nel income for the year of £250,008 (2023 - £544,588). Al 31 August 2024, the charity had total nel funds of £4,253,881 (2023 - £4,003,873). This includes Testricted funds at 31 August 2024 of £414,17412023 - £436,845), principally being monies to be applied towards meeting Ihe fees of those choristers who apply for a bursary. Reserves pollcy The Trustees and Governors have examined the requirement for free reseNes i.e. those unrestricted funds not invested in tangible fixed assets, designated or othewise committed. The requirement for free reserves is affected by the amounts held in respect to fee deposits {most of which will not be repayable for several years), and an accrual for rent that arises from the requirement to account for payments under the lease on a straight line basis instead of when payable. Therefore, the nature ofthe charity's activities is Such that the key performance indicator is cash flow rather than the level offree reserves. Cash flow will vary over the course of each term, with high levels of cash being held al the start of each term and then being used over the course of the term to meet expenditure on staff, premises and the operation of the School. The Trustees and Governors are of the opinion that at all times the charity should have sufficient cash flow to enable it to meet its costs, that the cash flow should be sufficient to enable the School lo continue to invest in the premises, facilities and equipment, to provide sufficient flexibility to cover temporary shortfalls in income due to falls in pupil numbers, and to cover the other risks and uncert8inlies of operating as an independent educational establishment. To this end cash flow is monitored regularly against budget and there is light control over debt collection and expendilure. At 31 August 2024 the charity had nel current assets of £2,986,907 (2023 - £2,938,046> with cash 81 bank and short term deposits amounting to £4,970,229 (2023 - £4,641,280). Free reserves were £2,041,23512023- £2,003,701 >. The Trustees and Governors believe that the financial posilion of the School at this date was acceptable and that the cash flow, which is monitored closely, was adequate but not excessive. Fundralslng statement The charity aims to achieve best practice in the way in which il communicates with donors and other supporters. It takes care with both the tone of ils communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters, data and never sells data., it never swaps data and ensures that communication preferences can be changed al any lime. The charity manages ils own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and lo learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities. Westminster Cathedral Choir School 10
Report of the Directors of the Corporate Trustee Year to 31 August 2024 Future plans WCCS continues to enjoy stable pupil numbers in what has become a complex and over- supplied market in central London. The charity's focus remains on maintaining numbers in the Pre-Prep School. which takes boys from Reception lage 41 lo Year 3 (age 8). In September 2017, the Pre-Prep recruited its first 29 boys; in 2024 there were 96 boys from Reception lage 4) to Year 3 lage 81. Signed on behalf of the Directors of Westminster Roman Calholic Diocese Trustee by.. Trustee Ri Rev l()hn Sherrington Approved by the Trustees on. Toz< Westminster Cathedral Choir School 11
Independent auditor's report Year to 31 August 2024 Independent auditor's report to the Directors of tho Westmlnster Roman Cathollc Diocese Trust {'the Trustees'l Opinion We have audited the accounts of the Westminster Cathedral Choir School {Ihe 'charity'l for the year ended 31 Augusl 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the accounts.. • give a true and fair view of the slate of the charity's affairs as a131 August 2024 and of its incoming resources and application of resources for the year then ended., • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and • have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK>I and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relallng to golng concern In auditing the accounts, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this feport. Westminster Calhedral Choir School 12
Independent auditor's report Year to 31 August 2024 Other information The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor's report thereon. The Trustees are responsible for the other information contained within the Annual Report and Accounts. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other informalion is materially inconsistent with the accounts or our knowledge obtained in the audit or olhemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on thework we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audil, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. • the information given in the Trustees, report is inconsistent in any material respect with the accounts., or sufficient accounting records have not been kept., or • the accounts are not in a9reement with the accounting records.. or we have not received all the information and explanations we require for our audit. Responslbllltles of Trustees As explained more fully in the statement of the responsibilities of the Trustees, the Trustees afe responsible for Ihe preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Truslees determine is necessary lo enable the preparation of accounts that are free from material misstatement. whelher due to fraud or error. In preparing the accounts. the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounling unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Westminster Cathedral Choir School 13
Independent auditor's report Year to 31 August 2024 Auditor's responsibilities for the audlt of the accounts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise frorn fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. we identified the laws and regulations applicable to the charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector., we focused on specific laws and regulations which we considered may have a direct material effecl on the accounts or the operations of the charity, including the Charities (Accounts and Reports) Regulations 2008, the Financial Reporting S18ndard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102), and safeguarding regulations., and W8 assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. We corroborated our enquiries through our review of Trustees,, Governors, and committee minutes. We assessed the susceptibility of the charity's accounts to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of managemenl as to their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance wilh laws and regulations. To address the risk of fraud through management bias and override of controls, we.. • performed analytical procedures to identify any unusual or unexpected financial relationships., Westminster Cathedral Choir School 14
Independent auditor's report Year to 31 August 2024 Audttor's responsibilities for the audit of the accounts {continued) performed subslanlive testing of expenditure including lesting the authorisation thereof., and • tested journal entries to identify unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures lo underlying supporting documentation., reading the minutes of meetings of those charged with governance; reviewing legal expenses incurred in the year., and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed Ihal laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance wilh laws and regulations lo enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of Ihe accounts is located on the Financial Reporting Council's website at www.frc.org uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so Ihal we might stale to the charity's Trustees those matters we are required to slate lo them in an auditor's report and for no other purpose To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed, 15 March 2025 Buzzacotl LLP Stalulory Auditor 130 Wood Street London EC2V 6DL Buzzacolt LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Westminster Cathedral Choir School 15
Statement of financial activities Year to 31 August 2024 Un. re8trlcted Restrlcted funds funds Total 2024 reslricled Reslriclod tunds funds Total 2023 Noles Income from: Donations and legacies Bank inleresl Charitable aclivilies Provision of education Totsl Income 120,788 120,988 31,364 7,120 1S2,152 128,108 105.284 26.404 92.683 197,967 26,404 2 6,288,895 6,530,671 6,288,896 6,202.723 38.484 6,669,155 6,334.411 6,202.723 92.683 6,427.094 Expendlture on.. Charitable aclivili8s Provision ol education Charity donations Total expèndlturo 3 6,257,992 64,384 6,312,376 5,805.889 6,771 6,771 61,166 6,319,147 5,805.889 51,151 5,857,040 25.466 25,466 76.617 5,882.506 6,267,992 Not Ineomè (èxpèndlturè) and net movoment In fund8 272,679 122,671) 260,008 528.522 16.066 544,588 Roconelllatlon of fund8 Balances brought loward al 1 September 3,667,028 436,846 4,003,873 3,038,506 420,779 3,459,285 Balances carrièd fomard al 31 Augusl 3,839,707 414,174 4,263,881 3,567,028 436,845 4,003,873 All of the charity's activities derived from continuing operations during each of the above two financial periods. Westminster Cathedral Choir School 16
Balance sheet 31 August 2024 2024 2024 2023 2023 Notes Flxed a88Qt$ Tangible assets 1,798.472 1,563,327 Current a888t8 Debtors Short term deposits Cash al bank and in hand 122,062 1,800,000 3,170,229 5,092,291 141,559 1,500.000 3,141,280 4,782.839 Credltor8.' amounts falling due within one year 9 12,106,384) 11,844,793) Net ¢urront a88ets 2,986,907 2,938,046 Total a88et8 le88 ¢urrent IlabSlltle8 4,785.379 4,501,373 Credltor8.' amounts fallin9 due after more than one year io 1531.4981 1497,5001 Total net a88ets 4,263,881 4.003,873 The fund8 of the ¢harlty'. Fund8 and re8erve8 Reslricled funds Unreslricled income funds General fund ,Tangible fixed assets , Froe reserves 414,174 436,845 1,798,472 2,041,235 1,563,327 2,003,701 3,839,707 4,253,881 3,567,028 4,003,873 Approved by the Directors of Westminster Roman Catholic Diocese Trustee and signed on their behalf by.. Truslee Rt Rev John Sherrington Approved on.. Westminster Cathedral Choir School 17
Statement of cash flows Year to 31 August 2024 2024 2023 Notes Cash flows from operatlng actlvltlè8: Nel cash provided by operating activities 973,794 914,630 Cash flows from Investlng a¢tlvltle8: Increase in short lemi deposits Purchase ol tangible fixed assels Net Cash usod In Investlng a¢tlvltle6 1300,0001 (1.500,0001 1644,8451 1229,2421 1944,8451 11.729,2421 Cash flow8 from flnanclng actlvltlo$', Repayment of borrowings Net ca8h u8ed In flnanclng actlvltl•8 1200,000) 1200,000) Change In cash and ¢a8h equlvalont8 In the year 28,949 11,014.6121 Cash and cash equlvalent8 at 1 September B 3,141,280 4,155,892 Cash and cash oqulvalents at 31 Augu8t B 3,170,229 3,141,280 Notes to the stalement of cash flows for the year to 31 August 2024 A ReconcllSatlon of net movement In funds to n8t cash provlded by operatlng actlvltle8 2024 2023 Net movement In fund8 la8 per the statemènt of flnanclal actlvltleg) Adlu8tment8 for.. Depreciation charge Decrease in deblors Increase in creditors (excluding lixed agsel cfedilorsl Net ca8h provlded by opèratlng actlvltles 250,008 544,588 212,130 19,497 492,169 973.794 154,678 32.620 182,744 914,630 B Analysls of cash and cash equlvalents 2024 2023 Totsl oa8h and cash equlvalènt8.' Cash at bank and in hand 3,170,229 3,141,280 C Analysls of changes In net Idebll funds A11 September 2023 At31 Augugl 2024 Cash flows Cash and cash equivalents Short term deposits Tolal 3,141,280 1,500,000 4,641,280 28,949 300,000 328,949 3,170,229 1.800,000 4,970,229 Westminster Cathedral Choir School 18
Principal accounting policies Year to 31 August 2024 The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the accounts are laid out below. Basls of preparation These accounts have been prepared for the year to 31 August 2024 with comparative information given in respect lo the year lo 31 August 2023. The accounts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities (Accounts and Reports) Regulations 2008, The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes lo these accounts. The charity constitutes a public benefit enlily as defined by FRS 102. The accounts are presenled in sterling and are rounded to the nearest pound, Crltlcal accountlng estlinates and areas of ludgement Preparation of the accounts requires the Trustees, in consultation with the Governors and Senior Management Team, to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include.. • Estimating the useful economic life of tangible fixed assets for the purposes of determining an annual depreciation charge, and • Assessing the level of any necessary bad debt provision. Assessment of golng Concern The Trustees, in consultation with the Governors, have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. They have made this assessment in respect to a period of at least one year from the dale of approval of these accounts. The Trustees and Governors of the charity have concluded that there are no material uncertainties related lo events or condilions, including the current macroeconomic and geopolitical climate, that may cast significant doubl on the ability of the charity to continue as a going concern although maintaining pupil numbers remains essential lo financial security (see principal risks set out in the Report of the Directors of the Corporate Trusleel. The Trustees and Governors are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. Westminster Cathedral Choir School 19
Principal accounting policles Year to 31 August 2024 Income Income is recognised in the period in which the charity has entitlement to the income. the amount of income can be measured reliably and it is probable that the income will be received. Donations and grants are recognised when the charity has confirmation of both the amount and settlement dale. In the event of donations or grants pledged bul not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilmenl of those conditions is wholly within the control of the charity and it is probable that those ¢ondilion$ will be fulfilled in the reporting period. Legacies are included in the statement of financia1 activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached lo the legacy are within the control of the charity. Interest receivable on bank deposits is credited to the statement of financial activities on an accruals basis. Fees for the provision of educalion comprise tuition and related fees paid in accordance wilh agreements between the School and individual pupils, parents. Such income is stated after deducting bursaries and is recognised when the School is enlilled lo receipt under the relevant contractual agreements. This is usually at the point at which the School has commenced the provision of education in respect to the relevant student at the start of each academic term. Expendlture Expenditure is recognised as soon 8S there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable Ihal a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs and is stated inclusive of irrecoverable VAT. Expenditure on charitable activities includes all direct and indirect costs associated with furthering the charitable purposes of Ihe charity i.e. the provision of education and the training of children in church choral music through the operation of Weslminsler Cathedral Choir School. Such costs include.. • Teaching costs i.e. the cost ofteaching and support staff salaries, including pension and national insurance costs. books and other tuition expenses, and the cost of games and activities. • Welfare costs i.e. all domestic costs associated with the School including employment costs, consumables and catering. Westminster Cathedral Choir School 20
Principal accounting policies Year to 31 August 2024 Expenditure Iconlinuedl • Premises costs i.e. costs associated with the premises, grounds and estate used by the Charity for the purposes of education. • Support costs i.e. administrative costs incurred in connection with the School. • Governance costs, i.e. costs directly atlribulable to the legal procedures necessary for compliance with stalulory requirements. Tangible fixod assets Assets costing in excess of £1,000 and with an expected useful life exceeding one year are capitalised. All tangible fixed assets afe staled at cost. Depreciation is provided at the following annual rates in order to write off each asset over its eslimated useful life.. • Furniture, equipment and minor improvements 20010 per annum based on cost • Major improvements to properly 4 % per annum based on cost Debtors Debtors are recognised al their settlement amount, less any provision for non-recoverability. Prepayments are valued al the amount prepaid. Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisilion. Deposits for more than three months bul less than one year have been disclosed as short term deposits. Croditors and provSslons Creditors and provisions are recognised when there is an obligation at the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and Ihe amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. Fund structure The general fund comprises the net book value of tangible fixed assets and free reserves i.e. those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the Trustees. The restricted funds comprise monies raised for. or their use restricted lo, a specified purpose or amounts subject lo donor imposed conditions as to use. Westminster Cathedral Choir School 21
Principal accounting policies Year to 31 August 2024 Leased assets Operating leases are defined as those leases where substantially all of the benefits and risks of ownership remain with the lessor. The rental applicable for the period from the commencement of such a lease until the end of the lease is charged lo the statement of financial activilies on a straight line basis spread over the entirety of the lease term, including over any rent free period or period of reduced rent. Pension costs Contributions in respect to defined contribution schemes are charged to the slalement of financial activities in the year in which they become payable to the schemes. The charity contributes to a defined benefit pension scheme. Under the definitions set out in FRS 102, the scheme is a mulli-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the scheme and accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. Westminster Cathedral Choir School 22
Notes to the accounts Year to 31 August 2024 1 Income from: Donations and legacies Un. restrlcted Restrl¢ted funds funds Un- Total reslricled Reslricled 2024 funds funds Total 2023 Grants receivable from Weslminsler Cathedral Choir School Fund Inole 171 Legacies receivable Other donations, gifts and sundry receipts Total funds 105,000 105,000 90,000 90,000 20,511 20,511 16,788 120,788 31,364 31,364 47,152 152,152 15.284 105.284 72,172 92,683 87,456 197,967 2 Income from: Provlsion of educatlon Un- re8tricted R08trl¢tod fund8 fund8 Total reslricled Reslricled 2024 lunds lund5 Total 2023 Gross fees Less.. Bursaries Total fund8 6,368,929 {80,034} 6,288,896 6,368,929 6.284,123 180,0341 181,4001 6,288,895 6,202,723 6,284,123 81,4001 6,202,723 Choristers, fees only partially cover the costs associated with the provision of education for choristers. The shortfall is in part made up by a grant of £105.000 12023 £90,000) receivable from Weslminsler Cathedral Choir School Fund (see note 11. 3 Expenditure on: Provlslon of education Un- Total r8Strieled Reslricled 2024 funds funds restrlctod Restrl¢tèd funds fund8 Total 2023 Teachlng and mu8lc Personnel costs Books. equipment and educational supplies Scholarships and prizes Depreciation Advertising. travel and related costs 2,571,349 2,671,349 2,416,042 2.416,042 672,785 24,407 136,814 672,785 598,864 78,791 11,564 135,814 95,260 598,864 62,715 95,260 54,384 51,151 86,966 3.491.321 86,966 138,807 54,384 3,545,705 3.260,537 138.807 51,151 3,311,688 Welfare Personnel costs Provisions Miscellaneous expenses 317,241 178,950 35,209 531,400 317,241 305,551 178,950 172,698 35,209 25,028 531,400 503,277 305.551 172,698 25,028 503,277 Westminster Cathedral Choir School 23
Notes to the accounts Year to 31 August 2024 3 Expenditure on: Provision of education (continued} Un- restricted Restricted funds funds Total reslricled Reslricled 2024 funds funds Total 2023 Prem18e$ Personnel costs Maintenance and repairs Rent and Property charges payable lo Weslminsler Roman Catholi¢ Diocesan Trust Inole 141 Dèpreciation Fuèl, light and wal8f Cleaning Slalf accommodation Miscellaneous 160,532 149,014 160,532 149,014 157.709 159.797 157,709 159,797 1,000,787 76,316 160,525 12,698 78,104 26,639 1,654,616 1,000,787 896,900 76,316 59,418 160,526 135,939 12,698 8,902 78,104 70,767 26.639 26,612 1.664.616 1,516,044 896.900 59,418 135,939 8.902 70,767 26,612 1,516.044 Support Personnel costs Printing, postage, stationery and telephone Computers and related maintenance Bank charges 366,295 366,295 338,112 338,112 67,894 67,894 61,254 61,254 69,841 6,589 499,419 69,641 6,589 499,419 57,236 6,676 463,278 57,236 6.676 463.278 Governanco Auditor's remuneration Other legal and professional fees 12,680 12,580 14,229 14,229 68,657 81,237 68,667 81,237 48,524 62,753 48,524 62,753 Total fund8 6,267,992 54,384 6,312,376 5.805,889 51,151 5,857,040 4 Staff cost8 2024 2023 Staff costs during the period were as follows.. Wages and salaries Social security costs Other pension costs 2,639,636 273,686 445,848 3,359,069 55,348 3,414,417 2,516.341 243.634 409.084 3,169.059 48,355 3,217.414 Olher slalf costs Westminster Cathedral Choir School 24
Notes to the accounts Year to 31 August 2024 4 Staff costs Iconlinued) The number of employees who earned more Ihan £60,000 (including taxable benefits but excluding employer's national insurance and pension contributions) during the year was as follows.. Total 2024 Tola 2023 £60.001 - £7D.000 £70.001 - £80.000 £80,001- £90,000 £90.001- £100.000 £160,001 £170,000 £170,001 £180.000 The average number of employees during the period. analysed by function, was as follows.. 2024 No. 2023 No. Teaching and music Welfare Support 46 18 44 19 69 68 S Remuneratlon of Trustees, Governors and key management porsonnel No Trustee or Governor received any remuneralion from the charity in connection with their duties as a Director of the Corporate Trustee or Governor during the year or in respect of their role as key managernenl personnel 12023 £nill. Two Governors received reimbursement of travel and accommodation expenses totalling £2,187 from the charity in connection with their duties as a Governor during the year12023 - £457 reimbursed lo one Governor). No Trustee or Governor had any beneficial interest in any contract with the charity during the year12023 - none}. The key management personnel of the charity in charge of running and operating the charity on a day-to-day basis are the Directors of the Corporate Trustee, Governors. Head Master, Deputy Head (Pastoral), Head of Pre-Prep, Deputy Head {Academicl (also Head of Boarding), Director of Studies, Director of Admission5 and Bursar. The total remuneration (including taxable benefits, employer's national insurance and pension conlributionsl of the key management personnel for the year was £917,481 (2023 - £844,288). The School provides a discount on school fees of up lo 850/0 for senior management and up to 25°h for all other School staff. In line wilh this policy, the Head of Pre-Prep receives an 850/0 discount on School fees for her son, who joined the School in September 2020. 6 Taxatlon Westminster Cathedral Choir School is a registered charity and, therefore, is nol liable to income tax or corporation tax on income derived from ils charitable activities, as it falls within the various exemptions available to registered charities. Weslminster Cathedral Choir School 25
Notes to the accounts Year to 31 August 2024 7 Tangible fixed assets Furniture, Major equipment improvements and minor lo property improvements Total Cost Al 1 September 2023 Additions Disposals Al 31 August 2024 1,907,895 228,795 2,004,854 218,480 1124,0111 2,099,323 3,912,749 447,275 1124,0111 4,236,013 2,136,690 Dopreclatlon Al 1 September 2023 Charge for year Eliminated in respect of disposals Al 31 August 2024 780,617 76,316 1,568,805 135.814 1124,0111 1,580,608 2,349.422 212,130 1124,0111 2,437,641 856,933 Nol book valu08 Al 31 August 2024 Al 31 August 2023 1.279,757 1,127,278 518,715 436,049 1,798,472 1,663,327 8 Debtors 2024 2023 Tuition and other fees receivable Prepayments and sundry debtors 38,161 83,901 122,062 33,110 108,449 141,559 9 Cradltors: amounts falllng due wlthln one year 2024 2023 Amounts due lo Weslminslèr Roman Catholic Diocesan Trust (note 14} Accrued rent (see belowl PAYE, National Insurance and employer's pension contributions Fees in advanc8 Returnable fee deposits Additions to tangible fixed asséts Accruals 91,972 303,087 130,162 1,379,144 60.500 98,884 41,635 2,105,384 61,431 317,311 128,616 933.227 41,000 296,454 66,754 1,844,793 The accrued rent of £303,08712023 - £317,311} represents the cumulative charge to the statement of financial aclivities required in order lo spread the rent applicable to the lease of the charity's premises over the entire period of the lease on a straight line basis, after adjusting for an initial three year period of reduced rent and a further 6 month period of reduced rent. Westminster Cathedral Choir School 26
Notes to the accounts Year to 31 August 2024 10 Credltors: amounts falling due after more than one year 2024 2023 Returnable lee deposils 631,498 497,500 11 Restrlcted funds The income funds include restricted funds comprising the following unexpended balances of donalions and grants lo be applied for specific purposes. Atl September 2023 At31 August 2024 Income Expendlture Basil Hume Fund Neil McLaughlan Fund Other funds Total reslricled funds 434,926 1,919 31,713 {54,134 1250 16,7711 {61,156 412,505 1.669 6.771 38,484 436,845 414,174 Al 1 September 2022 A131 August 2023 Income Expendilurg Basil Hume Fund Neil McLaughlan Fund Other funds Total reslricled funds 402,815 2,169 15,7g5 420,779 83,011 150,9001 12501 125.4671 176.6171 434.926 1,919 9,672 92,683 436,845 The purposes for which the funds musl be used are as follows, • Basil Hume Fund Although choristers are required to pay only a small proportion of the full fees by virtue ofthe grant received annually from the Westminster Cathedral Choir School Fund (note 1), further assistance is also available on application to this fund. • Neil McLaughlan Fund The Neil McLaughlan Fund comprises a donation from a parent lo establish a fund from which an annual award will be made to recognise an oulslanding contribution from a member of academic teaching staff (excluding SMT members). • Other funds Funds were collected for the Eyehope charity and the Cardinal Hume Centre during the course of the year. Westminster Cathedral Choir School 27
Notes to the accounts Year to 31 August 2024 12 Analysis of net assets between funds Unrestrlctod general Ro8trlctod fund funds 2024 Total Fund balance8 at 31 August 2024 arè repre80nted by: Tangible fixed assets Nel current assets Creditors.. amounts falling duo after more than one year Total net a8$ets 1,798,472 2,672,733 1531,4981 3,839,707 1,798,472 2,986,907 1631,4981 4,263,881 414,174 414,174 Unreslricled general Reslricled fund funds 2023 Total Fund balances al 31 August 2023 are represented by.. Tangible lixed assets Nel current assets Creditors.. amounts falling due after more than one year Total nel assets 1,563,327 2,501.201 1497,5001 3,567.028 1,563,327 2,938,046 1497.5001 4,003,873 436,845 436,845 13 Connected charlty The charity is connected to Westminster Roman Catholic Diocesan Trust {Charily Registration Number 233699) which has the same Corporate Trustee, namely W8Stminster Roman Catholic Diocese Trustee. 14 Transactlons wlth connected charSty A licence agreement exists between the School and Westminster Roman Catholic Diocesan Trust in relation to the School's share of the healing and hot water costs. During the year to 31 August 2024, rent and property related charges of £1,000.787 {2023 £896,900) were payable to Westminster Roman Catholic Diocesan Trust. This includes a rent payment for the use of 47 Francis Street, London, SW1 P by Westminster Cathedral Choir School as a Pre-Prep School. The property is owned by the Westminster Roman Catholic Diocesan Trust and is rented lo the charity. As at 31 August 2024, an amount of £91,972 (2023 - £61,431 } was due to Westminster Roman Catholic Diocesan Trust (note 9). Westminster Cathedral Choir School 28
Notes to the accounts Year to 31 August 2024 15 Commltments under operating leases At 31 August 2024, the total of the charity's future minimum lease payments under non- cancellable operaling leases was as follows.. 2024 2023 Land and buildings Amount duo within one year Amounts due between two and live years Amounts due after five years 938,251 986,006 3,488,662 3,670,241 9,962,524 10,949,396 14,389,437 15,605,643 The above lease is for a 30 year period from July 2017 with an initial three year period of reduced rent and a further 6 months of reduced rent from April 2020. The rent payable is variable and depend5 on the Bank Rale set by the Bank of England. 16 Penslon commitment8 The charity's teaching staff belong to the Teachers, Pension Scheme {TPS). The total pension cost for the TPS for the period was £400,12212023- £367,713} For non-leaching staff, conlribulions are made to defined contribution pension schemes. The total pension costs for the year payable to these schemes was £45,726 (2023 - £41,371}. Teachors, Pension Scheme (TPS) The Teachers, Pension Scheme (TPS) is a statutory. contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. These regulations apply to teachers in schools, colleges and other educational establishments. Membership is automatic for teachers and lecturers at eligible inslilutions. Teachers and lecturers are able to opt out of the TPS. The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis- these conlribulions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acl. Retirement and other pension benefits are paid by public funds provided by Parliament. Under the definitions set out in FRS 102128,111. the TPS is a multi-employer pension plan. The School is unable lo identify ils share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-conlribulion plan. The School has set out below the information available on the plan and the implications for the School in terms of the anticipated contribution rates. The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers, pension account with a real rate of return assuming funds are invested in notional investments that produce that real rale of returr). Westminster Cathedral Choir School 29
Notes to the accounts Year to 31 August 2024 16 Pension commitments (continued) Teachers, Pension Scheme (TPS) (continiiedj The latest actuarial review of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education IDfEI in October 2023. The valuation reported total scheme liabilities {pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222 billion, giving a notional past service deficit of £40 billion. As a result of the valuation, new employer contribution rates have been set at 28.680/0 of pensionable pay from April 2024 onwards (compared to 23.68'/tt since September 20191. A full copy of the valuation report and supporting documentation can be found on the Teachers, Pension Scheme website. 17 Related party transacllons A total of £34,321 (2023 - £34,597) was paid to Farrer & Co LLP, the School's legal advisers, of which Maria Strauss, a Governor, is a partner. A grant of£105,000 {2023- £90.000 was received from Westminster Cathedral Choir School Fund (Registered Charity Number 276878) of which Mrs Joanna Stephens, Bursar at the School, is a trustee. Other than the relalionships and transactions disclosed in notes 5 and 14 there were no other related party transactions requiring disclosure (2023 none). Westminster Cathedral Choir School 30