2023-03-31-accounts - Chichester Cathedral Choristers' Association's Scholarship Trust

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Chichester Cathedral Choristers’ Association Scholarship Trust Trust Report for 2022/2023

Trust Details

Trust Name: Chichester Cathedral Choristers’ Association Scholarship Trust Registered Charity no: 1090178 HMRC Charities Ref: XR61772 Registered address: 81 Alwyn Road, Maidenhead, SL6 5EJ Email: chichesterchoristers@gmail.com

Board of Trustees

John Attwater (Chairman) CCCA appointment Andrew Porter (Hon. Treasurer) ditto Tim Ingram Hill. ditto David Ruffer ditto Edward Cooke ditto Howard Jenner ditto

Revd Canon David Nason Dean & Chapter appointment Vacant ditto (awaiting nomination from the Cathedral Chapter)

Aims and Management Structure

The Scholarship Trust fund was initiated by the Chichester Cathedral Choristers’ Association (the organisation of former cathedral choristers and other interested parties) to provide support to the cathedral choir by means of offering scholarships to offset the choir school fees, where there was deemed to be financial hardship that would otherwise prohibit a vocally talented boy from being admitted to the choir. The fund currently supports four scholarships.

The Fund is managed by the Board of Trustees that comprise at least four members nominated and appointed by the Association, including (ex officio) the CCCA chairman and two appointed by the Dean and Chapter of the cathedral.

Since the announcement by the Cathedral that they were creating a mixed gender top line in the choir, the Trust Board has been closely considering the implications as to how this might affect the standing of this Trust, given that it was created to support a choir of men and boys. The Trust’s Governing Document (the legislation under which the Trust operates) is being scrutinised and legal advice continues to be sought. The Trust’s supporters and CCCA members were consulted and the replies received were supportive of this change.

Activities, Public Benefit and Performance

The personal financial hardships created by the Covid pandemic continue to be felt amongst some families and our provision of chorister scholarships is still ever more appreciated. The Trust continues to support three scholarships of 25% of fees and one of 12.5%.

The cathedral choir continues to provide a high quality of liturgical singing to support the worship of the cathedral community and with the congregation now attending in person, they are able to appreciate their singing enhanced by the acoustics of the cathedral building.

This financial year has been one of overall success and encouragement, although stock markets still prove to be a fickle beast. The yearend outcome showed an excess of £10,693, but this was bolstered by the generous bequest of £5,000 from Colin Baillieu (a member of the Cathedral community) which enhanced the £5,693 excess of revenue. The latter is encouragingly more than £2,000 higher than last year and reflects the increased dividends received from our investments. The Charibond generated an income of £1,354 [2021-22 = £1,170] at 2.65p/share [2.35p], equivalent to a rate of 2.38% [1.99%], whilst the

Charifund generated £22,632 [£20,157] at 83.5p/unit [75.0p], equivalent to 5.59% [4.74%]. The share market prices have fluctuated resulting with both investments losing value. The Charibond value at year end was £56,977 [£58,773] and the Charifund £405,065 [£425,158] despite an investment of £6,000 from the Baillieu bequest and other donations. Our bank accounts with the Charities Aid Foundation have benefitted from an increase in interest rate to 1.35% for the Gold savings account realising an income of £219 [£5] and a 0.15% rate applied to the smaller current account, giving £0.80. The bank charges have also been reduced from £8 per month to £5/month.

Donated Gift Aided income is slightly up this year at £841 [£827] with our donor base going back to 30 members as an overall result of losing some subscribers but also gaining others. We have also received other small donations of £193 and a contribution of £807 from the Choristers' Association. This income has been enhanced by the Gift Aid reclaim on tax of £254 [£240]. This year we have also benefitted from receipts of £25.18 from the Amazon Smile cash back scheme. Amazon has now, however, limited their targeted charities to a smaller number of nationally based concerns. The overall total income for the year was £31,325, of which £26,325 [£21,332] was from the more regular revenue income sources.

Bursary payments, consisting of 3 @ 25% of fees and 1 @ 12.5% were fully awarded during the year and totalled £20,410 [£19,746]. We are still benefiting from the 1% early payment discount which exceeds any interest that could be earned from the CAF Bank savings account. Other sundry expenses amounted to £222 [£216], comprising calligraphy for the Choral Scholarship Record Book update and the bank fees.

The excess of interest over expenditure (£3,574) will be assigned to the reserves fund and the balance of the total revenue excess (£2,120) will be invested with M&G. The £5,000 Baillieu bequest has already been invested. The reserves fund is maintained at a level that will support at least 18 months of bursay payments.

Our prediction for next year, based upon the announcement of an overall 3.66% increase in school fees (comprising a 3% increase in tuition fees and a 5% rise in boarding charges) and a similar investment return as this year, is that once again the dividends received should be adequate to cover the bursary expenditure. At the end of the current academic year (July 2023), two of the main bursaries at 25% and the smaller bursary (12.5%) will become available for awarding.

As is their normal practice, the trustees assessed the performance of the M&G investments. The net rate of interest amounted to 5.19% and it was decided that M&G still offers reliable and adequate investment opportunities with both the Charibond and Charifund exceeding their benchmark performance indices.

Following the retirement of Rev Canon Tim Schofield as a trustee, we were expecting the Cathedral Dean to be nominated as the new Cathedral Chapter appointee. However due to the Dean’s subsequent resignation to return to parish life, we now await the appointment of a new substantive Dean before a replacement Trustee can be announced.

The Trustees, as ever, offer their sincere gratitude to all our subscribers upon whose generosity this Trust is so utterly dependant.

Andrew Porter Hon. Treasurer April 2023

CHICHESTER CATHEDRAL CHORISTERS' ASSOCIATION SCHOLARSHIP TRUST

Registered Charity Number 1090178 - Inland Revenue Reference XR61772

INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD 01/04/2022 - 31/03/2023

2021-22	Notes INCOME Capital Income Baillieu Bequest Revenue Income a Donations received:- Via Gift Aid 841.00 b GASDS 193.00 c CCCA 807.00 k Amazon Cashback 25.18 20,410.08 d e G/aid recclaim 211.25 e GASDS reclaim 42.25 g TOTAL Donations Rec' 2,119.68 Investment Interest:- j CAF Cash 0.80 222.00 f CAF Gold 219.36 f Charibond 1,353.89 f Charifund 22,631.76 g g TOTAL INTEREST 24,205.81 10,693.41 (Tot Revenue Income) (26,325.49) 31,325.49 ASSETS d Prepaid bursaries for next year BANK CAF Bank 231.90 f CAF Gold 31,086.61 114,654.69 INVESTMENTS f Charibond 56,976.85 138,927.38 ISIN: GB00BK1KFP80 69,463.69 f Charifund 405,064.60 138,927.38 ISIN: GB0005494629 5,000.00 33,269.05 h 500,242.19 Total assets BALANCE SHEET AS AT 31/03/23	5,000.00 1,841.00	2021-22 827 169 831 9.34 240
5530 2864 5625 5727
19,746 96 120	25.18	25.18
	211.25 42.25	253.50
		220.16	2,076
			- 5 1,170 20,157
	1,353.89 22,631.76	23,985.65
19,962	24,205.81		21,332
3,446
23,408		31,325.49	23,408
31/03/22		6,882.23 31,318.51 462,041.45	31/03/22 6,646 135 28,803 58,773 425,158
160,409 130,883 65,441 130,883 31,899
			483,932

519,515		500,242.19	519,515

' Independent Examiner s Report. Accounts prepared on Receipts and Payments basis

Andrew T. Porter Hon. Treasurer, May 2023. E&OE

I have examined the above statement of accounts together with supporting documents and evidence and find them to be in accordance therewith.

Dr Edward Filmore.

Church Treasurer, St Marks Methodist Church, Maidenhead.

Trust2223 audited

2021-22

Notes: Scholarship Trust

(a) 30 benefactors make regular donations via Bankers orders.
(b) Small donations to the Scholarship Fund. Gift Aid can be claimed on these.
(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.

(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.	(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.	(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.	(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.	(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.	(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.	(c) CCCA rounded up the extra donations to £1000 from its capital. This cannot be claimed against Gift Aid.
(d) The School offers a 1% discount for early payment. Summer bursaries were paid in March to qualify for this. Next year's 4 bursary maximum payments could total 21,932 £ Excess 21,146 £ Next year's predicted interest (if the same as this year) 24,206 £ £2,274 (e) A Gift Aid claim was made to the Inland Revenue for 252 £ 253 £ (f) Interest rates based on current valuation:- M&G CAF Gold 1.35% @31/10/22 0.10% Charibond 56,977 £ 2.38% 2.31% 59,200 £ 2.29% 1.99%-2.06% Charifund 405,065 £ 5.59% 5.95% 341,688 £ 6.62% 4.74%-6.00% Average 462,041 £ 5.19% 400,888 £ 5.98% 4.41%-5.43% (g) Interest income is the means by which the scholarships are paid. Total Interest 24,205.81 £ Total payments 20,632.08 £ (Baillieu Bequest 5,000.00 £ has already been invested) Excess of Interest 3,573.73 £ Surplus to Reserves 3,573.41 £ (Planned for 2023/24) Total Donations 2,119.68 £ Reinvestments 2,120.00 £ (Planned for 2023/24) 5,693.41 £ 5,693.41 £ (£1000 of this already invested) (h) Reserve Fund CFwd = 33,269 + surplus = 36,842 Margin = 20 months 18 months (j) The Choral Book: some previously missing data has been added. Amount invested
		1.35% 2.38% 5.59%	@31/10/22	59,200 £ 2.29% 341,688 £ 6.62% Amount invested
			2.31% 5.95%
		5.19%		400,888 £	5.98%
				5,000.00 £ 3,573.41 £
				2,120.00 £	(Planned for 2023/24) (£1000 of this already invested)
				5,693.41 £
				Margin =	20 months 18 months
(k) Amazon has now terminated this scheme. SCHOOL FEE TRENDS Year Annual Fees %increase 2016/17 20,130 £ 4.03% 2017/18 21,630 £ 7.45% 2018/19 22,290 £ 3.05% 2019/20 22,950 £ 2.96% 2020/21 22,950 £ 0.00% 2021/22 23,700 £ 3.27% 2022/23 24,180 £ 2.03% 2023/24 25,065 £ 3.66%				Bond	Fund	Total
			CCCA Shares/Units Value	Shares 14,464.46 15,846 £	Units 7,731.26 114,668 £	130,514 £
			Biggs/Curtis Shares/Units Value	14,464.46 15,846 £	7,731.26 114,668 £	130,514 £
			Ingram Hill Shares/Units Value	14,464.46 15,846 £	7,731.26 114,668 £	130,514 £
			Brown/Jenner Shares/Units 7,232.24 Value 7,923 £		3,865.63 57,334 £	65,257 £
INVESTMENT HISTORY Year 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23	Charibond Charifund Dividends (p per share)
	6.48 66.75 6.01 69.25 4.60 71.25 4.60 75.25 2.80 80.00 2.80 83.50 3.00 64.50 2.35 75.00 2.65 83.50		Baillieu Shares/Units Value	1,384.28 1,516 £	251.33 3,728 £	5,244 £
			TOTAL Shares/Units Value	52,009.91 56,977 £	27,310.73 405,065 £	462,041 £
			Ratio	0.12	0.88
				Capital required for 1 x 25% bursary 120,708 £

Scholarship Trust Fund – Trustees Summary Report 2022 - 2023

This year has been one of overall success and encouragement, although stock markets still prove to be fickle. The year end outcome showed an excess of £10,693, but this was bolstered by the generous bequest of £5,000 from Colin Baillieu (a member of the Cathedral community) which enhanced the £5,693 excess of revenue. The latter is encouragingly more than £2,000 higher than last year and reflects the increased dividends received from our investments. The Charibond generated an income of £1,354 [2021-22 = £1,170] at 2.65p/share [2.35p], equivalent to a rate of 2.38% [1.99%], whilst the Charifund generated £22,632 [£20,157] at 83.5p/unit [75.0p], equivalent to 5.59% [4.74%]. The share market prices have fluctuated resulting with both investments losing value, The Charibond value at year end was £56,977 [£58,773] and the Charifund £405,065 [£425,158] despite an investment of £6,000 from the Baillieu bequest and other donations. Our bank accounts with the Charities Aid Foundation have benefitted from an increase in interest rate to 1.35% for the Gold savings account realising an income of £219 [£5] and a 0.15% rate applied to the smaller current account, giving £0.80. The bank charges have also been reduced from £8 per month to £5/month.

Bursary payments, consisting of 3 @ 25% of fees and 1 @ 12.5%, totalled £20,410 [£19,746]. We still benefit from the 1% discount for early payment. The excess of interest over expenditure (£3,574) will be assigned to the reserves fund and the balance of the total revenue excess (£2,120) will be invested with M&G. The £5,000 Baillieu bequest has already been invested. The reserves fund is maintained at a level that will support at least 18 months of bursay payments.

Next year's activity should comfortably cover the usual bursary payments, based upon the 3.66% rise in school fees. As is their normal practice, the trustees assessed the performance of the M&G investments and decided that M&G still offers reliable and adequate investment opportunities.

The implications to the Charity of having a mixed gender top line in the choir is still being considered under legal advice. The Trust Board currently has a vacancy, which should be resolved once a new substantive Cathedral Dean is in post. The Trustees offer their sincere gratitude to all our subscribers upon whose generosity the Trust is so dependant.

Trust2223 audited

Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Chichester Cathedral Choristers, Association Scholarship Trust On accounts for the year ended 31" March 2023 Charity no (If any) 1090178 Set out on pages Respective The charity's trustees consider that an audit is not required for this year responsibilities of (under section 43{2) of the Charities Act 1993 (the Actl,as amended by s.28 trustees and examiner of the Charities Act 20061 and that an independent examination is needed. It is my responsibility to.. examine the accounts (under section 43 of the Act, as amended}, to follow the procedures laid down in the General Directions given by the Charity Commission {under section 43{7)(bl of the Act, as amended), and to state whether particular matters have come to my attention. Basls of independent My examination was carried out in accordance with General Directions given examiner's statement by the Charity Commission. An examination includes a review ofthe accountirsg records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procédures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts. Independent In the ¢ourse of my examination, no matter has come to my attention (gtk8F examinerfs statement 1. which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that.. proper accounting records are kept lin accordance with section 41 of the Act), and accounts are prepared which agree with the accounting records and omply with the accounting requirements of the Act-, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to b8 reached. Please delete the words in the brackets if they do not apply. Signed: Date: g7. 06.luas Name: Trt Relevant professional qualificationls) or body lif anyl: Address: I>LLS4 Ib SL6 4& IER April 2007