CHICHESTER CATHEDRAL CHORISTERS. ASSOCIATION SCHOLARSHIP TRUST Registered Charity Number 1090178 Inland Revenue Reference XR61772 INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD 0110412023- 3110312024 2LLa EXPENDIT Bursaries RE Notes INCOME ital Income Baillieu Bequest c CAF Direct Giving Revenue Income a Donations received: Via Gift Aid GASDS Non Tax I CCCA 21.315.50 d k knazon Cashback e Glaid recclaim e GASDS reclaim g TOTAL Donations Rec, 5,(XlO 2,500.00 5647 Biggslcurtis 2972 BrownlJenner 5846 CCCA 5945 Ingram Hill 6,030.84 3,065.27 6,088.81 6.130.58 748.00 193 188.00 21.00 204.25 48.25 1,209.50 936.00 21.00 807 25 211 42 20,410 TOTAL SCHOLARSHIPS Sund Ex 72 Bank Charges enses 252.50 2, 120 150 Choral B¢)ok upkeep TOTAL SUNDRIES 150.00 Investment Interest: CAF Cash @ 0.20A CAF Gold @ 2.5% Charibond Charifund g g TOTAL INTEREST (Tot Revenue Income 127,603.77) 210.00 0.69 777.00 2,080.40 23,536.18 777.69 219 1,354 22.632 24,206 25,616.58 20.632 TOTAL EXPENSES 21,525.50 10.693 Income in excess of expenditure 31,32S 8,S78.27 31,325 BAL4NCE SHEET AS AT 31103124 ASSETS LIABILITIES Accumulated Fund:_ To Reserves Assignment to funds Share value adjust Acc Fund Balance 8dd Excess of Income 114,65s ACC FUND CIFWD 138,927 Biggslcurtis Fund 69.464 BrownlJenner Fund 138,927 Ingram Hill Endowment 5,000 Baillieu Fund 33,269 Reserve Fund 500,242 114.654.69 3,573.41 21.318.64 6.906.06 125.493.86 ,578.27 Prepaid bursaries for nexi year BANK CAF Bank f CAF Gold 7,164.42 6,882 259.90 38,234.69 232 31,087 38,494.59 134,072.13 132,399.92 66.199.97 132.399.92 INVESTMENTS f Charibond ISIN.. GBOOBK1KFP80 f Charifund ISIN.. GBCIX)5494629 57.439.74 58,977 398,815.65 405,065 462,047 456,265.39 36,842.46 h Totsl assets 500.242 Inde endent Examiner's Re ort. Accounts prepared on Receipts and Payments basis AndrewT. Porter Hon. Treasurer, May 2024. 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. DATE TrL&%t2324
Notes: Scholarshlp Trust (a) 30 benefactors make regular donations via Bankers orders. {bl No small donations received so far this year. (c) Two significant 1 off donations reived. No excess of capital received from CCCA. (d) The School offers a 2 /0 discount for earfy payment. Summer bursaries yre paid in March to qualify for this. Next yearfs 4 bursary maximum payments could totsl 21,932 Excess Nexl yeals predicted interest (rf the same as this year) 26.394 £4,462 A Gift Aid claim was made to the Inland Revenue for 188 Interest rates based on current valuation:_ CAF Gold 2.500 Charibond 57,440 3.62% Charifund 398.816 5.90% Average 456.255 5.61% Interest income is the means by which the sd)olarships are paid. Total Interest £ 26,394.27 Total payments £ 21,525.50 Excess of Interest Total Donations 2022-23 29 21,932 (e) (fj 252 Amount invesled 59.2CMJ 3.510 2.38%-2 29% £ 342,808 6.870h 5 59%4.62% £ 402,008 6.37% 5.19%-5.98% (gl Surplus to Reserves £ 2,378.27 (Planned for 2024125) Reinvestments £ 3.700.00 anne or 41 1,209.50 (h) Reserve Fund CFwd = surplus- 39,221 ts.) The Choral Book". some Pfeviously missing dates have been added. (k) Amazon scheme had temiinated. Final ex gtia estimated payment. SCHOOL FEE TRENDS Year 2017118 2018119 2019120 2020121 2021122 2022123 2023124 2024125 INVESTMENT HISTORY Year 201&17 2017-18 2018-19 2019-20 20221 2021-22 2022-23 2023-24 Scholarshi Trust Fund - Trustees Summa This year has seen a significant improvement in our investrnent dividends and we have received some significant benefaction5. The year end excess of £8.578 [2022-23 = £10,693] was less than last year, as eXptIOnal donations received were £3,000 less, balanced against increased retums on investrnents. The Charibond dividend income of £2,0801£1,3541 at 4.OOplshare12.65pl, equated to a rate of 3.58%12.38%1. whilst the Charifijnd generated £23,5361£22,6321 at 86.Oplunit183.5p], equivalent to 5.99Vo15 59%]. Share market pri fluctuations resulted in a Charibond market value of £57.4401£56,9771 showing a small increase and a Charifund value of £398,8161£405,0651, a more significant decfease, despite an investrnenl of £1120. The net decrease was £6,906. The bank accounts saw an interest rate rise to 2.50% for the savings account realising an income of £7771£2191 and to 0.20% for the current account. giving £0.69. The bank charges remain at £Slmonth. Donated income continues to rely on subscriptions from foTher choristers and associate members. This has been increased by Significant contributions totalling £2.500. via the Charities Aid Foundation's 'Direct Giving" scheme. We also rer£ived donations from members abroad which are not e[ible for Gift Aid. Gift Aided income 15 51ht1Y down this year at £7481£8411 as some donations made via CCCA are yet to be transferred. Our ular donor base remains at 30 members. This income has been enhanced by the Gift Aid reclaim of £2531£2541. The total income for the yèar was £30.104. of which £27,604 was th8 morè regular revenue income. Bursary payments of 3 @ 25% of fees and 1 12.5%. totall8d £21.3161£20.410]. We now benefit from a 20A discount for early payment. The excess of interest over expenditure (£4,878) wll be assigned to the reserves fund and the balan of the total revenue excess {£3.700) will be invested wth M&G. The reserves fjJnd is maintained at a level that wll support at least 18 months of bursay payments. There is obvious conrn regarding the possibility of school fees b8ing subJ"8cl to VAT should théré be a change of govemment. It Is not yel possiblé to assess h¢)w we shall be affected, as no details of how it might be applied have been annOUnd. Next yeavs income should cover the retlY advertised 4.010k rise in School fees, with an excess of c. £4,000. The trustees, assessment of the perfomance of the M&G inveslrnents concluded that M&G slill offers reliable and adequate investment opportunities. The Trust's Goveming Document has been redraftJ, with help from our legal advisor. to indude the support of girl choristers and will be presented to the Charity Commission for their approval. The Trustees offer their sintsre thanks to all our subscribers upon whose generosity the Trust is so dependant. argin 21 months 20 months Annual Fees 21.630 22,290 22,950 2.960/0 22.950 o.oo°/ 23.700 3.27° 24,180 2.03° 25,C65 3.66 % 26,070 4.010 Dividends (p per share) Charibond Charifund %increase 7.450/. on un Total CCCA Shareslunits Value Biggslcurtis Shareslunits Value Ingrnm Hill Shareslunits Value BrownlJenner Shareslunits Value Shares Units 7,825.62 113,947 14,859.97 16.411 £ 130,359 14,859.97 16.411 7.825.62 113,947 £ 130,359 14,859.97 16,411 7,825.62 113,947 £ 130,359 71.25 75.25 80.00 83.50 64.50 75.00 83.50 86.00 rt 2023 - 2024 7.429.99 8,206 3,912.81 56,974 65,179 2.80 Shareslunits Value 52,009.91 57,440 27,389.68 398,816 £ 456,255 2.35 2.65 Capital required for 1 x 250A bursary 111,608 Trust2324
Independent examinerfs report on the accounts Independent Examiner's Report Report to the trusteesl members of Chichester Cathedral Choristers, Association Scholarship Trust On accounts for the year ended 31" March 2024 Charity no (if any) 1090178 Set out on pages Respective The charitys trustees consider that an audit is not required for this year responsibilities of (under section 43{2) of the Charities Act 1993 (the A¢t).as amended by s.28 trustees and examiner of the Charities Act 2006) 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)(b) of the Act, as amended), and to state whether particular matters have come to my attention. Basis of independent My examination was carried out in accordance with General Directions given examIneS statement by the Charity Commission. An examination includes a review of the accounting 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 conmIng any such matters. The procedures 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 course of my examination, no matter has come to my attention (atkeF examiner's 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 (in accordan with section 41 of the Act); and accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act,. or 2. to which, in my opinion, attention should be drawn in order to enable proper understanding of the accounts to be reached. Please delete the words in the brackets rfthey do not apply. Signed: Date: Df. zc7 Name: FLMg/L Relevant professional qualification{s) or body (if any): Address: frli¥?i LWrtcA IER April 2007
Chichester Cathedral Choristers, Association Scholarshi Trust Re ort for 2023/2024 Trust Trust Details Trust Name: Chichester Cathedral Choristers, Association Scholarship Trust Registered Charity no: 1090178 HMRC Charities Ref: XR61772 Registered address: 81 Alwyn Road, Maidenherf SL6 5EJ Email: chichesterchoristers@gmail.com Board of Trustees John Attwater (Chairn]an) Andrew Porter (Hon. Treasurer) Tim Ingram Hill. David Ruffer Edward Cooke Howard Jenner CCCA appointment ditto ditto ditto ditto dillo Revd Canon David Nason Dean & Chapter appointment Vacant dillo (awaiting nominationfrom the Cathedral Chapter) Aims and Mana ement Structure The Scholarship Trust fund was initiated by the Chichester Cathedral Choristers, Association (the organisation of forn]er 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. Following the announcement by the Cathedral that they were creating a mixed gender top line in the choir, the Trust Board has been working, in conjunction with our legal advisor, to modify the Trust's Governing Document (the legislation under which the Trust operates) to enable scholarships to be offered to any child, regardless of gender, who qualifies for such support. The newly drafted Governing Document is in the process of being presented to the Charity Commission for consideration. 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 chainnan and two appointed by the Dean and Chapter of the cathedral. There is currently a vacancy for one of the Cathedral appointed trustees. Nomination for this role has not been forthcoming, possibly because the Cathedral has no substantive Dean in post at present. It is hoped that this will be resolved soon. Activities Public Benefit and Perfonnance Potential recipients of the Trust's scholarships are subject to means testing by a rigorous process overseen by the Cathedral's Chief Finance Officer and the Cathedral's Organist and Master of the Choristers. The Trust continues to support three scholarships of 25 % of fees and one of12.50/0. The cathedral choir continues to provide a high quality of liturgical singing to support the worship of the cathedral community. A selection of cathedral services are live streamed on the internet allowing appreciation of the choir's contribution to be more widely appreciated. The choir also makes numerous public perfonnances during the year both abroad and within the diocese. It is perhaps best known for its concerts in the Chichester Festival Theatre around Christmas time. There is a significant catalogue of CD recordings of the choir available via the usual outlets. This year has seen a significant improvement in our investment dividends and we have received some substantial benefactions. The yearend excess of £8,578 [2022-23 = £10.693] was less than last year, as exceptional donations received were £3.000 less, balanced against the increased returns on
investments. The Charibond dividend income of £2,080 [£1,354] at 4.OOp/share [2.65p], equated to a rate of 3.580/0 [2.38 % ], whilst the Charifund generated £23,536 [£22,632] at 86.op/unit [83.5p], equivalent to 5.99 % [5.590/0]. Share market price fluctuations resulted in the Charibond market value of £57,440 [£56,977] showing a small increase and the Charifund value of £398,815.65 [£405,065], a more significant decrease, despite an investment of £1120. The net decrease was £6,906. The bank accounts enjoyed an interest rate rise to 2.50 % for the savings account realising an income of £777 [£219] and to 0.20 % for the current account, generating £0.69. The bank charges remain at £51month. Donated income continues to rely on subscriptions from fomer choristers and associate members. this has been boosted by two significant contributions totalling £2,500, via the Charities Aid Foundation's "Direct Giving" scheme. We also received donations from members abroad which are not eligible for Gift Aid. Gift Aided income is slightly down this year at £748 [£841] as some donations made via CCCA at the end of the year are yet to be transferred. Our regular donor base remains at 30 members. This income has been enhanced by the Gift Aid reclaim of £253 [£254]. The total income for the year was £30,104, of which £27,604 was the more regular revenue income. Bursary payments of 3 @ 250/0 of fees and l @ 12.50/0, totalled £21,316 [£20,410]. We now benefit from a 20/0 dkscount for early payment (up to 2 months in advance). The excess of interest over expenditure (£4,878) will be assigned to the reserves fimd and the balance of the total revenue excess (£3,700) will be invested with M&G. The reserves fund is maintained at a level that will support at least 18 months of bursary payments (currently increased to 21 months - see below.). There is obvious concern regarding the wssibility of school fees being subject to VAT should there be a change of government. It is not yet possible to assess to what extent we shall be affected, as no details of how it might be applied have been announced. *As an initial buffer against this possible taxation, the reserves fund is being increased beyond the 18 month minimum requirement. Next year's income should cover the recently advertised 4.01 % rise in net School fees, with an expected excess of circa £4,000. The trustees, assessment of the perfonnance of the M&G investsnents concluded that M&G still offers reliable and adequate investment opportiinities. The Tnt'S Governing Document has been redrdfted, with help from our legal advisor, to include the support of girl choristers and will be presented to the Charity Commission for their approval. The Trustees offer their sincere thanks to all our subscribers and occasional benefactors upon whose generosity the Trust is so dependant. Board of Trustees The CCCA Scholarship Trust Fund. April 2024