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 re￿ived. No excess of capital received from CCCA.
(d)
The School offers a 2 /0 discount for earfy payment. Summer bursaries y￿re 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 g￿tia 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
202￿21
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 eX￿ptIOnal 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 51￿ht1Y 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 con￿rn 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
annOUn￿d. Next yeavs income should cover the re￿￿tlY 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 redraft￿J, 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
examIne￿S 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 con￿mIng 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 Tn￿t'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