CHICHESTER CATHEDRAL CHORISTERS. ASSOCIATION SCHOLARSHIP TRUST Registered Charity Number 1090178 Inland Revenue Reference XR61772 INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD 0110412024 - 3110312025 XPENDITURe Ncth INCOME ital Income Bequests ¢ CAF Direct Giving Revenue Income Donations received'.- Via Gift GASDS Non Tax I CCCA 22,886.68 (t k Amazon Cashback • Glaid recclaim • GASDS reclaim TOTAL Donations Rec ursari 1,000.00 5,000.00 2..Co 6031 Bigg$lCurtis 3065 BrownlJenner 6089 CCCA 6131 Ingram Hill 6,539.05 3,269.53 6,539.05 6.539.05 720.00 28.00 748.00 21.318 TOTAL SCHOLARSHIPS 21 204 48 187.75 Sund Ex 80 Bank Charges enses 187.75 60.00 935.75 1,21Q 150 Choral Book upkeep TOTAL SUNDRIES 150.00 Investment Interest.'- CAF Cash @ 0.20A 0.70 CAF Gold 2.0% 910.34 Charibond 2,704.52 Charifund 25.112.63 TOTAL INTEREST 28, (Tot Revenue Income (29,663.941 210.00 911,04 777 27,817.15 23,538 26,394 21,526 TOTAL EXPENSES 23,096.88 8,578 Income in excess of expenditure 30.104 12,567.26 ,66 30.104 BALANCE SHEET AS AT 31103125 ASSETS ILQ224 LIABILITIES Accumulated Fund'.- To Reserves Assignment to funds Share value adjust Acc Fund Balance Excess of Incom8 134,072.13 2.378.27 504.33 15.688.61 7,886.8 d Prepaid bursaries for next year BANK CAF Bank I CAF Gold 8,270.60 7,184 292.74 40,562.93 38.235 40,855.67 134,072 ACC FUND CIFWD 160.454.06 INVESTMENTS f Charibond L81N.' GKlKFPKl f Charifund 56,040.67 57.440 132,4 Biggslcurtis Fnd 6200 BrownlJenner Fund I32,4C Ingram Hill Endowmènt ,842 Reserve Fund 1,914 132,198.19 66,099.10 132,198.19 39,220.73 h 425,003.33 398,818. 456,255 481,044.00 Total assets 501,914 Inde endent Examinerts Re ort. Accounts prepared on Receipts and Payments basis AndrewT, Porter Hon. Treasurer, May 2025. E&OE I have examined the above statement of accounts together with supporting documents and evidence and find them to be in accordance therev¥ith. Dr Edward Filrnore. Church Treasurer. St Marks Methodist Church, Maidenhead. DATE
Notes: Scholarship Trust {al 27 benefa¢tors make regular donations via Bankers orders. (bl No small donations received this year. (cl One donation received via CAF Direct Giving. No excess of capital receNed from CCCA. (dl VAT was charged from January. We receive a 2% early pay discount. Summer bursaries were paid in March. Next yea$ 4 bursary maximum payments inc. VAT 28,307 Excess 21.932 Next yearfs predicted interest lif the same as this yearl 28.728 £2,421 A Gift Aid claim was made to the Inland Revenue for 180 Interest rates based on current valuation.'- CAF Gold 2.00% Charibond 56.041 4.B3% Charifund 425,003 5.91% Average 481,044 5.78% Interest income is the means by which the scholarships are paid. Total Interest £ 28,728.19 Total payments £ 23,096.68 Excess of Interest Donations & capital gift< 202$24 lel In Amount invested 59.200 4.57% 3.£-3.51 £ 351,908 7.14% S.9)%4.8PA £ 411,108 6.77% $.61%4.37% (g) Surplus to ReseNes £ 5,567.26 IPlann8d for 20251261 Reinvestments £ 7.000.00 (£5, ready invest 6,935.75 £ 12,567.2 39,221 + surplus (h) Reserve Fund CFwd= 44,788 argin 20 months 21 rnonths (kl Amazon scheme has terminated. SCHOOL FEE TRENDS Year 2019120 2020121 2021122 2022Q3 2023124 2024125 {1) no VAT 2024125 (21 inc VAT 2025126 inc VAT INVESTMENT HISTORY Yèar 2017-18 2018-19 2019-20 2020-21 2021-22 2.35 2022-23 2.65 2023-24 4.00 2024-25 5.20 Scholarshi Trust Fund- Truste Summ8 This has been another successful year for the Trust, inspite of inibal concems about the addit'ion of VAT to priv8te school fees since January 2025. Bursary payments for the spring12024-251 and summer12025-261 temis have so far been affectsd. The Prebendal School has reduced the fees by 7.5% before the addition of VAT. This resulted in an overall increase of 11% since Septsmber 2024. Bursary payments of 3 @ 25% of fees and 1 12.5%, totalled £22,8871£21,316 in 2023-241. We still re¢eive a 2% discount for earty payment, hence the summer term pre-payment There has been a notsble irreaSe in dmdend income on our invesknents thB year, the highest for at least ten years. We have also received some generous benefactior6. These changes are refiected in the Increase in the year end excess of £12,567 1£8,5781. The Charibond dmdend in¢ome of £2,7051£2,0801 at 5.2plshare [4.Opl, equated to e rats of 4.83%, whilst the Charifund generated £25.1131£23,5361 at 90.5plunrt186 Opl. equNaSent to 5.91 %. Share market flucbjabons resutted in a final Charibond value of £56,041 1£57,4401 showing a small decrease and a ChariTund value of £425.0031£398.8161. a more Signiant in¢rease, also rèflecting in year depostis of £9,100. The bank accounts an Ir)tsrost rate fall to 2.0% for the savings aGcount roali$ing an inGome of £910.341£7771 and of 0.20% for the current )unt, gmng £0.70. The bank charges remain at £Slmorrth. Donated income continues to rety on subscripts'orB from fomer ¢horisters and associate members. Regrettably we report three deaths thB year amongst our group of subscribers. Gtft Ajded donat'ons are therefore down at £7201£748]. We have received ssgntficant caprtal contributions totalling £7.000. via the Charibes Aid Foundation'$'Direct Gmng. stheme and a considerats bequest from the late David RLrfler. Our regular donor bose now consists of 27 members. This income has been enhanced by the Gft re¢laim of £188 [£2531. The totsl income for the year was £3S,664. of whh £29,664 was the more regular revenue income. Capital Income and other donations (rounded to £7.0001 wll be investsd. Ofthis £5,400 has already been deposf(ed. The balance of the total excess1£5,567) will be assigned to the reserves fund. Tha reserves fund ts maintained at a level that wll support at least 18 months of bursary payments. The trustees, assessment of th¢ perfomiance of the M&G investments Gonduded that M&G still offers the best opporbjnibes to secure an adequatè ir¢ome. Annual Fees 22,950 2.96% 22.950 0.00% 23,700 3.27% 24,180 2.03% 25.C65 3.66% 26,070 4.01% 28.935 10.990 30,630 5860 Dividends Ip per share) Charibond Charifund %increase on un Total CCCA Shareslunits Value Bigg8lCurtis Shareslunrts Value Ingram Hill Shareslunits Value BrownlJenner Shareslunits Value Sharès Units 7,997.729 121.4X) 14.859.971 16.012 £ 137,441 14,859.971 16,012 7,997.72a 121,4X) £ 137,441 14,859.971 16,012 7,937.729 121,430 £ 137,441 4.60 75.25 80.00 83.50 64.50 75.00 83.50 86.00 90.50 Re ort 2024- 2025 7.4J.994 3,998.865 60,715 68,721 2.80 Shareslunits Value 52,CA)9.9J7 56,041 27,992.052 425,(>J3 £ 481,044 Capital required for 1 x 25% bursary 132,422 The Tru8tees offer their sin¢ere thanks to am our subs¢ribers upon Ise generosity the Tntst k% Go dependant
CKARtTY (OMMISSI Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Chichester Cathedral Choristers, Association Scholarship Trust On account5 for the year ended 31°, March 2025 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 Act),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 VRS 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 prOdureS undertaken do not provide all the eviden 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 (oÈhgF examiner's statement 1. which gives me reasonable cause to believe that in, any material respert the trustees have not met the requirements to ensure that: proper accounting records are kept (in accordance 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 a proper understanding of the accounts to be reached. . Please delete the wolS in the bckets if they do not apply. Signed: Date: Name: 7 rt c7} K¥ILf> O(Wc Relevant professional qualification(s) or body (if any): Address: SL&S@4£ IER
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Chichester Cathedral Choristers’ Association Scholarship Trust Trust Report for 2024/2025
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 – Stepped down 17/04/2024 Edward Cooke ditto – Stepped down 01/04/2025 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 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. There is currently a vacancy for one of the Cathedral appointed trustees. We await the nomination for this role. With the exception of this vacancy the Board of Trustees is now back to its required statutory number, there having been two co-opted appointments for the last four years. We are most grateful for the services of David Ruffer who had been the Board’s chairman for sixteen years and brought a wealth of inspiration and knowledge to guide our activities. He stepped down due to ill health and very sadly died in November last year. We also greatly appreciate the input of Edward Cooke over the last four years, who brought his expertise in legal matters and for his local knowledge of the Cathedral and the choir’s activities.
Activities, Public Benefit and Performance
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 of 12.5%.
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 performances 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 and for its involvement in the Southern Cathedrals Festival. There is a significant catalogue of CD recordings of the choir available via the usual outlets. The release of a new CD is imminent.
This has been another successful year for the Trust, inspite of initial concerns about the addition of VAT to private school fees since January 2025. Bursary payments for the spring (2024-25) and summer (2025-26) terms have so far been affected. The Prebendal School managed to reduce its basic fees by 7.5% before the addition of VAT. This resulted in an overall increase of just 11% since January. Bursary payments of 3 @ 25% of fees and 1 @ 12.5%, totalled £22,887 [£21,316 in 2023-24]. We still receive a 2% discount for early payment. To benefit for this, the summer term bursary payment was made in March so appears as a bank debit in this year’s accounts, but will be itemised as a scholarship expense in next year’s.
There has been a notable increase in dividend income on our investments this year; the highest for at least ten years. We have also received some generous benefactions. These changes are reflected in the increase in the year end excess of £12,567 [£8,578]. The Charibond dividend income of £2,705 [£2,080] at 5.2p/share [4.0p], equated to a rate of 4.83%, whilst the Charifund generated £25,113 [£23,536] at 90.5p/unit [86.0p], equivalent to 5.91%. Share market fluctuations resulted in an end of year Charibond value of £56,041 [£57,440] showing a small decrease. The Charifund final value was £425.003 [£398,816], showing a more significant increase, also reflecting in year deposits of £9,100. The bank accounts saw an interest rate fall to 2.0% for the savings account realising an income of £910.34 [£777] and of 0.20% for the current account, giving £0.70. The bank charges remain at £5/month.
Donated income continues to rely on subscriptions from former choristers and associate members. Regrettably we report three deaths this year amongst our group of subscribers. Gift Aided donations are down this year at £720 [£748] and are likely to be more so next year. We have received significant capital contributions totalling £7,000, via the Charities Aid Foundation’s “Direct Giving” scheme and a considerate bequest from the late David Ruffer. Our regular donor base now consists of 27 members. This income has been enhanced by the Gift Aid reclaim of £188 [£253]. The total income for the year was £35,664, of which £29,664 was the more regular revenue income.
Capital Income and other donations (rounded to £7,000) will be invested. Of this £5,400 has already been deposited. The balance of the total excess (£5,567) will be assigned to the reserves fund. The reserves fund is maintained at a level that will support at least 18 months of bursary payments.
The trustees' assessment of the performance of the M&G investments concluded that M&G Charifund still offers the best opportunity to secure an adequate income. M&G have informed us of their plan to close their Charibond in June. These funds will be moved to the Charifund.
The Trustees offer their sincere thanks to all our loyal subscribers upon whose generosity the Trust is so dependant.
Board of Trustees The CCCA Scholarship Trust Fund. May 2025