2021-07-31-accounts

CHARITY REGISTRATION NUMBER: 1098277

Wells Cathedral Chorister Trust Unaudited Financial Statements 31 July 2021

WEBB & COLTD Accountants and Business Advisers One New Street Wells Somerset BA5 2LA

Wells Cathedral Chorister Trust

Financial Statements

Year ended 31 July 2021 a

	Page
Trustees’ annual report	1
Independent examiner's report to the trustees	5
Statement offinancial activities (including income and
expenditure account)	6
Statement offinancial position	7
Notes to the financial statements	8
The following pages do notform part ofthe financial statements
Detailed statement offinancial activities (including incomeand expenditureaccount)	18

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Wells Cathedral Chorister Trust

Trustees’ Annual Report Year ended 31 July 2021 eee The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2021.

Reference and administrative details

Registered charity name		Wells Cathedral Chorister Trust
Charity registration number		1098277
Principal office		School Office
		15 The Liberty
		Wells
		Somerset
		BA5 2ST
The trustees
		Mrs H Cain
		MrR Cromwell MrS Donoghue	(Appointed 8April2021)
		Miss C Gillard
		MrM Hartz TRCN Jepson-Biddle	(Resigned 8 April 2021)
		Mr R J Powell
		Mr P Vaughan
		MrA Wills
		Mrs F Wills Mrs M Wilson	(Appointed 8 April 2021)
Patrons
The following have graciously agreed to be patrons ofthe Trust:
Her Royal Highness The Countess ofWessex
Mrs Annie Maw, Lord Lieutenant ofSomerset
Lady Gass, DBE
The Bishop of Bath		and Wells
Mr Malcolm Archer
MrJames Bowman, CBE
Mr lain Ball, MBE Mr Neal! Davies	(deceased November2019)
Lady Hobson, OBE
Dame Emma Kirkby
Miss Meeta Ravel
MrJonathan Dove,		CBE
Dame Felicity Lott
MrGary Davison
Mr lestyn Davies,	MBE
Mr David Morgan-Hewitt
Independent examiner	Barry Davidson, FCCA, FCAWebb&		& Co Ltd
	One New Street
	Wells
	Somerset
	BA52LA

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Wells Cathedral Chorister Trust

Trustees’ Annual Report (continued)

Year ended 31 July 2021

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Objectives and activities

Our charitable purpose and public benefit

Our charitable purpose is: The promotion of education of choristers of Wells Cathedral by the granting of scholarships or bursaries or any financial assistance the trustees consider appropriate towards the tuition and/or boarding fees payable to Wells Cathedral School,

There are up to 18 boy and 18 girl chorister places in the choir and all choristers are educated at the School. Over the past five years the Trust has provided scholarships and bursaries to assist 35 children for a total of 242 school terms (an average of 7 terms per child). In addition, the Trust has provided other grant funding for relevant chorister educational needs.

Scholarships and bursaries can be paid for chorister recipients for as long as appropriate. Decisions about duration of ongoing support for individuals, as well as other forms of financial support for the overall education of the choristers, are taken by the trustees based on evidence of need, in consultation with the School and Cathedral.

Ensuring the most deserving chorister families receive our support continues to be a focus for the Trustees, At present the limited available income constrains the level of support that can be given. We are working to build the Trust's available financial resources further aiming to ensure any child with the ability and desire can become a chorister. We want to ensure ‘there are no lost voices’ for financial reasons.

The trustees confirm that they have read and considered the Charity Commission's guidance on public benefit when reviewing the Trust's activities, making decisions and managing the Trust.

Our history

Originally named The Wells Fund for Girl Cathedral Choristers, the Trust was established in 2003 to provide financial support for girl choristers of Wells Cathedral who are educated at Wells Cathedral Schoo! by the granting of scholarships, bursaries or any other financial assistance that the trustees consider appropriate towards their tuition and boarding fees. As a result of detailed analysis, changed circumstances and discussions, the Trustees decided to seek the permission of the Charity Commission to change the objective of the Trust to enable support to be given to both boy and girl choristers, together with a change of title. These requests received approval. The Trustees therefore approved a supplementary deed giving effect to these changes from 1st August 2011. From that date the Trust became The Wells Cathedral Chorister Trust. The existing endowment fund was protected, remains active and continues to provide financial support, through bursary provision, to girl choristers only. The Trust is delighted and honoured that its Royal Patron, HRH The Countess of Wessex, agreed to continue her patronage of the Trust. Ps

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Wells Cathedral Chorister Trust Trustees’ Annual Report (continueg) Year ended 31 July 2021 ee=

Achievements and performance

The Wells Cathedral Chorister Trust exists to support the provision of bursaries for Wells Cathedral Choristers who sing in the Cathedral choir. The Trust, whilst independent of both the Cathedral and also Wells Cathedral School, works closely with both organisations.

The Wells Cathedral Choir celebrated its 1100th birthday in 2009: the boys first sang at Wells Cathedral in 909 and the full choral tradition dates back over 800 years. In 1994 the choral foundation at Wells was enriched by the addition of girl choristers.

Choristers at Wells receive a world-class musical education, singing in one of the most beautiful cathedrals in England. Wells Cathedral Schoo! provides a first class academic education and is one of the finest specialist Music Schools in the country. Choristers have a great many opportunities, including broadcasts and recordings and much more. They learn how to organise their time and develop essential life skills such as self-discipline, working as part of a team, and singing to a professional standard every single day.

Despite this year being difficult and subdued because of Covid19, the Trustees continued to meet their obligations virtually. With downturns in the investment climate as Covid19 took effect in the spring of 2020, the markets gradually rewarded patient investors and our investment funds managed by CCLA made a steady and robust recovery. At the end of the financial year in July 2021 we launched a replacement regular donor scheme known as The Friends of Wells Cathedral Chorister Trust. During this difficult year we have been grateful for continued and loyal support from every one of our regular donors. We have also had some generous new donors. We have made a good start with a programme of grant applications supported by occasional help from a consultant. Some positive results are anticipated. This programme together with steady investment returns and an increase in our regular donors will enable us to steadily increase the bursaries we provide. We were much encouraged by a visit from our Royal Patron Her Royal Highness the Countess of Wessex as part of a West Country visit, and she met many of our supporters and new Patrons and especially the choristers. As part of an approach to review our other Patrons we have added new Patrons including the High Sheriff of Somerset, and also a former Master of the Music at Wells Cathedral, Dr Anthony Crossland. Dr Crossland's 90th birthday was celebrated with former Choristers and Trust supporters at our Annual Evensong on 2 October 2021. The Wells Cathedral Chorister Trust continues to be the only Trust that provides additional or top up bursaries for the Wells Cathedral Choristers. The growth of our regular donor scheme and the implementation of our Legacy Campaign are at the heart of our plans as they begin to take shape. It remains a continued desire for our Board of Trustees to have appropriate skills and to share the passion for the Chorister cause. We are of course aware that ensuring a diverse board is a prevalent challenge for all charities. A diverse board with different types of trustees and a healthy changeover will better enable us to keep new ideas coming, and to keep ourselves fresh and enthusiastic. We have an exciting and challenging year to look forward to, with an increasingly enthusiastic and engaged board of trustees. Growing our family of supporters, the implementation of our Legacy Campaign and our physical and digital presence will be key challenges ahead.

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Wells Cathedral Chorister Trust

Trustees' Annual Report (continueg)

Year ended 31 July 2021

Financial review

Reserves

The policy of the Trustees is to build a trust fund of endowments available for bursaries or other financial assistance. The Trustees are ever mindful of the need to provide bursaries for the most needy families to ensure that there no ‘lost voices' for financial reasons. Reserves of £1,895,729 were held at 31 July 2021.

Investment

In accordance with the trust deed, the Trustees may authorise the funds of the charity to be invested in any stocks, shares or insurance policies. The Trustees' aim of the eventual portfolio will be to generate long-term total return, combining both capital and income growth, to meet the needs of the trustees. This will be achieved, primarily, by investing in a managed portfolio of global equities, commercial property, infrastructure and other assets through CCLA Investment Management Ltd. The trustees’ annual report was approved on 4 February 2022 and signed on behalf of the board of trustees by:

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Korerdfoe
——l__ -
Mr R J Powell
Trustee
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Wells Cathedral Chorister Trust

Independent Examiner's Report to the Trustees of Wells Cathedral Chorister Trust

Year ended 31 July 2021 i

|report to the trustees on my examination of the financial statements of Wells Cathedral Chorister Trust (‘the charity’) for the year ended 31 July 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. _ the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.Cul_-

Barry Davidson, FCCA, FCA Independent Examiner Webb & Co Ltd One New Street Wells Somerset BAS 2LA

4 Feiomery 4024

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Wells Cathedral Chorister Trust

Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 31 July 2021

			2021	2021		2020
		Unrestricted funds	Resiricted funds	Endowment funds	Totalfunds	Total funds
	Note	£	£	£	£	£
Income and endowments
Donations and legacies	4	26,942	26,250	125,000	178,192	31,719
Charitable activities	5	680	-	-	680	4,596
Investment income	6	9,664	34,086	-	43,750	44,197
Total income		37,286	60,336	125,000	222,622	80,512
Expenditure
Expenditure on
charitable activities	T	43,579	20,502	~-	64,081	58,806
Total expenditure		43,579	20,502	-	64,081	58,806
Net income		(6,293)	39,834	125,000	158,541	21,706
Transfers between funds		1,940	(1,940)	-	-	=
Other recognised gains	and	losses
Other gains/(losses)		~	=	237,692	237,692	3,693
Netmovement in funds		(4,353)	37,894	362,692	396,233	25,399
Reconciliation offunds
Total funds brought forward		7,201	39,153	1,453,142	1,499,496	1,474,097
Totalfundscarriedforward		2,848	77,047	1,815,834	1,895,729	1,499,496

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 16 form part of these financial statements.

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Wells Cathedral Chorister Trust

Statement of Financial Position

31 July 2021

		2021	2020
	Note	£	£
Fixed assets
Tangible fixed assets	12	1,294	-
Investments	13	1,710,648	1,412,956
		1,711,942	1,412,956
Current assets
Stocks	15	615	615
Debtors	16	=	44
Cash at bank and in hand		192,533	90,345
		193,148	91,004
Creditors: amounts falling due within one year	17	9,361	4,464
Net current assets		183,787	86,540
Total assets less current liabilities		1,895,729	1,499,496
Net assets		1,895,729	1,499,496
Funds ofthe charity
Endowmentfunds		1,815,834	1,453,142
Restricted funds		77,047	39,153
Unrestricted funds		2,848	7,201
Totaicharityfunds	18	1,895,729	1,499,496

Totai charity funds

These financial statements were approved by the board of trustees and authorised for issue on 4' February 2022, and are signed on behalf of the board by:

—|_ . Mr R J Powell Trustee

The notes on pages 8 to 16 form part of these financial statements.

Wells Cathedral Chorister Trust

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is School Office, 15 The Liberty, Wells, Somerset, BAS 2ST.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

1. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, rounded to the nearest £, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

° No cash flow statement has been presented for the company. * Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

:

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

Endowed funds are earmarked by the donor for specific purposes and only the income can be utilised for that specific purpose.

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Wells Cathedral Chorister Trust Notes to the Financial Statements (continueg) Year ended 31 July 2021

3. Accounting policies (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

° income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

° legacy income is recognised when receipt is probable and entitlement is established.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

° expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

° expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

° other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continuea) Year ended 31 July 2021 i 3. Accounting policies (continued)

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment

• 33% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Debtors

Debtors are recognised at settlement amount due.

Creditors

Creditors are only recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. eeeee e ee

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continued)

Year ended 31 July 2021

4.	Donationsand legacies
		Unrestricted	Restricted	Endowment	Total Funds
		Funds	Funds	Funds	2021
		£	£	£	£
	Donations
	Donations	26,942	26,250	125,000	178,192
	Legacies
	Legacy	~	~	—	~
		26,942	26,250	125,000	178,192
		Unrestricted	Restricted	Endowment	Total Funds
		Funds	Funds	Funds	2020
		£	£	£	£
	Donations
	Donations	22,863	6,250	-	29,113
	Legacies
	Legacy	2,606	-	-	2,606
		25,469	6,250	-	31,719
5.	Charitable activities
		Unrestricted	Totai Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Concertand event income Sale ofCDs	680 —	680 =	4,154 30	4,154 30
	Sale ofChristmas cards	~	-	412	412
		680	680	4,596	4,596
6.	Investment income
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Incomefrom other investments		9,664	34,086	43,750
	Bank interest receivable		-	-	-
			9,664	34,086	43,750
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
	Income from other investments		9,726	34,470	44,196
	Bank interest receivable		1	-	1
			9,727	34,470	44,197

—————————

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continuea)

Year ended 31 July 2021

7. Expenditure on charitable activities by fund type

		Unrestricted	Restricted	Total Funds	Total Funds
		Funds	Funds		2021
		£	£		£
	Charitable activities	41,597	20,502	62,099
	Supportcosts	1,982	_		1,982
		43,579	20,502	64,081
		Unrestricted	Restricted	Total	Funds
		Funds	Funds		2020
		E	e		£
	Charitable activities Support costs	33,065 1,440	24,301 -	57,366 1,440
		34,505	24,301	58,806
8.	Netincome
	Net income is stated after charging/(crediting):
			2021	2020
			£		£
	Depreciation oftangible fixed assets		646		-
9.	Independentexamination fees
			2021	2020
			£		£
	Fees payable to the independent examiner for:
	Independent examination ofthe financial statements		1,980	1,440
10.	Staff costs
	The total staffcosts and employee benefits forthe reporting period are		analysed as	follows:
			2021	2020
			£		£
			Nil		Nil

The average head count of employees during the year was 1 (2020: Nil).

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

11. Trustee remuneration and expenses

• no remuneration or other benefits from employment with the charity or a related entity were

• received by the trustees; and

• no trustee expenses have been incurred;

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continueg)

Year ended 31 July 2021

aa 12. Tangible fixed assets

	Equipment
	£
Cost
At 1 August 2020	-
Additions	1,940
At 31 July 2021	1,940
Depreciation
At1August2020	=
Charge forthe year	646
At31 July 2021	646
Carrying amount
At31 July 2021	1,294
At 31 July 2020	=
Investments
	Other
	investments
	£
Cost or valuation
At 1 August2020 Additions Fairvalue movements	1,412,956 60,000 237,692
At 31 July 2021	1,710,648
Impairment
At 1 August 2020 and 31 July 2021	=
Carrying amount
At31 July2021	1,710,648
At31July2020	1,412,956

13. Investments

All investments shown above are held at valuation.

14. Investment entities

Investments are held within the CBF Church of England Investment Fund, managed by CCLA Investment Management Ltd.

15. Stocks

				2021	2020
				£	£
Raw	materials	and	consumables	615	615

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continued)

Year ended 31 July 2021

Ceeee 16. Debtors

							2021	2020
							£	=
	Trade debtors						=	44
17.	Creditors: amounts falling due		within one year
							2021	2020
	Trade creditors Accruals and deferred income						£: 7,861 1,500	3,024 1,440
							9,361	4,464
18.	Analysis ofcharitable funds
	Unrestricted funds
		At					Gains and	At
		1 Aug 2020	Income	Expenditure	Transfers		losses	31 Jul 2021
	General funds	Eb 7,201	£ 37,286	£ (43,579)	£ 1,940		£ -	£ 2,848
		At					Gains and	At
		4 Aug 2019	Income	Expenditure	‘Transfers		losses	31 Jul 2020
		£	£	£	£		£	£
	Generalfunds	1,914	39,792	(34,505)		-	=	7,201
	Restricted funds
		At					Gains and	At
		1 Aug 2020	Income Expenditure		Transfers		losses	31 Jul 2021
	Bursaries Palace event lain Ball Fund Enabling Fund	a 22,903 10,000 6,250	£ 34,086 ~ — 26,250	£ (20,502) - ~ ~	£ -~ - - (1,940)		£ - - - ~	£ 36,487 10,000 6,250 24,310
		39,153	60,336	(20,502)	(1,940)		-	77,047
		At					Gains and	At
		1 Aug 2019	Income Expenditure		Transfers		losses	31 Jui 2020
	Bursaries Palace event	£ 12,734 10,000	£ 34,470 _	£ (24,301) -	£	~ ~	£ ~ -	E 22,903 10,000
	lain Ball Fund	=	6,250	~		-	-	6,250
	Enabling Fund	-	~	a		~	-	-
		22,734	40,720	(24,301)		-	-	39,153

18. Analysis of charitable funds

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continuea)

Year ended 31 July 2021

18. Analysis of charitable funds (continued)

Palace Event - funds held were given, without specific obligation on the part of the donor, for the Trust to support a special event at a Palace or similar

The lain Ball Chorister Fund - the capital was created by donations given in memory of a past Chairman of the Trust, lain Ball. An annual medal is granted to a suitable chorister chosen by the Cathedral in memory of lain.

The Enabling Fund came from a generous donation where the purpose is to 'enable the Trust! to make bold decisions and to grow and move forward whilst continuing to further at all times the aims of the Trust.

For example, this might be used to purchase administration equipment, furniture, the hire of musicians to support events, recordings and other ‘enabling’ activities that the Trustees consider appropriate.

Endowment funds

		At				Gains and		At
	1 Aug	2020	Income Expenditure		Transfers	losses 31 Jul 2021
		£	£	£	£	£	fe
Permanent
Endowment Fund	1,453,142		125,000	-	-	237,692	1,815,834
		At				Gains and		At
	1 Aug	2019	Income Expenditure		Transfers	losses 31 Jul 2020
		g	£	£	£	£	£
Permanent
Endowment Fund	1,449,449		-	-	=	3,693	1,453,142
Since 1st August 2011 the Wells Cathedral Chorister Trust has had 2 distinctly separate endowed funds, split between income and capital. The original fund continues to fund choristers only and the new fund supports both girl and boy choristers. The endowed funds								separate girl are
split as follows:
Girl choristers (Old	fund)				£1,316,783
Girlandboychoristers(Newfund)					£499,051

Since 1st August 2011 the Wells Cathedral Chorister Trust has had 2 distinctly separate endowed funds, split between income and capital. The original fund continues to fund girl choristers only and the new fund supports both girl and boy choristers. The endowed funds are split as follows:

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Wells Cathedral Chorister Trust

Notes to the Financial Statements (continueg)

Year ended 31 July 2021 Se ee ee ee

19. Analysis of net assets between funds

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----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total|Funds| |Funds|Funds|Funds|2021| |£|£|£|£| |Tangible|fixed|assets|-|1,294|-|1,294| |Investments|-|—-|1,710,648|1,710,648| |Current assets|12,209|75,753|105,186|193,148| |Creditors|less than|1|year|(9,361)|-|-|(9,361)| |Net assets|2,848|77,047|1,815,834|1,895,729| |Unrestricted|Restricted|Endowment|Total|Funds| |Funds|Funds|Funds|2020| |£|£|£|£| |Tangible|fixed|assets||-|=|| |Investments|—|-|1,412,956|1,412,956| |Current assets|11,665|39,153|40,186|91,004| |Creditors|less|than|1|year|(4,464)|—|-|(4,464)| |Net assets|7,201|39,153|1,453,142|1,499,496|

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20. Financial instruments

The carrying amount for each category of financial instrument is as follows:

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|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Financial|assets|measured|at|fair value through|income|and|expenditure| |Financial|assets|measured|at|fair value|through|income|and| |expenditure|1,710,648|1,412,956| |Financial|assets|that|are|debt instruments|measured|at|amortised|cost| |Financial|assets|that|are|debt|instruments|measured|at amortised| |cost|44|44| |Financial|liabilities|measured|at|amortised|cost| |Financial|liabilities|measured|at|amortised|cost|4,464|4,464|

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21. Related parties

During the year bursaries totalling £35,103 were paid to pupils of the Wells Cathedral School.

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Wells Cathedral Chorister Trust

Management Information

Year ended 31 July 2021 ensaee

The following pages do not form part of the financial statements.

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Wells Cathedral Chorister Trust

Detailed Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 31 July 2021

	2021	2020
	£	£
Income and endowments
Donations and legacies
Donations	178,192	29,113
Legacy	-	2,606
	178,192	31,719
Charitable activities
Concertand event income	680	4,154
Sale ofCDs	—	30
Sale of Christmas cards	-	412
	680	4,596
Investment income
Income from other investments	43,750	44,196
Bank interest receivable	-	1
	43,750	44,197
Total income	222,622	80,512
Expenditure
Expenditure on charitable activities
Opening stock	615	960
Closing stock Legal and professional fees	(615) 1,982	(615) 1,440
Telephone	686	~
Depreciation	646	-
Bursaries	35,103	35,803
Administration costs	5,929	2,500
Website costs	4,326	4,861
Concert costs	2,707	2,510
Fund -raising and marketing consultancy	9,680	9,000
Otheroffice costs	3,022	2,347
	64,081	58,806
Total expenditure	64,081	58,806
Netincome	158,541	21,706

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