2023-07-31-accounts

Charity Registration Number: 1098277 Trustees’ Annual Report and Unaudited Financial Statements For the year ending 31 July 2023

The Wells Cathedral Chorister Trust

Mission: To support the provision of bursaries and scholarships for Wells Cathedral choristers who sing in the Cathedral Choir.

Vision: To raise enough money to ensure that no deserving child misses out on a unique opportunity and to secure the future of the Wells Cathedral Choir

Introduction by Chair of Trustees

I am pleased to be able to introduce the Annual Report and Financial Statement for the year ending 31 July 2023. We continue to thrive and have had a pleasing year.

We could not do this without the many supporters who love the Chorister Cause. Especially we thank:

• All our Friends and Ambassadors who support us with monthly donations,

• The grant-making charities and foundations who support us.

• Other Donors who give on an ad hoc basis.

As planned, we have been able to increase our bursaries and scholarships from September 2023.

During the year, we have seen the departure of Nicholas Jepson-Biddle who had been an ex-officio Trustee of WCCT whilst he was the Precentor of Wells Cathedral. We look forward to welcoming his successor in 2024.

We are in the process of reviewing the skills, knowledge, diversity and experience of the remaining trustees and a number of additional appointments will be made over the coming year once our skills audit has been completed.

As part of our duty to keep all of our procedures and responsibilities under review, we are reviewing our investment policy and our investment provider in the Spring of 2024. This follows on from the review of our accountancy provision in July 2022 and the subsequent detailed review of our historic accounts and our book-keeping processes.

We remain committed to pursuing our stategy of fundraising through events, our Friends Scheme, one-off donations and legacies and grants from charities. This will allow Wells Cathedral Chorister Trust to be there to fund any unexpected needs of the current choristers and to provide Wells Cathedral School and Wells Cathedral with the confidence to audition and recruit children regardless of financial means.

The most important measure of our success is the number of choristers we can help and the amount we are able to spend on bursaries.

Arnold Wills

Chair of Wells Cathedral Chorister Trust

A current chorister.

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Our Objectives and Public Benefit

Our charitable purpose is:

The promotion of the education of the 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.

The Trust, whilst independent of both the Cathedral and also Wells Cathedral School, works closely with both organisations.

There are up to 18 boy and 18 girl chorister places in the choir and all choristers are educated at the Wells Cathedral School. Over the past five years the Trust has provided scholarships and bursaries to assist 29 children for a total of 200 school terms.

Decisions about the duration of ongoing support for individual choristers are taken by the trustees in consultation with the School and Cathedral.

We are aware that being a chorister has not always been a viable option for many young people and their families. We regularly have children who are keen to take up a place as a chorister but decide not to do so because it is not affordable for their family. Due to the Trustees desire to award bursaries from income rather than capital, at present the limited available income constrains the level of support that can be given. We are working to build further, aiming to ensure any child with the ability and desire can become a chorister.

We are committed to ensuring that we can support the Wells Cathedral Choir to be both diverse and inclusive in the future. Our aim as a Trust is to ensure that 'there are no lost voices' for financial reasons. In these difficult financial times, we continue to look at how best we can help.

The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 and have had due regard to the Charity Commission's guidance on public benefit when reviewing the Trust's activities, making decisions and managing the Trust.

I am absolutely certain that without the four wonderful years I spent in the front-row of Wells Cathedral Choir I would not be doing what I am today. Furthermore, I know that those formative experiences have been the foundation for many of my chorister contemporaries who chose a non-musical careerr a job, it sets you up for life.

David Buckley, Composer and Patron of The Wells Cathedral Chorister Trust.

It was at Wells that all my musical foundations were built. I grew in confidence in that rich environment. Having the opportunity to perform professionally from such a young age is an unbeatable opportunity for talented children.

Meeta Raval, Opera Singer and Patron of The Wells Cathedral Chorister Trust.

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Our Achievements, Performance and Impact

The Wells Cathedral Chorister Trust exists to support the provision of bursaries for Wells Cathedral Choristers who sing in the Cathedral choir.

• Bursaries for Chorister families requested by the school in 2022/23 and approved and paid by the Trust amounted to £25,596. We helped 9 children over the course of the year who would not have been able to be choristers without our support.

• The Wells Cathedral Chorister Trust provided individual bursaries for the Wells Cathedral Choristers (i.e. funds in addition to those available from the School and other sources) to help further reduce the sums payable by chorister families for

Payments are made directly to the School, following verification of relevant invoices. We do not make any payments directly to chorister families.

Choristers have a great many opportunities, including participating in tours, radio and television broadcasts, major festivals and much more, all whilst singing in one of the most beautiful cathedrals in England. Wells Cathedral School is one of only five specialist Music Schools in the country and was crowned “Performing Arts School of the Year 2020” by the Independent School of the Year awards.

Our regular donor scheme known as The Friends of Wells Cathedral Chorister Trust, launched in July 2021, continues to grow. In the year to July 2021 we received £7,220 from our regular donors (then known as Angels). This year the funds raised from our friends topped £25,000. Our Friends remain very loyal and we are grateful not only for their financial contribution but also for their vocal support at concerts, coffee mornings, and regular services.

During this year, we ran a number of successful fundraising events including the everpopular Tallis Voices promenade concert, Benjamin Brittain’s Ceremony of Carols, a concert with the Choir of Royal Holloway and a performance at the Church of St Leonard in Marston Bigot.

Conflicts of Interest Policy, Bursary Policy and Trustee Expenses Policy have all been updated.

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Chorister Survey results

During this year Wells Cathedral School and Wells Cathedral undertook a survey as part of their ongoing review of the chorister provision.

The Choristers of Wells Cathedral Choir with HRH The Duchess of Edinburgh GCVO. e.

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Financial Review

Where our income came from 2022/23:

Total income for the year was £ 117,865 (2022 :£ 144,781). The previous year had been an exceptional year because we received two very large one-off donations.

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INCOME 2022/2023
Legacy Other income Donations
Gift aid
1% 0% 4%
8%
Events Income
Grants
5%
14%
Regular Giving
22%
Dividends &
Interest
46%
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How the money was spent 2022/23:

72,387 (2022: £ 79,596).

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Meetings EXPENSES
Finance Trustee Expenses
& Travel Other
Rent
Legal &
Professional Bursaries
Fundraising &
Marketing
Administration
Office Expenses
Events
Subscriptions
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Structure, Governance and Controls

Governing Document

Trust deed dated 21/01/2003 as amended by resolution dated 25/03/2004 and deed dated 19/07/2011

Trustees

The Board of Trustees have a variety of appropriate skills which include professional backgrounds in the worlds of financial planning, human resources, charity law, and educational and business management. We all share a genuine passion for the Chorister Cause. We recognise the need for a diverse board as far as possible, with a healthy Trustee changeover.

With the exception of the ex officio trustees, our trust deed provides for trustees to serve limited terms of office. The ex officio trustees are the Cathedral Precentor and one School governor appointed by the School as a trustee. The Precentor remains a trustee whilst holding that office. The selected governor remains a trustee until they resign, cease for another reason to be eligible to serve as a charity trustee or they are replaced by another governor chosen by the School. The Precentor position is vacant (since 06/08/2023) and, pending the appointment of a new Precentor, the Acting Precentor has been invited to attend the trustee meetings as a guest.

Reserves

The policy of the Trustees is to build a designated fund that allows for increasing levels of scholarships and bursaries. The Trustees are ever mindful of the need to provide bursaries to ensure that there are no Our success will be measured by the number of families we can assist and the size of our annual bursary and scholarship payments.

the anticipated bursaries and scholarships.

Total Reserves Of this the fund was created to support solely girl choristers), Within unrestricted funds has been designated for girls and Event, the Iain Ball Fund and an Enabling Fund.

with free reserves of 1.

The trustees, with support from professional advisors, are in the process of reviewing the

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restriction on the fund for girls as ideally all the funds would be held to support both girls and boys.

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 Trust. This will be achieved, primarily, by investing in a portfolio of global equities, commercial property, infrastructure and other assets. All nonbank funds are currently invested through CCLA Investment Management Ltd. A review of anagement provision is scheduled for Spring 2024.

Risk Management

In addressing risk management, the trustees identify the major risks to the Trust, based on likelihood and projected impact. They agree risk procedures intended to reduce likelihood and, where risks do materialise, to reduce their projected impact.

Plans for the Future

Following the momentous Coronation, and inspired by its theme of inclusion, we are planning monumental changes to support talented children to join the choir, despite their financial needs. Supported by our Royal Patron, HRH The Duchess of Edinburgh, we are launching the Coronation Fund Appeal. The target is to raise and we aim to be in a position to pay Coronation Fund bursaries from that date.

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We remain committed to increasing the opportunities for musical children from all backgrounds to develop their skills and to flourish with an all-round education at an exceptional music school.

The School and the Cathedral, working together, are able to offer standard scholarships to all choristers of 25% of the School fees. This is significantly less than the scholarships offered by many other cathedral choirs. From September 2023, the Trust is in a position to offer an additional scholarship payment of 6% for every chorister. Chorister families will be encouraged to decline this 6% Scholarship if they are financially secure. This scholarship will be paid alongside the discretionary bursary payments to those choristers with greatest financial needs.

Whilst the new total (provided by the School, the Cathedral and WCCT) of a 31% standard scholarship is still less than many other cathedrals, the additional 6% increase alongside

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our work on the Coronation Fund Appeal will help the Choir to recruit the most talented choristers on merit alone.

As the School and the Cathedral strive to support all children, a key challenge ahead for the Trustees will be the ability to help choristers regardless of gender. Originally named The Wells Fund for Girl Cathedral Choristers, the Trust was established to provide financial support for girl choristers of Wells Cathedral. This was because, at that time, there were separate funds held by other independent bodies for boy choristers (since then those funds have either been expended or are no longer restricted to just boys).

In 2011, following an application to the Charity Commission, the charitable purposes of the Trust were altered to allow support to be given to both boy and girl choristers. From that - All funds raised since that date have been held for boys and girls. It would be preferable to have greater flexibility in the application of funds, so the Trustees intend to take advise on whether and, if so, how the restriction on either some or all of the

On 15th June 2024, we will be celebrating 30 years of chorister girls at Wells Cathedral. We are planning a special celebration and all former choristers will be invited.

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Statement of trustees, responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to: • select suitable accounting policies and then apply them consistentlv,. • observe the methods and principles in the Charities SORP,. • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the linancial statement5: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for Maintaining proper accounting records whlch dlsclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2CQ8 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitws website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdiction5. The annual report was approved by the trustees of the charity on signed on its behalf bv: 17 May 2024 -and Sam Forsev Trustee Page 9

Reference and Administrative details

Maureen Boylan (Appointed 16/11/2022) Hilary Cain (Retired 22/11/2022) Richard Cromwell Sean Donoghue (Retired 11/04/2023) Samuel Forsey (Appointed 22/11/2022) Cecile Gillard Nicholas Jepson-Biddle (to 06/08/2023) Robert Powell (ex officio) Arnold Wills (Chair since 06/11/2019) Fiona Wills Margaret Wilson

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Independent Examiner's Report to the trustees ofThe Wells Cathedral Chorister Trust I report to the charity trustees on my examination of the accounts of The Wells Cathedral Chorister Trust for the year ended 31 July 2023. (Set out on pages 12 to 241. Responsibilities and basis of report As the charity trustees of The Wells Cathedral Chorister Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the The Wells Cathedral Chorister Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination 8iving me cause to believe that in any material respect: l. accounting record5 were not kept in respect of The Wells Cathedral Chorister Trust as required by section 130 of the Act,. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charitie5 (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. I 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. Alexandra Shore FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset TAI 2PX 20 May 2024 Page 11

The Wells Cathedral Chorister Trust Statement of Financial Activities for the Year Ended 31 July 2023 Unrestricted funds Restricted funds Total 2023 Note Income Donations and legacies Charitable activities 57.257 6,537 14.329 57.257 6,537 54,C$71 Investment income 39,742 Total income 78,123 39,742 117,865 Expenditure Charitable activlties 168.6211 13.7661 172,3871 Total expenditure Gainsllosses on investment assets 168,6211 114.7081 13,7661 117.41SI 172,3871 132,1231 Net lexpenditurel/income 15.2061 18.561 13.355 Net movement in funds 15,2061 18,561 13,355 Reconc115atlon of funds Total funds brought forward 909.213 1,030.838 1,940.051 Total funds carried forward 15 904.007 1,049,399 1.953,406 Unrestrlcted funds Restrlcted funds Total 2022 £ IAS restatèd) Note Income Donations and legacies Charitable activities 90,549 5,454 12.504 90,549 5,454 48,778 Investment income 36.274 Total Income 108.507 36.274 144.781 Expendlture Charitable activities 164.5281 115.0681 179,5961 Total expenditure Gainsllosses on investment assets 164.5281 19,5521 115,0681 111,3111 179,5961 120,8631 Net income 34.427 9.895 44.322 Net movernenl in funds 34.427 9.895 44.322 Reconclllatlon of funds Total funds brought forward 874.786 1,020,943 1,895,729 Total funds carried forwaid 15 ￿￿,213 1,030,838 1,940,051 The notes on pages 14 to 24 form part of these financial statements. Page 12

The Wells Cathedral Chorister Trust (Registration number: 1098277) Balance Sheet as at 31 July 2023 2023 2022 £ IAS restated) Note Fixed assèts Tangible a55ets Investments io 799 647 li 1,7S7.662 1.789,785 1.758.461 1.790.432 Current assets Debtors Cash at bank and in hand 12 60 204.042 154,940 204.102 154,940 Credltors: Amounts fallln8 due withln one year 13 19,1571 15,3211 Net current asset5 194.945 149,619 Net assets 1,953,406 1,940,051 Fund5 of the charlty.. Unrestricted funds .Th)7 1,049.399 909,213 1,030,838 Restricted funds Total charlty lunds 15 1,953.406 1,940,051 The financial statement5 on pages 12 to 24 were approved by the trustees, and authorised for issue on 17 May 2024 and signed on their behalf by: Samuel Forsey Trustee The notes on pages 14 to 24 form part of these financial statement5. Page 13

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 l Accountlng polldes Statement of compliance and basis of preparation The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unle55 Stated oiherwi5e within these notes. The financial statement5 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 IFRS 1021 lissued October 20191 Icharities SORP IFRS 10211. the Financial Reportin8 Standard applicable in the United Kin8dom and Republic of Ireland IFRS1021, and the Charities Act 2011. The Wells Cathedral Chorister Trust meets the definition of a public benefit entity under FRS 102. Golng concern The trustee5 consider that there are no material uncertainties Jbout the Charity's ability to continue ès a going concern. Income and endowments All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliabilitv. Donatlons and le8acles Donations and legacles are recognlsed on a receivable basis when receipt is probable and the amount can be reliably measured. Expendlture All expenditure is reco8nised once there 15 a le8al or constructive obligalion to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to phrticular headings they have been allocated on 3 basis consistent with the use of resourees, with central staff cost5 allocated on the basis of time spent, and depreciation char8es allocated on the portion of the asset'5 Use. Other support costs are allocated based on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT. Charltable actlvltles Charitable expenditure tomprises those costs incurred by the charity in the delivery of its activities and Services for its beneficiaries. It includes both costs that can be allocated diiectly to such activities and those costs of an indirect nature necessary to support them. Irrecoverable VAT The charity is registered for VAT. All expenditure is stated indusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Page 14

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) Taxatlon The trust is a re8lStered charity and is. therefore. exempt from liability to taxation on its income and capital gains, to the extent that they are applied for charitable purposes. Tan8ible fixed assets Individual fixed assets are initially rècoidèd at cost. less any subsequent accumulated deprèciation and 5ub5equent accumulated impairment losses. Depreclatlon and amortlsatlon Depreciation is provided on tangible fixed asset5 $0 a5 to write off the cost OT valuation, less any estimated residual value. over their expected useful economic life as follows: Asset clas5 Equipment Depreclatlon method and rate 3 Year Strai8ht Line Flxed a55et Investments Listed investments Listed investments are a form of basic financial instrument and are initially re¢o8nised at their transaction value and subsequently measured at fair value at the balance sheet date usin8 the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. The Trust does not acquire or use put options. derivatives or other complex financial instruments. Realised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised 6ains and losses on investments are calculated as the dilfÈrence between sales proceeds and their opening carrying value or thelr purchase value if acquired 5ybsequent to the first day of the financial year. Unrealised gains and 1055e5 are calculated as the difference between the fair value at the period end and their carryin8 value. Realised and unrealised investment 8ains and losses are combined in the Statement of Financial Activities. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income fund5 are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Endowment funds are earmarked by the donor for specific purposes and only the income can be utilised for that specific purpose. Page 15

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) Flnanclal Instruments The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and cieditofs. are initially measured at transaction price and subsequently measured at amortised cost. Financial assets are assessed at the end of each reporting period for objertive evidence of impairment. If objective evidence of impairment is found. an impairment loss is recognised in the income statement. Crltlcal Accountlng E5tlmates and Jud8ements The preparation of the finantial statements in conformity with FRS 102 requiies management to make judgements, estimates and assumptions ihat affect ihe application ol policies and reported amounts of assets and liabilitie5, income, and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, Includlng expectations of future evenls that are believed io be feasonable under the cii¢umstances. The trust makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there were no critical accountin8 estimates and judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wiihin the next financial year. Prlor perlod adjustment Where an error or omi55ion is identified in respect of comparative fi8ures this is adjusted in the preceding period. Page 16

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 2 Income from donatlons and le8acSes Unrestrlcted funds Restrlcted funds Total funds Donations and legacies- Donations 56,257 56,257 1,000 Le8acies Total for 2023 57.257 57.257 Donations and legacies- Donations 88.549 88,549 2.000 Le8acies 90.549 90.549 Total for 2022 90.549 90.549 3 Income from charltable artlvltles Unrestrfcted funds Restrlcted funds Total funds Concert and event income Sale of Christmas cards 5,985 552 5,985 552 Total for 2023 6,537 6.537 Concert and event income 4.972 482 4,972 482 Sale of Christmas cards Total for 2022 5.454 5,454 4 Investment Income Unrestrlcted funds Restrlcted funds Total funds Other investment income 13,397 932 36,790 2.952 50,187 3,884 Bank interest receivable Total for 2023 14.329 39.742 54,071 Other investment income 12.470 34 36.051 223 48.521 257 Bank interest receivable Total for 2022 12,504 36,274 48,778 Page 17

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 5 Expendlture on charltable actlvltles Unrestrlcted Funds Restrlcted funds Total funds Charitable activities 62.151 6.470 3,766 65,917 6,470 Support costs Total for 2023 68,621 3,766 72,387 Charitable a¢tivities 61.891 2.637 15.068 76.959 2.637 Support cost5 Total for 2022 64,528 15,068 79,596 6 Net Incomelexpendlture Net income for the year is stated after chaTBin8- 2023 2022 Depreciation of fixed assets 719 646 7 Trustees remuneratlon and expenses The Charity considers its key management to Comprise of the Trusiees. No trustee5, nor any persons conneded with them, have re￿iVed any remunerètion from the charity durin8 the year.12022.. Nil) I trustee has received reimbursed e¥pen5es or any other benefits from the charity during the year of £80. 12022 Nil) 8 Independent èxaminer's remuneration 2023 2022 Examination of the financial statements 2,275 Asslstance with accounting (prior year under accrual) Predecessor firm - Examination of financial statements 1,865 540 60 5.405 2,335 Page 18

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 9 Taxatlon The trust is a registered charity and is therefore exempt from taxation to the extent that income and Eains are applied for charitable purposes. 10 Tangible fixed assets Equlpment Cost At I Au8USt 2022 Additions 1,940 871 At 31 July 2023 2.811 Depreclatlon At I Au8U5t 2022 Char8e for the year 1.293 719 At 31 July 2023 2,012 Net book value At 31 July 2023 799 At 31 July 2022 647 Page 19

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 11 Flxed asset Investments Listed investments Listed irwestments Cost or Valuatlon At I August 2022 Fair value movements 1,789.78S 132,1231 At 31 July 2023 1,757,662 Net book value At 31 July 2023 1,757,662 At 31 July 2022 1,789,785 Investments are held within the CBF Church of EnBland Investment Fund, managed by CCLA Investment Management Ltd. 12 Debtors 2023 2022 Prepayments 60 13 Credltors.. amount5 fallln8 due wlthln one year 2023 2022 Trade creditors 5,642 3.515 3,046 2.275 Accruals 9.157 5,321 Page 20

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 14 Obllgatlons under leases and hlre purchase contracts Operatin8 lease commitments Tot81 future minimum lease payments under non4an¢ellable operaiing leases are as follows.. 2023 2022 Other Within one year 1.750 1,750 15 Funds Other reco8nlsed Balance at Empendlture zalnslllossèsl 31 July 2023 Balance at I August 2022 Income Unrestrlcted funds General Funds 47,848 78,123 168,6211 57,350 Deslqnated Palace Event 10,0 6,450 23,089 10,000 6,450 23,089 lain Ball Fund Enabling Fund Des18nated Fund Girl and Boy chorister5 821.826 114,7081 807,118 861.365 114,7081 846.657 Total unrestrlcted funds 909.213 78.123 168.6211 114,7081 904,007 Restrirted funds Bur5arie5 57.693 39.742 13.7661 93,669 Restricted Fund Girl choristers 973,145 117,4151 955,730 1,030.838 39.742 13.7661 117,4151 1,()49,399 Total funds 1.940.051 117.865 172.3871 132.1231 1.953.406 Page 21

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) Funds- prior period IA5 re5tatedl Other reco8ni5ed Balance at Empendlture gainslllossesl 31 July 2022 Balance at I August 2021 Income Unrestrirted funds General Funds 2.848 108.307 163.3071 47.848 Designated Palace Event iO,OCM) 6,250 24,310 10.000 lain Ball Fund 6.450 23,089 Enabling Fund Designated Fund Girl and Boy choristers 11,2211 831.378 19.5521 821.826 871.938 2￿ 11.2211 19.5S21 861.365 Total unrestrlded funds 874.786 108.507 164.5281 19.5521 909.213 Restrlrted furKIs Bursaries 36,487 36.274 115.0681 S7,693 Restricted Fund Girl choristers 984,456 111,3111 973,145 1,020.943 36.274 115.0681 111,3111 1.030,838 Total funds 1.895.729 144.781 179.S961 120,8631 1,940.051 The specific purposes for which the funds are to be applied are as follows: Palace Event - funds held were 8iven, without specific obli8aiion 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 rnake bold decisions and to grow and move lorward 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 'enablin@' attivities that the Trustees consider appropriate. Since 1st August 2011 the Wells Cathedral Chorister Trust has had separate funds for choristers. The original fund continues to be restricted to fund girl choristers only and the new designated fvnd supports both girl and boy choristers. Page 22

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 16 AnalysSs of net assets between funds Total funds at 31 July 2023 Unrestrlcted funds Restrlcted funds Tangible fixed assets Fixed asset investments 799 799 804.745 107.620 19,1571 952.917 96.482 1,757,662 204,102 19,1571 Current a55et5 Current liabilities Total net assets 904,007 1,049,399 1,953,406 Total funds at 31 July 2022 Unrestrlcted funds Restrlcted funds IAS restated) Tangible fixed assets Fixed asset Investments Current assets 647 647 819,452 94.435 15.3211 970,333 60,505 1,789,785 154,940 15,3211 Total net assets (Resialedl 9J9.213 1,030,838 1,940,051 Page 23

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2023 (continued) 17 Prlor perlod adjustment During the year the Trustees identified that funds previously classified as Endowment Funds were gifted without restriction and therefore should be classified as unrestricted funds. These were a55ets that were donaled to the charity with no legally binding requirements attached to the donation. These funds were historically classified as Ireslrictedl endowment funds. Therefore a prior period adjustment has been made to reclassify these funds. The funds reclassified are the girls, endowment fund and the girls, & boys, endowrnent fund, which totalled £1,815,834. The glrls, endowment fund was originally created at a time when the chariws objects were solely to support girl choristers. The charity sybseouently ¢hanged lis objects to support both boy and girl choristers. The resolution made at that time a8reed thai the balance of girls, funds held should be restricted for girls. This balance plus subsequent gains on investments totals £984,456. Therefore this balance has been reclassified from endowment funds to funds restricted lor girls in accordance with the resolution. The remaining balance of £332,327 prevrously held within the girls, endowment fund and the balance of £499,051 previously held within the girl and boy endowment fund were crealed frorn donation5 which had no le8ally binding restrictions placed upon them, and were received after the Charity's objects were changed to support both boys and 6irls. These balances, totalling £831,379, have therefore been re¢lassified from endowment funds to unrestricted funds. The Trustees then decided to desi8nate these funds into a desiBnated 8ir15 and boys choristers fund. The adjustments reclassify these funds only. There is no net effect on total funds. The effea of the prior year adjustment on ihe reserves 3$ at l Au8USt 2023 is as follows.. Unrestrlrted funds De518nated funds Restrlrted funds Endowment funds Total As previously reported Prior period adjustment 2.848 40.560 831,378 36.487 984,456 1.815,834 11,815,834) 1.895,729 As restated 2.848 871.938 1.020.943 1,895,729 In addition, £9,552 of losses on investments in the comparative year have been reclassified to designated funds and £11,311 losses on investments to the restricted girls choristers fund. There is no net impact on expenditure or net assets as a result of this adjustment. 18 Related party transartlOn5 During the year bursarie5 totalling £25,596 were paid to the We115 Cathedral Sthool.12022.. £32,403). Page 24

The Wells Cathedral Chorister Trust Detailed Statement of Financial Activities for the Year Ended 31 July 2023 Totsl 2023 Total 2022 £ (As restated) Income and Endowments from: Donations and legacies Concert and event income 57.257 5.985 90,549 4.972 Sale of Christmas cards 552 482 other investment income 50.187 3,884 48,521 257 Bank interest receivable Total Income 117.86S 144.781 Expendlture on: Opening stock Insurance 16151 11581 14361 14,8001 11,2211 15,5431 18151 115,0681 11?,4851 12.0121 11571 15431 16,¢J021 Telephone Other office costs Concert and events costs- designated Concert and events costs 15,5281 11,4531 13.7661 121,8301 1.7121 11,0641 124,0151 11921 15,4061 17191 Subscriptions Bursaries - Res¢ri¢ted 8ursarie5 Advertising Website costs Administration costs 112,7381 115,4211 12,6371 16471 Fundralslng and marketlng consultancy Legal and professional fees Depreciation of office equipment Total expendituie 172,3871 179,5961 Net income 45,478 65,185 Other recoBnlsed galns and losses Other reco8nised 8ains and105ses 132,1231 120,8631 Net rnovernenl in fund5 13.355 44.322 Reconclllatlon of funds Total funds brought forward 1,940,051 1,895,729 Total funds carried forward 1,953,406 1,940,051 This page does notform part of the statutory financial statements. Page 25