Charity Registration Number: 1098277 Trustees, Annual Report and Unaudited Financial Statements CIITI I r.DftAI For the year ending 31 July 2024 The Wells Cathedral Chorister Trust Mlsslon: To supportthe provision of bursaries and scholarshipsfor Wells .Cathedral choristers who sing in the Cathedral Choir. Wision: To raise enough money to ensure that no deseNing chlld mi55es out on a unique opportunity and to secure the future of the Wells Cathedral Cholr Introduction by Chair of Trustees l am pleased to be able to introduce the Annual Report and Financial Statement for the year ending 31 July 2024. We continue to thrive and have had an excellent year. We could not do this without the many supportefs 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. Those who have supported the Coronation Fund Appeal launched September 2023. Other Donors who give on an ad hoc basi5. As planned. we were ableto Increase our flnanclal supportfor bursarles from September 2023. This is a wonderful achievement and is testament to the continued support of our loyal community and the dedication of the trustees. This come5 at a timely moment when families are finding it increasingly difficult to find the funding to support their musical children to become choristers. During the year, we have welcomed the new Prerentor of We115 Cathedral, the Revd Canon rimothy Stevens, as an ex-offKio trustee of the Wells Cathedral Chorister Trust. We have reviewed the skills. knowledge, dlversity and experience of our trustees and this has helped us to identify skills gaps and focus on making sure that new trustee appointments bring diversity of thought and experience to the Trust. We are very pleased to have gained a number of new trustees this year, each of whom brings a unique and valuable expertise. As part of our duty to keep all of oul procedures and responslbilitles under review, we have reviewed our Safeguarding Procedures in 2024 and we continue to scrutlnlse our policies regularly. We are reviewin8 our investment policy and our investment piovider in 2025. 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 strategy of fundraising through events, our Friends Scheme, one-off donations and legacles, and grants from charities. This will allow Wells Cathedral Chorister Trust to be there to support and enable the funding of current choristers and to provide Wells Cathedral khool and We115 Cathedral with the confidence to audition and recruit children regardless of financial means. This year has been focused on the newlycreated Coronatlon FundAppeal. The Coronation Fund aims to raise £500,1￿0 by September 2025. This fund will be restricted for use in enabling the funding of bursaries towards paying the school fees of choristers whose families are in financlal circumstances that make them unable to make any signlficant contribution to the fees themselves. This is any family that. after external mean5-testinB. is assessed as being able to afford 5% or less of the fees. This will enable the Wells Cathedral Chorister Trust to fund a far hi8her proportion of a relevant choristerfs fees than it otherwise could. Page I The most important measure of our success Is the number of choristers we can help and the amount we are able to spend on bursaFies. In the year5 to come we plan to increase further our bursaries and to assist in any way we can with recruitment. Arnold Wills Chair of We115 Cathedral Chorister Trust The We115 Cothedrol Chorister Trust ha5 been providing bursorie5 to thefomilie5 of Wells Cothedral Choristersfvr 20 yegrs. The Coronotion Fund is on inspiring ideo to provide life chonging opportunitiesfvrfvmil￿s who lock thefinonciol meons but hove talented musicol children. It is also t7fitting way to mork the recent Coronotion. Pleose support this veryspeciol Appeal to ensure tI￿t there are no105t voices, by providing opportunitiesfvr these t7mazing children. HRH The Duchess of Edinburgh GCVO, Royal Patron Our Objectives and Public Benefit Our charltable purpose is: The promotion of the education of the choii5ters of Wells Cathedral by the granting of scholarships or bursaries or any financial assistance the trustees consider appropriate towards the tuition andlor boarding fees payable to Wells Cathedral School. The Trust, is independent of both the Cathedral and also Wells Cathedral School but nevertheless works closely with both organisations. There are up to 18 boy and 18 girl chorister places in the cholr and all choristers are educated at the Wells Cathedral School. The Trust provides support for the full chorister bo(ty. Decisions about the duTation and extent of on80in8 support aTe taken by the trustees in consultation with the khool and Cathedral. We are aware that being a chorister has not always been a viable option for many youn8 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. At present the limited available income constrains the level of support that can be given. During the 23124 year we have made significant strides to increase our fundraising activity and to focus awareness on choristers who need significant financial support. We are working to build the Trusys available financial resources further, aimingto 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 even more 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 financlal times. we continue to look at how best we can help. The trustees confirm that they have complied with the duty in section 17151 of the Charities Act 2022 and have had due regaTd to the Charity Commission's guidance on public benefit when revlewing the Trust's activities, making decisions and managing the Trust. Page 2 Our Achievements, Performance and Impact The Wells Cathedral Chorlster Trust exists to support the provision of bursaries for Wells Cathedral Choiisters who sing in the Cathedral choir. Bursaries for Chorister families requested by the school in 2023124 and approved and paid bytheTrust amounted to £51,952112022123- £25,596). We helped 18 children over the course of the year who would not have been able to be choristers without our support. The Trust has been able to offer a scholarship payment of 6% for every chorister. Payments, durlng the year, were made directly to the school. followlng verificatlon of relevant invoices. We do not make any payments dirertly to chorister families. Choristers have a great many opportunities, including participating in tours, radio and teEevision broadcasts, major festlvals and much more. all whilst singing in one of the most beautlful cathedrals in En8land. Wells Cathedral School is one of only five specialist Music Schools in the country. The ongoing review of the Trust's polities Continues and durin8 the yearthe Safeguarding Policy, Privacy Policy, Conflicts of Interest Policy. Bursary Policy and Trustee Expenses Policy have all been updated. Our regular donor scheme, known as The Friends of Wells Cothedrol Chorister Trust, and launched in July 2021, continues to grow. In the initial 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 £30,000. Our Friends remain very loyal and support us both through the Friends scheme and throu8h additional one-off donations. We are grateful not only for their financial contribution but also for their vocal support at concerts. events, and regular services. The Coronation Fund appeal has been a significant undertaking for the Trust, but it is a cause to which the trustees are wholly committed. The Trust received a si8nificant legacy in the 2023124 year and are delighted to be able to add this to the fund for bursaries to support choristers. The Trust has also received support from some grant-making bodies and these contributions to the Coronation Fund have been recelved with grateful thanks. During this year, we ran several successful fundraising events including the ever-popular Tallis Voices promenade concert. and Benjamin Britten's Ceremony of Carols. June 2024 marked the 30th Anniversary of Girl Choristers at Wells. Former boy and girl choristers were welcomed back to the Cathedral for a special service. and the congregation were treated to the 'reunion cholrf slnging wlth the current choristers. Followin8 the service, the former choristers gathered with families, friends and members of the community for celebratory reception in Cedar5 Hall. The speakers emphasised the succe55 of the Girl Choristers at Wells, the importance of preserving this wonderful opportunlty for all talented children, and the essentlal part the Wells Cathedral Chorister Trust plays in facilitsting this. Pa8t 3 Financial Review Where our Income came from 2023124.. Total income for the year was £393,85012023: £ 117.8651. Income has increased on the previous year due to one significant legacy. Income Donatiofbs ILTrtherl Donation5 ICoronat4on F￿nd) ￿- Dividends and Interest Events IrKorne GIft￿d I Re8ularGfvin8 IFrtendsl Grants Le8icy How the money was spent 2023124: Total expenditure for the year was £ 133,97812023.. £ 72,3871. Expenditure 15 higher than the previous year due to the increase in bursaries for choristers. Lw81 and Profesyonal Expenditure Other Fundraising and Marketing Subscrlption5 E¥et)ts Bursaries olrice Expen5e5 incltsding lent Administrat￿n Paae 4 Structure, Governance and Controls Governin8 Document Trust deed dated 2110112003 as amended by resOlut￿n dated 2510312004 and deed dated 1910712011. Trustees The Board of Trustees have a varlety of appropriate skills whlch Include professional backgrounds in the worlds of financial plannin8, human resources, charity law, and educational and business management. We all share a genuine passion for the chorister caLJ5e. We recognise the need for a diverse board, as far as is possible, with a healthy trustee chan8eover. With the exception of the ex-officio trustees, our trust deed provides for trustee5 to serve limited terms of office. The ex-0￿￿10 trustees are the Cathedral Precentor and one School governor appointed by the school. The Precentor remains a trustee whilst holdin8 that office. The selected 8overnor 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. We are delighted to have welcomed the Revd Canon Timothy Steven5. the new Precentor of the Cathedral. to the board. He brin8s a wealth of expertise to the position. We also welcome two other new trustees, The Revd Rosemary Lunn and Dr Mark Groom. Reserves The policy of the Trustees is to build a designated fund that allows for increasing levels of scholarships and buisaTies. The Trustee5 are ever mindful of the need to provide bursaries to ensure that there are no 'lost voices, for financial reasons. Our success will be measured by the number of families we can asslst and the size of our annual bursary and scholarship payments. Total Reserve5 of £2,343.128 were held on 31 July 202412023= £1,953,406). Of this balance, £1,026,336 {2023- £955,730) relates to restricted funds for girls (because historically the fund was created to SUPPOrt solely girl choristers), £106,697 restricted for Bursaries and £44,000 restricted for the new Coronation Fund. Within unrestricted funds £872,812 12023- £807,118) has been designated for Birl and boy choristers, further funds of £IO.00012023: £10,000) has been designated for a Palace Event, and £23.089 12023.. £23,089) an Enabling Fund. £215,391 is held in the newly created designated Coronation Fund. We have tangible fixed assets of £50812023: £799) leaving us with free reserves of £44.295 (2023: £56.5511. The trustees, with sUPPOrt from professional advisors. are in the process of reviewing the restriction on the fund for girls, as ideally all the funds would be held to support all chorister children regardles5 of gendei. Page S 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 portfollo 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 non-bank funds arecurrently invested throu8h CCLA Investment Management Ltd. A review of the Trusys Investment Management provision is scheduled for 2025. Rlsk Management In addressing risk management, the tru5tee5 identify the major risks to the Trust, based on Ilkelihood and projected impact. They agree risk procedures intended to reduce likelihood and, where risks do materialise, to reduce their projected impact. Pa8e 6 Plans for the Future The Trust has made considerable progress with the Coronation Fund Appeal, and this is due to reach a conclusion in September 2025. The aim was to raise £500,0(XJ to provide financial support towards paying the school fees of choristers whose families are in financial circumstances that make them unable to make any significant contribution to the fees themselves. We are absolutely delighted by the response we have received to this appeal, and we expect to reach our £500,000 figure by September 2025. We have received generous donatlons from indlviduals and from grant making bodies and we are very 8ratefvl to all those who have supported the Coronation FLJnd. The first awards will be made for the 2025126 academK year, and we are working with Wells Cathedral School trj find the best way of identifying suitable chorister candidates. 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 foi girl choristers of Wells Cathedral. Followin8 an application to the Charity Commission, the charitable purposes of the Trust were altered in 2011 to allow support to be given to both bov and girl choristers. From that date the existing funds were 'ring-fenced' for girl choristers. 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 advice on whether and, if so, how, the restriction on either some or all of the Girls. Fund might be removed, enablin8 the released sum to be used at the trustees, discretion for girls or boy5 according to need. It is good practice for a charity to review its governing documents periodically. The Wells Cathedral Chorister Trust Deed was revised in 2011, and we believe that another review is now timely. This ieview will enable the Trust to target funds most appropriately to further the chorister cause. We will be working c105ely with both Wells Cathedral and Wells Cathedral School in the process. The Cathedral has seen the appointment of a new Dean, a new Precentor and a new Director of Music, during the past year. This has generated not only, a renewed spirit of co- operation which we welcome. but also some wonderful expertise upon which the Trust can draw. The Trustees intend to review both the Constitution and the investment funding during the 2025126 accounting year. The Trust would like to develop its work with former chor•sters. Following the success of the event to celebr*e the 30 anniversary of Girl Choristers we intend to cast the net wider and focus on re-engaging former Wells choristers, encoura8in8 them to support the work of the Trust. It is always a pleasure to hear of the positive impact that music and singing has had on their live5. When the Coronation Fund Appeal Is complete, the Trustees will turn their attention to the longer-term future strategy for the Trust. Amongst other things this will include the Friends scheme. a consideration of le8acy giving, and an evaluation of the schedule of events. We hope that our valued supporters will be able to celebrate with us as we reach the conclusion of the Coronation Fund appeal. Page 7 Statement of trustees, responsibilities The trustees are fesponsible for preparing the trustees, report and the financial statements in accordance with the Unlted Kingdom Accounting Standards Iunlted Kingdom Generallv Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and falr 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 consistently,. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been folbwed. subject to any materièl departures disclosed and explained in the financial statements: 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 keeping proper occounting records that disclose with reasonable accuracy at anytime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022, the applicable Charities (Accounts and Reports) Regulations. and the provisions of the constitution. The trustees are also responsible for safeguardlng the assets of the charity and hencefortaklng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial Information included on the charitable comp3ny's webslte. Le8islation governing the preparation and dissemination of financial statements may differ from le8i51ation in other jurisdictions. The annual report was approved by the trustees of the charity on signed on its behalf by: and orsey ACA Finance Trustee Pa8e 8 Reference and Administrative details Chair of TnJstee5 Arnold Wllls Trustees Maureen Boylan Richard Cromwell Samuel Forsey Ceclle Glllard Ireslgned 201061241 Robert Powell lex officfol Arnold Wllls (re-elected as Chair 17111241 Fiona Wills MaT8aret Wi150n The Revd Canon Timothy Stevens lex officio The Revd Rosernary Lunn (appointed 20106120241 Dr Mark Groom (appointed 28111120241 Charity Reglstrayon Number 1098277 Principal Office School Office 15 The Liberty We115 Sornerset BA5 2ST Independent Examlner Sarah Twlst FCA DCh4 A C Mole LLP Stafford House Blackbrook Park Avenue TauTrton Somerset TAI 2PX Royal Patron HRH The Duche$5 of Edlnburgh fjcvo Patrons Mr Mohammed Saddiq. Lord Lleutenant of Somerset Robert Beckley QPM. Sheiiff of Somerset The Rt Revd Michael Beasley, Bishop of Bath and Wells Davld Buckley Dr Anthony CF0551and lestyn Davles MBE Neal Davies Robert Drewett DL Jennrfer Duke DL Lady Gas5 DCVO Alexander Hamllton Adam Hickox Lady Hobson OBE Annie Maw CVO Cstj Davld MorRan-Hewitt Meeta Raval Thoma5 Sheppard DL Page 9 Independent Examiner's Report to the trustees of The Wells Cathedral Chorister Trust I report to the trtjstees on my examination of the accounts of The Wells Cathedral Chorister Trust for the year ended 31 July 2024. Iset out on pages 11 to 251. 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 20111'the Aev). I report in respect of my examination of the Wells Cathedral Chorister Trust's account5 carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directlons given by the Charity Commission under section 14515llbl of the Act. Independent examlnerfs statement Since The Wells Cathedral Chorister Trusts gross income exceeded £250.OIX) your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertaketheexaminatlon becausel am a memberof thelnstituteof CharteredAccountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination givin8 me cause to believe that in any matefi31 respect: l. accountfjng records 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 wlth the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 otherthan any requirement that the accounts give a 'true and fair view, which is not a matter con5i(lered 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 understandin8 of the accounts to be feached. Sarah Twist FCA DChA A C Mole LLP Stafford House Blackbrook Park Avenue Taunton Somerset, T Date.. 12PX Pa8e 10 The Wells Cathedral Chorister Trust Statement of Financial Activities for the Year Ended 31 July 2024 Unr•gtrlrted tunds R•strkiqd funds Totsl 2024 Nots Income Donatlons and legacles Charltable artlvltles 277,382 11,619 17,065 321,382 11,619 60,849 Investment Income 43,784 Total incorne 306,066 87,784 393,850 Expendltur• Charllable activities 1103.2221 130,7561 1133.9781 Total expenditure Galns on investrnent assets 1103,2221 59,244 130,7561 70,606 1133,9781 129,850 Net Income 262.088 127,634 389,722 Net [￿veMent in funds 262,088 127,634 389.722 Reconclllatlon olfunds Total funds brought forward S¥)4,007 1.049.399 1.953.4C6 Total funds carried forward 15 1,166,095 1,177,033 2,343,128 Unrtstricted lunds R•strittèd fund5 Totsl 2023 Note Income Donations and legacie5 Charrtable actlvttles 57,257 6,537 14,329 57,257 6.537 54,071 Investment income 39,742 Total income 78,123 39,742 117.865 Exp￿dIty char￿aLle actfvotles 168,6211 13,7661 172,3871 Total expendlture Ilossesl on Investment assets 168.6211 114,7081 13.7661 117,4151 172,3871 132.1231 Net lexpendlturelllncome 15,2C61 18.561 13,355 Net movement In funds 15,2061 18.561 13,355 Re¢onclll•tlon of f¥NIs Total funds brought forward 909,213 1.030.838 1.940,051 Total funds carrled forward 15 9)4,007 1,049,399 1,953,406 The notes on pa8•s 13 to 24 form part of these flnanclal statements. Page 11 The Wells Cathedral Chorister Trust (Registration number: 1098277) Balance Sheet as at 31 July 2024 2024 2023 Note Flxed ¥￿ets Tangible assets Investments io 508 799 1,757.662 li 1,887.512 1,888,020 1,758,461 Currènt Assets Debtors 12 1,698 463.696 60 Cash at bank and in hand 204,042 465.394 204,102 Credltoys". Amounts fglllns due wlthln one ye•r 13 110,2861 19.1571 Nèt current ass•ts 455,108 194.945 2.343,128 1,953,406 Unrestricted funds 1,166,095 1,177,033 904.CQ7 1.049.399 Restrltted funds Totsl (￿rIty1undS 15 2.343.128 1,953,4( The financlal statements on page$ 11 to 24 were approved by thè trustees, and authorfjsed for issue on ..WAi.Wand signed on their behalf bv= el Ftsrsey TrustÈÈ The notes on page5 13 to 24 loim part of these financial statements. Pale 12 The Wells Cathedral Chorlster Trust Notes to the Financial Statements for the Year Ended 31 July 2024 l Attountinl ￿ltieS Statement of compllanc• and bads of pr•paratlon The financial statements have been prepared under the hostor1￿1 cost conventlon w6th Items ￿¢08n1$ed at cost or transaction value unless stated otherwise within these fiotes. The financial statement5 have been prepared in accordance wrth Accountin8 and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities p¥eparin8their accounts in accordance with the Financial ReportiTrg Stsrldard appll¢ab In the UK and Republic of Ireland IFRS 1021 lissued October 20191 ICharf(ie5 SORP IFRS 10211. the Financlal Reportlni Standard applicable In the Unked Klngdom and Repvblic of Ireland IFRS1021, and the Charrcie5 Act 2011. The Wells Cathedial ChoiisterTwst meets the definltlon of a publ1¢ benèfft enttty under FRS 102. Golng conc•m The trnslees consider that there are no material uncertatnties aEout the charity'5 abilityto contlnue as a golne concem. In¢ome ond endowments All incorne is recognised when the charity has entltlement to the income. It Is probable th* the Income wlll be received and the anTh)unt can ￿ rneasured wrth sufficient reliability- Donatlons and logacles t>onatlons and legacies are reCogn￿d on a ieceivable basls when ￿elpt Is probable and the amount can be rellabty measured. Empendlture All expendlture Is T￿O￿￿￿ed once there Is a legal or con5tructNe obligation to that expenditure, r( is probable settlement Is requlred and the arky)unt can be measured fellably. All costs are allocated to the applicable expendlture heading that ag8re8ate slmllar cost5 to that category. Where costs cannot be directly attributed to particular headlngs they have been allocated on a basls conslstent wlth the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated Dn the portion of the a55eVs use. Other support costs are allocated based on the spread of staff costs. All resources expended are Inclusfve of Irrecoverable VAT. C￿rItable acllvltks Charr(able ex￿ndIt￿re £omprt5e5 those costs inCUr￿d by the charlty the delSvery of its activities and seTvlces for Trts beneficTarie5. It includes both costs that can be allocated dire¢tty to such actlvkles and those costs of an indirect nature necessary to support them. Irrecov•rable VAT The charity is registered for VAT. All expendr(ure 15 Stated ineluslvt of VAT. Irrecoverable VAT is charRed agatnst the expenditure heading for which it wa5 incurred. Page 13 The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2024 (contlnued) Taxatlon The Irust 15 a reglstered charlty ar*d Is, therefore. exempt from 1I3bllity to taxation on rts Incomtrand capital gain5. to the extentthat they are applied forcharitable purposes. T•nglbl• flxed assets Individual r￿ed assets are Inltially recorded at cost. less any sub*quent accumulated depreclatlon and subsequent accumulated impalrment losses. Depreclatlon and amortI￿¢T0rt Depreciation 15 provlded on tanBible fixed assets SO as to wr￿e off the cost or valuatlon, ￿$$ any estlmated restdual value. over thelr expected usefvl economic14fe a5 follows- Ass•t class Equlpment Dewed•tion method and r•ts 3 Year Stralght LiThe FLved asset Imtestm•Dts Llsted investrnents Llsted Investments are a form of bask flnanclal instrument and are initialty recognised at their transadlon valtse and subsequently mea5ufed at fall value at the balance sheet date using the closlnB quoted market pdce. The Statement of Flnanclal Activitles lTr¢lude5 the net gains and losses arising on revaluatlon and dlsposals throughout the perlLyJ. The Trust does not acqulre or use put optlon5, derlvatNes or otheT wmpkx financial Instrument& Reali5ed galns and losses All galns and k&sses are tsken to the staterneni of flnanclal ortlvltles as they arise. Reali5ed galns and losse5 on investments are calculated as the difference between sales pro￿d5 and their opening carrying value or their purchase value If acquired ￿bsequent to the first day of the flnancial year. Unreali5ed 8alns and losse5 are calculated a5 the dlffeTence between the fair value at the perlod end and their carrying value. Realised and unreallsed Investment galns and195sesare comblned In the Statement of Financial Activitles. Cash •nd cash equfv•lents Cash and cash equlvalents wmprtse cash on hand call deposits, and other short-term highly liquid Investrnent5 that are readlly convertlble to a known amount of cash and are subject to an inslgnlflcant risk of chat)ze in value. Fund structurn Unrestrirted income funds are gèneral funds that are aval￿ble for use at thetrustee5 dixretlon In furtherance of the objectives of the charity. Dè51gnated funds are unrestricted funds set aslde for $pecrflc purtK>ses at the dlscretlon of the trustees. Restrited Income fund5 are those donated for use a partitular area or for specific purposE5, the use of which 15 restilcted tothat area or purpose. Page 14 The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2024 (continued) Flrt•nclal instrnm•nts The charlty only enters into basic flnancial instrun*nts that ¥esult In the recOgn￿lOn of finarKial assets and liabilities such a5 tr4de and other debtors and creditorstogether with loansto related partle& Debt Snstrument5, such as trdde debtows and Cred￿or$, are Initially measured at transaction prlce and subsequeTrt￿ measured at afflortised Cost. Financial assets are assessed at the end of each reporting perlod for oblertlve evidence of impairment. If ob￿¢t￿e evidence of impairrnent 15 found. afi impalrment loss Is reco8nised in the income statement. Crltlcal A¢tOunt1￿ Estlmat•s and Jud8em•nts The preparation of the financial statements In Conformlty with FR5 102 Tequires management to make Judgements, estimates and assumptions that affect the applkatlon of polScles and reported amounts of a55ets at)d liabilities, income, and expenses. E5tirnates and ludgements are continually evaluated and are based on hlstorlcal experience and other factots. includlng expectatk)ns of future eveTht5 that are believèd to be reasonab￿ under the cirujmstance The trust makes estlmates and assumptions concerning the future. The rÉyJltSng accountlnE estimates will, by definition, seldom equalthe related artual result& The Trustees conslderthat there wefe no critical accountlng estimates and jud8ements have a slonlllcant risk of causing a material adlustment to the carryine amounts of assets and liabilitie5 withln the next flnanctsl year. Page 15 The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2024 (continued 2 Incom• from donatlonsand leBacles Unrestrlrted funds Restri¢ted fun