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← The Wells Cathedral Chorister Trust

2025-07-31-accounts

Charity Registration Number: 1098277

Trustees’ Annual Report and Unaudited Financial Statements For the year ending 31 July 2025

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 2025. We continue to thrive and have had an excellent year.

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

As planned, we were able to increase our financial support for bursaries from September 2024. This is a wonderful achievement and is testament to the continued support of our loyal community and the dedication of the Trustees. This comes at a timely moment when families are finding it increasingly difficult to find the funding to support their musical children to become Choristers.

Our most significant achievement of the year was the completion of the Coronation Fund appeal. This unique fund can only be used to provide bursaries of 95% or more for talented children who would not otherwise be able to access a Chorister education. The idea of the Coronation Fund and an Appeal first came about when the Choristers visited St George’s Chapel, Windsor to sing Evensong in 2023. After a conversation then with our Royal Patron, the name Coronation Fund was agreed, and from September 2023, we began a two-year fundraising period to raise a separate fund of £500,000 that could only be used to support Choristers who required no less than 95% bursaries. We have had very generous support from so many individuals and grant-making bodies and were able to complete the target by June 2025.

During the year, we have welcomed new Trustees, Andrew Wilson and former Wells Chorister, Frances Henderson. Both of whom bring a passion for music, a multitude of valuable skills and a range of expertise. We are delighted that they have joined the Board of the Trust. After 21 years, Robert Powell has stepped down as the School Governor Trustee, and we are very pleased that Dorothy Nancekievill, a former Wells Cathedral School Director of Music, has now taken on the position.

The Very Revd Toby Wright, Dean of Wells Cathedral has become a Patron of the Trust and it is marvellous to have his support.

As part of our duty to keep all of our responsibilities under review, we have considered our Governing documents during the 2024-2025 year. This resulted in an updated Deed being submitted to the Charity Commission. We are delighted that the changes were accepted in full and are now in place following the Board Resolution passed in February 2026. These changes will enable the Trust to not only support scholarships and bursaries for Choristers but also to widen the remit by helping to fund outreach and activities. In addition, after the

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end of the financial year, we are pleased to have received permission from our earliest principal donor to lift any restrictions associated with previous donations. This means that henceforth our funds may be applied to the most deserving individuals, whether they be boy or girl Choristers.

We remain committed to pursuing our strategy 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 support and enable the funding of 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. In September 2025 the Chorister stalls were full for the first time for a number of years. This is in no small part due to the support made available by the Trust. In the years to come we plan to increase further our bursaries and to assist in any way we can with recruitment.

Arnold Wills

Chair of Wells Cathedral Chorister Trust

Wells Cathedral Chorister Trust is working hard to ensure that any musical child can benefit from the wonderful start in life that being a Chorister provides. Its aim is to ensure that no gifted child is excluded from the opportunity to flourish in a world of music and song.

— HRH The Duchess of Edinburgh GCVO, Royal Patron

Our Objectives and Public Benefit

Our revised charitable Objects are:

The Trustees shall hold the trust fund and its income, upon trust and apply them for the promotion of education of Choristers of the Cathedral by the granting of scholarships or bursaries, payable to the School or any financial assistance the Trustees consider appropriate towards activities which will either directly support the learning and development of individual Choristers or support the identification and recruitment of individuals who may benefit from a Chorister education and for such scholarships and bursaries to be tenable by all Choristers for as long as the Sponsors deem appropriate.

The Trust is independent of both the Cathedral and Wells Cathedral School but these two bodies act as the Sponsors of the Trust.

There are up to 18 boy and 18 girl chorister places in the choir and all Choristers are educated at the Wells Cathedral School. The Trust provides support for the full chorister body.

Decisions about the total budget for support are taken by the Trustees and the funds are passed over as a grant. The duration and extent of ongoing individual support is determined by the School following independent bursary assessment.

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. At present the

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limited available income constrains the level of support that can be given. During the 24/25 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 Trust’s available financial resources further, aiming to ensure that any child with the ability and desire can become a Chorister.

We are committed to ensuring that we can support the Wells Cathedral Choir continues to be 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 2022 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.

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.

Payments, during the year, were made directly to the School as grants. 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. Some of the highlights of the last year have been singing in Bath Abbey and producing a recording for Radio 3, as well as the Ceremony of Carols with Mared Pugh-Evans, HM The King’s Harpist and the annual VIP Christmas Celebration attended by the Lord-Lieutenant and the High Sheriff.

Our regular donor scheme, known as The Friends of Wells Cathedral 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 Wells Angels). This year the funds raised from our Friends topped £35,000, not including Gift Aid. Our Friends remain very loyal and support us both through the Friends scheme and through 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.

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The Coronation Fund appeal was the major fundraising focus of the year, and the Trust would like to acknowledge the many supports who contributed to the Fund. The Trust also received support from some grant-making bodies, and these contributions have been received with grateful thanks.

The Trust received a significant legacy in the 2024/25 year from the estate of Pamela Pye. As stipulated in her will, this legacy will be held in endowed funds, and the interest will be used to support bursaries for Choristers. This fund will be known as the Pamela Pye Fund.

During this year, we also ran several successful fundraising events including the everpopular Tallis Voices promenade concert, and Britten’s Ceremony of Carols.

Financial Review

Where our income came from 2024/25:

Total income for the year was £512,266 (2023/24: £393,850). Income has increased on the previous year due to the fundraising appeal for the Coronation fund and one significant legacy.

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How the money was spent 2024/25: Total expenditure for the year was £158,645 (2023/24: £133,978). Expenditure is higher than the previous year due to the increase in bursaries for Choristers.

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Structure, Governance and Controls

Governing Document

Trust deed dated 21/01/2003 as amended by resolution dated 25/03/2004, deed dated 19/07/2011, and deed dated 10/02/2026.

Trustees

The updated Deed removed the requirement for ex-officio Trustees. Representatives of the School Governing body and the Cathedral Chapter will continue to be on the Board. All Trustees will now serve for four-year terms and can be re-elected twice. We are very pleased to have a skilled and committed group of Trustees who work pro-actively alongside the Chair and the employed part-time staff to drive the Trust forward.

The Board of Trustees have a variety of appropriate skills which include professional backgrounds in the worlds of financial planning, human resources, communication expertise and educational and business management. The Trustees, some of whom are former Choristers, share a genuine passion for the chorister cause and recognise the need for a diverse board, as far as is possible, with a healthy trustee changeover.

Policies and Procedures

In 2025 the staff working for the Trust underwent a TUPE process to bring the employment within the Trust rather than via the School. This process went very smoothly and has brought some financial efficiencies. It also precipitated the need to review many of the policies and procedures in operation. The Trust has reviewed all HR policies, the financial procedures and the Code of Conduct. Safeguarding is very important in any charity linked to young people and the Safeguarding Policy is reviewed on an annual basis.

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 ‘lost voices’ for financial reasons. Success will be measured by the number of families that can be assisted and the size of the annual bursary and scholarship payments.

Total Reserves of £2,693,791 were held on 31 July 2025 (2023/24: £2,343,128). Of this balance, £1,020,019 (2023/24: £1,026,336) relates to restricted funds for girls (because historically the fund was created to support solely girl Choristers), £115,137 restricted for Girls Bursaries and £291,975 restricted in respect of the Coronation Fund. Within unrestricted funds £876,171 (2023/24: £872,812) has been designated for girl and boy Choristers, further funds of £33,089 (2023/24: £39,539) have been designated for a Palace Event, and an Enabling Fund. £507,025 is held in the newly created Coronation Fund. This is split between designated and restricted with £215,391 being included in designated and

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£291,634 included as restricted. There is £126,494 in the new endowed fund (The Pamela Pye fund) following the legacy received in 2025.

Unrestricted general funds total £15,856 (2023/24: £44,803), we have tangible fixed assets of £217 (2023/24: £508) leaving us with free reserves of £15,639.

The Trustees intend to remove the restriction on funds held for girl Choristers only. This followed communication with the original donor giving permission to lift any restrictions on the funds. These funds will then be designated for use for bursaries for Choristers.

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, infrastructure and other assets. All non-bank funds are currently invested through CCLA Investment Management Ltd. A review of the Trust’s Investment Management provision was scheduled for 2025 but following the announcement of the acquisition of CCLA by Jupiter the review is paused until the conclusion of the transaction in 2026.

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.

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Plans for the Future

The Trustees are delighted with the success of the Coronation Fund appeal and are very grateful to all those who supported the fundraising efforts. The first recipient became a Chorister in September 2025 and is now a member of the Cathedral choir. It is intended that the fund is drawn down over time and so the Trust intends to complete a set of guiding principles to support future Trustees in allocating grant awards from the fund. The appropriate recognition of donors is also an ongoing piece of work. This involves liaison with the Cathedral, and Trustees are active in this regard.

The changes to the governing document mean that the Trust can play a more active part in supporting outreach, enabling both the Cathedral and School to find the best way of identifying suitable Chorister candidates and improve Chorister recruitment.

Following the success of the Coronation Fund Appeal it is appropriate that the Trustees look carefully at the future strategy for the Trust. To allow for this, a Strategy Day is planned for May 2026. The event will be facilitated for the Trustees, and it is intended that the output will be a draft five-year strategy. Topics for debate will include the Friends scheme, a consideration of legacy giving, and an evaluation of the schedule of events.

This comes at an opportune time as the current Chair of the Trust has expressed the wish to hand over the reins in 2027 and succession planning will be one consideration. There should be adequate time to find a suitable candidate for the role and the opportunity to achieve a smooth transition. The current Chair has assured the Trustees of his continued support and involvement to ensure the success of the Trust.

The Trust enjoys the support of loyal and regular donors many of whom are part of the Friends scheme. The value of regular donations cannot be underestimated as it allows the Trust to make plans for the future. Work has already begun to consider how best to enhance and grow the Friends scheme.

The Trust has benefitted from some generous legacies in the last few years. The creation of a legacy group is a focus for the next year.

The Trust would like to continue to develop its work with former choristers. The Wells Cathedral Choir Association (WCCA) is now administered by the Trust and this has improved significantly, the communication with former Choristers. There have been some wonderful and engaging pieces included on the website as interaction has increased. With one of the Trustees becoming the new Chair of the WCCA the Trust intends to cast the net wider and focus on re-engaging former Wells Choristers, encouraging 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.

2027 – 2028 will be the 25[th] anniversary of the formation of the Wells Cathedral Chorister Trust. Active planning will take place during this year to create a programme of events and activities to mark the year anniversary with suitable celebration.

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Trustees, Report (continued) The Trustees are responsible for pieparingthe tTUStees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pratttce} 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 fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparin8 these financial statements. the truslees are required to-. select suitable accounting policies and then apply them consistently; observe the methods and principle5 in the Charities SORP,. • make judgements and ests'mates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unle55 it is inappropriate to presume that the charity b%tyll continue in busines5. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuraci at any time the financial position of the tharity and enable them to ensure that the financial statements comply wtth the Charities Att 2022, the applicable Charities IAccounts and Reports) Regulation5. and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable step5 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 company's website. Legislatr'on governin8 the preparation and disseminatr'on of financial statements may differ from legislation in other jurlsdictions. The annual report was approved bythe Trustees ofthe charity on. Si8ned on its behalf by.. and Sam Forsey ACA Finance Trustee P¥e8

Reference and Administrative details

Reference and Administrative details Reference and Administrative details
Chair of Trustees
Trustees
Charity Registraton Number
Principal Ofce School Ofce
Independent Examiner Sarah Twist FCA DChA
Royal Patron
Patrons		 Arnold Wills
Maureen Boylan
Richard Cromwell (resigned 8/04/2025)
Samuel Forsey
Mark Groom (appointed 28/11/2024)
Frances Henderson (appointed 16/09/2025)
The Revd Rosemary Lunn
Dorothy Nancekievill (appointed 18/11/2025)
Robert Powell (resigned 16/09/25)
The Revd Canon Timothy Stevens (ex officio)
Arnold Wills (re-elected as Chair 18/11/25)
Fiona Wills
Margaret Wilson
Andrew Wilson (appointed 21/03/2025)
1098277
15 The Liberty
Wells
Somerset
BA5 2ST
A C Mole LLP
Staford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
HRH The Duchess of Edinburgh GCVO
Mohammed Saddiq, Lord Lieutenant of Somerset
Michael Beasley, Bishop of Bath and Wells
Toby Wright, Dean of Wells Cathedral
Janet Montgomery, High Sherif of Somerset
2025/26
David Buckley
Iestyn Davies MBE
Neal Davies
Robert Drewet DL
Jennifer Duke DL
Lady Gass DCVO
Alexander Hamilton
Adam Hickox
Lady Hobson OBE
Annie Maw CVO CStJ
David Morgan-Hewit
Meeta Raval
Thomas Sheppard DL

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The Wells Cathedral Chorister Trust Independent Examiner's Report to the trustees of The Wells Cathedral Chorister Trust I report to the trustees on my examination of the accounts of The Wells Cathedral Chorister Trust for the year ended 31 July 2025, whith are set out on pa8￿ 11 to 24. Responslbllhles and basb ¢f report A5 the chaiity trustees of The Wells Cathedral Chorister Trust you are responslble for the preparation of the accounts In accordance wlth the requirements of the Charities Acl 20111'the A¢VI. I report in respecl of my examination of the The Wells Cathedral Chorisler Trust's accounts carrled oul under Section 145 of the 2011 Act and In carrw'ng out my examinalion I have followed all the applicable Dlrertions given by the Charity Coiiimi￿lon under Section 14515}Ibl of tht 2011 Act. Independent examSn•rfs statement Slnce The Wells Catheflral ChoTb5ter TTUSt's gross Incm exceeded £250.CQO your examlner rnu5t be a member of a body listed in section 145 of the 2011 Acl. l confirm that l am qualified to undenake the examlnatlon because l am a member of The Instilute of Chartered Accountants In En8land and Wales, which Is one of the11sted bodles. I have completed my examlnatlon. I confirm that no matL¥ial matters come lo my attentlon In connecllon wlth the examlnatlon @I￿n¥ me cause to belleye that in any material resped-. l. accovntlng records were not kepl In resffj of The Wells C)tWf31 Chorlster Trust as requlred by sertlon 130 of the A¢t,' or 2. the J¢counts do Th)t xcord wlth those records,. or 3. the accounts do nol compty wllh the appllcable requlrements Concernlng the form and content of accounts set oul in the Charities (Accounts and fteportsl Regul3tion$ 2C(18 other than any requirement that the accounts 8ive a 'true and fair vlew. which is nol a matter considered a5 part of an independent exaMIna￿On. I h￿e no concems and havè come acrim no other matters in conneciion wlth the examination lo whlch attention should be drawn In thls report in order to enable a proper understanding of the accounts to be reached. Sorah Twist FCA DChA A C Mole LLP The Institute of Chartered Accountants In England and Wales Staffofd House Blackbrook Park Avenue Taunton Somerset TAI 2PX Date-.. 2oZS Page 10

The Wells Cathedral Chorister Trust Statement of Financial Activities for the Year Ended 31 July 2025

Note
Income
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure
Charitable activities
5
Total expenditure
Gains/(losses) on investment
assets
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Note
Income
Donations and legacies
2
Charitable activities
3
Investment income
4
Total income
Expenditure
Charitable activities
5
Total expenditure
Gains on investment assets
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
60,900
5,734
26,831
93,465
(122,412)
(122,412)
3,359
(25,588)
(25,588)
1,166,095
1,140,507
Unrestricted
funds
£
277,382
11,619
17,065
306,066
(103,222)
(103,222)
59,244
262,088
262,088
904,007
1,166,095		 Restricted
funds
£
247,634
-
44,673
292,307
(36,233)
(36,233)
(6,317)
249,757
249,757
1,177,033
1,426,790
Restricted
funds
£
44,000
-
43,784
87,784
(30,756)
(30,756)
70,606
127,634
127,634
1,049,399
1,177,033		 Endowment
funds
£
126,494
-
-
126,494
-
-
-
126,494
126,494
-
126,494
Endowment
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Total
2025
£
435,028
5,734
71,504
512,266
(158,645)
(158,645)
(2,958)
350,663
350,663
2,343,128
2,693,791
Total
2024
£
321,382
11,619
60,849
393,850
(133,978)
(133,978)
129,850
389,722
389,722
1,953,406
2,343,128

The notes on pages 13 to 24 form part of these financial statements. Page 11

The Wells Cathedral Chorister Trust (Registration number: 1098277) Balance Sheet as at 31 July 2025 2025 2024 Note Flx•d auets TanRible assets Investments io 217 2,(K)9.553 508 1,887,512 li 2,009.770 1,888,020 Cwr•nl •Sf•ts Stock5 12 2ry) Debtors 13 4,933 687,735 1,698 463.696 Cash at and in hand 692,868 465,394 Cr•dlttys'. Arnounts f•Ukn¢ du• on• yw 14 18,8471 110,2861 N•1 curr•nt •55ets 684,021 455,108 Net •s*ts 2,693,791 2,343,128 Endowment funds unre￿ric1ert f¢Jnds Aestricted funds 126,494 1.140.507 1.426,790 1.166.095 1.177.033 Tot•1 tharlty lunds 16 2.693,791 2.343,128 linancwl 5talemenls on pa¢es 11 10 24 wefe •ppru4ed by the tnjstees. and authorlsed for Issue on .l&nd Si￿¢d on Iheir ￿hall by.. uel Forsey Trustee The notes on pa8es 13 to 24 forrn part of these fiTr•ncwl statement PaKe 12

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025

1 Accounting policies

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 unless stated otherwise within these notes. 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 October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.

The Wells Cathedral Chorister Trust meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

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 reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation 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 particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

All resources expended are inclusive of irrecoverable VAT.

Charitable activities

Charitable expenditure comprises 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 directly to such activities and those costs of an indirect nature necessary to support them.

Irrecoverable VAT

The charity is not registered for VAT. All expenditure is stated inclusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Page 13

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

Taxation

The trust is a registered 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.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Equipment 3 Year Straight Line

Fixed asset investments

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using 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 gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Cash and cash equivalents

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 funds 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 14

The Wells Cathedral Chorister Trust

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

Financial 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 creditors, are initially measured at transaction price and subsequently measured at amortised cost.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Critical Accounting Estimates and Judgements

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 accounting estimates and judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 15

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

2 Income from donations and legacies

Donations
Legacies
Total for 2025
Donations
Legacies
Total for 2024		 Unrestricted
funds
£
60,900
-
60,900
71,991
205,391
277,382		 Restricted
funds
£
247,634
-
247,634
44,000
-
44,000		 Endowment
funds
£
-
126,494
126,494
-
-
-		 Total
funds
£
308,534
126,494
435,028
115,991
205,391
321,382

3 Income from charitable activities

Concert and event income
Sale of Christmas cards
Total for 2025
Concert and event income
Sale of Christmas cards
Total for 2024
4
Investment income
Other investment income
Bank interest receivable
Total for 2025
Other investment income
Bank interest receivable
Total for 2024		 Unrestricted
funds
£
5,340
394
5,734
11,270
349
11,619
Unrestricted
funds
£
13,727
13,104
26,831
13,471
3,594
17,065		 Restricted
funds
£
-
-
-
-
-
-
Restricted
funds
£
37,695
6,978
44,673
36,992
6,792
43,784		 Endowment
funds
£
-
-
-
-
-
-
Endowment
funds
£
-
-
-
-
-
-		 Total
funds
£
5,340
394
5,734
11,270
349
11,619
Total
funds
£
51,422
20,082
71,504
50,463
10,386
60,849

Page 16

The Wells Cathedral Chorister Trust

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

5 Expenditure on charitable activities

Charitable activities
Support costs
Total for 2025
Charitable activities
Support costs
Total for 2024		 Unrestricted
Funds
£
115,133
7,279
122,412
96,390
6,832
103,222		 Restricted
funds
£
36,233
-
36,233
30,756
-
30,756		 Endowment
funds
£
-
-
-
-
-
-		 Total
funds
£
151,366
7,279
158,645
127,146
6,832
133,978

6 Net income/(expenditure)

Net income for the year is stated after charging:

Depreciation of fixed assets 2025
£
291		 2024
£
291

7 Trustees remuneration and expenses

The Charity considers its key management to comprise of the Trustees.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2024: Nil)

No trustees (2024: One) have received reimbursed expenses or any other benefits from the charity during the year (2024: £100).

8 Independent examiner's remuneration

Accounts preparation and examination of the financial statements
Assistance with accounting (prior year under accrual)
Other services		 2025
£
3,870
144
-
4,014		 2024
£
4,150
2,088
594
6,832

Page 17

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

9 Taxation

The trust is a registered charity and is therefore exempt from taxation to the extent that income and gains are applied for charitable purposes.

10 Tangible fixed assets

Cost
At 1 August 2024
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Equipment
£
2,811
2,811
2,303
291
2,594
217
508

Page 18

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

11 Fixed asset investments

Listed investments

Cost or Valuation
At 1 August 2024
Additions
Fair value movements
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Listed
investments
£
1,887,512
125,000
(2,959)
2,009,553
2,009,553
1,887,512

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

12 Stock

12 Stock
Stock provision
13 Debtors
Trade debtors
Prepayments
Accrued income		 2025
£
200
2025
£
3,849
1,084
-
4,933		 2024
£
-
2024
£
-
1,067
631
1,698

Page 19

The Wells Cathedral Chorister Trust

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
Trade creditors
Accruals		 2025
£
4,977
3,870
8,847		 2024
£
6,174
4,112
10,286

15 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Other
Within one year
Between one and five years		 2025
£
6,000
4,000
10,000		 2024
£
6,000
10,000
16,000

Page 20

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

16 Funds

Unrestricted funds
General Funds
Designated
Palace Event
Enabling Fund
Designated Fund Girl and
Boy Choristers
Coronation Fund
Total unrestricted funds
Restricted funds
Bursaries
Restricted Fund Girl
Choristers
Coronation Fund
Endowment funds
Pamela Pye Fund
Total funds		 Balance at 1
August 2024
£
44,803
10,000
23,089
872,812
215,391
1,121,292
1,166,095
106,697
1,026,336
44,000
1,177,033
-
2,343,128		 Income
£
93,465
-
-
-
-
-
93,465
44,673
-
247,634
292,307
126,494
512,266		 Expenditure
£
(122,412)
-
-
-
-
-
(122,412)
(36,233)
-
-
(36,233)
-
(158,645)		 Other
recognised
gains/(losses)
£
-
-
-
3,359
-
3,359
3,359
-
(6,317)
-
(6,317)
-
(2,958)		 Balance at 31
July 2025
£
15,856
10,000
23,089
876,171
215,391
1,124,651
1,140,507
115,137
1,020,019
291,634
1,426,790
126,494
2,693,791

Page 21

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

15 Funds - prior period

Unrestricted funds
General Funds
Designated
Palace Event
Iain Ball Fund
Enabling Fund
Designated Fund Girl and
Boy Choristers
Coronation Fund
Total unrestricted funds
Restricted funds
Bursaries
Restricted Fund Girl
Choristers
Coronation Fund
Total funds		 Balance at
1 August
2023
£
57,350
10,000
6,450
23,089
807,118
-
846,657
904,007
93,669
955,730
-
1,049,399
1,953,406		 Income
£
90,675
-
-
-
-
215,391
215,391
306,066
43,784
-
44,000
87,784
393,850		 Expenditure
£
(103,222)
-
-
-
-
-
-
(103,222)
(30,756)
-
-
(30,756)
(133,978)		 Transfers
£
Other
recognised
gains/(losses)
£
-
-
-
-
(6,450)
-
-
-
6,450
59,244
-
-
-
59,244
-
59,244
-
-
-
70,606
-
-
-
70,606
-
129,850		 Balance at
31 July
2024
£
44,803
10,000
-
23,089
872,812
215,391
1,121,292
1,166,095
106,697
1,026,336
44,000
1,177,033
2,343,128

Page 22

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

The specific purposes for which the funds are to be applied are as follows:

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. During the 2024 financial year, as the funds raised for the Iain Ball Fund did not reach the target, the trustees made the decision to transfer the designated funds of £6,450 to the Girl and Boy Choristers designated fund.

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.

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 fund supports both girl and boy choristers.

The bursaries restricted fund is specifically to fund girls bursaries.

The Coronation Fund has been set up to ensure that talented children have the opportunity to fulfil their potential and contribute to our unique English choral tradition, despite their background and financial means. The Coronation Fund will be for funding bursaries where financial circumstances mean that families are unable to make any significant contribution to the fees themselves. This is any family that, after external means testing, is assessed as being able to afford 5% or less of the fees. This fund will be used to offer bursaries of 95% or more for talented children from a diverse range of backgrounds who would otherwise not be able to join the Wells Cathedral Choir and benefit from education at Wells Cathedral School. This is to be used to support qualifying applicants at Wells Cathedral from September 2025. Part of this fund is held as designated funds and part as restricted funds.

In 2025 the Trust received a very generous legacy from the estate of Pamela Pye. The will stipulated that the legacy was to be held in endowed funds. A new endowed fund has therefore been created and will henceforth be known as the Pamela Pye Fund. The income from the fund will be designated to support Girl and Boy Choristers.

Page 23

The Wells Cathedral Chorister Trust Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

17 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
£
217
432,566
716,571
(8,847)
1,140,507
Unrestricted
funds
£
508
861,176
314,697
(10,286)
1,166,095		 Restricted
funds
£
-
1,576,987
(150,197)
-
1,426,790
Restricted
funds
£
-
1,026,336
150,697
-
1,177,033		 Endowment
funds
£
-
-
126,494
-
126,494
Endowment
funds
£
-
-
-
-
-		 Total funds at
31 July
2025
£
217
2,009,553
692,868
(8,847)
2,693,791
Total funds at
31 July
2024
£
508
1,887,512
465,394
(10,286)
2,343,128

18 Related party transactions

During the year bursaries totalling £75,367 were paid to Wells Cathedral School (2024: £51,952).

19 Non-adjusting events after the financial period

The Coronation Fund has has reached the target of £500,000, it was agreed in the September trustees meeting 2025 that £8,405 of the designated fund would be transferred into general funds.

It was agreed in the September trustees meeting that £3,089.45 would transferred from the Enabling Fund into a new fund for kitchen refurbishments.

Page 24

The Wells Cathedral Chorister Trust

Detailed Statement of Financial Activities for the Year Ended 31 July 2025

Income
Donations and legacies
Concert and event income
Sale of Christmas cards
Other investment income
Bank interest receivable
Total income
Expenditure
Closing stock
Repairs and maintenance
Donations
Insurance
Telephone
Other office costs
Computer software and maintenance costs
Concert and events costs
Subscriptions
Bursaries - Restricted
Bursaries
Advertising
Administration costs
Fundraising and marketing consultancy
Legal and professional fees
Depreciation of office equipment
Total expenditure
Net income
Other recognised gains and (losses)
Other recognised gains and (losses)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2025
£
435,028
5,340
394
51,422
20,082
512,266
200
(343)
-
-
(2,136)
(14,458)
(156)
(6,872)
(1,444)
(36,233)
(39,134)
(9,018)
(41,305)
(176)
(7,279)
(291)
(158,645)
353,621
(2,958)
350,663
2,343,128
2,693,791		 Total
2024
£
321,382
11,270
349
50,463
10,386
393,850
-
-
(3,880)
(157)
(880)
(13,574)
-
(12,184)
(1,700)
(30,756)
(21,196)
(1,604)
(37,269)
(3,654)
(6,832)
(292)
(133,978)
259,872
129,850
389,722
1,953,406
2,343,128

This page does not form part of the statutory financial statements. Page 25