2020-07-31-accounts

Registered andPrincipaloffiiceWellsCathedralSchoolLimited	Registered andPrincipaloffiiceWellsCathedralSchoolLimited
	CollegeRoad
	Wells
	Somerset
	BA5zSX
Bankers	National WestminsterBankplc
	7High Street
	Wells
	Somerset
	BA5 zAD
Solicitors	Harris&Harris
	l-4MarketPlace,
	Wells,
	BA52RE
IndependentAuditor	CroweU.K. LLP
	CarrickHouse
	LypiattRoad
	Cheltenham
	GL50zQl
CompanySecretary	MrPeterKnell
	WellsCathedralSchool
	Limited
	CollegeRoad
	Wells
	Somerset
	BA52SX
ConnectedCharity	WellsCathedralSchooI
	Limited
	CollegeRoad
	Wells
	Somerset
	BA52SX

Wells Cathedral School Foundation (limited by guarantee) Report of the Trustees and Financial Statements Year ended 31 July 2020

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

A further description of our responsibilities for the audit of the Financial Statements is located on the Financial Reporting Council's website at: ww.frc.org,uk/Auditorsresponsibiities. This description forms part of our auditor's report.

Use of report

This report is made solely to the charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Biggin Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor Carrick House Lypiatt Road Cheltenham Gloucestershire GLS0 2QJ

Date: 5 February 2021

11

		Endowment funds	Restricted funds	Unrestricted funds	Total 2020	Total20 19	Total20 19
	Note	f,	f,	s	f,		f
Incomefrom:
Donations&legacies	3	4,060	192,76g	272	197,100		575,553
Incomefrominvestments	9		23,263	476	23,739		20,406
Gifts inkind-school	11			58,446	59,446		49,317
Totalincome		4,060	216,031	59,194	279,295		644,276
Expenditureon:
Charitableactivities-donations toschool	9		(75,796)		(75,796)		(94,314)
Raisingfunds-operatingcosts	11			(58,446)	(58,446)		(48,317)
Otherexpenditure	4			(1,976)	(1,976)		(2,047)
Total expenditure			(75,796)	(60,422)	(136,218)	(144,678)
Net(losses)/gains on investments	8	(34,479)			(34,479)		32,877
Net(expenditure)/incomeand net movementinfunds		(30,419)	t40,235	(1,228)	108,588		532,475
Fundbalancesbrought forwardat1August		886,378	256,063	4,602	1,147,043		614,569
Fundbalancescarried forwardat 31July	13	855,959	396,298	3,374	1,255,631	1,147,043

Balance sheetasat31luly20 Companynumber: 2804495	20
			2020		2019
	Note	f	f,	s	{
Fixedassets
Investments	5		879,222		886,378
Currentassets
Debtors	6	86,515		4,749
Cash atbankandinhand		292,923		259,027
Totalcurrentassets			379,438		263,776
Creditors:amountsfallingdue withinoneyear	7		(3,029)		(3,1 I 1)
Netcurrentassets			376,409		260,665
Totalassets lesscurrent liabilities			1,255,631		1,147,04 )
Netassets			1,255,631		1,147,043
Thefundsof thecharity:
Endowmentfunds	8		855,959		886,378
Restricted funds	9		396,298		256,063
Ilnrestrictedfunds	t0		3,374		4,602
Total charityfunds			1,255,631		1,147,043

3 Donations andLegacies
	2020	2019
	f	'c
Trusts	41,078	55,396
Legacies	80,000
Transfer ofendowedfundsfromSchool		413,963
Companies/individuals	76,022	106,194
	197,100	575,553

4	Expenditure
		2020	20t9
		s	f,
Auditor'sremuneration		1,530	1,530
IrrecoverableVAT		306	306
Bank	charges	140	211
		1,976	2,047
5	Investments

	2020	2019
	f,	+
Investmentsatvaluation
At1August	886,378	392,808
Additions	262,346	496,940
Disposai proceeds	(263,342)	(82,6tt)
Cashheldfor re-investment	27,096	24,665
Net(losses)/gains	(34,479)	52,861
	877,999	884,663
Increasein incomeaccount(dividends)	1,223	1,7 15
At31July	879,222	986,378

	2020	2019
	f,	+
Atbeginning ofyear	886,378	392,808
Adddonations	4,060	26,746
Add transfers fromschool		413,963
Incomefrominvestments		79,984
Unrealised(losses)/gains on investments	(34,479)	32,877
	855,959	886,378

9 RestrictedFunds
	Balanceat			Balanceat
	31-Jul-19	Incoming	Outgoing	31-Jul-20
	s	f,	f	f
IncomefromInvestments:
Bursaries		23,263		23,263
Other Restrictedincome:
Legacies		80,000		80,000
CedarsHallProject	192	13,953	(t3,162)	983
Pavilion Fund		225	(22s)
Bursaries-General	12,561	58,443	(16,200)	54,904
WellsMusicSociety of HongKong	1,533	31,201	(31,251)	1,489
Bursaries-Sierra Leone	l,2gl			l,2gl
Bursaries -MusicTravel	1,710	3,111	(1,200)	3,621
Bursaries- Sport Travel	1,707	1,580	(400)	2,887
Bursaries - CharitableAid	567			567
Bursaries-Music	1,401	500		1,901
Archive	1,292		(82)	1,200
RolandJacobAward	200		(50)	150
Junior Instruments	1,095		(e28)	167
Trophy Cabinet	1,254			1,254

otes (continued)			Year en	ded31 J
Sierra Leone	2,759	500		3,259
StringDepartment	9,557			91557
Woodwind Department	225	2,204		2,429
Music Department	7,430			7,430
NiallMellisFund	2,000		(2,000)
David Nasmyth	1,000			1,000
StBrandon's Fund	53,341		(1,500)	51,841
QuiiterFamily Bursary Fund	663	662		1,325
QuilterFamilyFundAdministration	3,578		(3,578)
Choraliatour	2,765	383		3,148
RussellFox Trust	109,245		(2,400)	106,845
Alan Powell Fund	11,497		(2,820)	14,677
CharitableVolunteering Fund	21,210			21,210
	256,063	216,031	(',75,796)	396,298

Therestrictedincomefrominvestmentsheld in the Smith&Williamsonportfolioof L23 follows:	,263is allocated	as
JohnCookLegacy	350/o	EB,O62
Donors	5o/o	8L,223
Chandler Fund,income from which tobeusedformusicbursaries	1,1,o/o	E2,5BO
QuilterFund,to providescholarships andbursaries	'J-o/o	EL93
DulvertonFund,to fund bursariesforex-boychoristers	60/o	E1,,283
CarnegieFund,to fundafolksingingscholarship	3o/o	8795
VandervellFund,to fund scholarshipsandbursaries	350/o	EB,O36
AshleyJonesFund,endowmentincomefrom whichtobeusedto fundbursaries	2o/o	E+61
Legacy	3o/o	8630

	Balanceat			Balanceat
	31-Jul-18	Incoming	Outgoing	31-Jul-19
	f	s	f	s
CedarsHallProject	7,795	13,978	(21,581)	192
PavilionFund	244	300	(s44)
Bursaries -General	(20,406)	32,967		12,561
WellsMusicSocietyof HongKong	r,579	34,452	(34,497)	1,533
Bursaries-Sierra Leone	l,2gl			l,2gl
Bursaries-MusicTravel	646	1,943	(87e)	1,110
Bursaries-SportTravel	2,007	50	(3s0)	1,707
Bursaries -CharitableAid	s67			567
Bursaries-Music	575	2,515	(1,749)	1,401
Archive	1,282			1,292
RolandJacobAward	2s0		(s0)	200
Junior Instruments	1,095			1,095
TrophyCabinet	1,754		(soo)	1,254
SierraLeone	2,759			2,759
String Department	g557			9,557
WoodwindDepartment	1s0	75		22s
MusicDepartment	1,326	6,104		7,430
ConservatoireInstruments	5,000		(5,000)
NiallMellisFund	2,000			2,000
David Nasmyth	1,000			1,000
StBrandon'sFund	53,841		(s00)	53,341
QuilterFamilyBursary Fund	865	713	(e15)	663
QuilterFamilyFundAdministration	3,579			3,578
Choraliatour		2,765		21765
Russell FoxTrust1	2,67',7		(2,677)
RussellFoxTrust2	109,643		(3ee)	109,244
Alan PowellFund		17,497		17,497
Charitable Volunteering Fund		21,210		21,210
	191,014 134,628		(69,639)	256,063

otes (	continued)
10	UnrestrictedFunds
		Balance				Balance
		at				at
		31-Jul-19	Interest	Incoming	Outgoing	31-Jul-20
		f.	s	f,	f,	f
General Funds		4,160	476	272	(1,976)	\e32
Designated Funds		442				442
		4,602	4',76	272	(1,976)	3,374

	Balance at				Balanceat
	31-Jul-18	Interest	Incoming	Outgoing	31-Jul-19
	f	f,	f,	f,	c
General Funds	30,244	422	2t6	(26,722)	4,160
Designated Funds	442		48,311	(48,317)	442
	30,686	422	48,533	(75,039)	4,602

Notes (continued) tZ FinancialInstruments:	Notes (continued) tZ FinancialInstruments:	Year ended3Llu	ly2020
TheFoufidationhasthefollowingfinancialinstruments:
*
{	Financial assetsthatare measured atamortisedcost
		2020	2019
		f	t
Debtors		86,515	4,747
a	Financial assetsthatare measured atfairvalue
		2020	2019
		g	L
Investments		879,222	886,379
o	Financialliabilitiesmeasured atamortised cost
		2020	2019
		f,	s
Accruals		2,176	1,840
Endowed bond		853	1,277
		3,029	3,111

	Fixedassets	Net	current assets	Total
				2020
	f,		f	f,
EndowmentFunds	855,959			855,959
Restricted Funds			396,298	3962e8
Revenue Funds			2,932	2.932
Designated Funds			442	442
	855,959		399,672	1,255,631

omparativeAllocationof NetAssetsfor	yearended3lJuly2019
	Fixedassets	Net	current assets	*ttTotul
				2019
	f,		*.	f,
EndowmentFunds	886,378			886,378
Restricted Funds			256,063	256,063
Revenue Funds			4,160	4,160
Designated Funds			442	442
	996,378		260,665	1,147,043

L6 Comparative StatementofFinancial t	L6 Comparative StatementofFinancial t	Activities for	yearended 31fuly2019	yearended 31fuly2019	yearended 31fuly2019
*I
		Endowment	Restricted	Unrestricte		Total
		funds	funds		d funds	2019
	Note	f,	s		f	f
Incomefrom:
Donations&legacies	3	440,709	134,628		216	575,553
Incomefrominvestments	5,8	79,984			422	20,406
Gifts in kind-school	1t				48,311	49,317
Totalincome		460,693 134,628			48,955644,276
Expenditureon:
Charitableactivities -donations to school	3		69,639		24,675	94,314
Raisingfunds-operatingcosts	II				48,317	48,317
Other expenditure	4				2,047	2,047
Total expenditure			69,639		75,039144,679
Netgains on investments	B	32,871				32,877
Netexpenditure andnet movement infunds		493,570 64,989			(26,084)532,475
Fundbalancebrought forward atIAugust		392,808 191,074			30,6966t4,569
Fundbalancecarried forward at31July		886,378256,063			4,6021,147,043