Financial Statements The Choir Schools' Association Bursary Trust Limited
For the Year Ended 30 June 2021
Company No. 6307873
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
Index
| Report of the trustees | 1 - 3 |
|---|---|
| Independent auditor’s report | 4 - 7 |
| Accounting policies | 8 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 15 |
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
1
Report of the trustees
The trustees present their annual report together with financial statements for the year ended 30 June 2021.
Reference and administrative details
Charity registration number: 1120639 Company registration number: 6307873 Address: 39 Bournside Road, Cheltenham, Glos. GL51 3AL Registered office address: Alexandra House, St John's Street, Salisbury, Wiltshire, SP1 2SB Directors: Mr C Marriott (Chairman) Mr N Chippington Mrs Y Day Mr A de Silva Mr W Goldsmith Mr S Larter-Evans Mr D Morton Mr R Murray Company secretary: Wilsons (Company Secretaries) Limited Bankers: Lloyds Bank plc Auditor: Mazars LLP, Chartered Accountants 5[th] Floor, Merck House, Seldown Lane, Poole, Dorset BH15 1TW
Structure, governance and management
The charity is incorporated as a company limited by guarantee and is governed by its memorandum and articles of association.
The trustees of the charity, who are also directors for the purposes of company law, in office throughout the period and to the date of this report are named above.
Each full member of the Committee of the Choir Schools' Association automatically becomes a trustee of the charity and on ceasing to be a member of the Committee ceases to be a trustee. The normal term is five years with the option of being re-elected for a second term.
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
2
Objectives and activities
Objects
The objects of the company are:
(i) the advancement of the Christian religion, education and the relief of poverty by providing grants or bursaries to or for the benefit of pupils who are choristers at a school which is a full member of the Choir Schools' Association, or if that Association ceases to exist, any school which has choristers; and
(ii) the advancement of education in particular but not exclusively by the provision of bursaries to or for the benefit of pupils who are in need of financial assistance in order to study music or dance.
Objectives
The objective of the company is to ensure that no chorister or potential chorister about to join a choir, attached to a school the head of which is a full member of the Choir Schools' Association, be denied a place on financial grounds.
Principal activities
The principal activities of the company are the provision of bursaries to choristers at English cathedral choir schools, and the administration of the Music and Dance and Outreach Schemes of the Department for Children, Schools and Families.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
Achievements and performance
The scholarship grant allocated by the Department for Education (DfE) was used by the trustees to award individual grants worth £240,900 (2020: £222,194). These grants are paid directly to the choir schools to be credited against pupils' fee accounts.
In addition to its own charitable activities the company has been appointed by DfE to administer the allocation of funds under its Music and Dance Scheme and Outreach programme. Under the MDS, £30,143,185 (2020: £30,526,196) was awarded by the government to 8 specialist schools and 21 centres for advanced training.
Financial review
The charity's total income for the year was £1,987,913 (2020: £269,591). The significant uplift in income was mainly due to a single bequest of £1,7m. Grants received were £216,300 (2020: £216,300) and the charity had unrecovered expenses of £19,678 (2020: £19,607) leaving a net surplus for the year of £1,477,335 (2020: £27,790) before movements on the valuation of investments of £399,657 gain (2020: £96,668 loss).
The accounting year was mostly positive as far as the charity’s portfolio was concerned and the calendar year 2020/21 started well driven partially by the election result in the UK. This was short lived as the COVID-19 pandemic rapidly spread and panic ensued in the markets. The portfolio’s diversification across asset classes and geographies helped lessen losses and the extreme volatility provided opportunities for the fund manager. Although there was a resulting drop in the charity’s assets, this was relatively minimal.
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
3
At the end of the year the charity had net assets of £3,943,966 (2020: £2,066,974) and held £5,096 (2020: £6,190) on behalf of DfE. The trustees' policy is to retain such reserves as are necessary to provide working capital and to guard against future income shortfalls.
Going concern
The trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. In spite of the effect that the COVID-19 pandemic has had on the assets it owns in its portfolio, the losses have been minimal. The portfolio is managed by Brewin Dolphin a large fund management company which has continued to deliver the same service throughout the pandemic. The trustees therefore continue to adopt the going concern basis in preparing the financial statements.
Trustees' responsibilities for the financial statements
The trustees (who are also directors of The Choir Schools' Association Bursary Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
ON BEHALF OF THE TRUSTEES
CRMarriott
CRMarriott (Mar 28, 2022 12:08 GMT+1)
Clive Marriott Chairman
4
Independent auditors’ report to the members of The Choir Schools' Association Bursary Trust Limited
Opinion
We have audited the financial statements of The Choir Schools’ Association Bursary Trust Limited (the ‘charity’) for the year ended 30 June 2021 which comprise the Significant accounting policies, the Statement of financial activities, Balance sheet and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 June 2021 and of its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for disclaimer of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matter
Without qualifying our opinion, we draw attention to the accounting policies on page 8 to the financial statements and the fact that the comparative information in the accounts was unaudited as the company was entitled to exemption from audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our
5
Independent auditors’ report to the members of The Choir Schools' Association Bursary Trust Limited
opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees’ Report which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the the Directors’ Report included within the Trustees’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specific by law are not made; or
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we have not received all the information and explanations we require for our audit.
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Trustees’ Report and from the requirement to prepare a Strategic Report.
Responsibilities of Trustees
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
6
Independent auditors’ report to the members of The Choir Schools' Association Bursary Trust Limited
concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; Inspecting correspondence, if any, with relevant licensing or regulatory authorities; Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition, (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
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Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
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Gaining an understanding of the internal controls established to mitigate risks related to fraud;
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Independent auditors’ report to the members of The Choir Schools' Association Bursary Trust Limited
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Discussing amongst the engagement team the risks of fraud; and
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Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the 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 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 company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.
Signed:
Jonathan Marchant (Senior Statutory Auditor) for and on behalf of Mazars LLP Chartered Accountants and Statutory Auditor 5[th] Floor Merck House Seldown Lane Poole BH15 1TW
Date: Mar 29, 2022
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
8
Principle accounting policies
Company status
The Choir Schools Association Bursary Trust Limited is an independent company limited by guarantee and registered in England and Wales. The members of the company are the trustees named on page 1. In the event of the entity being wound up, the liability in respect of the guarantee is limited to £1.
Basis of preparation
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Choir Schools Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The comparative information in the accounts was unaudited as the company was entitled to exemption from audit.
Going concern
The financial statements have been prepared on the basis that the charity is a going concern. The Trustees consider that there are no material uncertainties (including as a result of the COVID-19 pandemic) on the charity’s ability to continue its activities for the foreseeable future. The Trustees are satisfied that the charity’s assets are available and adequate to fulfil its obligations.
Funds received as agent
In accordance with the provisions of Charities SORP (FRS 102), funds received as agent are not recognised in the statement of financial activities or balance sheet as these transactions represent the transfer of resources from the original payer, who retains the legal responsibility for the charitable application of the funds, to the recipients.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. There is one restricted fund: the Noah Geran Memorial Fund, to be used for Exeter choristers.
The accompanying accounting policies and notes form part of these financial statements.
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
9
Principle accounting policies
Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Grants
Grants are receivable from the Department for Education. The grants are accounted for as income from charitable activities and are recognised for the academic year coinciding with the company's financial year, net of any unspent amounts repayable.
Donations
Donations are taken to the capital fund unless a specific request is received that they should go to the revenue fund.
Investment income
Interest on bank deposits is accounted for when receivable. All investment income is taken to the revenue fund.
Resources expended
Expenditure, inclusive of VAT which cannot be recovered, which is charged on an accruals basis, is allocated between:
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expenditure incurred directly to the fulfilment of the charitable company's objectives and support costs relating thereto (charitable activities)
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expenditure incurred in connection with the legal and constitutional requirements of the charitable company (governance costs).
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains and losses on investments’ in the Statement of Financial Activities.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
The accompanying accounting policies and notes form part of these financial statements.
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
10
Principle accounting policies
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
The accompanying accounting policies and notes form part of these financial statements.
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
11
Statement of financial activities
| Unrestricted | Restricted | Total | |||
|---|---|---|---|---|---|
| funds | Fund | Funds | Unaudited | ||
| Note | 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Incoming resources from | |||||
| generated funds | |||||
| - Voluntary income | 1 | 1,727,366 | - | 1,727,366 | 348 |
| - Investment income | 2 | 44,247 | - | 44,247 | 52,943 |
| Incoming resources from | |||||
| charitable activities | 3 | 216,300 | - | 216,300 | 216,300 |
| Other income | 4 | - | - | - | - |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total incoming resources | 1,987,913 | - | 1,987,913 | 269,591 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Resources expended | |||||
| Costs of generating funds | 5 | 13,889 | - | 13,889 | 13,826 |
| Charitable activities | 6 | 496,689 | - | 496,689 | 227,975 |
| ----------------------------------------------- | ----------------------------------------------- | --------------------------------------------- | --------------------------------------------- | ||
| Total resources expended | 510,578 | - | 510,578 | 241,801 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Net incoming resources | 1,477,335 | - | 1,477,335 | 27,790 | |
| Gains and losses on investments | 8 | 411,963 | - | 411,963 | (96,668) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Net movement in funds | 1,889,298 | - | 1,889,298 | (68,878) | |
| Fund balances brought forward | |||||
| (Restated) | 2,066,974 | - | 2,066,974 | 2,135,852 | |
| ----------------------------------------------- | ----------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Fund balances carried forward | 3,956,272 | - | 3,956,272 | 2,066,974 | |
| ==================== | ==================== | ==================== | ==================== |
The accompanying accounting policies and notes form part of these financial statements.
The Choir Schools' Association Bursary Trust Limited (registered number 6307873) Financial statements for the year ended 30 June 2021
12
Balance sheet
| Note | (Restated) | ||||
|---|---|---|---|---|---|
| Unaudited | |||||
| Unrestricted | Restricted | Total | total | ||
| funds | fund | funds | funds | ||
| 2021 | 2021 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 8 | 3,943,299 | - | 3,943,299 | 1,776,513 |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Current assets | |||||
| Debtors and accrued income | 9 | 1,109 | - | 1,109 | 16,109 |
| Cash at bank and in hand | 11,864 | - | 11,864 | 283,152 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| 12,973 | - | 12,973 | 299,621 | ||
| Creditors:amounts falling due | |||||
| within one year | 10 | - | - | - | (8,800) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Net current | |||||
| (liabilities)/assets | 12,973 | - | 12,973 | 290,461 | |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total assets | 3,956,272 | - | 3,956,272 | 2,066,974 | |
| ==================== | ==================== | ==================== | ==================== | ||
| Restricted fund | - | - | - | - | |
| Unrestricted fund | 3,929,484 | 3,956,272 | 2,066,974 | ||
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ||
| Total funds | 3,956,272 | - | 3,956,272 | 2,066,974 | |
| ==================== | ==================== | ==================== | ==================== |
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable
The financial statements were approved and authorised for issue by the trustees, and signed on their behalf by:
CRMarriott
CRMarriott (Mar 28, 2022 12:08 GMT+1)
Clive Marriott - Chairman
Date: Mar 28, 2022
The accompanying accounting policies and notes form part of these financial statements.
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
13
1 Voluntary income
2
Notes to the financial statements
3
4
- 5
| Voluntary income | ||
|---|---|---|
| Unaudited | ||
| 2021 | 2020 | |
| £ | £ | |
| Donations | 1,727,366 | 348 |
| ==================== | ==================== | |
| Investment income | ||
| Unaudited | ||
| 2021 | 2020 | |
| £ | £ | |
| Dividends and interest received | 44,247 | 52,943 |
| ==================== | ==================== | |
| Income from charitable activities | ||
| Unaudited | ||
| 2021 | 2020 | |
| £ | £ | |
| Grants receivable: | ||
| Department for Education | 216,300 | 216,300 |
| ==================== | ==================== | |
| Other income | ||
| Unaudited | ||
| 2021 | 2020 | |
| £ | £ | |
| Support and governance costs recharged | - | - |
| ==================== | ==================== | |
| Costs of generating funds | ||
| Unaudited | ||
| 2021 | 2020 | |
| £ | £ | |
| Investment management fees | 13,889 ==================== |
13,826 ==================== |
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
14
6
Charitable expenditure
7
8
| Unaudited | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Grants to choir schools, funded by: | ||
| Department for Education | 240,900 | 222,194 |
| The charity | 5,249 | 5,035 |
| Cathedral Choirs Emergency Fund | 250,000 | - |
| ----------------------------------------------- | ----------------------------------------------- | |
| 496,149 | 227,229 | |
| Support costs | 540 | 746 |
| Governance costs | - | - |
| ----------------------------------------------- | ----------------------------------------------- | |
| 496,689 | 227,975 | |
| ==================== | ==================== | |
| Governance costs | ||
| Unaudited | ||
| 2021 | 2020 | |
| £ | £ | |
| Auditors and accountancy fees | - | - |
| ==================== | ==================== | |
| The Audit fee is paid from the funds held as agent. |
Investments
| Investments | |||
|---|---|---|---|
| Investment | |||
| portfolio | Cash | Total | |
| £ | £ | £ | |
| At 1 July 2020 | 1,723,904 | 52,609 | 1,776,513 |
| Additions | 2,091,070 | (2,091,070) | - |
| Disposals | (327,652) | 327,652 | - |
| Transfers | (46,817) | 1,771,282 | 1,724,465 |
| Investment income | 44,247 | - | 44,247 |
| Change in market value | 411,963 | - | 411,963 |
| Investment management fee | (1,348) | (12,541) | (13,889) |
| ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | |
| At 30 June 2021 | 3,895,367 =================== |
47,932 =================== |
3,943,299 =================== |
Debtors
| Unaudited | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Owed by Choir Schools Association | 1,109 | 1,109 |
| Owed by Music and Dance Scheme (MDS) | - | 15,000 |
| ----------------------------------------------- | ----------------------------------------------- | |
| 1,109 | 16,109 | |
| ==================== | ==================== |
9
The Choir Schools' Association Bursary Trust Limited Financial statements for the year ended 30 June 2021
15
12
13 Related party transactions
10 Creditors: amounts falling due within one year
| Accruals | 2021 £ - _ - ==================== |
Unaudited 2020 £ 8,800 __ 8,800 ==================== |
|---|---|---|
11 Funds held as agent
The company acts as agent for the Department for Education in the administration of its Music and Dance Scheme (MDS) and Outreach.
| MDS | |
|---|---|
| £ | |
| Funds held at 1 July 2020 | 6,190 |
| Receipts in the period | 30,143,185 |
| Expenditure in the period | (30,144,279) |
| ----------------------------------------------- | |
| Funds held at 30 June 2021 | 5,096 ==================== |
Trustees' and employee remuneration
No trustee received any remuneration from the company for their services, and no expenses were reimbursed to trustees during the year.
There were no related party transactions during the year.
14 Prior year restatement
A prior year restatement was made to correct the historic split between unrestricted and restricted reserves by an amount of £26,788. The criteria for the restriction was met in the previous years and the reserve should have been released at this point. No overall impact to the total reserves balance.