Charity registration number 1220639
Company registration number 6307873 (England and Wales)
THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr C Marriott | |
|---|---|---|
| Mr N R Chippington | ||
| Mrs Y F S Day | ||
| Mr W D J Goldsmith | ||
| Mr S Larter-Evans | ||
| Mr D C A Morton | (Appointed 1 September 2021) | |
| Mr J R Murray | (Appointed 1 September 2021) | |
| Secretary | Wilsons (Company Secretaries) | Limited |
| Charity number | 1220639 | |
| Company number | 6307873 | |
| Registered office | Alexandra House | |
| St Johns Street | ||
| Salisbury | ||
| Wiltshire | ||
| SP1 2SB | ||
| Auditor | Griffiths Marshall | |
| Beaumont House | ||
| 172 Southgate Street | ||
| Gloucester | ||
| GL1 2EZ | ||
| Bankers | Lloyds Bank Plc | |
| 39 Threadneedle Street Branch | ||
| London | ||
| EC2R 8AU |
THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent auditor's report | 4 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 16 |
THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2022
The trustees present their annual report and financial statements for the year ended 30 June 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's articles of association, the Companies Act 2006 and "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 2019).
Structure, governance and management
The charity is incorporated as a company limited by guarantee and is governed by its memorandum and articles of association.
Each full member of the Committee of the Choir Schools' Association automatically becomes a trustee of the charity and 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 trustees, who are also the directors for the purpose of company law and who served during the year and up to the date of signature of the financial statements were:
Mr C Marriott Mr N R Chippington Mrs Y F S Day Mr W D J Goldsmith Mr S Larter-Evans Mr D C A Morton (Appointed 1 September 2021) Mr J R Murray (Appointed 1 September 2021) Mr A de Silva (Appointed 1 September 2021 and resigned 1 September 2022)
Objectives and activities
The objects of the company are:
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
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.
Aims of Charity
The aim of the Charity 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.
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.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
Achievements and performance
The scholarship grant allocated by the Department for Education (DfE) was used by the trustees to award individual grants worth £202,166 (2021: £240,900). 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 £28,842,562 (2021: £30,143,185) 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 £290,486 (2021: £1,987,913). Income in 2021 was significantly more due to a single bequest of £1.7m. Grants received were £216,200 (2021: £216,300) and the charity had unrecovered expenses of £38,802 (2021: £19,678) leaving a net surplus for the year of £49,516 (2021: £1,477,335) before loss on the valuation of investments of £353,871 (2021: £411,963 gain).
At the end of the year the charity had net assets of £3,651,917 (2021: £3,956,272). It is the trustees' policy is to retain unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Statement of trustees' responsibilities
The trustees, who are also the directors of The Choir Schools' Association Bursary Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
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 judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
In accordance with the company's articles, a resolution proposing that Griffiths Marshall be reappointed as auditor of the company will be put at a General Meeting.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
The trustees' report was approved by the Board of Trustees.
Mr C Marriott Chairman
31 March 2023
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES 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 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 30 June 2022 and of its incoming resources and application of resources, 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 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' 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 charity’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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
-
4 -
THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
We gained an understanding of the legal and regulatory framework applicable to The Choir Schools' Association Bursary Trust Limited and the industry in which it operates and, considered the risk of acts by Management and Trustees of The Choir Schools' Association Bursary Trust Limited which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, Charities Act 2011 and Employment Law. We made enquiries of the Trustees to obtain further understanding of risks of non-compliance.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
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agreement of the financial statement disclosures to underlying supporting documentation;
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enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;
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review of minutes of the Board meetings throughout the year; and
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obtaining an understanding of the control environment in place to prevent and detect irregularities.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Humphries (Senior Statutory Auditor) for and on behalf of Griffiths Marshall
31 March 2023
Chartered Accountants Statutory Auditor
Beaumont House 172 Southgate Street Gloucester GL1 2EZ
Griffiths Marshall is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 2,557 | 1,727,366 |
| Charitable activities | 4 | 216,200 | 216,300 |
| Investments | 5 | 71,729 | 44,247 |
| Total income | 290,486 | 1,987,913 | |
| Expenditure on: | |||
| Raising funds | 6 | 25,390 | 13,889 |
| Charitable activities | 7 | 215,580 | 496,689 |
| Total expenditure | 240,970 | 510,578 | |
| Net gains/(losses) on investments | 11 | (353,871) | 411,963 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (304,355) | 1,889,298 | |
| Fund balances at 1 July 2021 | 3,956,272 | 2,066,974 | |
| Fund balances at 30 June 2022 | 3,651,917 | 3,956,272 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
| Notes Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ £ 3,615,767 1,109 39,541 40,650 (4,500) 36,150 3,651,917 3,651,917 3,651,917 |
2021 £ £ 3,943,299 1,109 11,864 12,973 - 12,973 3,956,272 3,956,272 3,956,272 |
2021 £ £ 3,943,299 1,109 11,864 12,973 - 12,973 3,956,272 3,956,272 3,956,272 |
|---|---|---|---|
| 3,956,272 | |||
| 3,956,272 | |||
| 3,956,272 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2022, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 31 March 2023
Mr C Marriott Trustee
Company registration number 6307873
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Cash flows from operating activities | ||||||
| Cash generated from operations | 17 | 7,677 | 1,453,177 | |||
| Investing activities | ||||||
| Purchase of investments | - | (1,724,465) | ||||
| Proceeds on disposal of investments | 20,000 | - | ||||
| Net cash generated from/(used in) | ||||||
| investing activities | 20,000 | (1,724,465) | ||||
| Net cash used in financing activities | - | - | ||||
| Net increase/(decrease) in cash and cash | ||||||
| equivalents | 27,677 | (271,288) | ||||
| Cash and cash equivalents at beginning of year | 11,864 | 283,152 | ||||
| Cash and cash equivalents at end of year | 39,541 | 11,864 | ||||
| The notes on pages 10 to 16 form part of these financial | statements. |
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
1 Accounting policies
Charity information
The Choir Schools' Association Bursary Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Alexandra House, St Johns Street, Salisbury, Wiltshire, SP1 2SB.
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.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year whether realised or unrealised. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 2,557 | 1,727,366 |
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
4 Charitable activities
| 5 6 |
Unrestricted Unrestricted 2022 2021 £ £ Department for Education 216,200 216,300 Investments Unrestricted Unrestricted funds funds 2022 2021 £ £ Dividends and interest received 71,729 44,247 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Investment management fees 25,390 13,889 25,390 13,889 |
Unrestricted Unrestricted 2022 2021 £ £ Department for Education 216,200 216,300 Investments Unrestricted Unrestricted funds funds 2022 2021 £ £ Dividends and interest received 71,729 44,247 Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Investment management fees 25,390 13,889 25,390 13,889 |
|---|---|---|
| 13,889 |
7 Charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Department for Education | 202,166 | 240,900 |
| Charitable expenditure | 2,816 | 5,249 |
| Cathedral Choirs Emergency Fund | - | 250,000 |
| 204,982 | 496,149 | |
| Share of governance costs (see note 8) | 10,598 | 540 |
| 215,580 | 496,689 |
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
8 Support costs
| Audit fees Legal and professional Bank charges Analysed between Charitable activities |
Support costs Governance costs £ £ - 9,990 - 367 - 241 - 10,598 - 10,598 |
2022 £ 9,990 367 241 10,598 10,598 |
2021 £ - 173 367 |
|---|---|---|---|
| 540 | |||
| 540 |
Governance costs includes payments to the auditors of £4,500 for 2022 and £4,490 for 2021 not previously provided for.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
There are no employees of the Charity.
11 Net gains/(losses) on investments
| Net gains/(losses) on investments | ||
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Realised and Unrealised Gain/(loss) on investments | (353,871) | 411,963 |
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
| 12 Fixed asset investments Unlisted Investments £ Cost or valuation At 1 July 2021 3,895,366 Additions 433,569 Transfers - Valuation changes (353,871) Investment income 2,108 Management Fees - Disposals (397,234) At 30 June 2022 3,579,938 Carrying amount At 30 June 2022 3,579,938 At 30 June 2021 3,943,299 |
Cash in portfolio £ 47,933 (433,569) (20,000) - 69,621 (25,389) 397,234 35,830 35,830 47,933 |
2022 Unlisted Cash in Total Investments portfolio £ £ £ 3,943,299 1,723,904 52,609 - 2,091,070 (2,091,070) (20,000) (46,817) 1,771,282 (353,871) 411,963 - 71,729 44,247 - (25,389) (1,349) (12,540) - (327,652) 327,652 3,615,768 3,895,366 47,933 3,615,768 3,895,366 47,933 3,991,232 1,723,904 52,609 |
2021 Total £ 1,776,513 - 1,724,465 411,963 44,247 (13,889) - 3,943,299 3,943,299 1,776,513 |
|---|---|---|---|
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THE CHOIR SCHOOLS' ASSOCIATION BURSARY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
| 13 Debtors Amounts falling due within one year: Owed by Choir Schools Association 14 Creditors: amounts falling due within one year Accruals and deferred income |
2022 £ 1,109 2022 £ 4,500 |
2021 £ 1,109 |
|---|---|---|
| 2021 £ - |
15 Funds held as agent
The company acts as an agent for the Department of Education in the administration of its Music and Dance scheme (MDS) and outreach.
| Dance scheme (MDS) and outreach. | |
|---|---|
| MDS | |
| 2022 | |
| £ | |
| Funds held at 1 July 2021 | 5,096 |
| Receipts in the period | 28,842,562 |
| Expenditure in the period | (27,823,012) |
| Funds held at 30 June 2022 | 1,024,646 |
16 Related party transactions
There were no disclosable related party transactions during the year or the previous financial period.
| 17 Cash generated from operations (Deficit)/surpus for the year Adjustments for: Investment income recognised in statement of financial activities Investment management fees Loss/(gain) on disposal of investments Movements in working capital: (Increase)/decrease in debtors Increase/(decrease) in creditors Cash generated from operations |
2022 £ (304,355) (71,728) 25,389 353,871 - 4,500 7,677 |
2021 £ 1,889,298 (44,247) 13,889 (411,963) 15,000 (8,800) |
|---|---|---|
| 1,453,177 |
18 Analysis of changes in net funds
The charity had no debt during the year.
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