**Registered Charity Number: 1142075 (England and Wales) Registered company number: 07542466**
**THE CHORAL FOUNDATION THE CHAPEL ROYAL HAMPTON COURT PALACE**
**FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2021**
**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2021**
|**Contents**|**Page**|
|---|---|
|Company information|1|
|Trustees’ report|2 - 5|
|Independent examiner’s report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 16|
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **COMPANY INFORMATION**
|Trustees|Peter Havelock (Chair)|
|---|---|
||Deborah Fearn|
||Sue Hall (Treasurer)|
||Richard Marshall|
||Peter Menneer|
||Michele Price|
||Richard Rothwell|
||Alexander Scully MVO|
||James Irving|
||Charles MacDougall (Appointed August 2021)|
|Secretary|Richard Champness|
|Company number|07542466|
|Charity number|1142075 (England and Wales)|
|Registered office and|The Chapel Royal|
|Business address|Hampton Court Palace|
||East Molesey|
||Surrey KT8 9AU|
|Independent examiner|Catherine Edwards CPFA|
|Bankers|Coutts & Co|
||440 Strand|
||London WC2R 0QS|
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## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
The Trustees present their annual report and the unaudited financial statements for the year ended 31 August 2021.
## **Structure, governance and management**
The Choral Foundation, The Chapel Royal, Hampton Court Palace (“The Choral Foundation”) is a company limited by guarantee, having no share capital. The registered company number is 07542466.
The Choral Foundation is a registered charity. The registered charity number is 1142075 (England and Wales).
The directors of the company for the purposes of company law are also the Trustees of the charity for the purposes of charity law, and the members of the company who have guaranteed to contribute £1 each to the assets of the company in the event of winding up.
The annual report and financial statements are presented in the format required by the Charities Statement of Recommended Practice FRS 102 and in accordance with the requirements of the Companies Act 2006.
## **Objectives**
The Choral Foundation preserves and promotes the unique heritage of English choral music at the Chapel Royal, Hampton Court Palace and makes it accessible to all.
The objects of the charity as set out in its governing document the Memorandum and Articles of Association are:
- the advancement of the Christian religion in accordance with the principles of the Church of England by the maintenance and enhancement of a choir through the education and training of choristers and by maintaining the choral traditions of the Chapel Royal;
- to promote the art of choral music for the public benefit; and
- to advance the education of the choristers of the Chapel Royal for the public benefit.
## **Review of activities**
The past year has been a challenging one for many charities, as the COVID-19 pandemic increased demands on us, and adversely impacted income. Despite this environment, the Choral Foundation has continued to support the music and the musicians in the Chapel Royal at Hampton Court, maintaining and fulfilling its obligations. We are delighted that the Chapel was able to maintain the continuation of worship with music remaining at its heart.
Necessarily, fund-raising activities have been curtailed through the pandemic, and we have been unable to hold face to face events with donors and prospects. However, we have continued to progress a legacy campaign, and have broadened our on-line giving facilities. The crisis campaign for the Chapel musicians impacted by loss of earnings during this period, continued to raise funds in 2020/21.
## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
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The Foundation has also used the past year to refine our strategy and “ask”, and has taken advice on how best to proceed with fund-raising and outreach, once the pandemic is behind us. As a result, we plan to launch a new campaign in 2021/22, with external support.
## _Operations_
Louise Cole has continued in her role as Administrator through this year, and has superbly managed the Foundation’s affairs. We continue to be grateful for her patient and meticulous support.
## _Charitable Grants and Outreach_
The Choral Foundation has made grants totalling £22,643 (£38,328 in 2019/20) made up of bursaries to each chorister towards the cost of music lessons, charitable grants to support the Director of Music and organist, and as part of our crisis support to the Chapel musicians.
Outreach and education remain an important part of the Foundation’s work. We will continue to work with the choir to attract choristers from an increasingly broad range of backgrounds, and to provide them with a first class musical education.
We continue to deliver the commitments we have made in our objects.
## **Financial Review**
The Choral Foundation’s financial position continued to be impacted by the COVID-19 pandemic during this financial year. Our income reduced against pre-COVID years as we were still unable to engage face to face with donors and we have not been able hold many events. On the upside we have seen an improvement in our investment performance against 2019/20.
The Choral Foundation has achieved a surplus of £65,045 (against a deficit in 2019/20 of £84,300). Reserves at 31 August 2021 were £365,037, all of which are unrestricted.
At the time of signing, the trustees have reviewed the future prospects for income and expenditure, and given our reserves position, have assessed that the Choral Foundation continues to be a going concern.
The trustees remain optimistic about the future of the Choral Foundation, through 2021 and beyond.
## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **Governance and management**
The Choral Foundation is governed by a Board of nine Trustees who are committed to the objects of the charity. Board member expertise includes finance, investment, risk management, religion, music
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and information technology. The Chairman, the Treasurer and Trustee Richard Rothwell are members of the Investments Committee.
The Choral Foundation is a Company Limited by Guarantee, and is governed by its Memorandum and Articles of Association. Trustees are recruited through an open process, and appointed by the Board at a quarterly meeting. New trustees are introduced to the Choral Foundation through an induction process.
The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission with regard to public benefit.
## **Investment Policy**
The Trustees believe the investment of reserves is an important responsibility. Investments decisions are taken in accordance with the Choral Foundation's Articles of Association; investments may be made in a range of financial instruments including cash and equivalents, fixed interest, equities and alternative investment strategies including hedge funds, private equity and possibly real estate. The Foundation’s Investment Policy was approved in 2014 and has the following goals and objectives:
- a) The Trustees will use asset allocation and diversification to achieve a balance between capital preservation and capital appreciation. The objective for the portfolio, measured over rolling three-year periods, is to provide an annualized total return, net of fees, of 3% - 5% above the rate of inflation.
- b) On a rolling one year basis, it is the intention of the Trustees to hold all monies committed to -
- overheads plus charitable projects, net of related co funding commitments, for the -
- subsequent 12 months in 'safe', liquid interest bearing bank deposits, short dated gilt edged or corporate securities, or in funds who invest in such strategies, with a maturity profile reasonably matched to the disbursement schedule.
## **Risk management**
The Trustees review risk management annually. This involves identifying the types of risk the charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. As part of this process the Trustees keep the adequacy of the charity’s internal controls under review.
The trustees have specifically reviewed the risk posed by the COVID-19 pandemic, and taken mitigating actions appropriately.
## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021**
## **Disclosure of information to examiner**
Each of the persons who is a Trustee as at the date of approval of this report confirms that:
- so far as the trustee is aware, there is no relevant information of which the charitable company’s examiner is unaware; and
- the Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant information and to establish that the charitable company’s examiner is aware of that information.
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This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
## **Trustees’ responsibilities**
The Trustees are required 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 surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity. 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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
On behalf of the board
Peter Havelock **Chair** Dated: 1[st] December 2021
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## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
I report on the accounts of the company for the year ended 31 August 2021, which are set out on pages 7 to 16.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the Charities Act”) or Part 16 of the Companies Act 2006, and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Chartered Institute of Public Finance & Accountancy.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- • to prepare accounts with accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of 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) have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Catherine Edwards CPFA 14 Monaveen Gardens West Molesey KT8 1SB
Dated:
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## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Unrestricted|Total|Total|
|Note|funds|2021|2020|
|£|£|£|
|Income from:|
|Donations and legacies|3|35,383|35,383|37,743|
|Charitable activities|3|4,864|4,864|2,047|
|Investment income|3|9,332|9,332|9,275|
|________|________|_______|
|Total Income|49,579|49,579|49,065|
|________|________|_______|
|Expenditure on:|
|Raising funds|4, 5|8,940|8,940|53,584|
|Charitable activities|6, 7|22,643|22,643|38,328|
|________|________|_______|
|Total Expenditure|31,583|31,583|91,912|
|________|________|_______|
|Net gain/(loss) on investments|47,049|47,049|(41,453)|
|________|________|_______|
|Net income/expenditure|65,045|65,045|(84,300)|
|Transfers between funds|-|-|
|________|________|_______|
|Net movement in funds|65,045|65,045|(84,300)|
|Reconciliation of funds:|
|Total funds brought forward|299,992|299,992|384,292|
|________|________ ________|
|Total funds carried forward|13|365,037|365,037|299,992|
|========|======== ========|
**----- End of picture text -----**
All the above amounts relate to continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **BALANCE SHEET AS AT 31 AUGUST 2021**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Note|2021|2020|
|£|£|
|Fixed assets|
|Intangible assets|9|-|-|
|Current assets|
|Debtors|10|1,833|3,656|
|Investments|11|269,697|213,362|
|Cash at bank|93,507|84,294|
|________|________|
|365,037|301,312|
|Creditors: amounts falling due|
|within one year|12|-|1,320|
|________|________|
|Net current assets|365,037|299,992|
|________|________|
|Total assets less current liabilities|365,037|299,992|
|========|========|
|The funds of the charity|
|Unrestricted funds|365,037|299,992|
|Restricted funds|-|-|
|________|_______|
|Total funds|13|365,037|299,992|
|========|= =======|
**----- End of picture text -----**
For the financial year ended 31 August 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors’ responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Board of Trustees on 1st December 2021.
Peter Havelock **Chair**
Sue Hall **Treasurer**
The notes on pages 10 to 16 form part of these financial statements.
## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
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**STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2021**
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|**Cash flow from operating activities**|||
|Net income/(expenditure) for the year|65,045|(84,300)|
|Adjustments for:|||
|Interest received|(46)|(581)|
|Investment income received|(9,286)|(8,694)|
|Amortisation|-|-|
|(Increase)/decrease in debtors|1,823|1,817|
|Increase/(decrease) in creditors|(1,320)|533|
|(Gain)/loss on Investments|(47,049)|41,453|
|________|________||
|**Net cash provided by operating activities**|9,167|(49,772)|
|**Cash flows from investing activities**|||
|Interest received|46|581|
|Investment income received|9,286|8,694|
|Investment income reinvested|(9,286)|(8,694)|
|Transfer from cash to investments|-|(50,000)|
|________|________||
|**Net cash provided by investing activities**|46|(49,419)|
||________|________|
|**Change in cash and cash equivalents in the**|||
|**reporting period**|9,212|(99,191)|
||========|========|
|**Cash and cash equivalents at the beginning of**|||
|**the reporting period**|84,294|183,485|
||________|**_______**|
|**Cash and cash equivalents at the end of the**|||
|**reporting period**|93,506|84,294|
||========|========|
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. Charitable Status and General Information**
The Choral Foundation, The Chapel Royal, Hampton Court Palace is a charity registered at the Charity Commission and a company, limited by guarantee, incorporated, and registered in England and Wales. The address of the registered office, charity number and company number are provided on page 1, with the details of the charity’s principal activities discussed in the Trustees’ Report.
## **2. Accounting policies**
## a) Basis of preparation
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The Choral Foundation, The Chapel Royal, Hampton Court Palace 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 notes.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
## b) Reconciliation with previous generally accepted accounting practice
In preparing the accounts the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.
## c) Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of the charity.
Restricted income funds are funds subject to specific restrictions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. In the year ended 31 August 2021 there were no restricted funds.
## d) Incoming resources
All incoming resources are recognised when the charity has entitlement to the resources, the amount can be quantified with reasonable accuracy and it is probable that the income will be received.
Legacies are regarded as receivable when the legacy has been received or, if before receipt, when there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability.
## **THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
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The value of services provided by volunteers is not incorporated into these financial statements.
## e) Investments and cash at bank
Investment income comprises interest receivable from cash at bank as well as income from investments held in the portfolio. Dividend and interest income is recognised on a receivable basis. Funds held in current accounts are defined as cash at bank. They represent the deposits and cash used to finance the Choral Foundation on a day-to-day basis. Fixed investments include cash held within the portfolio for future investment.
All investments are held in order to provide an investment return. The investments are valued at the prevailing market price at the balance sheet date.
## f) Resources expended
All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of the resources.
Governance costs are those incurred in connection with the charity’s compliance with its constitutional and statutory requirements. Governance and support costs are allocated against the charitable activities of the charity on a percentage basis when they are not directly attributable to either raising funds or charitable activities.
## g) VAT
Where appropriate, expenditure includes irrecoverable value added tax.
- h) Intangible assets
There are no intangible assets.
- i) Support costs
Support costs are those costs which do not relate directly to a single activity. These include some staff costs, costs of administration and IT support. Support costs have been apportioned between fundraising costs and charitable activities on an appropriate basis. The analysis of support costs and the bases of apportionment applied are shown in note 8.
## j) Expenditure on raising funds
The costs of generating funds are those costs attributable to generating income for the charity, other than those costs incurred in undertaking charitable activities or the costs incurred in undertaking trading activities in furtherance of the charity’s objects. The total costs of each category of expenditure on raising funds include an apportionment of support costs as shown in note 8.
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## k) Charitable activities
Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure include an apportionment of support costs as shown in note 8.
## l) 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 opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carrying value (or purchase date if later).
## **3. Income**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Unrestricted|Total|Total|
|funds|2021|2020|
|£|£|
|Individual donations|35,383|35,383|37,743|
|________|________ ________|
|Activities for generating funds:|
|Recitals/Recording|4,863|4,863|2,047|
|Investment income:|
|Investment income receivable|9,286|9,286|8,694|
|Interest receivable|46|46|581|
|________|________ ________|
|Total incoming resources|49,578|49,579|49,065|
|========|======== ========|
|4. Expenditure on raising funds|
|Direct|Support|Total|
|costs|costs|2021|
|£|£|£|
|Fundraising and consultancy|-|1,942|1,942|
|Design and advertising|-|1,941|1,941|
|Costs of choral events|3,116|1,941|5,057|
|________|________ ________|
|Total expenditure on raising funds|3,116|5,824|8,940|
|========|======== ========|
**----- End of picture text -----**
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **5. Expenditure on raising funds comparatives**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Direct|Support|Total|
|costs|costs|2020|
|£|£|£|
|Fundraising and consultancy|34,681|3,802|38,483|
|Design and advertising|1,499|3,802|5,301|
|Costs of choral events|5,998|3,802|9,800|
|________|________ ________|
|Total expenditure on raising funds|42,178|11,406|53,584|
|========|======== ========|
|6. Analysis of charitable expenditure|
|Grant|Support|Total|
|giving|costs|2021|
|activities|
|£|£|£|
|Tuition fees & grants|9,695|1,942|11,637|
|General charitable expenditure|9,065|1,941|11,006|
|________|________ ________|
|Total charitable expenditure|18,760|3,883|22,643|
|========|======== ========|
|7. Analysis of charitable expenditure comparatives|
|Grant|Support|Total|
|giving|costs|2020|
|activities|
|£|£|£|
|Tuition fees & grants|30,074|3,802|33,876|
|General charitable expenditure|650|3,802|4,452|
|________|________ ________|
|Total charitable expenditure|30,724|7,604|38,328|
|========|======== ========|
**----- End of picture text -----**
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **8. Analysis of support costs**
**----- Start of picture text -----**
||||
|---|---|---|
|Total support costs allocated pro-rata to expenditure on raising funds and expenditure on|
|charitable activities:|Total|Total|
|2021|2020|
|£|£|
|Payroll|7,132|7,755|
|Book-Keeping|713|1,092|
|IT support costs|681|7,907|
|Legal and Professional|-|780|
|Insurance|-|545|
|Subscriptions|-|502|
|Office sundries|1000|132|
|Sundry expenses|182|298|
|________ ________|
|Total support costs|9,708|19,011|
|========|========|
**----- End of picture text -----**
## **9. Intangible assets**
There are no intangible assets
## **10. Debtors**
**----- Start of picture text -----**
||||
|---|---|---|
|2021|2020|
|£|£|
|Gift Aid receivable|1,333|3,656|
|Audit Fees|500|-|
|________ ________|
|1,833|3,656|
|======== ========|
|11. Fixed Investments|
|Movement in Fixed Investments|
|2021|2020|
|£|£|
|Market value, beginning of the period|143,234|184,148|
|Add: Additions to Investments at Cost|74,024|-|
|Less: Disposals at Carrying Value|-|-|
|Add: Net Gain (Loss) on Revaluation|47,049|(40,914)|
|________ ________|
|Market Value, end of period|264,307|143,234|
|======== ========|
|Fixed Investments by Type|
|2021|2020|
|£|£|
|UK Shares|264,307|143,234|
|Portfolio Cash|5,390|70,128|
|________ ________|
|Total|269,697|213,362|
|======== ========|
**----- End of picture text -----**
## **11. Fixed Investments**
**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
**12. Creditors: Amounts falling due within one year**
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**2021 2020 £ £** - 1,320 ======== ========
Other creditors
## **13. Total funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of the charity. There were no restricted funds in 2020 and 2021 and all funds were unrestricted.
Fund balances as at 31 August 2021 are represented as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|Total|Total|
|2021|2020|
|£|£|
|Debtors|1,833|3,656|
|Investments|269,697|213,362|
|Cash at bank|93,507|84,294|
|Creditors|-|(1,320)|
|________ ________|
|365,037|299,992|
|======== ========|
**----- End of picture text -----**
## **14. Trustees and employees**
No trustees are paid any remuneration or receive any other benefits from employment with the charity.
The average monthly number of employees during the year was:
**----- Start of picture text -----**
||||
|---|---|---|
|2021|2020|
|Number|Number|
|Administration|1|2|
|======== ========|
|Employment costs|
|£|£|
|Wages and salaries|7,132|41,813|
|________ ________|
|7,132|41,813|
|======== ========|
**----- End of picture text -----**
## **15. Related party transactions**
There were no related party transactions during the year. No guarantees were given or received and no payments were made to key management personnel in the period.
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**THE CHORAL FOUNDATION, THE CHAPEL ROYAL, HAMPTON COURT PALACE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **16. Independent Examiners Remuneration**
The independent examiner’s remuneration of £500 (2019/20: £500) related solely to the review of the accounts with no other additional work being undertaken.
## **17. Capital commitments**
As at 31 August 2021 there were no capital commitments.
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