Unaudited Financial Statements The Raymond l-4relce Award Pund For the Year Ended 31 August 2024 Charity No. 1150659
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 Index to the financial statements Report of the trustees Independent examinerfs report Statement of financial actlvitoes Balance sheet Principal accounting policies Notes to the finan¢ial statements 9- 11
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 Report of the trustees The Trustees present their report and accounts For the )ye2r ended 31 August 2024 Reference and admini$tratlv• details Regstered charity number.. 1150659 Address.. 3 The Close, Winchester. H2mpshire S023 9LT Ex-officio Trusleeq.. The Very Revd C Ogle Dean OF W'inchester (resigned l M2y 2025) The Reverend c.anon Dr Roland Rj'em (appointed l Nlay 2025) Mr J Milton Mr T Butcher (appointed I September 2023) Is K L Dennett (resigned 15 NIa}' 2024) Mt R J Bentley (appointed 15 May 2024) Bankers.. NationAI IX'estmin8ier Bank plc 105 High Street linchester S023 9AW Ini"estmcnt adi'isorq: CCL4 Ini'estment Management Limitcd 'I"he CBF Church of England Investment Fund Senatnr E4ouse 85 Queen Victoria Street London EC4V 4F.T Independent examiner: Azets Audit Sen'ices CySitewa}' Flouse l ollgale Chandier Ford S053 3TG
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 Structurei governance and management The R2ymond Freke Award Fund was established by Trust Deed dxted 10 February 2006 by the late Mrs Jean Freke, and was regstered as a charity on l February 2013. The Trustees are nominated as the Dean of Winchester and The Ilead and Director of Finance & Resources of The Pilgrims, School Winchester (all ex officio) and a fourth Trustee nominated by the Choir Schools Association. The Trustees have complied with their duty to have due regard to the Commission's pubh"c benefit guidance when exercising powers or duties lo which the guidance is relevant. Objectlvos and actlvities The Charity is est2blished to support ch2rit2ble purposes in Eng12nd 2nd W'ales, and particu13rl}' the provision of finanual support to Choristers of Ix'inchester Cathedral and QuirASters of Winchester College who would otheThMse be un2ble to become or remain Choristers or Quiristers by virtue of the financial circumstances of their parents ot parent. The Trustees proN"ide bursaries and other financial support to help meet the costs of fees at The Pllgrims, School. The Trnstees will 21so provide financial assistance to meet the costs of music21 tuition and the provision of instruments. In 2dth"tion, the Trustees may proTrride funding to thc Cathedtal and c.ollege towards maintaining one or more Choristers or Quiristers. Achievements and performance During the yeat, butsAries totalling £10,674 (2023: £12,135) were awatded to Chotistets at The Pilgrims, School. Financial Review att2ched financial statements show the current state of the fmances which the Trustees consider to be sound. During the year, the charity earned income of £32,279 (2023.. £32,158) 2nd m2de grants amounting to £10,674 (2023. £12,135). The Trustees retatn a level of reserves which is sufficient to cover the charit)F's Immediate needs. At the year end the expendable reserves were £1,275,411 (2023.. £1,160,860). Recruitment and appointment of trustees The membership and appointment of Trustees is covered in the Trust Deed for the Raymond Freke Aw2td Fund. The Dean of Winchester Along with the Head 2nd the Director of Finxnce & Resources of The Pdgrims, School are ex-offiao trnstees. The deed stipulates that a fourth [stee is to be nominated by the Choir Schools Associ8tion. All Trustees are 2ppointed b) resolution V4t the Annual Gener21 Meeting OF the fund 2nd registered 2ccordinglJ' with the Charity Commission fot England and Kvales.
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 Trustees. rosponslbllltles for the a¢¢ount$ The Trustees are responsible for preparing the Trustee,s' Annual Report 2nd the financial statements in accordance with applicable law 2nd regulations. The Charities Act 2011 requires the Trustees to prepare fin2nci21 statements for each Financial year. The Trustees must prepare the fmancial scatements in Accordance witb United Kingdom (Jenerall) Accepted Accounting Practice (United Kingdom Accounting Standards and 2ppIic2ble12w). The Trustees must not approve the financial statements unless the). are satisfied that they giN"e a true 2nd f2it view of the state of Aff2irs of the chxritl, 2nd of the Éncoming resources and application of resources, including the income and expenditure, of the charity.. for that period. In pteparing these Financial statements, the Trustees are required to: select suitable accounting policies and thcn apply them consistends.: obseThre the methods and principles In tlie Ch2riues SORP; make judgments and accounting estitnates that are reasonable 2nd prudent. prepare the financial st2temcnts on the going concern basis unless it is inappropriate to presume that the charity 11 continue in business. Tlic Trustccs arc responsible for keeping adequate acc(iunting records Ihar are sufficicnt to shnw and eAplAin the c112finT's transActions and disclosc Nwth reasonable %ccur2C}' At any time the financial Position of The charity, and enable them lo ensure th2t the FanCIAl st2tcmcnts compl}, with the Charities .,Ict 2011, the C.h2rity' (Accounts And Repnrts) Regulation8 and the proiTision% of the trust deed. They are also rcsponsiblc. Eot safcguarding the assets of the charit), 2nd hence for taking re2sonable steps for the prei'ention 2nd detection of fraud and other irrcgularitics. ON BEFLiLF OF TI TRLI.STEES Ir Rupcrt Bcntlei Ex-officio Trustee 27th August 2025
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 Independent Examiner's Report to the Trustees of The Raymond Freke Award Fund I reporr to the charity trustees on m)F examin2ti0n of the accounts of the chArity for the Jear ended 31 Aiiguqt 2024. which are set out un pages 5 to I l. R•spectlve responsibllltles of trustee$ and examiner As the chariti s trustees you are responsible for the prepat2tion of the accounts in accordance with the requiiements OF the Cliarities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's 3ccount C2rried out under section 145 of the Act 2nd in carrJ."ing out m) examination I hAve followed all the 2pplic%ble Directions Ven b}, the Charity Commission under section 145(5)(b) of the Act. Independent examIn•5 statement I confmn l am qualified to undertake the examination because I am 2 member of the ACCA wliich is one of the listed bodies. I hai'l. completed m), exatnination. I confirm that no material mattets have come tn my Attention in connection with the cxaminauon giving mc cause to believe that in In) material respect.. accounting records were not kept in respect of the charity as required b).. section 130 of the the accounts do not accotd Mth those records" or the accounts do not comply with the applicable requitLments concerning the form and content OF accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than an}y requirement that the accounts give a 'true And fair view, which is nor a matier considered as p2rt of an independent examinauon I have no concerns and h2ve come across no other matters in cunnection with the examination to which, attention should be drawn in this report in order to en2ble 2 proper understanding of the accounts to be re2ched. Signed: Jon Noble FCCA For 2nd on behalf of Azets Au&'t Services Gateway House Tollgate Chandler Ford S053 3TG 27th August 2025
Tht Raymond Frok£ Award Fund Flnancial statements for the yeai eytded 31 August 2024 Statement of Financial Activities 2024 2023 Unresttieted Funds Note Total Total Income Income from generated fund8: Ini'estment income Bank and other interest 32,279 645 32,279 645 31,9?8 230 Total Ancome 32,924 32,158 Expenditure on Charitable Activities: Bursaries to The PJgn'ms' School to specified sttidents Support costs Total expenditute 10.674 1.503 10,674 L503 1,381 12,177 12,177 13,516 Net incoming income before transfers 20.747 20,747 18.642 GaIn/0S$) On ini'estment assets Net movement in funds 93.804 93,804 (?0,219) (1.577) 114.551 114,551 Bal2nce broughr forward Balances carried fonvard 1,160,860 1,160,860 L275,411 1.16?,437 1,275,411 1,160,860 All amounts dAsc105ed aboi'e relate to continuing ACUVAties. Tlie 2ccompan}'ing accounting po]icies and notes fotm an integral patt of these fjnancial srarements.
The Raymond Freke Award Fund Financial statements lor the year ended 31 August 2024 Balance Sheet Note 2024 2024 ?023 2023 Fixed asset8 Ini'estments 1,205,487 1.111,683 Current assets Bank and cash balances Debtors 49,682 22,941 51.756 Cutrent liabilities Creditors (1699) (2,579) Net current a$set6 69,924 1,275,411 49,177 Net a88ef8 1,160,860 Funds Unrestricted fund L275,411 1275,411 1,160,860 1,160,860 The accounts were approi'ed by the Trustees on 27th August 2025 Nfy Rupert Bende}. Ex-officio Trustee The accompanying accounting policies And notes form an integral part of these fmancial stAtements.
The Raymond Freke Award Fund Flnancial statements for the year ended 31 August 2024 Accounting Policies Basls of preparatlon The financi21 statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities ptep2ting their accounts in accordance with the Financial Reporting Standard apph'cable in the UK 2nd Republic of Ireland (FRS 102) {efEectii'e I January 2019) - (C.h2fities SORP (FRS 102)). the Financial Reporting Stand2rd apphc2ble in the UK and Republic OF Ireland (PIIS 102) and the Charities Act 2011. The R2}ymond Freke Award Fund meets the definition of a public benefit entity under FRS 102. Assct5 and liabilitie8 are initiall} recognised 2t histOriC21 cost of trans2ctions v21ue unless otheThvise stated in the relev2nt accounting poIic}'. The principle Accounting poh"CjLS arc set c)ut below.. Income Donations ate accounttd For when receivable. For legacies, enutlement is taken as the earlier of the datc on which cithet- the charity, 1$ 2W2rc that probate Ilas been granted, the estate has been finalised 2nd notification has been made b}F the executor(s) to the 1.rnst that i distribution will be made, or when a distribution is receii'ed from the cstate. Receip( of 2 legacy. in whole or in patt, is onl), considcred probable when the amount C2n be measured teh'abls., and the chanti, has been notified of the executor's intention to mAke 2 distribution. ThThere legacies h2I'e been notified to the ch2rity, or the charity, is aware of the granting of prob2te, 2nd the criteria for income recognition hivL" not bccn met, then the legsLCIT is treated as 2 contingent asset and disclosed if material. Ini'estmenl irjcome. including 2SSOCi2ted income t2.x recoTrrerics, is recogniscd when receivable. Resources expended Expenditurc is rccognised once there is a legal or constructive oblig2tion to make pa}'ment to a third parti., it is probable that setdcmcnt will be rcquircd, and the amount of the obligation can be measured reliably. Expenth"tute, which is cliarged on an accruals ba%is, is allocated between: expenditure incurred directl}" to the fulfthnent of the chariti. s objecuveq (charitable activiues) expenditure incurred in the governance of the charity. Grants payable are tecognised in the balance sheet as a h'abih'tt-. once the grAnt has been notified to the recipient #nd is unconditional. Funds General funds are unrestricted funds which are available for use at the &'scretion of the Trustees in furthetance of die gener21 objectives of the charity and which h2ve not been designated for other purposes.
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 Accounting Policies Investments Investsnents are a fomi of basic financial instrument and are initially recognised at their trdnsaction value and subsequendy at their fair value as at the balance sheet date using the closing quoted market price. The St2tement of Fin2ncial ActiiTIUes includes the nec gains and losses arising on the revaluation and disposals throughout die year. Going concern The financial statements have been prepared on the b2sJs that the charit)T is a going concern. Ililien determining the going concen] Asscssment the Trustees have considered the charity's activities, together with factors lik-ely to 2Ffect its Future development, performance and Position: these arc set out in the Trustees, Report. Thc Trustees consider that there 2re no material uncett2inties on the charityi's Ability to continue its activities for the foreseeable fijture. The Trustees are satisfied that the charity's assets are available and adequate tn fulFd its obligations for a period of at least ,elve months from the signlng of these financial statements. Cash at bank and In hand Cash at bank 2nd in hand includes cash and short term highly liquid investments with a short matlty OF three months or less from the date of 2CqUiSltion or opening of the deposit or similar account. Creditors and provisions Creditors and proiTisions are recognised where the company has A prcsent obligation resulting from a past event that probabl) result in the transfer of fi]nds to a third party and the amount due to setde thc obligauon can be measured or estimated reliably. Financial Instruments The charity only has fthancial assets and liabilities of 2 kind that quaJif5F as basic fin2ncial insttuments. Basic fts)ancial instruments are initiall}'. me2surLd at transactions i'alue and %ubsequently measured at their settlement value.
The Raymond Freke Award Fund Flnancial statement5 for the year ended 31 Au9USt 2024 Notes to the financial statements Bursary Commltments Tliere was a total of £0 (2023: £0) allncated to the srudents of The Pilgrims, School for the following period thai w2s unpaid at 31 August 2024. Support Costs 2024 2023 Trustee travel expenses Bank charges Governance costs 1,500 1.-380 1,503 1.381 'rhc .1 rustccs rcceil'ed reimbursement of trai'el expenses totxlling £nil (202.3: nil). Governance Costs 2024 2023 Independenr examination L500 1,380 lJ80 1,380 The Trustees received no remuneration From the charity. Employment costs The cliariri, did not liave Any emplo!'Les during the )ear (2023: nll). No remuneration was paid to an}.. trustee in the s'c'Ar (20?3.. £nil). Expenses totalling £nd (2023.. nil) were paid to trustees during the }Tear in respeci of travel expenses incurred.
The Raymond Freke Award Fund Financial statements for the year ended 31 August 2024 10 Notes to the financial statements Investments 2024 2023 Market Value at I September 2023 Disposals Change in market value MArket value at 31 August 2024 1,111,683 1.131.90? 93,804 (20,?19) 1,205,487 1,111,()83 Historical cost at 31 August 2024 and 31 August 2023 674,891 674,891 Debtors 2024 2023 Prepayments 22,941 22,941 Creditors 2024 Accruals 2,699 2,579 2,699 2,579 Funds Reconciliation of movements in unrealised gains on investment assets Unrealised g2ins at I September 2023 Reah'sed on disposals Net revaluation g2in in the s'ear At 31 August 2024 436,792 93.804 530,596
The Raymond Freke Award Fund Financlal statement5 for the year ended 31 August 2024 11 Notes to the financial statements Related party transactoons During the year. the Trust granted bursaries totalling £10,674 (2023: £12.135) to pupils of The Pagrims, School and setded £22,941 of Bursaries Eor the following yc%r which are listed as Prepayment.. The Director of Finance & Resources, Elead and Chair of the Govetning Body of The Pllgrims, Schorjl are ex officio Trusrees of the Trust. At th¢ year end a balance of £0 (2023: £0) was due to the school.