THE WESTMINSTER ABBEY CHOIR SCHOOL BURSARY FUND REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 September 2025
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charfty No. 1162932 Contents Pagels} Trustees, Advisers and Goveming Documents Report of the Trustees Independ8nt Examinerfs Report to the Trustees Statement of Financial Activities Balanc8 Sheet Notes to the financial statements 9-13
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 TRUSTEES. ADVISERS AND GOVERNING DOCUMENTS For the period ended 29 September 2025 Trustees The Dean and Chapter of Westrninster Contact narne Mr. Christopher Vyse Governing document Trust deed dated 20 February 2012 ststus Charitable Trust Registered charity number 1162932 The Chapter Office 20 Dean's Yard London SW1P 3PA Principal offlce Heather Cheesman Chichester Accounting 104 Stockbridge Road Chichester West Sussex P019 8QP Indepandent examlner Barclays Bank plc 1 Churchill Place Canary Wharf London E14 5HP Bankers Page I
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charlty No. 1162932 REPORT OF THE TRUSTEES For the period ended 29 September 2025 The Trustees take pleasure in presenting their report together with the financial statements for the period ended 29 September 2025. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the accounts and comply with the charrty's trust deed, the Charities Act 2011 and Accounting and Reporting by Charilies-. 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) as it applies from 1 January 2019. The legal and administrative infonnation set out on page 1 foms part of this report. Structurei governance and management The Westminsler Abbey Choir School Bursary Fund is an unincorporated trust registered with the Charity Commission and was created by trust deed dated 20 February 2012. It was set up to raise funds ID SUPPOrt ils declared objectives, which include grant giving. The Trust was gIStered with the Charrty Commission on 20 July 2015, Prior to this the funds of the Trust had been held in trust by the Collegiate Church ofst Pelernweslminsler ('WestminsterAbbey'). The Trustees at the date of this report are detailed in the legal and administrative infomation set out on page one, which forms part of this report. The Charity is the Truslees incorporated as a body. The Dean and Chapter are a body corporate. each member appointed by the Crown. As Trustees, they are given infomial training as part of their induction to the Charity. This training involves explaining the Trustees, responsibilities and explaining to them the role they are expected lo lake and the involvement in the charity that this entails. The Trustees meet at least once per year to discuss matter relating to the Charities performance None of the Trustees receive any remuneration for their role,. day to day financial transactions relating lo the trust are overseen by the staff at Westminster Abbey. Objects and activltles of the Charlty The main objectives of the Trust are.. To provide bursaries to enable pupi15 to attend the Westminster Abbey Choir School To provide leaving award5 to enable fomier pupils of the Westminster Abbey Choir School to conlinue their education after leaving the Westminster Abbey Choir School To advance the education at the Westminster Abbey Choir School in any other way The Trustees ¢onfinn that they have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's objectives and in planning future activities and setting the grant making policy. The policy for grants states that expenses should be pertaining to the advancement of education at the Westminster Abbey Choir School. The Trustees believe that financially assisting the Westminster Abbey Choir School in this way advances the provision of education. Page 2
THE WESTMINSTER A8BEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 REPORT OF THE TRUSTEES (continu¢d) For the period ended 29 September 2025 Public benefit The Trustees believe the objects of the Charity meet the 'purposes test, for public benefrt. as set out in the Charities Act 2011. The Trustees refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and oty'ectives and in planning its future activities. In particular, the Trustees Gonsider how planned activities will contribute to the aims and objeclives that have been set. Alms and strategies for achleving objectives The aim is to deliver sufficient income from investments to contribute to the education of pupils al the Westminster Abbey Choir School. Financlal revlaw and achlevements of the year The total resources of the Trust amounted to £1,713,874 as at 29 Septembèr 2Q2412024'. £1,590,073). Net income and expenditure amounted to a surplus of £123,801 (2024.. Net surplus £170,702) Reserves pollcy The Charity aims to maintain sufficient liquid fuThJs to meet the level of expenditure required to meet the average annual cost of providing Bursaries to assist with meeting the fees payable in respect of pupils attending the Westminster Abbey Choir School. Once this requirement is met, the Trustees are of the view that additions to reseNes that would exceed this requirement should be re-invested. At the reporting date, the Trust had funds of £1,713,874- of vthich £1,238,993 relates to endowment8 left to the Charity and £474,881 relates to restricted funds. During the year, investments increased in value with an in-year gain of £94,817. Investments generated expendable income of £28,959. The Trustees will Consider options for apptying remaining funds when they next meet. No grants were issued. Investment pollcy The investment obj'ective of the Trust is to maintain the real value of rts capital, at the same time ensuring that income returns are maximised. thus prowding adequately for the Charitable work to which the Trust is committed. To achieve this objective, the Trustees have opted to invest the funds of the charity through the Investment Pool of Westminster Abbey, which ensures that investments are reviewed on a regular basis. The principal source of income for Ihe Trust is investment income generated by units in the portfolio managed by Westminster Abbey Investment Pool. The Investment Pool's ethical policy follows the practices recommended by the Church of England's Ethical Investment Advisory Group., in addition, the funds held are subject to an annual ethical review. The Truslees aim to distribute the net income of the Trust to support the Trust's charitable objectives. Where income is not distnbuted it is reinvested to grow the capital and future potential income generated from investments. Page 3
THEWESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 REPORT OF THE TRUSTEES Icontinuedl For the period ended 29 September 2025 Risk management The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate the Trust's exposure to them. The greatest threat is a significant downtum in the Stock Market. The Trust's funds are managed as part of Westminster Abbey Investment Pool. The Investment Panel, comprised of independent members all with appropriate level of financial experience, meets quarterly lo review perfomance and advise the Trustees. Tru8te98' golng concern ass858ment The Trust885 consider the Trust to b8 a going concern as rt continues lo have positive fund balances, has a negligible cost base whilst the same time continuing to provide financial support to via Westminster Abbey and ils Choir School and is expected to do so for a period not less than 12 months from the date of signing of the financial stalements. Page 4
THE WESTMINSTERABBEYCHOIR SCHOOL BURSARY FUND Charity No. 1162932 REPORT OF THE TRUSTEES Icontinuedl For the period ended 29 September 2025 Staternent of Trustees, responsibilities The Trustees are responsible for preparing the Report of the Twstees and the financial statements in accordance with appli¢able law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice) including FRS 102. the Financial Reporting Standard applicable to the UK and Republic of Ireland. The law applicable to charities in England and Wales requi$ 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 appli¢ation of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounb'ng policies and then apply them consistently., observe the methi)ds and pnnciples in the applicable Charities SORP.. make judgments and estimates thal are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial stat8m8nts,' and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Truste8s are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial pos'rtion of the charity and enable them to ensure that the financial Statements comply wth the Charrties Act 2011. the Charities (A¢¢ounts and Reports) Regulations 2008 and the provisions of the charitable settlernent. 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. Approved by the Trustees and signed on their behalf by.. The Very Reverend D Hoyle The Reverend DJ Stanton Date-. Page 5
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND chtyN0. 1162932 INDEPENDENT EXAMINER'S REPORT For the period ended 29 September 2025 I report on Ihe accounts of the Trust for the year ended 29 September 2025, which ar8 S6t out on pages 7 to 13. As the charitys truslees. you are responsible for the preparallon of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Act")- I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 A and in carrying out my examination, I have followed all the applicable Direclions given by thè Charity Commission under section 145(5llb) of the Act. I have completed my examinat5on. I confimi that no malerial matters have come to my attention in connection with the examination (other than that disclosed below'l which give me cause to bèlieve that in, any material respect.. the accounllng records were nol kept in accordance with 5ectlon 130 of the Charities Act., or 2. the accounts did not accord with the accounting records. or 3. the accounts did not comply with the applicable requirements concerning the form and contonl of accounts set out in the Charilies lACunIS and Rèports) Regulations 2008 other than any requirement that the acxounls give a 'lrue and fair. view which is not a matter considered as part of an independent examination. I hav8 no concerns and have come across no other matters in connection with the examinallon to which attention should be drawn in this report in orderto enable a proper understsnding of the accountg lo be reaGhed. Heather Cheesman Chichester Accounting 104 SlockbrKlge R08d Chichester West Sussex P019 8QP Dale.. 17 July 2026 Page 6
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charlty No. 1162932 STATEMENT OF FINANCIAL ACTIVITIES (including Income and expendlturè account) For the period ended 29 September 2025 Restricted funds Endowment fund5 Total funds Total lunds Notes 2025 2024 Ineomlng resources Interest Receivable 89 89 36 Investment incom6 28.895 28.895 23,472 Totsl In¢omlng re80urces 28.984 28,984 23.508 Re¥ourGe5 expend Grants made under the Scheme (40,000} Bank Charges (3) Total resourcv expendod (40,003) Net Incomel lexpendlturè) before gain6 1 {108888I on Investments 28,984 28.984 {16,4951 Galns I (Losses) on investments 24.851 69.966 94,817 187,197 Net {Expendlturel I Income 53,835 69,966 123,801 170,702 Nel movement in funds 53,835 69,966 123,801 170,702 Total fund5 broughl forward 421.046 1,169.027 1,590.073 1,419,371 Total funds carried forward 474,881 1,238,993 1.713,874 1,590,073 The results for the years as set out above have been derived entirely from continuing operations. The notes on pages 9 to 13 form part of the financial statements. Page 7
THE V¥ESTMINSTERABBEYCHOIR SCHOOL BURSARY FUND Charity No. 1162932 BALANCE SHEET As at29 September 2025 Restricted funds Endowment funds Total funds Total funds Notes 2025 2024 Non-current assets Investments 440.069 1,238,993 1,679,062 1,584,245 Current assets Debtors 28,895 5,917 34,812 28,895 5,917 34.812 Cash at bank 5,828 5,828 Current liabllitles Creditors Net current a8setg 34.812 34.812 5.828 Net assets 474.881 1.238,993 1,713,874 1,590,073 Represented by: Restricted fund5 474,881 474,881 421,046 Endowment funds 1,238 993 1.238,993 1,238.993 1,713,874 1,169.027 1.590,073 Total Charity funds 474,881 The financial statements and accomparyirvj notes on pages 9 to 13 were approved by the Trustees and aulhorised for issue and signed on their behalf. The Very Reverend D Hoyle The Reverend DJ Stanton Date.. 2031 PaBe 8
THE WESTiIIINSTER ABBEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 NOTES TO THE FINANCIAL STATEMENTS For the period ended 29 September 2025 Legal Forni The Westminster Abbey Choir School Bursary Fund is a registered charity in England and is a public benefit entlfy. The address of the registered Offi is The Chapter Office, 20 Dean's Yard, Westminster Abbey, London, SW1P 3PA. The charity. which is registered with the Charity Commissioners, has as its constttution a Trust Deed. Accounting pollcles a) Convention The finanGial statements have been prepared under the historical cost convention and in accordance with the Statement of Recomrnended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 28 March 2018, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Trust Deed and the Charities Act 2011. The accounts (financial statements) have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireknd (FRS 102) issued on 28 March 2018 rather than the Accounting and Reporting by Charities.. Statemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity has elected to lake the exemption from the requirements to Prepa a Cash Flow Statement due to rts turnover being less £500,000, as permitted by the Statement of Recommended Practice (SORP) 'Accounling and Reporting by Charities" (FRS 1021. bl Golng concern The Trustees consider the Trust to be a going Conrn as it continues to have positive fund balances, has a negligible cost base whilst at th8 same time continuing to provide financial support tc via Westminster Abbey and its Choir School and is expected to do so for a period not less than 12 months from the date of signing of the financial stalement5. Donatlons Donalions are cOgnised on a receivable basis. d) Investments and Investment income Investments are shown in the balance sheet at market value. Investment incom8 is recognised on a 1Ved basis. Realised and unrealised gains are awounted for in the Statement of Financial Activities. e) Realised gains and losses Realised and unrealised gains are accounted for in the Statement of Financial Activities. Realised gains and losses on Investments are calculated as the drfference between sales prOed8 and their opening carying value ortheir purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Page 9
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 NOTES TO THE FINANCIAL STATEMENTS (continued) For the period ended 29 Septemkr 2025 Grants Grants are accounted forwhen eitherthe recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay wrthout condition or the recipient has a reasonable expectation that they will receive a grant and any Gondition attached lo the grant is outside the control of the Trust. gl Cash When applicable. all cash is held in a current bank account and is immediately available for meeting the objecls of the Trust. Under FRS 102 the Trust is not required to produce a cash flow stalement as it is included within consolidated financial statements that are publicly avai5able on Westminster Abbey s website. h} D•btors Debtors are Cognised at the settlement amount due. Credltorg Liabilities are recognised as resources expended as soon as there is a legal or conslru¢tive obligation committing the Trust to the expenditure. All expendrture is accounted for on an accruals basis. Funds Restri¢ted funds relate to grfts and legacies Ythich have been given or bequ8ath8d lo the Trust to be used in accordance with the wishes of donors or their representatives. Both the capital and the income may only be used in accordance with the purposes for which the funds were donated. Endowment funds relate to gtfts and legacies which have been given or bequeathed to the Trust to be used in accordan with the wishe5 of donors or their presentatives. The income may be used in accordan with the purposes for which Ihe funds were donated. kl Financial Instruments The Trust only holds basic financial instruments. Financial instruments held by the Charity are dassified as follov4S'. Cash is held at cost Investments are held at fair value based on rnaet value for the listed investments at the balance sheet dale Debtors are held al amorbsed cost using the effective interest method Page 10
THE WESTMINSTER ABBEY CHOIR SCHOOL BURSARY FUND Charlty No. 1162932 NOTES TO THE FINANCIAL STATEMENTS (conlinued) For the period ended 29 September 2025 2. Investment Income Restricted Endowment funds funds Total 2025 Total 2024 Dividends reiVed 28,895 28.895 All dividends received relate to restricted funds in both current and prior year. 28,895 28,895 23,472 23,472 3. Grants Sssued 2025 2024 The Dean and Chapter of Westrnin5ter (Ckv)ir Sthool) 40.000 40,000 4. Investsnents Restrlcted Endowment Funds funds Total 2025 Totsl 2024 Market value at 30 September 415.218 1,169,027 1,584.245 1.397,048 Additions Disposals Gains I (Losses) in the year Market value as at 29 September 24.851 69.966 94,817 440.069 1,283,993 1,679,062 187,197 1,584,245 All investments are carried at their fairvalue. Investments are made in uni(s held in the portfolio managed by Westminster Abbey Inveslment Pool. Purchases and sales of units are cognised at their transaction value. Page 11
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 NOTES TO THE FINANCIAL STATEMENTS {contlnuedl For the period ended 29 September2025 5. Debtors 2025 2024 Accrued income 28,895 6. Analysis of fund movements Balance blfvld Balance clfvid Income Expendlture Transfers Gains Restricted funds Choir School Bursary fund Totsl Reslrl¢ted 421.046 28,984 24,851 474,881 421,046 28,984 24,861 474,881 Endowmènt funds Choir School Bursary fund Totsl Endowments 1,169,027 69,966 1.238,993 1,169,027 69.966 1,238,993 Total Funds 1,590,073 28,9584 94,817 1,713,874 Descrlptlon of funds The Choir School Bursary fund is to enable pupils to attend the Westminster Abbey Choir School and to provide Seaving awards to enable fomier pupils ofthe Westminster Abbey Choir School to continue in their education after leaving the school. The endowment funds are pemianent endowmenls as set out in the 2012 Trust doed. Income generaled from these funds is to be used as prescribed above. Page 12
THE WESTMINSTERABBEY CHOIR SCHOOL BURSARY FUND Charity No. 1162932 NOTES TO THE FINANCIAL STATEMENTS leontlnuedl For the period ended 29 September 2025 7. Related Parties Transactions with th8 Collegiale Church of St Peter in Westminster and its wholly owned subsidiaries are exempt from the detailed disclosures required by FRS 102 because the Collegiate Church of St Peter in Westminster prepares consolidated Group accounts which are publicly available. The Trustees received £Nil remuneration during the year (2024.. £Nil) and £Nil expenses were reimbursed to any Trustees during the year {2024'. £Nil). There are no staff employed by the Charity. with all administration and costs bome by the Dean and Chapier of the Collegiate Church of St Peter in Westminster. The independent examination fees are m8t by the Dean and Chapter of Westminster. 8. Flnanclal In3trum8nts At the balance sheet date, the Charity held the following financial instruments. The fair value of investments is determined by reference to market value. 2025 2024 Measured at fair value Investments at market value 1,679.062 1,584,245 Measured at amortised cost Debtors Creditors 28,895 Cash at Bank 5,917 5,828 Total 1,713 874 1590 073 Page 13