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 AC￿pted 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
ch￿tyN0. 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 lAC￿unIS 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 Con￿rn 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
prO￿ed8 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 rna￿et 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 re￿iVed
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