REGISTERED CHARITY NUMBER.. 218573 REPORT OFTHETRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR RICHARD LANE OTHERWISE TOMSON CHARITY REFERRED TO AS TOMSON'S CHARITY TOMSON'S CHARITY CONTENTS OFTHE FINANCIALSTATEMENT5 FOR THE YEAR ENDED 31 DECEMBER2023 Page Rew)rt of the Trustees Ito4 Report of the Independent Auditors Sto6 Statem¢iit of Finantial Activities Balai)ce Sheet Note5 to the Fiiiaiicial Stateihents 9t012 TOMSON'S CHARITY REPORTTOTHETRUSTEES FOR THEYEAR ENDED31 DECEMBER 2023 The twstees present their report with the financi31 statement5 of the Charitv for the vear Ènded 21 Dècember 202.2. The trustees have adopted the provisions of Accounting 3nd Reporting by Charities.. S13tement of Recommended Practice applicablc to charitic- prcparjn6 thcir accounts in accordance With the fitt¥ncial fteportlns ￿tandard applicable in the Ul< and Republic of Ireland IFRS 1021 (second edition. efPective l January 20191. OBJECTIVES AND ACTIVITIES Obj&ctives and aims of the charify The Charitv is established to maintain choral scholarshios at the Cathedral School in the City of Hereford for boys rÈEide.nt in the Diocese of Hereford. The Charity aims to fulfil its object set out above by sound investment management to rn3ximise income concomitsnt with preserv3tion of capital. to provide linancial 5UPPOrt for the cathedral choristers at Hereford CathEdral School. The rnain objective lor the year is to m3ximise intome to provide maximum support for choristers. Significant activities There were no new significant activities during the year ended 31 December 2023. Public benefit The trtsstees confi ￿ that they have referred to the suidaii£e coiitaiiied iii tlit Cl)ai ily CoiiliiTris>iyiI'> ¥v¥ieidl ¥uiJdiiLe Ull public benefit when reviewing the Charify's airn5 and objectives and in determining the grant mèkin8 policy for the year. Grantmakin8 All grant making is in accordance with the provi5tcn5 of the Charity Commission Scheme Sealed 1st December 1977. ACHIEVEMENT AND PERFORMANCE Review of progress ènd achievement The charitable activity remains. as set out in the 5cherne. the provision ol money for the estsblishment and maintenance ol chor31 scholarships at the Cathedral School. The c05t of these scholarships is 3 major part of the CDSt of the C3thEdr31's C%or31 Foundation. 3nd it is unlikely that, withoLJt the aid of Tomson's Charity. the Chapter of Hereford C8thedr31 WOLlld be able to raise sufficient money to maintain the choir at its present st￿n8th. M3teri31 Investments The Charity draw: ',tp income from inve4trnent. ￿ 8roNt ha: bccn wadc to thc Chaptcr cf Hcrcford Cathcdral to mcct the COSt of educating choristers and scholarships totalling £64.00012022.. £69.1681 during the year. Given the rising cost ol the chor315cho13rship5. the entlre aTEnual Income of thls Ch3rlty Is Insufflclent to meet the shortf311 between the costs of Chof31 scholar5hip5 of £i86.82312022.. £161.02812nd the income generated for this purpose in their own right by the Chapter of Hereford Cathedrèl. There is unSikely to be any further surplus income for the Ch3fTty in the future. FINANCIAL REVIEW Investm&nt Powers The trustees have wide powers of Tnvestment. Investrnent policy and objectives The trustees h3ve considered the niost appropriate policy for investing funds and consider that 3 mix of primarily UK and over5e35 eguities complimented by fixed interest and alternative holdings meettheir requirements to generate both income aiid capiLal 81-owllTr. l o retlect more accurately the nature ot the charity the trustees have decided to split the funds L)etween the original endowment 2nd the net iiicome available after charging charity governance cost. This net income is recognised 35 unrestricted funds and 15 distributed to cover part of the annual cost of the Cathedral choral scholarships. Page 1 TOM50N'SCHARITY REPORT TO THE TRUSTEES Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves poli¢y The greater part of the Charity's assets is represented by its endowment. These luiids are held as investinents. The cost ol rniiia£iii8 invegtineiltg in 2023 w?5 É9.347 12022 EIO.4041 and is charsed aE.lin*t thc cndowmcnt Fui)d. 1nvc5lnicnt3 8eneraled a net gaiii 01 £52.923 in 202312022 net lossof £262,7991. Total endowmeiit net assets at the year-end amounted to El,&?I,IL1212022.. £1,6ul,0441. Ii)coine trom Investmeiits Is released to the unrestricted fund based on 3 4Yo rebjri) of the market valuation ol inve5tnienls at 30, JLine ol the 3 previous years. Thi5 incoine is applied 35 a Rrant to ChaDÈer to helo cover tlie cost of thp r.hnral scholarships. The dividend incotne 8ei)erated by the iiivestii)ents in 2023 wa5 £43,73012022.. £40,422). The result for the year sl)ows an inci-e<75e in uiirestricted net income of £44612022.. decrease of £3,690). It 15 the policy of the trustee5 to maintain a siiiall uiire5tricted fund to meet day-to-day costs. This stands at £1,522 011 31 December 202312022.. £1,076). Risk review and Management The n)aii) I'isk affecting the charity is poor perforiiiance of inveslnieiits givi1i8 lowerincome returiis.This is mitigated through good iiianageineiit of the fuiid$ 35 liighlighted above. The trustees keep this under review at all time5. FUTURE PLANS To coiitiniie to Inaximise income witliout jeop3rdisiiig the capital b<)se by coiistant review of investment perlorfflance lor tl)é botter provirion of choral 4cholarJliip- STRUCTURE, GOVERNANCE AND MANAGEMEN"1 Goveriiing dotument Charity comini55ioiI Scheme Sealed l Decernber 1977. Recruitment and appointment of new tfU5tees The Cliarity Coihinissioii Scheine provide5 foi. the Chapter i)f Hereford Cathedral to be the trustees. O¥ganisational structure The clei-k lo the triistce5 oversees the day-to-day operation ol the Charity in accordance with the accouiitiiig instrLKt10115 that have beeii adopted by the trustees. Administrative and fiiiancial duties are carried out by the trustees or delegated as appropi'i3te. Indilctinn AnA trJinin8 of new trustees New niembei"s ol Chapter are briefed on their dLltie5 as trustees 35 appropriate and attend course5 covering the responsibilities ol the tl'U5tees. Related parties Related parties, t1'ansact￿)ns are set out in the notes to the financial st