REGISTERED CHARITY NUMBER: 218573
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
RICHARD LANE OTHERWISE TOMSON CHARITY
REFERRED TO AS TOMSON'S CHARITY
TOMSON'S CHARITY CONTENTS OFTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees Ito4 Report of the Independent Auditor5 Sto6 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9t012
TOMSON'S CHARITY REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial statements of the Charity for the year ended 31 December 2024. The trustee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recomfflended Practice applicable to charities preparing their account5 in accordance with the Fin3nci31 Reporting Standard applicable in the UK Jnd Republic of Irel3nd IFRS 1021 Isecond edition. effective l January 20191. OBJECTIVES AND ACTivmES Objectives and aims of the charity The Charity is established to rnaifitain choral scholarships at the Cathedral School in the City of Hereford for boys resident in the Diocese of Hereford. The Charity aitns to fulfil its object set out above by sound investment management to maxirnise incotne toncomitant with preservation of capital. to provide financial support for the cathedral choristers at Hereford C3hedral School. The main objective for the year is to maximise income to provide maximurr¥ 5UPPOrt for chorister Si¥niticant activities There were no new significant xtivities durin8 the year ended 31 December 2024. Publlc benefit The trustee5 confirm that they have referred to the guidance conlained in the Charity Commission's gener31 guidance on public benefit when reviewing the ChariW5 aitn5 and objeitives Jnd in determining the grant making policy for the year. Grantmaking All 8rant making is ifi accordance with the provisions of the Charity Commsssion Scheme Sealed 1st DecernbEr 1977. ACHIEVEMENT AND PERFORMANCE Review of progress and achievement The charitable activity remains, as set out in the scheme, the provision of tnoney for the estsblishment and mainten3nce of choral 5cholar5hips at the Cathedral School. The cost of these scholarships is a major part of the c05t ol the Cathedral's Choral Foundation, and it 15 unlikely that. without the aid of Tomson's Charity, the Chapter of Hereford Cathedral would be able to raise sufficient money to maintain the choir at its present strength. Matsrial Investsnents The Charity draws its income Irom tnvestments. A 8rant has been mJde to the Chapter of Hereford Cathedral to meet the cost of educating choristers and 5cho13r5hips totalling £O4.8{2023.. £64,Th)01 during the year. Given the rising cost of the choral scholarships, the entire annual incotne of thi5 Charity is insufficient to meet the shortfall between the cost5 of choral schol3rships of £169,56112023.. £186.8331 and the intome generated for this purpose in the¢r own right by the Chapter of Hereford Cathedral. There 15 unlikely to be any further surplus income for the Charity in the future. FINANCIAL REVIEW Investment Powers The trustees have wide power5 of investrnent. Invesbnent polbcv and objectives The trustees have considered the rnost appropriate policy for investin8 funds and consider that a rnix of primarily UK and oversea5 equitie5 complimented by fixed interestand altemative hdding5 meettheir requirements to generate both income and capital 8rowth. To reflect more accurate the nature of the charity the trLtstees have decided to split thÈ funds between the original endowment and the net income available after charging charity Eovernance cost. This net income is recognised a5 unrestricted unds and is distributed to cover part of the annual lost of the Cathedral choral scholarships. Page 1
TOMSON'S CHARITY REPORTTO THE TRUSTEE5 Icontinuedl FOR THEYEAR ENDED 31 DECEMBER 2024 Reserves policy The 8reater part of the Charity's assets is represented by its endowment. These fund5 are held as investments. The cost of managing investrnents in 2024 was £8.475 12022.. £8,347) and is charged 38ain5t the endowment fund. Investments generated a net gain of £146,014 in 202412023.. £52,923). Totsl endowrnent net assets at the year-end amounted to £1,775.50912023.. £1,671,1821. Income from investments is released to the unrestricted fund based on 3 4% return of the market valuation of investtTrEnts at 30th June ol the 3 previous year5. Thi5 income is applied a5 a grant to Chapter to help cover the cost of the choral scholarships. The dividend income generated by the investments in 2024 was £35.30012023.. £43.7301. The result for the year shows 3 decrease in unrestricted net income of £2812023.. increase of £4461. It IS the policy ol the trustees to masntain a srnall unrestricted fund to meet day-to-day costs. This stands at £1,494 on 31 Decernber 202412023. £1,522). Risk review and Mana8ernerrt The rnain riskaffectin8 thecharity is poorperformance of investments giving lower income returns.This is mitigated through good management of the funds 35 highlighted above. The trustees keep this under review at 311 tirnes. FUTURE PLANS To continue to maximise incorne without jeopardising the capital base by constsnt review of investment performance for the better provision of choral scholarship5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Charity Commission Scheme Sealed l Decernber 1977. RecNitmentand appointrnent of new trustees The Charity Commission Scheme provides for the Chapter of Hereford Cathedral to be the trustees. Organlsational structure The clerk to the trustee5 oversees the day-to-day operatitsn of the Charity in accordance with the accounting instructions that have been adopted by the trustees. Adrnini5tr3tive and financial duties are carried out by the trustees or delegated as appropriate. Induction and trainln8 of nEW trvstees New members of Chapter are briefed on their duties as tTUStees as appropriate and attend courses covering the responsibilities of the trustees. Related parties Related partie5, transaCtn$ a set out in the notes to the financial staternents. Page 2
TOMSON'S CHARITY REPORTTO THE TRUSTEES Icontinuedl FOR THEYEAR ENDED 310ECEMBER2024 REFERENCE AND ADMINISTRATIVE DETAILS Re8iStered Charity number 218573 Prlnclpal address 5 College Cloisters The Close Hereford Herefordshire HRI 2NG Tw$tees The Trustee of the Charity who h35 day to day rnanagernent responsibility is The Chapter of Hereford Cathedral, whose members at 31 December 2024 and sub5equendy appointed. are listed below.. The Very Revd Sarah Brown (Dean of Hereford) The Revd Canon Andrew Piper The Revd Canon Jame5 Pacev Canon Duncan Jones Canon David Howell Canon Benjamin PaTdoe Canon Marc Leppard Canon Clare Wichbold MBE Canon Patrick Nugent (Resigned October 20241 (Appointed December 20241 Audltors Hazlewoods LLP Stsverton Court 5taverton Cheltenh3m GL51 OUX Page 3
TOMSON'S CHARITY REPORTTO THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCEAND ADMINISTRATIVE DEfAILS Charity Name Richard Lane Otherwise T0ffl50n Charity Workln8 Name Tomson's Charitv Clerk to theTrustee Christopher Milton IResigTied October 20241 Marc Leppard (Appointed February 20251 Bankers CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Investment Advisers Rathbone Investrnent Mana8ement Ltd 8 Finsbury Circus London EC2M 7A2 STATEMENT OFTRUSTEES RESPONSIBILITIES The trustee5 are responsible for preparing the Report of the Trustees and the finan¢*al statements in accordance with applicable law and United Kingdom Accountin8 Stsndard5 (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in En8land and Wales, the Charities Act 2011. Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustee5 to prepare financial statements foreach financial yearwhich give a true and lair view of the stste of affairs of the charity and ol the incoming resources and application of resource5, including the income and expenditure, ol the charity for that period. In preparing those financial 5tatement5. the trustees are reqUId to select suitable accounting policies and then apply them consistentlv., 0115erve the methods and principles in the Charity SORP., make judgetnents and estimate5 that are reasonable and prudent.. prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue in busine5S. The trustees are responsible for keeping proper accountin8 records which dist105e with re3$0nable accuracy at any time the financial position of the charity and to enable thern to ensure that the financial 5tstements Comp with the Charities Act 2011. the Charity (Accounts and Reportsl Regulations 21X)8 and the provisK)n5 of the trust deed. They are also responsible lor safeguarding the assets of the charityand hence fortaking reasonable steps forthe prevention and detectyon of fraud and other irregularities. Approved by order of the board of trustees 27th May 2025 and signed on its behalf by.. The Very Revd Sarah Brown - On behalf of the Trustees Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TOMSON'S CHARITY Opinlon We have audited the financial statements of Tornsons Ch3rity (otherwise Richard Lane) for the year ended 310ecember 2024 which comprise the staternent ol financial activities, the balance sheetand notes to the financral Statements, including ) summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdotn Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicab in the UKand Republic of1reland (United Kingdom Generally Accepted Accounting Prxticel. In our opinion, the financial statements.. give a trut and fair view of the state of the charity's affairs as at 31 December 2024 and of the charitvs net movement in funds for the year then ended,. have been properly prepared in accordance with United Kingdotn Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Ba515 lor opinion We have been appointed as Juditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant re8ulation5 made or h3vin8 effect thereunder. We conducted our audit in accordance with International Stand3rds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financi31 ststements section ol our report. WÈ are independent of the charity in accordance with the ethical reouirements that are relevant to our audit of the financial statements in the UK. including the FRC'5 Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 suftitient and appropriate to provide 3 basis for our opinion. Conclusions relating to going concern In auditing the financi31 statements, we have concluded that the trustees, use of the going concem ba515 of accounting in the preparation of the financial statetnents is appropriate. Based on the work we have perforrned. we have not identified any material uncertainties relating to events or conditions that, itKlividually orcolkntively, tn3y cast signifant doubt on thecharity's ability to continue as a 8Olll8toncern fora period of at least twelve months from when the financial statements are authorised lor issue. Our responsibilitie5 and the responsibilities of the trustees wth respect to going concern are desuibed in the relevant sections of this report. Other inforniation The trustees are responsible for the other information. The other information cornpri5es the inforrnation included in the Trustees, Annual Report. Our opin¢on on the financsal ststements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of a55urance conclusion thereon. In connection with our audit of the tinancial 5tattments, our responsibility is to read the other inform3tion and, in doing so, consider whether the other information 15 fflaterially inconsistent with the financial staternent5 or our knowledge obtained in the audit or otherwise appears to be rnaterially misststed. If we identify Such material inconsistencie5 or>pp>rent material miss*atements, we are required to determine whether there is a material misstatement in the linanci31 statements or a material misststement of the other information. If. based on the work we have performed. we concludÈ that there is a material misstatement of this other inlorrnation. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect ol the following m2tters in relation to which the Char¢tie5 (Accounts and Reportsl Regulations 21X)8 require u5 to report to you if. in our opinion.. adequate accounting records have not beÈn kept by the charity., or sufficient accounting records have not been kept.. or the charity financial statements are not in agreement with the accounting records and returns., or we have not received all the inlorrnation and explanations we require for our audit. Responslbilities of trustees for the financial statement5 As explained more fully in the trustees, responsibilities 5tstement set out on page 4. the trustees are responsible for the pparatIOn of the financial statements and for being sat15fied that they give a true and f3ir view, and for such intern31 control 3$ the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prep3ring the financial statements. the trustees are responsible for assessing the charit¥'s ability to continue a5 a going concern. disclosing. a5 applicable. fflatter5 related to going toncern and using the going concern b3515 of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THETRUSTEES OF TOMSON'S CHARITY ICONTINUEDI Auditof's responsibllities for the audltof the finarKial ststements Ourobjectives are to obtsin reason3b¢e assurance about whether the financial statements as a whole are free from material misststement. whether due to fraud or error. and to Issue an auditor's port that includes our opinion. Rea50nable assurance is > high level of assurance but is not a guarantee that an auditconducted in accordance with ISAS IUKI will always detect a rnaterial misstatement when it e¥i5t5. Misstatements Can 3rise from fraud or error and are considered material if, individually or in the aggregate. they could 8$OnablY be expected to influence the economic decisions of user5 taken on the basis of these linancial statements. Extent to which the uudit Vlas cttpable of detecting iiwegulGrities, includinsfroud Irregularities. including fraud, are instances of non-compliance with laws and zulationS. We design procedures in line with our responsibilitE5. Outlined above, to detect tnaterial rni5St3tements in respect ol irregularities, includingfraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. We considered the nature of the charity's industry and its control environment and reviewed the charity's documentation of their policie5 and procedu5 relating to fraud and cornpliance with laws and re8ulations. We also enquired of rnanagement about their own identification and assessment of the risks of irregularities. We obtained an understanding of the legal and regulatory framework that the charity operates in and identified the key law5 and regulations that had a direct effect on the determination of material amounts and distlosure5 in the financial statements, including the UK Charities Act 2011 and tax legislation, and those that do not have a direct effect on the linancial 5tstements but compliance with which may be fvndamental to the ch>rity's ability to operate orto avoid a rnaterial penalty. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial ststement In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropraateness of journal entries and other adju5tments'. assessed whether the judgments Made in accounting estimates are indicative of a potential biis.. and evaluated the business rationale of any significant transacts'ons that are unusual or outside the nomial course of business. In addition to the above, our procedures to respond to the risk5 identified included the following.. reviewing financial statement disc105ure5 by testing to 5UPPOrtin8 documentation to assess compliance with provisions of relevant13W5 and regulations described as having a direct effect on the financial statements.. perforrning analytiC31 procedures to identify any unusual orunexpected relationships that may indicate risks of material misststement5 due to fraud., enquiring of rnan38ement toncerning actual and potential litigation and clairn5 and instsnces of non-compliance with law5 and regulations.. and reading minutes of rneetings of those charged with governance. Our audit procedures were designed to respond to risks of rnatersal misststement in the financial 5taternents, recognising that the riskof not detecttng a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery. tni5representations orthrou8h collusion. There are inherent limitstlOn5 in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial 5tattYnents, the less likely we are to become aware A further description of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Council's website at.. www.lrc.or uditorsre5 on ies. This description fornis part of our auditorfs report. Use of our report This report is made solely to the charity's trustees. 35 3 body. in accordance with section 144 of the Charitiè5 Act 2011 and regulations made under section 154 01 that Act. Ouraudit work has been undertaken so that we fflight state to the charity's trustee5 those matters we are required to stateto thern in an Auditor's report and lorno other purpose. To the fullest extent pertnitted by law. we do not accept or assume rÈsponsibility to anyone other than the charity's trustees as a body lor our audit work, for this ptsrt, or for the opinions we have formed. Scott Lawrence1Senior Statutory Auditor) For and on behalf of Hazlewoods LLP. Staverton Court Staverton Statutory Auditor Cheltenham GL51 OUX 30.05.2025 Page 6
TOMSON'SCHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Fund$ Endowment Funds Totsl Funds 2024 Total Funds 2023 Notes INCOMEANDENDOWMENTS FROM Investrnent Income 340 EXPENDITUREON Raisin8 funds - investment management fees Charitable activities 8,475 8.475 8.347 Total 77 Inve5bment gainslllossesl 146 014 14 NET INCOMEIIEXPENDITVREI 168,5401 172,839 104.299 20.584 Transfers between funds NETMOVEMENT IN FUNDS li 1281 104,327 104.299 20,584 RECONCILIATION OF FUND5 Total funds brou8ht forward 1671182 TOTAL FUNDS CARRIED FORWARD All income and expenditure has arisen from continuing actNities. The note5 nUtnbeTed I to 13 fom) part ol these financi31 statements. The r¥)Les form part of these fir4arKial statements Page 7
TOMSON'S CHARITY BALANCESHEET AT31 DECEMBER2024 Unresthrted Funds Endowment Funds Totsl Funds 2024 Totsl Fund5 2023 Notss FIXED ASSETS Investments 1775 509 1779 765 CURRENT AS5Ers Debtors Cash at bank 74 74 17,108 19.653 19,653 19,301 CREDITORS Amounts falling due within one year io NET CURRENT ASSETSIILIABILITIESI TOTALASSETS LESS CURRENT LIABILITIES 1775 509 ASS5 FIJNDS Unrestricted funds Endowment fund li li 1,494 1.494 1.522 1775 509 182 1775 509 TOTAL FUNDS li The notes numbered I to 13 lorrn part of these financial 5tsternentS. The financial ststements were approved by the Board of Trustees on 27th May 2025 and were signed on it5 behalf by.. Very Revd S Brown - On behalf of the Trustees The KJte5 form part of these financial statements Page 8
TOMSON'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the linancial statements The financial statements of the charity. which 15 a public beneht entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021'Accounting and Reporting by Charities.. Statementof Recofflmerided Practice applicable to charitie5 preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lelfective I january 20191.. Financial Reporting Standard 102 'The Financial Reportin8 Stsndard applicable in the UK and Republic ol Irel3nd' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. 35 modified by the revaluation of certain a55ets. Going Concern The actounts are prepared on a 80in8 concern basis, and, in the opinion of the directors, there is no material uncertainty in connection with the company's ability to continue to operate for the foreseeable future and a minimum of twelve months from the approval of the financial statements. Inme All income is re£o8nised in the Statement of Financial Activities once the ch3rity has entitlement to the funds, it is probable that the income will be received. and the amount can be measured reliablv. Expenditure Liabilities are reco8nised as expenditure as soon as there is a legal or constructive obligation committin8 the charity to that Èxpenditure, it is probable that a transfer of economic benelits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where c05t5 cannot be directly attributed to particular headings they have been allocated to activities on a ba515 consistent with the use of resource5. Taxation The charity is not Eenerally liable to corporation tax on its surplus. The charity is not registered lor value added tax purposes. Fund a¢¢ountinB Unrtstritted funds can be used in accordance with the charitable objective5 at the discretion of the trustees. The investments, and any income and expenditure in managing the capital assets of the charity are recognised a5 part of the original endowment by the Tomson Charity and shown as Endowment Fund5. Further explanation of the nature and purpose of each fund is included in the notes to the financial ststements. Investments Investments are ststed at market value at the balance sheet date and unreali5ed gains or losse5 are shown on the Statement of Financhil Activitie5. Liabilities Liabilities are reco8ni5ed when the Charity has a psent oblbgation arisin8 from past events. Cash at bank and in hand C35h at b>nk and tash in hand includes cash and short-term invesbnents with 3 short maturity of three months or less from the date of acouisition or opening of the deposit or similar accounL Debtor5 Trade and other debtors are reco8nised at the settkment amount due. Prepayrnent5 are valued at the afflount prepaid. Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fL¢nds to a third party and the amount due to settle the obliBation can be measured or estimated reliably. Creditors and provision5 are nomially recognised at their settlement amount. Pa8e 9
TOMSON'S CHARITY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 31.12.24 31.1223 Deposit account interest Dividends 340 35,300 178 43,730 35,640 CHARITABLE ACTIVITIES COSTS Dlre¢t Costs Suppcrt costs (See nots Sl Totsls 31.12.24 Choristers, School fee$ grant 64,8110 68.880 Totsls 31.12.23 67.900 Choristers. school fees grant 64,(X)O 3,9(K) NET MOVEMENT ON INVESTMENTS 31.12.24 31.12.23 G3ins/llossesl on investments Invests))ent management fees 146.014 18.4751 52,923 18.3471 137,539 44,576 SUPPORTCOSTS Govefnance Goveman costs costs 31.1214 31.1223 Auditors, remuneration Bank charge5 4,080 3,9 4,080 3.691 TRUSTEES, REMUNERATION AND BENEFITS There were no ernployees during the year or the prioryear. No emoluments or expenses were paid to the trustee5 during the year or the prior year. Tru5tees' expenses There were no trustees, expenses paid for the year ended 31 December2024 nor for the year ended 31 December 2023. Page 10
TOMSON'S CHARITY NOTESTO THE FINANCIAL STATEMENTS It¢tinued1 FOR THE YEAR ENDED 310ECEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES 31.12.23 31.12.23 31.12.23 Ttstsl fvnds Unrestricted Endowment Funds Funds Investhient income 178 43,730 43,908 Total 178 43,730 43.908 Raising Funds Investment management fees 8,347 8,347 Charitsble activities 67,9(K) 67,9(X) Totsl 67,900 8,347 76,247 Investment 8ain5111055e51 92 NETINCOME 167,7221 88,306 20.584 Transfers beeeTr funds 68,168 68,1681 Net movement on funds 446 20.138 20.584 Totsl fvnds brought forw¥d 1,076 1,651.044 1,652,120 Total fund5 carried forward 1.522 1.671.182 1.672.704 FIXED ASSET INVESTMENTS Cash and settbements pending Listed investments Tota15 MARKET VALVE At l January 2024 Additions Disposals Gain5 on investments Movement on cash 1,669,594 515.146 1565,4121 146,014 5,719 1,675,313 515,146 1565,4121 146,014 8,704 8,704 At 31 December 2024 1765,342 14,423 1.779.765 Ftmed asset investments are quoted on a recogni5ed stock exchange and held within the United Kingdom. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YL4R 31.12.24 31.1223 Other debtors Accrued incorne 74 66 17.042 Debtors 74 17,108 Pa8e11
TOMSON'S CHARITY NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THEYEAR ENDED31 DECEMBER 2024 io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1224 31.1223 Other creditor5 22,415 21.910 ii. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 1.1.24 At 31.1224 Unrestricted funds General fund 1,522 168.5401 68,512 1.494 Endowment fund 1,671,182 172,839 168,5121 1,775,509 TOTAL FUNDS 1.672.704 104,299 1,777,IX)3 Net movement in fund5, included in the above are as follow5.. Income and endowments Expenditure Gains and Movement in losses funds Unrestricted fu)ds General fund 340 168,8801 168.5401 Endowment fund 35,3 18.4751 146,014 172,839 TOTAL FUNDS 35.640 177,3551 146,014 104.299 Unrestricted funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application of the general objects ol the charity. The Endowrnent fund is the capital assets of the charity which are used to generate the inctsme pafrd over to the unrestricted fund for distribution in furtherance of the aims of the charity. Iz RELATED PARTY DISCLOSURES During the year, £64.80012023.. £64,Th)01 was p3id to the Chapter of Hereford Cathedral Iwho is the sole twstee of the char¢tyl in respect of part funding choristers, school fees at Hereford Cathedral School. The charity owed the Chapter of Hereford Cathedral £l6,2(l2023.. £16.0(M)l at the balance sheet date. 13. ULTIMATE CONTROLLING PARTY The charty is controlled by Hereford CathedTal on the basis that the Chapter of the Cathedral 15 the sole trustee of the charity (Charity registration number 12053971. A copy of the consolidated accounts of Hereford Cathedral rnay be obtained frorn its principal office at the address shown on pa8e 3. Page 12