2023-08-31-accounts

Trustees’ Annual Report for the period

From: 1 Sep 2022 Period start date To: 31 Aug 2023 Period end date

Charity name: Bristol Cathedral Choral Foundation

Charity registration number: 270373

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	As a matter of policy, grants are currently made only to the Dean and Chapter of Bristol to support the Choristers and the Choral Tradition.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	The Foundation receives donations from individuals and organisations and invest them in order to pay grants to cover the costs of the Choristers and other costs relating to the choir and the Cathedral.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The Trustees have complied with their duty to have due regard to the Charity Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	As a matter of policy, grants are currently made only to the Dean and Chapter of Bristol to support the Choristers and the Choral Tradition.
Policy on social investment including program related investment	Para 1.38
Contribution made by volunteers	Para 1.38
Other

Achievements and Performance

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SORP reference
Summary of the main The Foundation receives donations from
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Achievements and Performance	Achievements and Performance	Achievements and Performance
SORP reference
Summary of the main		The Foundation receives donations from
achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	individuals and organisations and invests it in order to pay grants to cover the costs of the Choristers and other costs relating to the choir and the Cathedral.

Additional information (optional) You may choose to include further statements where relevant about:

Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:
Achievements against objectives set	Para 1.41
Performance of fundraising activities against objectives set	Para 1.41
Investment performance against objectives	Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	The Charity had net receipts of £9,204 during the year.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The Trustees aim to maintain reserves at a level which, taking into account anticipated future income, will match the requirement for grants in the future.
Amount of reserves held	Para 1.22	The Charity held reserves of £1,471,821 at the year end.
Reasons for holding zero reserves	Para 1.22	N/a
Details of fund materially in deficit	Para 1.24	None
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	N/a

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising)	Para 1.47	The charity receives funds from individuals and organisations with a specific interest in choral worship.
Investment policy and objectives including any social investment policy adopted	Para 1.46	Investments are currently only made with the Central Board of Finance of the Church of England Funds. Investments are allocated so as to continue the support of grants which allowingsomegrowth.
A description of the principal risks facing the charity	Para 1.46	The key risk to the Charity is the inability to pay grants as it has in the past. Grants to Dean and Chapter are made on an annual basis in accordance with an agreed schedule. The only significant underlying cause of this risk would be a significant reduction in investment returns. The Charity invests mainly in the investment fund of the Central Board of Finance of the Church of England Funds, sharing risks with many Church of England organisations. The fund has consistently paid increasing or at worst flat distributions that have supported ourgrants.
Other

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	Declaration of Trust dated 6 October 1975
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	Trust
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	The power to appoint Trustees is set out in the Deed of Trust. The Trustees seek to appoint new trustees who bring required skill and experience to the trustee body.

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51	The Trustees review annually key controls to mitigate risks identified related to investments (specifically the balance between sustainable income and capitalgrowth)and expenditure.
The charity’s organisational structure and any wider network with which the charity works	Para 1.51	The Trust is set up to support Choral Worship in the Cathedral. It does this as a matter of policy by providing funds to cover the costs of the Choristers as members of the choir, along with ancillary costs as required. Because of the nature of its work, the Trustees work closely with the Dean and Chapter. Current Trustees include the Dean and Precentor of the Cathedral.
Relationship with any related parties	Para 1.51	The only related party is the Dean and Chapter of Bristol Cathedral.
Other

Reference and Administrative details

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Charity name Bristol Cathedral Choral Foundation
Other name the charity uses
Registered charity number 270373
Charity’s principal address Bristol Cathedral, BS1 5TJ
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Trustee name Office (if any) Dates acted if not Name of person (or body)
for whole year entitled to appoint trustee
(if any)
1 Richard Bacon Chairman
2 Kathryn Goldsmith Appointed from
10/10/22
3 Mark Lee
4 Sarah Jenkinson Secretary
5 Christina Gorzkiewicz Secretary Stepped down
09/01/23
6 Paul Dyke
7 John Davenport
8 David Torpy Stepped down
10/10/22
9 Jeremy Srokosz Treasurer
10 The Very Revd Dr Mandy Ford
(Dean of Bristol)
11 Elizabeth Parkes Appointed from
05/06/23
12 Rustom Battiwalla Appointed from
05/06/23
13 Helen Rowe Appointed from
05/06/23
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– Corporate trustees names of the directors at the date the report was approved Director name

Name of trustees holding title to property belonging to the charity	Name of trustees holding title to property belonging to the charity	Name of trustees holding title to property belonging to the charity	Name of trustees holding title to property belonging to the charity
	Trustee name	Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects

Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

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Type of Name Address
adviser
Name of chief executive or names of senior staff members (Optional information)
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Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Section A Receiptsand
	Unrestricted funds	Restricted funds	Endowment funds	Totalfunds	Last year
	to thenearest	to thenearest€	to thenearestg	to thenearest€	tothenearest€
	E
				43,084	41,462
				330	330
				416	630
				43,830	42,422

			43,830	42,422
A2	Asset and investment sales,
				r--=
				I-1
	Total receipts	43,830	43,830	ru
			34,566	42,$74
			60	93
			34,626	42,667

A4Asset and investment CBF lnvestmentFund Shares			r---l l-r
Total payments Netofreceipts/(payments)	34,626 9,204	9,204 26	r---:ffi] f- ,rl
A5Transfersbetweenfunds
A6 Cashfundslast yearend Cashfundsthis year end	51.452 60,55€	51,452 60.656	I 51.6971 r-Tial