## SCHOLA CANTORUM OF OXFORD
## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
31 July 2024
Charity Registration No. 272382
## Schola Cantorum of Oxford FINANCIAL STATEMENTS for the year ended 31 July 2024
||**INDEX**||
|---|---|---|
|||Pages|
|Officers and Advisors||1|
|Trustees’ Report||2|
|Trustees’ Responsibilities||5|
|Independent Examiner’s Report||6|
|Statement of Financial Activities||7|
|Balance Sheet||8|
|Notes to the Financial Statements||9|
## Schola Cantorum of Oxford
OFFICERS AND ADVISORS _Page 1_
ADDRESS: Grandpont House Abingdon Road Oxford OX1 4LD
TRUSTEES
Dame Hilary Boulding [Chairman] Dr Archie Bott Mr Nicholas Cleobury Ms Abigail Ellison Ms Rose Dixon (to 16 Oct 25) Dr Mike Geary Prof Cameron Hepburn Dr Felix Leach Mr Jim Mirabal [Hon Treasurer] Mr Nigel Press Mr Richard Savage Ms Annabel Williams SECRETARY Ms Abigail Ellison BANKERS HSBC 65 Cornmarket Street Oxford OX1 3HY
INVESTMENT MANAGERS
Investment Fund Services Limited Marlborough House 59 Chorley New Road Bolton BL1 4QP
INDEPENDENT EXAMINER Sheila Parry FCCA SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD
## Schola Cantorum of Oxford
TRUSTEES’ REPORT _Page 2_
STRUCTURE, GOVERNANCE AND MANAGEMENT
Schola Cantorum of Oxford was founded as Collegium Musicum Oxoniense by Laszlo Heltay in 1960, a University chamber choir intended to perform both "a capella" and accompanied music to the highest standards. The name was changed in 1964, and it was constituted as a charitable trust (registered no. 272382) in 1975. The Trust Deed was revised in 1996 and 2006.
The Trustees during the year ended 30th September 2024 were those listed on page 1. On 27 January 2025, Ms Sarah Hickling was appointed a Trustee and Hon. Treasurer in succession to Mr Mirabal who continued as a Trustee. Apart from which there were no other changes to the Trustees at the date the accounts were signed.
New Trustees are appointed either to fill a casual vacancy or by way of addition to the Board. Particular emphasis is placed upon the appointment of Trustees with knowledge and experience relevant to the charity's activity and governance requirements. Candidates must receive a majority vote from the existing Board members to be elected. There is no formal induction process, but new Trustees are encouraged to familiarise themselves with their responsibilities under the Charities Act before appointment.
## OBJECTIVES AND ACTIVITIES
The charity's objects are to promote public education in the art of music and in particular choral music by the performance of choral works whether by way of concerts or otherwise as the Trustees may from time to time in their absolute discretion think fit.
The charity's objects are to promote public education in the art of music and in particular choral music by the performance of choral works whether by way of concerts or otherwise as the Trustees may from time to time in their absolute discretion think fit.
## ACHIEVEMENTS AND PERFORMANCE
In the past year, Schola Cantorum of Oxford has continued to represent the highest quality of young singers across the University of Oxford. Under the direction of Steven Grahl, the choir has thrived and grown, maintaining its reputable standard in spite of post-pandemic challenges. We continue to work towards our mission to provide outstanding education to young singers and conductors, with the generous support of our community, alumni, donors, and audiences. With concerts in the diary into 2026, including an alumni day on the 3[rd] of May 2025 at the Oxford Town Hall, and a debut concert in 2026 at the Schwarzman centre featuring a new composition by Niko Muhly, the choir is well positioned to continue to pave the way for choral chamber music amongst students, and build on an international reputation.
## Engagements
Throughout the year, Schola Cantorum has participated in several high-profile concerts and presented a varied repertoire of chamber music, from Weir’s _Virtue_ to Schoenberg’s _Freide auf Erden_ to Bach’s _Komm, Jesu Komm._
## Schola Cantorum of Oxford
TRUSTEES’ REPORT (Continued) _Page 3_
A summary of the Choir’s engagements are as follows:
- Thursday, 22[nd] February – ‘In Search of Lost Love’ concert in the Sheldonian Theatre, performing works by Fauré and Rameau, in collaboration with Kaleidoscope Chamber Collective.
- Monday, 4[th] March: Peace on Earth’ concert in Christ Church Cathedral with music by Ginastera, Bach, and Schoenberg, in collaboration with Ukrainian musicians preforming songs, poems, and traditional music.
- Saturday, 13[th] April: Concert at St Margaret Pattens, London as part of the Brandenburg Choral Festival, with music by Bach, Alleoti, Clemens non-Papa, Ginastera, and Schoenberg.
- Wednesday, 17[th] April: Private concert for Saïd Business School.
- Saturday, 27[th] April: University Choral Awards Open Day: A performance of Weir and Finzi in the Hollywell Music Room, for sixth form students pursuing choral scholarships.
- 10[th] June: ‘Where the Bee Sucks’ concert in ‘The New Space’, with works by Martin, Weir, and Finzi, as well as a solo appearance from Schola alumnus, Patrick Keefe.
- Wednesday, 4[th] September: Private concert for Saïd Business School with music by Parry, Gibbons, Weir, Tallis etc., Exeter College Chapel.
- Wednesday, 11[th] September: Private concert for Saïd Business School with music by Parry, Gibbons, Weir, Tallis etc., Exeter College Chapel.
- Saturday, 9[th] November: Brahms Requiem in Somerville Chapel with professional pianists and soloists as part of the Somerville Piano Festival.
- Monday 25[th] November: A late evening concert of music for Advent and Christmas, Exeter College Chapel.
- Monday, 2[nd] December: Christmas concert at Michelin star restaurant ‘Le Manoir’, performing to Raymond Blanc and his guests.
## Choir Committee
As well as putting on a variety of concerts throughout the year, Schola has continued to provide opportunities for professional development amongst its members. The ‘Student Chair’, alongside our professional administrator, Julia Stutfield, is responsible for managing the administrative aspects of rehearsals and concerts. The position provides invaluable experience, well suited to students hoping to pursue a career in arts administration following their studies.
The choir committee also includes a ‘Publicity and Social Media Manager’, responsible for keeping our social media platforms up to date and designing advertisements for our concerts. Additionally, the conducting scholar scheme has continued to provide invaluable experience to students hoping to pursue professional conducting following their studies. Under the guidance of Steven Grahl, conducting scholars receive tailored advice and extensive podium time with the choir, often conducting several pieces per programme. The recipients of the scholarship in 2024 were Harriet Twigger-Ross, and Patrick Maxwell.
## Schola Cantorum of Oxford
TRUSTEES’ REPORT (Continued) _Page 4_
## Acknowledgement of support
Schola gratefully acknowledges the generous support of the Roger and Ingrid Pilkington Trust, which has significantly facilitated recent activities, and allows us to plan future seasons with confidence, including ambitious plans for a new commission, tour, and a collaboration with _La Nuova Musica_ .
## PUBLIC BENEFIT
The Trustees confirm that in accordance with section 17 of the Charities Act 2011 they have due regard to public benefit guidance published by the Charity Commission. They confirm that the activities of the charity - the programme of events and tours outlined above - are directed towards promoting wider musical education and are for the benefit of the public in general.
## FINANCIAL REVIEW
The Statement of Financial Activities on page 7 shows the financial results for the year. Schola’s unrestricted funds remained at previous levels and, at 31 July 2024, were £3,341for the General Fund and £82,452 for the Designated. This is shown on Note 8 to the accounts. In addition, Schola carries forward £7,582 for the Restricted Fund which will be used for the 2025 Development strategy funded by the grant from the Pilkington Trust.
## RISK MANAGEMENT
The Trustees consider that all likely risks are covered by suitable insurance.
## RESERVES AND INVESTMENT POLICY
The trustees believe that the most critical factor for the continued success in achieving Schola's purpose is to ensure the Choir has an excellent, professional Conductor/Musical Director. To this end they have established a Conductor's Fund which would grow to a size such that, suitably invested, would generate income sufficient to cover the stipend and expenses of such a professional conductor. Together with a Past Tours Fund, these two funds would provide sufficient to cover the conductor's fee and other running costs for one academic term. The Trustees' policy in support of this is to invest - using powers derived from the Trust Deed - in UK and international equities as well as fixed interest instruments which will ensure capital preservation, adequate income and reasonable access to liquid funds. The trustees currently make this investment through unitised investment products sponsored by the Charities Aid Foundation, _IFSL CAF ESG Income and Growth Fund_ and the _IFSL CAF ESG Growth Fund_ . These funds are used by other similar charities. These policies are reviewed each year.
## Schola Cantorum of Oxford
TRUSTEES’ RESPONSIBILITIES _Page 5_
The Trustees acknowledge that it is their responsibility to prepare statements of account for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:-
- Select suitable accounting policies and then apply them consistently.
- Make judgements and estimates that are reasonable and prudent.
- Prepare the financial statements in accordance with the methods and principles set out in the Statement of Recommended Practice Accounting and Reporting by Charities and to state whether or not the accounts have been prepared in accordance with that statement and applicable accounting standards.
- Prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation,
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity’s transactions and to disclose with reasonable accuracy at any time the financial position of the Foundation, and to enable them to ensure that any statements of account comply with the requirements of the Charity Act 2011. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees believe the Financial Statements for the year ended 31 July 2024 have been prepared in accordance with the above responsibilities.
Approved by the Trustees on 27 January 2025. and signed on their behalf by
## **Hilary Boulding**
Dame Hilary Boulding: Date **20 May 2025**
EXAMINER’S REPORT TO THE TRUSTEES _Page 6_
## Schola Cantorum of Oxford
We report on the accounts of the Trust for the year ended 31 July 2024, which are set out on pages 5 to 9.
## **Respective responsibilities of trustees and examiner**
As set out on page 5, as the charity’s trustees you are responsible for the preparation of the financial statements.
The Charity’s Trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is our responsibility to
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures specified in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011Act;
- and to state whether particular matters have come to our attention.
## **Basis of independent examiner’s report**
Our examination was carried out in accordance with the General Direction given by the Charity Commissioners.
An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the next statement.
## **Independent examiner’s statement**
In connection with our examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that in any material respect the requirements,
- to keep accounting records in accordance with section 130 of the Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act.
- have not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Sheila Parry**
Sheila Parry FCCA SPX Oxford Ltd 19 Paradise St Oxford OX1 1LD
DATE: **24 May 2025**
## Schola Cantorum of Oxford
## STATEMENT OF FINANCIAL ACTIVITIES
|for the year ended 31 July 2024|for the year ended 31 July 2024|_Page_7
**UNRESTRICTED**
**RESTRICTED**
**Total**
**Total**
**General**
**Designated**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
15,000
4,819
20,000
39,819
26,253
-
1,369 -
1,369
1,567
2,456
-
2,456
7,589
5,200 - -
5,200
7,020|
|---|---|---|
||
**Note**
**s**
**Income and Endowments**
Donations and legacies
Income from investments
Dividends and interest
receivable
Income from charitable
activities
Concerts promoted by Schola
Other performances
**Total**
**Expenditure**
Expenditure on charitable
activity
**2**
**Total**
**Net income/(expenditure)**
**before gains and losses**
**on investments**
Net gains/(losses)
on investments
**4/8**
**Net income/(expenditure)**
Transfers between funds
**8**
**Net Movement in Funds**
Balances brought forward
at 1st August
**Balances carried forward at**
**31st July**
**8**||
|||22,656
6,188
20,000
48,844
42,429|
|||3,775 -
21,500
25,275
32,785|
|||3,775 - 21,500
25,275
32,785|
|||18,881
6,188
(1,500)
23,569
9,644
-
4,537
-
4,537
172|
|||18,881
10,725
(1,500)
28,106
9,816
(17,000)
17,000
-
- -|
|||1,881
27,725
(1,500)
28,106
9,816
1,550
54,727
9,082
65,359
55,543|
|||3,431
82,452
7,582
93,465
65,359|
The notes on page 9 and thereafter from part of these financial statements
## Schola Cantorum of Oxford
## BALANCE SHEET
for the year ended 31 July 2024 _Page 8_
|**Note**
**FIXED ASSETS**
Investments
**4**
**CURRENT ASSETS**
Debtors
**5**
Cash at bank
**6**
**Creditors: amounts falling**
**due within one year**
**7**
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**8**
**REPRESENTED BY**
Unrestricted funds
**8**
Restricted Funds
**8**|**2024**
**£**
59,639
769
33,057
33,826
-
33,826
93,465
85,883
7,582
93,465|**2023**
**£**
50,102
2,724
12,533|
|---|---|---|
|||15,257|
|||-|
|||15,257|
|||65,359|
|||56,277
9,082|
|||65,359|
The notes on page 9 and thereafter form part of these financial statements
The financial statements were approved by the Trustees on the 27 January 2025.
## Hon Treasurer
## **James Mirabal**
Chairman
**Hilary Boulding**
Schola Cantorum of Oxford NOTES TO THE ACCOUNTS for the year ended 31 July 2024 _Page 9_
## 1 **ACCOUNTING POLICIES**
## a) **Basis of accounting**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## b) **Going concern**
The accounts have been prepared on a going concern basis.
## c) **Incoming resources**
Incoming resources from charitable activities represents the amounts receivable for goods and services invoiced, income from concerts and record sales; these are included in the accounts in the year in which the concerts or CD sales took place.
## d) **Donations and similar incoming resources**
Donations and similar income are recognised on a receipts basis.
Gift Aid recoverable is accounted for in the same period as the related donation.
## e) **Resources expended**
Expenditure, including any irrecoverable VAT, is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
f) **Investments**
Investment income is recorded when receivable.
Investments are shown at market value as at the year-end. Movements in market value are shown in the Statement of Financial Activities.
## g) **Foreign currencies**
Assets and liabilities held in foreign currencies at the year-end are translated into sterling at yearend exchange rates and differences are dealt with through the Statement of Financial Activities. Exchange rate differences arising from currency transactions are dealt with in the Statement of Financial Activities, at the prevailing exchange rate on the date of transaction.
## h) **Fund accounting**
## **Unrestricted Funds** :
_General Fund_
These are funds which are being used in accordance with the charitable objects of the choir.
NOTES TO THE ACCOUNTS (continued) for the year ended 31 July 2024 _Page 10_
## Schola Cantorum of Oxford
## **Designated Funds** :
_Conductor's Fund_
This fund has been built up from donations. It is the Trustees' policy to charge only the conductor's basic annual stipend against this whilst fees for extra performances and travel expenses are charged to the General Fund.
_James Burton Conducting Fund_
This fund was established in 2016-2017 and named after Schola's Conductor and Director of Music for 15 years. The Fund in principle will contribute towards Schola's conductors, in particular the conducting fellow.
_The Lydia Press Memorial Fund_
Established to commemorate a Choir member who died in a mountaineering accident in May 2008, the Fund initially funded a commission for the 2010 Reunion. Since then it has inter alia funded support for the choir's Events and Alumni Co-ordinator.
_Past Tours_
The balance on this fund represents the unused part of the surplus on past tours and is to be used for other tours.
## **Restricted Funds** :
## _The Roger and Ingrid Pilkington Trust Grant_
In June 2023 Schola was awarded a grant of £20,000 per annum over 3 years by the Roger and Ingrid Pilkington Trust. The intention is for these funds to enable a number of initiatives which will prepare Schola for an enhanced role from 2025 with the opening of Oxford University's new centre for the Humanities.
## Schola Cantorum of Oxford NOTES TO THE ACCOUNTS (continued)
for the year ended 31 July 2024 _Page 11_
|**2 Costs of charitable activity**
Direct Costs
Conductor's fees
Library rent and music
Administrator
Subs & general expenses
Marketing Expenses|**Total**
**2024**
**Total**
**2023**
**£**
**£**
9,272
16,674
7,895
9,618
2,478
2,087
4,560
3,520
1,070
556
-
330|
|---|---|
||25,275
32,785|
## 3 **Payments to Staff and Trustees**
Schola employed no staff during the year (2023: nil). No trustee received any payment (2023: nil) neither was any payment made to any third-party on behalf of any trustee (2023: nil)
|**4 Investments**
Market value at 1st August
Purchase of Units
Unrealised gain/(loss)
Market value at 31st July
Cost 31st July|**2024**
**£**
50,102
5,000
4,537
59,639
37,174|**2023**
**£**
49,930
-
172
50,102
32,174|
|---|---|---|
The investments at 31 August consisted of two equal holdings of units in the IFSL CAF ESG Income Fund and the IFSL CAF ESG Income & Growth Fund. These investments related to Schola's unrestricted and restricted funds; they are held solely to generate an investment return for the charity.
|**5 Debtors**
Accrued income
Other debtors & prepayments
**6 Cash at bank**
HSBC Bank|**2024**
**£**
769
769
**2023**
**£**
33,057
33,057|**2023**
**£**
-
2,724
2,724
**2022**
**£**
12,533
12,533|
|---|---|---|
## Schola Cantorum of Oxford
## NOTES TO THE ACCOUNTS (continued)
for the year ended 31 July 2024 _Page 12_
|**7 Creditors - due within one year**
Accruals and prepayments
`
**8 Funds**
**As at 1**
**Aug 23**
**Incoming**
**resources**
**Outgoing**
**resources**
**£**
**£**
**£**
**_Unrestricted_**
_General_
_Season's programme_
1,550
22,656
(3,775)
-
-
1,550
22,656
(3,775)
_Designated - Conductor's_
41,482
6,188
-
_J Burton Fund_
5,490
-
-
_L Press Fund_
4,574
-
-
_Past Tours_
3,181
-
-
54,727
6,188
-
**_Restricted_**
_2025 Development_
9,082
20,000
(21,500)
9,082
20,000
(21,500)
**_Total funds_**
65,359
48,844
(25,275)|**7 Creditors - due within one year**
Accruals and prepayments
`
**8 Funds**
**As at 1**
**Aug 23**
**Incoming**
**resources**
**Outgoing**
**resources**
**£**
**£**
**£**
**_Unrestricted_**
_General_
_Season's programme_
1,550
22,656
(3,775)
-
-
1,550
22,656
(3,775)
_Designated - Conductor's_
41,482
6,188
-
_J Burton Fund_
5,490
-
-
_L Press Fund_
4,574
-
-
_Past Tours_
3,181
-
-
54,727
6,188
-
**_Restricted_**
_2025 Development_
9,082
20,000
(21,500)
9,082
20,000
(21,500)
**_Total funds_**
65,359
48,844
(25,275)|**2024**
**£**
-
-
**Fund**
**transfers**
**Investment**
**gains**
**£**
**£**
(17,000)
-|**2023**
**£**
-
-
**As at 31**
**Jul 24**
**_£_**
3,431
-
3,431
69,207
5,490
4,574
3,181
82,452
7,582
7,582
93,465|
|---|---|---|---|
||1,550
22,656
(3,775)|(17,000)
-||
||41,482
6,188
-
5,490
-
-
4,574
-
-
3,181
-
-|
17,000
4,537
-||
||54,727
6,188
-|17,000
4,537||
||9,082
20,000
(21,500)|||
||9,082
20,000
(21,500)|
-||
||65,359
48,844
(25,275)|-
4,537||
- **9 Related Party Transactions** In the year to 31 July 2024 there were no payments related parties (2023: nil).