Westminster Cathedral Choir School Fund
Annual Report and Accounts for the year ended 30 September 2021
Charity Registration Number 276878
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Contents
| Pages | |
|---|---|
| 1 | Legal and administrative information |
| 2-7 | Trustees’ report |
| 8 | Independent examiner’s report |
| 9 | Statement of financial activities |
| 10 | Balance sheet |
| 11-12 | Principal accounting policies |
| 13-15 | Notes to accounts |
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Legal and Administrative Information
| Trustees | Joanna Stephens |
|---|---|
| Mark Collins | |
| Helena Powell | |
| Secretary | Joanna Stephens |
| Principal address | 24 Hacketts Lane |
| Woking | |
| GU22 8PP | |
| Charity registration number | 276878 |
| Independent Examiner | Peter Hill FCA |
| Hillyates | |
| Hill House, 27 Meadowford | |
| Newport, Saffron Walden | |
| Essex | |
| CB11 3QL | |
| Accountants | Buzzacott LLP |
| 130 Wood Street | |
| London | |
| EC2V 6DL | |
| Investment managers | Charles Stanley and Company Limited |
| 55 Bishopsgate | |
| London | |
| EC2N 3AS | |
| Bankers | The Royal Bank of Scotland plc |
| 1 Fleet Street | |
| London | |
| EC4Y 1BD |
Page 1
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Trustees' Report
The trustees present their statutory report together with the accounts of the Westminster Cathedral Choir School Fund for the year ended 30 September 2021.
The accounts have been prepared in accordance with the accounting policies set out on pages 11 and 12 of the attached accounts and comply with the charity’s trust deed, applicable laws and Accounting and Reporting by Charities: 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).
Governance, Structure and Management
Governance
The fund is constituted by a trust deed dated 26 September 1978 and is registered with the Charity Commission, Charity Registration No. 276878.
Under the trust deed, the power of appointment of trustees was vested in Cardinal Basil Hume, during his lifetime and thereafter in the existing trustees. Since Cardinal Hume's death in June 1999, the power of appointment of trustees is now vested in the trustees.
The trustees in office during the year were as follows:
Trustees
Gerald Oury (retired 25 April 2022) Mark Collins Joanna Stephens Helena Powell
Gerald Oury retired as a Trustee under a Deed of Retirement dated 25 April 2022. The trustees also agreed at a meeting held on 30 September 2021. The trustees subsequently agreed at a meeting held on 9 March 2022 for Helena Powell to be appointed as a trustee. The deed appointing Helena as a trustee is in the course of being signed.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by their co-trustees on the history of the trust, the day-to-day management, the responsibilities of the trustees, the current objectives and future plans. The trustees are also encouraged to attend any courses which they feel are relevant to the development of their role, and to keep up-to-date on any changes in legislation.
No trustee received any remuneration for services as a trustee (2020 - £nil). No trustee received reimbursement of expenses (2020 - £nil).
Trustees' Responsibilities Statement
The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period.
Page 2
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Trustees' Report (continued)
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in Accounting and Reporting by Charities: 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);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts 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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity commission's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Structure and Management Reporting
The trustees are ultimately responsible for the policies, activities and assets of the charity. They currently meet remotely by Zoom within the confines of COVID restrictions and at least annually to review the developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary, the trustees seek advice and support from the charity's professional advisers including investment managers and accountants. The day to day management of the charity's activities, and the implementation of policies, is carried out by Joanna Stephens who ensures that grant payments are administered while the books and records of the charity are maintained by Buzzacott LLP, Chartered Accountants.
At their meetings the trustees review the investment performance and the proposals for grants to be made and approve such grants as appropriate.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. In particular, investments are reviewed at monthly intervals during the year.
Page 3
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Trustees' Report (continued)
Activities, Specific Objectives and Relevant Policies
Charitable Objectives
The income of the trust fund is to be applied to religious bodies to promote the Roman Catholic faith in the Diocese of Westminster and in particular the giving of grants in aid of the Westminster Cathedral Choir School.
Activities
The Trust's income is derived from its investments and interest earned. It is applied in making grants that promote the Roman Catholic faith in the Diocese of Westminster.
Since its inception in 1978 the fund has received £1,413,948 in donations. During the same period an investment fund of £3,622,951 has been built up while grants of £4,153,624 have been made to the school.
This year, the trustees received no unrestricted donations (2020 - £nil) and made grants to the school of £90,000 (2020 - £90,000).
A loan was made to the Choir School of £200,000 during 2009. This loan was used by the school to help fund the refurbishment works, particularly the upgrading of the dormitory accommodation. The trustees have decided the school would be under no obligation to repay the loan until the financial situation of the school has improved.
The movement in funds for the year is shown in the statement of financial activities on page 9.
Grant Making Policy
The trustees consider applications from the Governors of the Choir School principally to meet the costs of choristers which are not otherwise met out of fees. They also consider requests from the Governors for exceptional items needed for the benefit of the Choir School.
Investment Policy - Asset Allocation
Charles Stanley and Company Limited act as custodian, holding the portfolio of investments in their nominee name (Rock Nominees Limited). Their brief is to advise, build up and manage an investment portfolio on a discretionary basis, in accordance with the trustees' investment policy.
At 30 September 2021, the charity had a portfolio of investments with a market value of £3,531,169 (2020 - £2,701,509). The cash held pending investment at 30 September 2021 was £91,781 (2020 - £78,222).
There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment manager's view of the market prospects in the medium term. The overall investment policy is to maximise total return through a diversified portfolio, aiming to provide the level of income advised by the trustees and, at the same time, with a view of ensuring that capital appreciation of the fund exceeds inflation over any five year period.
Page 4
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Trustees' Report (continued)
In line with the reserves policy, the trustees have instructed the investment managers to invest the capital of the Fund to produce a balance of income and capital growth, to maintain a medium risk profile, and to maintain a spread of investments between fixed interest securities and equities in such a way as to meet the recurring annual expenditure of the Fund.
To meet these objectives the asset allocation and strategic range, as at 30 September 2021, is as follows:
| Allocation | Range | |
|---|---|---|
| UK fixed interest, preference stock and unit trusts | 5.12% | 10% - 40% |
| UK equities | 90.62% | 30% - 90% |
| Overseas equities | 1.73% | 0% - 10% |
| Cash | 2.53% | 0% - 50% |
The benchmarks for measuring performance are the FTSE Private Investor Balanced Index and the FTSE All Share Index. During the year to 30 September 2021 the fund increased by 30.33% (2020: decreased by 13.86%) compared to the FTSE Private Investor Balanced Index, which increased by 13.69% and the FTSE All share index benchmark which increased by 27.89%.
Constraints are as follows:
-
Not more than 8% of the fund should be invested in any one stock, other than collectives and gilt edged stocks, unless expressly agreed by the trustees. No new investment shall exceed 6% of the total value of the fund.
-
The income of the fund should be designed to grow at least in line with inflation. Total income should be not less than £70,000 per annum from the year beginning 1 October 2009.
-
Underwriting of new issues is permitted up to 6% of the total value of the fund.
-
The policy statement review period is every two years and the performance of the investment managers is monitored at least every six months.
-
A minimum of 10% of the total value should be held in Bonds or cash to meet the termly grants of £30,000 to the choir school, payable in September, January and April.
-
Ethical considerations are not to invest in companies, whose activities are opposed to the teaching of the Roman Catholic Church.
-
Up to 30% of the total value of the Fund may be invested in companies with an equity market capitalisation of less than £200m, although this level may if desired be extended to 35% for special reasons and for a limited period only.
The trustees consider that their investment policy is being satisfactorily implemented.
Achievements and Performance
Review of Activities
Total investment income received in the year amounted to £122,907, which equates to a yield of approximately 3.39%. The trustees awarded grants totalling £90,000 during the year in accordance with the charity's grant policy set out above. Details of the grants made are provided in note 3 to the attached accounts.
The trustees feel that their objectives have been adequately met during the year.
Page 5
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Trustees' Report (continued)
However, the trustees are aware that there are external factors which could affect the achievements of their objectives as a significant part of the charity's assets are made up of investments and cash, the results of which are dependent on the general performance of the UK and overseas stock markets. In order to minimise this, the trustees have set prudent investment policies and place reliance on the investment managers to monitor and advise on the necessary investment changes and suitable asset allocation.
Financial Review
Results for the year
A summary of the year's results can be found on page 9 of the report and accounts.
During the year ended 30 September 2021, total income amounted to £122,907 (2020 - £96,884), being income arising from the charity's investments and cash deposits.
The trustees made grants to Westminster Cathedral Choir School Fund totalling £90,000 (2020 - £90,000). After deducting the costs of raising funds of £21,102 (2020 - £19,703) and support costs of £6,564 (2020 - £6,840), the net position for the year before investment gains was a surplus of £5,242 (2020 - deficit of £19,659).
There were net investment gains during the year of £849,670 (2020 - losses of £481,717). This resulted in a net increase in funds during the year of £854,912 (2020 - decrease of £501,376).
The net assets of the charity at 30 September 2021 totalled £3,825,987 (2020 - £2,971,075).
Reserves Policy and Financial Position
Reserves Policy
The trustees aim to maintain an expendable endowment fund of sufficient size to meet the financial needs of the Choir School. Sufficient reserves are held in cash to meet the termly awards and running costs. The balance of funds are invested to provide a level of income commensurate with the level of normal recurring expenditure.
The trustees are of the opinion that the current level of reserves provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing difference in income flows.
Financial Position
The balance sheet shows total funds (and free reserves) of £3,825,987 at 30 September 2021 (2020 - £2,971,075). The trustees consider that this level of free reserves matches the parameters set out in the charity's reserves policy above and they, therefore, consider free reserves to be adequate but not excessive.
Page 6
W85tminster Cathedral Cholr School Fund Accounts for the year ended 30 Septembgr 2021 Trustses. Report {contlnuod) Future plans The Iruslees do not anlicipate any signifrcant changes to the charity or its activities over the next two to five years. It is their intention to meet Ihe following obiecknves: - To monitor the investment performance so that rf at all possible il achieves IF* (Titeria sel by them so that there are sufficient funds lo meet their granl giviro policies. - To continue to make grants at a similar. if noL higher level. Public b8nefil The Irustees confimi that they have had regard tr) the Charity CommissK)n's guidance on wblic benefit. Independ•nt exarnlngr The independent examiner, Mr Peter Hill. will be prowsed ts re-apFKMntment. Approved by the trustees and signed on their behalf by. Trustee Approved by the trustees on: 16 May 2022 u /1 /I Page 7
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Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Statement of Financial Activities
| Notes Income from: Investments 1 Total income Expenditure on: Raising funds 2 Charitable activities 3 Total expenditure Net expenditure/income before investment gains and losses Net losses on the revaluation and disposal of investments - Realised 5 - Unrealised 5 Net movement in funds Fund balance brought forward at 1 October 2020 Fund balance carried forward at 30 September 2021 |
Unrestricted funds | Unrestricted funds | |
|---|---|---|---|
| 2021 £ 122,907 122,907 21,101 96,564 117,665 5,242 90,809 758,861 854,912 £ 2,971,075 £ 3,825,987 £ |
2020 £ 96,884 |
||
| 96,884 | |||
| 19,703 96,840 |
|||
| 116,543 | |||
| (19,659) (44,327) (437,390) |
|||
| (501,376) £ 3,472,451 £ |
|||
| 2,971,075 £ |
Continuing operations
All of the activities of the Charity were derived from continuing operations during the above two financial years.
Page 9
Westminstsr Cathèdral Choir School Fund Accounts for the year ended 30 September 2021 Balance Sheot 2021 2020 Flxed assets Investments at markel value Cash awaiting investment 3.531.169 91,781 2.701,509 78,222 3.622,951 2,779.731 Current assets Loan - due after more than one year Cash at bank and at fund manogers 2,0[x) 105,098 305,098 200.000 92,457 292.457 Current Ilabllltles Amount COmtted to the SchcK)12020121 Other credilors (,000> 12.062 (9),000) 11.113 Ngt Current assets 203.036 191.344 Not ass•ts £ 3.825.987 £ 2.971.075 Represented by: Funds and Resorves Income funds - Unrestricted funds £ 3,825,987 £ 2,971,075 Approval of the ACUnts For th8 year ended 30 September 2021 We approve the accounts sel out on pages 9 to 15 and (ri that lo th8 best of our knOWge we have rnafle available all relevant rec(d5 and inf0mlIon for thelr Preparat)n. Approved by the trustees and signed on tr Ixhaif by.. Trustee Approved on: 16 May 2022 z& /g/i Page 10
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Principal Accounting Policies
Basis of Accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts 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 applicable in the UK and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
Income
Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.
Dividends and Interest
Dividends are included in the Statement of Financial Activities when they are receivable.
Bank and other interest is included in the Statement of Financial Activities on an accruals basis.
Realised Gains or Losses on Investments
Realised gains or losses are calculated by deducting the opening market value of the investments from the proceeds received on the sale of those investments.
Expenditure and the Basis of Apportioning Costs
Expenditure is included in the Statement of Financial Activities when incurred and includes attributable Value Added Tax which cannot be recovered.
Expenditure comprises the following:
A. Raising Funds
Expenditure on raising funds consists of the costs incurred in generating investment income.
B. Charitable Activities
Grants to the school are charged to the Statement of Financial Activities in the year in which they are authorised by the trustees. This means that the termly awards are always shown for the following scholastic year.
C. Support Costs
Support costs comprise those costs which cannot be directly allocated to the charity's activities. These costs have been wholly allocated to charitable activities because any allocation between the headings would be immaterial.
Page 11
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Principal Accounting Policies (continued)
Cash Flow
The disclosure exemptions permitted by Update Bulletin 1 of the Charities SORP FRS 102 have been taken advantage of in these accounts and a statement of cash flows has not been prepared.
Investments
Investments are included on the balance sheet at their market value at the end of the financial period. Realised and unrealised gains and losses are credited, or debited, to the Statement of Financial Activities in the year in which they arise.
Taxation
The charity is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
Fund accounting
The funds of the charity are all unrestricted and available for use in furtherance of the charity’s objectives at the discretion of the trustees.
Critical accounting estimates and areas of judgement
No significant judgements or estimates were required in the preparation of the accounts.
Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The COVID-19 outbreak continues to be a major challenge and a high level of uncertainty for many. However, the trustees have concluded that these current events and conditions do not cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
Page 12
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Notes to Accounts
| 1 Investment income Income from listed investments Equities Government Stock and fixed interest 2 Raising funds Investment management costs 3 Charitable activities Grants payable to school Termly awards Support costs (note 4) 4 Support costs Accountancy fees Independent examiner's fees |
2021 £ 115,306 7,601 122,907 £ 2021 £ 21,101 21,101 £ 2021 £ 90,000 6,564 96,564 £ 2021 £ 5,874 690 6,564 £ |
2020 £ 83,331 12,951 |
|---|---|---|
| 96,282 £ |
||
| 2020 £ 19,703 |
||
| 19,703 £ |
||
| 2020 £ 90,000 6,840 |
||
| 96,840 £ |
||
| 2020 £ 6,180 660 |
||
| 6,840 £ |
Page 13
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Notes to Accounts (continued)
5 Investments
| Market value as at 1 October 2020 Additions at cost Disposals at book value (proceeds £405,542 gain: £90,809) Net unrealised investment gains/(losses) Market value at 30 September 2021 |
2021 £ 2,701,509 385,532 (314,733) 2,772,308 758,861 3,531,169 £ |
2020 £ 2,876,920 395,560 (133,581) |
|---|---|---|
| 3,138,899 (437,390) |
||
| 2,701,509 £ |
All listed investments were dealt in on a recognised stock exchange. Listed investments held at 30 September 2021 comprised the following:
| UK fixed interest, preference stock and unit trusts Equities Overseas securities Historic cost at 30 September 2021 |
185,412 3,283,035 62,722 3,531,169 2,787,062 £ |
177,044 2,470,732 53,733 |
|---|---|---|
| 2,701,509 | ||
| 2,636,523 £ |
At 30 September 2021 there were no investment holdings with a market value exceeding 5% of the market value of the entire listed portfolio, including cash awaiting investment, as at that date.
The total unrealised gains as at 30 September 2021 constitutes movements on revaluation and are as follows:
| and are as follows: | ||
|---|---|---|
| Unrealised gains included above: On listed investments Reconciliation of movements in unrealised gains Unrealised gains at 1 October 2020 Less amounts in relation to disposals Less cost adjustment Less unrealised investment gains Total unrealised gains at 30 September 2021 |
2021 £ 744,107 64,986 (74,452) (5,288) 758,861 744,107 £ |
2020 £ 64,986 |
| 472,095 30,281 - (437,390) |
||
| 64,986 £ |
Page 14
Westminster Cathedral Choir School Fund Accounts for the year ended 30 September 2021 Notes to Accounts (continued)
6 Debtors: amounts falling due after one year
| Loan to choir school Other creditors: amounts falling due within one year Accountancy fees Independent examiner's fees Investment management costs |
2021 £ 200,000 200,000 £ 2021 £ 5,874 690 5,498 12,062 £ |
2020 £ 200,000 |
|---|---|---|
| 200,000 £ |
||
| 2020 £ 5,700 660 4,753 |
||
| 11,113 £ |
7 Other creditors: amounts falling due within one year
8 Related party transfers
There were no related party transfers requiring disclosure (2020 none).
9 Post Balance Sheet events - non adjusting event
As noted in the trustees’ report and the Review of Activities on page 6, the trustees are aware that there are external factors which could affect their objectives and results. The COVID-19 pandemic has continued to have a major impact on the UK and overseas stock markets. Additionally the conflict in Eastern Europe and the current rise in inflation in the UK have also had an impact on the UK and overseas stock markets. The charity's investments have seen a decrease in the market value of its investment portfolio (excluding cash awaiting investment) since the year end.
Page 15