Wèstminster Cathedr41 Chdr School Fund nual Report and A¢GtyJnts forth• y￿r endad 30 S•pt•M￿r2o23 Ch￿lty Registrthon Nwrtsr 276878 Westrninstsr Cath•dral Cholr s￿￿01 Fund AcGDunts fw the ended 30 S•ptemlMr 2023 Trustees. reF( 10 11-12 1&15 Weytmlnstsr Cathedral Chok School Fund Accounts for the •nd•d 30 S•ptsmbor 2023 L•gal arml *Almlnlstratl¥• Infomiation Trnstoos Mark Cdlr Hekn8 POWTII Prfnclpal addr•s8 24 Had(ett5 Lane WokirvJ GU22 8PP Charlty regl8tratSon numb•r 276878 Ind•p•nd•nt &amln¢r Peter Hil FCA Hilyates Hil Ho￿. 27 Me&*y CB113QL count*rts 130 W¢Kxl Street EC2V 6DL Inwstm•nt man#ge Charles Stan18y and Cfmnp￿ Lmmit￿l L￿￿ EC2N IAS Bank•rs Royal of ScollarKI 1 Fleet Street LI￿dOn EC4Y 1BD P￿e1 Westminst•r &ithedral ChoSr School Fund At¢ounts for th• y•ar •nded 30 Septsrnber 2023 The trustees present their stalulw rérxmt tWw*ith the ac£¥Mnts of Ihe Westmnster Cathethal Choir scho￿ Fund the ￿ e￿jg￿ 30 September 20Z3. accounts have been prepared In with the a(O￿tI￿j poli￿e8 sel out on pages 11 and 12 of the attathed a￿)unt$ cc*wtywiih the tharitys tnt8tdÈèd, wlicablè18WS 8nd Accounting and Reporting by charit￿$. Slalement of Recommend&1 Practi(% ap￿ICable to i**itiès prepariThJ th￿'r accounts in accrydw with Fina￿￿ app4￿atrA8 in the UK and Rèpubllc of IrelaTrJ IFRS 1Q21. Govèrnan¢•, StructuY• and Govemance Th& fund is constrbJted by a Iwsl deed dated 26 Septwntrw 1978 aThJ is registered with the Charity Conxnission. Charity Registration No. 276878. Underthe trust ¢ked. the FoNer of appointrnenl of tntstè8s was v&st&J In C8rdlnd Basil HLune. during his lrfètime and thereafter in the existing Iwstees. Since Cardu)al Hume's death In Ju 1999. the FM)wer of 8PP(Mntment of tnjstees B now vested in the Iw51ees. Trust•O9 The twstees in office Lknring the as fdhNs'. Mark Colllns Joanna Slgphgns Helena Powèll IAppoknt8d 28 November 20f2) The Iruste8s agreed at a meetlng on 9 March 2022 fc* Hekn Powou 10 ￿ 4)polntod as a trustee. The do8d 4¥￿Iry Helena was sWJ￿1 on 28 Novernber 2022. On agreeing to beco￿ a trusiee oftre C￿"ty, the tnLstees ￿e thwFty bri8fèd by thèlr ¢trtr￿8teeS on Ihe histry of thè trust, Ihe day-to4ay rnanagem￿t. the respon5ibikiies of INstee6. the current tljiectives and future F4ans. The trustees are a50 encowaged to attend any courses whth they fed we rdev8nt to ts dov8ky1￿l oflheir rol&. ￿ to keep upttrdate on any changes in legisLation. No Iruslge receNed any remunewation ser¥ices as a Iru5ts812022. £￿]}. No truskè r8wnburs8ment of ex¥￿￿s12022- Q¥l). Tru¥teBS' R•sponslbllltOes SL*wnent InLgtees are r8srKJnsibl• for pr•par*¥J tr￿tee5, re[￿ and in aciL*dance with applcabl8 law and United A[￿L￿fttin9 IUrMbJ Kwylom G￿8[allY Attept8d Accounting pract￿81 The law applicable to charities arvj Wl* wires the Irustee5 to prepare accounts for eath fin8n(llal ￿ar whlch ￿ve a and faw view of thè staté of affaws ofth& d￿ritY and of the in¢ome ar￿ exs*rMlltur8 01 th& tharity for that Pw2 W8strnkn$ter Cathedral Cholr School Fund ounts for the y•arènded 30 Sept•mbgr 2023 Trustees. Rospon•lbilltl•s Stat•mert (contknuedl In pre￿ng thÈsg accourts. I￿￿tee$ are rewlr8d to.. . select SUTtable accounting pclw aThJ then aPFAythem r￿s1*. obsèrve the melhods and principles In AtU￿nI￿g aThJ ReFxffiiNJ bycharitres: Slatement of R￿0Mmended Pr8cUce ap￿Icable to ¢h8rities Ihw ar£(￿nts n accc¥tsn¢e wllh Ihe Financtal Rewr11￿ Slandard applieAble in the UK arKI Rgpull￿ of Ireland IFRS 1021" . makgludgements estimates Ihal are r&is(mb18 awKI ￿KIent - stale whether 3￿cable Unilgj Kwodom A¢￿￿ntry SlaThJards have been fdknw￿l. subjèct lo any material dep4rture$ thsd05ed and Èxplawl in the a(x(MJnts' aFKI - prepare the accounts on thè Cc(￿eM basis unkns il 15 ThkVry)r*te to pre5Lm* trAt chwrty will Contin￿ Th8 tw$tees are responsble lor kee￿r0 pri4)er ac0>￿Tha r￿)rdS that dEdo8e ￿th rèasonable 8CQJT8Cy at any tim& the financial post￿￿ of Ihe ￿lty thern to ensure Ih8t the a¢¢ounls ¢omply wFth the Qwrilies Act 2011. thè Clwty {Accwnts atKI Rep(*isl R￿￿tiorts and the provisi0r￿ of Ihe charitys c0rtsttlut￿n. Tlw we also res￿S4b1e for safe￿arding the assets of the d￿rttY and hence fc* lakn.ng reasonatle step5 the pre¥￿t￿ a￿1 detackn of fraud and other irreg￿arrI￿*. The trust88s we reswjnsiblè fc* mawrtenaThx and Integrity chality0￿￿ ffinarKaal information inckjded on the Charily commiS￿n.3 webslte. Legi*trm in the Uni18d Kingdom goveming the prgparation and diss8nMrMtm￿ dacctyjnts may dtfkr from legislation in otheriLwBthctlons. Struclure and Managmnt Roportkny The truslees are ultHnalely respc￿1b1e the thlbès a￿$ assets of Ihe charity. They urrenuy m88t ￿mOt￿Y by Zc¥)m at188St annualty to the develcyments wilh règard to the charity, rts grant givir¥ aCiN￿eS lo ma(e any ImpK￿rrt decasi?ns. When neixssary. the trLtstee$ seek advice support fr(￿ the charitys rKOless￿ ajviws investrnenl managers arTrd 8cwuntants. The dayto day management of the chariirfs activllÈs. arKJ the imFlem￿ts.on of p￿￿e5, is (aThied out by Joanna Stèphèns wlk) er￿eS that grant pay￿￿nts ar• administered thle the bcx)ks awKI rewds ol lh8 charity are mantabwj by &Izz￿t LLP. Ch￿rte￿ A(xounlants. At ther meetings the trustees review the investment FerformaThx and the prDF*)sals fN grgnts to b& made arvov8 such grants as 8Fyorfftte. R15k Managom•nt Th6 tmstÉe8 have assesse(I the Ma1￿ risks to whith the charity Is expo8gd. in parbcular thos8 relating lo the speo'ffic operational areas of Ihe charity, its investments 8r¥J its finances. Ttr tru8leeB believe that by monitoTirvJ reservè knls. byensLFri)g Ix)ntr(Is e￿$t over key fin8nclal Systems. and by exanuning the OFerationd bu&rw risks faced by the char6ty. they have eslablishèd 8ffedNe systems to mdvJ8te those risks. In parti￿r, mvestments arg reviewed at KJrrtNy wrtervals thjring the Y￿r. Page 3 WesimlnstsrCath•dral Cholr Schtyjl Fund ¢ounts foff the J*arfjndÈd 30 Septernb•r2023 Tn￿*005. R•port Iwitlnu•dl tlvltlos. Sp•¢mc Oblectlvets *MI Ro1ov*nt Polkl•s Charltable ObAoctlvg• Thè Incc*rn of the truStfi￿￿ B to te appued to tr) Rrrn cathol￿ faith in th8 Dlo¢e58 of Westsnlnstsr and otgwts kn akl ofthe We5knanstÉr Calhthl C￿rS¢I1)r￿. tl¥ltl•s The Twsts incom8 is from ds ￿¥88th￿nIS and inler8sleamed. lits grants that prorT¥)tv the Roman c81￿$1￿1￿1h in Ihe DKK•s• ol Westrmstw. Slnce its incepbon in 1978 the fuThJ has £1.413.948 In dC￿t￿￿8. OurwvJ 1he say* perknd an Investment Jnd of£3.259.557 has buill Ly wants Df£4.333,624 have been n￿le to the school. This year, the tntstees received rKI unrestrkt8d drmalkns12022-£ndl and rradp grants to the schod of £90,00012022- £90,(#JII. A b)an wa5 [￿a￿e to Ihe CIK4'rSclh)ol d £200,OC4) dum9 21X)g. Thi8 was used byth8 sch￿￿ to help fund th8 refuTbi5hm&nt wo￿. parti(jJknlYtt￿ ofthe dwnmtory ￿Co[[￿LIa1￿. Th8 Schc*)I has agr88d to repay the ban and th8 *Jan was in luu in Nov*)tsr 2022. The rfW8ment li funds frKthe y88r is $￿Tr ￿ the Slate￿￿rt of finaniial adwibEs ￿ page 9. Grant Makkn¥ Pollcy Th& twstees cork8bJw •prAW￿$ from Ihe ¢>)VeM￿ ofthe Choir Sclvx4 prinrypaty to ￿￿tthe (thts of c￿[SterS which are ￿)10th@￿Se met aut of feè& Tlw also cL¥)*der reysts from ts G￿rTh¥s exceptional items needed for Ihe ￿nefit of Chor ScFNy)L Charles st￿eY and Conwany Limi18d ad as ¢ustrKILgn. hokfvj ihe pcthl*) of inv8str1￿nts in thÈlrnomin88 rome (Rock Ncthnees Li￿ted). Their b￿f L8 to afvi88, buld up and manage an Thle$tft￿nI portfrjlo cffi a At 30 September 2023, the ¢harityhad a (rf kn¥est￿nts Mth a marf(et value of£3,259,557 120Z2- £2,800,7521. The ¢ash hekl p8ThIiNJ inves1￿1 at 30 sept￿Ythr 2023 was £nil12022-£4,e671. Th8r8 8r8 rethction8 Lthatws tKYhV to inv8$1. Th& inv8sth*nt strategy Is sei by the trustsas tskes into accounl incorne requrements. the ii5k yt*Sle and thè investrrnnt mana9¥8 of the market prospects in the medi￿n twm. The o¥eraM lnv8strr￿t to maxMni$8 total retsjm tlwough a thvers porttolKJ, ￿MIng to promde kvel of irthxjme adviwj byth8 trL￿&S and, al tt)e sam8 Ivne. %Mth a vlew 8n5uring that￿pital appreoatiDn ol the fund 8XC80ds over any five year perkxl. Page 4 Westmlnstèr Cattwdral Cholr School Fund Accounts forth¥ year ended 30 SepternbeT 2023 Tru5tees' R•wl l¢ontinu•dl Inveslm•nt Pollcy. A8s•t Ajocatlon Icontlnu8d) In1￿9 reserves tKAicy. the trustees have instnKbY the irNesknenl ma￿￿erS to irNest the ¢awtsl of the Fund to produce a balance of irKome aThJ caylAI grtrwih, lo maintaln a meth"￿￿ risk profil&. and to maintan a spread of inveslments beiween fixed interest securi1￿5 and e(wities in such a way as to ffl88t thè r8(xJrrir¥J ann￿1 exkvKlthre of the F￿d. To meet these obje¢lives the a￿et ar￿ati(￿ arKJ strategic rarg8. as at 30 Septemter 2023. is os follows.. loeallon 6.80% 81.46% 11.73% RaNJ• 10VD- 40¥. 30Vts- 90% 0%-10% 0%-50% The b8nehmarks for measuring performance arè the FfsE Private Invs5k)r Balanced Index aml Ihe FTSE Al Share Index. Duriw the year to 30 September 2023 lurnl increas&Y by 16.1W 12022.. decreased by 22.57% } o)mpared to the FTSE Private Investor B￿an￿d Index. increased by 6.51% and th• FTSE Al slwe irhjex bonchmath which increased by 13.84%. Constraints are as fcAkn*s'. UK IIx8(I htrest. preferetxe stcdt ￿ unft tmsts UK equities Overseas equltl Cash 1. Not more than 8% of the fund should ￿ inv8Sted in any st(x*. other than crA￿tiveS and gitt edged stocks. U￿eSS expfessly agreed by the trustees. No new inveslment shal exceed 6% of Ihe V81￿ ofthe f￿d. 2. Th9 income of the fund thuld be deswnod lo grow at knst in Ilne wlh wfflalicffl. T￿al should be ncl less Ihan £70.0￿ per frorn the year b8giMirvJ 1 October 2009. 3. Unde￿rth￿ ol new Bsues is pemilted up to 6% Of ￿ total value of thg fu￿. 4. The polky stslemenl revivrt pgwl B evwy two y￿5 thg p￿rr￿a￿* Of irbve8tment managers is mr￿lI0red at least 8V8rysix rnonlhs. 5. A minimum of 10% of the totsl vakn slthkl be hekj In BC￿d$ or to meet the t8m)ty grsnts of £30,￿0 to the ch￿r sdKd. payatAg in SeptemÈer. J•wary 3rKJ AK¥iI. 6. Elhieal cAJnsideratlcm5 are not to invest in o)mparwes, whose aclMIt85 are OFV05ed to th8 teachi￿ ofthe Rom8n Calhc4ic Church. 7. Up lo 30% of the lotol v81u9 of the F￿j be invested in ￿nPaThe$ ￿1h an equity market Ca￿￿[l$stIon of less than £20(kn. altwh ts lèvd rf desired be exlended lo 35% for special rsas(￿$ aKI for a limitèd p8riry1 onty. The Iruslees cw¥der Ihal th￿r inveslmenl Fdicy is ￿lt￿j Sa￿1￿1￿￿Y irWemerrted. Achlev•m•nts and Perfonnan Rovlew of Activitlgs Total investment incom8 received n the )ear omwnted to £128.101. vthith equates to a yield of approximately 3.93%. The trustees awartled m lolalling £gJ.OiX) during the year In acC￿￿n th thè charftys grant Oicy sel out DetaiL8 01 th& are provided in note 3 to the attached accounts. Thè tnBtses fed that their otyoctives havè been akn4uatety met dur*w ￿ar. Page 5 Westmln$ter Cathèdral Cholr School FuTrJ Ac¢ounts for Iho year tnded 30 Septsmbar 2023 Trust••s' Report {contrued Revlow of ActMtl•s Icontknu•d) Howwar. the trustees 8re 8ware that I￿e 8xl*nal lths 4vWI (xxjkl aff¢ct the Bchhvements rA their objectives as a s￿nifi&￿t part ofthe charitys assets arè m&Je ￿ of inveslm8rbts and cash. ihe re8uits of which are de￿I￿Ent on Ihe general of the UK and oversèas stock markets. In order to mlnimise this. thg trustees have set F*ud￿t invgsbnent policies and tA8¢e r￿lan￿ on the Inveslrnent manager8 to rtkX)itor and P*J￿ on irbvestment ¢h•ys and suitable assét 8Mo¢ation. Flnonelal R•¥l•w Rosuft8 for the year A summary of the y*$ res￿1$ can be fournl on p¥Jè 9 of the reF(Wt and a￿aunts. DurtrKJ Ihe year ended 30 Septhber 20r3. trA81 in(x)me anYJJnted to £128.72212022- £150.6841. being income arisirvJ lh& tsitvs investmwts arKI cash The trustegs made grants to Westminstér Cat￿ra1 c￿1r Sth(x)l Fund totallltYJ z￿,000(2022- e90,0001. After deduct*ig the eosts of raisry l￿d5 of£20.92412022- £20.9511 aThl supwrt costs of £9,948 {2022- £7.0381. nel p)sitKJn for i*fore inve$1rnent￿rtS was a surplus 01£7.850 {2022- £32.6961. There were net #ive81rn8nt 98ins duriThJ the year ot£260,287 {2022- h)s88s of £882.7321. Thls ￿su1￿1 in a net increase in funds (kjring lh& year of £268.13812022- decrease of £850.036.} The net assels of thè eharlty at 30 Seplemb8r 20Z3 I01￿18d £3,244.089 I2022- £2.975.951). Rgww$ Pollcy and FIDanclal P￿Illon Reserves Pollcy Thè twstees aim to maint8ln aft exF*Thlable fLmd of Suffici￿ sEe trJ ihe fin&￿la1 ￿ed$ ofthe Choir School. &Jffkx8nt reserves hekl lo n￿tthe terrnly awards arwj wming costs. The balance of fvn¢ts are ￿vested to provKle 81ovel of incc¥Y* c(¥nmensw*e the level of rKJmial recurring expendibjrg. The trustees arg ofthe opinbn that the rAJrrént l•val of reserves suffident fflexit4tyto covor tsrnporary shortf8lls in inccmiry resourrts to Onwr¥J in fl(Avs. Flnan¢lal Posl¥on Thè balar￿e s￿t SI￿ total funts (aThl free re5eN8sI of£3,244.089 at 30 Soptem￿r 2023 12022- £2,975,951). The trustees consider that ths level of fr98 reseNes matches Ihè p*am•t8rs sel out in Ihè charftys reseryes polky pknve and trw, therefore. ttjnsklèr ￿SelVeS to adewats but not Pag8 6 W•stminthr Catl*dral Choir Sthool Fund Aceounts for the y•ar•nded 30 Septembèr 2023 Trustees. R•port Icontinu•dl FutuYÈ pl•ns Th8 trustees do ￿ antrdpate Chan￿ tothg tharity￿ its over the next o lo ffive ye8TS. 11 is ther intention lo meet fol￿￿ ot4ectNts". . To rnrrilor Investrnent perfE*m￿ BO that rfat al w55itrle * achbv8s tho set by them 50 Ihat ihere are SuffK￿l fLKKJs to their ￿an1 givvy Fmthies. - To continue to make fft al a smlar. if ￿1. Publlc ben•fft Tha In￿1￿eS confimi th81 thgy have had rvgwd to the Charity Commis￿n5 gUIda￿ ￿ publc b8ngfft. Inqlependent gxwnlner Tbe indepen(*nl ex￿niner, Mr Pèter Hll. wll be for Approved by the inBtees arKI spjned ffi Iheir behalf by. Trusteo )prov•Y by the trustees on.. 4-1Tr11 Page 7 W8•lmln*lor cath￿ Cholr Sthool Fund unt• th• year •nd￿ 30 SoPt•mb•r 2023 Indep•nd•nt Ey*mlnerfs rgport to the Tyustees dWestMln8tsr Cathedrnl Cholr School Fund I repcrt lo trustges on my e¥Aminatkffl of the accoun15 (m p￿e$ 9 tr> 15 01 wéstm￿Ster Cathedr81 Ghoir SchGd Fun(J I'the trL￿1}fOr year ended 30 S•L*r 2073 whkh (xxnpw the 8iateTrent of This QFY)rt Is made SL*tyto the charttys InL8lees. as a bc4ty. in with sectirffj 145 ofth Charttles Act 2011. My has been Lwthtsken so Ihal I rn￿h1 5tste lo thg (tsity$ tntsle95 those m8tt•rs I ￿ r&JUW￿l lo st8t• to thi5 ￿p(rt no purpose. To tr* fulgst •xtfjnt pgmiltted by law. I do accept or8ssvme r8sF¥Y￿ti'ty to any￿ other ihe chwity ￿ Ih tharws intsteas as a t%*Jy. for my work. fcrf tr¥s forthe opriorB I have [￿M￿J. Re$ponslbllltlès and ba•ls of r•ptyt As trusl8es of the chadty ￿ are respLMsitde tor the WEpar*th crf the ￿rda￿ wlth tho requk8merts gl ts Ch•*e8 Aet 2011 ALX.). I rowi In rg¥*ci of my exanin&Kxb d Ihe aC￿￿ts canied out uThJef 14S of the Act ¢8￿Y1r￿￿ otrt my I have foNowod 811 wlieablo DirectK)rs by th8 Charity CommIsS￿ urM18r sthXI 14¥5Xbl ol thè hA. kn Indepmlent exwminatNxh &aeB *i"r¥J ￿ thè oviduw2 thal w(AthJ be req￿red in an 8udit and C£￿Se￿￿onIty (bes not eL*W l am a wber of ts ICAEW whkh Is one ol the kted bc4*8S. I have crffj)lotsd my èxamintK¥). l ¢￿￿m1 that Th) mattyvl mattws have to rny attenthjn ni connection wilh tha exominali(x) gthy me cwse to betieve Ihat itb 8ny maleda res[￿1.. • accounilrvj re￿$ wwe not kept ¥i resrttt of thè clwity as roqukeA ty section 130 of Ihe Act.. ¢y • the 8¢C¢X￿¢S do not occThd wllh Ih)$8 records: or ¢oTrtenl of a¢(￿nIS set Sn Charit*s (Acc￿rts Rerths) R￿lati￿S 2(X)8 cAher than 8ny req￿lIPment blat acwjnts gNe a and fa￿ view wlwch is rKJI o maiter COn￿der&I AS p¥tof 8n iThJeraMtsenl exami￿￿. I havt no co￿0m8 and have ot)w* matters in (xThgthn wth tho &xam#iation to whKh alt8nfjon shwid bè dra4￿ in rgP(rt in to enable a undw8t*Klry d th8 aco%nts to ￿ rgathod. HIllYat￿ Chartèr&J >￿￿nt￿lS Hill Hous• 27 Methwford. Nw*pyt Safftm Walden Essex. CB11 3QL Peterw￿liarn Hdl. FCA IndopeThJenl Exam￿ar Pago 8 Ae¢ouJts for th• ￿ar ende¢l 30 Septsmber 2023 Ststement of Fln¥nclal Actfvtths Unrgstrictad fvnds 2023 Inc¢xno from". Investments Bank Interest Tothf Income 2022 £ 128,107 615 £ 128,722 1SJ,684 E¥p•ndXure on: Raislng fund8 Charitable adi¥6t￿S Total ¢xp•ndltur• 150.684 20.924 99.948 £ 120.872 20.951 97.038 117.989 Nel Incom• b•fore g4ln8 and IDJ8•B Net gains on Ihe r8vdvalron and ilisposl ol Reallse(I - Unreatis*J 7.850 32.695 9.460 £ 250,828 13.(KJ11 879,730 Net mov•m?nt In funds Fund balane• brougm ton*ard * 1 Oetob•r 2022 £ 268.138 £ I850.036} £ 3,825,987 £ 1975.951 Fund baknnc• cwl•d lornrd at 30 SgPt•mber2023 £ 3.244,089 £ 2,975,951 co￿n￿l￿g OPW*k>n* Atl ofth8 acti￿1￿$ oftr• Charfty*ETr deri¥Bd frthn c(thuing ￿ratiOnS d￿￿9 above fina￿￿al years. counts for the year ended 30 soptw￿ 2023 Balance Sheet 2022 Flxod assots Investsnerts • markèt Cash awaitsng inveStm￿l 3.259.558 2.800,752 4,667 3.259.558 2.805,419 Curr•ni •ss•ts Debtors Cash at bwk 2nd at futKI manays 1.228 86,283 87,511 73,248 273,248 Currènt Ilabllitle5 Amwnt committed to the Sthool 2022r23 Olh8r aedit￿$ Not cumni assets I￿,[￿￿)) 12,960 19LI,O(Y)) 12.716 (15.469) 170.532 £ 3.244,089 £ 2.975,951 Net ag8ets Repre•ented by: Funds and Res•r IrKomè funds - UN￿r1ded funds £ 3.244.089 £ 2.975.951 We approve the acojunts set 9 to 15 GcnfKm thal to the Lwt of wr k￿)wledge we have aVa￿ab￿ ￿ rekniant rec￿￿ 8Th1 inlumalv)D fcw their pr6parntii)n. Approved by the trustees and syl￿1 ¢)n theK beidl ty. Trustse AFvrovèd ￿. (* 17 / 2Lt PwJ8 10 W•*tmlnster C4thedr* Chotr Schod Furn ounts for the year ended 30 September21YtJ Basls ofAccounthig The acctMrts h8ve t* under Ihe th￿or￿al cost I￿ventI[￿l with items Wr8od al ¢osl or transgclth￿ value unless stated ￿ the rthvant a1lountK￿ pc*iÈs below LY tha nota3 to th&s8 a¢xo(mts. The ar￿unts have ken wèpar8d rn acrlKd8n￿ with by Charlties.. Stat8m&nt of Recommended Practice appllcable to chariltés preparing ￿ra(￿￿nts in acwdance with Ihè Fin8nci?l Standard applic4)le in the UK and Repuk&c ol Ireland ICh8ri1tes SORP FRS 102), thè Financial ReP)r￿ StsThJard applie4b￿ in ￿ UK arld of Ireland {FRS 1021 8nd the Charives A(a 2011. The charity con$titirtes a t￿efft ￿￿tya9 dthed by FRS 1(Y2. accounts mented in slerkng arml arè lo th& ￿reSt p￿￿. Income Income is r8cDJni5ed in the pericxj wi which th8 charity to rèceipt and the anhxmt can be measured Mth reasonable certainty. InciTr ta defwred the charity has to [L￿fil [￿ndItiOnS before becoming entrM&d to Ilor Where donor orfunder has Skwrfied that I￿ne is to be èxpended in a ftrture ac(sJnts"ng Ofvld•od8 and InterEst DivKlgnd8 arg in¢hJded in thg St*em8nt of Fts￿181 A¢bvitiès when tlware re¢￿b￿. and olher Inter￿1 is inckthd in the St8tem8th of A(thibes on an ac(xuals basls. Reamsed Galns or Loss•s on Invesin*nts R&alisÈd galns or losses are calculated by (lediK*ng thè openiry mathet value of the Jnveslments Expendlturo and th• Ba#ls ofApportkning Costs Expenditu￿ is fv￿lU￿￿ in the Slatement ol ￿[nanCi￿ Activities aitributablè Value Added Tax whith ¢annot be reo)vered. Ralslng Funds Expgnditurg cm rarslng of IrKUT￿ in investment incoThbè. B. Charltsbl• *dvlt188 Grants to the 8chool are chty to SlatThnt of ActNitles kn IhÈ year in whirh they ar authorised by Ihe twstees. Th8 means that the lemifyaw8r(ts thys shwn ts the fc4knwing scholastic year. C. Support Costs $l￿￿rt costs compris& costs whtth canw b• diredly to the charilys athivlliès. These costs have beèn wholly al(K*ed to charitabje adivrt￿5 because anyafkKatK)n beh¥e8n the haadi￿S would be immateri￿. Page11 counts for tha year endèd 30 September 2023 PrfncW P*countlno Politi95 (cantlnugd) C*$h Flow The disdosure exèmptions pemitted by Urrtlate Bulknth 1 of thè ¢￿￿e5 SORP FRS 102 have been taken advantage of in thes8 accounts a Stat￿ of (ash knvs hos been TKepared. In￿sIMOnt$ Inveslménts are includ8d on the l)alance stwt atthw mthel ai Ihe *YJ of lh• [ma￿al p￿. Re81ised and unreali*d gains and bsses we ct8th"ted, or deW. to the St8terrthl of Finandai Activ1￿S In th& Y￿ in W￿Ch thoy arise. Taxatlon The chaTtty is a le￿￿er8d c￿lIty therefrKe is not liabk In￿Me tax tsx on I￿rne derived frcm ts chwitakk acliwlios, as il faHs ¥ittM the varW5 exeMp1K￿ available to TWter8d d￿rrtIes. D•bloYs Debtor3 arè recognised #t ti￿1r sedknnent arIK￿L bss any for ￿Try￿ab￿ty. Prepayments are Valued at thè am(Ant W8poid. Cash at bank and In hand Cash at bank and in hand represents SWA) acwmts iDstrWTW)Is Ihal are avalabl8 on dern￿￿1 or ha¥e a maturity of * than three montts It￿￿ lh8 date ol acxJuisitM. Cradttorn and provlslons Creditor5 and proyisions are reC£fjTw￿ ttwe is an oL*oatw)n ai the baknce She￿ date as 8 result of a p• evenL It is probth that a transfer of benefit win be r￿u1red in settlement. and th6 amount of thè 5ethem8nt GYL be estsmated rdlabty. Cr8dit(M5 FwovisN)ns * rec(4niwJ at the wi0￿t thè anbcipales it wiu p8ykn $6tU8 the debL Fund aecountlng Thé funds of th8 chwty are ail Umestrided aThJ 8v*t4è use yi Of￿ thatitys c*ctives at the of ts trustees. Crltlcal accounllng e•tlmatss and ofludgenwrt eparw these acwunts. The trust8es ha¥6 mwjg Ihis a55essm8nt in respect to a perK)d ol one year from the date ol apwov81 oflhese accwits. The trustees recognise the thffiC￿E ec¢mnK a￿j eLm1irn￿ lo tske a ￿n9 of tha fijnd. Hov4ever, thg tsustees have c(yvJuded thatthese ¢urtwrt wents aNI cu¥Jitsons do not ¢ast slgnifjcani doubt Ihe ability of thè ch*ity ￿ ¢cffitm￿ as a ￿[ng cortem. The t￿￿1885 #re oftho opinm thal fv charity wll have sufficiert Te8(￿￿$ to moel Ilslobrititrs as fvyfall (kn. P￿8 12 weStm￿COthtth￿1 Cholr School Fund Acmunts for the yeAr oftded 30 Septtmbor2023 2022 Irom ￿sted investft￿ts Equilie5 118.519 9,588 142.644 £ 128,107 £ 150,684 2 R￿sIng fw 2023 2022 20,￿4 20.951 £ 20,924 £ 20.951 3 Ch￿tabl* actfvitl•¥ 2022 Granb p8yablè to sLknol TemAy awdrds Suppr¥t co8￿ (￿te 4) 9,948 9LI.000 7,038 £ 99,948 £ 97.038 4 Supptyt costs 2Q23 Accountr￿Y fe8S IwKlependent examinerfs tees Leg81 fees 6.948 6.318 720 £ 9.948 £ 7,038 13 Westmlnster Catheth* Cholr Sci￿7 Fund counts lorth• year ended 30 Septsmb•r 2023 Notss to A¢counts (wrtknued) 2023 20r2 Mathi vJue as at 1 Oclow 2022 Addttion5 al wst Cost add￿s from cap&1 events LhswJ5als *Market V8lue L (procaeds £252.391 gwn". £9.4601 2.8LM).752 450.9)9 3.531,169 426,627 48.632 242.931 325,946 3,680.482 Net unr89lised inveslment Yah￿11￿$5e5I 250,828 {879.730) £2,800,752 Marketvalue at 30 September 2023 £ 3259,558 •lJl listad investments deoltln cffj a recxwised slock ex￿￿￿. Lisbj Investrnents held al 30 S8Pt8mber 2023 cwsed the f¢*4M"Tr3". 149.023 2,611,569 40,160 UK fix8(l int8resC prefer￿￿ strd w¥J unit Irusts Eqthties Overseas s￿r￿l&S 221.709 2.55S,358 382.491 3259.558 2.800,752 £2,881.975 Histrrfic (tht at 30 Sept¢mber 2023 £ 2.8TI.986 At 30 September 2023 thère invesimenl hohJiTWJS wrilh a maTk8t vak&e exce8ding 5% of the mafK8t vaue of lh8 entire lisiEd ￿trollO. iwthJhTVJ cash awaitry nyestment. Ss al that dats. The total unfealised as at 30 Septwnber 2023 movements cffi revaluallon and 8re a8 fdknws.. 2023 UnreamS￿ galn$ Inch￿d Abov•: ckn listed inveslmths R￿0￿C111atl0n of nwements kn unT•a45od unr￿11$&d gains at 1 2022 Add amounts In relatKM) to di$￿sa}S Add cost adIush￿thts Less unrealised Investrnerit gains Totsl unrealised gains at 30 SeFrtwnW 2023 20ra 381.572 81,2221 1812221 211. 744,107 52.106 2,295 1879.730) 81.222 250.828 Paye 14 we5tn1￿t0rcathe￿aI Cholr School Fund ¢oimts for th• J*arended 30 Sepl•ml)er2023 14otes to **¢ounts1¢ontinued) 2022 Loan to cl*)Ir sclKY)I 1.T28 e 200,000 7 Other ¢r•dltors: gmounts Nlhiy due wlthln one y Acwunlancy f Ind8pendenl exarmtrs f885 Investrn8nl mawewl costs 6.318 1,410 810 5222 12, £ 12,716 8 Related puty IT￿$1•1¥ Pag8 15