We$tmln$trr Cathedral
Cholr School Fund
Annual Reportand Accounts
for thè >par ended
30 S¢ptember 2024
Charity Regthtion Nurnber 27e878

WÈSi￿n5ter Cathedral Cholr Sehod Fund
Aecoufits br the swr ended 30 September 2024
Contents
Pages
Legal and •Jministrab"ve information
Trustees. report
10
Independent exanNnerfs report
Staterrent of financial activitj'es
12
Ba1￿ce sheet
13-14
Prinrypal a￿Ountr.ng POI￿leS
15-17
Notes to xcourrts

W•strrinstsr Cathadral Choir School Fund
unts Yor the yèar •nd4d 30 S•ptember 2024
Legal and Administratiw Information
TrugtO8#
Joanna Stophens
Mark Collins
Helena Pty•vell
Joanna Stephens
Principal •￿dr￿S
24 Hacketts Lane
Woking
GUZ2 8PP
Charity reglstratlon number
276878
Independent Examln
Pètèr Hill FCA
Hiltyate5
Hill House, 27 Meadowford
Newport. Saffron Waklen
Essex
C811 3QL
Accountants
8uzzacott LLP
130 Wood Street
London
EC2V 6DL
InvestThpnt rnanagers
Charles Stsnley and Company Limrted
25 Ropemaker Pkce
London
EC2Y 9LY
Bankern
The Royal Bank of Scouand pk
1 Fleet Street
London
EC4Y 1BD
Page 3

Westminster Cathedral Choir School Fund
A¢￿￿Trts forthe J*ar ended 30 September 2024
Tmstees. Report
The trustees present their ststutory reporl together wth the accounts of the Westminster Cathedral
Ch(Ml SGhool Fund for the year ended 30 Septett&ei 2024.
The accounts have been prepared in a¢cordance ￿1th the accounting policiès set out on pages 13
and 14 of the attached accounts and comply ¥Mth the charity's trust deed. applicable laws and
Accounting and Rèporting by Charities: Ststement of Recommended Practice applicable to charities
preparing their accounls in accordance the Financial Reportin9 Standard 8pplicable in the UK
and Republic of Ireland IFRS 1021-
Governance, struc￿rn and Management
Governance
The fund is constitijted by a trust deed dated 26 septen￿er 1978 and 15 Wstered ￿1th the
Charity Commission, Chartty Registrab"on 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 Cardirlal Hume's death in June
1999, the power of appointment of trustees is now vested in the trustees.
Trnstèes
The tnjstees in office thring the year v*re as follo1￿."
Mark Collins
Joanna Stepher
Helena PothEII
On agreeing to become a Irustee of the charity. the trustees are thorou￿lY briefed by their
Co-trustees on the history of the trust. the day-t0418y Managen￿nI. the responsibilities of the
trustees, the ￿rrent obiectNes and future plan5. The trustees are also encouraged to attend
any courses vhich they feel are relevant to the developn*nt of their role, and to keep u￿10-date
on any changes in legislats'on.
No trustee received any remuneration for services as a trustee P023- £nil).
No trustee received reimbursement of expense5 (2023 - £nil}.
Trustees. Responsibilities state￿￿t
The trustees are responsible for preparing the trustees. report and accounts in accordance ¥Mth
applicable law and United lfjngdom A¢¢ounting Stsndards (Untted Kingdom Generally Accepled
Accounting Practice).
The law appli(*ble to chartties in England and Wales requires the lJustees to prepare accounts for
each finant?al year vthich gve a twe and fair wew of the state of affairs of the charty and of the
income and expenditure of the charity for that period.
Ptge 4

Westminster Cathedral Choir School Fund
p￿ounts for the year ended 30 Septembèr 2024
Trustees. RepDrt (continued)
Trustees. Respon¥ibilities Statrment Icontinuedl
In prepanng these accounts. the trustees are required to..
select surtable accounttng policies and thèn appty them eonsistenlly.
observe the methods and principles in Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charIt￿S preparing their acctsunts in accordance with the
Finaneial Reporting Standard appl￿b* in the UK and Republic of Ireland IFRS 1021",
make judgements aThJ estinHt85 that are reasonable and prudent".
state whether applicabk Unrted Kingdom Accounling Standards have been folkjwed. subject to any
material departures disclosed and explained In the accounts.. aThJ
prepare the accounts on the going eoncern basi$ Uh￿sS rt is inapproprMte to presume that th8
charity will o)ntinue in operation.
The trustee5 are responsible for keeping proper ac￿￿ntIng records that disclose wrth reasonable
accuracy at any time the financial posib.on of the charty and enable them to ensure that the accounts
comply wrth the Charrties ALI 2011, the applicable Charrty IA¢counts and Reports) Regulations and the
provisions of the ¢harrtl5 constitution They are also responsitAe for safeguarding the assets of
the charrty and hènce for taking reasonable steps lor the preventM)n and deteclK)n of frauo and
other Irregularf(ies.
The trustees are responsible for the maintenanee and integrity of thè charty and financi81 information
included on trFtr charity commission'5 ￿bsrte. Legisi4tK)n In the Unf(ed Kingdom goveming the
preparation an¢J dissemination ol aeeounts ￿Y differ from ￿9￿slatiOn in otheriuiisdictions.
structur• and Management Rwrting
Thè trustees are uttirnatety rèsponsible for the pol￿1￿$. artwrties and assèts of the charty. They
currently ￿￿et remotely by Zoom at least annually to review thè devek)pments with regard to the
charty, rts grant 9Ning activities and to make any Important decisions When necessary. the trustees
seek advice and support from the charitys professional 8thiiser5 Including investment managers and
accountants. The day lo day management of the chariws activrties. and the implementstion of
policies. is carried out by Joanna Stephens who ensures that grant payments are administered whilt
the books and record5 01 the charty are maintained by Buzzacott LLP. Chartered Accountants.
At their meetings the twstee5 review the investrrent performa￿* and the proposals for grant5
to be made and approve such grants as appropriate.
Risk Man•Jement
The trustees have assessed the major risks to wh￿h the charty is exposed. in particular those
relating to the specnlc operational arèas of the charty. rts Investmènt5 and f(s finances. The
trustees believe that by rrK)nrtonng reseNe levels, by ensuring Controls exLSt over key financial
systems. and by èxamining the operational and business risks faced by the eharty. they have
èstab115hed effective systems to mth.gate those risks. In particular. investments are reviewed at
rrtonthly intervals during the year.
Page 5

Woslmlnstsr Cathedral Chok School Fund
Acwiftts for the ytarended JO September 2024
Trustees. RO￿rt I¢c*ntlnuedl
A¢Wvltle& Sp*elfic ObJeetlv*$ artd Rdevant Pollcles
Chadtabl• Obl￿tiveS
The incorr¢ of the trust fund is to ￿ aFphed b rèligK)us bcdi8S ty wormte Ihe RoffBn Catholic faith In
Dio¢w&o of Westminstsr and In ￿VIng ofgrants in awj ofthe W88ts)*n*r Cath•drdl Choir sc￿01.
Actlvttles
The Trusys inry)rrB is dtsrrved from its invesknents and interest 88mad. 8Fpl*d in making grants that
promots the Roman cathol￿ faith in ts Diocesè ofwestrtinsier.
sir￿ its il￿eP￿.0n in 1978 Iha fvnd has ￿Ve￿ £1.413,948 in donatbjrs. During ts sanw period an inves*rn8nt
fijnd 01£3.649.293 I￿5 b88n up wlil& ￿ants Of£4.￿.&24 tr*ve madg b) the thol.
This year, the trustees re(*Died rK> unrèstrictsd donatNJns13)rJ- £nill and made grants ID Ihe school of
£1￿,(￿j){2023- £90,(KKJI. The trtstse5 wode an 8d(htw)nal grant of£15.CW, lin ex￿$$ of th8
amount weviously agrgad for 20241 as wdl asa gpant anhjuntof £1LS.1)JJ forthe 3)25 year
rTK)V0￿nt in frJnd5 forthe yaar 1$ thown in ￿ slat￿nent Offin*r￿al acti¥iti8s on ￿ge 11.
Grant Maklng Pollcy
The trustses ￿ns￿ra[￿"t?tions from Iknrr￿ ofthe c￿1r wnciFelty to n*èttha costs of
choristèr5 which are notothgwse m?t out of fees. They al*) w￿der1equeStsfr0rn the Gov8mor5 frjr
exceptonal rtEms needed for the benefft of Choir School.
Investsnent Poll¢y- Asset Allo¢allon
Chartes Stanley anfl Corrpany Linrted ad as r￿dian. holrfing th8 Fxjthlv) of inv8str*nts in th8ir no￿1￿*
narTE IRock Nomit*es Limitsdl. Their brief ￿ iD a￿￿￿e. build up aThY tnanage an investr*nt portfolio on a
￿$￿etOnary ba515. in 8CuJrdan￿ the Inth, investment pdy.
At 30 Septsmber I￿4. the thanty had a pDthlio of inVes￿nts a markel value of £3.649,293
12023- £3,259.5581 The cash held per￿rry Investrnent at X) Septenkner 2024 Vf4s£14.711 12023- £nill.
Thore are no rnstn¢*￿s on Ihe charttys [x)￿r to 4lV8St The investrmntstratsgy ts s&t by ￿ trustee$ and
takes into acCourtints)￿* requirtm&rits. the risk Fxofile arxl the invesbr*nt rnana98rs wew of tnarkgt
prosp2cts in th• rmdium IBmi The overall investh%nt P)I￿Y Isto rna￿MISe kntsl rètum throuth a diversfied
portfol￿, 21ming to provide the level of Ir￿0[r￿ advts8d by tre tru*e8and. at Ihe sarM tifr*. a view of
ensuring that appreoation of lh2 •x(*8ds inllabon over any fve ytar period.
Page 6

Westminster Cathojral Cholr School Fund
unts forthe year Ènded 30 September 2024
Trustees, Re￿rt Icontinuedl
Investmènt Policy- Asset PJlocation Icontinuedl
In line wrth the reseNe$ policy. the trusteÈs hove instructèd the invest￿￿nt managers to Invest
the capitsl of the Fund to produce a balance ol inixjme and caprtal growth. to maintain a medium
risk profile. and to maintain a spread of investments bets¥een fLKed interest securities and equrties
in such a way as to meet the recurring ènnual expenditurè of the Fun¢J.
To meet these obje¢lNes thè asset 811ocation and strategic range. as at 30 September 2024. is
as folbws..
Rang•
10%-40%
30%- 90%
0%-10%
0%-50%
UK fixed inter8s( preference stcck and unit trusts
UK equib"e5
Overseas equthès
Cash
579%
82 20%
11 61%
040%
Thè benchnmrks for mèasuring perf0m￿nC￿ are the FTSE Prwate Iwwestor Balanced Index and th8
FTSE All Share Index. Dunng the year to 30 September 2024 the lund increased by 10.44%
12023. decraased by 16.19%) compared to the FTSE PrN8tÈ Invèstor Balanced Index, wh￿h
increased by 13 04% and the FTSE All share index benchmarf( which in¢reased by 13.40%
Constraints are as follows".
1. Not more than 8% of the fijnd should be invested in any one stock, oth•r tran cdlect*ves and
gitt Èdged stocks, unless expressty agreed by the trustees. No n6w investment shall exceèd 6%
of the total valuè of the fund.
2. The income of the fvnd should be desvJned to grow at least in line with inflation Total inco
shoukl be not less than £70.000 per annurn from the year beginning 1 October 2009.
3. unde￿riting of new issues L% permrtted up to 6% ofthe totsl value ofthè fund.
4. The policy $tsterrtnt revkw perkxl 1$ every tM40 years and the performance ol the InveSt￿Ent
managers is rrK*nitorèd at le8St every six months.
5. A minimum of 10% of the totsl value shovld be held in Bonds or cash to meet thè tèrmly grants
of £30,000 to the choir school, payablè in Seplember, January and April.
6. Ethical considerabons are not to invest In companies. whose aCtMt￿S are oppo$ed to the
teaching of the Roman C81holic Church.
7. Up to 30% of the total value of the Fund may be invested in Companies wth an 8qurty market
caprt21isation of less than £200m, 81though this level may rfdesired be extended to 35% forspecial
reasons and for a limrted perKsd only.
The trustee5 consider that their investment poly B being salisfadority impkmenled.
Achievemants and Perf0m￿nCe
Rewew of Activities
Total investment income iec8Ned in the year anv)unted to £135.015, which equatos to a weld of
approximately 3.68%. Thè trustees aYrJTded grants of £105,000 durin9 the year forthe 2025 year
and an addftional £15,000 for the 2024 year in accordance with the charity's grant rrydking poli¢y
set out above. Details of the grants made are provided in note 3 to the attached accounts.
The trustees feèl that their objethes have been adequately met during the year.
Page 7

Westminster Cathedral Choir School Fur
counts for the year ended 30 September 2024
Trustees. Report I￿ntinued>
Review of ￿ZtIvitieS leontlnued)
However, the trustees are aware thatthere are extemal faclors which wuld affect thè achievements of
th8r objectives as a significant part ot the chanvs assets are made up of investments and cash, the
results of wh&ch are dependert on the generèl performance of the UK and ovetseas St￿ markets I
order to minimise this. the trustees have set prudent invèstrnent p)licies and pl8¢e reliance on the
investment managers to monitor and advise on the necessary investsnent changes an¢J surtai4e
asset allocation.
Financial Review
Results for the yEar
A summary ofthe years re¥utts can be found on toge 11 of the reFQrt and ac(x)unts.
During the year ènded 30 September 2024, totsl in¢ome amounted to £135,01512023- £128,722), bwng
income ari8ing from the chanty's investments and cash deposrts.
The trustees made grants to Westminster Cathédral Choir School Fund trltslling £120.CM)012023- £￿,0001.
After deduthng the costs of raiwng funds of£21,79012023- £20,924) and suprx)rt CC6ts of £8,310
12023- £9,94811, the net pOs￿.0n for the year before invesknent gains was a deficit of £15,085.
12023 sur￿u8 of £7.8501.
Therè were net investment gains during the yeaT of£378.538{2￿L3- gains of t260,2881. This resumed In
a net Increase in funds during the year of £363.45312023- increase 01 £268,138>
The net assets of the ehaisty at 30 September 2￿￿4 tot*led £3.607,54212023- £3,244,089).
Reserves Pcll¢y and Financial Posltoon
Reserves Policy
The trustees aim to maintain an expendable end(wKnent ftjnd of suffiaent size to rneet the financial need5
of tha Choir School. Suffiaent reseNes are hdd in cash to meet the terrnly awards and running costs.
The balance of funds are invested to provide a level of income commensurate the level of normal
recurring expandture_
The trustees are of the opnion that the current level of reseNes kYovide8 suffic•ent flexitx.lty to Cover
ttsrDwrary shortfalls In Incoming resources [￿e to brning drfference in income flows.
Financial Po$rtion
The balance sheet Sho￿ totsl funds lantj free reserve51 of£3.607.542 at 30 Serrtember 2024
12023_ £3,244.0891 The tiustees consider that this level of free reserves matches the pararnet8rs Set out
in the charity's reserves policy atx)ve and they. therefore, ¢on%der free reserves to be adequate but not
excessive.
Page 8

Westminster Cath￿ra1 Choir Sch￿1 Fund
Acwunts fw the year ended 30 September 2024
Trustees. Report {continuedl
Future plan$
The trustees do not an1￿1pate any s￿nificant changes to the charty or rts artNf(Es over the next
vo to fve yèars. It is thèir Intèntsn to meet the foll￿1ng objectwes..
To monf(or the investrnent perfomance so that il at all possible rt achieves the criteria Set by them
50 that there are sufficient fund5 to meet their grant giving policies.
- To ¢onth"nue to make grants al a similar. rf not higher level.
Publlc benefit
The trustees confirm that they have h&J régard to the Charity Comrr#ssion's guhlance on publK benefrt
Independent examiner
The independent examiner. Mr Peter Hill. wll be proposed foT re-appointrnent
Approved by the trustees and s￿ned on thèir bèhay by..
Trustee
Approved by the trustetrs on".
9 June 2025
Page g

Westminstor Cathedral Cholr Seh<>ol Fund
Accounts for the year ended 30 September 2024
Indèpèndènt Examiner's report to the Trustees of Westmlnster Cathèdral Cholr &hool Fund
I report to the trustees on my examinab.on of the accounts on pages 11 to 17 of Westminster Cathedral
Choir School Fund I'the truBII for the year ended 30 September 2024 vthieh comprigè thè statement of
Financial Actwrties. the Balance Sheet, Principal Accounb"ng PoliC￿S and rèlated notes.
This report 15 made solely to the charitls tnjstees. as a body. in accordancè sedion 145 of the
Charrties Art 2011. My work has been undertaken so that I mwht stale to the chartys trustees those
matters l am required to stste to them in thB report and for no other purpose. To the fu51est extent
permitted by law, I Ilo not accept or assunk Tesponsibilty to anyone otherthan the charty and the
charVc*s truste¢$ a$ a tx)dy. for nw work. foT this report. 01 for the opinions I have fOrr￿d
Responsibilities and basis of rO￿rt
As trustees of the charity you are responsible for the preparation of the accounts in accordanc8 wth th
requirements of the CharrtÉs Act 2011 1.the ACVI.
I report in respect of my examination of the chartys accounts camed wt under section 145
olthe Act and In carrying out my éxaminahon I have folk)wed all thè applic8ble DIrect￿n5 gNen by the
Chaity Commission under section 145(5Kbl ol the Act.
An Indèpendent examination does not invO￿e gathering all the evidence that would be requi￿￿ in an
audr( and consèquently does not cover all the mattèrs that an aud((or eonsidèrs in gwing thèir opinion on
the accounts. The planning and conducl of an audrt goes beyond the limited assurance that
an independent examinats.on can provide. Consequentty l express no ownion as to whether the
accounts present a'true and faiff view and my report is limited to those specific matters set out in the
Independent examirerfs 5tsterrent.
Independent examiner's $L￿ement
l Confirm that l am qualffied to undertake the examinats'on because l am a member of the ICAEW wh￿h
is one of the listed boc5ies
I have completed my examination. I confirm that no material matter5 have ¢grrp to my attention in
connech.on wrth the examination gmng me cause to believe that In any material respect..
accounting records were not kept in iespect of the charty as required by Section 130 of the Act," or
• the accounts do not accord wf(h those records". Of
the accounts do not comply wrth the applicable requirements concerning the form and
content of accounts set out in the Charrties (Accounts and Reports) Regulations 2008 otherthan
any requirement that the accounts give a Xrue and fairf vwi which is not a matter considered as
part of an in(Jependent examination.
I have no concerns and have come across no other nwtters in connection wrth the examination to Ythich
attention should be drawn In this report in order to tnabltr a propel UnderStandj￿ of th8 a(xounts
to be reaoled.
Hillyatès. Chartèrèd Accountants
Hill House
27 Me8dowford, Newport
Saffron Walden
E55ex. C811 3QL
7.L
Peter WTlliam Hill. FCA
Independent Ex8ryNner
qJ
Payè 10

stminster Cathedral Cholr School Fund
P&c￿nts fDr the spar ended 30 September 2024
ststement of Flnancial ActliAttes
Unrestricted fijnds
2024
2023
Inwme frorn-
Investments
Bank Interest
T¢tsl income
£ 133,637
1 378
135.015
128,107
615
128.722
Expen¢Jllure on:
Raisng funds
Charitable activrties
Total ÈxpendltUTe
21.7
128.310
£ 150,100
20.924
99.948
12D.872
Net lexpendI￿re￿n￿xne before Investrnent
galns and lo$$es
115.0851
7,850
Net gains on the revauakn.on disposal of investments
Realised
Unrealised
68.558
£ 3C6,980
9,460
250.828
Net mov•mwt In fvnds
£ 363.453
288,138
Fund balance brought fonvard at 1 Oetcthr 2023
£ 3,244,089
£ 2.975,951
Fund balance carrfed fonpRrd at 30 SeN￿nber 2024
£ 3,607.542
£ 3,244,089
con￿nY1n9 opera￿On$
l ofthe *tNitJ'es of the Chartywere derived from conb"nuing oper*"ons thring the above tsyo fin￿claI ye8r5.
P•Je 11

Westrninst•r Cathwjrol Choir School Fund
Accounts for tho year ended 30 Septsmber 2024
B•lan¢e Sheet
2024
2023
Flxed assets
Investments al Thrket value
Cash awarting investrr*nt
3,649.293
14.711
3,259,558
3.664.004
3,259,558
Current assets
Debtors
Ca$h at bank and at lund managers
1.228
61,191
62,419
1,228
86.283
87.511
Current liabilities
Amount committed to the School 2￿14r25
Othar erÈdrtors
(105.OCKII
13.881
Igo.0001
12.980
Net current a¥sets
156.4621
115,4691
Net assets
£ 3.607.542
£ 3,244,089
RÈpr•sented by:
Funds and Reserves
Income lunrts
UnrestrKted funds
£ 3,607.542
£ 3,244,089
Approval ofthe knunts
For the year ended 30 September 2024
We approve the accounts 58t out on pages 11 to 17 and Confimi that to the best of our knowledge
we have made available all relevant records and inf0m￿tion fortheir preparation.
Approved by the trustees and signed on their behaK by".
Tru5188
Approved on".
9 June 2025
Page 12

Wejtnynster Cathadral Choir School Fund
unts for the year ended 30 Septtmber 2024
Princlpal Accounting Polhcies
Basis ofAcwunting
The accounts have been prepared under the historical wst convention wth items reeognise(S at C05t
or transaction value unless otherwise stated in the r8l•vant aeeounling policiès below or the ntstes
to the$e accounts
The accounts have been prepared in aecordance wrth Accounkn"ng and Reporting by Charititss." Statemant
of Recommended Practice applicable to Char￿e5 prepanng their a¢¢ounts in accordance wrth the
Financial Reporting Standard applicable In the UK and Republic ol Ireland Icharities SORP FRS 1021.
the Finaneial Reporting Standafd applKable in the UK and Republic of Ireland IFRS 1021
and the Charits'es Act 2011.
Th8 ch8rty constrtutes a public benefit entty as ¢Jefined by FRS 102
The accounts are presented in sterling and are rounded lo the nea￿$t pound.
Income
Income is recognisèd In the perKx1 in which the charrty is entrtkd to recwpl and Ihe amount can be
measured ￿th ￿8$Onable ￿rtainty. Income is deferred onty when the charty has to fijlfil condrtions
before becoming ent￿ed tts it or where the donor or frjnder h85 SFrfthed thal the incowe is to be
expended In a futu￿ accounting period.
Dividonds and Interest
Dwidends are included ln the Statement of Financial Actwbes when they are recewable.
Bank and other interest is included in the StsteW￿Trt of Financial ActNIt￿$ on an accruals basis.
Realised Gains or Losses on InVestn￿ts
Realised gains or losses are calculateL1 by ¢Jeduth"ng the opèning markot valuè of the invostmgnts
from the pn)ceeds recewed on the sale of those InvestrrEnts.
ExpÈndi￿rt and thè Basis of App)rtioning Costs
Expendf(ure L8 incSuded in the Statement of Financial ActNrt￿ when incurred and includes attn'butabse
Value Added Tax which cannot be recovered.
Expendrf£ure comwises the followir¢g".
Raising Funds
Expendrture on raising funds Consists of the costs incurred In generatmg investrnent incorr￿.
8. Charitable I￿]vItieS
Grants to ttte sohool are charged to the Stalement of Ftn8ncial Athth"es in the y8aY in which they arè
authonsed by the trustees. This means that the lermly 8W8rds are 8Kvays shown for the following
schokstie year.
C. Support Costs
Support CQs1s ¢omprisè those costs which cannot be directly alloc8l&Y to the charty5 actmties These
costs have been who51y allocated to charrtable ath"vrties because any allocation behveen the headings
would be imrnatena1.
Page 13

Westi)wnster Cathedral Choir School Fund
*¢ounts for tho year ended 30 September 2024
Prlnelpal Accounting Polficlts leontlnutd)
CAsh Flow
The disclosure exemptions permitted by Update Bullets"n l ofthe Charrties 80RP Ffts 102 have been
taken advantage of in these accounts and a statemert of cash flows has not been prepared.
Investments
Investments are IncSuded on the balance Sheet at their ftBrket value at the end of th$ financial p¢riod.
Realised and unrealtsed gains and knsses are credrted, or debrted. to the Statement
of Fin8nC181 Actwities in the year in which they arise.
Taxation
The ch8rrty 15 a re9iStered charrty and therefrjrè is not Irab￿ for iythmg tax or corporation tsx on income
derived from rts Chantab￿ actwil￿$. as rt falls wf(hin thè various exgmplions available to registered
charrties.
Debtors
Dèbtors are recognised at their settlerr*nt amount. ￿$5 any proMs*)n for non-recoverabilty.
Prepayments are valued at the amount prepaid
Cash at bank and in habvj
Cash at bank and in hand represents such accounts and instruments that are availablè on damand or
hava a maturity of less than three nw)nths from the date of aCqutsrt￿n.
Creditors and provisions
Creditors and provisions are recognised when there B an obligatK)n at the balance sheet date as a resu
of a past event, rt is probable that a transfer of econom￿ benefft hMII be required In settlement, and the
amount ol thè satdement can be estinvAted reliably. Credrtors and provisions are reci>Jnised at the
amount thè tharty antiupatès rt will pay to settle the debt.
Fund ￿Ounting
The fijnds of the charrty are all unreslri01ed and available for use in fvrtherance of the chaitws objectNes
at the discreb'¢n of the trustees.
CritKal Kcounting estimates and are•$ of judgernnt
No signfficantjudgements or estimates were required in thè p￿paf￿1tsn ofthe accounts.
8essment ofgoing con¢em
The trustees have asse55ed whether the use ofthe going con￿rn a55umptson Is apwopriale in
preparing these accounts. The IJu5tees have made this assessment in respe(* to a penod of one year
Irom the date of appr¢)val of these accounts.
The trustees recognise th8 dTfficutt economic eondrtK)ns and conts.nue to take a long term vw of tha
fund However. the trustees have concluded that these current evenls and coTrdf(ions do
not cast 5ignffi.cant doubt on the abilty of the charty to contsnue as a going concern. The trustoès arè
of the opinion that the charrty will have Sufficient resources to meet its liabilrties as Ihtry fall due.
Page 14

Westminster Cathpjral Chjir School Fuwwj
Accounts for the year end&J Xl setrt￿nber 2024
Notes to Accounts
1 Investment irmne
2024
Income from listed investr￿nts
Equities
Gov•rnm•nt St¢)* and fixed interest
124.798
8,839
118,519
9.588
£ 133,637
£ 128,107
2 Raising funds
)24
2023
Investsnent management ¢r*ts
21,7Sf)
20,924
£ 21,7￿)
£ 20,924
3 CharItat￿e activities
2024
2023
Grants KAyatAe to schoc4
Termly a￿￿Tth
Supp)rt eosts Inote 41
120,IJJ)
8.310
90,000
9.948
£ 128.310
£ 9g.g48
4 Support eosts
2024
2023
A¢countanGy fees
Independent examinerfs fees
L￿jaI fees
7.5(M)
810
6,948
2,220
£ 8.310
£ 9,948
Page 15

Westrrtlnstér Cath￿ra1 Choir Schcol Fund
p%￿unts for the year ended 30 Sept¢mb¢f 2024
Notes to knounts Icontinuedl
S In¥estmerts
2024
2023
Market value as at 1 Octo￿[ 2023
Addbons at C05t
Disposa15 at Market Value
Iwoceets £344,623 gain.. £68.5581
3.259.558
355,820
2,8(K),752
450,909
276,065
3,339,313
242.931
3.008.730
Nel unrealised investment gainslllossesl
309,980
250.828
Market value at 30 September 2024
£ 3,649,293
£ 3.259.558
I listed invfystmants were de￿1 in on a raeognised stock exchange_ ￿$ted investments hdd at
30 SeptÈmb8r 2024 compnsèd the follown9'.
UK fixed interes( weferen¢g st￿k ènd unit trusts
Equfa"es
Oversea¥ Securities
212,092
3.011.887
425,314
221,700
2,655,358
382.491
3.849,293
3.259.558
Histonc cost at 30 Septsmber 2024
£ 3.005.685
£ 2,877.986
At 30 Septernber 2024 thère was a hd¢*ng ID Bloom8bJry Putlishing wth a market valuè excèeding
5% d the market val¢Je of the entire Iv6ted portfolio, induthng cash awatb.ng investmèn( as at that date.
The total unrealised gair6 a% * 30 S8Oemb8r 2024 u)nsb"tutes movements on revaluab.on
and are as fdlow5".
2024
2023
Unrealised gains includ￿1 above:
On listed Inve5trnents
643,608
381,572
Reeonelliation of movements in unrealised gains
Unrealised gains at 1 October 2023
Add amounts In relats.orj to disFosal8
Less unrealised investment gains
381,572
147,9441
309,980
181.2221
211,966
250.828
Totsl unrealised gains a130 Seoemt*r 2024
643,608
£ 381.572
Page 16

westTh￿nslér Cath￿ra1 Cholr Sehool Fund
Accounts lor the par ended 30 September 2024
Notes to Accounts Icontlnuedl
2024
2023
F￿6{1 vite￿5t iFwestn*nt i)¢Drrn acrnml
1.228
1,228
Other credltors: amounts falllng due one yur
2024
2023
Accountancy fe8S
Ind8pendgnt examin6ts tB85
Invesknent marogement ¢05ts
7.XlO
810
5.5T1
6,948
810
5,222
13.881
£ 12,980
Rdat¢d party transfers
Th￿e were no r8Lqted partytransfEf5 re¢wiwFr*J d￿4)￿jr9(3y￿d none).
Page Y7