Cholr&hool Fund Annual R•port and ACCOts lor th• yur ded ChaTity R•3istrakn Numbw 276878
W••tmln•tsr CathW Cholr School Fund L and •Ymthi8lr•livti inf¢thiab"on statemert KIMb"8J 10 11-12 1&15
kGguTrts for th• year •nd•d 30 Septsthr 2026 L•oal and AdMinkntr•ti InfornMtlon Mark CclMn8 Hdana S•cr•l4ry Joann8 Steth PrlnclpAI addrBBg Woking GU22 8PP Chavlty rngl•trntl(m 276878 Ind•p•nd•nt Examln•r Peter Hll FCA Fh'lW185 Hlll Hwse. 27 MeadNford Saffton Walden CB113QL 130 Wood Str8•t EC2V 8DL Invgjtrngnt Ghatss staeY and Cixnparry tinMte(f 25 Rop8maker Place London EC2Y 9LY B•nk•r• The Royal Bank of Wgnd plc L(dn EC4Y 1 BD Pago 1
Tr acoyjrts kw8p¥•J 41 on PBgoJ 11 8nd 12 of the atthchwj acojwts ar trust d•l. gpr4able Accoun9 and Reporting by Charit St4lemert of R8uffim8ThJed Jrwrable lo canS•s propwrin9 I1 qccMts In accordartsvllth thè StarKk apFc4blo In the UK RepuNicol Irdand IFRS 1021. The fiJThd l¢(3)MtiILth1 a ffttht d88d daled 26 S8Frt•tr 1978 •1 rd rugld With Charity Coffir0n, No. 278878. duriThJ IM8 felO and thweafier oxity Intee6. Carth1 Hwnéi In 1999. th• ttyMrolgppLntnxnt ofinno85 IB in Ih•trwthe8. Mlrk Cc Jnn9 siwhe C4J.tFu61828 on th• hMttyyollh• Ihe the y th8rw kn J1•ti0n. applkable Ulltsd siTrtardJ ILW [adDM Alxountirq Prn(1. each financial ye•rvthith gi¥0 and tslr¥t8wof tl slalD ol 8Trir81)Ilhe thwlty arwl kncom8 arh# eyr¥Jdfft ofV* rtharty lor Pap2
Rapgrtl¢ontthuedl Repth str apWlr¥bk UKaThl Row1 ItthThJ IFRS 1021: . make iudyernnta al estimates Ihai ¥e •ble . Blalo thther wplkatAe Untted s¢orKlud• uny thatyll Contir kn (pulon. acY at any tknv the fiDdrYil p(th 01thg thwrity •naWB th•m to •nSUty Ih•t •ccthJnls n)Wywth the CharfWAct 2011. Ch•rSty {ACfOu •N1 ftepotsl RenI and ha prD¥ision5 ofthe th8ritr18 4xnstittth1. TW alao fDf safeuuartro Ihg 8s¥ets Df th• thwrity hwr4 ¥4 00&1¢ •tew IoTthe prevenbon Hnd delgction offrwd and The InJ4tOtt 8rn Tr•pOb and Irnty ofthe tlm ffftanoal h)fomMYon IndLNJBd on the wbJite. Le9•1 in tr lfjwdrxm go¥emiThJ pwr4tlttn ar dluemknaiion ofaet•yJts maydfflwfrrft leoL48kn kn rAhOr)OK8. m¢et r•m• tyzfyyn ai wnuoltyll re¥W th6 doNYhJpmants ¥Mth rPga to the thortty. Ks 91 9hr#j ac¥ltkn to make de¢iJion$. Ylth necwuy, th¢ trwea RIkmAn•ff reldng to Iho wfio am4 ol tho <anty. irw•6lrn•n artd its finrLne••. Thè sysl8Th, and by owrth.mal bu•nw risks Illj ty Ihe cholty, Ihey hab eslablSsh80 to n816 thote ri8k& In are 81 Pllge 3
W••1m1n Cath•dr•l Chok8$lMI Fw forth• ytsT•nd•d JO S•ptsrnbgr2 Tnwt•M' R•port leont1•&I Acttvllkn4 Sp•¢ln¢ Obbellm and R•lvAntPolkl•• Ctrarftablo OWtiv•• Th8 ineoma olth truot fvnd to aFpkd to rel9 to the Rornan cathol falth in th• Dhlcw ofVYe8tminytsr a1 li PHrfJ"tyJlar tr• gNhig ol orAnts In 4kl OF Ihe W88kninstsr Catho¢tral Chdr Sthool. Th8 Tru¥f• inwna Is dw1V from Ib knb8tm•nts aTrJ Inter•Bt•AmDd. ft IB in makirN gran1• that y¢mot• thè Rornan Cat11 lath in lh8 DC6 ol Wegtminw. Slnta its in 1978 Ihg fuTrJ ha¥ £1.41&918 in donal& tring tho 9am• F•riod an In¥Y8kn•nt fufjd 01 £3,751,886 has tsull up of£4.558,024 been mad8 to 3rANJoL This year, th• Intst••s no unr•81th dorolv)M (2024. Èndl mado granls to lh8 8chool of £105.00012024. £120,OC(I. The movemort in funds for yèar Is Ifn in 8t•t•mwrt olflMrK4 •ctl4lU•6 pa9• 9. Grnni M¥klnq Poll¢y The tru$t8e8 rnnB#lor appfttkn frem thé Go4wnor8 oftha Cholr SLml prinaty to meottho t8 ol cAort8wr8 thl¢h are not olhorwilc out (rff. abo raxwKler requests frorn GovwNJrn lor Ch8rkn Stars End COMpY Linrt•d ad M 17Atothan. Iwldry the pJrl10kn of In thdr ncfflTh• name IRoGk LWR1t. Thw"r tTrfis lo a¢vi. tMthl #nd mw• an inv•Jtrn•nt portf(tho on a dtserntlonary ba61s, In acc4)rd8Tr thg Inth8B' MThwlment poky. 30 Sepiembgr 2Tr25, thè ehkrty had A poittdb) of of £3,751,886 12024- £3.649,2931. The cth h8ld nd1 at 30 Sepl7kn21Y25 wag £7.83012024. £14.7111. Th•rè ara no re$trKInS on the charrtls to tnv•8bn8nt 8tr01ogy i• fjot by tt tTUBt886 and lakes Inio acGount 1c(me tsiremS. thè iigk profit and Its hwtment rnanagaffs viw of th8 mathet pr09perlg medium term. T I71 Inwsknent poky ki ts) M18 total Trturn thr(Ngh 4 dNer8lffl¢d portfdMJ, oknirYJ to Pd• th• Df In18 byth8 trualoe$ 8TrJ, at the swne tkna, of •n•yriry that appr•aaknn ofthe rfftw#ny fml >wr p•rk.
sk profi. 4r4J to mwrtaln a 8wead of knvesirnert6 fl>xd Intèrtit wcJJritioi y•t•B in s meet •nr oli1 Fw¥J. R•TrH• 1-40% %-90 0%-10% 0%.50 4.25% 4.66% 10.88% 021% UK wults FTSE Al Sh•Tr lTrJeK tknrwJ th8 yowto 30Soptontsr2025 Ihe fiw¥J IruaaÈed by 2.61 (2024'in¢xew¥ed by 10.44%) corrywEd tv ihe FTSE Pri¥tits h¥slor Baianc8d Indox. thich intye88ed ty 11.95% and Il FTSE M •h8ro bhIr th irK¥eased ty 18.17%. 1. Not more ttmn 8% ofth•fvTrJ bB in any£¥ ¢therttwi L>jIath arKI gllt edged sto&¥, un$ expr •gr••d trusw No shwp 6% of Ihe lotsl of IhB fvr¥J. 2. Tho IrKX)rng oflh (urnl be don8d to gr(wal18•Ot ilh Infil. TOW kncomB 3. Cdr[8JeJIs pth•j upto e% ofim olthe fur¥J. mgnager5 li at rny xl A mM tl ollhetrl4 or rsthto Trwtthè t•mity grar 8. Ebhlcal con5hJerntkro ar lo kn%g1 c(rfroor•e4 cAOts ar• s¥po8ed to the t•Athing oflh Roman GalhChw 7. Up10 total ¥knDfthe may bg 4r In oynp>es an equity rnErknt tapitls•10n 0118u Ihan QOJM, k¥el may b• •xter¥Jod J 35% fw ¥p•r#oi rtg(m aThJ for 8 perithj ¢rfty. Told inwJtrTrent in th• YaaraMrAWj lo £137.1.41Ikn a of appmNim8W 3.70%. T tr14 g¥ant• rf£105.tW durirvj In auJ)rdane8th grnnl P¢Y [t abThv.
Gwnts for tho ygar en(led Xl Septwiilx 2025 Trt. Il•pon (contlnts#d) thelr objectivé8 as a gnffji1I part of Ihe charitys absels are m•Je up of inveslments and ¢¥Bh, the rasults ol which ar8 thperthnt on of the UK and over8ea¥ st<k markets. In OTd8r to minimis8 thiq. the trusle88 Sei In¥e8tment p1# plac8 relance on thè investm1 mw¢rs to mtorand thi88 on the ce8Y kNestrn)t Ch905 and 5uilabJe 8S5et all£tiOn. Flnan¢l•l Rwl•w for thg yo•r A summary ofthe y&s results befnd on • g oflhe rwt WKI armirt8. Durirwj the year efKIEAI 30 Sewnbw 225, 4mounW to £137.eo1 W. £135,015). tev lrtome ar181ng from th• ch8ritls In¥0s1rrn and Ixsh doFwts. Tha Irust88s antS toWe6tmin8terCalhthl Chcir Fund tolallng E105,¢XQ12024- £120.0W. After de(lucting the c08ts of raiBirKJ fvTrJ8 of£21.851 12W. £21,79¥ and supwrt costs of £8,592 {2(Y24. £8,310), the rt rA)sitim for the belm irNeslrm galnB was a Surp1 rf£2,158. (2024- of £15,085). Th¢rgw8r¢ twt in¥•stsn8th galns the yearof£107.786 (2024. crf£378.538). This rnSLllwJ in a rtel intr•ase In fijnds the yew of £109.W2412024- $r8e of £,453). The rtt a688ts ofthe Semember 2025 a717,W {2024. £3,9)7,542). The tN8t8e8 #lm to maipthn an pOndAbl• QndTfvnd of 8Utlk4gnl •k• to ffl08t th• firWIc of the Chcir sc1. Suffioent reseNes hdd to meet the tmty awa [Unrn9 rA)Bts. The bHl•rte of fu are inve8led to lthtd of lThYnsuM1e wlh th¢18vd ol normal rUln9 •xp8Thkn. Th• trust048 8rnd tho iknÈnt Iv4d ofre8er¥88 pThid85 Iloxiblity to FIMncl•l Po•ltlon The b81ance shetst slhy•A tclol fur#Js {wwJ free resw¥e8} d £3,717,486 at 30 SWnb8r2025 (2024. £3,607.542). The trLMteos c¢md8r that this IthTo1 tree ve5 m#tch•8 the parnmeter5 Sgt out In the tharits reswves polio abry49 th. the, c1)ri Ir8B rwtves lo adewate but r
AG¢01 fty thB yr •nd•d 30 8Wvmbor 2025 TntstO09' Rothleontinuodl FU[• plw h¥0 lo ye8ry. It is ther to nthi the ¢)tFotres: . To mMrtor V Nestmwt perfornm 80 thal rf at al * athe4w fv cdtwl8 Sat by them so Ihal ihE¢E auffKxnt to m881 tsr ging ffts. - To CO[8 to make grwts at a mHar. Mnot. Wr)9 In fhe tr18. 19 Jarw 2028. tho pokntsW• f0tewidth&tkn. . The truste05 de&Jed to • • its Irrfmasè tr want 01£1C0¢ the 20127 acadwK year . Tre tr8S ag1 fv und•#ake e re¥w oflht Ai¥esknxnl atryy ar (knJ¢aie a drnfl lo¥dlsothaon . Folowry rertr4 guthrtt frum Ihe •ax)urthits, Tntees agreed Ihat prknes on ConfiM of Interest. Tfustee Ccle ofcoTrJI FinarK?o1 reservas. RiEk ManagThni 8rn1 Publk The trwtees confirm Ihaltlxy have k>lhe Chty Cornn58sqWsalK% (M berfft. Tn TOFIt& ETeQ Efvl& Pago 7
I rep(Kt ID ihe Intyl on my oflh8 artsJthits on pago5 9 to 15 ofWethn6ter C&dwJrnl cnoirS¢X Fd I'the Iru81}lorthe aread xi S¥erthr2025 th¢ otJnMof FIMndllIAdies, Ihe ealance Slrt Prw j tdaknj nul• h¥rfUe$ Ad2011. ha5 been LDJert#k¢n so blat I to the tnBteeJ thotro matter8 l am requlr•d 10 state totlw in and pw. To Ihe fulqst extent th8riiYs Irustees btyjy. fcrf My, thL8 f•Frt orlor lh• tYm&J. R••pon•ltylWM bDlsirf rryp•rt requlrBMoltl• Ch•ritAd2011 fthe W. ofth¢ Ad aThJ kn cqryiry myexantt0n I h•ve foknJ 1 Ih t.1c0n& given tythe Lw¥JersKJn 14SISMbl ufts An irth9OnieIr1iw dths ¥0¢ g•lWry al the 6Jen¢¢ thAiYAad b8 reqiired in Hn indÈpend8nl paTh prry¥th. Corwewty l ewess rw) rvir1r asto *thlher accounts prexnt a'true fairf my rekwxti> Imltad to tho¥¢ ¥i¢m81 aet wt In th• I c(rf1rn1 Ihal l am ou•lW to l arn • rrwt4rafth8 ICAEWYAt I ho¥8 COMet8 myeyaatyffi. l cfvrn milen" rnattws ho¥¢ r¥Jme to my thltlcln e¢nn8Ctkn 1h I •Aminat)n lo that atrymatwial npeci" • atcountlrvJ r•c•Thl¥ not kgpt 130 of ih•Ad, L ¢othnl of acCnts Sei In ts ch8$ (AcuArts ar¥J Reryt81 2rm othBrthan parlol an ithpeE)senttXoW. 11 Fknmt 27 Me4dry*tsrl. Nvrtwjrt EBeex. CB11 3QL J1 E¥thMr Page 8
wmnster Cathth Cholr Sthtsol Fund ArK¢unts for tho year ended 30 Septembw 2025 Stat8mont ol Flnanclal ActkTI¢iÈs Vnr8strrted fund5 2024 Income from: Investment8 88nk Intèrest Totsl Ineam• £ 135.978 1.625 £ 137e1 133.637 1.378 135.015 Expendlturè on: Raising funds Ch8ritabEe activilies Total expendlturn 21.e&1 113,592 £ 135 443 21.790 128.310 Net Ineomellexpgndllurnl beforn kw•st In$ and losses 2.158 115.0851 Gain109) on ihe ralUatIon #nd dhpoMI of Inve•tmgnts - Realised - Unr8aised N•t G•lna on th• ru(lOn di6pNal ol In¥e•tm 125.039} 132. 107,7 68.558 309,980 378 538 N81 mov•m•nt In fun¢ts 1LY3,¥24 £ 363,453 Fund balance broughtfonmrd at 1 Octobw 2024 £ 3.7,542 £ 3.244,089 Fund b*lAnce TFIed forw4nl at 30 Septemb•r 2025 £ 3717468 £ 3.607.542 Contlnulng op8rd0$ l ol the activities of Ihe Charity wwe drnl Irthn cnntinny operab. thjnrrtj ab)ve iwo fjnall(i81 years. P&Jè 9
3,751,808 3.649.293 14,711 3.759,718 3,8e4,004 OebtW5 Calh dj m•n•Jws 1.228 61.191 62.419 77.650 CuYf•ntH•bMIII•• 1105.CO)I 14. {10S.Of otMi ¢f•Jttorn 1422501 156,4621 £ 3.717.4e6 É 3.807.542 Fundi and Income £ 3.n7.488 £ 3,007.J42 Wo aFvfDVU thw •t¢tyJn* wt po988 9kn 15 aTrJ mnfm 10 lh• b1 Dfolwkncrtthlgo pro4Yd bythefre8 and ew onlthr b¢hbr. Trusts• P48 10
PrfrKlpal ACcth Polkl le Ihoae atxwl ol RecommendY Pr4ctiCe appth1O to dnt prnparirvJ tlwxrwnls in #cg)thn¢e the Finantid Rwrtiw Standwd apthi4e inthe UK 8ThJ RepthlKol lehHrili# SORP FRS 1021. the Flnandd R8poF1kn9 Sl¥14 in thD UK R1C01 IrelwKI (FRS 12> and th& ChaFths Ad 2011. Incoffl• mewtjred w•nobl¢ frtty. Inetye is defènté artyYA4n Ihe eharfty to ftMI Worg becwfvvJ enlw to 6t orAYthrhu ¥dfed tr•t ts Irunw in a frJ)JB pwwjj. Realsed gBln¥ W105 are ¢10tell ty (le(JLKknJ mBrknl¥aluB oflrw85 Exp•ndkn •nd ttt• B•• rfApp0rfIÈVJ Ca•ta A. Flkng FundA . Ch•ritabl• Acll¥lU yoor. C. support Co Supp)rt eampF18e i18¢0•14 c•rtf* be dwpdlydlocaled lo ¢h•riWo Tl88 )d be immatend. Pw11
W••knln•lw¢h•drnl c1mr SCI)1 Prfnclpal kcowlhw PolklM{¢onthwJodl ¢uh Flow The 1 oflhe Ch8Me8 SORP FRS 102 haw b Invlm•nts In¥È8trxèntr arp ittJl8d on Iho b4an¢e sltt atbhwmarket Val atlhe Ofth•fin8rK1 wiod. Reqliaerl and unre4lJ and wBcr•thlod. ord•bi•d. 10 Ihe Sl• of ALth¥il¢• in Ihe)winTI they ariR. The chaty li o ol¥lty Iharelore is rJl hble foT incom tly or L¥wporHtiw Inc Prep8yments 8rB prwd. CA•h •¢ b•nk•nd lfi Iwd have 8 m8tswFty tth& monfvkn the dalt otacqliblTh7. of 8PlSt il w •ble thai • $f¢rol•cOrKffl1CIWfft r•4thr•d wtknwnt. mount of the athrnert can be felth. C119 •ThJ sThkn8are rvry)llnwl ailh8 Fund MG¢ounlkn4 The funds olthe r&wity ar41 unrn8lrhd ar u•e ofts at the dl8uetiW oftr trtee8. from IhÈ of approv oftheae •cc4Jrts. not ca81 &gnllcartdoLkntfy) abl4tyofl rjwtyto contM 81 a going L¥ncom. The tu•ieg1 ar¢ Pffj• 12
zo 2024 Equ0& 127.272 8.704 124.798 8.839 £ 135,978 £ 133.837 2 R•l•lng fund• 2026 21.851 21,7 £ 21.851 £ 21,79D Gr•its payabl• to schcd 105.OLKJ 8.592 120,0 8,310 SUFWÈ (note 41 £ 113.5Y2 £ 128.310 4 8uwrt eo•i¥ 2024 7.722 870 IndepnI vxarnY*• f 810 £ 8,5W2 £ B,310 Page 13
W••tmin•t•r CathBdrnl Cholrscll Fund Nots• lo fv4Gounts Iconllnwdl 2025 PAark•t valu8 4$ at 1 Ocaobw 2024 1849.293 3,259.558 355.820 Di$p06als at Mark4t Value lthwj 3.619.LY1 3.339,313 Net unredlHd 132.WS ,980 Markel ¥01 at 30 Seoernber 2025 3.751,886 2 3,849.293 30 Sepiembef2025 cunwi8wI th•folkniw: 159,753 3.183,W6 409,127 212.092 3,011,887 425,314 Eq118$ Overseas seL>Jrftie8 3,751,888 3,649,293 H18tork CO at 30 2Lfz5 £ 2,928,Z74 £ 3.fj,685 The total unrni$ad gair 0$ at 30 Seombor 25 con8tltirte8 movernw on ravatiOn and are ès follows.. 2025 2024 unreal18 g•lrn included •bow. On lisled WIVlments 823.812 R•con¢ili•tlon of moNwnfjnts In unt••ll••d g•ln• Unreatsx8d gains at 1 ott0t 2024 Add arrKJunts In rdation to Unreal& Imiestment 381,572 (47,944) 31W.980 47,199 132.805 utYe8118ed g•ins at 30 Sgpthber 2D2S 823 612 Pag• 14
11 Cathedrnl Choir School FurKI Ilot•s to Ae¢owts (conUed> 2024 FLxed Interest Inveslrrnnl Ini8rest Ye¥2b18 1.228 501 1,436 1.228 0thorcrqd#orB: amounts tallkvJ wmhln ongy8ar 2025 2024 7.722 7.9)0 810 5.571 Ir•pend•nt fees ffff 21YI4 aThJ 2025 13.881 8 Nel Inv8StmÈni Galm 2025 2024 Realised (LossesyGwr on c4 iTh¥estrnerts Unrealsed Gains on r•V81tth ol instr111 125.0391 132,8DS 68.558 209,980 107,788 E 380,562 P•Je 15