Cholr&hool Fund
Annual R•port and ACCO￿ts
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 sta￿eY and Cixnparry tinMte(f
25 Rop8maker Place
London
EC2Y 9LY
B•nk•r•
The Royal Bank of Wgnd plc
L(￿d￿n
EC4Y 1 BD
Pago 1

Tr* acoyjrts kw8p¥•J 41 on PBgoJ 11
8nd 12 of the atthchwj acojwts ar* trust d•*l. gpr4*able
Accoun￿￿9 and Reporting by Charit￿* St4lemert of R8uffim8ThJed Jrwrable lo c*anS•s
propwrin9 I￿1 qccMts In accordartsvllth thè StarKk￿ apF*c4blo In the UK
RepuNicol Irdand IFRS 1021.
The fiJThd l¢(3)MtiILth1 ￿ a ffttht d88d daled 26 S8Frt•tr 1978 •*1 rd rug￿l￿d With
Charity Coffir￿0n, No. 278878.
duriThJ IM8 ￿fel￿O and thweafier oxity In*tee6. Carth￿1 Hwnéi In
1999. th• ttyMrolgppL*ntnxnt ofinn*o85 IB in Ih•trwthe8.
Mlrk Cc*
J￿nn9 siwhe
C4J.tFu61828 on th• hMttyyollh• Ihe the
y th8rw kn ￿J￿1•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 Row￿￿1 ItthThJ IFRS 1021:
. make iudyernnta al￿ estimates Ihai ¥e ￿**￿•ble
. Blalo th*￿ther wplkatAe Untted s¢orKlud• uny
tha￿ty*ll Contir￿ kn (pu*lon.
a￿￿cY 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 Re￿￿nI 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•pO￿b￿ and Ir*nty ofthe t*lm ffftanoal h)fomMYon
IndLNJBd on the *wbJite. Le9￿•1￿ in tr* lfjwdrxm go¥emiThJ
pwr4tlttn ar￿ dluemknaiion ofaet•yJts maydfflwfrr￿ft leoL48kn kn rAhOr)￿O￿￿K￿￿8.
m¢et r•m• tyzfyyn ai wnuoltyll re¥W th6 doNYhJpmants ¥Mth rPga￿ to the
thortty. Ks 9￿1 9￿hr#j ac*¥ltkn to make de¢iJion$. Ylth necwuy, th¢ trw*ea
RI*kmAn•￿ff￿
reldng to Iho wfio am4* ol tho <*anty. ￿ irw•6lrn•n** artd its finrLne••. Thè
sysl8Th, and by owrth.mal bu•nw risks Ill￿j ty Ihe cholty, Ihey hab
eslablSsh80 to n￿816 thote ri8k& In are 81
Pllge 3

W••1m1n￿ Cath•dr•l Chok8$lM￿I Fw
forth• ytsT•nd•d JO S•ptsrnbgr2
Tnwt•M' R•port leont1￿￿•&I
Acttvllkn4 Sp•¢ln¢ Obbellm and R•lvAntPolkl••
Ctrarftablo OWtiv••
Th8 ineoma olth* truot fvnd to aFpkd to rel9￿ to the Rornan cathol￿ falth in th•
Dhlcw ofVYe8tminytsr a￿1 li PHrfJ"tyJlar tr• gNhig ol orAnts In 4kl OF Ihe W88kninstsr Catho¢tral Chdr Sthool.
Th8 Tru¥f• inwna Is dw1V￿ from Ib knb*8tm•nts aTrJ Inter•Bt•AmDd. ft IB in makirN gran1• that
y¢mot• thè Rornan Cat1￿1￿ lath in lh8 D￿C￿6 ol Wegtmin*w.
Slnta its in 1978 Ihg fuTrJ ha¥ £1.41&918 in donal*￿& t￿ring tho 9am• F•riod an In¥Y8kn•nt
fufjd 01 £3,751,886 has tsull up of£4.558,024 been mad8 to 3rANJoL
This year, th• Intst••s no unr•81th dorolv)M (2024. Èndl mado granls to lh8 8chool of
£105.00012024. £120,OC(*I.
The movemort in funds for yèar Is If￿￿n in 8t•t•mwrt olflMrK4￿ •ctl4lU•6 ￿ pa9• 9.
Grnni M¥klnq Poll¢y
The tru$t8e8 rnnB#lor appfttkn frem thé Go4wnor8 oftha Cholr SL*ml prin*aty to meottho ￿t8 ol
cAort8wr8 *thl¢h are not olhorwilc out (rff￿. abo raxwKler requests frorn GovwNJrn lor
Ch8rkn Stars* End COMp￿Y Linrt•d ad M 17Atothan. Iwldry the pJrl10kn of In thdr ncfflTh•
name IRoGk LWR1t￿. Thw"r tTrfis lo a¢vi*. tMth*l ￿ #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 Sepl*7kn21Y25 wag £7.83012024. £14.7111.
Th•rè ara no re$trKI￿nS on the charrtls to tnv•8bn8nt 8tr01ogy i• fjot by tt* tTUBt886 and
lakes Inio acGount ￿1c(me ￿tsirem￿S. thè iigk profit and Its hwtment rnanagaffs viw of th8 mathet
pr09perlg medium term. T￿ I7￿￿1 Inwsknent poky ki ts) M￿￿1￿8 total Trturn thr(Ngh 4 dNer8lffl¢d
portfdMJ, oknirYJ to P￿d• th• Df In￿18 byth8 trualoe$ 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 wult*s
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 b￿h￿I￿r 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 do*n8d to gr(wal18•Ot *ilh Infil￿. TOW kncomB
3. Cdr￿[8￿JeJIs p￿th•j upto e% ofim olthe fur¥J.
mgnager5 li at rny xl
A m￿￿￿M tl ollhetrl4 or rsthto Trwtthè t•mity grar
8. Ebhlcal con5hJerntkro ar* lo kn%*g1 c(rfroor•e4 *c*AOts ar• s¥po8ed to the
t•Athing oflh Roman Galh*Chw
7. Up10 total ¥knDfthe may bg 4r￿ In oynp>*es an equity rnErknt
tapit￿ls•10n 0118u Ihan QOJM, k¥el may b• •xter¥Jod *J 35% fw ¥p•r#oi
rt*g(m aThJ for 8 perithj ¢rfty.
Told inwJtrTrent in th• YaaraMrA￿Wj lo £137.￿1.*41￿￿￿I**kn a of
appmNim8W 3.70%. T￿ tr￿14￿ g¥ant• rf£105.tW durirvj In auJ)rdane8*th
grnnl P￿¢Y [￿t abThv.

Gwnts for tho ygar en(led Xl Septwiilx 2025
Tr￿t￿. Il•pon (contlnts#d)
thelr objectivé8 as a *gnffji￿1I 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 p￿1￿￿# plac8 relance on thè
investm￿1 mw¢rs to m￿￿torand thi88 on the ￿ce8￿Y kNestrn*)t Ch￿905 and 5uilabJe
8S5et all£￿tiOn.
Flnan¢l•l Rwl•w
for thg yo•r
A summary ofthe y&s results bef￿nd on • g oflhe rwt WKI armirt8.
Durirwj the year efKIEAI 30 Sewnbw 2￿25, 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 r*t 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- $r￿￿8￿e of £￿,453).
The rtt a688ts ofthe Semember 2025 a717,W {2024. £3,9)7,542).
The tN8t8e8 #lm to maipthn an ￿pOndAbl• Qnd￿T￿fvnd of 8Utlk4gnl •k• to ffl08t th• firWIc￿
of the Chcir sc*￿1. Suffioent reseNes ￿ hdd to meet the tmty awa￿ [Unr￿n9 rA)Bts.
The bHl•rte of fu￿ are inve8led to lthtd of lThYn￿suM1e wlh th¢18vd ol normal
r￿Ul￿n9 •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 tharit*s reswves polio abry49 th￿. the￿, c1)ri￿ Ir8B rwtves lo ￿ adewate but r

AG¢01￿* fty thB y￿r •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 gi￿ng ffts.
- To CO￿[￿8 to make grwts at a *mHar. Mnot. Wr)9
In fhe tr￿1￿8. 19 Jarw 2028. tho pokntsW• f0tew￿idth&tkn.
. The truste05 de&Jed to • • its Irrfmasè tr* want 01£1￿C￿0￿¢ the 20￿127
acadwK year
. Tre tr￿8S ag￿1 fv und•#ake e re¥w oflht Ai¥esknxnl *atryy ar￿ (knJ¢aie a drnfl lo¥dlsothaon
. Folowry rertr4 guthrtt frum Ihe •ax)urthits, Tn*tees agreed Ihat prknes on
ConfiM* of Interest. Tfustee Cc*le ofcoTrJ￿I FinarK?o1 reservas. RiEk ManagThni 8rn1
Publk
The trwtees confirm Ihaltlxy have k>lhe Ch￿ty Cornn*58￿sqWsalK% (M ber*fft.
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￿ F￿d I'the Iru81}lorthe ￿are￿a￿d xi S¥erthr2025 th¢ ot**Jn*Mof
FIMndllIAdi￿￿es, Ihe ealance Sl*rt 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
requlrBM￿oltl• Ch•rit￿Ad2011 fthe W.
ofth¢ Ad aThJ kn cqryiry myexan￿￿tt0n I h•ve fokn*J ￿1 Ih t￿.1￿c￿0n& given tythe
Lw¥JersK*Jn 14SISMbl ufts
An irth9￿￿Onie￿Ir￿1iw dths ￿¥0￿¢ g•lWry al the 6*Jen¢¢ thAi*YAad 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 COM￿et8￿ myeya￿atyffi. l c￿fvrn milen"￿ rnattws ho¥¢ r¥Jme to my thltlc￿ln
e¢nn8Ctkn ￿1h I￿ •Aminat*)n lo that￿ atrymatwial npeci"
• atcountlrvJ r•c•Thl¥ not kgpt 130 of ih•Ad, L
¢othnl of acC￿nts Sei In ts ch￿￿8$ (AcuArts ar¥J Rer*yt81 2rm othBrthan
parlol an ithpeE)senttX￿￿￿oW.
11 Fknmt
27 Me4dry*tsrl. Nvrtwjrt
EBeex. CB11 3QL
J￿1 E¥thMr
Page 8

w￿*m￿nster 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
£ 137e￿1
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
Gain￿￿10*9) on ihe r￿alUatIon #nd dhpoMI of Inve•tmgnts
- Realised
- Unr8aised
N•t G•lna on th• r￿￿u￿(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 op8rd￿0￿$
l ol the activities of Ihe Charity wwe drnl Irthn cnntin￿ny 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 d￿j 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• b￿1 Dfolwkncrtthlgo
pro4Yd bythefr￿￿e8 and ew onlthr b¢h￿br.
Trusts•
P48 10

PrfrKlpal ACc￿th Polkl
le Ihoae atxwl
ol Recommend*Y Pr4ctiCe app￿th1O to d*nt* 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 R￿￿1C01 IrelwKI (FRS 1￿2>
and th& ChaFths Ad 2011.
Incoffl•
mewtjred w*•nobl¢ f*rt*ty. Inety￿e is defènté artyYA4*n 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 of**lrw85
Exp•ndkn* •nd ttt• B••* rfApp0rf￿IÈVJ Ca•ta
A. Fl*kng FundA
. Ch•ritabl• Acll¥lU
yoor.
C. support Co
Supp)rt eampF18e i1￿8¢0•14￿￿￿ c•rtf** be dwpdlydlocaled lo ¢h•riWo Tl*88
)￿d be immatend.
Pw11

W••knln•lw¢*h•drnl c1m￿r SCI￿)1
Prfnclpal kcowlhw PolklM{¢onthwJodl
¢uh Flow
The 1 oflhe Ch8Me8 SORP FRS 102 haw b
Inv*lm•nts
In¥È8trxèntr arp itt*Jl8d on Iho b4an¢e sl*tt atbhwmarket Val￿ atlhe Ofth•fin8rK1￿ wiod.
Reqliaerl and unre4l*J and wBcr•thlod. ord•bi•d. 10 Ihe Sl•
of ALth¥il¢• in Ihe)winT*I** they ariR.
The chaty li o ol¥lty Iharelore is r*Jl 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 otacqli￿blTh7.
of 8PlSt il w •ble thai • ￿$f¢rol•cOrKffl1CI￿Wfft￿ r•4thr•d wtknwnt.
mount of the athrnert can be felth. C￿￿119￿ •ThJ sThkn8are rvry)llnwl ailh8
Fund MG¢ounlkn4
The funds olthe r&wity ar*41 unrn8lrh*d ar￿ u•e ofts
at the dl8uetiW oftr* tr￿tee8.
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
Equ￿0&
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
Indep￿nI vxarnY*• f
810
£ 8,5W2
£ B,310
Page 13

W••tmin•t•r CathBdrnl Cholrscl￿l Fund
Nots• lo fv4Gounts Iconllnwdl
2025
PAark•t valu8 4$ at 1 Ocaobw 2024
1849.293
3,259.558
355.820
Di$p06als at Mark4t Value lthwj
3.619.LY1
3.339,313
Net unredlHd
132.WS
￿￿,980
Markel ¥01￿ at 30 Seoernber 2025
3.751,886
2 3,849.293
30 Sepiembef2025 cunwi8wI th•folkn*iw:
159,753
3.183,W6
409,127
212.092
3,011,887
425,314
Eq￿118$
Overseas seL>Jrftie8
3,751,888
3,649,293
H18tork CO￿ at 30 2Lfz5
£ 2,928,Z74
£ 3.￿fj,685
The total unrn*i$ad gair* 0$ at 30 Se*ombor 2￿5 con8tltirte8 movernw￿ on rava￿tiOn
and are ès follows..
2025
2024
unreal18￿ g•lrn included •bow.
On lisled WIV￿lments
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 (co￿nUed>
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
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Unrealsed Gains on r•V81￿tth ol instr￿111
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68.558
209,980
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