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2021-03-31-accounts

Charity number: 294671 NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND CONTENTS Page Reference and admlnlstratlve detalls of the Fund, its TTUStee5 and adv15er5 Trustee5' report Indgpendent audltor¥' report on the flnancijl statements Statement of flnanclal actlvltles 7-10 11 Balance sheet 12 Notes to the financial 8tatem•nts 13-22

NORMCH CATHEDRAL CHOIR ENDOwmE￿r FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE FUND. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees His Honour J￿e P Downes {resoned 3 Fe￿ 20211 NBQBack Mrs J Rivett A R Kefford The Very Reverend Dr J B Hedges The ReV￿end Canon A Platten Charity reglsteréd number 294671 Prlnclpal offlce Th8 Chapter Olke 65 The Close Nomch Norfolk NR14DH Independent auditors MA Partners LLP Chartered Ac¢wntants 7 The Close N(Kbwch Norfolk NR14DJ Bankers Bardays Bank Pk 3 Sl Jam8s Court Whitefrfars Norwch Norfoll( NR31RJ Flnanclal Advisers Barratt & Ctsjke Lirthd 5 op￿ Street Nowch Norfoik NR13DW Clerk to the Trustees N P Pwsons Page 1

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees pres8nt their annual report together with the audited financial slalemenls of the Fund for year 1 April 2020 to 31 March 2021. Objectlves and actmtles Pollcles and obJectlv8s In setting obieclNes and planning for aclivilies. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Publtc benefrt.- running charty IPB21'. b. Strategies for aGhieving objeGtives To attract more capital. by applications to IrLEsIs, indiwdLfd15 and legacies, from which we can apply the income lo.. Meet the increasing cost of School fees to support the Choristers. Improve the level of 8UPPOrt lo Choristers. c. Beneflts Chorister training and education in music and performance by the Cathedral Music Team imbues Choristers with a lrfe long knowledge and love of making music. It develops team work, discipline. concentration and pride in excellenee that a Chorister experiences every day and enhances confidence in self expression. Choristers bring high quality music in praise of God lo all who attend the many services at Ihe Cathedral. Achievements and performance a. Rev5ew of actlv5tlos Choristers regularly sing al Cathedral SeNice8 and public mu5K events in the Cathedral and e15ewhere. This bfingg ch¢)rai music tts the attention and appreciation of the wider public. The Trustees ¥thn0￿edge and congratulate the Gathedral MusiG Team in prowding dedicated Chorister training which results in such high qualty choral music. The activities of the past year, have been greatly impacted by the COVID pandemic. The Calhedral was forced to close its doors in March 2020, with th8 suspension of all public acts of worship. During this period the Cathedrafs Music Team maintained regular conlact with the Cathedral Choristers Ma ZOOM. including reheaTsals and social actwities to maintain a good level of morale amongst Choristers. The Cathedral had lo adapt to new ways of conducting worship and recorded serv￿eS which were broadcast via the internet. The Music Department played a big part in facilitating these rerordlnys and providing suitabl devotional music to accompany the worship. Public WVoTship ￿Umed in July 2020, but it was some tlme before the Choirs were permitted lo relum. In S8ptemb8r, Choral Worship resumed. The Choir were split into bubbles, to mitigate the risk of any Iransmisslon of COVID and strict social distancing rules were introduced. As wlh so many people. the Choristers had to quickly adapt to a very drfferenl schedule and way of working. Page 2

NORWICH CATHEDRAL CHOIR ENDOWMEMf FUND TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Achlevements and perfonnance Icontlnued Furthtsr r¢stri¢tions arKI kCkdo￿￿$ meant that numbèrs for our main Advènt and Christmas Services ware heavily reslricled Ilhe services being ticketed). However. the inslallation of Iwe streaming equipment through Nvo generous grant5. meant that N¢Jwch Cathedral COLdd live stream semces from Advent 2020. These reached n8w, much wider and mry8 divers8 audi8nces, prwiptrng numerous qJpredal￿ comm8nts from all over the world. The Cathedral and in turn our Choirs. continue to reSp￿d lo government legislation advice as to how we an operate. Detailed help and advice ha5 been reGeNed from the Cathedral'5 Heallh and Safety Adwsor. It is hoped that reslricticns on Congregation￿ singing will b8 relaxed in due course loo. The Dean and Chapter and the Choir Endvwment Fund T￿￿teeS WOU￿ wsh lo pul on record their thanks and admiration for the way in which the Music and Liturgy Te8n. of which the ch￿rS play a major role, in how they have adapted, responded and managed wherever possible to maintain a musical input lo worship at Norwich Cathedral through thi5 very difficult and demanding year. Despr£e the conslrainls. our musician8 have continued to maintain a very high $landard of must and $rytNJ for the orrfJoing worshlp of Nomich Cathedral. Norwich Calhedr81'5 music department spearheaded tha recording of Sing For8v&r, with over 250 Cath8dral Choristers from across the wunlry raising funds for FrOend5 of Cathe(Iral MusiG'8, Cathedral Music trust to rai50 fund5 to preserve the natton's wonderful Cathedral Choral Tradlllon during the88 unpr8cedènled Ilme8. Chorister audition5 took p]ace wi the summer 012021 and recNilmert has been maintained ready for the 2021122 academic year. b. InVgStrn￿t pollcy and performance The market value of Ihg inveslmenl¥ al the year end slood gt £3.330,431. The financial advisers. Barrett & Cookg Limited, carry out regular reviews of the investment portfolio and make apprcf)riale changes that are advi8ed to the Trustee$. Their investmenl policy is lo have a balanced portfolio lo prorlu¢e inGome but 818D to safeguard tha capilal. Profil on investments disposed of during the year amounlod lo £59.132 and tho mark81 value of reta¢ned inve8tsMenls Ir￿feased by £286,538. The Fund follows the Ethical Investmgnt Poky of the Chwth of England, and this was wewed and readopted during the wurse of the year. Flnanclal rwlew . Golng GonGern Glven the Chorister Fee Pr￿$ on the new fundiry SYst￿n (introduced Septernbgr 20201, further financial support from N0￿ch School towards Chorister Bursaries. several grants specth'caly lo support Bursaries, the ¢omplelton of They Shall Laugh & Sing.. The NoNich Cathedral Music Appeal, the Trustees have a reBsonable expectation th the Fund has adequate resources to continue in operational existence for the foreseeable fuluTè. For this reas¢￿. they continue io ath3Pt the gc4ro concem basis in preparing the financial statements. b. RosèNès'pollcy The Fund's pollcy Is lo hold reserves to meet yearfs contrrbution to schoDI fees for up lo tsventy Choristers. This equates to approxwnately £150.000. Unrestricted reserves at 31 March 2021 were £359.139. e. Revlew of ftnanclal actlvltles and affalrs The unrestricted fund recorded a surplus in the year of £350.389 and this, when ￿ded to the totsl unrestr￿ted Page 3

NORWICH CATHEDRAL CHOIR ENDOWMETrtr FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Flnancial revlew (contlnued) funds brought forward. resulted in a balance of £359.139. In recent years, Scholarships and bursarw I￿ed on 20 ChcKisters have exceeded the investment income. During 2019f20, Trustees worked wfth the Dean arKI Chapter and Nopmch SchooE to review the furmling mechanisms for Choristers. Nowch School are very generousty giving additional financial support in the form of bursartes. For the 2020121 academ￿ year. the Fund nlrcduced a new funding meth)d. whereby the new cohort of chr￿ESterS rgxeived a fvxed cash sum as opposed to a percentage of school fees. This wll continue to be reviewed by Trustees. The comfort of this fundng system guards against rises in school fees. Each successive cohort of new Choristers wll move onto thi% new funding systèm. In additton. Choristers seeking bursary assistance have been encouraged to approxh ttusts wh￿h specrficalty cOns￿￿er applications from Cathedral Choristers. The culmination of They Shall Laugh & Sing= The Norwich Cathedral Music Appeal, reaching ils target of raising £2.500.000 has meant furthw Unrestricted Funds b￿ftg receNed by the Trust. GNen the disnjplions caused by COVID. ex[A(￿tIOn by trustees of a p)sS￿le Tota Return Investment Policy did not lake place. H¢)wever. discussions about this are ncAY takiro place. Guidanee ￿ryI1 be sought from the Charity Commissioners. At this stage, this is purely a case of finding all the facts. no ￿￿51￿n I￿$ been made to adopt such a p0￿cY or whether the Fund would be pem)itied to do so. During Ihe course of the year. the Fund paid £150.413 ￿ scholarship¥dbursaries for Choristers attending Ncfiweh School. The COVID pandem￿ affected Ihe stock market. res￿ling in a fall in nvestrnenl income. The Trust is indebted lo a grant of £30,000 from the Norwich Freemen's Charity under Iheir COVID support programme., helping to bridge this fall of in¢ome over tsvo years - 2020f21 21Y21r21 The Degn and Chapter mateh funded this £30,000 grant award. The Trustees would like to thank all the many Indr¥vrtJua]s and trusts who wntribute so generously to the FurKI to support the high qualty choral music of the worshipping Sf8 of NDrwich Cathedral. Structure. governance and management Constitution The Fund was establtshed by Ihe Chapter of NorvKh Cathedral and ¢Jperates under a Trust Deed dated 6 May 1986. The aims. a5 sel out in the deed, arè Ihe provisi￿. promotson and encouragement of music in the Cathedral Church of Norwtch by the award in exh year of a scholarship or scholarships lo one or more of the Choristers for the lime being of the Cathedr4 in ￿der that such Mon￿ so awarded may be applied in or towards the education of such chc￿$ter or c1x)r￿terS at King Edward the Sixth's School in the City of NoM¢h or at any SLKh other College or SchoDI as may be approv&J by the Chap18r to the intent that such Chorister or Choristers may thereby be the better able to receive the trwning and e<lucation in music afforded to a Chorister of the Cathedrar. The Fund makes mntributions to the schcx)t fees of up to 19 cath￿ra[ Chorisler5 subject to availab income, this may be irKreased on a means tested bas￿ through the award of bursar￿$. Page 4

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Structurol governance and management (contlnued) b. Plethods of appolntment or electlon of Trustees The Trustees are appointed by the Chapter of Norwith Cathedral for an initial period of five years. Three of the Trust8as are members of Chapter. At the end of fNe years, and any subsequent pefiod, Chap18r may reaprKJlnt, providing Ihe member is ￿llIng to serb. . PollGlos adopted for the Inductlon and tralnlng of Truslees Tntslees are Inducted bythe Chalm)an. Th8y are provided wAh ccpiè$ of: The Trust deeds; The lalesl Trustees Report and Flnancial Statement minLrtes of reeent Twstee meetings; and The Ch8rty c￿mIsSion Guidance Teforence CC3, which expL4ins the key dulias of charity trustee8. In ad(filion Trustees are ¢￿raged to re1 the Charity Comm1$$1￿$, nthvS￿tr￿rs, whlch are ¢trculated lo them. d. Rlsk managernont All Trustaes arKI tho Clerk gNe of their time freely and cffl a 4rluntary basi8. All Income recelved Is used for the Fund's charitable activities and govemance costs. Plan$ for future wrlod8 Trustees ￿11 contlnue to 8xptor• furthor funding av8nU8S to constantly repknish Unrestricted Reser￿. Durlng 2021122 Trustees VAII also axplcTr tho possbi lty of adoptlng a Total Inve6lmenl Return PoliGy. Page 5

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Statement of Trustee5' rgsponslbllltles The Trustees are responsible for preparing the Truste8s' rep(xt and the financial statements in accordarKe with applicable law and United lfjngdom Accounting StaThJards {Uniled Kingthjm General￿ Accepted Accounting Practice). Th8 law applicabl8 to tharities in England & Wales requires the Trustee5 to prepare financial slalements for each financial which give a ITue arKI fair VEW of the st of affairs of the Fund arKI of its incoming resources and application of res¢)urces. inclLbJing ils WIc￿ne and expenditure. for that perv)d. In PrePar￿g these financial slatemenls. the Trustees are required to.. select suitable 8ccourrting tKJliues 8nrJ then apply Ihem consistentl￿, observe the melhcxjs and principles of the Charities SORP IFRS 11r2): make judgments and accounting estimates that are reasonable prudent,. stale wh61h8r applicable UK Accounting Standards {FRS 102) hav8 b&8n followed, subject to any material departures disdosed and explained in the statements" prepare the financial statements on the going concem basis un]ess it s inapprwe to presume that the Fund will eonlinua in business. The Trustees are reswnsible for keeping ￿equate accounting records that are sufficient to show and exptain the Fund's transactions arKS disclose with reasonable accuracy at any time the financi21 pjsilion of the Fund and enable them to ensure that the financial slalements comply ¥wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trn￿t deed. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonab]e Steps for the preventton and detection of frdud and other irregularities. Di5dosure of infomation to audito Each of the persons who a￿ Trustees at the time when this Trustees. report approved has confimied that.. so far as that Trustee is aware. there Is no relevant a￿JIt wif0rnatic￿ of whKh the charitys auditors are unaware, aNI that Truslee has taken ￿1 the steps that ought to have been taken a5 a Trustee in ordei to be aware gf any relevant aud￿ infom)alion and to establish that the rarity's audith are aware of that infom)ation. Audltors The auditor5. MA Partners Audit LLP, have indK8d thèw VifiTrJne&s to continu8 in offic& Th8 d8signaled Trustees wll propose a motion re8ppoinling the audilors at a meeting of the Trustees. Approved by order of the membws ofthe board of Trustees signed (K) their behaf ty. Date- 30 June 2021 Page 6

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND

Opinion

We have audited the financial statements of Norwich Cathedral Choir Endowment Fund (the 'charity') for the year ended 31 March 2021 which comprise the Statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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NORWICH CATHEDRAL CHOIR ENDOWMENT FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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NORWICH CATHEDRAL CHOIR ENDOWMENT FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Other matters

The comparative figures for the year ended 31 March 2020 were not audited.

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NORWICH CATHEDRAL CHOIR ENDOWMENT FUND

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

MA Partners Audit LLP

Chartered Accountants Statutory Auditor 7 The Close Norwich Norfolk NR1 4DJ 13 July 2021

MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted funds 2021 Endovnnent funds 2021 Total funds 2021 Total funds 2020 funds 2021 Noto Incomè and èndowments from: Donations arKI legacias Investments Other incomg 385,978 104328 10,000 8,116 404,094 105,328 378 42,8tXI 124,229 385 378 Total Incomo and endowmonts Expendlture on: Charitable aclivili88 491.308 10,000 8,494 509,800 167,414 140,917 150,413 167, 786 Total oxp•ndlturn 140.917 160.413 167. 786 Net galn81{10888s) on Inve$trnenl$ 348,670 345,670 (220,591) Net movement In lund5 Reconclllatlon of funds: Total funds brought forward Nel movement in funds 354,164 705,057 (220,963) 8,750 360.3B9 25,132 504 3,055,716 354,164 3.089,698 706,057 3.310.561 (220,963) Total funds carrl•d forward 359,139 25,636 3,409,880 3,794,655 3,089,598 The StateTnent of financial aGtivibes inGludes al gains arKI195se$ rewgnised in the year. The noles on pages 13 10 22 fom part of these f￿anc￿l statements. Page 11

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Flxed assets Investments 10 3,330,431 2,910,313 3,330,431 2,910,313 Current assets Debltsrs Cash at bank and in hand 11 378 385 465,046 235,329 465,424 235,714 Credllors.. amounts falllng due wllhln one year 12 11.2001 (56,429) Nèt currgnt assgts 464,224 179,285 Total ass•t8 1888 currant IlabSlltT•8 3,794,855 3,089,598 Total net 888et8 3,794,655 3,089,598 Charfty fund8 Endowment funds Rèstrictèd funds Unr88trfcted funds 13 13 13 3A09,880 26,638 359,139 3,05&716 24 122 8, 750 Total funds 3,794,655 3,089,598 Th8 financial ststemenls were approved and aulhorised for issue by the Trustees and signgd on their behalf by. Date.. 30 June 2021 The notes on pages 13 to 22 fom) part of these financial statèments. Page 12

NORWICH CATHEDRAL CHOIR ENDOVIMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 General inforrnation Nomch Cathedral Choir EndcAYment FurKI is a charity regi%tèred in England and Wales. Accounting policie5 2.1 Basis of preparation of financlal statements The financial $Liternents have prepared in accordance wilh the Charities SORP {FRS 102) - AcC￿nting and Reporting by Charilies." Slalwnent of Recommended Practice applieabla to chartties preparing th&r accounts in accordance wth th? Financial Repjrting Standard applicable in the UK and ReputlK of Ireland (FRS 102) leffectNe 1 January 2015). the Financial Reporting Standard applicable in the UK and Republ￿ of Irelpnj (FRS 102) and the Charitie5 Act 2011. The finan￿81 staements have prepwed to gNe a 'true fairf view and have departed from the Charities (Accounts and Reports) Regulation5 2008 only lo the extent required to proMd8 a Yrue and fairf view. This departure has invofved folb%Mng the Charities SORP (FRS 102} published on 16 July 2014 rather than the Accounting arKI Reporttng by Charibes.. Statement of Reeommended Practice effective from 1 Aprl 2005 has been wilhdrawn. Norwich Cathedral Ch¢ir End(yMnent Fund rneets the definitwjn of a public benefrt entity under FRS 102. Assets and liabilit*s are nitiafy reccgnised at histOTical cost or transaction value unless otherwse stated in th8 rewant acccdjnting Fdicy. 2.2 Income All income ts rectsJni8ed crfKe the Fund has entitknient lo the income, it rs probable that the irKc¥ne will b8 receiv￿ and thè amounl of income receivable can be measured reliably. Income tax reetsverable in relation to invesfment (r￿￿ne is recognised at the time the investment income is receNaNe. Other inwme is recognised in the period wi ft is receivalAe and to the extent the goods have been provided oron completKm of the 5ervtce. Page13

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng pollcles Icontinuedl 2.3 Expendlture Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third party. tt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred cn directly undertaking the activities which further the Fund's objectives, as well as any assC￿lated support costs. Grants payable are charged in the year when the offer 15 made except in those case5 where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expendrture. All expenditure is inclusive of irrocoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured re5iably by th8 Fund,. this is normally upon nolificalion of the interest pa¢(J or payabl8 by th8 institution w￿h whom the fund8 are deposited. 2.5 Investments Fixed asset investments are a form of financial instrument and are inilialty recognised al their Iransaction cost and subsequently measured al fair value al th? balanc? sheet dale, unless the value cannot be measured reliably in which case il is measured al cost less impaimient. Investment gains and 1055es. whether realised or unrealised, are combined and presented a5 'Gainsl(Lossesl on investrnenls. in the slatemenl of financial actiwties. 2.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepaymenls are valued at the amount Prepaid net of any trade discounts du6. 2.7 Cash at bank and in hand Cash al bank and in hand ineludes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounL 2.8 LHbilitles and provisions Llabililies are recognised when there is an obligation at the balance sheet dale as a result of a past event. it is probablg that a transfer of economic benefit will be required in sèlllemenl. and the amount of th8 settlement can be estimated reliably. Liabilities are recognised al the amount that the Fund anlicipale5 It wlll pay to setlle the debt or the amount it has received as advanc8(I payments for the goods or services it must provije. Page 14

NORMCH CATHEDRAL CHOIR ENDOWMENT FUNO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting polieiès (contlnued 2.9 Ffnancial instruments The Fund only has financi￿ assets and financial liabilithes of a kind thal qualify as basic financial instruments. Basic fnancial instruments are initralty recognised at transaclion value and subsequently measured at their seltjement value. 2.10 Fund accountlng General funds are Unrestr￿le￿ funds which are a¥a￿ab￿ for use at the di8crelion of the Trusle8s in furth8ranc8 of th8 general oF4ectives of the Fund and have rnt been designated for other PLwposes. Restricted funds are fuThJs which are to be use(1 in accordance with specffic restrictions wnposed by don(Ks or which have been raised by the Fund for partieular purwses. The costs of raislng and administering such furKls are charged aganst the specific fund. The ain and use of restricted fund 15 set out in the notes to the thanckql ststements. Investment incomq gains and ￿￿S&S are allocated to thè appr(ypriat8 fund. Page15

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Income from donatlons and legacles UnrestriGted Restricted Endowmpnt funds funds funds 2021 2021 2021 Total funds 2021 Tolal funds 2020 Donations 385,978 10,000 8,116 404,094 42,8QO Total 2020 4.OLYJ 35,000 3,800 42,800 Investment Income Unrestricted funds 2021 Total funds 2021 Total lunds 2020 Investrn2nt income Interest rec8ived 105,303 25 104303 25 123,905 324 105,328 105,328 124,229 Other incomlng resources Endowment funds 2021 Total funds 2021 Total funds 2020 Income lax rècovÈr*le 378 378 385 Pag8 16

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Analysi5 of grants Grants to Indlvlduals Total funds 2021 Total funds 2020 Sth)larships and bursaTies 148.601 148.601 165,986 Tofa1202Q 165.986 165.986 Analysls of gxpenditure by activities Grant funding of actlvltles 2021 Support costs 2021 Total fund$ 2021 Total funds 2020 T(*al 2021 148.fyJ1 1.812 150.413 167,786 Tolal 2020 165.986 167,786 Analysis of support costs Total funds 2021 Tot81 funds 2020 Custody management Governance costs 612 1,200 600 1.200 1.812 1,800 Auditors, remun8ration The audrtor$' reMurterati¢￿ amounts Io an audftor feg of £1,2W (2020- £1.200). Page17

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Trustse8' remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (21T20- £NIL). DuTtng the year ended 31 m￿Ch 2021, no Trustee expenses have been incurred (2020- £NIL). 10. Flxed asset Investh)ents Llsted Investments Cost or valuatlon Al 1 Aprll 2020 Additions Disposals Revaluatlons 2,910,312 S60,302 1426,721) 286,538 At 31 March 2021 3.330,431 Net book value At 31 March 2021 3,330,431 At31 2020 2,910,312 11. Debtors 2021 2020 Due wlthln one year Other debtors 378 385 378 385 12. CreditOTS: Amounts falllng due within one year 2021 2020 other crethlors 1.200 56,429 Page18

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Ststsm•nt of funds Statèmènt of funds- current year Balance at 31 March 2021 Balance at 1 April 2020 Galnsl {Lossesl Income Expendltura Unrestrlcted funds General Fund &750 491,306 1140.9171 359,139 Endowment fund8 Endowment Fund 3,065,716 B.494 346,670 3,409,880 Restrlctèd funds MacGregorAw8rd Bursary Fund 22,741 1391 12,0331 17,4631 20,708 4,928 10,000 25,132 10,000 19,4981 26,636 Total ol funds 3,QB9,598 509,800 1150,4131 345.670 3,794.666 The MacGregor Award represents funding rlng-fenced tor the support of bursari8s. The Bursary Fund represents funding received to Support a 5peGifiG chorister. Page 19

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13. Statement of funds Icontlnuedl StatÈment of funds- prlor year B8lance at 31 March 2020 8alance at 1 Apnl 2019 Gau (Lossesj Income Expenditure Unrèstricted funds General Fund 38,439 128,229 (157.918) 8,7XI Endowment funds Endowment Fund 3,272, 122 4,185 {220,591) 3,055, 716 Restricted funds MacGregor Award Bursary Fund 25,000 10.000 (2,259) {7.609) 22,747 2,391 35.DOO (9.8681 25, 132 Total of fund5 3,310,561 167,414 (167.786) {220,591J 108g,598 14. Summary of funds Summary of funds- currentyear Balance at 31 March 2021 Balance at 1 April 2020 Galnsl ILoss8sl Incom• Expgndltur General funds Endowment funds Restricl@d funds 8.750 3.055.716 25.132 491.306 8,494 10,000 1140,9171 359.139 3,409,880 25,636 345.670 19,4961 3,089.598 509,800 {150,4131 345,670 3,794,655 Page 20

NORWICH CATHEDRAL CHOIR ENDOwmE￿r FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. Summary of funds Icontlnued) Summary of funds- prlor year BalanGe al 31 March 2020 BalarKe al l 2019 G8in (Lossgs) Incmia Expendllure Gener81 funds EThlowment funds Restricted funds 3a439 3,272. 122 128.229 4,185 (157,918) 8,750 [220,591) 3,055.716 25,132 (9.868) 3.310.561 167.414 (167.786) (220.591) 3,089.598 15. Analysls of n•t assets betw••n fund• Analys18 01 nal 038018 betw¢•n lundg - current year Unr•8trtctod Re8trlcted Endovnn•nt funds funds funds 2021 2021 2021 Total tunds 2021 Flxed asset investments Current 8886ts Cred6tors due within om year 3,330.431 79,449 3,330,431 465,424 11,200) 360.339 (1.200) 25,638 Total 359.139 25,636 3,409.880 3,794,655 Analysls of n•t ass•ts between funds- prfor year Unreslricted RestsiGIEd Endo￿￿ funds funds runds 2020 2020 2020 Total hmds 2020 Fixed as5ei inve$lm6nts Current assets Creditors due ￿nh1n year 2.910.313 145.403 Z910.313 235. 714 (56.429) 65.179 156.429) 25.132 Total 8.750 25,132 3,055,716 3.089.598 Page 21

NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL sTATEmE￿rs FOR THE YEAR ENDED 31 IIIARCH 2021 16. Related party trdnsactions The Trustees, The Very Reverend Dr J B Hedges. N B Q Back and The Revered Canon A Platten are also Trustees of lfjng Ethaid The Sixth GranTnar SchtKA, Norwich. During the year, NotMGh Cathedral Choir Endowment Fund paid schocl to lfjng Edward The Sixth Granmar School. N¢Jwich of £148,601 (2020." £16&696) n rdation to scholarships and bursaries avrdrded. The resums of Nomch Cathedral Ch￿r ETrJowment Fund are consolidated wth those of NoM¢h Cathedral as requirej by Section 27 of the Cathedrals Measure 1999. During the ￿ar, Norwich cathedr￿ Choir Endowment Fund receNed donattr)ns of £360.639 (2020.. £nl fromy) Nowich Cathedral. Page 22