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 NoN*ich 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