Charity number.. 294671 NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND CONTENTS Page Reference and administrative détails of the Fund, It$ Trustees and advisers Trustees, report Independent audltors. report on the financial statements 8-11 Statement of flnancial activities 12 Balance $haet 13 Notes to tha financial Statemonts 14-25
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND REFERENCE AND ADMINISTRATVIE DETAILS OF THE FUND, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees NBQBack The Very Rev'd Dr A Braddock The Rev'd Canon A Platten J Rivett Irelired 27 June 20241 D Flood Charity registered number 294671 Principal officg The Chapter Offi 65 The Close Norwich Norfolk NR14DH Indepandent auditors MA Partners Audit LLP Chartered Accountants 7 The Close NonNich Norfolk NR14DJ Clerk to the Trustees F M barones van Till Flnancial Advisers Barratt & CDoke Limited 5 Opie Street Norwich Norfolk NR1 3DW Page 1
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees prosent their annual report together with the audited financial slalemenls of the Norwich Cathedral Choir Endowment Fund (the 'Fund'l for the year 1 April 2024 10 31 March 2025. Objectives and activities a. Policies and objectives In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance publishe(J by the Charty Commission in their guidance published 11 September 2019 and last updated 27 September 2023. Ihttps'.Ilwww.gov.uklguidancelcharity-commission-guidancel b. Aims ofthe Fund The Fund makes contributions lo the school fees of up to 19 Cathedral Choristers and subject to available income. this may be increased on a means-tested basis through the award of bursaries. The proportion of contributions lo the fees is agreed by the Dean and Chapter of Norwich Cathedral. The Trustees can work to attract more capital. by application5 to trusts, individuals and 18ga¢ies to aid in meeting the increasing cost of School fees to support the Choristers and improve the overall the level of support to Choristers. c. Benefits Chorister training and education in music and perfomiance by the Cathedral Music Team imbues Choristers with a lifelong knowledge and love of making music. It develops teamwork, discipline. concentration and pride in excellence that a Chorister experiences every day and enhances confidence in self-expression. Choristers bring high quality music in praise of God to all who attend the many SOTvices al the Cathedral. Choristers regularfy sing at C8thedral Services and public music events in the Cathedral and elsewhere. This brings choral music lo the attention and appreciation of the wider public. The Trustees acknowledge and congratulate the Cathedr81 Music Team in providing dedicated Chorister training which rosulls in such musical excellen. Page 2
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performan¢& a. Review of Fund a¢tiviti8s The Fund supported 19 boy choristers aged 8-13 with scholarships this year. One additional chorister receives a scholarship from Norwich School. In 2024-25, 19 choristers were supported by scholarships and bursaries. to the total of £162,633. Musical Highlights ofthe year The Importan of the cathedral as a centre lor musical excellence in the city and county continues to develop through worship and our promotion of major concerts throughout the year, showcasing our own choirs and musicians and bringing nationalty and intem81ionalty acclaimed singers, groups and performers lo Norwich. From September 2024, the Cathedral was able to offer singing opportunities to boys and gids from the age 016 right through to 18. Allowing junior girts to join aged 8-13 years to be Cathedral Choristers, while also extending the offer for boys of 13-18 years to join a new Senior Boys Choir. The Cathedral Choir currently consists of.. 20 boy and gid choristers aged 8-13 24 girls aged 13-18 in the Senior Girls Choir 13 boys aged 13-18 in the Senior Boys Choir Together with the choristers the Alto, Tenor anLI Bass parts sung by Imen and womenl 6 salaried Lay Clerks and 6 Choral Scholars. (The chora5 scholars are a group of young women and men who spend 1-2 years with us in order to gain experience at the start of their career in musicl. September 2024 saw the introduction of girl choristers into the main Cathedral Choir. singing alongside the boy choristers on an equal fooling, receiving scholarships to attend Norwich School. 6 new choristers joined the Cathedr81 Choir- 3 gids and 3 boys. September 2024 also saw the inauguration of a new Senior 8oy$' Choir, giving boys aged 13+ with changing voices the opportunity lo sing at the Cathedral. 11 boys joined, for a weekly rehearsal and singing a monthly service of Compline on a Sunday evening, which has been attended by 100+ people on each occasion. To further support the pool of enlhusiaslic young singers, the Cathedral also hosts the Cathedral's Children's Choir of drawing log&lher 46 children aged 6-11 for a weakly SatLJrday morning rehearsal. The Be a Chorister Day in October 2024 attracted over 50 children, who spent the day with us lo experien the joy of singing in the Cathedral, alongside our own choristers. Concerts and Fastivals The choral concerts promoted by the Cathedral are seeing an ever-increasing follt)wing, with audiences attraclad by the high quality of the performances given by the Cathedral Choirs and internationally renowned soloists. A special highlight this year was the Organ Rebornl festival in July 2024, celebrating the completion of the project to re-build the Cathedral's 102-stop pipe organ (completed November 2Q231. Further estsblishing Norwich Cathedral as a pla¢e of Musical excellence. In 2024-25. for the four choral concerts promoted by the Cathedral Choirs lexcluding the organ festiv81 which was accounted for separalelyl, 2.155 lickels were sold. Two of them (Handel Messiah and Ihe Cathedral Choir Christmas Concert) were sold out. Page 3
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Achievements and porfomianc& (continued) In 2024-25 the Cathedral Choir travelled lo three churches in the Diocese to sing Choral Evensong.. Happisburgh, Upper Sheringham, Kirkley (Lowesloftl. The Making Musicians series, in partnership with Norwich School, promotes free lunchtime recitals in the Cathedral, most of which are given by young musicians from across the City and County. A particular highlight was partnering with Norfolk Music Hub and the Gabrieli Consort and Players lo bring the 'Gabrieli Roar, programme to the Cathedral.. this saw 300+ secondary school pupils from the County join forces for a performance of Christmas music frc>m the Georgian period. The professional singers and players from the Gabrieli Consort had led the participants in preparatory workshops and subsequently performed alongside them in the final conrt, on historic instruments. The feedba¢k from this was tremendously positive and we 3re working with Gabrieli and the Norfolk Music Hub to plan lor a similar project in December 2026. The Patron of the St8lham Society is HRH The Duke of Edinburgh, whom we were privileged lo welcome in June 2024 to look al the work that had been undertaken on the Cathedral organ and lo attend Choral Evensong. b. Investmont policy and perfomiance The portfolio is run by Barratt and Cooke under a discrelionary mandate. 11 is positioned within the medium risk category with a balanced return objective. 11 has some restricted sectors and adopts the church of England's ethical policy. Investment highlights from the financial year lo 31 March 2025.. The main Portfolio was down 0.60/0 (Total Return) over the financial year. Income on the main fund rose to £128.569 (from £121.906 in the previous year}. Gilt exposure increased from 15.5% to 20.8°1. for lower risk income relums following 8 reduction in equity exposure in November, redu¢ing the over811 risk of the portFolio. The largest equity Posltion al the year-end was National Grid lal 3.4°/o of the portfolio) following a modest additicin lo the holding in response to the rights iSSLJe. The Revenue Fund wa5 up +3.2% (Total return) over the year. The market valLte of the investments at the year end stood al £4,130,345 12024 - £4,025, 1271. The financial advisers, Barratt & Cooke Limited, carry out regular vIewS of the investment portfolio and make appropriate changes that are advised to the Trustees. Their investrnent policy is to have a balanced portfolio to produce incom8 bul also to safeguard the capital. Loss on investments disposed of during the year amoLJnted to £8,224 12024 gain £6,293). The total valuation loss on retained investmen15 during the ye8r was £142,838 12024 - £144.523 gain). As such, the total nel loss on investments durin9 the year was £151,062 12024 £150,816 gain) though the portfolio shows substantial historic gains. The Fund follows the Ethical Investment Policy of the Church of England, which is reviewed periodically. Page 4
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Icontinuedl . Acknowledgement for Donations The Salter Trust (Reg Charity No. 298317} and Lady Hind Trust (Reg Charty No. 2088771 as well as an anonymous donor generousty supported the Fund by donating towards bursaries for any means-tesled Choristers. The Trustees of the Fund would like lo thank the anonyFnous donor and trustees of the Salter Trust and Lady Hind Trust for their generous support lo the choristers this year. It has made a lasting conlribulion to the recipients personally. as well as a great support to the choir as a whole. Financial review a. Going concem Given the Chorister Fee Proj&clions on the new funding system linlroduced September 20201, the scholarship ¢ontribulions for 2024125 were set al 30°k ol school fees", with further financial support from Norwich School towards Chorister Bursaries for senior year students, and several grants specifically to 8UPPOrt Bursafies Ifrom the Bursary Fund and Lady Hind Trusll, the Trustees h8ve a reasonable expectation that the Fund has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going ¢oncern basis in preparing the financial slalements. 88ckgmund ofscholarship fees For the 202Q121 academic year, the Fund introduced a new funding method. whereby the new cohort of Choristers received a fixed cash sum as opposed lo a percentage of school fees. This was vieWed by the Truslees of the Dean and Chapter of Norwich Cathedral, lo which th6 results of the Fund are consolidated with as required by Section 27 of the Cathedrals Measure 1999, and kept similar for 2a23124, bul has changed to 30Q/o of school fees for 2024125. Each successive cohort of new Choristers will move onto this new funding system. b. Reserves policy The Fund's policy is to hold reserves lo meet ona year's contribution lo choristerships for up to bNenty Choristers. This equates to approximately £150.000 12024 £150,000). Unreslricled reseNes at 31 March 2025 w&re £330,47712024 - £341.5401. Review of financial actlvltles and affairs The unreslricled fund recorded a deficit in the year of £11,0631£13,581 for 20241 and this, when subtracted from the lolal unrestricted funds brought forward of £341,5401£355, 121 for 20241, sUIted in a balance al the year- end of £330,4771£341.540 for 2024}. Page 5
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management a. Constitution Norwich Cathedral Choir Endowment Fund is a registered charity, number 294671, and is constitltted under Trust deed. The Fund was established by the Chapter of Norwich Cathedral and operates under 8 Trust Déed dated 6 May 1986. The aims, as sel out in the deed, are 'the provision, promotion and encouragement of music in th8 Cathedral Church of Norwich by the award in @ach year of a scholarship or scholarships to one or more of the Choristers for the lime being of the Cathedral in order that such moneys so awarded rnay be applied in or towards the education of such Chorister or Choristers at King Edward the Sixth's School in the City of Norwich or at any such other College or School as may be approved by the Chapter to the intent that such Chorister or Choristers may thereby be the beller able to re1ve the training and education in music afforded lo a Chorister of the Cathedral" b. Methods of appointment or election of Trusteos The Trustees are appointed by the Chapter of Norwich Cathedral for an initial period of five years. Up lo three of the Truslees can be members of Ch8Pter. At the end of five years, and any subsequenl period, Chapter may reappoint, providing the member is willing to serve. c. Poll¢i8s adoptsd for the induction and training of Trustees Trustees are inducted by the Chairman. They are provided with copies of.. The Trust deeds., The latest Trustees Report and Financial Statement and minutes tsf cent Trust6e meetings., and The Charity Commission Guidance referen CC15d, which explains the key duties of charity Iruslees. In addition, Trustees are encouraged to read the Charity Commissions, newsletters, which are arculated to them. d. Risk management All Trustees and the Clerk give of their time freely and on a voluntary basis. All income received is used for the Fund's charitable activities and govemance costs. The Norwich Cathedral Choir Endowment Fund adheres to Charity Commission guidelines in the management of any Conflicts of interest. e. Safeguarding The increased safeguarding training across the organisation has helped reinforce the already positive culture that exists within the music departmenl towards safeguarding and, in particular, the care of our choristers. The two paid choir chaperones take their responsibilities for safeguarding and the welfare of ¢horisters very seriously.. when concerns have arisen, they have been raised and recorded properfy via the Master of Mtjsic andlor Canon Pracentor. They in turn have sought the advice both of the Canon for Mission and Pastoral Cara as named person for safeguarding and Peter Sayer as the Chapter's Safeguarding Adviser, consulting with the relevant staff al Norwich School where appropriate. Page 6
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial StateentS in accordan with applicable law and Unkted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo Charities in England & Wales requires the Trustees lo prepare financial slalements for each financial which give a true and fair view of the slate of affairs of the Fund and of its incoming resources and application of resources, including ils incom8 and expenditure, for that period. In preparing these financial statements. the Trustses are required lo.. select suitsble accountin9 policies and then apply them consistently, observe the methods and principles of the Charities SORP IFRS 1021., make jLJdgemonts and accounting estirnales that are reasonable and prudent; slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disdosed and explained in the financial stalemenis., prepare the financial stalem8nts on the going con¢em basis unless it is inappropriate lo presume that the Fund will continue in business. The Trustees are responsible for keeping adequate accounting record5 that are sufficient lo show and explain the Fund's transactions and disclose wth reasonable accuracy at any lime the financial position of the Fund and enable them lo ensure that the financial ststements comply with the Charities Act 2011, tho Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the PTevention and detection of fraud and other iryegularities. Disclosure of Inforniation to auditors Each of the persons who are Trustees al the lime when this Trustee5' report is approved has confirmed that.. so far as th81 each Trustee is aware. there is no relevant audit infomi8tion of which the Fund's auditors ar8 unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Fund's auditors are aware of that information. Auditors The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Tmstees and signed on their behalf by.. NBQBack Dale.. 11 June 2025 Page 7
NORWICH CATHEDFIAL CHOIR ENDOWMENT FUND INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND Opinlon We have audited the financial ststements of Norwich Cathedral Choir Endowment Fund Ilhe 'Fund'l for the year ended 31 March 2025 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 reportin9 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 prepad in awrdance with Accounting and Reporting by Charits'es preparing their accounts in accordance with the Financial Reporting Standards applie8ble in the UK and Republic ol Ireland IFRS 1021 in pr8ference lo the Accounting and Reporting by Charities.. Slalernenl of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. This has been done in order for the 8c¢ounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods b8ginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the slate of the Fund's affairs as al 31 March 2025 and of its incoming resour¢es and application of resources for the year then ended., have been properly ppared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan¢e with the requirements of the Ch8rities Act 2011. Bas1$ for opinion Wa conducted our audit in accordance with Inlemabonal Standards on Auditing IUKI IISAS IUKII 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 Fund in accordance with Ihe ethical requirements that are relevant to OLJr audit of the financial statements in the United Kingdom, including the Financia5 Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that Ihe audit evidonce we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢ern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial stslements is appropriate. B8sad on the work we have performed, we have not identified any material uncertainties rolaling to events or conditions that, individually or collectively, may cast significant doubl on the Fund's ability to continue as a going oncem lor a period ol at least twelve months from when the financial ststements are aulhorised for issue. Our r8sponsibililies and the responsibilitias of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND ICONTINUEDI Other infomation The other infomation comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. The Trustees aré 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 stsled in our report, we do not express any form of assurance coriclusion thereon. OUT responsibility is lo read the other information and, in doing so, consider whether the other infomalion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the Course of the audit, or otherwise appears lo be materially misstated. If we idenlify such material inconsistencies of apparent material misslalements, we are required lo determine whether this gives rise to 8 material misslalemenl in the financi81 statements themselves. If, based on the work we have performed, we conclude that Ihore 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 whi¢h we are required to report by exceptlon We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to port to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements,. or sufficient accountin9 records have not been kept., or the lin8ncial stslemenls are not in agreement with the accounting records and returns.. or we have not received all the information and explanallons we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees are responsible for the preparation of the financial slalements which give a tNe and fair view. and for such internal control as the Trustees determine is necessary lo enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Fund's ability lo continue as a going concern, disclosing, as applicable, matter5 relaled lo going concern and using the going Concern basis of accounting unless the Trustees &ither intend to liquidatè the Fund or lo cease operations. or have no realistic altemalive but to do so. Page g
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORWICH CATHEDRAL CHOIR ENDOWMENT FUND (CONTINUED) Auditors. responsibilltias for the audit of the flnancial ststemonts We h8ve been appointed as auditor under section 144 of the Charities Act 2011 and ffjport in accordance with the Act and relevant regulations made or having effect Ihèreunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whelher due to fraud or error, and lo issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit ¢onducled in accordance with ISAS IUKI will abNays detect a material misststemenl 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 lo Influen the econornic 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 ProdureS in line with our responsibilities, outlined above, to detect material misstslements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is datailed below. The objeclives of our audit in respect of fraud, are., to id&nlify and assess the risks of material misstatement of the financial statements due to fraud-, lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstslement due lo fraud. through designing and implementing appropriate responses lo those assessed risks-, and lo respond appropriately lo InStanS of fraud or suspecled fraud identified during the audit. However, the primary responsibility lor the prevention and detection of frau(5 rests with tsoth management and those charggd with governance of the Fund. Our approach was as follows.. We obtained an understanding of the leg81 and regulatory requirements applicable to the Fund and considered that the most significant are the Charities Act 2011, UK financial reporbng standaTds as issued by the Financial Reporting Council. We obtained an understanding of how the Fund o)mplies with these requirements by discussions wsth management and those charged with governance. We assessed the risk of material misslstement of the financial slalements, including the risk of material misstatement due lo fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as lo any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this undersianding, wé designed specific appropriate audit procedures lo idenlrfy inslanc8s of non- compliance with laws and regulations. This included making enquiries of manag&menl and those charged with govemance and obtaining additional corroborative evidence as required Because of the inherent limitations of an audit, there is 8 risk that we will not delect all irregularities, including those leading to a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, wllusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reportino Council's website at.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditors, report. Page 10
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 Fund'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 Fund'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 Fund 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
04 November 2025
MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 11
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted Endowment funds funds 2025 2025 Total fLJnds 2025 Total funds 2024 Note Income and endowments from: Donations 8nd1ogacioS Investments 70,000 50,431 120,431 132,319 309,936 124, 142 132,319 Total income and endowments 132.319 70.000 50,431 252,750 434.078 Expendlture on.. Raising fund5 Charitable activities 990 152,694 990 165,693 954 176.222 12.999 Totsl oxpenditure 153,684 12,999 166,683 177.176 Net lexpendrture)lincome bgfore net gain51{lossesl on investments Net gainslllossesl on investments 121,365} 57,001 SO,431 86,067 256,902 10,302 (161.3641 1151,0621 150,816 Net movement In funds 111,0631 57.001 {110,9331 (64,9951 407. 718 Reconclliation of funds: Total funds brought forward Nel movement in funds 341,540 111,0631 34.064 57.001 3,999.488 (110,9331 4.375,092 {64,9951 3,967,374 407, 718 Total funds ¢arriad forward 330,477 91.065 3,888,555 4.310,097 4,3T5,092 The Statement of financial 8Ctivilies includes all gains and losses recognised in the year. The notes on pagos 14 to 25 form part of these financial slatemenls. Page 12
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Investments 10 4,130,345 4.025. 12T 4,130.345 4,025,127 Current assets Debtors Cash at bank and in hand 768 181,984 2,350 350,615 182,752 352,965 Current liabilities Creditors.. amounts falling due within one y88r 12 13,0001 (3,000) Nel current assets 179.752 349,965 Total assets les5 current liabilities 4,310,097 4,375,092 Total net assets 4,310,097 4,375,092 Charity funds Endowment funds 13 3,888,555 91,065 330,477 3,999,488 34.064 341,540 Restricted funds Unreslricled funds 13 13 Total funds 4,310,097 4,375,092 The financial slalenents were approved and authorised for issue by the Trustees and signed on their behalf by.. NBQ8ack Dale- 11 June 2025 The notes on pages 14 10 25 form part of these financial ststements. Page 13
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Genoral information NonNich Cathedral Choir Endowm&nl Fund Ilhe "Fund'l is a registered charity, number 294671, in England 8nd Wales and is unincorporated. The address of Ihe principle office is The Chapter Office, 65 rhe Close. NopNich, NR1 4DH. Accounting policies 2.1 Ba$ls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statemenl of Recommended Praetice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2008 only lo the extenl required lo provide a 'lrue and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olherwse slated in the relevant accounting policy. The financial statements have been ppared in pound sterling 1£). the Fund's functional and presenlalional currency, and have been rounded to the nearest £. 2.2 Golng concem The Trustees are satisfied that the Fund will have adequalo resources lo meet its liabilities as they fall due for a period of al least twelve months from the dale of approval of the h'nancial slalemenls, and therefore have concluded that no material uncertainties exist. The Trustees consider il appropriat& to prepare the financial statements on the basis that the Fund will continue as a going COnrn. Page 14
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCEAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies lcontinuedl 2.3 Income All income is recognised onc8 th8 Fund has gnlitlemenl lo the income, it is probable that the income will be received and the amount of income receivable can be m&asured reliably. The recognition of income from legacies is dependent on estsblishing enlillement. the probability of receipt and the ability to eslirnale with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Fund has sufficient evidence th81 a gift has been left lo them Ithrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required lo satisfy claims in the eslale. Receipt of a legacy musl be recognised when it is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Fund, can be reliably measured. Grants ale included in the Statement of financial activities on a receivable basis. The balance of income reeeived for specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Wher6 income is received in advance of entillement ol receipt, ils recognition is deferred and included in croditors as deferred income. Where entitlement occurs before income is r&ceived. the incomo is accrued. Income tsx recoverable in relation lo investment income is recognised al the time the investment income is receivable. 2.4 Expenditure Expenditure is recognIs once there is a legal or constructive obligation lo transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each a¢livily are made up of the totsl of direct costs and shared costs, including support costs inVoed in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciab'on charges allocated on the portion of the asset'5 US8. Expenditure on raising funds includes all expenditure incurred by the Fund lo raise funds for its charitsble purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directty undertaking the activities which further the Fund's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as 8 commitment, but not accrued as expenditure. All expenditu is inclusive ol irrecoverable VAT. Page 15
NORWICH CATHEDRAL CHOIR ENDOWMENT FUNO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting poli¢los Icontinuedl 2.5 Interest receivable Interest on funds he on deposit is included when r8caivable and the amount Can be measured reliably by the Fund,. this is normally upon notification of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Investments Fixed asset investments are a form of finanoal instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance sheet dale, unless the value Cannot be measured reliably in which case it is measured at cost less impairment. Investment gains anol losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Statement of financial activities. 2.7 Debtors Trade and other debtors are cOgniSed al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash 81 bank and in hand includes cash and shDrt-temi highly liquid investments with a short maturity of three months or less frorn the dale of acquisition or opening of the deposit or similar account. 2.9 Liabilities and provision5 Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlerrTrenl can be estimated reliably. Liabilities are rewgnised at the amount that th8 Fund anticipates il will pay lo settle the debt or the amount it has received as advanced payments for the ooods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on tho present value of those amounts, discounted at the pre-tax discount rale Ihat reflects the risks specific to the liability. The unwinding of the di$Unt is recognised in the Statement of financial activities as a finance cost. 2.10 Financial instruments The Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslrumgnts are initially recognised at transaction value and subsequently measured at their settlement value with Ihe exception ol bank loans which are subsequently measur8d at amortised cost using the effectiv8 interest method. Page 16
NORIMCH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting policies Icontinugdl 2.11 Fund ac¢ountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Fund and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific reslrictions imposed by donor5 or which have been raised by the Fund for particular purposes. The costs of raising and administering such funds are Charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financi81 statements. Investment income, gains and losses are allocated lo the appropriate fund. Incomg from donations and l•gaci8s Re$tri¢tod Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations Legacies Grants 50,000 50,331 100 100,331 100 267,936 20,000 20,000 42,000 70,000 50.431 120.431 309,936 Total 2024 42,000 267,936 309,936 Investment income Unrestricted funds 2025 Total funds 2025 To181 funds 2024 Investment income Interest received 128,569 3,750 128.569 3.750 121,906 2,236 132.319 132.319 124, 142 Total 2024 124,142 124, 142 Page 17
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Invastment managament Costs Unrestricted funds 2025 Total funds 2025 Total funds 2024 Inveslmenl management fees 990 990 954 Total 2024 954 954 Analysls of grants Grants to Indivlduals 2025 Total fund$ 2025 Total funds 2024 Scholarships and bursaries 162.633 162,633 173, 189 Total 2024 173,189 173, 189 Analysis of expenditure by activities Grant funding of activities 2025 Support costs 2025 Total funds 2025 Total funds 2024 Charitable activities 162,633 3,060 165,693 176,222 Total 2024 173,189 3,033 1T6,222 Page 18
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analy$i$ of fjxpgnditure by activities Icontinued) Analysis ofsupport costs Total funds 2025 Total funds 2024 Govemance costs 3,000 60 3.000 33 Bank Charges Auditors. remuneration The auditors, remuneration amounts to an auditor fee of £3.000 {2024- £3,000). Trustees. remuneration and expenses During the year, no Trustees ceiVed any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024- £NIL). Page 19
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCSAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Fixed asset investment$ All fixed ass8t investments are held in listed inveslmenls. Endowment Fund Revenue Fund Total Cost or valuation At 1 April 2024 Additions 3.707,059 754,646 1506,5901 1153.1401 318,068 4,025.127 754.646 1506.5901 {142,8381 Disposals Rev8lualions 10,302 Al 31 March 2025 3.801,975 328,370 4,130.345 N81 book value Al 31 March 2025 3,801,975 328,370 4,130.345 At 31 March 2024 3, 707.059 318,068 4,025,127 11. Debtors 2025 2024 Due wilhln one year Prepayments and accrued income 768 2,350 768 2,350 12. Cr•ditors: Amounts falllng due wlthln one year 2025 2024 Accruals and deferred income 3.000 3,000 Page 20
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Statement of funds Statement of funds - current year Balan¢9 at 31 March 2025 Balance at 1 April 2024 Gainsl {Losses} Income Expendlture Unrestrlcted funds General Funds 341.540 132,319 1153.684) 10.302 330,477 Endowment funds Endowment Fund 3,999,488 50,431 1161,3641 3,888,555 Restrl¢ted funds MacGregor Award Bursary Fund Lady Hind Trust Ouseley Church Music Trust 2,866 10,198 20,000 1.000 12,5021 13,3301 16,1671 11,0001 364 56,868 33,833 50,000 20,000 34,064 70,000 (12,9991 91.065 Total of fund5 4,375,092 252,750 166,6831 1151,062} 4.310,097 The MacGregor Awaril represents funding ring-fenced for the support of bursaries. The 8ursary Fund represents funding lo support means-tesled choristers in need. The Lady Hind Trust represents funding received to support a girl chorister bursary. The Ouseley Church Music Trust represents funding used lo support a part bursary for a specific chorister. Page 21
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Statement of funds Icontinuadl Statement of funds - prior year Bal8nc8 81 31 March 2024 Balan 8t l Apnl 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 355, 121 124, 142 [158,068) 20,345 341,540 Endowment funds Endowment Fund 3,601,087 267,936 130,477 3,999,488 Restrlcted funds MacGregor Award Bursary Fund Lady Hind Trust Ouselgy Church Music Trust 11,172 (8,306) (9,802) 2,866 10, 198 20.000 1.000 20.000 20,000 2.000 (t,000) 71,712 42,000 (19, 108) 34,064 Total of funds 3,967,374 434,078 (177, 176) 150,816 4,375.092 Page 22
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Summary offunds Summary offunds- current year Balance at 31 March 2025 Balance at 1 April 2024 Gainsl (Losses) Incomo Expgnditure General funds Endowment funds Restricted funds 341,540 3,999,488 34,064 132,319 50,431 70.000 {153,6841 10.302 330,477 {161,364} 3,888,555 91,065 112,9991 4,375,092 252,750 1166,6831 1151,0621 4.310,097 Summary of funds- prior year Balance at 31 March 2024 Balance al l Apnl 2023 Gains/ {LossesJ Income Expenditure General funds Endowment funds R8slri¢ted funds 355, 121 3.601,081 11,172 124, 142 267,936 42,000 (158,068J 20,345 130,471 341,540 3,999,488 34,064 (19, 108) 3,96T,374 434,078 (177,176) 150,816 4.375,092 Page 23
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Analysis of net asset$ batwoen funds Anaty$is of net asset$ between funds - curront year Unrestricted funds 2025 Restrlcted Endowment funds funds 2025 2025 Total funds 2025 Fixed asset investments Current assets Creditors due within one year 328,370 5,107 13,0001 3.801,975 86,580 4,130.345 182.752 13.0001 91.065 Total 330,477 91.065 3.888,555 4,310.1VJ7 Analysis of n•t a$s8ts between funds - prior year Unr&stri¢led funds 2024 ReslriGt8d Endowmenl funds funds 2024 2024 Total funds 2Q24 Fixed asset investments Current assets Creditors due within one year 318,068 26,412 (3,000) 3, 707,059 292,429 4.025, 127 352,965 (3,000) 34,064 Total 341,540 34,064 3.999.488 4,375,092 Page 24
NORWICH CATHEDRAL CHOIR ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Relat8d party tran$actions The Fund has Trustees in common with King Edward The Sixth Grammar School. Norwich, and Norwtch Cathedral Trust. During the yoar, the Fund paid school fees lo King Edward Th& Sixth Grammar School, Norwich of £162,63312024 - £173, 1891 in relation lo scholarships and bursaries awarded. During the year. the Fund received donations from Norwich Cathedral Trust lolalling £nll 12024 £ioo,0001. The results of the Fund are consolidated with those of the Dean and Chapter of Norwich Cathedral as required by Section 27 of the Cathedrals Measure 1999. During the year, the Fund received donations of £46,771 12024 £164,626) from the Dean and Chapter of Norwich Cathedral. Pago 25