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 con￿rt, 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 re￿1ve 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 State￿entS 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 prepa￿d 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 p￿pared 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 Pro￿dureS
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 InStan￿S 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 p￿pared 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
COn￿rn.
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
inVo￿ed 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