SALIS URY ATHEDRAL CHORIS WMENT FUND F THE TRUSTEE AND STA NT OUNTS THE YEAR ENDED Jlst MARCH 202 NTENTS Legal and Administralive Information Rcport of the Trnslee Independent Examinerfs Rcport Siatemcnl of Financial Aciiviiies Balance Sheet Notes lo the Accounts 7. 11
SALISBURI. CATHEDRAL CHORISTERS, EIN'DOIIIIIENT FUIYD LEGAL AliD ADNIINISTRATLVE INFORi¥IATIOY Tw%l¢e-. The Chapier oftlie Cathedral Church ot Ihe Blessed Virgiin Mary of Salisbury Addre.ss-. 6 The Close, Salilbui'y, Wilishire SPI 2EF Principal Officer.. Jackie Molnar- Chapter Clerk Soliciiors.. Parker Bul lert 45 Ca%ile Slreel. Sali%bury, Wililhire. SPI 3SS Bai)kers: Lloyds Bank plc 38 Blue Boar Row. Salisbury SPI I DB Iiidepeiidenl E.¥aminer'. Haysmae Ll.P l O Queen Sireel Place, London, EC4R I AG Charily Nuinber: 3094115
ALISB RY CATHEDRAL ORIST REPORT OF THE TR R THE YEAR ENDED 31st MARCH 202S The TNsiee presents ihe Annual Repon wilh the Accounts of th¢ Charity for Ih¢ y¢ar ¢nd¢d 31 March 2025, which have been prepared to comply with the provisions of ihc Charities Aci 2011 and the Siaiemeni of Recommended Practice on Accountin8 and Reportin8 by Charities ApplicAble to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (seCd edition, effeciive Januory 2019). VERNAN E AND MANAGEMENT Legal Status The Choristers, Endowment Fund is a charitable trust of which the Chapier of Salisbury Caihedral is the corporate trustee. li is constituied by Ihe S(aNies of Salisbury Cath¢dral. It has a numbcr of subsidiary charities which are mAitily constituted under wills, including the Choristers, Exhibition Fund. OrgAnliAtlo Mana¥erneni of the assets of the Chorisi¢rs' Enthwment Fund is delegated to the Chapter Clerk of the Cathedral. The Chapter of Salisbury Cathedral, 85 the ¢x¢¢utiv¢ b¢xly of th¢ Corpor81e Tru$le¢, meet from time to lime as Trnsiee of the Fund. Rlsk MAn*gement The Trusiee has assesscd ihc major risks to which ihe charity is exposed and is salisficd Ihal systems ar¢ in pl&¢¢ lo mili¥al¢ Ihc ¢harily$ exposur¢ 10 Ihc major risks. Trustet Rtmuntrjtlon and Expens Neither the TNsle¢ nor any person5 ConTrled with Ihcm received any rcmunerntion in the year. OBJEcfivE AND ACTIVITIE Objeetlve The objective of ihe Charily 1$ Ihe furtherance of the educatioft of the present and pasi chorisiers of Salisbury Cathedral. The Trustee has refeffed io lh¢ 8uidan¢¢ conlain¢d in the Charity Commission's general guidance on public benefit when reviewing lh¢ Fund's aims and objethives and in planning fuiure activities and xtling Ihe 8ranl making poli¢y for ihe ycar. The Charity achieves ils objective by applying ihe income from the Chorisicrs Endowmeni Fund towards ihe schwl ftts of rhe boy chorisicrs. These are selected afier public adveni%m¢nl and voi¢e 1ri81$. All boy ¢horislers attend Salisbury Caih¢dral School. The 5cholbrships are equivalent to 30 0/ts of ihe day fee amd as far as possible the Kholarships are paid out of ih¢ income of ihe Chorisiers, Endowmeni Fund wilh the balance being mad¢ up from lh¢ Gerteral Accouni of the Caihedral. The Fund Also encompasses cerfain addiiional bursary funds from which grunts are made on ihe basis of need to supplement the standard scholarships. Similgr arrangcm¢n15 arc in pl4c¢ for th¢ C4th¢dral's girl choristers although ihese are administered through a separa[¢ charity.
SALISBURI. CATHEDRAL CHORISTERS, E%4DOIVIll&NT FUND REPORT OF THE TRUSTEE COYTIN'UED R THE I'EAR EYDED 31 t IIARCH 2025 ACHIEVEINIENTS PERFORINIAN E AND FIJNAIY IAL RE%'IEII' Re1'le of Actii'iiles and Achl¢i'emeut5 In the financial year The ¢harily did noi aciively fundrai%e froin the public or run le&yacy campai4 or undertake -siinilar fundraising aciivities in iti oivn righi. Ihe (rLl$tee% ivere hoiyei'er plealied to receive Llli501iciied gifts and legacies from i)eople ivho generoully suppori Ihe chariiy. Durii)by Ili¢ vedi. Ilie Choristers Ei)doivi)ieiii l-.ui)cl i))'Ide graiits lulalliiig £ 111.599 iii suppoi'l of Ihe fees of boy cliorisiei's aiid probaiion¢rs. Rei'lem of Flnxnelal Tran$4cilons 4nd Posltlon The 11)Lonw of ilie Fui)d was L I I l.X4tl M.liil%i gil'£11)1s piiy.lble <lllLI &Fo¥eriiaiiLe Losii lotalled £13? 680. Taking inlo ilLLOUllI reiilits¢d aiid uiireuli4ed lo%%¢% ihe Fund'% iiii'e8imeiii% of £56,558 in ihe year Ihe nei il%.sel% ol. Ihe Fuiid deLrca&eil by L77.390. Ini'e$tmen¢ Polici. and Performance The Tru%tee'.% policy 1% io inve%t Ihe Fiin(l N capital 111 charilahle coininon iniie%tmeni fund%. In a mi.xliire of fiinds ha%ed on boili e(IUlli¢4 ¢iiid fixed.iiiiere%l iock%. The objeciii'e 1% 10 ohiain a re181ively high leiiel of income ivhile.%till alloiving for ihe po%%ihilily ol. cai)ital ¥roivth. iuhject io a M11111 clegree of r14k. Iii the l ? Inonihs 10 31 %1 Imarch ?11?5 Ilie Chori%lei'i l--ii(Ioii'tneni Flind ponfolio ha(1 a ioial retLirn {in¢ome plus ¢ai)ilall of Ininu% 1.7110 I li14 coini)are4 11'iili relunis froin I,'K e4uilies' of 111.47" froin over%ea% ¢qiiilieli of 4.48tsty, and Iroin fi.xed iiilcre.41•• of minu% 1.8? SourLes * MI SCI UK Ii)dex: ¥MSCI ,l,1d e,K UK Iiidex. **Mdrkil IBoxx L Gills Iiidex Reierve$ Ai Ilie eiid ol. Ihe yvur Ihe iiet a55ets ol. Ilie Cl)urisler%' Endui¥iii<iit Fund iver¢ l3.124.68?120?4: L3.?0?.0721. This Illiludvd L? 737.1171 ?0?4. L?.800.9 JI)) ii'liiLI) ¥1'41% lield Iii ¢iiduived fun(1s. Fulure plan5 The chariiy ivill continue io apply ilie incoine froin ihe Chori%ler%' Endoivment Fund ioivards tlie fees of the hoy hori%ler% ai Sali%hiiry Caihedral ATEfvIENT OF THE CHAVI'fr:R'S RL.SPOIS$11111.ITY TH+. PR:P RATIOIY OF TFIE ACCOUIYTS Tlie Inember% of Chapier. on b¢half of the COOrale IrLisiee. are resPOI)%ible for preparing ilie Aiiiiiial Repon ai)(I the accoun14 in accordance with applieable law and I1nited Kingdom Generally A¢¢epied A¢¢ouniin¥ Pra¢lice. Charilylow re4iiire% ihe member4 of Chapier. on helialf of ihe corporaie iru%tee, io prepare accoun14 for eacli rinancial year ivhich give a true aiid fair vieii, of Ili¢ financial aciiiyilies of Ihe ¢hariiy duringi ihe year and of li rinancial position al ihe end of the year. In preparing those accouilts, Ihe Inemhers of Cl)apler are required 10.. I I Select suiiable accoiinling policieJ and then apply Ihem conii&lenily', ?} Make jud¥eineni% and esiimates thal are reasonable and prudent., 31 Folloiv applicable accounting 51andards.-%ubject io any Inaierial departures discloseLI and e.xplained in Ihe a¢coiinis', 41 Pr¢i?are the a¢¢ounis on Ihe ¥oing ¢on¢em basi% iinless li is inappropriaie 10 presume ihe FuJ)d will ¢cffttinue in operati. 51 Ob4er%r the methods ancl principles in ihe Charities SORP The Incmberts of Chapier are responsible for keeping proper accouniing record% ivhicli disclobe with rea%onable Nc¢uracy ai any lime Ihe financial po8iiion of ihe chariiy and which enable Iliem io eiisure thai ¢he accoiini comply ii'ith the proiiisions of the Charilies A¢t 201 l Th¢y are also r¢spoiisible for safeguarding rhe as.%ers OF ihe charity and hence for taking rea%oi)able siepi for the prei'eiiiion and deieciion of fraud and h¢r IrreIlarI11¢5. Signed on behalf of the Trustee Chai)ter Approved by rhe Tnisiee". I"1 Cfjjf 202)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF SALISBURY CATHEDRAL CHOIiISTERS' ENDOWMENT FUND FOR THE YEAR ENDED 3151 MARCH 2025 l Teport to the Trusiee on my examination of ihe ac¢ounls of Ihe Charily for the year ended 31 March 2025, which are set out on pages 5 to I RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The tThslee is responsible for Ihe preparalion of the accounls in accordance with the requiremenls of Ihc ChaTilies Aci 2011 ("Ihe 2011 Act"). The Iruslees are satisfied that an audit is not required for Ihis year under section 144(2) 01 the Charities Acl 2011 (the 2011 Act) and have chosen insiead lo have an independenl examinalion. I report in respect of my examination of the Trust's a¢¢ounls ¢arried out under section 145 of the 2011 Act. In earrying out my examinalion I have followed ihe requirements of the applicable Directions given by the Charily Commission under section 145 {5) (b) of the 201 l Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirn) that no mailers have come to my attention giving me cause to believe that in any material respeci: { l ) accounling Tccords WCTe not kept in Tespccl of Ihc Charity as rcquired by section 130 of the 201 l Act, or <2) Ihe accounts do nol accord with those records; or (3) the accounls do nol comply with the applioable requirements ¢oncerning Ihe forni and conlenl of accounts set out in the Charities (Accounts and Reports) Regul81ions 2008 other Ihan any requirement that the accounts give a "Iruc and fair view" which is not a matler considered as part of an independent examination. I have no eoncerns and have come across no other mailers in connection wilh Ihe examination lo which atlenlion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Lee Stokes FCA Haysmacintyre LLP l O Queen Street Place London EC4R IAG thte. 9 December 2025
S ILISB Rl EIND 51..1 I LIILN"I OF F"INIlYI Cl,IL IICI II'I I IES FOR "I IIE I E"NI)ED 31st %l,IRCII 2025 Rt¥trlcted Trund% Lndo*nio•it 'rotal 20•5 20?4 Cineral .xhlbltio Inconie and endowment¥ from: 10.025 Sundry 1.160 110.088 1.160 110.688 102.754 4.741 3.189 115.387 I'otal Ineomt 4.745 J.1#9 111.84¥ 111.848 15.412 Expeiiditwro oil: 111.599 1,020 1.85 1.591) 1.020 1.850 IIM).440 0?3 4&6 23.61J 1.4UO InsurJnLL l>r()PL'i1y Repuir Lll%l% lThvesiin¢ni Manag¥ill¢ni l-¢L's ¢v(lI11LL. li141 1.020 1.850 Joo J99 14,700 1.800 I,aoi) 1.80U -l-oial exptndlturo 117.311 399 118 ?80 14.70D 132.980 1 !6.4!6 Yet Intomo. Ic¥wThdliurel hefor fi•ln¥ •nd lo¥$os ini'o%inioiii% 113.41)71 2.7 1fy.4J?I 114.7011 ,Yei l {lo¥whl oil liiiesinioiit Ini'L'JII4L'd ¥din% IIIissL'il iiii pi'i)PL'11j4 Re4111sed ¥uin% Iliiss¢¥l ()ii IniL'hlin¢'nl.% 5.230 5.250 11.¥461 11.4781 17.436 154.3721 161.8081 147,820 Yet I lexpeiidliyrf) 113.8611 103.¥221 177.W 14?,4?{1 rrath%ftr% bèiM¢QiI IndS .Yoi nio%'om¢iit Iii fuii(l% 117.5791 1th3.81?1 177.6901 ?54.Q16 ¥l.y6Q &5.?48 4111.13 J ?.XQll.939 3 702.07? 3.1151)th40 fr uiid hal8iice% rarriod form'ard 736.437 84.2611 66.560 387265 2.737,117 3.124.382 3.2112.U7?
SALISBURY CAT TE ' ENDOWMENT FUND BALANCE SHEET AS AT 31 MARCH 2025 Notes 31st March 2025 31 sl March 2024 FJXED ASSETS Invcstment properties 1,015,250 I,oio,000 Investments 1,995,960 2,062,173 3.011.210 3,072,173 CURRENT ASSETS Debtors Cash ai bank and in hand 15.854 102,868 32,181 102,868 118,722 135,049 CREDITORS: Amount$ fglllng due wllhfin one year 5.S50 5,150 NET CURRENT ASSETS 113,172 129,899 NET ASSETS 3,124,382 3,202,072 Representin8: FUNDS Endowment Funds Reslricled Funds 2.737.117 387.265 3,124.3112 2,800,939 401,133 3,202,072 SigKd on b¢hAlf of the Truslee: Chapter Clerk Approved by the Trustee.. 2025
Pa SALISBURY CATHEDRAL CHORISTERS Eh'DOIVNIEIryT FUIYD NOTES TO THE ACCOU,NTS FOR THE YEAR EIN'DED 31st IARCH 2025 I. ACCOUYTING POLICIES Basis of Accounting The accounls have been prepared in accordance ¥vith the Charities Act 201 l. Ilie Sialemenl of Recommended Praclice on Accountiiig and Reporting by Charitie% applicable 10 charilie preparing? rheir accoLln15 in accordance il'irh ihe Financial Reportiiig Standard applicable in ihe UK and Republic of Ireland (FRS I O?) (Secoiid edition. effeciive January 2019). Salisbury Cathedral Chori%ter.s Endowmeiil Fund meets Il)e definition of a public benefii eniiiy under FRS 102. As%ets and liabilitie% are inilially TeLogpnise¢l at hisiorical cosl or Iran4aclion value unles% slaied in the relevanl accounting policy noie. b. Preparatton of the accounts on a going concern bAsis Tlie cliarily is a grant makiiig Iru%l, u'iih a Sigiiifieanl iiiveslineni ponfolio and cash reservvi. The charity has a loiv level of overheads and Inake.s di%ei'e(ioiiary granis. The Truslee is confidenl that Ihe charity is a going coi)ceni. Entitles Included In the aceounts The%e accounis include Ihe Chori.%iers' Endowineni Fund and the Chori%iers' Exhibilioii Fund. d. Propertie$ The properties known Wren14all {%vhicli is lel lo Sarum Studio) aiid 57A Tlie Close (Ivhich is lel 10 Salisbury C3thedr31 School). are considered lo be ini'e41mei)I properties from the i'ieivpoinl of the Chori.%ler%' Endoii'ment Fund Jnd arc tli¢rcfore shown in Ihe a¢¢ounl% al rnarkel i'alue. nl'estments and Investment Incom Inve%lineni% al'e included ai Inarkei i'alue ai Il)e balaiice slieei dale. Any gaiii oi. lo.ss oil revaluaiion is taken lo Ihe SOFA. InveNimeni income 1% accouiiied for in Ihe period in M,liich Ihe Chariiy i.s entiiled 10 receipt. r. DonAlions #nd fund oteouniing Doiiaiioiis for aCiiN'ities resiriLied by ihe wislies of Ilie doilor are lakei) io "reslricied fiiiids ivli¢r¢ these wi4lies al'e legally biiiding oli ihe Trusiee. Donalion required 10 be reiaiiied a4 capilal in accordance with the doiior's ivislies are a¢¢ouiiied for as "eiidoM'iiiei)1S" pernianenl or expeildable aceordiiig lo Ilie i)aiur¢ of the resiriciion. 8. Expenditure Expenditure 1% accounied for on an accrtiali ba414. 2 AliALYSIS OF CHARITABLE ACTIVITIES Provision ofeducalion.. Educa(ional grani £111.599 L 100.440 The educaiional grani.% were paid io Sali4bury Cailiedral in panial funding ol rhe educaiion of ihe boy chorisleis. The meinbers ofchapter received no remuneralion or rcimbursemeni of e.xpen5es from the Fuiid during eiiher ofihe%e year%. 3 SUPPORT COSTS Insurance Repairs Independent Examiner (goven)ance) I,o?o 1.850 1.800 973 1.400 L4,670 £?,373 Support cost% are incidenial 10 Ihe operaiioii of Ihe charity aiid are allocated 10 charitable activilies.
Pa ALI RY CATHED CHORISTERS, ENDOWMENT FUND TEST THEA TS FOR THE YEAR ENDED 31st MAR H 2025 4. INVESTMENT PROPERTIES lJ.2 Choristers. Endowment Fund 31.3.24 Choristers, Endowment Fund Markd valuation As at 1st April 2024 Revaluation .010.000 5.250 1.01 0.000 As at 31 March 2025 £1,015,250 £1,010,000 The investmenl properties comprise the boarding accommodation for choristers which is lel to the Cxthedral School and Wren Hall which is lel lo Sarum Studio. Both properties were valued by Strutl and Parker as ai March 2025. INVESTMENTS Choristers, Endowment Fund Chori$iers' Exhibition Fund Wort Organ Fund Total Market value at I st April 2024 Interest retained Disposals- Management Fees Disposals Unrealised gains l (losses) in year 1,823,867 10,412 (14,864) 142.051 1,894 (965) 96,255 2,062,173 12,306 (16,711) {882) (54,977) (3,568) {3,263) (61,808) M8rk¢i value ot 31 March 2025 £1.764,438 £139.412 £92.110 £1.995.960 Cost al 31 March 2025 £1,433,246 £85,023 £86,909 £1,605,178 Cost al 31st March 2024 £1,433,246 £85,023 £86.909 £1,605.178 The inve5trnenls consist of :. CCLA £1,995,960
SALISBURY CATHEDRAL HORI TER ' EL%'D wAlEA T FUYD TES TO THE ACCOUN'TS COYTIYUED FOR THE I'EAR ENDED 31ST fvIARCEI 2025 DEBTORS Accrued Income Sali£bury Cailiedral 14.824 1,030 14.824 17.357 £15,854 £32,181 CREDITORS.. Amounts fxlling due Thithin one I'oxr Deferred Income Acci'iials 3.750 1.800 3.750 1,400 £5,550 £5,150 ENDOIVIMEIYTS Llalancc ai 1st April ?0?4 Balance al 31 March ?025 Income. endiiure General Fund Exhibiiion Fund Wort 018an Fund 2,665.515 67,71? 67.719 {13.751) 1466) 1483) {45,614) 11,7211 11,787) 2,606,150 65.525 65.44? L?,1100.939 {L14,7001 (l49,1?21 L2,737,117 The p¢i'initied usa¥e ofihe iiicoine of Ihe%e flind4 14 sliom'ii iii Note 9 beloiv. EIN,DOIVIETS- PRIOR YEAR Balai)¢e ai l%1 April 2023 Movement in Fund Iii¢ome i endiiure Balance ai 31 March 2024 Gainsf General Fund Exhibition Fund Wort Organ Fund ? 567.693 63,938 64.278 (19,526) 1606) 1685) 17,348 4,380 4.119 2,665,515 67.71? 67.71? £2,695,909 1£20.8171 L125.847 L2.800.939
SALISBURY CATHEDRAI, CEIORISTERS, ENDOWMENT FUND NOTES TO THE ACCOUNTS co1u.D FOR THE YEAR ENDED 31st MARCH 2025 REsfRicfED FUNDS Movemenl in Funds Incomin8 Expenditure Resources and Transfers Balan¢e at IA ri12024 Gains losses Balance al 31 MArch 2025 General Fund Exhibilion Fund Wort Organ Fund 254,016 81,869 65,248 103,914 4,745 3,189 (117,381) (5(M)I 1399) (4,112) (1,846) (1.478) 236,437 84.268 66,560 £401.133 £111,848 (£118,280) (£7,436) £387,265 RESTRICTED FUNDS- PRIOR YEAR Movement in Funds Incoming Expenditure Resources and Transfers Balance ai l A ril 2023 Gains losses Balance at 31 March 2024 GeneTal Fund Exhibition Fund Wort Organ Fund 229,686 74.725 59,326 119,235 3,097 3.080 (104,392) (650) {567) 9,487 4.697 3.409 254,016 81,869 65.248 £363,737 £125,412 (£105.609) £17.593 £401.133 Chorliten, Endowmtnt Fund This was fomally ¢siablished on 6 May 1314 when King Edward 11 granied 10 Simon of Gheni, Bishop of Salisbury, a li¢en¢e in monmain 10 8rani 10 Ihe Dean and Chapter ¢ertain property for the support and education of the boy chori51ers for ever. The incom¢ from th¢ Gcncral Fund is used io ¢ontributc to the schwl fees of the boy choristers. The income from the Bursary Funds is used to supplement the income of Ihe General Fund lo enable additional support lo choristers Bs needed. Chorl•teri' Exhlbl¢lon Fund This fund was created by a number of Icgacics in Ihc fIt half of the Iwcntieih century. The income is to provide bursaries io (boy and Airl) ¢horigiers 10 assist with the cost of Iheir education after Ihey leave Ihe Cathedral School. Wort organ fund The income of the Wort Fund is lo pay for the Wort Orn Scholarship 10. RELATED PARTY TRANSACTIONS The Choristers Endowmeni Fund is ¢Onlrolled by Ihe Chapler of Salisbury Cathedral which constitutes its COTporale Iruslee. The Chapler is the sole rnember of Salisbury Cathedral School Limiled which operates Ihe Cathedral School. During ihe year ihe charily paid £ 111,599 {2024= £100,440) lo Salisbury Cathedral in Branls loward5 the boy chorislers, fees. The School paid reni 10 the charity of£34,1)00 {2024.. £34.0001 for 57A The Close which is used as the boarding house.
Rl EIYD I IIIEINT F ED FOR THE IEAR EINDED31$1111 12. PRIOR I'EAR CONSOLIDATED STATELIIENTOF FIYAYCIAL ACTII'ITIES Re$trl¢ted Funds Exhlblilon Il'ort Endoiiment FndS General Tolal 2024 In¢omo And ondowmonts frorn: Volui)iary IiKon)e L¢giacics aiid doiiaiioiis Sundry Incoine Ini eslinent iTrcon 10,1115 10.0?5 10.075 3.097 3,08Q 115.387 115.J87 Totol Incom¢ 3.U97 3.080 125.411 1?5,41? E¥p¢ndliure on.. Chantable aciii Ities Grai)Is paid IiisuraiK¢ az)A¥¢nieni Fees Goi emance cOS I.440 100.440 (17J 1.5741 973 1)73 23.613 1.400 650 567 20.817 1.400 Tolal expendlture fv50 567 105.60Y 20.817 1 ?6.4?6 Nct Intomt I lxpendituro) hoforo xaln5 and 1055cs on Ini'cstmcn15 Nei gasThs l (lo$$¢sl Inieslmenls R¢alis¢d yains ' Ilossesl Oil iii¥'esiiiienis Ubirealised bain511105sesl on ini esin)ellis 14.¥4J ?.447 2.513 19.NOJ 02 4.633 137Ql 17.963 14.3801 147.11?0 Q.8113 3.5?3 1 ?9,857 ,Y¢t Income l (ekpcnillturol ?4. J3Q 7.144 5.9?? 37.396 1 os.ojo 14?,4?(Tr TrAn$fors hehiotn funds Yet moi tmcnf in funds ?4.33Q 7.144 5.9?? 3 7.396 105.Q3Q 14?.4?6 Fund balances brou¥hi foniard !ig,h8f) 74.7?5 59,3?6 J63.737 2.bY5.909 3.059.646 Fund bilanes ¢irrltd forw ird 254,016 81.11fy9 65,248 401.133 ?.8IX).939 3,202.07?