Morse~Boycott Bursary Fund Trustees Annual Report & Financial Statements st For the year ended 31 March 2025 Registered Charity No: 313217
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Contents page PaEe Reference and Administrative detai Is Trustees Report and Strategic Review Independent Examiner's Report to the Trustees Financial Statements Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-16
Morse-Boycott 8ursary Fund Financial Statements Year ended 31 March 2025 Reference and Administrative details Registered charity number 313217 Principal Address The Royal Chantry Cathedral Cloisters Canon Lane Chichester P019 IPX Bankers Natwest Bank PIC 5 East Street Chichester CCLA Investment Management Ltd One Angel Lane London EC4R3AB Independent Examlner Shruti Soni FCCA FCIE Shruti Soni Limited 117A St Johns Hill Sevenoaks TN13 3PE Trustees Edward Dowler, The Dean Vanessa Baron, Canon Treasurer John Booth, Non-Exec. Chapter member Howard Castle-smith, Non-Exec. Chapter member Alex Hamilton Bird, I ndependent Justin Harrington, Non-Exec. Chapter member Gabrielle Higgins, Lay Chair of Chapter Austen Hindman, Non-Exec. Chapter member Angela Martin, College of Canons, Non-Exec. Chapter member David Nason, Independent Anita Rolls, Non-Exec. Chapter member
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Trustees, Report and Strategic Review The Board of Trustees present their report and fina ncia I statements for the year ended 31 March 2025. These comply with current statutory requirements, the charity's constitution, and Statement of Recommended Practice - Accounti ng and Reporting by Charities: SORP applicable to charities preparing accounts under FRSIO2. Structure, governance, and management. Governin document The Trust was founded in 1932 and Is controlled by the Trust Deed, which was amended in 1971 and 1994. The 1994 revision placed the administration of the Trust under the supervision of the Chapter of Chichester Cathedral. Ob'ectives and aims. The objective of the Charity is to provide educationa I bursaries to poor boys giving preference to: Boys at present resident at the existing choir school (St Mary of the Angels, Bucks) in order to enable them to complete their education. Sons of parents, resident in the Parishes of St Pancras a nd Somers Town (both in London) Sons of clergy in Holy Orders and Boys who are seeking a Eeneral education in harmony with the doctrine and discipl ine of the English Church, including a training in music, particularly church music. The Trust has had due regard to the Cha rity Commission guidance on public benefit. The Trust therefore delivers the public benef its of helping to provide a high-quality music-centred education to children whose parents would not otherwise be able to afford to pay for it, and encoura8ing the propaEation and appreciation of church music. Grant makin It is the policy of the Trustees to make gra nts available, in cases of f inancial need, towards choristerfs school fees particularly for the sons of clergy, ointment of Trustees New trustees are appointed from the Chapter of Chichester Cathedral and their induction to this role also includes the Morse Boycott Bursary Fund. The induction process covers the purpose of the fund, its aims, and objectives, as well as the legal responsibilities of Trustees and good governance. Trustees are frequently invited to attend external courses to increase thei r knowledge and understa nding regarding regulatory and legal developments affecting their responsi bilities 35 trustees and the governance of the fund. This offer is extended to the two independent trustees that do not sit on Chapter, The Or anisation's Mana ement The Trust is administered on a day-to-day basis by the finance team at Chichester Cathedral with support from the Chapter coordinator, but the Trustees are responsible for approving all grant5.
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Trustees, Report and Strategic Review (Continued) Objectives and activities Summa of the main activities undertaken and achievements I n the year ending 31st March 2025, the Trust continued to support choristers at Chichester, Exeter, Hereford, Norwich, Salisbury and Truro. Choristers and their families are invited to provide feedback annually to the Trustees. Some of the comments received are below. These reflect not only the achievements of the pupils during the year but also reveal the impact of the Morse-Boycott bursarv on the lives of individual choristers a nd their families. 'He is thriving in the choir ond song hisfirst Southern Cothedrols Festivol lostsummer., 'He has earned a 'Ma5tering' in Music, a well -de5erved accolode, and his impressive performances in the Charity Concert were no surprise. He has truly excelled in this area. '1 con't begin to explain how grateful we ore for the support we hove receivedfrom Morse-Boycott over the yeors, You oll supported our older son, who is now 14 ond no longer o treble ot the Cathedral. To ht7ve all 3 boys given this most wonderful opportunity 15 the stuff of dreoms for us olll, 'We are very gratefulfor the support Morse Boycott give towards (child's) schoolfees. He is currently in Year 6 and is enjoying all t75pects of School. He recently earned a Merit in his Grade 3 Piano exam and is working toword5 Grt7de 6 Violin. 'We are, a5 ever, truly grateful to the Morse-8oycott fundfor supporting (child) during his time os o chorister, it would not be possible without this ossistonce. He passed his probotionory period in record time and was made up into L7full chorister before Chri5tma5 which was a lovely moment, Financial review Overall income for the year was £133,99412024: £16,077). Expenditure on bursaries was £76,453 12024,. £65.1201. There was a surplus for the year of £54,20312024: deficit £51,276). After a disposal of investments of £84,889 in the year, the market value of the Trust investments decreased by £18,23112024: increased £39,3151. The Trust funds stood at £555,626 at 31 March 2025 compared to £519,654 at 31" March 2024. Public benefit In shaping our objectives for the year and planning our activities, the trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benef it and have complied with Section 4 of the Charities Act 2011. Applications are open to all boy choristers looking for f inancial support to continue their education alongside chorister duties. Over the yea rs bursaries have ranged f rom 5Yo to 100% of school fees. Now mixed and girl choirs are becoming more popular, the Trustees are looking to change the Morse Boycott Bursary Fund Trust Deed to allow bursaries to be granted to girls in the future.
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Reserves policy During the course of the year the trustees have reviewed the reserves policy of the Charity. It has been agreed that the Cha rity should continue to meet its ongoing and increasing commitment to provide bursaries in line with the charitable objectives and this will mean that both income and capital will be expended to meet these commitments. It is anticipated that approximately 150A of the capital will be expended in each financial year in addition to the income generated. In previous f inancial years the Charity has maintained a general reserve to meet governance and charita ble expenditure. It has been agreed that the Charity no longer requires such as reserve and that all costs associated with the running of the Charity can be adequately met by funds held within the expendable endowment. Going concern The Trustees review five-year f inancial forecasts annually and have agreed that the Charity is a going concern. Risk Review The Trustees have reviewed the major risks to which the Charity is exposed and they are satisfied that appropriate systems have been established, and other appropriate measures taken, to m itigate those risks and any consequent losses that m ight arise. The Trustees have considered the risk of a government changing legislation so that value added tax is payable on school fees. Schools have i ndicated that the full 20% will not be passed on to the fees but the Morse Boycott Bursary Fund projections indicate that no further drawdowns from the endowment fund would be required other than those already planned, Statement of Trustees, responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and a pplication of resources of the charity for that period, In prepa ring these financial statements. the trustees are required to.. al select suitable accounting pol icies and apply them consistently,. bl observe the methods and principles in the Charities SORP,. cl make judgments and accounting estimates that are reasonable and prudent, dl state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the f inancial statements,. el prepare the f inancial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the f inancial position of the Trust and enable them to ensure that the financial statements com ply with the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees on 28, January 2026 and signed on their behalf by: Signed Name Reverend Canon Vanessa Baron (Trustee)
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Independent Examiner's Report to the Trustees of Morse-Boycott Bursary Fund I report on the accounts of the charity for the year ended 31 March 2025 which are set out on pages 8tol6. Responsibilities and basls of report As the charity trustees of the Organisation, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'l. I report in respect of my examination of the Organisation's accou nt5 u nder section 145 of the 2011 Act a nd in carryinE out my examination I have followed the Directions given by the Charity Commission under section 1451511 bl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the exam ination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Organisation as required by section 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report) Regulation 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination,. or 4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accou nting and reportinE by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters In connection with the examination to which attention should be drawn in this report in order to enable a proper Linderstanding of the accounts to be reached. 5&J£ Shruti Soni FCCA FCIE Date:301112026
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Financial Statements Statement of Financial Activities Year ended 31 March 2025 2025 Endowment fund 2024 Total funds Endowment fund Total funds Not Income from: Donations and other income Investment income Total 121,333 12,661 133,994 121,333 12,661 133,994 1,815 14,262 16,077 1,815 14,262 16,077 Expenditure on: Charitable Activities Total 79,791 79,791 79,791 79,791 67,353 67,353 67,353 67,353 Net Income/(expenditurel 54,203 54,203 151,2761 151,276) Net Eains/llossesl on Investments 118,2301 118,230) 39,315 39,315 Net movement Sn funds 35,972 35,972 111,9611 (11,9611 Reconclllation of funds Total funds bought forward 519,654 519,654 531,615 531,615 Total funds carried forward 555,626 555,626 519,654 519,654 All of the above results are derived f rom continuing activities. There were no other recognised Eai ns or losses other tha n those stated above. The Notes on pages 10 to 13 form part of these f inancial statements
Morse-Boycott Bursary Fund Financial Statements Yearended 31 March 2025 Balance Sheet As at 31 March 2025 Total Funds 2025 Total Funds 2024 Note Fixed asset5 Fixed asset investment 405,075 508,195 Current assets: Debtors Cash at 8ank Total current assets 9,548 141,907 151,455 15,421 10,966 26,387 Creditors: amounts falling due within one year 19041 114,9281 Net current assets or liabilities 150,551 11,459 Total net assets 555,626 519,654 The funds of the charity Endowment Fund 555,626 519,654 Total charlty funds 555,626 519,654 The Notes on pages 14 to 16 form part of these f inancial statements Approved by the Trustees on 28, January 2026 and signed on their behalf by.. Reverend Canon Vanessa Baron
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Notes to Financial Statements I, Accounting policies 1.1. Basis of preparation The financial statements have been prepared on a going concern basis and in accordance with applicable Accounting Standards in the United Kingdom, including the Statement of Recommended Practice Accounting a nd Reporting by Cha rities ISORPI, Financial Reporting Standa rd 102 IFRS 1021 and in accordance with the Charities Act 2011. usi ng applied accounting policies. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market val ue, as mod ified by the reva luation of certain assets, 1.2. Public benefit entity The organisation meets the def inition of a public benef it entity under FRS 102. 1.3. Going concern The Trustees consider that there are no material uncertainties about the organisations ability to continue as a going concern. The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reportin8 period. 1.4. Income Recognition of income takes place in accordance with applicable accounting policies and results are presented in accordance with SORP and FRS 102. All incoming resources are included in the Statement of Fina ncial Activities ISOFAI when it is proba ble that the income will be received and that the amount can be measured reliably. Grants and donations are recorded in the period in which they are received, or the Charity is entitled to the income. Should any donations be tied to a particular purpose they would be credited to a restricted reserve. Income from revenue grants and other grants are credited to the Statement of Financial Activities when received or receivable. Where unconditional entitlement to grants receivable is dependent on f ulfilment of conditions within the Charity's control, the i ncomi ng resources are recognised when there is sufficient evidence that conditions will be met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Notes to Financial Statements (continued) 1.5. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transferof economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to that category. Resources expended include attributable VAT which cannot be recovered. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 1.6. Interest receivable Interest on f unds held on deposit is i ncluded when receivable and the amount can be measured relia bly by the charity,. this is normally upon notif ication of the interest paid or payable by the bank. 1.7. Fund accounting Endowment funds held by the Charity are expendable and income generated from investments held within the fund are applied to the charitable purposes. Restricted funds are to be used for specific pu rposes as laid down by the donor, Expenditure which meets these criteria is charged to the fund. U nrestricted general funds are donations and other incoming resources received or generated for the charitable purposes. The General Fund has to provide for the net deficit of any activities that have inadeq uate income of their own and for the general administration of the Charity. 1.8. Allocation of support costs Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overal I direction and administration of each activity, comprising the overhead costs of the central f unction, is apportioned on the basis of project expenditure. 1.9. Fixed Asset investments Fixed asset investments are recognised at fair value. The organisation owns shares in a single dormant compa ny the value of which is held at h istorical cost. 1,10, Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Notes to Financial Statements (continued) 1.11. Cash at bank and in hand Cash balances exclude any funds held on behalf of serwice users. 1.12. Creditors and accruals Creditors and accruals are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of f unds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and accruals are normally recognised at their settlement amount after allowing for any trade discounts due. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Morse-8oycott Bursary Fund Financial Statements Year ended 31 March 2025 Notes to Financial Statements (continued) 2. Income 2025 Total 2024 Total Oonations and gift aid Legacies Received Investment income 1,765 119,568 12,661 133,994 1,815 14,262 16,077 Total 3. Analysis of Expenditure 3a Charitable activities 2025 Governance and support costs 2024 Direct Project costs Dlrect Project costs Governance and support costs Total Total Charltable costs Bursaries Legal and professional Independent examiner Accountancy services Management charge Bank charges Other expense5 76,453 76,453 727 1,000 65,120 65,120 (3391 960 727 1,000 13391 960 1,500 1,500 76 35 1,500 1,500 77 35 76 35 77 35 Total 77,953 1,838 79,791 66,620 733 67,353 3b Governance and support costs 2025 2024 Independent examiner Accountancy service5 Lega I fees and professional Bank charges Other expenses Total 1,000 960 727 76 35 1,838 13391 77 35 733 The charity Trustees were not paid or received any other benefits from employment with the charity in the year12024: £Nill. No charity Trustee received payment for professional or other services supplied to the charity12024'. EN ill.
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Notes to Financial Statements (continued) 4. Fixed Asset Investment Listed Investments Market Value At I ' April 2024 Disposal Revaluation At 31" March 2025 508,195 (84,8891 118,2311 405,075 Net Book Value At 31" March 2025 405,075 At 31" March 2024 508,195 5. Debtors 2025 2024 Other Debtors Prepayments Total 9,548 9,548 15,421 15,421 6. Creditors 2024 2024 Trade creditors Other creditors Accruals Total 1961 9,134 4,834 960 14,928 1,000 904 141 Page
Morse-Boycott Bursary Fund Financial Statements Year ended 31 March 2025 Notes to Financial Statements (continued) 7. Movement in funds 2025 At the start of the year Incoming resources Outgoing resources Gains/ (Losses) At the end of the year Endowment Funds Expendable Endowment Reserve 519,654 133,994 179,7911 118,2311 555,626 Total funds 519,654 133,994 179,791} 118,231) 555,626 2024 At the start of the year Incoming resources Outgoing resources Gains/ (Losses) At the end of the year Endowment Funds Expendable Endowment Reserve 531,615 16,077 167,3531 39,315 519,654 Total funds 531,615 16.077 {67,3531 39,315 519,654 The total movement in the year ended 31" March 2025 was £35,97212024: Loss £11,961). The Expendable Endowment Reserve represents the part of the total Trust fund that has been invested in income producing investments in order to provide income out of which to pay annual bu rsaries. The trustees have agreed that due to the ongoing a nd increasing commitment to fund bu rsaries that the capital held within the f und will be expended at approximately 10 % of the value of the fund each financial year. It has also been agreed that there is no requi rement for the Cha rity to hold a separate General Reserve as all expenditure is met by the Expendable Endowment and will continue to be so.
Morse-Boycott Bursary Fund Financial Statements Yearended 31 March 2025 Notes to Financial Statements (continued) 8. Related Party Disclosures The Cha pter of Chichester Cathedral agreed to write off all sums due to it from the charity as at 31, March 2023. For years ending 31, March 2024 onwa rds an administration charge will be raised in the sum of £500 per term to cover services provided by Chapter to the charity. 9. Bursary Commitments The charity has made a total commitment for bursaries for 2025126 of £65,515. Bursaries are paid for every school term completed in accordance with the agreed bursary terms. Bursaries are to be su pported from anticipated f utu re investment income. 161 Page