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