FRANCIS NEILSON TRUST FUND
REPORT AND STATEMENTS
for the year ended
30th September 2021
Registered Charity No: 514802
FRANCIS NEILSON TRUST FUND
Annual Report for the year ended 30th September 2021
| Contents | Page |
|---|---|
| Trustees and advisers | 1 |
| Report of the Trustees | 2 - 5 |
| Independent Examiner’s report | 6 |
| Statement of Financial Activities | 7 |
| Comparative Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 19 |
FRANCIS NEILSON TRUST FUND
Trustees and Advisers for the year ended 30th September 2021
| Trustees: | Dean Sue Jones - Dean of Liverpool |
|---|---|
| Allastair Davey (resigned 08/06/2021) | |
| Lee Ward - Director of Music (resigned 22/03/2022) | |
| David Evans - Trustee of the Cross Guild | |
| Pat Heyes | |
| Tom Roberts | |
| Nick Basson | |
| Margaret Swinson | |
| Paul Ferguson - Finance Committee Member | |
| Reverand Myles Davies (from 22/03/2022) | |
| Stephen Mannings - Director of Music (from 14/06/2022) | |
| Correspondence Address: | Cathedral Office |
| St James’ House | |
| 20 St James’ Road | |
| Liverpool | |
| L1 7BY | |
| Bankers: | National Westminster Bank plc |
| University Branch | |
| 5 Oxford Street | |
| Liverpool | |
| L7 7HL | |
| Investment Managers: | Quilter Cheviot Investment Management |
| 5, St Paul's Square | |
| Liverpool | |
| L3 9SJ | |
| Independent Examiner: | Philip Griffiths F.C.A. |
| Mitchell Charlesworth | |
| 5 Temple Square | |
| Temple Street | |
| Liverpool | |
| L2 5RH |
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FRANCIS NEILSON TRUST FUND
Report of the Trustees for the year ended 30th September 2021
The trustees present their report and the financial statements for the year ended 30th September 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 12 and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
History, Objectives and Activities of the Trust
The charity is governed by a charitable trust deed dated 6th October 1949 as made by Francis Neilson as amended by a resolution under s280 of the Charities Act 2011 passed on 28th February 2013, a Scheme of the Charity Commission dated 25th June 2013 and a Deed of Amendment dated 31st July 2020 (“the Trusts”).
The objects of the trust following the 31st July 2019 amendment are
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a) supporting and promoting the education of the choristers of Liverpool Cathedral Choir (‘choristers’) in cultural and scientific arts;
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b) such other benefits to or for the choristers associated with their overall education;
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c) supporting the provision of special services, not being part of the ordinary or daily activity of Liverpool Cathedral;
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d) in otherwise promoting the continued existence of Liverpool Cathedral Choir within Liverpool Cathedral including through assisting in the recruitment of Choristers and the promotion of the Choir throughout the Diocese of Liverpool.
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For the purposes of these objects, a chorister means any chorister who is under the age of 25.
The Trust deed gives the Trustees the power to apply the funds in such manner as they think fit in accordance with the terms and conditions in the Trust. The Trustees identify projects they wish to support and consider grant applications made from Liverpool Cathedral. The Trust does not support individuals or organisations other than in relation to those associated with Liverpool Cathedral. The Trust receives income from the Will Trust of the late Francis Neilson as administered by JP Morgan Chase, New York, USA. The level of income is affected by the exchange rate with the US dollar.
Management and Governance Arrangements
The Trust deed provides for a minimum of four Trustees, with no maximum. The Trustees must include those holding the office of Dean of Liverpool, the Chair of the Cathedral Finance Committee and Director of Music of Liverpool Cathedral.
Following the resignation of Neil Ashbridge (Chair of the Cathedral Finance Committee), the Trustees have appointed Paul Ferguson who is a member of the Finance Committee. By making this appointment the intention in the Trust Deed to appoint a qualified person for the purpose of monitoring the financial business of the Trust, has been fulfilled.
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FRANCIS NEILSON TRUST FUND
Report of the Trustees (continued) for the year ended 30th September 2021
Management and Governance Arrangements (continued)
Where there is a requirement for new Trustees, these would be identified and appointed by the continuing Trustees. The Chair of the Trustees is responsible for the induction of any new Trustee which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the charity. A new Trustee would receive copies of the previous year’s annual report and accounts and a copy of the Charities Commission Leaflet ‘The Essential Trustee: What You Need to Know’. All decisions made by the Trustees can if necessary, be exercised by majority vote and in the event of a tie, the Dean of Liverpool has a second or casting vote.
Procedures and Policy for Grant Making
The Trustees ordinarily meet three times per year to consider what grants they will make and to review any feedback they have received. When it is not possible to meet three times in any year, such as during the COVID-19 pandemic, communication is maintained by email. Nominations for grants are elicited from Trustees by formal and informal means. The formal means include grant applications made on behalf of Liverpool Cathedral towards the cost of maintaining the choir and special benefits for them.
The Trustees always seek feedback on the actual use of the grants given and the achievements made, including those to individuals. The explanations and feedback received are sufficient for monitoring the quality of the grants made.
Financial Review, Investment Policy and Reserves
The Trustees have agreed to reinvest the income from the Endowed portfolio for the time being. Total return from the investment is split between funds retained as capital and funds used as income.
At each meeting the Trustees receive a report from the Clerk to the Committees on the charity’s current financial position and any matters arising in relation to its financial controls. Quilter Cheviot, the Investment Managers, invest funds held by the charity so as to ensure the same are prudently and profitably invested to achieve the required income return and provide reports on the investment performance.
The Trustees are satisfied that the standard of bookkeeping and evidence of expenditure through grants made during the year have been properly carried out and in a manner in which all transactions have been accounted for.
The Statement of Financial Activities for the Trust is set out on page 7 of the financial statements. It shows net income for the year ended 30 September 2021 of £51,295 (2020: net expenditure of £15,399).
Achievements and Performance of the Trust
During the year in addition to their daily schedule of services and rehearsals each week and the Trust’s prescribed responsibilities, the Neilson Trust has by grant:
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Supported the musical education of the boy and girl choristers by assisting with fees for instrumental, theory and singing tuition.
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Financed gifts to choristers at Christmas, Easter, Anniversary of the Cathedral’s Consecration and Birthdays.
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FRANCIS NEILSON TRUST FUND
Report of the Trustees (continued) for the year ended 30th September 2021
Achievements and Performance of the Trust (continued)
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Supported the work of the Cross Guild (Ex-Choristers Guild):
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by assisting with fees for instrumental lessons; and
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in providing financial support to those at university and study placements.
The trustees have had due regard to the guidance published by the Charity Commission on public benefit.
Risk Assessment
The trustees have re-assessed the principal risks to which the charity is exposed and are satisfied that the appropriate systems or controls are in place to mitigate exposure to those risks. It must be said that such systems or controls can provide only reasonable and not absolute assurance against material misstatement, fraud or loss.
Reserves Policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, and remains available in case of need. The trustees regularly discuss the portfolio of the Trust and future requirements of the Trust. The trustees believe that it is prudent to ensure that there are sufficient funds to provide financial flexibility for the current running and future development of the Trust’s objectives and unforeseen events.
Future Plans
The trustees intend to continue to fulfill the objectives of the Trust by the proper provision of grants to Liverpool Cathedral in accordance with the Trust deed.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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 application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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FRANCIS NEILSON TRUST FUND
Report of the Trustees (continued) for the year ended 30th September 2021
Investment Review
The Investment Policy is a prudent balance of capital appreciation over the mid- to long-term, with a useful income meanwhile (i.e. medium-risk). Investment activity/performance and asset allocations are reviewed on a quarterly basis against suitable benchmarks at each meeting.
Holdings are in the hands of the appointed Investment Managers in accordance with published Charity Commission guidance (CC42). Their appointment and this policy are reviewed once a year.
Independent Examiner
The trustees have re-appointed Mitchell Charlesworth to undertake the independent examination of the Trust for the financial year ending 30th September 2021.
Trustees
The trustees who served during the year were:
Dean Sue Jones - Dean of Liverpool Allastair Davey (resigned 08/06/2021) Lee Ward - Director of Music (resigned 22/03/2022) David Evans - Trustee of the Cross Guild Pat Heyes Tom Roberts Nick Basson Margaret Swinson Paul Ferguson - Finance Committee Member Reverand Myles Davies (from 22/03/2022) Stephen Mannings - Director of Music (from 14/06/2022)
New trustees are appointed by Deed of Appointment by the continuing Trustees.
The trustees received no emoluments during the year. There are no employees.
Approved by the Board of Trustees on 19th July 2022.
Dean Sue Jones Trustee
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Mitchell Charlesworth
Accountants
5 Temple Square · Temple Street · Liverpool · L2 5RH
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRANCIS NEILSON TRUST FUND
I report to the charity trustees on my examination of accounts of the charity for the year ended 30th September 2021 set out on pages 7 to 19.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the ‘Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2 the accounts do not with accord those records; or
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3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 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.
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 understanding of the accounts to be reached.
P.L. Griffiths F.C.A. Mitchell Charlesworth Accountants
26th July 2022
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FRANCIS NEILSON TRUST FUND
Statement of Financial Activities For the year ended 30th September 2021
| Unrestricted Restricted Funds Funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 2 80,703 - Investments 3 6,505 779 Total income 87,208 779 Expenditure on: Raising funds 4 1,646 - Charitable activities 5 81,194 779 Total expenditure 82,840 779 Net gains/(losses) on investments 21,659 - Net income/(expenditure)8 26,027 - Total funds brought forward 166,751 2,000 Total funds carried forward 192,778 2,000 |
Endowed Funds 2021 £ - - - - - - 25,268 25,268 104,093 129,361 |
Totals 2021 £ 80,703 7,284 87,987 1,646 81,973 83,619 46,927 51,295 272,844 324,139 |
Totals 2020 £ 101,178 7,293 108,471 1,612 97,894 99,506 (24,364) (15,399) 288,243 272,844 |
|---|---|---|---|
All activities of the Charity are continuing.
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FRANCIS NEILSON TRUST FUND
Statement of Financial Activities For the year ended 30th September 2021
Comparative information as at 30th September 2020
| Unrestricted Restricted Funds Funds 2020 2020 Notes £ £ Income and endowments from: Donations and legacies 2 101,178 - Investments 3 6,607 686 Total income 107,785 686 Expenditure on: Raising funds 4 1,612 - Charitable activities 5 97,208 686 Total expenditure 98,820 686 Net gains/(losses) on investments (7,069) - Net income/(expenditure)8 1,896 - Total funds brought forward 164,855 2,000 Total funds carried forward 166,751 2,000 |
Endowed Funds 2020 £ - - - - - - (17,295) (17,295) 121,388 104,093 |
Totals 2020 £ 101,178 7,293 108,471 1,612 97,894 99,506 (24,364) (15,399) 288,243 272,844 |
Totals 2019 £ 95,095 7,558 102,653 1,620 95,608 97,228 2,969 8,394 279,849 288,243 |
|---|---|---|---|
All activities of the Charity are continuing.
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FRANCIS NEILSON TRUST FUND
Balance Sheet At 30th September 2021
| Notes Fixed assets Investments 9 Current assets Balances at bank Cash at bank and in hand Central Board of Finance Creditors:amounts falling due within one year 10 Net current assets Total assets less current liabilities Funds Unrestricted funds 12 Restricted fund 12 Endowment funds 12 Total funds 13 |
2021 £ £ 289,691 55,895 8,657 64,552 30,104) 34,448 324,139 192,778 2,000 129,361 324,139 |
2020 £ £ 237,141 66,465 8,648 75,113 (39,410) 35,703 272,844 166,751 2,000 104,093 272,844 |
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( |
Approved by the Board of Trustees on 19th July 2022 and signed by:
Dean Sue Jones Trustee
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FRANCIS NEILSON TRUST FUND
Notes to the Financial Statements for the year ended 30th September 2021
1. Summary of significant accounting policies
(a) General information and basis of preparation
Francis Neilson Trust Fund is a charitable trust established in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are included in the Trustees’ Report on page 2.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The charity has applied Update Bulletin 1 as published on 2nd February 2016 and does not include a Statement of Cash Flows on the grounds that it is applying FRS102 Section 1A.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16th July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention modified to include investments of fair value. The financial statements are prepared in sterling which is the functional currency of the charity, and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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FRANCIS NEILSON TRUST FUND
Notes to the Financial Statements for the year ended 30th September 2021
1. Summary of significant accounting policies (continued)
(b) Funds (continued)
Endowment funds represent those assets which must be held permanently by the charity, and comprise funds from the Francis Neilson Trust and the legacy from the Estate of Miss Kathleen Jackson deceased. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Income from the Morton Bursary is restricted for the benefit of assisting young choirboys in their musical studies.
Any capital gains or losses arising on the investments form part of the funds. Investment management charges relating to the fund are charged against unrestricted funds.
(c) Income recognition
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Investment income is earned through holding assets for investment purposes such as shares and bank deposits. It includes dividends and interest. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.
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FRANCIS NEILSON TRUST FUND
Notes to the Financial Statements for the year ended 30th September 2021
1. Summary of significant accounting policies (continued)
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Cash of raising funds includes investment managers fees.
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Expenditure on charitable activities includes grants payable to The Corporation of Liverpool Cathedral.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administration costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.
(f) Investments
Investments are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
(g) Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(h) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
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FRANCIS NEILSON TRUST FUND
Notes to the Financial Statements for the year ended 30th September 2021
1. Summary of significant accounting policies (continued)
(i) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties, including those arising from Covid19, exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
| 2. Income from donations and legacies Remittances from trustees in the USA Other donations received 3. Income from Unrestricted Restricted Endowment investments funds funds funds £ £ £ Dividends receivable 6,490 779 - Interest on bank deposits 15 - - 6,505 779 - |
Unrestricted funds Total Total 2021 2020 £ £ 80,703 90,356 - 10,822 80,703 101,178 Total Total 2021 2020 £ £ 7,269 7,194 15 99 7,284 7,293 |
|---|---|
£686 of the above income in 2020 was attributable to restricted funds and £6,508 of the above income in 2020 was attributable to unrestricted funds.
4. Expenditure on raising funds
Investment managers fees
| Unrestricted | funds |
|---|---|
| 2021 | 2020 |
| £ | £ |
| 1,646 | 1,612 |
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FRANCIS NEILSON TRUST FUND
Notes to the Financial Statements for the year ended 30th September 2021
| 5. Expnditure on charitable activities 2021 £ Grants payable (note 7) 79,143 Support costs (note 6) 2,830 81,973 £779 (2020 £686) of the above costs were attributable to restricted funds and (2020 £94,528) of the above costs were attributable to unrestricted funds. 6. Support costs 2021 £ Accountancy 750 Bank charges 74 Honorarium 500 Governance costs Independent examiners’ fee 1,506 2,830 7. Grants payable 2021 £ Corporation of the Cathedral Church in Liverpool 79,143 8. Net income/(expenditure) 2021 £ Net incoming resources is stated after charging: Independent Examiner’s fees 1,506 |
2020 £ 95,214 2,680 97,894 £81,194 2020 £ 750 74 500 1,356 2,680 2020 £ 95,214 2020 £ 1,356 |
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Notes to the Financial Statements for the year ended 30th September 2021
| 9. Investments Balance at 1st October 2020 Additions at cost Disposals Net unrealised investment (losses)/gains Cash held on deposit Market value at 30th September 2021 Historical cost at 30th September 2021 Investments are held in UK Unit Trusts. Investments exceeding 5% of the total portfolio: Ishares Core FTSE 100 Blackrock Con. European Artemis Fd Man Income I Inc Fidelity UCITS US Quality Income Fund BNY Mellon Global Funds plc US Equity Inc 10. Creditors:amounts falling due within one year Accruals 11. Financial instruments Financial assets: Measured at fair value through net income |
2021 £ 234,536 63,927 (50,226) 36,491 284,728 4,963 289,691 2021 £ 251,682 2021 £ 13,852 12,670 - 23,433 28,733 2021 £ 30,104 2021 £ 284,728 |
2020 £ 255,497 37,885 (34,201) (24,645) 234,536 2,605 237,141 2020 £ 235,688 2020 £ 12,958 13,196 19,687 - 20,831 2020 £ 39,410 2020 £ 234,536 |
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FRANCIS NEILSON TRUST FUND
Notes to the Financial Statements for the year ended 30th September 2021
| 12. Movement in funds At 1.10.2020 £ Endowment funds: Jackson Legacy 56,948 Friends of Cathedral Music - Unrestricted permanent endowment fund 26,194 Morton Bursary - Restricted expendable endowment fund 20,951 Total endowment Funds 104,093 Restricted funds: Cross Guild Educational Grants 2,000 Morton Bursary - Musical studies for young choristers - Total restricted funds 2,000 Unrestricted funds: General funds 166,751 Total Funds 272,844 |
Income Expenditure Gains and Losses At 30.9.2021 £ £ £ £ - - 13,824 70,772 - - 6,358 32,552 - - 5,086 26,037 - - 25,268 129,361 - - - 2,000 779 (779) - - 779 (779) - 2,000 87,208 (82,840) 21,659 192,778 87,987 (83,619) 46,927 324,139 |
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Notes to the Financial Statements for the year ended 30th September 2021
12. Movement in funds (continued)
Comparative information in respect of the preceding period is as follows:
| Movement in funds At 1.10.2019 £ Endowment funds: Jackson Legacy 66,410 Friends of Cathedral Music - Unrestricted permanent endowment fund 30,546 Morton Bursary - Restricted expendable endowment fund 24,432 Total endowment Funds 121,388 Restricted funds: Cross Guild Educational Grants 2,000 Morton Bursary - Musical studies for young choristers - Total restricted funds 2,000 Unrestricted funds: General funds 164,855 Total Funds 288,243 |
Income Expenditure £ £ - - - - - - - - - - 686 (686) 686 (686) 107,785 (98,820) 108,471 (99,506) |
Gains and Losses At 30.9.2020 £ £ (9,462) 56,948 (4,352) 26,194 (3,481) 20,951 (17,295) 104,093 - 2,000 - - - 2,000 (7,069) 166,751 (24,364) 272,844 |
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Notes to the Financial Statements for the year ended 30th September 2021
12. Movement in funds (continued)
Endowment Funds and Restricted Income Funds (continued)
The unrestricted endowment fund represents an amount gifted by the ‘Friends of the Cathedral Music’ together with various unrestricted funds transferred from the Cathedral Foundation during the year. The income generated from this fund is available for the general use of the charity.
The restricted endowment fund relates to the Morton Bursary. The income generated by this fund is restricted for the benefit of assisting young choristers in their musical studies.
Contributions have been specifically received towards the cost of the choir tour to the United States.
Unrestricted Funds
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
| 13. Analysis of net assets between funds Unrestricted Restricted Endowment £ £ £ Investments 158,330 2,000 129,361 Current assets 64,552 - - Creditors: amounts falling due within one year (30,104) - - Total Funds 192,778 2,000 129,361 |
Total £ 289,691 64,552 (30,104) 324,139 |
|---|---|
Comparative information in respect of the preceding period is as follows:
| Unrestricted RestrictedEndowment £ £ £ Investments 131,048 2,000 104,093 Current assets 75,113 - - Creditors: amounts falling due within one year (39,410) - - Total Funds 166,751 2,000 104,093 |
Total £ 237,141 75,113 (39,410) 272,844 |
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Notes to the Financial Statements for the year ended 30th September 2021
14. Contingencies and Commitments
There were no contingent liabilities or financial commitments at 30th September 2021 or 30th September 2020.
15. Related Party Transactions
The Dean of Liverpool is a member of the Chapter, being the administrative body of Liverpool Cathedral. Paul Ferguson is a member of the Cathedral Finance Committee and Lee Ward was the Director of Music.
Grants paid to Liverpool Cathedral during the year amounted to £79,143 (2020 £95,214).
16. Trustees’ Expenses
None of the trustees received any remuneration or benefits from the charity during the period. The total amount of reimbursed expenses was £Nil (2020 - £Nil).
17. Ultimate Controlling Party
In the trustees’ opinion, the trust has no ultimate controlling party.
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