## **FRANCIS NEILSON TRUST FUND**
## **REPORT AND FINANCIAL STATEMENTS**
**for the year ended**
**30th September 2023**
**Registered Charity No: 514802**
**FRANCIS NEILSON TRUST FUND**
## **Annual Report for the year ended 30th September 2023**
|**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 2023**
|**Trustees:**|Dean Sue Jones - Dean of Liverpool|
|---|---|
||Patricia Heyes|
||Thomas Roberts|
||Nicholas Basson|
||Paul Ferguson|
||Revd Myles Davies|
||Stephen Mannings – Director of Music|
||Margaret Swinson (Appointed 19 September 2023)|
|**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:**|Louise Casey A.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 2023**
The trustees present their report and the financial statements for the year ended 30th September 2023. 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 10 to 13 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 2019 (“the Trusts”).
The objects of the trust following the 31st July 2019 amendment are
- a) supporting and promoting the education of the choristers of Liverpool Cathedral Choir (‘choristers’) in cultural and scientific arts;
- b) such other benefits to or for the choristers associated with their overall education;
- c) supporting the provision of special services, not being part of the ordinary or daily activity of Liverpool Cathedral;
- 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.
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, 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.
2 | P a g e
**FRANCIS NEILSON TRUST FUND**
## **Report of the Trustees (continued) for the year ended 30th September 2023**
In order to bring the Trust Deed into line with the above appointment, at a meeting held on 21 March 2023, the Trustees approved a Resolution under S280 of the Charities Act 2011 to amend
the governing document so that where the Deed makes use of the term ‘the Chair of the Finance Committee’ the term shall refer to ‘a member of the Finance Committee of Liverpool Cathedral’.
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 meet no fewer than three times per year to consider what grants they will make and to review any feedback they have received. 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 the effectiveness of 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 2023 of £26,693 (2022: net expenditure of £14,224).
## **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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## **FRANCIS NEILSON TRUST FUND**
1. Supported the musical education of the boy and girl choristers by assisting with fees for instrumental, theory and singing tuition.
## **Report of the Trustees (continued) for the year ended 30th September 2023**
2. Financed gifts at Christmas, Easter, Anniversary of the Cathedral’s Consecration and Birthdays.
3. Supported the work of the Cross Guild (Ex-Choristers Guild):
- by assisting with fees for instrumental lessons; and
- 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.
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, and remain 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 fulfil the objectives of the Trust by the proper provision of grants to Liverpool Cathedral in accordance with the Trust deed and review the composition of the Trustee body.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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## **FRANCIS NEILSON TRUST FUND**
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.
## **Report of the Trustees (continued) for the year ended 30th September 2023**
## **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 LLP to undertake the independent examination of the Trust for the financial year ending 30th September 2023.
## **Trustees**
The trustees who served during the year were:
Dean Sue Jones - Dean of Liverpool
David Evans - Trustee of the Cross Guild (Retired 4.7.23) Patricia Heyes Thomas Roberts Nicholas Basson Margaret Swinson (Appointed 19 September 2023) Paul Ferguson - Finance Committee Member Revd Myles Davies Stephen Mannings - Director of Music
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 xx July 2024.
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 2023 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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the accounts do not with accord 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 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.
L.R. Casey A.C.A. Mitchell Charlesworth Accountants
1st August 2024
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## **FRANCIS NEILSON TRUST FUND**
## **Statement of Financial Activities For the year ended 30th September 2023**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and**
**endowments from:**
Donations and legacies
2
97,084
-
Investments
3
8,234
789
**Total income**
105,318
789
**Expenditure on:**
Raising funds
4
1,718
-
Charitable activities
5
87,974
789
**Total expenditure**
89,692
789
**Net gains/(losses) on**
**investments**
5,243
-
**Net income/(expenditure)**8
20,869
-
**Total funds brought**
**forward**
183,887
2,000
**Total funds carried**
**forward**
204,756
2,000|**Endowed**
**Funds**
**2023**
**£**
-
-
-
-
-
-
5,824
5,824
124,028
129,852|**Totals**
**2023**
**£**
97,084
9,023
106,107
1,718
88,763
90,481
11,067
26,693
309,915
336,608|||
|---|---|---|---|---|
||||||
||||||
||||||
||||||
||||||
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 2023**
## **Comparative information as at 30th September 2022**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income and**
**endowments from:**
Donations and legacies
2
89,511
-
Investments
3
7,237
848
**Total income**
96,748
848
**Expenditure on:**
Raising funds
4
1,808
-
Charitable activities
5
82,084
848
**Total expenditure**
83,892
848
**Net gains/(losses) on**
**investments**
(21,747)
-
**Net income/(expenditure)**8
(8,891)
-
**Total funds brought**
**forward**
192,778
2,000
**Total funds carried**
**forward**
183,887
2,000|**Endowed**
**Funds**
**2022**
**£**
-
-
-
-
-
-
(5,333)
(5,333)
129,361
124,028|**Totals**
**2022**
**£**
89,511
8,085
97,596
1,808
82,932
84,740
(27,080)
(14,224)
324,139
309,915||**Totals**
**2021**
**£**
80,703
7,284|
|---|---|---|---|---|
|||||87,987|
|||||1,646
81,97|
|||||
3
83,619|
|||||46,927|
|||||51,295
272,844|
|||||324,139|
All activities of the Charity are continuing.
8 | P a g e
## **FRANCIS NEILSON TRUST FUND**
## **Balance Sheet At 30th September 2023**
|**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|**2023**
**£**
**£**
268,345
97,854
9
,052
106,906
(38
,643
68,263
336,608
204,756
2,000
129,852
333,608|**2022**
**£**
**£**
258,803
61,505
8
,714
70,219
(19
,107
51,112
309,915
183,887
2,000
124,028
309,915|**2022**
**£**
**£**
258,803
61,505
8
,714
70,219
(19
,107
51,112
309,915
183,887
2,000
124,028
309,915|
|---|---|---|---|
|||||
||||183,887
2,000
124,028
309,915|
Approved by the Board of Trustees on xx July 2024 and signed by:
Dean Sue Jones Trustee
9 | P a g e
**FRANCIS NEILSON TRUST FUND**
**Notes to the Financial Statements for the year ended 30th September 2023**
## **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 (FRS 102) 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 does not include a Statement of Cash Flows on the grounds that it is applying FRS 102 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 2023**
## **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 2023**
## **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:
- Cash of raising funds includes investment managers fees.
- 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 2023**
## **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**|**Unrestricted funds**|**Unrestricted funds**|
|---|---|---|---|
|||**Total**|**Total**|
|||**2023**|**2022**|
|||**£**|**£**|
||Remittances from trustees in the USA|95,084|88,906|
||Other donations received|2,000|605|
|||97,084|89,511|
|**3.**
**Income from**
**Unrestricted**
**Restricted**
**Endowment**
**investments**
**funds**
**funds**
**funds**
**£**
**£**
**£**
Dividends receivable
7,404
789
-
Interest on bank deposits
830
-
-
8,234
789
-|**Total**
**2023**
**£**
8,193
830
9,023|**Total**
**2022**
**£**
8,000
85|
|---|---|---|
|||8,085|
£848 of the above income in 2022 was attributable to restricted funds and £7,237 of the above income in 2022 was attributable to unrestricted funds.
**4. Expenditure on raising funds**
|**Expenditure on raising funds**|**Unrestricted**|**funds**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Investment managers fees|1,718|1,808|
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**FRANCIS NEILSON TRUST FUND**
## **Notes to the Financial Statements for the year ended 30th September 2023**
|**5.**
**Expenditure on charitable activities**
**2023**
**£**
Grants payable (note 7)
85,496
Support costs (note 6)
3,267
88,763
£789 (2022 £848) of the above costs were attributable to restricted funds and
(2022 £82,084) of the above costs were attributable to unrestricted funds.
**6.**
**Support costs**
**2023**
**£**
Accountancy
750
Bank charges
109
Honorarium
500
**Governance costs**
Independent examiners’ fee
1,908
3,267
**7.**
**Grants payable**
**2023**
**£**
Corporation of the Cathedral Church in Liverpool
84,796
Individuals
700
85,496
**8.**
**Net income/(expenditure)**
**2023**
**£**
Net incoming resources is stated after charging:
Independent Examiner’s fees
1,908|**2022**
**£**
80,858
2,074
82,932|
|---|---|
||£87,974
**2022**
**£**
-
74
500
1,500
2,074
**2022**
**£**
79,928
930
80,858|
||**2022**
**£**
1,500|
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## **FRANCIS NEILSON TRUST FUND**
## **Notes to the Financial Statements for the year ended 30th September 2023**
|**9.**
**Investments**
Balance as at 1st October 2022
Additions at cost
Disposals
Net unrealised investment (losses)/gains
Cash held on deposit
Market value at 30th September 2023
Historical cost at 30th September 2023
Investments are held in UK Unit Trusts.
Investments exceeding 5% of the total portfolio:
Fidelity UCITS ICAV US Income GBP
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||**2023**
**£**
250,926
57,136
(51,793)
7
,060
263,329
5
,016
268,345
**2023**
**£**
252,935
**2023**
**£**
27,851
35,035
**2023**
**£**
38,643
**2023**
**£**
263,329|**2023**
**£**
250,926
57,136
(51,793)
7
,060
263,329
5
,016
268,345
**2023**
**£**
252,935
**2023**
**£**
27,851
35,035
**2023**
**£**
38,643
**2023**
**£**
263,329|**2022**
**£**
284,728
21,877
(29,205)
(26
,474
250,926
7
,877
258,803
**2022**
**£**
248,667
**2022**
**£**
25,134
33,420
**2022**
**£**
19,107
**2022**
**£**
250,926|
|---|---|---|---|---|
||||||
||||||
||||||
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**FRANCIS NEILSON TRUST FUND**
## **Notes to the Financial Statements for the year ended 30th September 2023**
|**12.**
**Movement in funds**
**Endowment funds:**
Jackson Legacy
Friends of Cathedral
Music -
Unrestricted permanent
endowment fund
Morton Bursary -
Restricted expendable
endowment fund
**Total endowment**
**funds**
**Restricted funds:**
Cross Guild Educational
Grants
Morton Bursary -
Musical studies for
young choristers
**Total restricted funds**
**Unrestricted funds:**
General funds
**Total Funds**|**At**
**1.10.202**
**2**
**£**
67,854
31,210
24,965
124,028
2,000
-
2,000
183,887
309,915|**Income**
**Expenditure**
**Gains**
**and**
**Losses**
**At**
**30.9.2023**
**£**
**£**
**£**
**£**
-
-
3,186
71,032
-
-
1,466
32,672
-
-
1,172
26,134
-
-
5,824
129,852
-
-
-
2,000
789
(789
)
-
-
789
(789)
-
2,000
105,318
(89,692)
5,243
204,756
106,107
(90,481) 11,067
336,608|**Income**
**Expenditure**
**Gains**
**and**
**Losses**
**At**
**30.9.2023**
**£**
**£**
**£**
**£**
-
-
3,186
71,032
-
-
1,466
32,672
-
-
1,172
26,134
-
-
5,824
129,852
-
-
-
2,000
789
(789
)
-
-
789
(789)
-
2,000
105,318
(89,692)
5,243
204,756
106,107
(90,481) 11,067
336,608|**Income**
**Expenditure**
**Gains**
**and**
**Losses**
**At**
**30.9.2023**
**£**
**£**
**£**
**£**
-
-
3,186
71,032
-
-
1,466
32,672
-
-
1,172
26,134
-
-
5,824
129,852
-
-
-
2,000
789
(789
)
-
-
789
(789)
-
2,000
105,318
(89,692)
5,243
204,756
106,107
(90,481) 11,067
336,608|
|---|---|---|---|---|
|||||129,852|
|||||2,000
-|
|||||2,000|
|||||204,756|
|||||336,608|
16 | P a g e
## **FRANCIS NEILSON TRUST FUND**
## **Notes to the Financial Statements for the year ended 30th September 2023**
|**12.**
**Movement in funds**
**At**
**1.10.2021**
**£**
**Endowment funds:**
Jackson Legacy
70,772
Friends of Cathedral
Music -
Unrestricted
permanent
endowment fund
32,552
Morton Bursary -
Restricted expendable
endowment fund
26,037
**Total endowment**
**Funds**
129,361
**Restricted funds:**
Cross Guild
Educational Grants
2,000
Morton Bursary -
Musical studies for
young choristers
-
**Total restricted**
**funds**
2,000
**Unrestricted funds:**
General funds
192,778
**Total Funds**
324,139|**Income**
**Expenditure**
**Gains and**
**Losses**
**At**
**30.9.2022**
**£**
**£**
**£**
**£**
-
-
(2,918)
67,854
-
-
(1,342)
31,210
-
-
(1
,073
24,965
-
-
(5,333) 124,028
-
-
-
2,000
848
(848
)
-
-
848
(848)
-
2,000
96,748
(83,892)
(21,747) 183,887
97,596
(84,740)
(27,080) 309,915|**Income**
**Expenditure**
**Gains and**
**Losses**
**At**
**30.9.2022**
**£**
**£**
**£**
**£**
-
-
(2,918)
67,854
-
-
(1,342)
31,210
-
-
(1
,073
24,965
-
-
(5,333) 124,028
-
-
-
2,000
848
(848
)
-
-
848
(848)
-
2,000
96,748
(83,892)
(21,747) 183,887
97,596
(84,740)
(27,080) 309,915|**Income**
**Expenditure**
**Gains and**
**Losses**
**At**
**30.9.2022**
**£**
**£**
**£**
**£**
-
-
(2,918)
67,854
-
-
(1,342)
31,210
-
-
(1
,073
24,965
-
-
(5,333) 124,028
-
-
-
2,000
848
(848
)
-
-
848
(848)
-
2,000
96,748
(83,892)
(21,747) 183,887
97,596
(84,740)
(27,080) 309,915|
|---|---|---|---|
||||124,028|
||||2,000
-|
||||2,000|
||||183,887|
||||309,915|
17 | P a g e
**FRANCIS NEILSON TRUST FUND**
**Notes to the Financial Statements for the year ended 30th September 2023**
## **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.
## **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
136,493
2,000
129,852
Current assets
106,906
-
-
Creditors: amounts falling
due within one year
(38,643
)
-
-
**Total Funds**
204,756
2,000
129,852
Comparative information in respect of the preceding period is as follows:
**Unrestricted**
**Restricted**
**Endowment**
**£**
**£**
**£**
Investments
132,775
2,000
124,028
Current assets
70,219
-
-
Creditors: amounts falling
due within one year
(19
,107
-
-
**Total Funds**
183,887
2,000
124,028|**Total**
**£**
268,345
106,906
(38
,643
336,608
**Total**
**£**
258,803
-
(19
,107
309,915|**Total**
**£**
268,345
106,906
(38
,643
336,608
**Total**
**£**
258,803
-
(19
,107
309,915|
|---|---|---|
|||309,915|
18 | P a g e
**FRANCIS NEILSON TRUST FUND**
**Notes to the Financial Statements for the year ended 30th September 2023**
## **14 Contingencies and Commitments**
**.**
There were no contingent liabilities or financial commitments at 30th September 2023 or 30th September 2022.
## **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 Stephen Mannings is the Director of Music.
Grants paid to Liverpool Cathedral during the year amounted to £84,796 (2022 £79,928).
## **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 (2022 - £Nil).
## **17 Ultimate Controlling Party**
**.**
In the trustees’ opinion, the trust has no ultimate controlling party.
19 | P a g e