2021-03-31-accounts - Wiltshire Music Centre Trust Ltd

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	Page
Reference and Administrative Details
Trustees' Report	2to 14
Report ofthe Independent Auditors	15to 18
Statement ofFinancial Activities	19
Balance Sheet	20to 21
Cash Flow Statement	22
Notes tothe Cash Flow Statement	23
Notes to the Financial Statements	24to41

Registered	Company	02661682 (England and Wales)	02661682 (England and Wales)	02661682 (England and Wales)
Registered	Charity number	1026160
Registered	office	Wiltshire Music Centre
		Ashley Road
		Bradford on Avon
		Wilts hire
		BA15 1DZ
Trustees		Mr J A I Wetz (Chair)
		Mrs H Feilding (Vice Chair, Treasurer					and Chair of
		the Finance and Resources Committee)
		Mr J C A Berridge
		Mr M JCleaver
		Mr JCross (Chair ofthe Programme				and Learning
		Committee)
		Mr M A Lee
		Ms M Houghton						appointed 04.12.20
		Mr A Segrave						appointed 04.12.20
		Mr A MacRae (Chair ofthe Venue			Committee)
		Mrs A M Millman
		Ms E R Pieczko						resigned 20.10.21
		Mr D V Richardson	(Independent		Trustee)
		Ms E DSandberg
		Mr I L Thorn	(Chair of	the		Development
		Committee)
Auditors		Moore
		Chartered Accountants and Statutory					Auditor
		30Gay Street
		Bath
		BA12PA
Bankers		HSBC Bank pic
		46 Fore Street
		Trowbridge
		Wiltshire
		BA148EL
Investment	managers	Investec Wealth & Investment		Limited
		Royal Mead
		Railway Place
		Bath BA11SR

					31.3.21	31.3.20
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Notes	f	f	f	f
INCOME AND ENDOWMENTS FROM
Donations and legacies			225,787	436,621	662,408	387,346
Charitable activities
Concerts			16,730		16,730	285,972
Sponsorship			1,810	3,000	4,810	24,489
Educationalactivities			25,745	7,211	32,956	132,534
Friends membership	subscriptions		23,908	90	23,998	22,421
Other trading activities			97,725		97,725	133,880
Investment income			26,921		26,921	36,238
Total			418,626	446,922	865,548	1,022,880
EXPENDITURE ON
Raising funds		6	11,804	533	12,337	61,280
Charitable activities
Concerts			120,891	170,519	291,410	504,260
Educational activities			8,551	186,999	195,550	403,870
Management and administration			39,455	1,750	41,205	59,043
Other costs			127,010	4,799	131,809	153,061
Auditorium repairs						18,355
Total			307,711	364,600	672,311	1,199,869
Net gains/(losses) on	investments		107,975		107,975	~92,7897
NET INCOME/(EXPENDITURE)			218,890	82,322	301,212	(269,178)
Transfers between funds		21	(5,067)	5,067
Net movement in funds			213,823	87,389	301,212	(269,178)
RECONCILIATION OF	FUNDS
Total funds brought forward			2,279,680	166,422	2,446,102	2,715,280
TOTAL FUNDS CARRIED FORWARD			2 493,503	253,811	2,747,314	2,449,102

					31.3.21	31.3.20
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Notes	E	E	E	E
FIXEDASSETS
Intangible	assets	13	12,973		12,973	20,982
Tangible	assets	14	1,700,040		1,700,040	1,760,058
Investments		15	770,931		770,931	585,956
			2,483,944		2,483,944	2,366,996
CURRENT	ASSETS
Stocks		16	1,907		1,907	3,071
Debtors		17	57,416		57,416	76,098
Cash at bank			111,363	253,811	365,174	216,570
			170,686	253,811	424,497	295,739
CREDITORS
Amounts	falling due within one year	18	(115,563)		(115,563)	(216,633)
NET CURRENT ASSETS			55,123	253,811	308,934	79,106
TOTAL ASSETS LESSCURRENT LIABILITIES			2,539,067	253,811	2,792,878	2,446,102
CREDITORS
Amounts	falling due after more than one
year		19	(45,564)		(45,564)
			2,493,503	253,811	2,747,314	2,446,102

The Wiltshire Music Centre	Trust Limi	ted
					W~llsnliIE
Cash Flow Statemen
for the Year En e 31March 202
				31.3.21	31.3.20
		Notes		E	6
Cash flows from operating	activities
Cash generated from operations			1	194,442	(27,807)
Net cash provided by/(used	in) operating		activities	194,442	(27,807)
Cash flows from investing	activities
Purchase oftangible fixed	assets			(45,759)	(5,569)
Purchase offixed asset investments				(77,000)
Sale offixed asset investments					150,000
Dividends received				26,921	36,238
Net cash (used in)/provided	by investing		activities	~95,838)	180,669
Cash flows from financing	activities
New loans in year				50,000
Net cash provided by financing activities				50,000
Change in cash and cash equivalents		in
the reporting period				148,604	152,862
Cash and cash equivalents	atthe
beginning ofthe reporting	period			216,570	63,708
Cash and cash equivalents	atthe end
ofthe reporting period				365,174	216,570

ACTIVmES
				31.3.21	31.3.20
				E	E
Net income/(expenditure)		for the reporting	period (as per the
Statement ofFinancial Activities)				301,212	(269,178)
adjustments for:
Depreciation charges				113,786	117,945
(Gain)/losses on investments				(107,975)	92,189
Dividends received				(26,921)	(36,238)
Decrease/(increase)	in stocks			1,164	(1,640)
Decrease in debtors				18,682	28,017
(Decrease)/increase	in creditors			(105,506)	41,098
Net cash provided	by/(used	in) operations		194,442	(27,807)
ANALYSIS OF CHANGES IN NET FUNDS
			At 1.4.20	Cash flow	At 31.3.21
			E	E	E
Net cash
Cash at bank			216,570	148,604	365,174
			216,570	148,604	~365 174
Debt
Debts falling due within 1year				(4,436)	(4,436)
Debts falling due after 1year				$45,564)	+45,564)
				$50,000)	f50,000)
Total			216,570	98,604	315,174

				31.3.21	31.3.20
				f	f
20th Anniversary		Appeal			783
Donations				38,389	53,290
Trusts and	Foundations			624,019	333,273
				662,408	387,346
Grants received,		included	in the above, are as follows:
				31.3.21	31.3.20
				f	f
Grants				470,802	184,905
Chadtable	Trusts			153,217	148,368
				624,019	333,273

OTHER TRADING ACTIVITIES
	31.3.21	31.3.20
	f	E
Fundraising events	44,381	7,664
Core user income	42,167	45,655
Lettings income	7,974	20,874
Bar and catering income	120	48,015
Boxoffice income	3,083	11,672
	97,725	133,880
INVESTMENT INCOME
	31.3.21	31.3.20
	f	f
Income from investments	26,921	36,238

						31.3.21	31.3.20
			Activity			f	f
Concert income			Concerts			16,730	285,972
Sponsorship			Sponsorship			4,810	24,489
Education project income			Educational	activities		32,956	132,534
Friends membership		subs	Friends membership		subscriptions	23,998	22,421
						78,494	465,416
RAISING FUNDS
Other trading activities
						31.3.21	31.3.20
						f	f
Bad debts						(314)	1,962
Marketing	and PR costs					2,895	11,542
Bar, box office and lettings						6,465	42,535
						9,046	56,039
Investment	management		costs
						31.3.21	31.3.20
						E	f
Portfolio management						3,291	5,241
Aggregate	amounts					12,337	61,280

			Support
		Direct	costs (see
		Costs	note 8)	Totals
		E	E	E
Concerts		276,805	14,605	291,410
Educational	activities	186,907	8,643	195,550
Management	and administration	41,205		41,205
Other costs		105,451	26,358	131,809
		610,368	~49 606	659,974

				Governance
		Management	Other	costs	Totals
		E	E	E	E
Concerts		14,605			14,605
Educational	activities	8,643			8,643
Other costs		9,977	5,369	11,012	26,358
		33,225	5,369	11,012	49,606

			31.3.21	31.3.20
			E	E
Depreciation -owned		assets	105,777	109,938
BoxOffice system amortisation			3,079	3,079
Website	amortisation		4,930	4,930
Auditors'	remuneration		4,800	4,700
Auditors'	remuneration	-other services	1,300	1,300

STAFF	COSTS
		31.3.21	31.3.20
		E	E
Wages	and salaries	296,560	362,162
Social	security costs	21,067	29,853
Other	pension costs	10,209	13,113
		327,836	405,128

The average m	onthl	y number ofemployees during	the year was as follows:
			31.3.21	31.3.20
Concerts			3	5
Marketing			2	1
Education			2	4
Administration	and	support	5	3
			12	13

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
			Unrestricted	Restricted	Total
			funds	funds	funds
			E	E	E
INCOME AND ENDOWMENTS		FROM
Donations and legacies			212,027	175,319	387,346
Charitable activities
Concerts			261,593	24,379	285,972
Sponsorship			8,989	15,500	24,489
Educational activities			60,717	71,817	132,534
Friends membership	subscriptions		22,421		22,421
Other trading activities			133,723	157	133,880
Investment income			36,238		36,238
Total			735,708	287,172	1,022,880
EXPENDITURE ON
Raising funds			57,274	4,006	61,280
Charitable activities
Concerts			439,611	64,649	504,260
Educational activities			219,560	184,310	403,870
Management and administration			54,044	4,999	59,043
Other costs			151,466	1,595	153,061
Auditorium repairs			18,355		18,355
Total			940,310	259,559	1,199,869
Net gains/(losses) on	investments		~92,2897		(92,189)
NET INCOME/(EXPENDITURE)			(296,791)	27,613	(269,178)
Transfers between funds			(1,125)	1,125
Net movement in funds			(297,916)	28,738	(269,178)
RECONCIUATION OF	FUNDS
Total funds brought forward			2,577,598	137,682	2,715,280
TOTAL FUNDS CARRIED FORWARD			2,279,682	166,428	2,446,192

13.	INTANGIBLE FIXEDASSETS
			Box
			Office
			system	Website	Totals
			E	E	f
	COST
	At 1April 2020 and 31March 2021		15,395	24,650	40,045
	AMORTI SATION
	At 1April 2020		7,575	11,488	19,063
	Charge for year		3,079	4,930	8,009
	At 31March 2021		10,654	16,418	27,072
	NET BOOK VALUE
	At 31March 2021		4,741	8,232	12,973
	At 31March 2020		7,820	13,162	20,982
14.	TANGIBLE FIXEDASSETS
				Fixtures
		Freehold	Plant and	and
		property	machinery	fittings	Totals
		E	E	E	E
	COST
	At 1April 2020	2,423,541	336,888	516,560	3,276,989
	Additions		36,899	8,860	45,759
	At 31March 2021	2,423,541	373,787	525,420	3,322,748
	DEPRECIATION
	At 1April 2020	899,766	234,621	382,544	1,516,931
	Charge for year	45,638	18,845	41,294	105,777
	At 31March 2021	945,404	253,466	423,838	1,622,708
	NET BOOK VALUE
	At 31March 2021	1,478,137	120,321	101,582	1,700,040
	At 31March 2020	1,523,775	102,267	134,016	1,760,058

FIXEDASSET INVESTMENTS
	Listed
	investment
	E
MARKET VALUE
At 1April 2020	585,956
Additions	77,000
Revaluations	~107975
At 31March 2021	~770931
NET BOOK VALUE
At 31March 2021	770,931
At 31March 2020	585,956

Analysis of investments	Analysis of investments	Analysis of investments	Total Funds
			2021	2020
			E	E
Listed investments			762,536	517,534
UK cash held	as part	ofportfolio	8,395	68,422
			779,991	999,999
STOCKS
			31.3.21	31.3.20
			f	E
Finished goods			1,907	3,071
DEBTORS:AMOUNTS		FALLING DUE WITHIN ONE YEAR
			31.3.21	31.3.20
			E
Trade debtors			2,993	27,548
Other debtors			42,293	35,291
VAT			1,142
Prepayments	and accrued income		10,988	13,259
			57,416	76,098

The W	iltshire Music Centre Trust	iltshire Music Centre Trust	L	imited		R%
Notes	to the Financial Statements			-contin
f rth	Year Ended 31March 2021
18.	CREDITORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR
					31.3.21	31.3.20
					E	E
	Bank loans and overdrafts		(see note 20)		4,436
	Trade creditors				64,853	64,239
	Social security and other	taxes			5,256	7,706
	VAT					3,068
	Other creditors				1,326	1,268
	Accruals and deferred income				39,692	140,352
					115,563	216,633
19.	CREDITORS: AMOUNTS	FALLING DUE AFTER MORE THAN ONE YEAR
					31.3.21	31.3.20
					E	f
	Bank loans (see note 20)				45,564
20.	LOANS
	An analysis ofthe maturity		ofloans is given below:
					31.3.21	31.3.20
					E
	Amounts falling due within		one year on demand:
	Bank loans				4,436
	Amounts falling between	one and two years:
	Bank loans -1-2 years				10,647
	Amounts falling due between two and five years:
	Bank loans -2-5 years				31,941
	Amounts falling due in more			than five years:
	Repayable by instalrnents:
	Bank loans more than 5	years			2,976

MOVEMENT IN	FUN	DS
					Net	Transfers
					movement	between	At
				At 1.4.20	in funds	funds	31,3.21
				E	E	E	E
Unrestricted funds
General fund				98,640	332,676	(55,067)	376,249
Fixed Assets				1,781,040	(113,786)		1,667,254
Building Maintenance			Plan	200,000			200,000
Risk Management	fund			200,000			200,000
Environmental Sustainability						50,000	50,000
				2,279,680	218,890	(5,067)	2,493,503
Restricted funds
Creative Learning	fund			126,816	10,407	(21,180)	116,043
Youth Orchestra	Reserve fund			36,051	(8,974)		27,077
Young Artist fund				3,555	170		3,725
Other restricted	funds				(5,067)	5,067
Arts Council Cultural		Recovery Fund			7,319		7,319
Celebrating Age Wiltshire					72,503	21,180	93,683
Warm Welcome	Appeal		fund		5,964		5,964
				166,422	82,322	5,067	253,811
TOTAL FUNDS				2,446,102	301,212		2,747,314

				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				6	E	E	E
Unrestricted funds
General fund				418,626	(193,925)	107,975	332,676
Fixed Assets					(113,786)		(113,786)
				418,626	(307,711)	107,975	218,890
Restricted funds
Creative Learning	fund			72,535	(62,128)		10,407
Youth Orchestra	Reserve fund				(8,974)		(8,974)
Young Artist fund				170			170
Other restricted	funds			1,373	(6,440)		(5,067)
Government Covid Job Retention
Scheme				78,877	(78,877)
Arts Council Cultural		Recovery	Fund	169,342	(162,023)		7,319
Celebrating Age Wiltshire				118,661	(46,158)		72,503
Warm Welcome	Appeal fund			5,964			5,964
				446,922	L364,660000)		82,322
TOTAL FUNDS				865,548	(672,311)	107,975	301,212

				Net	Transfers
				movement	between	At
			At 1.4.19	in funds	funds	31.3.20
			E	E	f	f
Unrestricted funds
General fund			117,333	(175,533)	156,840	98,640
Fixed Assets			1,893,422	(117,947)	5,565	1,781,040
Building Maintenance		Plan	150,000	(1,446)	51,446	200,000
Risk Management	fund		200,000			200,000
Business development		fund	61,247	(1,867)	(59,380)
Organisational development			155,596		(155,596)
			2,577,598	(296,793)	(1,125)	2,279,680
Restricted funds
Creative Learning	fund		99,563	27,253		126,816
Youth Orchestra	Reserve fund		32,917	3,134		36,051
Catalyst (ACE)			2,498	(2,498)
Young Artist fund			2,704	851		3,555
Other restricted	funds			(1,125)	1,125
			137,682	27,615	1,125	166,422
TOTAL FUNDS			2,715,280	(269,178)		2,446,102

			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			E	E	f	E
Unrestricted funds
General fund			731,422	(814,766)	(92,189)	(175,533)
Fixed Assets			(1)	(117,946)		(117,947)
Building Maintenance		Plan		(1,446)		(1,446)
Business development 20th Anniversary fund		fund (unrestricted)	3,500 786	(5,367) ~786)		(1,867)
			735,707	(940,311)	(92,189)	(296,793)
Restricted funds
Creative Learning	fund		198,664	(171,411)		27,253
Youth Orchestra	Reserve fund		82,249	(79,115)		3,134
Catalyst (ACE)				(2,498)		(2,498)
Young Artist fund			851			851
Other restricted	funds		159	(1,284)		(1,125)
Concert grants			5,250	(5,250)
			287,173	(259,558)		27,615
TOTAL FUNDS			1,922,889	(1,199,869)	(92,189)	(?69,178)