2022-03-31-accounts - Wiltshire Music Centre Trust Ltd

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	Page
Reference and Administrative Details
Trustees' Report	2to 13
Report ofthe independent Auditors	14to 17
Statement of Financial Activities	18
Balance Sheet	19
Cash Flow Statement	21
Notes tothe Cash Flow Statement	22
Notes to the Financial Statements	23to40

Reference and administrative	Reference and administrative	Reference and administrative	details
Registered	Company	number	02661682 (England	and	Wales)
Registered	Charity number		1026160
Registered	office		Wiltshire Music Centre
			Ashley Road
			Bradford on Avon
			Wiltshire
			BA151DZ
Trustees			Mr 1A IWetz (Chair)
			Mrs H Feilding (Vice	Chair)
			Mr J C A Berridge
			Mr M I Cleaver
			Mr 1 Cross
			Mr M A Lee
			Ms M Houghton
			Mr A Segrave
			Mr A MacRae
			Mrs A M Millman
			Ms E R Pieczko			resigned 20.10.21
			Mr D V Richardson	(Senior		Independent
			Trustee)
			Ms E DSandberg
			Mr I LThorn
			Ms Rosa Corbishley			appointed 17.06.22
Auditors			Moore
			Chartered Accountants		and Statutory Auditor
			30Gay Street
			Bath
			BA12PA
Bankers			HSBC Bank pic
			46 Fore Street
			Trowbridge
			Wilts hire
			BA14BEL
Investment	managers		Investec Wealth &Investment			Limited
			Royal Mead
			Railway Place
			Bath BA1 1SR

						31.3.22	31.3.21
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
			Notes	f	f	f	f
INCOME AND ENDOWMENTS		FROM
Donations and legacies			2	375,150	124,601	499,751	662,408
Charitable activities
Concerts				97,085	4,803	101,888	16,730
Sponsorship				5,000	5,000	10,000	4,810
Educational activities				62,905	26,080	88,985	32,956
Friends membership	subscriptions			16,971		16,971	23,998
Other trading activities			3	110,840		110,840	97,725
Investment income			4	31,720		31,720	26,921
Total				699,671	160,484	860,155	865,548
EXPENDITURE ON
Raising funds			6	39,088	930	40,018	12,337
Charitable activities
Concerts				429,183	195,831	625,014	291,410
Educational activities					48,592	48,592	195,550
Management and administration				10,171	4,750	14,921	41,205
Other costs				258,867	3,633	262,500	131,809
Total				737,309	253,736	991,045	672,311
Net gains on investments				26,725		26,725	107,975
NET INCOME/(EXPENDITURE)				(10,913)	(93,252)	(104,165)	301,212
Transfers between funds			21	(17,476)	17,476
Net movement in funds				(28,389)	(75,776)	(104,165)	301,212
RECONCILIATION OF	FUNDS
Total funds brought	forward			2,493,503	253,811	2,747,314	2,446,102
TOTAL FUNDS CARRIED FORWARD				2,465,114	178,035	2,643,149	2,747,314

				31.3.22	31.3.21
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
	Notes	f	f	f	f
FIXED ASSETS
Intangible assets	13	12,264		12,264	12,973
Tangible assets	14	1,620,124		1,620,124	1,700,040
Investments	15	797,655		797,655	770,931
		2,430,043		2,430,043	2,483,944
CURRENT ASSETS
Stocks	16	1,703		1,703	1,907
Debtors	17	100,480		100,480	57,416
Cash at bank		83,665	178,035	261,700	365,174
		185,848	178,035	363,883	424,497
CREDITORS
Amounts falling due within one year	18	(150,777)		(150,777)	(115,563)
NET CURRENT ASSETS		35,071	178,035	213,106	308,934
TOTAL ASSETS LESSCURRENT LIABILITIES		2,465,114	178,035	2,643,149	2,792,878
CREDITORS
Amounts falling due after more than one
year	19				(45,564)
NET ASSETS		2,466,114	176,636	2,643,146	2,747,314

Cash Flow Statement
for the Year Ended 31March 2022
				31.3.22	31.3.21
		Notes		f	f
Cash flows from operating	activities
Cash generated from operations			1	(50,058)	194,442
Net cash (used in)/provided	by operating		activities	(50,058)	194,442
Cash flows from investing	activities
Purchase ofintangible fixed assets				(9,783)
Purchase oftangible fixed	assets			(25,714)	(45,759)
Purchase offixed asset investments				(26,724)	(77,000)
Sale ofintangible fixed assets				3,202
Sale oftangible fixed assets				(2,842)
Sale offixed asset investments				26,725
Dividends received				31,720	26,921
Net cash used in investing	activities			(3,416)	(95,838)
Cash flows from financing	activities
New loans in year					50,000
Loan repayments in year				(50,000)
Net cash (used in)/provided	by financing		activities	(50,000)	50,000
Change in cash and cash equivalents		in
the reporting period				(103,474)	148,604
Cash and cash equivalents	atthe
beginning ofthe reporting	period			365,174	216,570
Cash and cash equivalents	at the end
ofthe reporting period				261,700	365,174

RECONCILIATION	OF NET (EXPENDITURE)/INCOME	OF NET (EXPENDITURE)/INCOME	OF NET (EXPENDITURE)/INCOME	TO NET CASH FLOW	FROM OPERATING	FROM OPERATING
ACTIVITIES
					31.3.22	31.3.21
					f	f
Net (expenditure)/income		for the reporting	period	(as per the
Statement ofFinancial Activities)					(104,165)	301,212
Adjustments for:
Depreciation charges					112,920	113,786
Gain on investments					(26,725)	(107,975)
Loss on disposal offixed assets					2,842
Dividends received					(31,720)	(26,921)
Decrease in stocks					204	1,164
(Increase)/decrease	in debtors				(43,064)	18,682
Increase/(decrease)	in creditors				39,650	(105,506)
Net cash (used in)/provided		by operations			(50,058)	194,442
ANALYSIS OF CHANGES IN		NET FUNDS
				At 1.4.21	Cash flow	At 31.3.22
				f	f	f
Net cash
Cash at bank				365,174	(103,474)	261,700
				365,174	(103,474)	261,700
Debt
Debts falling due within 1year				(4,436)	4,436
Debts falling due after 1year				(45,564)	45,564
				(50,000)	50,000
Total				315,174	(53,474)	261,700

DONATION	S AND LEGAC	IES
			31.3.22	31.3.21
			E	E
Donations			123,608	38,389
Trusts and	Foundations		376,143	624,019
			499,751	662,408
Grants received, included		in the above, are as follows:
			31.3.22	31.3.21
			E	E
Grants			234,242	470,802
Charitable	Trusts		141,901	153,217
			376,143	624,019

OTHER TRADING AC	TIVITIES
					31.3.22	31.3.21
					E	E
Fundraislng events					5,437	44,381
Core user Income					46,437	42,167
Lettings income					26,268	7,974
Bar and catering income					12,784	120
Boxoffice income					19,914	3,083
					110,840	97,725
INVESTMENT INCOME
					31.3.22	31.3.21
					E	E
Income from investments					31,720	26,921
INCOME FROM CHARITABLE		ACTIVITIES
					31.3.22	31.3.21
		Activity			E	E
Concert income		Concerts			101,888	16,730
Sponsorship		Sponsorship			10,000	4,810
Education project income		Educational	activities		88,985	32,956
Friends membership	subs	Friends membership		subscriptions	16,971	23,998
					217,844	78,494

Other trading activities
Bad debts
Marketing and PR costs
Bar, box office and lettings
Loss on sale ofassets

Other tradi	ng	activities
					31.3.22	31.3.21
					f	f
Bad debts					1,117	(314)
Marketing	and PR costs				4,520	2,895
Bar, box office and lettings					23,778	6,465
Loss on sale		ofassets			2,842
					32,257	9,046
Investment		management	costs
					31.3.22	31.3.21
					f	f
Portfolio management					7,761	3,291
Aggregate	amounts				40,018	12,337
CHARITABLE		ACTIVITIES COSTS
					Support
				Direct	costs (see
				Costs f	note 8) f	Totals f
Concerts				625,014		625,014
Educational		activities		48,592		48,592
Management		and administration		14,921		14,921
Other costs				160,856	101,644	262,500
				849,383	101,644	951,027

Investment	management	costs
Portfolio management
Aggregate	amounts

SUPPO	RT COSTS
				Governance
		Management	Other	costs	Totals
		E	E	E	E
Other	costs	45,634	18,723	37,287	101,644

		31.3.22	31.3.21
		E	E
Depreciation -owned	assets	105,630	105,777
Deficit on disposal of	fixed assets	2,842
BoxOffice system amortisation		2,360	3,079
Website amortisation		4,930	4,930
Auditors' remuneration		4,900	4,800
Auditors' remuneration	-other services	1,500	1,300

STAFF	COSTS
		31.3.22	31.3.21
		E	E
Wages	and salaries	318,837	296,560
Social	security costs	20,070	21,067
Other	pension costs	9,618	10,209
		348,525	327,836

			31.3.22	31.3.21
Concerts			5	3
Marketing			1	2
Education			3	2
Administration	and	support	4	5
			13	12

COMPARATIVE	S FOR	THE STA	TEMENT O	F FINANCIAL	ACTIVITIES
					Unrestricted	Restricted	Total
					funds E	funds E	fundsf
INCOME AND	ENDOWMENTS		FROM
Donations and	legacies				225,787	436,621	662,408
Charitable activities
Concerts					16,730		16,730
Sponsorship					1,810	3,000	4,810
Educational activities					25,745	7,211	32,956
Friends membership		subscriptions			23,908	90	23,998
Other trading	activities				97,725		97,725
Investment income					26,921		26,921
Total					418,626	446,922	865,548
EXPENDITURE	ON
Raising funds					11,804	533	12,337
Charitable activities
Concerts					120,891	170,519	291,410
Educational activities					8,551	186,999	195,550
Management	and administration				39,455	1,750	41,205
Other costs					127,010	4,799	131,809
Total					307,711	364,600	672,311
Net gains on investments					107,975		107,975
NET INCOME					218,890	82,322	301,212
Transfers between funds					(5,067)	5,067
Net movement	in funds				213,823	87,389	301,212
				29

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
			Unrestricted	Restricted	Total
			funds	funds	funds
			E	E	E
	RECONCILIATION	OF FUNDS
	Total funds brought forward		2,279,680	166,422	2,446,102
	TOTAL FUNDS CARRIED FORWARD		2,493,503	253,811	2,747,314
18.	INTANGIBLE FIXEDASSETS
			Box
			Office
			system	Website	Totals
			E	E	E
	COST
	At 1April 2021		15,395	24,650	40,045
	Additions		9,783		9,783
	Disposals		(15,395)		(15,395)
	At 31March 2022		9,783	24,650	34,433
	AMORTISATION
	At 1April 2021		10,654	16,418	27,072
	Charge for year		2,360	4,930	7,290
	Eliminated on disposal		(12,193)		(12,193)
	At 31March 2022		821	21,348	22,169
	NET BOOK VALUE
	At 31March 2022		8,962	3,302	12,264
	At 31March 2021		4,741	8,232	12,973

14.	TANGIBLE FIXEDASSETS
				Fixtures
		Freehold	Plant and	and
		property f	machinery f	fittings f	Totals f
	COST
	At 1April 2021	2,423,541	373,787	525,420	3,322,748
	Additions	10,077	6,244	9,393	25,714
	At 31March 2022	2,433,618	380,031	534,813	3,348,462
	DEPRECIATION
	At 1April 2021	945,404	253,466	423,838	1,622,708
	Charge for year	45,686	20,618	39,326	105,630
	At 31March 2022	991,090	274,084	463,164	1,728,338
	NET BOOK VALUE
	At 31March 2022	1,442,528	105,947	71,649	1,620,124
	At 31March 2021	1,478,137	12D,321	101,382	1,70D,04D
15.	FIXEDASSET INVESTMENTS
					Listed
					investments
					f
	MARKET VALUE
	At 1April 2021				770,931
	Additions				26,724
	At 31March 2022				797,655
	NET BOOK VALUE
	At 31March 2022				797,655
	At 31March 2021				770,931
	There were no investment	assets outside the UK.
	Analysis ofinvestments	at31March 2022		Total Funds
				2022	2021
				f	f
	Listed investments			794,072	762,536
	UK cash held as part of portfolio			3,583	8,395
				797,655	770,931

Notes	tothe Financial Statements	tothe Financial Statements	tothe Financial Statements	-continued
for the	Year Ended 31March	2022
16.	STOCKS
					31.3.22	31.3.21
					E	E
	Finished goods				1,703	1,907
17.	DEBTORS:AMOUNTS	FALLING DUE WITHIN ONE YEAR
					31.3.22	31.3.21
					E	E
	Trade debtors				15,761	2,993
	Other debtors				21,819	42,293
	VAT					1,142
	Prepayments and accrued			income	62,900	10,988
					100,480	57,416
18.	CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
					31,3.22	31.3.21
					E	E
	Bank loans and overdrafts			(see note 20)		4,436
	Trade creditors				70,667	64,853
	Social security and other		taxes		5,613	5,256
	VAT				1,173
	Other creditors				1,452	1,326
	Accruals and deferred	income			71,872	39,692
					150,777	115,563
19.	CREDITORS: AMOUNTS		FALLING DUE AFTER MORE THAN ONE YEAR
					31.3.22	31.3.21
					E	E
	Bank loans (see note	20)				45,564

An analysis	ofthe maturity of loans is given below:
		31.3.22	31.3.21
		E	E
Amounts falling due within one year on demand:
Bankloans			4,436
Amounts falling between one and two years:
Bank loans	- 1-2years		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 instalments:
Bank loans	more 5 yr by instal		2,976

MOVEMENT IN F	UN	DS
				Net	Transfers
				movement	between	At
			At 1.4.21	in funds	funds	31.3.22
			E	E	E	E
Unrestricted funds
General fund			376,249	105,199	(126,409)	355,039
Fixed Assets			1,667,254	(116,112)	108,933	1,660,075
Building Maintenance		Plan	200,000			200,000
Risk Management	fund		200,000			200,000
Environmental Sustainability			50,000			50,000
			2,493,503	(10,913)	(17,476)	2,465,114
Restricted funds
Creative Learning	fund		116,043	(37,391)		78,652
Youth Orchestra	Reserve fund		27,077			27,077
Young Artist fund			3,725	(450)		3,275
Arts Council Cultural		Recovery Fund	7,319	(33,454)	26,135
Celebrating Age Wiltshire			93,683	(24,652)		69,031
Warm Welcome	Appeal fund		5,964	2,695	(8,659)
			253,811	(93,252)	17,476	178,035
TOTAL FUNDS			2,747,314	7264,2637		2,643,143

				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				E	E	E	E
Unrestricted	funds
General fund				699,671	(621,197)	26,725	105,199
Fixed Assets					(116,112)		(116,112)
				699,671	(737,309)	26,725	(10,913)
Restricted funds
Creative Learning		fund		92,760	(130,151)		(37,391)
Young Artist	fund			(450)			(450)
Arts Council	Cultural		Recovery Fund	(33,454)			(33,454)
Celebrating	Age Wiltshire			98,933	(123,585)		(24,652)
Warm Welcome Appeal fund				2,695			2,695
				160,484	(253,736)		(93,252)
TOTAL FUNDS				860,155	(991,045)	26,725	(104,165)

				Net	Transfers
				movement	between	At
			At 1.4.20	in funds	funds	31.3.21
			f	f	f	f
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 f	expended f	losses f	in funds f
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	(364,600)		82,322
TOTAL FUNDS				865,548	(672,311)	107,975	301,212