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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||||
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|||||||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|
##
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##
##
##
|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|
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