WILTSHIRE usic ENTRE REGISTERED COMPANY NUMBER.. 02661682 (England and Wales) REGISTERED CHARITY NUMBER.. 1026160 Annual Report including Financial Statements for the Year Ended 31 March 2023 The Wiltshire Music Centre Trust Limited *ACIXA9XV• 2211J2023 c(PANIEs HOUSE A11
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The Wiltshire Music Centre Trust Limited TSHIRE sic ENTR Contents of the Annual Re ort Page Reference and Administrative Details Trustees, Report 2to12 Report of the Independent Auditors 13to16 Statement of Financial Activities 17 Balance Sheet 18to19 C35h Flow Statement 20 Notes to the Cash Flow Statement 21 Notes io the Financial Statements 22to35
The Wiltshire Music Centre Trust Limited TSHIRE usic ENTRE Reference and administrative detai15 Re8lStered Cornpany nurnber 02661682 (England and Wales} Re8lStered Charity number 1026160 Registered Wiltshire Music Cent Ashley Road Bradford on Avon Wiltshire BA15 IDZ Trustees Mr J A I Wetz (Chairl Mrs H Feilding {Vice Charrl Mr J C A Berridge Mr M J Cleaver Mr J Cross MrMALee Ms M Houghton MrA Segrave MrsA M Millman Ms E D Sandberg Mr l L Thorn Ms Rosa Corbishley Ms Esme lones Mr A MacR3e (resigned 061021231 Mr D Richardson IretFred 091121221 Auditors Moore Chartered Accountants and Siatutory Auditor 30 Gay Street Bath BAI 2PA Banker5 HSBC Bank plc 46 Fore Street Trowbridge Wiltshire BA14 8EL Investment managers Investec Wealth & Investment Limited Royal Mead Railway Place Bath BAI ISR
The Wiltshire Music Centre Trust Limited TSHIR Et4TRE Trustees, Re ort for the Ye31 Ended 31 March 2023 The Trustees. who a also directors of the charity forthe purposes of the Companie5 Act 2006, present their reporl with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102. effective l January 20191. OBJECTS The Objects of the Charity are the advancement of education. for the public benefit. through the promotion and support of the art of music (including opera, rnusic, drama, ballet and all art forms consisting in whole or in part of musicl in particular in the County of Wiltshire. VISION AND MISSION WMC'S vlslon is to maximise the opportunities for music to inspire. enrich and transform people's lives. WMC'S mission is to be a beacon of excellence and innovation enabling a wide range of people to enjoy and participate in music across different gen$. VALUES The work of WMC, its policies and practices are governed by the following volues framework- this reflects the culture and working practices of the organisation as well as guiding the work delivered. Ex¢ellence.' The highest quality music and musicianship. perfom)ance, presentation and participatory experiences are encouraged. nurtured and offered by WMC. Artists, visitor5 and staff are provided with an inspiring. ambitious and supportive environment. Diversity and inclusion.. WMC'S programmes offer a rich Mix of musical and cultural offerings that reflect the variety within society. local communities and different world traditions. WMC foster5 dialogue with a diverse range of people and is committed to contributing to the social cohesion of the communities it serves. Innovation-. Imagination. creativity. and inventive thinking are ot the heart of WMC'5 approach to developing original ideas. It encourages cross-art collaborations, champions the use of digital and green technology, and creates artistic and participatory experiences for audience members and the commun4ty- Access and engagement= WMC provi(Jes everyone with an opportunity to engage in its a¢ti¥ities. It continuously seeks to identify ènd remove any barriers to èccessing its performances and participation work. Partnershlps: WMC openly shares, cooperates and collaborates with organisations at all levels to bridge gaps, maximise the use of resources, leverage impact. and increase reach and resilience. WMC builds relationships. working prartices and communication channels in order to think differently and more ambitiously.
The Wiltshire Music Centre Trust Limited TSHIRE usic ENTRE Trustees. Re for the Year Ended 31 March 2023 PUBLIC BENEFIT The Trust's policy is to make the Centre's facilities and activities available and relevant to the widest possible range of people in Wiltshire and beyond. and to nurture the appreciation and practice of music in all its forms. at all leve15 of ability. The Trust places a strong emphasis on its education and community work. which is integral to its prograrnme and activities. with young people and disathantaged people at the heart of the work it does. Wiltshire is economically affluent but rural poverty and isolation is widespread and hidden: 5 are livin8 in small villages with limited public transport. and 39 of the 28S Lower-layer Super Output Areas ILSOAS) in Wiltshire are in the 40% that are nationally most deprived in the UK deprivation index Iwiltshire Council En lish Indices of De rivation 2019 Re ortl. In line with one of its core values. the Centre actively works in close partnership with many local charities and community group5 to ensure maximum reach and impact. Trustees take rte of the Charity Commission's guidelines on public benefit in relation to fees and charge5. Earned income is an important factor in the sustainability of the Centre's work, but we are committed to making live music as accessible as possible and offer many free events as well as 3 range of conce55ionary pricings for ticketed events. Thanks to fully accessible facilities and free tickets for carers. the Centre has been successful in developing a regular and loyal following of disabled audiences, and it constantly listens to suggestions for further improvèment. Additionally the Trust offers a 50% discount for under 18s for m05t of the ticketed performance5, offering the opportunity of live music to young people and families whatever their socio-economic status. Thanks to the 5UPPOrt of the Cavatina Trust, we also offer free tickets to young people under 25 for classical chamber concerts. The Centre is open to the public over 80 hours each term-tirne week for St Laurence School's music classes and lessons, as well as community groups. education activities and regular rehearsals bv vovng musicians. It is open for 60 hours each week during school holidays when youth orchestra courses. holiday workshops and other activities are scheduled. Discounted room and auditorium hire rates are offered to local community and not-for-profit groups, and schools using the Centre for their own promotion5. Free tickets and special offers are also offered reglarlY to local schools, community and youth groups. GOVERNANCE AND ORGANISATION Constitution and governing document The Wiltshire Music Centre Trust Limited is a registered charity and company limited by guarantee las defined by the Companies Act 20061. The charity is controlled by its governing document. its Memorandum and Articles of Association dated 24 March 2012 (registered at Companies House on 10 April 20121, and these were updated l July 2020 IreBistered at Companies House on 20 July 20201. Trustees and Observers The Board is composed of 14 skilled Trustees from various backgrounds and is chaired by James Wetz who Was instrumental in the creation of WMC and was formerly a trustee at Bristol Beacon, overseeing the education and outreach programme. The Trustees elect the Chair of Trtlstees. St Laurence School. Bradford on Avon, nominates one Trustee who serves as an individual in their own capacity rather than as a representative of the School. As core funders Arts Council England and Wiltshire Council have the right to send Observers to the Trustee 8oard meetings and currently rThninate representatives to do this. A third of the Trustees tIre by rotation each year and Trustees are elected annually. At the AGM on 9 December 2022 it was noted that Mark Lee. lan Thorn. Jonathan Cross and james Wetz retired and were re- eletted. Any individual interested in becoming a Trustee is invited to submit a CV and letter of application, and after meeting with the Chair and the Chief Executive & Artistic Oirector. they can be recommended to
The Wiltshire Music Centre Trust Limited ENTR Trustees, Re ort for the Year Ended 31 March 2023 the Nominations Panel for co-option to a relevant Committee or direct recruitment to the main Board. Once appointed, all Trustee5 are provided with full induction materia15 including the Business Plan. audited and management accounts. risk registers and Board papers. Appropriate training events and an annual Away Day are held to complement Trustees. engagement and development. The Nominations Committee supports the organisation to innovate in line with analysis carried out a5 part of the internal Governance Review in 2017 and annual Trustees skills. audit,. it has a brief to ensure that the Board not only becomes more diverse in term5 of ethnicity and age. but also to review the necessary skill sets and experience that the oversight of the Centre demands. Board m•na8ement The Board of Trustees Meets quarterly and is responsible for the Strategic management of the Trust. It carefully monitors progress on the business plan. strategic objertives and performance against budget,. it reviews risk5 and discusse5 future plans in detail, working closely with the Senior Management Team. The staff tearn is led by the Chief Eyecutive & Artistic Dirertor, and the Senior management Team includes the Head of Finance. Director of Development. Director of Communications. and the Head of Creative Learning & Communrty Engagerrtent. In order to 5LlPPOrt operational management and ensure regular rnorhitoring of progress against strategic objectives. the Chair and Chief Executive & Artistic Director meet in person on a monthly basis. Each Trustee is encouraged to be a member of at least one of the standing Committees of the Board. alongside members of the Senior Management Team and extèrnal members.. the Finance and Resource5 IF&RI Committee is chaired by the Treasurer and focuses on financial performance. accountin& HR and oversees the reserves and investment policies- the Programme, Audience and Learning IPALI Committee monitors and makes recommendations to the Trustees in relation to the Centre's artistK, creative learning and community engagement programmes; the Development & Income Generation Committee oversees the planning, coordination and implementation of strategic objectives and fundraising targets in the busbness plan that relate to the development of WMC'S profile. audience and supporter awareness as well as wider Stakeholder engagement- the Venue & Environment Committee oversees premises and equipment, in particular building and facilities maintenance and development. It also has a specific brief to oversee and audit Health & Safety and Safeguarding and provides annual reports to the Full Board. The Directors consider that the Board of Directors. who are the Trust's Trustees, and the Senior Management Team comprise the key management personnel of the charity in charge of directing, running and operating the Trust on a day-to4ay ba51S. All Trustees l Directors give iheir time freely and no director received remuneration in the year. All staff roles are paid at least National Living Wage arid wages are reviewed annually.. any increase is based on an assessment of affordability. general inflation indice5 and individual performance. Salaries are regularly benchmarked against pay levels in other charitbes of a similar nature and size. B¢aTd Development Plan As articulated in our application to Arts Council England to be a National Portfolio Org3nis3tion for period 2023-26. the 8oard is committed to continuously assessing and improving the organisatiC&n's governance structures as well as its own effectiveness. As part of a Governance Review initiated in 2017. the Board adopted a Governance Development Plan which supports the development of the staff team, the place and the oiganisation. In 2022123 the key areas of focus were= 3 budget for Trustees. training and development to
The Wiltshire Music Centre Trust Limited TSHIRE usic NTRE Trustees. Re ort for the Year Ended 31 March 2023 complement the induction process and ensure continuous skills development of all Trustees. an annual skills and competences audit which will inform recruitment of new Trustees to wi¢Jen Board diversity., the maintenance of an online Governance Hub which holds all policies Wlth details of review dates: specifi policies to be owned by each of the Committees. and their Terms of Reference reviewed on a regular basis: finally, in terrns of the Board's Monitoring Role, Board meetings have a stronger focus on Committee Reports and progress monitoring versus targets. Fundraising organisation The Director of Development oversees and monitors all fundraising activities undertaken by the staff team (including the Trust5 & Foundations Manager and Fundraising Coordinatorl on behalf of the charity. Fundraising activities were carried out in. line with the Code of Fundraising Practice and Data Protection Regulations IGDPRI. No cornplaint wès received by the charity or a person acting on its behalf about fundiaising activities carried out by the charity. we did not unreasonably intrude on anyone's privacy. and we ditl not use unreasonable approaches for the purpose of soliciting or place undve Pfessure on any person to give money or other property. Investment powers and policy Under the Articles of Association. the charity has the power to invest funds after obtaining advice from a financi31 expert and can delegate fflanagement of those investments to that fin3nci31 expert. The charity's Investment Managers are Inve5tec Wealth & Investrnent Limited. Our Investment Policy has been developed with their advice and with the objective of ensuring the creation of sufficient income and capital generation to enable the charity to carry out its purposes consistently with due and propèr consideration for its future needs, and the maintenance and enhancement of the value of the invested funds. A5 per the Investment Policy,. the comparbVs a55ets must be invested in accordance with the Trustee Art 2000 and invested prudently in a broad range of individual bond5. equities and collective investment vehicles which are authorised untJer the Financial Services and Markets Act 20. The portfolio is managed in accordance with the charity'5 Ethical Policy as follow5.. no individual stock should account for more than IO% of the equity content of the portfolio.. no individual bond should account for more than IO% of the total portfolio.. and investment in negotiable instruments known as derivatives are not permitted in any circumstances. The Finance and Resources Committee ensures that the Investment and Ethical policies are being adhered to and undertakes regular portfolio reviews with its Investment Manager. The Commbttee has delegated authority from the Board to take decisions in relation to the use and management of reserve5 but is required to report any transactions in a timely manner to the full Board and in line with the chariws Articles of Association. The Investment Manager reports annually to the Full Board in person.
The Wiltshire Music Centre Trust Limited TSHIRE usic ENTRE Trustees, Re ort for the Year Ended 31 March 2023 FUNDING AND SUPPORTERS Core funding The Trust continued to receive public funding from Arts Council England as a National Portfolio Organisation in 2022123 totalling £110,865, which was a one-year extension to our four-year funding agreement for period 2018-22. Wiltshire Council's on8oing support was also crucial to the Centre's continuing fundraising success and we received a core grant of £21,656 in 2022123. The Trust's close working partnership with Arts Council England and Wiltshire Council. and their continued investment in the Centre, underpins the funding we raise each year to support education projects across the county and beyond. This support is both polTtically and financially important as tt demonstrates an active interest in the Centre itself as well as in the activities hosted in the Trust's community outreach work. Core funding was received from a number of Trusts and Foundations ineluding the Joyce Fletcher Charitable Trust, the Medlock Charitable Trust, the S D Whitehead Charitable Trust. the D'oyly Carte Charitable Trust, Fidelio Charitable Trust and Roper Family Charitable Trust. many of whom have supported the Centre for 3 number of years. We are very grateful for the continuing support of these Trusts. Donations were also solicited from individuals through direct mail. and community fundraising activities. and over £65,340 was received during the year. including outstanding Gift Aid and pledges, and we received legacy gifts totalling £19,0 Our 2022123 Concert Programme was supported by Orchestra5 Lr¥e, the Cavatin3 Trust and-Friends and Angels of the Wiltshire Music Centre as wellas number of indNiduals who gave donations forspecific concerts and events. Additionally. significant in-kind support was receNed from longstanding sponsoTS Steers McGillan Eves and the Swan Hotel, and relationships were carefully stewarded with all other re8tAlar sponsors throughout the period. resultine in renewed support in 2023124. This support is highly valued and has helpeil the Tfust to continue to present a diverse and accessible concert programme,. it also enabled us to maintain our cont3ct with existing customers, encourage new audiences. and support professional musicians during the period. The Creative Learning & Community Engagement Programme was also once again made possible by the generous support of numerous grant-gtving organi5ations and businesses. These included our Youth Orchestras Sponsor Steve Vick international. Arnold Clark CommLsnity Fund. Art5 Generation Companv, Ashley Family Foundation. Combined Charities Fuftd Ifor the Mentally Handicapped). Colonel William Llewellyn Palmer Education Charity. Felicity Wilde Charitable Trust, Goldsmiths Foundaiion. Golsoncott Foundation, Jatk Lane Charitable Trust. Moto Foundation. Nugee Foundation. Radcliffe Charitable Trust, Ronnie Scott Charitable Foundation. RTR Foundation, Scops Arts Trust, The Odgen Trust. Weinstock Fund. Wiltshire Community FoLJndation, The John Lewis Foundation. The National Lottery Community Fund. The Orinoco Foundation and Wiltshire Council Area Boards and Classical Season Sponsor Cobb Farr. There are also many individuals who have sUPPOrted the work of the Centre. many of whom do so anonymously and with minimal recognition. and the Trust is mostgrateful to these donors fortheir generosity and kindness. Th45 funding enabled the Trust to continue to deliver vital community programmes and creative learning projerts throughout the year. while embracing digital delivery to ensure sustained provision throughout the pandemic. Friends, Angels and Patrons Our general membership scheme which stsrts from £30 a year provided vital financial support for our world- class concerts and educational projects. This programme continued to develop during 2022123 and included 264 active members.. 229 Friends and 10 Angels. Friends and Angels were offered the opportunity to take part in various virtual events. including regular receptions, meet-the-artist events. a Season Preview and
The Wiltshire Music Centre Trust Limited TSHIRE 51C Trustees, Re ort for the Year Ended 31 March 2023 Christmas celebrations. 25 Patrons of the Youth Orchestrès IWEYO and WYJOI continued to support these high-quality progression routes for c. ICQ talented local yOLbng musician5 each year. making them accessible to all based on musical talent ratherthan financial background. Patrons were updated regularly on the young players they 5LlPPOrt and were thanked publicly by WEYO principal conductor Timothy Redmond as part of the New Year Gala concert. ORGA141SATIONAL DEVELOPMENT Staff Team The Senior Leadership Team ISLTI comprise5 the Chief Executive & Artistic Director, Head of Finance. Director of Development & Communications. and Head of Creative Learning & Community Engagement. There were two significant staff changes in the period including the Head of Finance and the Dirertor of Development & Communications. The role of Head of Finance has been filled although having split the role of Difettor of Development & Communications into two separate positlOAS we are still looking to appoint a permanent Director of Development. Two members of the SLT were also on maternity leave during the year and this resulted in some instability in the fundraising team. Full-time equivalent headcount of the permanent core staff ècross the year wa$ 12.7 and there were fNe full time roles, one job Share and 11 pèrt-time posltions. Other staff changes in the period included the Technical Manager, Trusts & Foundations Manager, Creative Learning Assistant and Marketing Coordinator, and all of these positions were refilled. The permanent team a150 comprise5 casual Concert Managers. Box Office & Team Assistants, an¢J freelance coordinators. artists and facilitators. Volunteers A loyal group of volunteers support various activities at the Centre throughout the year. Volunteers act as Stewards for all events. they ensure a Breat experience for our autliences and participants by providing a welcoming, safe and professional environment. and enable the Centre to plan and deliver more activitv. During 2022123 a core Broup of 66 volunteers supported events and artivities at the Centre and contributed over 4.268 hours of their time. Environmental sustainability The Trustees commissioned Architect ILa8oxl and M&E consultant IE31 to undertake 3 comprehensive audit of the Trust's carbon usage and make recommendations for future development. The final report for thbs was delivered in December 2022 and has resulted in the creation of an ambitious four-year Carbon Reduction Programme with a phased approach to reducing the Centre's carbon usage over time. In line wtth the Investment Principle set out in Arts Council England's 'Let's Create. strategy. we have also appointed a staff Environmental Responsibility Champion who leads an Environmental Working Group which meets quarterlv to advise and make recommendations for improvements to how we run our building and 5ervites. The Gardening Club also continued to increase biodiversity around the Centre and we have consulted with staff members to proactively i(Jentify areas we could improve in the future. FINANCIAL REVIEW Finan¢e5 Following a challenging year. the Trustee5 present an unrestricted operatin8 deficit Ibefore investment resLsltl of £247,642 throughout the year we sought to stabilise the organisation. rebuild our audience base and develop new income streams. whi15t building on opportunities arising from our investment in new digital technology.
The Wiltshire Music Centre Trust Limited TSIIIRE usic ENTAE Trustees, Re ort for the Year Ended 31 March 2023 Risk management The Trustees have implemented a two-slage approach to the Trust's risk management Strategy. Thi5 cornprises an annual review of the principal business risks and uncert3intie5 that Wiltshire Music Centre faces together with the risk mitigation plans. which include the business systems and processe5 the Senior Management Team have put in place to minimise the likelihood of these risks occurring. The annual business risk assessment also involves identifyinB those risks which have materialised into issues and the procedures and actions that are being implemented to deal with them. The Trustees consider that a major risk is one which, if materialised. would have a Significant adverse impart on WMC'S ability to function and achieve its tharitable objects in the shon. medium, or long term. In addition to this. the Centre has an operational risk assessment procedure for activity that it undertakes. All Staff and Volunteers are asked io consider the risks that are p05ed when engaging in any WMC activity and to act in accordance with any recommendations made for risk management. There are specifie operational risk a55essments for different types of events such as school concert5. festiv3ls and outdoor or off-site activity, as well as operational activity such as safeguarding, lone working and working at height. These operational risk assessments are undertaken by the staff members concerned with ihe support of the Facilities Manager. They are reviewed and approved by the Chief Executive & Artistic Director. Operational and building related risks are also reviewed annually by external Health & Safety consulrants who visit the Centre twite a year. The Trustees have reviewed the business risks faced by the charity. and the major risks after mitigations identified are.. Reduction in ticket sales because programme no longer attracts audience. core audience becoming too elderly to attend live events. and audiences not being renewed Loss of funding from any public sertor reliant Source. in p3rti¢ular reduction in Arts Council England and Wiltshire Council Less fundraising achieved from individuals, Tfusrs & Foundations & businesses Regular funding partners105e their funding Each Committee of the B03rd have ownership of the relevant risks associated with their area of responsibility and monitor these, reporting back to the full Board on a quarterly basis. Reserves poliry At the year end the Trusvs reseNes totalled £2,339,079 which breaks down as follows- £134,428 are restricted £1,578,439 are des18nated as fixed assets £200.c are designated for Building Maintenance £200.000 are designated for Risk Management (including loss of income) £50,(K)O are designated for Environmental Sustainability £179.212 are unrestricted and available for general use by the charity The Trust's reserves policy is based on a detailed analysis of the minimum level of reserves required based on an assessment of the main risks relating to loss of income and specific investment project expenditure. To ensure that the freehold property 15 maintained to the highest standard and to provide the best possible environment for 311 visitors to the Centre. the Trust has committed to a Building Maintenance reserve of £200,0(K). The reserves policy also requires that the designated reserve includes a Risk Management fund maintained at a level which will enable the Trustees to adjust the business model to compensate for potential adverse operating conditions over a 2-year period. The Tru5t'5 policy is to hold a minimum of £150.000 in unrestricted cash reserves (currently £nill, which can be supported by the risk management designated reserve if required.
The Wiltshire Music Centre Trust Limited TSHIRE usic E14TRE Tru5tee5' Re ort for the Year Ended 31 March 2023 111 Having given due consideration to the guidance within Section 2.12 of the Charities Statement of Recommended Practice ISORP 20191 and reviewed presentation of reserves. since the financial year ended 31 March 2019 311 fixed assets reserves are now shown as unrestricted reserves to better reflect their nature (see Note 191. GOING CONCERN The Trustees believe that. based on the forecasts for the next 12 months and the reserves position. the Trust has adequate resources to continue in operational existence for the foreseeable future, and for the going concern bas1S to remain an appropriate basis on which to draw up these financial statements. WMC'S YEAR IN REVIEW Throughout 2022123 Wiltshire Music Centre continued to play a vital role in the musical life of Wi115hire and beyond through its work as a community centre, a creative learning hub and as the only professional concert hall in the county. Supported by a significant investment in new digital techno108y in 2021122, WMC was able to offer access to high Quality projects and artistic programming for audiences, provide crucial development routes and opportunities for young and emerging artisis. and to develop our work with more isolated and vulnerable members of the community. At the Centre Providing progression routes and performance opportunities WMC continued to deliver courses for the West of England Youth Orchestra IWEYOI and the Wiltshire Youth Jazz Orchestra IWYIOI throughout the year. supporting the development of over 80 young musicians through seven intensive courses. The players rehearsed and performed challenging repertoire under the direction of Timothy Redmond. Karen ni Bhroin. Mike Daniels and a team of outstanding tutors. These fegular courses re a vital progression route for talented young players. developing their skills and performance experience in a professional setting. The Centre also continued to deliver the Wiltshire Jazz Academy providing monthly sessions for young jazz musicians and this engaged 40 people over ihe course of the year. We continued to deliver on our commitment to provide an affordable annual cost for participation in these ensembles, offering up to full btjrsaries for players with lower household income or additional needs. Six voung musician5 took advantage of the scheme. In the Community Leading Phase 2 of the Celebrating Ase Wiltshire project In May 2020 WMC received a multi-year grant of £385,500 from the National Lottery Community FLbnd to deliver Phase 2 of the Celebrating Age Wiltshire ICAWI project over four years. This county-wide partnership project delivers cultural event5 and aclivity in community settings to support the wellbeing of i501ated older people. The project team has built strong relationships with GP Care Co-ordinator5, Social Prescribers, Community Connectors and Care worker5. artd developed a suite of regular activities that are accessible to people in their homes, including doorstep concerts. one-to-one creative tonversations and artlnature workshops. The project reached over 4.CMX) people in eleven Wiltshire areas during the year. Pn>¥iding support for young leaming4isabled adults WMC continued to deliver the Zone Club project which provide5 SLlPPOrt for learning-disabled young adults 116+1 through monthly Cfeative workshops and sharing opportunities. During the monthly sessions, Zone Clubbers were expertly supported by musicians, music therapists. filmmakers and theatre practitioners to
The Wiltshire Music Centre Trust Limited TSHIRE vsic ENTRE Tru5tee5' Re ort for the Year Ended 31 March 2023 express themselves Cfeatively and share ideas. supporting increased wellbeing and reduced social isolation. Additional artivily included the 'Grurnpy Bear Cafe which offers Zone Club members the chance to host an informal coffee morning at the Centre. creating a Christmas Song for BBC Radio Wiltshire, and performing a set on the main stage at the Bradford Roots Festival. Schools. engaBement We continued to SLTrPPQrt the creative curriculum in schools acr05S the county. workinB With visiting artists to produce inspiring in-sch¢)ol projects and performances for local primary,"secondary. and special schools. In November 2022 WMC produced community opera Iyhe Moon Hares'l in partnership with the Orchestra of the Age of Enlightenment IOAEI. This intergenerational project involved three local Schools (primary and special schools), as well as members of WMC'5 zone Club for young le8rning41isabled adults. and an amateur choir IWMC Chorus), who all participated in workshops led by OAE musicians. The project Culminated in sell-out performance alongside members of the OAE èt WMC. In January 2023 we worked with leading contemporary music group. Riot Ensemble. to deliver composition workshops in two local secondary schools 1st Laurence and Abbeyfieldl, with the professional musicians supporting school pupils to compose their own works using the graphic score technique. Families The Centre delivers a dedicated programme of concerts and events for children of different age5. In 2022123 we programmed four professional family concerrs which featured leading arts education groups such as the Galliard Ensemble and Flock Theatre Maker5. We also delivered My Science Fair which is a free one-day music and science festival for families featuring concerts. workshops and a project competition in partnership with the University of Bath Physic5 Department. Over 400 people attended on the day with 15 children participating in the final stage of the project competition. with IS student5 from the University of Bath supporting the event. DUTng the summer holiday we delivered a programme of workshops and activities for children and young people led by local art5 practitioners I'summer Fun'l, which included 'Musical In A Week, and attracted 276 participants in total. From the Stage l Artistic Programme WMC presented an ambitious and diverse Artistic Programme featuring 50 profession31 concerts by some of the world's finest classical, ia21, world and folk musicians, including the Orchestra of the Age of Enlightenment. Courtney Pine. VOCE58. Hot Club of Cowtown. Bournemouth Symphony Orchestra and Eliza Carthy. Other highlights of the concert programme included.. developing our audiences in key genre area5. induding classical euitarlflamenco dance (Maria Vega, Juan Martinl, folk181aiin' Fiddles). West African Music (N'famady Kouyate and AKA Triol and swing (The Lindy Hop Dance Companvl.. welcoming back returning artists including Cara Dillon, SPIRITATO. Cordelia William5, Marmen Quartet and the Doric Quartet- marking the start of our 25th Anniversary Year with a concert by the choir of Clare College, Cambridge which included a performance by the WMC Chorus.. our Young Artist Pro8ramme continued to flourish with lunchtime recitals by talented young professionals including pianist Vidor tim to violist Jordan Bak. Our digital livestream concert programme was also expanded to include free access for local care homes t WMC'S online conteni. Investing in our digital livestream capactty has transformed our ability to reach wider and rnore diverse audiences. transcending the geographical barriers of our rural county, time constraints (with Watch Again facility) and fhnancial limitations through a more affordablelaccessible ticket offer. io
The Wiltshire Music Centre Trust Limited TSAIR si E14TR Tru5tees' Re ort for the Year Ended 31 March 2023 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees Iwho are also the Dirertors of The Wiltshire Music Centre Trust Limited for the purposes of company lawl are re5pon5ible 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). Company law requires the Trustees to prepare financial stalements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP.. make judgements and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records whith disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware.. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors. Moore. will be proposed for re-appointment at the forthcoming Annual General Meeting. li
The Wiltshire Music Centre Trust Limited TSHIRE usic ENTRE Trustees. Re ort for the Year Ended 31 March 2023 CONCLUSION AND THANKS Despite all the challenges faced during this period and in particular the 0fi8oing impart of the pandemic. the organisation has remained focused on its objects and mission and is confident about its luture. I would like to thank all the Trustee5 for their support as we negotiated difficulties which we could hardly have imagined at the start of the year. I would a150 like to thank each and every member of staff, and our volunteers, our sponsors and funders, ourAngels and Friends, Volunteers and Concert Managers. and all associated with the Centre. It takes a great deal of skill to le8d and manage a cultural organisation in the current climate and I would like to thank the Senior Management Team for their resilience. imagination, adaptability and sheer hard work to steer us through this challenging time. This Annual Report was approved by order of the Board of Trustee5. as the company Dirertors. on 8 December 2023 and signed on the Board's behalf by: l A I Wetz- Chair 12
The Wiltshire Musit Centre Trust rnited TsHifiE vsic ENTRÉ Re ort of the Inde endent Audttors to the Members of The Wiltshire Music Centre Trust Limited Opinion We have audited the financial statements of The Wiltshire Music Centre Trust Limited (the 'tharitable company'l for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the 8alance Sheet. the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applieable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Atcounting Practice). In our opinion the financial 5tatements'. give a true and fair view of the state of the charitable cornpany's affairs as at 31 March 2022 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepare(l in accordance with the reqLbirements of the Companies Act 2006. Basis for opinion We conductèd our audit in accordance with International Standards on Auditing IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethital responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relatlng to going concern In auditing the financial statemertts, we have Concluded that the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilbties of the trustees with respect to going concern are described in the relevant sections of this report. Other inforrnation The trustees are responsible for the other infomiation. The other information comprises the information intluded in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the finantial statements does not cover the other information ènd, except to the extent oiherwise elplicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility 15 to read the other information nd, in doing so, consider whether the other Trnformation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon515ten¢ies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we re required to report that fact. We have nothing to report in this regard. 13
The Wiltshire Music Centre Trust "MIted ENTRE Re ort of the Inde ndent Auditor5 to the Membef5 of The Wiltshire Music Centre Trust Limited Opinions on other matters prescribed by the Companie5 Art 2(W)6 In our opinion. based on the work undertaken in the course of the aud¢t.' the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the Report of the Trustees has been prepared in ac¢ordan¢e with applicable legal requirements. Matters ¢n whl¢h we are required to report by eM¢eptlon In the light of ihe knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Trustees. We have noth%ng to report in fespect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us: of the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees. remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Respons•bilities of irustees As explained more fully in the Siatement of Trustees. Responsibilities. the trtJStees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustee5 determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charitable company's ability to continue a5 a going concern. disclosing. a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 14
The Wiltshire Music Centre Trust Limited TSHIRE usic ENTRE Re ort of the Inde endent Auditor5 to the Member5 of The Wiltshire Music Centre Trust Limited Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are frée from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable a55urante is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b3SIS of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= Explanation a5 lo what extent the audit was considered capable of detecting irregularities. including fraud The objectives of our audit in respect of frau(J, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud: to obtain Sufficient appropriate audit evidence regarding the assesseé risks of material misstatement due to fraud. through designing and implementing appropriate responses to those assessed risks.. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However. the Primary responsibility for the prevention and detection of fraud rests with both managemeni and those charged with governance of the company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006. the Charities Act 2011. the Charity SORP. and UK financial reportinÉ standards as issued by the Financial Reporting Council. We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the fjnantial statements. including the risk of material misstatement due to fraud and how it might occur. by holding discu$5ions with management and those charged with governance. We inquired of management and those charged with goverriance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed spècific appropriate audit procedure5 to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with 8overnance and obt8ining additional corroborative evidence as required. A further description of our responsibilities for the audit of the financial statements is lotated on the Financial Reporting Council's website at www.frc.org_uklautlitorsresponsibilities. This description forms part of our Report of the Independent Auditors. 15
The Wiltshire Music Centre Trust Limited TSHI ÉNTRE Re ort of the Inde endent Auditors to the Members of The Wiltshire Music Centre Trust Limited Use of our report This report made solely to the charitable company's members. as 3 body. in èccordance with Chapter 3 of Part 16 of the Companies Art 21)36. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law. we do not acceptor assume responsibilityto anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. Mark Powell (Senior Statutory Auditor) for and on behalf of Moore Chartered Accountants and Statutory Auditor 30 Gay Street Bath BAI 2PA Date.. 16
The Wiltshire Music Centre Trust Limited TSHIRE sic ENTR Statement of Financial Activities for the Year Ended 31 March 2023 31.3.23 Total funds 31.3.22 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMEiifs FROM Donations and Segacies 219,227 202,034 421,261 499,751 Charitable activities Concerts Sponsorship Educational activities Friends membership subscriptions Other trading activities Investment income 173.041 20.495 5,250 48.808 193,536 8,250 99,600 24,504 133,632 32,513 101,888 10,000 88,985 16,971 110,840 31.720 50.792 24.504 133.442 32.513 190 Total 636.519 276,777 913.296 860.155 EXPENDITURE ON Raising funds 44.174 844 45.018 40,018 Charitable activities Concerts Educational a¢tivities Management and administration Other costs 526,930 263,204 51,089 790.134 $1,089 10.527 264.170 625.014 48,592 14,921 262.500 10.527 258,923 5,247 Total 840.554 320.384 1.160.938 991.045 Net gainslllossesl on investments 156.4281 156,4281 26,725 NET INCOMEIIEXPENDITUREI 1260,4631 143.6071 1304.0701 1104.1651 RECONCILIATION OF FUNDS Total funds bfought forward 2.465.114 178.035 2,643.149 2,747,314 TOTAL FUNDS CARRIED FORWARD 2.204,651 134,428 2,339,079 2,643,149 17
The Wiltshire Music Centre Trust Limited TSHIRE usic ENTRE Balance Sheet 31 March 2023 31.3.23 Total funds 31.3.22 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Intangible assets Tangible assets Investments 13 30.337 14 1,548.102 15 737.405 30.337 1.548,102 737,405 12.264 1,620,124 797.655 2.315.844 2,315,844 2,430.043 CURRENT ASSETS Stocks Debtors Cash at bank 16 17 2.672 51,579 3.822 2,672 72.043 117,786 1,703 100,480 261.700 20,464 113.964 58.073 134.428 192,501 363,883 CREDITORS Amounts falling due within one year 18 1169,2661 1169.2661 1150,7771 NET CURRENT ASSETS 1111,193} 134,428 23.235 213.106 TOTAL ASSETS LESS CURRENT LIABIUTIES 2.204,651 134.428 2,339,079 2,643,149 NET AssErs 2.204.651 134,428 2.339.079 2.643,149 18
The Wiltshire Music Centre Trust Lrmited TSHIRE sic ENTR Balance Sheet - continued 31 March 2023 FUNDS Unrestricted funds Restricted funds 19 2,204.651 134.428 2,465,114 178,035 TOTAL FVNDS 2,339,079 2.643.149 The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2023 and were signed on its behalf by- J A I Wètz- Chair 19
The Wiltshire Music Centre Trust Limited wi TSHIRE sic Cash Flow Statement for the Year Ended 31 March 2023 31.3.23 31.3.22 Note5 Cash flows from operating artivities Cash generated from operations 1124.4701 150.0581 Net tash (used inl/provided by operating artivities {124.4701 150.0581 Cash flow5 from investing activities Purchase of intangible fixed assets Purchase of tangible fixed assets Purchase of fixed asset investments Sale of intangible fixed assets Sale of tangible fixed assets Sale of fixed asset investments Dividends received 123,3331 132,4461 148,1221 19.7831 125,7141 126.7241 3,202 12.8421 26.725 31,720 51.944 32.513 Net cash used in investing activities 119.4441 13,4161 Cash flows from Ilnancing activities Loan repayments in year 50.OW} Net cash lused inllprovided by financin8 activities 150,0001 Change in cash and cash equi¥•lents in the reporting period 1147.7361 1103,4741 Cash and cash equivalents at the beglnning of the reporting period 261.700 365,174 Cash and cash equivalents at the end of the reporting period 117,786 261,700 20
The Wiltshire Music Centre Trust Limited ENTRE Notes to the Cash Flow Statement for the Year Ended 31 March 2023 RECONCILIATION OF NET (EXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.23 31.3.22 Net lexpenditurellincome for the reporting period (as per the Statement of Financial Artivitiesl Adjustments for: Depreciation th3rges Gain on inve5trnents Loss on disposal of fixed assets Dividends received Decrease in stocks Ilncreasel/decrease in debtors Increaselldecreasel in creditors 1304.0701 1104,1651 109,728 56.428 112,920 126.7251 2.842 131,7201 204 143,0641 39.650 132.5131 19691 28.437 18.489 Net cash {used •n}Iprovided by operations 1124.4701 150,0581 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.22 Cash flow At 31.3.23 Net cash Cash at bank 261,700 1143,9141 117.786 261,7 1143.9141 117.786 Total 261,7C 1143.9141 117.786 21
The Wiltshire Music Centre Trust Lirnited HIRE usic ENTRE Note5 to the Financial Statements for the Year Ended 31 March 2023 AccouMfiNG POUCIES Basis of preparing the financial Statements The financial statements of the charitable company. which is a public ber)efit entity under FRS 102, have been prepared in accordance with the Charitie5 SORP IFRS 1021 '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 IFRS 1021 (effective l January 20151,. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2C6. The financial statements have been prepared under the historical cost convention with the exception of investments whieh are included at market value, as modified by the revaluation of certain assets. General inforniation The charity is a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Ashley Road. Bradford on Avon, Wiltshire BA15 IDZ. Going concern The Trustees believe that. based on the forecasts for the next 12 months and the reserves position. the Trust has adequate resources to tontinue in operational existence for the foreseeable future, and for the going concern basis to remain an appropriate basis ort which to draw up these financial statements. Income All incoming resources are included in the statement of financial activities when the charitv 15 entitled to the income, any performance conditions attached to the itemlsl of income have been met. its receipt is probable and the amount can be measured reliably. The following policies are applied to particular categories of income.. Incoffle from concerts is included in the period in which the relevant performance takes place and is stated after discounts and net of VAT where applicable. Income received in a¢fvance of a tontert or provision of other specified service is deferred until the criteria for income recognition are met. Income from grants, whether 'capital' grants or 'revenue' grants. is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met. it 15 probable that the income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is laken as the earlier of the date on which either.. The charity is aware that probate has been granted, the estate has been finalised and notification h3s been made by the executorlsl to the trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy. in whole or in part. is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make 3 distribution. Where legacies have been notified to the charity. or the charity 15 aware of the granting of probate, and the criteria for income re¢ognition have not been met. then the legacy is a treated as a contingent asset and disclosed if material. Donated facilitie5 and service5 are recognised in income at their fairvalue when their economic benefit is probable, it can be measured reliably and the charity ha5 control over the item. 22
The Wiltshire Music Centre Trust Limited SHIR ENIR Note5 to the Financial Statements continued for the Year Ended 31 March 2023 ACCOUNTING POUCIES- continued Income No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. Further detail is given in the trustees. annual report. expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered. The following policies are applied to particular Categories of expenditure.. Charitable expenditure comprises those costs incurred by the charity in the delivery if its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those cos15 of an indirert nature necessary to 511PPOrt them_ Such indirect costs are albocated to activities in proportion to the time spent by staff on each activity. Governance costs are included in charitable expenditure and include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linke¢J to the strategic manègement of the charity. Amortlsation Amortisation is cakulated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset a5 follows: Website - 5 years Box Office system - 5 years Tangible fixed assets All fixeil assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation. Depre¢ialion Depreciation is calculated so as to write off the c05t of an asset, less its estimated residual value, over the useful economic life of that asset as follows= Freehold Property- 50 years Office Equipment - 5 years Fixtures. Fittings and instruments- 4 or 10 years Plant and machinery - 5 or 10 years Stocks Stocks are valued at the lower ofcost and net realisable value. after making due allowance for obsolete and slow moving Items. Taxation The charity is exempt from corporation tax on its charitable activities. 23
The Wiltshire Music Centre Trust Lrmited IRE sic ENTR Notes to the Financial Statements- continued for the Year Ended 31 March 2023 ACCOUNTING POUCIES- continued Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objertives of the charity. Designated funds are unre5tTiCted funds earmarked by the trustees for particulèr purpose5. Restricted funds are funds which are to be used ID accordènce with Specific restrictions imposed by donors or through the terms of an appeal. Liabilities Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount, of the Settlement can be estimated reliably. Liabilities are recognised at the amount that the group anticipates it will pay to settle the debt or the amount it has received a5 advanced payments for the goods or services it must provide. Financial instrurnents The charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. 6a5ic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortlsed cost using the effective interest method. Debtors, creditors and cash at bank and in hand are measured at amortised cost and investments are measured at their fair value. Debtors Trade and other debtors with no stated interest rate and due within one year are recorded at the amount of the cash or other consideration expected to be received. Prepayments are valued at the amount paid. DONATIONS AND LEGACIES 31.3.23 31.3.22 Donations Trusts and Foundation5 62,712 358,549 123.608 376,143 421,261 499.751 Grants received. included rn the above. are as lollow5-. 31.3.23 31.3.22 Grants Charitable Trusts 178,076 180.473 234,242 141,901 358.549 376.143 24
The Wiltshire Music Centre Trust Limited IRE sic E14TRE Notes to the Financial Statements continued for the Year Ended 31 March 2023 OTHER TRADING ACTIVITIES 31.3.23 31.3.22 Fundraising events Core user income Lettings intome Bar and catering income BoX office income 5.437 46,437 26.268 12,784 19,914 52,538 25.S26 33,508 22,060 133.632 110,840 INVESTMENT INCOME 31.3.23 31.3.22 Incorne from investments 32.513 31.720 INCOME FROM CHARITABLE ACTIVITIES 31.3.23 31.3.22 Activity Concerts Sponsorship Educational activities Friends membership subscriptions Concert income Sponsorship Education project income Friends membership subs 193.536 8.250 99,600 24.504 101.888 10.000 88,985 16.971 325.890 217.844 IIAISING FUNDS Other trading activibes 31.3.23 31.3.22 Bad deb15 Marketing and PR costs Bar, box office and lettings Loss on sale of assets 2,006 6,092 30.931 1,117 4,520 23.778 2,842 39.029 32,257 25
The Wiltshire Music cefit Trust Limited HIRE usic ENTRE Notes to the Financial Statements- continued for the Year Ended 31 March 2023 RAISING FUNDS- continued In¥e5tment rnanaiement costs 31.3.23 31.3.22 Portfolio management 5,989 7,761 Aggregate amounts 45.018 40,018 CHARITABLE AcnviTIES COSTS Support Costs (see note 81 Direct Costs Totals Concerts Educational activities Management and administration Other costs 790.134 51,089 10.527 167,659 790,134 51,089 10,527 264,170 96.511 1,019,409 96.511 1.115,920 SUPPORT COSTS Governance costs Management Other Totals Other costs 55,419 27.979 13,113 96,Sll NET INCOMEIIEXPENDITURED Net income/lexpenditurel is stated after chargingllcreditingl: 31.3.23 31.3.22 Depreciation - owned assets Deficit on disposal of fixed assets Box Office 5V5tern amortisation Website amortisation Auditors, remtjneration Auditors. remuneration - other services 104,468 105,630 2,842 2,360 4.930 4,900 I,soo 1.957 3,303 5.750 26
The Wiltshire Music Centre TnJst Limited ENTRE Notes to the Financial Statements- continued for the Year Ended 31 March 2023 10. TRUSTEES, REMUNERATION AND BENEFITS There were no tTUStees' remuneration or other benefits for the year ended 31 March 2023 nor for the vear ended 31 March 2022. Trustees. èxptnses During the year trustees were reimbursed expenses amounting to £Nil12022: £Nill. 11. STAFF COSTS 31.3.23 31.3.22 Wages and salaries Social security costs Other pension costs 361,223 21.655 10.710 318.837 20.070 9.618 393.588 348.525 The average monthly number of employee5 during the year was as follows= 31.3.23 31.3.22 Concerts Marketing Education Administration and support 13 13 No employees received emoluments in excess of £60.OLM). No employee received remuneration of more than E60.OW during the year12022.. nill. The Trustees consider Key Management Personnel to be the Chief Executive & Artistic Director. the Head of Creative Learning & Community Engagement. the Director of Communications, the Director of Development. and the Head of Finance. Their total benefrts during the year amounted to £155,873 12022: £158.0501. 27
The Wiltshire Music Centre Trust Limited TSNIRE sic ENTR Notes to the Financial Statements continued for the Year Ended 31 March 2023 12. COMPARATIVES FOR THE STATEMENT OF FINAt4aAL AcllviTIES Unrestricted Re5trirted funds funds Tot61 funds INCOME AND £NDOWMENTS FROM Donations and legacies 375.150 124,601 499,751 Charitable art•vities Concerts Sponsorship Educational attivities Friends membership subscriptions 97.085 5,000 62.905 16.971 4,803 101,888 io.o(y) 88.985 16,971 26,080 Other trading activities Investment income 110.840 31,720 110,840 31,720 Total 699.671 160.484 860,155 EXPENDITURE ON Raising funds 39.088 930 40,018 Charitable activities Concerts Educational artivities Management and administration Other costs 429.183 195,831 48.592 4,750 3,633 625,014 48,592 14.921 262,500 10.171 258.867 T31 737,309 253,736 991.045 Net gains on investments 26.725 26,725 NET INCOMEI(EXPENDITURE) Transfers between fvnds 110,9131 117.4761 193.2521 17,476 1104,1651 Net M¢ement ID lunds 128,3891 {75.7761 1104.1651 RECONCILIATION OF FUNDS Total funds brought forward 2.493.503 253,811 2,747,314 TOTAL FUNDS CARRIED FORWARD 2,465,114 178.035 2.643,149 28
The Wiltshire Music Centre Trust Limited TSHIRE si¢ ENTR Notes to the Financial Statement5- continued for the Year Ended 31 March 2023 13. INTANGIBLE FIXED ASSETS Box Office system Website Totals COST At l April 2022 Additions 9.783 24,650 23,333 34,433 23,333 At 31 March 2023 9,783 47,983 57,766 AMORTISATION At l April 2022 Charge for year 821 1,957 21.348 3,303 22,169 5,260 At 31 March 2023 2.778 24,651 27,429 NET BOOK VALUE At 31 March 2023 7.(XJ5 23.332 30,337 At 31 March 2022 8,962 3,302 12,264 14. TANGIBLE FIXED ASSETS Fixtures nd fittings Freehold property Plant and machinery Totals COST At l April 2022 Additions 2,433.618 380.031 13.552 534.813 12,450 3.348.462 32,446 At 31 March 2023 2.440.062 393.583 547,263 3,380,908 DEPRECIATION At l April 2022 Charge for year 991,090 47.836 274,084 21.369 463.164 35,263 1,728.338 104,468 At 31 March 2023 1.038,926 295.453 498.427 1,832.806 NET BOOK VALUE At 31 March 2023 1.401.136 98.130 48.836 1.548.102 At 31 March 2022 1.442.528 105.947 71.649 1,620,124
The Wiltshire Music Centre Trust Lirnited TSMIRE 51C EN Notes to the Financial Statement5 continued for the Year Ended 31 March 2023 15. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l April 2022 Additions Disposals Revaluations 797.655 48,122 118,2371 190,1351 At 31 March 2023 737.405 NET BOOK VALUE At 31 March 2023 737,405 At 31 March 2022 797,655 There were no investment assets outside the UK. Analysis of investments at 31 March 2023 Total Funds 2023 2022 Listed investments UK cash held as part of portfolio 737,405 794,072 3,583 737,405 797,655 16. STOCKS 31.3.23 31.3.22 Finished goods 2,672 1.703 30
The Wiltshire Music Centre Trust Limited TSHIA ENTri Notes to the Financial Statements- continued for the Year Ended 31 March 2023 17. DEBTORS: AMOUNTS FALUNG DUE WITHIII ONE YEAR 31.3.23 31.3.22 Trade debtors Other debtors Prepayments and accrued income 16,140 14.650 41,253 15.761 21,819 62.900 72,043 100.480 18. CREOITOfiS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income 72.381 5,741 2,831 3.954 84.359 70.667 5.613 1,173 1.452 71.872 169.266 150,777 19. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.23 At 1_4.22 Unrestrirted funds General fund Fixed Assets Building Maintenance Plan Risk Management fund Environmental Sustainability 355.039 1,660,075 2LK),(X)O 2.c0 S0,(XYI 1150,7351 1109.7281 128,0921 28.092 176.212 1.578.439 200.000 200,000 50.000 2,465,114 1260.4631 2.204,651 Restrirted lunds Creative Learning fund Youth Orchestra Reserve fund Young Art15t fund Celebrating Age Wiltshire 78.652 27.077 3,275 69.031 2.612 81,264 27,077 10.300 15,787 7,025 153.2441 178.035 143.6071 134,428 TOTAL FUNDS 2,643,149 1304,0701 2.339,079 31
The Wiltshire Music Centre Trust Limited TSHIRE us Notes to the Financial Statements continued for the Year Ended 31 March 2023 19. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as lollows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Fixed Assets 636,519 1730.8261 1109,7281 156.4281 1150.735} 1109.7281 636.519 1840,5541 156,4281 1260,4631 Restrirted funds Creative Learning fund Young Artist fund Celebrating Age Wilishire 160,436 7.025 109,316 1157,8241 2.612 7.025 153.244) 1162,5601 276,777 1320.3841 143,6071 TOTAL FUNDS 913,296 11,160,938) 156.4281 1304,0701 Comparatives for movement in funds Net movement in funds Transfers between fund5 At 31.3.22 At 1.4.21 Unrestrirted funds General fund Fixed Assets Building Maintenance Plan Risk Management fund Environmental Sustainability 376.249 1.667.254 2CNJ.CKQ 200.LXJO 50.000 105.199 1116,1121 1126.4091 108,933 355.039 1.660.075 200,000 200.000 50.000 2.493,503 110,9131 117,4761 2,465.114 Restricted funds Creative Learning fund Youth Orchestra Reserve fund Young Artist fund Arts Council Cultural Recovery Fund Celebrating Age Wiltshire Warm Welcome Appeal fund 116.043 27.077 3,725 7.319 93,683 5,964 {37,3911 78.652 27,077 3.275 14501 {33,4541 {24.6S21 2,695 26,135 69.031 18,6591 253.811 193,2521 17,476 178,035 TOTAL FUND5 2,747.314 1104.1651 2,643,149 32
The Wiltshire Music Centre Trust Limited TSNIR si ENTR Notes to the Financial Statements continued for the Year Ended 31 March 2023 19. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are a5 follows.. ncoming resources Resources expended Gains and losses Movement in funds Unrestrirted funds General fund Fixed Assets 699,671 1621,1971 1116.1121 26,725 105.199 1116,1121 699.671 1737.3091 26.72S 110,9131 Restricted funds Creative Learning fund Young Artist fund Arts Council Cultural Recovery Fund Celebrating Age Wiltshire Warm Welcome Appeal fund 92.760 14501 {33.4541 98.933 2,695 1130.1511 137,3911 14501 133,4541 124,6521 2.695 1123.5851 160,484 1253,7361 193,2521 TOTAL FUNDS 860,155 1991,0451 26,725 1104.1651 Unrestricted funds: General Fund £176 212 The General Fund is the net result of the primary operating fund of the organisation. The general fund will be used in significant investments in the coming years including building upgrades and a new website. It will also fund the deficient budget which ha5 been forecast for 22123 and 23124 as the organis3tion reestablishes its activities after the Covid-19 pandemic. Designated Fixed Assets £1578 439 The Fixed Asset funds represents the net book value of the fixed assets held by the Trust, including the freehold buildin& and $0 are not available for future use as part of general reserve. Buildin Maintenance Plan £2 (K The Trust commissioned a report in 2015 from BJP. M and E Consultants. which has informed a 10- vear maintenance plan for the freehold building. This report recommended a total spend over a 10- year period of £1S0.000 and this will be continued on a rolling basis. In line with inflationary price increases and as a continued commitment to ensuring that the Trust's freehold property is maintained to the highest standard ensuring its longevity and providing the best possible environment for all sitors to the Centre ihe Trust committed to a 8uilding Maintenance reserve of £200.CI)O. 33
The Wiltshire Music Centre Trust Limited TSHIRE USIC ENTRE Notes to the Financial Statements- continued for the Year Ended 31 March 2023 19. MOVEMENT IN FUNDS- continued Risk Mana ement Fund £200 OCK) A detailed analysis of the required minimum level of reserves is undertaken and this is based on a risk assessment of the main risks relating to loss of income. The reserves policy requires that the designated reserves include a risk management fund maintained at a level which will enable the Trustees to adjust the business model to compensate for potential adverse operating conditions over 3 2-year period to maintain the Trust as an operating arts organi5ation_ This is currently estimated at £200,000 and it is reassessed annually. Environmental Sustainabili The Environmental Sustainability Fund was established in 2020121 to contribute towards an ongoing Crabon Reduction Programrne, including a 5U5tain3bility study and future works resulting from it. In line with the board's commitment to this area of work this fund will hopefully art as a catalyst for further fundraising and development in this area. Restrirted Funds" Creative Learnin Fund £81264 The Creative Learning Fund represents the balance of our Creative Learning projects èt the financial year end, minu5 those whith are 5pecificalty accounted for below. This includes between 12-15 active projerts per year. Youth Orchestra Reserve Fund £27 077 The Youth Orchestra Reserve Fund is a combination of gifted income receNed when Wiltshire Mu51C Centre took over the leadership of the West of England Youth Orchestra and Wiltshire Youth Jazz Orchestra from the local authority in Autumn 2015. The fund supports the orchestra's operations and ensures the provision is financially secured within a given year. Youn Artist Funds £10 300 The Young Artist Fund supports our talent development program for young and emerging artists. providing support through perfom)ances, mentoring and educational leadership opportunities. This modest restrirted b31ance enables us to commit to the program on an annual rolling basis, ahead of receipt of fvndraised income. Arts Counol Cultural Recove Fund £Nil Tthe Arts Council Cultural Recovery Fund represents the balance from our Round l application that has been agreed by Arts Council England to be carried forward to 2021122. The funds have been spent within the year. 34
The Wiltshire Music Certtre Trust Limited ENJR Notes to the Financial Statements - continued for the Year Ended 31 March 2023 19. MOVEMENT IN FUNDS- continued Celebratin A e Wiltshire £15 787 The Celebrating Age Wiltshire fund is the balance at the financial year end of 3 5-year project started in 2019. It is a county wide project which delivers culture and heritage events in community settings to support the health and wellbein8 of isolated and vulnerable older people. Warm Welcome A eal Fund £Nil The Warrn Welcome Appeal Fund represents the balance of an appeal which ran during 2020121 and 2021122 to false funds to replace our retired boiler.: Works were carried out during 2021122 and all fund5 were spent. Transfers between funds As part of the Trustees. ongoing consideration of reserves. a detailed feview has continued through the year to 31 March 2023 to assess the prÈsentation of funds relating. Transfers of £ reflect the allocation of assets to desi8n3ted funds and clear utilisation of restricted funds in the year. 20. RELATED PARfi DISCLOSURES During the year the Charity received grants totalling £38.51612022- £37,656> from Wiltshire Council of which a trustee was an elected member. The Charity also received rental income of £28.59712022.. £27,450) from St Laurence School of which a trustee is also a govemor of the school. 21. COMPANY LIMITED BY GUARANTEE Every member of the company undertakes to tontribute such amounts as may be required Inot exceeding £1) to the tompany's assets if it should be wound up while he or she is a member.. for payment of the charity's debts and liabilities contracted before he or she ceases to be a Member- and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves. 35