2021-03-31-accounts - Bromley Youth Music Trust

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Report ofthe Trustees	1to9
Report ofthe Independent Auditors	10to 12
Statement of Financial Activities	13to 14
Balance Sheet	15
Cash Flow Statement
Notes to the Cash Flow Statement	17
Notes to the Financial Statements	18to 28

					2021	2020
			Unrestricted	Restricted	Total Funds	Total Funds
		Notes	Funds	Funds	f	f
			f	f
INCOME AND ENDOWMENTS	FROM
Donations and Legacies			66,293	8,807	75,100	62,539
Charitable Activities
Grants			507,682	426,517	934,199	595,756
Other Trading Activities			443,098	25,675	468,773	1,167,840
Investment Income			859		859	2,069
Other Income			412		412	1,931
Total			1,018,344	460,999	1,479,343	1,830,135
EXPENDITURE ON
Charitable Activities
Grants 5 Awards				12,077	12,077	20,139
Operational Activities			984,292	467,289	1,451,581	1,780,658
Total			984,292	479,366	1,463,658	1,800,797
NET INCOME/(EXPENDITURE)			34,052	(18,367)	15,685	29,338
Net Gains/Losses) on Investments				738	738	199
Transfer Between Funds		18	(3,270)	3,270
Net Movement in Funds			30,782	(14,359)	16,423	29,537
RECONCILIATION OF FUNDS		18
Total Funds Brought Forward			602,690	195,947	798,637	769,100
TOTAL FUNDS CARRIED FORWARD			633,472	181,588	815,060	798,637

					2020
			Unrestricted	Restricted	Total Funds
		Notes	Funds	Funds	f
			f	f
INCOME AND ENDOWMENTS	FROM
Donations and Legacies			44,292	18,247	62,539
Charitable Activities
Grants			450,729	145,027	595,756
Other Trading Activities		3	1,074,353	93,487	1,167,840
Investment Income		4	2,069		2,069
Other Income			1,931		1,931
Total			1,573,374	256,761	1,830,135
EXPENDITURE ON
Charitable Activities
Grants &Awards				20,139	20,139
Operational Activities			1,635,389	145,269	1,780,658
Total			1,635,389	165,408	1,800,797
NET INCOME/(EXPENDITURE)			(62,015)	91,353	29,338
Net Gains/(Losses) on Investments				199	199
Transfer Between Funds		18	P,011)	7,011
Net Movement in Funds			(69,026)	98,563	29,537
RECONCILIATION OF FUNDS
Total Funds Brought Forward			671,716	97,384	769,100
TOTAL FUNDS CARRIED FORWARD			602,690	195,947	798,637

	Notes	2021	2020
		f	f
FIXEDASSETS
Tangible Assets	12	93,637	99,413
Investments	13	10,656	9,918
		104,293	109,331
CURRENT ASSETS
Debtors	14	73,945	135,130
Cash at Bank and in Hand		733,147	691,461
		807,092	826,591
CREDITORS
Amounts Falling Due Within One Year	15	(96,325)	(137,285)
NET CURRENT ASSETS		710,767	689,306
TOTAL ASSETS LESSCURRENT LIABILITIES		815,060	798,637
FUNDS	18
Unrestricted Funds		633,472	602,690
Restricted Funds		181,588	195,947
TOTAL FUNDS		815,060	798,637

					2021	2020
					f	f
Cash Flows from Operating Activities:
Cash Generated from Operations					57,546	6,548
Net Cash Provided by (used in) Operating			Activities		57,546	6,548
Cash Flows from Investing Activities:
Purchase ofTangible Fixed Assets					(16,598)	(14,802)
Purchase of Fixed Asset Investments
Sale of Investments
Revaluation of Fixed Asset Investments					738	199
Net Cash provided by (used in) Investing		Activities			(15,860)	(14,603)
Change in cash and cash equivalents	in the reporting			period	41,686	(8,054)
Cash and cash equivalents at the beginning			ofthe reporting		691,461	699,515
period
					733,147	691,461

				2021	2020
				f	f
Net income/(expenditure) for the reporting			period (as per the	15,685	29,338
Statement offinancial activities)
Adjustments for:
Depreciation Charges				22,374	29,919
(Gains)/Losses on	Investments			(738)	(199)
Decrease/(increase)	in Debtors			61,185	(18,551)
(Decrease)/increase	in Creditors			(40,960)	(33,959)
Net cash provided	by (used in) operating	activities		57,546	6,548

Fo	rthe Year Ended 31March 2021
		2021	2020
		f	f
2.	DONATIONS AND LEGACIES
	General Donations	53,169	31,678
	Patrons' Fund	13,124	12,614
	Young Musicians' Fund	8,807	18,247
		75,100	62,539
3.	OTHER TRADING ACTIVITIES
	Music Tuition and related income	443,098	1,074,353
	Bromley Youth Chamber Orchestra	9,850	39,807
	Bromley Youth Concert Band	15,825	53,680
		468,773	1,167,840
4.	INVESTMENT INCOME
.	Investment Income	859	2,069
5.	INCOME FROM CHARITABLE ACTIVITIES-GRANTS
	Arts Mark Award		5,567
	Arts Council funding	446,231	445,162
	Cultural Recovery Grant (CRG)	213,000
	London Music Fund Grant		8,429
	Private Donation / PRISM	10,000	99,998
	Jack Petchey Foundation		750
	HMRC Furlough Scheme	213,517	5,837
	TPA Grant	51,451	30,013
		934,199	595,756

6.	CHARITABLE ACTIVITES COSTS	CHARITABLE ACTIVITES COSTS	CHARITABLE ACTIVITES COSTS		Grant
					Funding of	Support
				Direct Costs	Activities	Costs	Total
					(see note 7) f	(Seenote 8) f	2021 f
	Wages &Salaries			968,601		192,878	1,161,479
	Operational	Activities		167,985		122,117	290,102
	Grants &Awards				12,077		12,077
				1,136,586	12,077	314,995	1,463,658
7.	GRANTS PAYABLE					2021	2020
						f	f
	Grants and	Awards	(Young Musicians
	Fund)					12,077	20,139
8.	SUPPORT COSTS
				Management		Governance	Total
				Staff Costs	Other	Costs	2021
				f	f	f
				192,878	118,207	3,910	314,995

Fo	rthe Year Ended 31	March 2021
			2021	2020
			E	E
9.	NET INCOME/(EXPENDITURE)
	Net income/(expenditure)	is stated after charging/(crediting):
	Auditors' remuneration		2,600	2,410
	Depreciation —owned assets		22,374	29,919
	Lease costs		61,662	40,817

						2021	2020
						E	E
11.STAFF COSTS
Wages and Salaries						915,558	1,109,814
Social Security Costs						84,520	92,781
Other Pension Costs						161,401	163,670
						1,161,479	1,366,265
During the closure due to the		Covid pandemic the trust was able			to access
the government furlough scheme to support f213,517was received which is included in			the payment ofsalaries. income (note 5)
The average monthly number		ofemployees	during the year was		as follows:
						2021	2020
Teachers and Admin Staff						66	58
The number ofemployees whose employee			benefits	(excluding	employer
Pension costs) exceeded	f60,000was:
						2021	2020
E60,001-f70,000
			Page	22

		Musical	Fixtures,
12.TANGIBLE FIXEDASSETS		Instruments f	Fittings & Equipment	Totals f
			f
COST
At 1April 2020		549,712	181,025	730,737
Additions		10,343	6,255	16,598
Disposals
At 31March 2021		560,055	187,280	747,335
DEPRECIATION
At 1April 2020		471,298	160,026	631,324
Charge for Year		13,556	8,818	22,374
Eliminated on disposal
		484,854	168,844	653,698
At 31March 2021
NET BOOK VALUE
At 31March 2021		75,201	18,436	93,637
At 31March 2020		78,414	20,999	99,413
13.FIXEDASSET INVESTMENTS				Listed
				Investments
				f
MARKET VALUE
At 1April 2020				9,918
Additions				738
Disposals
				10,656
REVALUATION ADJUSTMENTS
NET BOOK VALUE
At 31March 2021				10,656
At 31March 2020				9,918
There were no investment	assets outside the UK.
The cost ofthe investments	wasf8,067.

		2021	2020
		E	f
Trade Debtors		40,300	85,543
Grant Debtors		31,377	30,013
Prepayments		2,268	19,574
		73,945	135,130
CREDITORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR
		2021	2020
		f	E
Social Security, Pensions	and Taxes	45,352	51,693
Other Creditors		509	4,197
Accrued Expenses		43,802	53,970
Deferred Income		6,662	27,425
		96,325	137,285

The total of	future	minimum	minimum	lease payments
cancellable	operating		leases	are as follows:
					2021	2020
					f	E
Within one	year				69,782	61,662
Within two	to five	years			269,007	273,789
After five years					86,666	151,666
					425,455	487,117

		Unrestricted	Restricted	2021	2020
		Funds f	Fundsf	Total Funds f	Total Funds f
Fixed Assets		93,637		93,637	99,413
Investments			10,656	10,656	9,918
Current	Assets	629,498	177,594	807,092	826,591
Current	Liabilities	(89,663)	(6,662)	(96,325)	(137,285)
		633,472	181,588	815,060	798,637

		Unrestricted	Restricted	2020	2019
		Funds	Funds	Total Funds	Total Funds
		f	f	f	f
Fixed Assets		99,413		99,413	114,530
Investments			9,918	9,918	9,720
Current	Assets	611,919	214,672	826,591	816,094
Current	Liabilities	(108,642)	(28,643)	(137,285)	(171,244)
		602,690	195,947	798,637	769,100

18. MOYEMENT IN FUNDS	18. MOYEMENT IN FUNDS	-Current	Yeor				Gains,
				As at	Incoming		Losses &	As at
				1.4.20	Reserves		Transfers	31.3.21
					f		f	f
Unrestricted Funds
General Fund				384,484	1,018,344	(970,736)	(13,613)	418,479
Instrument Fund				78,414		(13,556)	10,343	75,201
Instrument Replacement		Fund		45,000				45,000
Maintenance Fund				10,000				10,000
Patrons' Fund				84,792				84,792
				602,690	1,018,344	(984,292)	(3,270)	633,472
Restricted Funds
Beryl Hartley Memorial	Fund			21,691			738	22,429
Music Therapy Fund				5,836				5,836
Disadvantaged Young Fund				810				810
Bromley Youth Music Trust Network			Fund	18,523				18,523
Bromley Youth Chamber		Orchestra	Fund	31,876	9,850	(15,475)		26,251
Bromley Youth Concert		Band Fund		15,460	15,825	(19,550)		11,735
Young Musicians' Fund					8,807	(12,077)	3,270
Jack Petchey Foundation				1,973				1,973
Government Grants					213,517	(213,517)
Cultural Recovery Grant					213,000	(213,000)
Private Donation				99,998		(5,747)		94,251
				195,947	460,999	(479,366)	4,008	181,588
TOTAL FUNDS				79&,637	1,479,343	(1,463,658)	738	815,060

MOVEMENT IN FUNDS -Prior	MOVEMENT IN FUNDS -Prior				Gains,	Gains,
Year		As at	Incoming	Resources	Losses &		As at
		1.4.19 f	Reserves f	Expended f	Transfers f		31.3.20 f
Unrestricted Funds
General Fund		457,690	1,560,760	(1,616,091)	(17,875)		384,484
Instrument Fund		86,848		(19,298)	10,864		78,414
Instrument Replacement	Fund	45,000					45,000
Maintenance Fund		10,000					10,000
Patrons' Fund		72,178	12,614				84,792
		671,716	1,573,374	(1,635,389)	(7,011)		602,690
Restricted Funds
Beryl Hartley Memorial	Fund	21,492				199	21,691
Music Therapy Fund		5,836					5,836
Disadvantaged Young Fund		810					810
Bromley Youth Music Trust. Network
Fund (previously known	as J Lait)	18,523					18,523
Bromley Youth Chamber	Orchestra
Fund		31,802	39,807	(39,733)			31,876
Bromley Youth Concert	Band Fund	16,557	53,680	(54,997)			15,460
Young Musicians' Fund		382	18,247	(20,138)	1,509
Jack Petchey Foundation		1,982	750	(759)			1,973
Government Grants			35,850	(35,850)
Private Donation			99,998				99,998
London Music Fund			8,429	(13,931)	5,502
		97,384	256,761	(165,408)	7,210		195,947
TOTAL FUNDS		769,100	1,830,135	(1,800,797)		199	798,637
		Page 27