OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Trustees L Blomstrand L Blomstrand L Blomstrand
S Polydorou MBE
S M Oldfield
AMoss (Appointed 28 June 2021)
L Richards (Appointed 28 June 2021)
JWalters (Appointed 28 June 2021)
Charity number 1031590
Company number 2880224
Registered office Southborough Lane
Bromley
Kent
BR2 8AA
Auditor Baxter &Co
Lynwood House
Crofton Road
Orpington
Kent
BR6 8QE
Bankers NatWest Bank PLC
143 High Street
Bromley
Kent
BR1 1YZ
Metro Bank
One Southampton Row
London
SW1B5HA
Handelsbanken
Northside House
69Tweedy Road
Bromley
Kent
England
BR1 3WA
Solicitors Wellers
Tension House
Tweedy Road
Bromley
Kent
BR1 3NF

Page
Trustees'
report		 1-6
Statement
ofTrustees'		 responsibilities
Independent
auditor's		 report 6-9
Statement
offinancial		 activities 10
Balance sheet
Statement
ofcash flows
Notes to the financial statements 13-24

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
Notes 2022
f.		 2022f 2022 2021
E		 2021f 2021
E
Income and endowments from:
Donations
and legacies		 69,488 11,723 81,211 66,293 8,807 75,100
Charitable
activities		 446,532 82,801 529,333 507,682 426,517 934,199
Other trading
activities		 824,078 824,078 443,098 25,675 468,773
Investments 547 547 859 859
Other income 3,179 3,179 412 412
Total income 1,343,824 94,524 1,438,348 1,018,344 460,999 1,479,343
Charitable
activities		 8 1,396,864 124,017 1,520,881 984,292 479,365 1,463,657
Net gains/(losses)
on
investments 13 (495) (495) 738 738
Net (outgoing)/incoming
resources before transfers (53,040) (29,988) (83,028) 34,052 (17,628) 16,424
Gross transfers
between
funds 21,534 (21,534) (3,270) 3,270
Net movement
in funds		 (31,506) (51,522) (83,028) 30,782 (14,358) 16,424
Fund balances at 1 April 2021 633,474 181,588 815,062 602,692 195,946 798,638
Fund balances at 31 March
2022 601,968 130,066 732,034 633,474 181,588 815,062

2022 2021
Notes F
Fixed assets
Tangible assets 14 97,327 93,639
Investments 15 10,161 10,656
107,488 104,295
Current assets
Debtors 53,229 73,944
Cash at bank and in hand 690,607 733,148
743,836 807,092
Creditors: amounts falling due within
one year 17 (119,290) (96,325)
Net current assets 624,546 710,767
Total assets less current liabilities 732,034 815,062
Income funds
Restricted funds 18 130,066 181,588
Unrestricted funds
Designated funds 19 259,571 214,993
General
unrestricted		 funds 342,397 418,481
601,968 633,474
732,034 815,062

2022 2021
Notes
Cash flows from operating activities
Cash (absorbed by)/generated from 23
operations (14,740) 57,427
Investing
activities
Purchase oftangible
fixed assets		 (28,348) (16,600)
Investment
income received		 547 859
Net cash used in investing activities (27,801) (15,741)
Net cash used in financing activities
Net (decrease)/increase
in		 cash and cash
equivalents (42,541) 41,686
Cash and cash equivalents at beginning ofyear 733,148 691,462
Cash and cash equivalents at end of year 690,607 733,148

1 Accounting
policies		 (Continued) (Continued)
1.6 Tangible fixed assets
Tangible
fixed assets are initially
measured
at cost and subsequently
measured
at cost or		 valuation,
net of
depreciation
and any impairment
losses.
Depreciation
is recognised so as to write offthe cost or valuation		 ofassets less their residual values over their
useful lives on the following bases:
Musical instruments
10%straight
line
Fixtures,
Fittings 8 Equipment
200/0 straight
line
The gain or loss arising
on the disposal ofan asset is determined		 as the difference
between		 the sale proceeds
and the carrying
value ofthe asset, and is recognised
in the statement
offinancial
activities.
1.7 Fixed asset investments
Fixed asset
investments
are
initially
measured
at transaction		 price
excluding
transaction		 costs, and are
subsequently
measured
at fair value
at each reporting
date.		 Changes
in		 fair value are recognised
in		 net
income/(expenditure)
for the year. Transaction
costs are expensed		 as incurred.
1.8 Impairment
offixed assets
At each reporting
end date, the Trust reviews the carrying
amounts		 ofits tangible assets to determine
whether
there is any indication
that those assets have suffered
an impairment
loss.		 If any such indication exists, the
recoverable
amount ofthe asset is estimated
in order to determine		 the extent ofthe impairment loss (ifany).
1.9 Cash and cash equivalents
Cash
and cash equivalents
include
cash
in hand,
deposits
held		 at call with
banks,
other		 short-term
liquid
investments
with original
maturities
ofthree months
or less, and		 bank overdrafts.
Bank overdrafts		 are shown
within
borrowings
in current
liabilities.
1.10 Employee
benefits
The cost of any unused
holiday
entitlement
is recognised
in the		 period
in which the employee's
services		 are
received.
Termination
benefits are recognised
immediately
as an expense		 when the Trust is demonstrably
committed		 to
terminate
the employment
ofan employee
orto provide termination		 benefits.
1.11 Retirement
benefits
Payments
to defined
contribution
retirement
benefit schemes are		 charged as an expense as they fall due.
2 Critical accounting
estimates
and judgements
In the application
ofthe Trust's accounting
policies, the Trustees		 are required to make judgements, estimates
and assumptions
about the carrying
amount
of assets and
liabilities
that are		 not readily apparent from other
sources. The estimates
and associated assumptions
are based on		 historical experience
and		 other factors that
are considered
to be relevant. Actual results may differ from these		 estimates.
The estimates
and
underlying
assumptions
are
reviewed
on an
ongoing		 basis.
Revisions		 to accounting
estimates
are recognised
in the period
in which
the estimate
is		 revised
where the revision		 affects only that
period, or in the period of the revision
and future
periods where		 the revision affects both current and future
periods.

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
E E F F
Patron's Fund 13,300 13,300 13,124 13,124
General Donations 56,188 56,188 53,169 53,169
Young Musicians' Fund 11,723 11,723 8,807 8,807
69,488 11,723 81,211 66,293 8,807 75,100

2022
E		 2021f
Grant income 529,333 934,199
Analysis
by fund
Unrestricted
funds		 446,532 507,682
Restricted funds 82,801 426,517
529,333 934,199
Arts Council
Funding		 446,532 446,231
Private donations / PRISM 10,000
HRMC Furlough scheme 1,972 213,517
TPA Grant 51,451 51,451
Cultural
Recovery		 Grant (CRG) 213,000
Other grants 29,378

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
E E E E E
Music Tuition and related
income 824,078 824,078 443,098 443,098
Bromley Youth Chamber
Orchestra 9,850 9,850
Bromley Youth Concert
Band 15,825 15,825
Other trading activities 824,078 824,078 443,098 25,675 468,773
Unrestricted Unrestricted
funds funds
2022f 2021
Investment income 547 859
Unrestricted Unrestricted
funds funds
2022 2021
E E
3,179 412

2022 2021
Staff costs 1,174,795 1,161,478
Depreciation and impairment 24,660 22,374
Governance costs 2,602 3,910
Other support 144,991 113,212
Operational
activities - Direct		 80,723 88,945
Lease costs 67,435 61,661
1,495,206 1,451,580
Grant funding ofactivities (see note 9) 25,675 12,077
1,520,881 1,463,657
Analysis
by		 fund
Unrestricted funds 1,396,864 984,292
Restricted
funds		 124,017 479,365
1,520,881 1,463,657
9 Grants payable
2022 2021
E
Grants and Awards
(Young		 Musicians Fund) 25,675 12,077
10 Auditor's
remuneration
Fees payable to the Trust's auditor and associates: 2022 2021
F
Audit ofthe Trust's annual accounts 2,600 2,600

The average
monthly		 The average
monthly		 number number ofemployees ofemployees during the year was:
2022 2021
Number Number
Teachers and Admin Staff 54 66
Employment
costs		 2022 2021
F
Wages and salaries 934,987 915,557
Social security costs 84,645 84,520
Other pension costs 155,163 161,401
1,174,795 1,161,478
The number ofemployees whose annual remuneration was more than F60,000
is as follows:
2022 2021
Number Number
f60,001 - 670,000
13 Net gains/(losses) on investments
Restricted Restricted
funds funds
2022 2021
F E
Revaluation
ofinvestments		 (495) 738

14 Tangible fixed assets Tangible fixed assets
Musical Fixtures, Total
instruments Fittings L
Equipment
Cost
At 1 April 2021 560,056 187,280 747,336
Additions 23,253 5,095 28,348
At 31 March 2022 583,309 192,375 775,684
Depreciation and impairment
At 1 April 2021 484,853 168,844 653,697
Depreciation charged in the year 14,163 10,497 24,660
At 31 March 2022 499,016 179,341 678,357
Carrying
amount
At 31 March 2022 84,293 13,034 97,327
At 31 March 2021 75,203 18,436 93,639
15 Fixed asset investments
Listed
investments
Cost or valuation
At1 April 2021 8,31 March 2022 10,656
Impairment
At 1 April 2021
Revaluation adjustments 495
At 31 March 2022 495
Carrying
amount
At 31 March 2022 10,161
At 31 March 2021 10,656

16 Debtors
Amounts
falling due		 within one year: 2022f 2021
K
Trade debtors 44,638 40,299
Other debtors 31,377
Prepayments and accrued income 8,591 2,268
53,229 73,944
17 Creditors: amounts falling due within one year 2022 2021
K
Taxation, social security and pensions
Accruals and deferred
income		 40,666
78,624		 45,352
50,973
119,290 96,325
~ CII
N
CII
N O
V CII		 CD CO
Q		 CO
Q		 Qc-
CO		 CI)
lA
00		 tO
tO
Cl
CD
CQ
N
Ql
N0
CL		 N
N
IXI~
IIl
N lA
CL
O
O
Ql		 NC
NI-		 IA
C0
N		 lA
CD
CIl		 IA
04
CL
N
I0
N
C0
"0		 N'a
C
C
C		 N 1Q
N
N
V 100
0
NNlCN		 CO I Q
Cl
lA		 lA
CO
IA		 CI
CO
CO		 lA
N
Ql
N.
C
IU
pl		 0K Ol N
C
IIIV
E 0
OO
C
V
N
N		 CD
CO
CO		 I CII
IA
CD
C
tU
NC0
CU00		 N O
V
CIt
C.—
N LrO.		 CD CO
CO
lA		 Q
CO		 P)
CV
IA
CO		 IA
CIt
CO
CII		 lA CD
0 IN &
N
Ql0C N Q I CO
CD
IU
CU
Cl		 NC
NI-		 CQ CD
ID0
Ql
CL
X
ILIC
ol
C
50		 '0
r
QI
E		 N 13
N
N
V 1QC
0
NN It
QI		 lA
lA		 Q
lA
lA
Ol		 Cl
CII		 I IA Q
Q
Q
ZI-Z0O
zoic(		 0
t0
ol
C
N
I
CL
E00
N
'O
C		 0 CD N
4lV
E-
0
g
N
N
N
CV
N O
V N
N '0
N
CL		 Ol
CO
CV		 CO
CO
lA		 Q
CO		 CQ
lA
CO		 Q
lA
CO
CD
CO
CO		 lA
N
CO
IA
Q
CO
lA		 Cl
CO
CO		 I
CD		 lA QQ
Q		 lA
CD
I-Z Ql
O
M K I
N
I- U Ql
IU		 10C 13C
O~m 0 LI LI
IU
ILI
lO I- ~
zz
A)V
Z
~ ~
LL
p
LLI O0
4g I-
Q I- rn
p
LLI
&-o
lQ ~Z		 LlJQ
0
4J
LLI
LI0		 N
C
a
Ql
QI
N
Ql
LL		 tU
0
Ql
0
N0C
QlE00C
Ql		 Z
I-0
QI
E
LO
C
tU
C
C
Epo
CD
LL
&-
Ql0I
m
i QI-
m&
C
tU
0
p'N
m
t0 g
N
&ad&		 N
00
I
E
tU
C
0
QI
E
0
ta		 m
CO
o
C
0
0
t0
E
0
m		 0
0
IU
LL c
N 0
0
Ql
0
N
plQ
o
o
m		 N
C
C
E
E
QI		 C
IU0
NC
C 0
IU
tU
U g
2' C
g o
00
IU"o
+ n
tU
Ql
CU)
3
U 0

Balance at
1 April 2020		 Resources
expended		 Transfers Balance at
1 April 2021		 Transfers Balance at
31 March 2022
E E
Instrument
Fund		 78,414 (13,556) 10,343 75,201 9,092 84,293
Instrument
Replacement
Fund		 45,000 45,000 45,000
Maintenance
Fund		 10,000 10,000 10,000
Patron's
Fund		 84,792 84,792 84,792
Bromley Youth Chamber
Orchestra
Fund		 23,751 23,751
Bromley Youth Concert
Band Fund		 11,735 11,735
218,206 (13,556) 10,343 214,993 44,578 259,571
20 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022
f		 2022
F		 2022 2021
f		 2021
E		 2021
E
Fund balances at 31
March 2022 are
represented
by:
Tangible assets
Investments		 97,327 10,161 97,327
10,161		 93,639 10,656 93,639
10,656
Current assets/(liabilities) 504,641 119,905 624,546 539,835 170,932 710,767
601,968 130,066 732,034 633,474 181588 815062


non-cancellable
operating
leases, which
fall due as follow		 s:
2022
K		 2021f
Within one year
Between two and five years
In over five years		 66,125
261,125
21,666		 69,782
269,007
86,666
348,916 425,455

22 Related party transactions
There were no disclosable
related		 party transactions during the year (2021 - none).
23 Cash generated
from operations		 2022 2021
(Deficit)/surpus
for the year		 (83,028) 16,424
Adjustments
for:
Investment
income recognised		 in statement offinancial activities (547) (859)
Fair value gains and losses on investments 495 (738)
Depreciation
and impairment
oftangible		 fixed assets 24,660 22,374
Movements
in working
capital:
Decrease
in debtors		 20,715 61,186
Increase/(decrease)
in creditors		 22,965 (40,960)
Cash (absorbed
by)/generated		 from operations (14,740) 57,427