CharFty number: 1031783 THE COUNTESS OF MUNSTER MUSICAL TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 THE couKfESS OF MUNSTER MUSICAL TRUST coMrENTS Page Relerence and adminlstrntlve d•lall8 Ot the charlty, Its Trust9￿ and advlsers Trustees. roport Independent examSnerf8 report Statemènt of finan¢ial actlvllles B•lan¢• $he•t Notes to the flnanclal statements THE COUNTESS OF MUNSTER MUSICAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 Trustees Mr Charles AlexaThJer, BA (Hon) Oxon. Chwrman Slr Richard Armslrona, CBE Emily Beynon lapwinled 15 November 20191 Professor Georoe Caird. MAICantabl, FRAM, FRCM, FRNCM, HonFLCM, FRSA Miss Imogen C¢x)per, CBE, HonDMuslExonl, HonRAM Dame Anne Evans. DBE, HonDMus (Kenll, FRWGMD Mr John Fraser, BMuslHonsl, ARCM Professor Jonathan Fre8man-AtN¥cth. CBE, Bmus, MPhil. HonRAM, FKC. FANCM, FRCM Mr Roger Gray, MA (Oxonl. AM (Harvard), Dipmus Ms Elaina Padrnore, OBE, MA, BMu5, LTCL, HonFTCL, HonARAM Mr Antony Pay, MAICanlabl. FGSM, HonRAM Iresioned S September 20191 Mr Simon Purcell, GTCL, PGCE (resigned 5 September 20191 Dame Janel Ritterman. D8E, Bmus, Mmus, PhD, FTCL, DSCM Mr Alasdair Twl, FRNCM Mlss Louise Williams, HonARAM Charity rnglster•d number 1031783 Prlnelpal offie• Wormley Hlll, Godalmlng, SurTèy, GU8 5SG Secretsry Mrs Detorah Bacon, MA Ioxon) Aecounlanl8 Brian Cook Associates, Marine House, 151 W9Stern Road. HaywaTds Heath, West Sussex, RH16 SLH Bankws CAF Barbk Ltd, 25 Kings Hill Avenue. Klnos Hill, West m￿lIng. Kent. ME19 4JQ Invostment managers Aviva Investors Legal & General (Unf( Trust Managers) Limiled Morgan Stanley & Co Inlernalional PLC V8rllas Asset Management LLP Page I THE couKfESS OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2tr20 The Trustees present their annual report together wlh the financial statements ol The Counte$s ol Munster Muslcal Trust tor the year 1 Septembar 2019 10 31 August 2020. Objectlves and acllvltle$ Pollelès and objectlveg The objective ol the Trust Is the advancemanl ol education in all branches ol muslc including the provSsion ol educational grants lo assist with the funding ol poslgraduale music studies. Assistance is also given with musical instrument pur¢hases by moans ol Inieresl-lree loans arKI the Trust prwdes concert sponsorship through rts Rocital S¢heme. In seth'ng objectives and planning lor activities. the Trustees have given (Jue consideration lo gèneral guidance published by the Charity Commission relating to public benefit, includina the guidance 'Public benefit: running a charity IPB21'. b. Actlvltles und8rtaken to achieve objectlves The Trust's achievefflgnls and performance are part of an annual cycle ol evènts-. Teceipl ol online applications, consKleralion and sèlection of applicant5 lor audition. auditioning and then granting ol awards or instrument purchase loans. This is followed by selection ol young artists lor the Recital Scheme and the preparation and communication ol an onllne Recital Scheme Brochur8 and the adminislralion ol Ihe Scheme. Studenls seeking lo renew their awards for a second yèar are required lo submit fresh applications and must re- audition belore renewal of their grant can be approved. They are required 10 show evidence ol satisfactory progress since the first award was made. The Trustees meet in the autumn to discuss future policy consider any improvements whiGh might enhance the Trust's performance and achievements. The Stephen Oliver Award is made biennially. The adjudication of the 2019 award of £5,000 look place in August 2019 bul the funds were paid out in th8 year lo 31 August 2020. Adjudication ol the next award wlll be in 2021. The Investment portfolio and ils management providg tha key source ol funds necessary to carry on the Trust's aclivilies. The Trust also receNed a number of donations. Page 2 THE CoU￿rESs OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 21Y20 A¢hlov•ments and performance . Revl•w of oCtlvlll•8 In 2019120 the Trustees wnlinued lo award sums lo facilitate poslgraduale study for applicants who, in thoir ew. were exp8Cted lo make the most significant contributions in their musical Careers. In consequence. 72 awards 12019.. 811 lor advanced training Sn musical education were made although payment ol Iwo ol these awards will be deferred lo thè year ending 31 August 2022.. Ihe lolal amount committed after award surrenders and alterations was £213,500, 01 which £6,000 is delerred12019'. £228,800). The Trust's Recital Scheme, through wh￿h some of the Trust's oulslanding ben81iciaries are offered sponsorship for concerts and recitals nationwide, was very successful between September 2019 and February 2020. bul was badly atfected by coronavirus restrictions wtth the vasi majority ol concerts between March and Augusl 2020 being cancelled. The Trustees look tho decision lo make a rolainer payment lo the musicians lo provide them with tinancial support whilst awaiting the rgscheduling ol cancelled concerts. The Trusl supported 62 concerts that tty)k place beiween September 2019 and August 2020 and provided the musicians wth rètainer payments in respect ol a further 34 concerts. the majority ol which il Is hoped will be rèlistad lor 2021 or 2022. TolJ expenditure in the year lo Augusl 2020 amounled to £42,51512019." £51.4281 and I￿ome lo £6.66512019: £8.5171. The adjudution ol lh8 2019 Stephen Oliv81 Award of £5.000 look Flace in August 2019. The funds were paid out lo the composer Tom Coult in January 2020. Adjudication ol the next award will take place In 2023. Duriw the year, the Trustees agreed to confjnue the support for the collaboratNe project eommenced in the previous year Ihe London Schools Symphony Orchestra, provlding funding lor a number ol young musicians attending the LSSO courses and lour. Only one such course was wssible in 2020 on account ol the pandemic unijsed funds wll be carried over to fund further scholarships in 2021. The Trustees a150 agreed to undertake a further project to encourage participation in musical education by students from all backgrounds and thereby to help break down barriers that students mKJht feel currently exist= a project was commenced wilh the charity Trust Music and the Bolton Music Setvice lo provide a funded programme ot muslc luilion, ensamble work and music accredilalion lo selected school children in the 8olton area. In addition. the Trust continues to contribute lo a bu¥sary fund al KirKJ EQ￿ard'S School Willey (where the Trust Off￿98 are located) to enable studenls who would otherwise not be able to afford individual music education lo ¢ontinu8 their musical studies. After inveslmenl revaluations and investment asset disposals lo fund awards and expenses, the nel movement in funds on the Siaiemenl ol Financial Aciivlties was £-254.23912019.' £305,770). Al the end of the year, the total $um outstanding on the instrument loan5 was £118,311 12019.. £111,698). The lotal unrestrlcted funds as ai 31sl August 2020 were £8,446,735 12018= £8,700.9741 and restrlcted funds were £nil12019.' £nill. b. In¥esiment pollcy and pertornianco In the year lo 31st August 2020, Verilas Asset Management LLP, Aviva Invgstors and Legal & General Investment Management continued as an invgstmenl manag¢r to the Trust. The Trustees Gonsider the overall pertormance of the invesimènt portfolio in recent years to have been sallslactory. They review Ihe Wfllolio all¢xaiion and consult wlh tho investment managors on a regular basis. Invesimenl income, includino stock divkjends and bond coupons, is not separately reported when it accrues within investment lunds. Most ot the Trust'$ a$8*1s aro invested via open-ended investmeni Companles. Page 3 THE couKfESS OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT IcovfiNUED) FOR THE YEAR ENOED 31 AUGUST 2020 Financial revlew a. Golng conegm After making appropriate ewuiries, the Trustees have a reasonable expectation that the Trust has adequate resources lo continue in ol￿rational existence lor the foreseeable luluie. For Ihi5 reason, they continue to adopt the goiryJ concern basis in preparing the financial siaiemenis. Further details regarding the adoption ol the going oncern basis can be found in the accounliffj p)licies. b. Ro8errf89 pollcy The Trustees seek a5 much as poss￿1@ lo maintain the real vdue ol the Trust's capital over the long-term, bul may pay awards In excess ol the cumulative reai growth ol the Trus¥s assels il necessary for supporting musicians at a level commensurate wlth the dedication ol resources 10 candidate selection and aéminislration. Structure* governance and management . Constltutlon The Countess of Munster MUSI￿1 Trust is a registered chariiy. number 1031783. The Trust was èstablished by a Trust Deed datgj 1 st Decembor 1958 and lurther deeds dated 19th September 1960, 29th March 1961 and 17th February 1994 through which lunds were settled upon rt by Hilary, Countess ol Munsier. The Trust derNes its income from these inveslgd funds and from bank inlerest. b. Methods of appolntment or Qlectlon of Tru$t••s The managemenl ot the charity is the resryJnsilxlty ol the Trustees who are elected and ￿.opled under the terms ol the Trust deed. c. Organlsatlonal structure and declslon-maklng pollclos The Board ol Trustees mel 11 limes during the year in pursuance of th8 Trust's oblectives. Meetings bets¥een the imposition ol coronavirus rgslrictions in March 2020 and the end ol the financial year were held virtually via Zoom. The constitution ol the Trust currently provides lor a minimum ol three and a maximum ol fifteen Truste05. New Trustees are selected accordlng lo the skills, knowledge and experience required by the Board. Flecruiimenl is usually made on the basis ol personal recommendation and the recrufiment arrangem&nt5 from 2019 involve a Nominations Commrtteg. Trustees are invited lo discuss the requirements for a new Trustee as sèl out by the Nominations Committee and 10 Suggest potenlil candidates. The Chairman or a nominated Trustee hold5 initial meetings with one or mor8 ¢andidales and then rgports back ID the Trustees before a final appointment is made. In the case ol appoinlrnents alter 5th Septomber 2019. appDintmenls are subject to a fixc term of lour years wllh the possiknlity ol re-apF)ointmern for a further term. The induction process ol any new Trustee Comprises a lull Introduction lo the background and current activities ol the Trust. and to their responslbilrties as a Trustee. The Trustees in office during the peri(Kl ar8 shown on page 1. Page 4 THE COU￿rE$s OF MUNSTER MUSICAL TRUST TRUSTEES, REPORT {CO￿riNUED} FOR THE YEAR ENDED 31 AUGUST 2020 Structurei govemance and management Icontlnued} d. Flnanclal rf$k manggemont The Trustees have assessed the rnajoT risks to which the Trust is exposed, in panicular those related to the , operations and linancgs ol the Trust, and are 5alislied that systems and procedur95 are in place lo mitigate eX[￿ule to the mapr risks. The suEFcommittee ol TTuste¢s who oversee the ongoing management of itre Trust's investments corresponded as necessary arKI reported ￿rIOdiCallY lo the lull Board ol Trustees. Plan$ for futurn porlods The Trustees ifflend to continue to provide edu¢alional 9rants and assisl rnusic students, thereby meeting ihe Trust's objgotNes. Statement of Tru8tees' respon8lbllltles The Trustees are responsible lor preparing the Trustees, r8POrt and the ftnancial slalemenls In accordance with applicable law and United lfjngdom Accounting SlarKlards Iunited Kingdom Generally Acc8pied Accounting PfaGti¢$>- The law apF4lca￿e to charilies in EnglarKI & WJes requlres the Trustees lo propare financial statements for each financial year which gwe a true and lair view of the slalo ol affairs ol th8 charity an(J of tis incoming resources and applicalion ol resourees, including rts incom8 and expenditure, for that per￿. In preparing these ffnancial stalements, tho Trusloes are required lo.. select suitable accounting pjicies and then appty them consislenlly,. observe the methods and principles ol the Charities SORP IFRS 1021., make judgments and accounting estimate5 that are reasonable and prudent: slate whether applicable UK Accounting Standards IFRS 1021 have b&&n followed, subject lo any material departures di￿lOSed and explaned in the tinancial slalements.. Prepa￿ the linanGial Statements on the going concern basis unless il is inappropria19 to prèguma that the harty will ¢onUnue In buslness. The Trustees are responsible lor keepino a¢J￿Ua1e accounting records that ar8 suffirygnt to show and eXpl￿n the ¢harilVs Iransactions and disclose with reasonaue accuracy at any time the financial position of the charity an¢J enable them lo ensur8 that the financial slalem8nls comply with the Charities A¢1 2011, the Charty IAccounls and Reports) Regulalion5 2008 and Ihg provisions ol the Trusl deed. They are also reswnsible lor safeguarding the assets ol Ihe charity and hence for taking reasonable steps lor the prevention and detection ol fraud and other irregularities. Approved by order of the members of the board of Trustees on lQJil and slgn8d on thoir behalf by.. Mr Charles Alexander Chairman Page 5 THE CoU￿rESs OF MUNSTER MUSICAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020 Independent examinerfs report to thg Trusteeg of The Counless of Mun8ter Mu81cal Tru8t {Xh6 charlty'l I report to the charity Trusiees on my examination ol the accounts of the charlty for tt)e year e￿Jad 31 August 2020. R￿PonSibl11118S and basls ol report As the Truste85 01 the charity you are responsible lor the preparation ol the accounts In accordanc8 the requirements ol the Charf(ies Act 2011 llhè 2011 Acri. I report in respect of my examination ol the charilY5 accounts carr4ed out under section 145 01 the 2011 Act and in carrying out my examlnalion I have followed the applicable Directions given by the Charity Commission under section 14515llbl ol the 2011 Act. Indepfjndeni oxaminor's staiomont Your attention is drawn lo the lact that the charity has prepared ihe accounts in aceoTdance wlh Accounting and Reporting by Charities.. Sialemenl ol Recommended Practice applicable to charihes preparing their accounts In accordance wfth the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 in prelerenee to the Accounting and Reporting by Charities.. Sialemeni ol Recommended Practice issued on 1 April 2005 which is referred lo in Ihe exlanl regulations bul has been wthdrawn. l understand that this has been done in order for the accounts to provide a twe arKJ lalr view in accoidance wrlh the Generalty Aeeepted A¢c¢)unting Practice effective lor reporting pericrtjs beglnning on or after l January 2015. I have completed my examinalion. I confirm that no matters have come to my attention in connection with the examination givlng me cause to believe that in any materi& respect.. accounting records were noi Kepi in resixt ol the charity as requlred by section 130 01 the 2011 Acl,. or the accounts do not accord wlh those records,. or the accounts do nol comply with the applicable fequiremenls concerning the form and conlenl ol accounis sei out in the Charilies (Accounts and Roportsl Rggulalions 2008 olhgr than any requirement that the accounts give a 'lrue and lair, vlew which is not a matt$r considered as part ol an in(Jependent examinallon. I have no concèrns and have come across no other matters in connection the examlnation to which attention shoukl be drawn in Ihis report in order to enable a proper uThJ8islanding ol the accounts lo be reached. This report is made 501ely 10 the chariiis Trustees, as a body, in accordance with Part 4 of the Chartties IAccounlS and Reports) R￿ulationS 2008. My work has been undertaken so that I might slate to the charitYs Twstees those matters l am required lo slate to them in an IndeFxndenl examinerfs report and lor no other purpose. To the lull8sI exlenl p8rmilted by law, I do not accept or assume responsibilily 10 anyone Other than the charity and the char Trustees as a body, lor my work or lor this report. Signed.. Brlafj T Cook Dated: I k tyknj IDLI FCA Brlan Cook Asgocl8t8s Chartered Tax Advisers and Accounlanls Marine House 151 Weslem Road Haywards Heath Wesl Sussex RH16 3LH Page 6 THE COUNTESS OF MUNSTER MUSICAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 Unrestrlcted funds 2020 Total funds 2020 Total lunds 2019 Note Income from: Donations and legacies Invgslmenls 15,021 110,451 15,021 110,451 35.561 101.561 Tolal Income Expondlture on: Charitable acliv(iies 125,472 125.472 137.122 318.958 31&958 362,858 Tot81 expendltur8 318,958 318,958 362.858 Net Ilossesllgains on investments 160.753) {60,753) 531.506 Nel movemènt in fund8 Reconciliatlon of funds: Total funds broughi lorwar(I Net movement in lunds 1254,239) {254,239) 305,770 8,700,974 (254,239) 8,700,974 (254.239) 8.395,204 305. 770 Total funds Carri￿ fornard 8,446,735 4448,735 8.700,974 The Statement of financial aclivllies Includes all gains and losses recoonis&l in Ihe year. The notes on pagas 9 10 20 form part ol thesg financial statements. Paoe 7 ## **THE COUNTESS OF MUNSTER MUSICAL TRUST** ## **BALANCE SHEET AS AT 31 AUGUST 2020** ||||**2020**||_2019_| |---|---|---|---|---|---| ||**Note**||£||£| |**Fixed assets**|||||| |Investments|10||**8,436,146**||_8,692,486_| ||||**8,436,146**||_8,692,486_| |**Current assets**|||||| |Debtors|11|**118,311**||_111,698_|| |Cash at bank and in hand||**107,939**||_138,231_|| |||**226,250**||_249,929_|| |Creditors: amounts falling due within one|||||| |year|12|**{215,661)**||_(241,441)_|| |**Net current assets**|||**10,589**||_8,488_| |**Total assets less current liabilities**|||**8,446,735**||_8,700,974_| |**Net assets excluding pension asset**|||**8,446,735**||_8,700,974_| |**Total net assets**|||**8,446,735**||_8,700,974_| |**Charity funds**|||||| |Restricted funds|14||||| |Unrestricted funds|14||**8,446,735**||_8,700,974_| |**Total funds**|||**8,446,735**||_8,700,974_| The financial statements were approved and authorised for issue by the Trustees on **JC\-\\;,** and signed on their behalf by: , **Mr Charles Alexander** Chairman The notes on pages 9 to 20 form part of these financial statements. Page 8 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Ggngral Inforrn•tlo The Countess ol Munstei Musi¢J Trust is a registered charity In England and Wdès. The registered charity number is 1031783. A¢¢ountlng pollcles 11 Basis of preparatlon ol flnan¢Sal stslements The financial slalemenls have been prepared in accordance wlh the Charllies SORP IFRS 1021 Accounting and Repx)rting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accorcjance with the Financial Reporting Standard applicable In th& UK and Republi¢ ol Ireland IFRS 1021 lelleclive 1 January 20191, the Finan¢ial ReJ)ortirYJ Slandard aF¢)licaLle in the UK and Republic of IrelarKJ IFRS 1021 and thg ch￿itieS Act 2011. The Couniess ol Munsler MLbskd Trust meets the definltlon ot a PLFblic benelrt entity under FRS 102. Assets and liabilities are initially recogni5ed al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 12 Incorne All income is recognised once the charty has entiilemenl lo the income. it is probable thai the Income will be received and the amount ol income receivable can ￿ measurod reliably. Income tax recoverab￿ in relation to donations reCeN￿ undw Grft or deeds of covenant i8 recognised at the time of the donation. Income lax recover*Ae In relation lo investment in￿rne is recognised al the time the investment income is receivable. Pag& 9 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 AUGUST 2020 Accounllng pallcleg {continued) 2.3 Expgndlturn Expenditure is re￿gnised once there is a legal or conslruclive obligation lo Iransler economic b8nelll lo a third paty, il is probable that a transfer of economic benefits will be requlred in settlement and the amount of the obligation Can be measurèd reliably. Expenditure is accounted for on an accru￿5 basis and has been included under eX￿n$£ eaiegories that aggregate ￿1 costs for allocation to activilies. Expenditure on charitable activilles is incurred on direcdy und8rtaklng the activities which luthr the chariils objectives, as well as any assoualed support costs. Grants payaue are charged in the ygar when the offer Is made except in those cases where the offer is conditional, such grants being recognised as expendilure when the con(lilions attachin9 are fulfilled. Grants offered subleci its conditions which have not Ixen mel al the year end are noted as a commitment, but not accrued as expendittlre. Recital scheme expenditure is payable at the discretion ol the Trustees. The scheme curronl involves a lixed pertormance fee per concert payable lo the young musicians chosen to participal8 on the scheme. The number ¢1 concèrts that the participant may acc9Pt Sn any year Is fixed from time lo time by the Irustees. All experKlilurg is inclusive of Irrecoverable VAT. 14 Int•re8t recelvable Inlere51 on funds hèkl on deFQSit is included when receNable a￿1 tha amount can bo measured reliably by the charity- this ig normally upon nolilicalion ol the interest paid or payable by Ihe Inslllullon with whom tha funds arè dèposited. 2.5 Inveslmenls Fixed asset inveslments are a form ol financial instruweni arld are initially recognised al their transaction cost and subsequently measured at lair value al the Balance sheet dale, unless the value ¢annol be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Slalemenl ol financial activities. 2.6 Debtors Trade and other debtors are recconised at the selliemeni amount after any trade dlscounl offered. Prepayments are valued al the amount prepad nel of any trade discounts due. Z7 CH$h at bank and in h•nd Cash at bank and In hancl includes cash and short.lem hlghly liquid investments with a short maturity ol three months or less from the dale ol a¢quisilion or opening ol the deposit or similar account. Page10 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 AUGUST 2020 Accountlng pollcle5 {contlnued) 2.8 Llabllltlfjs and provlslons Liabilities are recognised when therg is an obligation al the Balance sheet dale as a result ol a past event, il is probable that a Iransler of economic benefit will be required in setuemenl. and the amount of the settlement can be es￿rnated reliaL4y. Liabllilies are recognised al the amount that the charity anlicipal&s r( will pay lo settle the debt or the amount it has receiv&J as ac1van￿1 paymeffls for Ihe gc4)ds or seNces it must provide. Provisions are measured al thè best estimate ol the amounts required lo Settle the otjigaiion. Where the effect ot the timo value of money bs material, Ihe provlsion is based on the present value ol those amounts, discounted at the pre-lax discount raie Ihal rellecls the risks specitic to the liability. Tho unwinding ol the discount is recoonised in the Slatemenl ol finaneial activities as a finance 008t. 19 Flnanclal Instruments The charity only has financial assets and linanclal liabilities ol a knnd that qU￿lty as basic financlal inslrumenls. Basic financia] inslwments are initiajly recognised al transaction y￿Ue and subsequenily moasured al IheiT settlement value wlh Ihe exception ol bank loans which are subsequently measured al amortised cgsl using the ellective interest method. 2.10 Pen$lon8 The charity conlribules lo defln8d contrtbution pension schemes In respect to rts two empby86s and the pension charge represerfts the amounts payablè by the charity lo those funds in respect of the 2.11 Fund accournlng General funds are unreslricled funds whlch are available lor use al the disCret￿n ol the Tnjslees in lurtherance of the general oblectives of the charity and whlch have not been desKJnaled for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Page11 THE couMfESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Income from donationg and1ggacle8 Unrestrfded funds 2020 Total funds 2020 Tolai lunds 2019 Donatlons Reciial scheme tees Other donations and simllar income Gth aKI 6,665 8.356 6,665 8,356 8,517 4,039 Total 2020 15.021 15.021 35.561 Total 2019 35,561 35,561 Inve8tment Incom• Unrnslrlcted funds 2020 Total lund$ 2020 Tol81 lunds 2019 Dividends received from UK listed investments Initsresl received from UK listed investments 63,204 47,247 63,204 47,247 53.651 47,910 Total 2020 110,451 110,451 101,561 Tola12019 101,561 101.561 Page12 TrIE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Amlysis of grants Granis to Grants to lnstltullons Individu819 2020 2020 Total fund$ 2020 Total lunds 2019 Grants to institulK)ns Advanced musical education grants Stephen Oliver Award 2.500 7,500 238,800 213,500 5,OCN) 213,500 5,000 Tot812020 2,500 218,500 221,000 246.300 rofa12019 7,500 238.800 246,900 Page 13 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysis ol expendltura by actlvltles Activltle$ undert•ken dlreclly 2020 Grant fundlng ol a¢llvllle$ 2020 Support costs 2020 Total fund$ 2020 Tolal lunds 2019 Advanced musical education Advanced MUS￿￿ educatlon grants Stephen Oliver Award 45,516 2,500 52,442 100,458 124,059 213.500 5,000 213,500 238.800 Total 2020 45,516 221,000 52,442 318.958 362,858 rolal 2019 62,844 246,300 53,715 362,859 Analyil8 of dlr•ct coats Total funds 2020 Total lunds 2019 a¢tlvllies 2020 Recital scheme Audition expenses 42.515 3,001 42,515 3,001 51,428 11.416 Total 2020 45,516 45,516 62.844 Total 2019 62.844 62,844 Page 14 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analy818 of expendlture by actlvlt188 {contlnuèdl Anatysl$ of support Costs Total lund$ 2020 Total lunds 2019 actlvlllès 2020 Staff cosis General expens6s Off ice costs CommunlcatSons Computèr Costs Postage Rent Insurance 42.728 1.059 1,670 633 2,074 221 42,728 1.059 1,670 40, 725 3,757 633 2,074 221 2,006 202 500 249 397 30 1,800 78 190 813 249 397 Travel Stall training Accountancy Legal and professlonal Bank charges Trustees, expenses reimbursed 7,494 1,800 78 1,740 222 1,626 813 Tolal 2020 52,442 52.442 53,715 Tolal 2019 53.715 53,715 Indopondgnt examlnees rèmul￿alIon 2020 2019 Fees payable lo the charity's irKie￿ndanI examiner loi the irthpgndent examination ol thg charit*$ annual accourrts 1,800 1.740 Page15 THE couNfESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Staff ¢*)8ts 2020 2079 Wages arKI salaries Social security costs Contribulion lo Oetined contribution ponsion schemes 41,129 39,565 1,365 1,151 42,728 40,724 The average number ol persons emph)y&J by the eharity during the year was as follows: 2020 No. 2019 No. A(Iministrab'on No employee r￿lY￿￿ remuneration amounti￿ to more than £60,000 in oithgr year. Truste88' remuneratSon ond oxpen Durlng the year. no Trustees received any remuneration or other benef[￿ (2019- £NILJ- During the y8ar ended 31 August 2020, expenses lotalling £813 were roimbursed or pa￿ directty lo 5 Trustees (2019 - £1.626 10 5 Trustees). The expenses related lo auditions, composers. inlemews and meetings. Page 16 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 10. Flxed asset Invgstment8 Llsted Investments Cost or valuatlon At I September 2019 Additions Disposals Revaluations 8,692.486 212,913 1379,496) 189,757) At 31 August 2020 8,436,146 Not book valuo Al 31 August 2020 8.436.146 Al 31 August2019 8.692,486 Materlal Inve8tmenls Investments whlch represent more than 5% 01 the portfollo of listed inv6stsnents at valualion are as follows.. 38.94QA Verilas Global Focus Fund - Slerfing D Class Shares 29.15°/o Aviva Multi Strategy Target Return Fund My Hedge 12.18°/o L&G UK IrKlex Trust 7.49% L&G Sterling Corporate Bond Index Fund 7.17% L&G Emerging Markels Government (Local Currency) Indox Fund 5.06% LGIM Siedlng IKiuidity fu￿ class 4 Page 17 THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 11, Debtor• 2020 2019 Due after more than on• year Musi¢al instrument loans 97,027 90,949 97,027 90.949 Due wllhln one year Musical instrument loans 21.284 20.749 118.311 111,698 12. Crnditors: Amountg falllng due wFthln ong year 2020 2019 Other laxalion and social security Pension fund Accruals and deferred Income Grants accrued- Ind￿idual 51 1,740 213.381 41 1.740 239, 180 215,661 241.441 13. Flnanclal Instrument¥ 2020 2019 Financial Financi￿ assets measured at amortised cost 226,250 249.929 2020 2019 Financial Ilabllftles Financid liabilities measured at amortised cost 1215,121) (240.920) Financial assets measured at amortised cost compdse cash al bank and in hand and debtors. Finanual liabililies measured ai amorti5ed cost comprise accruds. Page 18 ## **THE COUNTESS OF MUNSTER MUSICAL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDED 31 AUGUST 2020** ## **14. Statement of funds** ## **Statement of funds - current year** ||**Balance at 1**||||**Balance at**| |---|---|---|---|---|---| ||**September**|||**Gains/**|**31 August**| ||**2019**|**Income**|**Expenditure**|**(Losses)**|**2020**| ||£|£|£|£|£| |**Unrestricted funds**|||||| |General Funds|**8,700,974**|**125,472**|**(318,958)**|**(60,753)**|**8,446,735**| |**Statement of funds - prior year**|**Statement of funds - prior year**||||| ||_Balance at_||||_Balance at_| ||_1 September_
_2018_|_Income_|_Expenditure_|_Gains;_
_(Losses)_|_31 August_
_2019_| ||£|£|£|£|£| |**Unrestricted funds**|||||| |General Funds|_8,395,205_|_137,121_|_(362,858)_|_531,506_|_8,700,974_| Page 19 THE COUNTESS OF MUNSTEFI MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 15. Analys1$ of net a$$el$ ￿een funds Analys1$ of n8t a#sèt8 between funds- current porlod Unrestrl¢ted fund$ 2020 Total tunds 2020 Fixed asset investments Debtors ¢Jue after more than one year Current assols Creditors due within one year 8.436.146 436.146 97,027 97,027 129,223 129,223 1215,6611 (215,661) Total 8,446,735 8,446,735 Analy819 ot ng1 a98et8 between funds- prlor ￿riod Unrestrlctea funds 2019 Toial lunds 2019 Fixed asset inveslmenls Debiors due aller more than one year Current assets Creditors due within one year 8,692,486 90,949 158,980 1241.4411 8,692.486 90,949 158,980 (241,44Y) Total 8,700,974 8,700,974 16. Penslon commiiments The charity conlribules lo defined eontribulion pension sch8rnes in respect to ils two employees. The assets ol the schemes are held separately from Ihose ol the charlty in independenily administered funds. The pension cost charge represents contributions paYa￿e by the charty lo the funds arKI amounted lo £1,36512019 - £1.1511. The amount of £51 12019 £411 was payable to th¢ funds at Ihe balance sheet dale and Is included in craditors. Page 20