Charlty numbor. 1031783 THE COUNTESS OF MUNSTER MUSICAL TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
THE CoulESs OF MUNSTER MUSICAL TRUST Page Relerenco and adminlstratfve d&tall$ of the charlty, It8 Tru¥lee¥ •nd advlsern Trustees, report Indopendent examlnor's roport Statemenl of flnanclal aetlvltles Balanc8 sheet Notes lo tho flnanclal 8l•t•mènl• 9-21
THE couMfESS OF MUNSTER MUSICAL TRUST REFERENCE AND ADMINISTRATIVE DAlL5 OF THE CHARTff. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGusf 2021 Tw$teos Mr Chartes Alexander. BA (Oxonl, Chwrman Sir Richard Armslronq. KBE, CBE Miss Emily Beynon. FRAM Professor George Caird. MAICanlab), FRAM. FRCM, FRNCM. HonFRBC. HonFLCM. FRSA Dam8 Imogon Coop&r, DBE, CBE, HonDMuslExonl. Fk)nRAM Dame Anne Evans, DBE, HonDMus IKenl}. FFIWCMD Mr John Fraser, BMuslHonsl. ARCM Professor Jonathan Freeman-Al¢worKJ. GBE, Bmus, MPhil. HonRAM. FKC. FRNCM, FRCM Mr Floger Gray. MA (Oxonl, AM (Harvard). Dry)Mus Ms Elaine Padmore. OBE. MA. Bmus, LTCL, HonDMus (B'haml, HonFTC HonARAM. HonFRBC Dame Janel Ritterman. DBE. BMIJS, Mmus. Dmus. PhD, Cl DSCM. HonRAM Mr Alasdair Tail. FRNCM Mlss Louise Wllliams, HonARAM Chorfty reg18tered numb•r 1031783 Princlpal oftl Wormley Hill, Goddmlro. Surrey. GU8 5SG Secrnlary Mrs Deborah Bacon. MA (Oxonl Accountants GMBC LLP, Marlne House, 151 We51ern Fload, HayHards Heath. West Sussex. RH16 3LH Banker8 CAF Bank Ltd, 25 lfjngs Hill Avenue, lfjngs Hill, West Malling. Kent. ME19 4JQ Inv8stmgnl rn8naggr8 AvNa Investor$ Legal & Generai (Unil Trust Managers) Limiled Morgan Stanley & Co International PLC Verilas Asset Management LLP Page 1
THE COUNTESS OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUS[ 2021 The Trustees present their annu rewrt t¢yJether wirh the finala1 statements of The Countess of Munsler Musical Trust lor the year 1 Seplembef 2020 to 31 August 2021. Obleetlves and a¢tlvltle8 Poll¢1 and oblecllvès Thè objective ol thé Trust is the a¢kneemenl of education In all branches of music including the provision of educational grants to as818t with thè funding ol $19raduate music studies. Assistance Ss also given with muslcal in81rument purchases by m8an3 of inlerest.free kwis and th8 Trust prov*J8s concert sponsorshlp through 118 Recital Scheme. In solling objectives and planning lor actNities. the Trustees have gNen due consideration to general guidancè published by the Charity Commission relating lo public benefit, induding the guidance 'Public benefit.. running a ¢harity IP821'. b. A¢tlvltle• und•rtak•n to a¢hhve obl•ctlv•• The Trust's achlevemenis arKI Ferfofmance are part of an annual cycle ol events.. recglpl ol onllne appllcations, conslderalion and selection ol appInts lor aUd¢ln. auditioning and then granting of awards or Inslrumant wr¢hase loans. This 18 followed by seledion ol young artists for the Recilal Scheme and the preparatlon and communication ol an onllne Recital Scheme Brochure aThJ the adminislraiion of th8 Scheme. Students seeklng lo renow their awards lor a second year are requlred lo smtt fresh appllcalons and musl re- audition betore renew ol their grant can be aFproved. They are required 10 show evkJen¢e of sallslactory progress since the first award wa$ mado. The Trusiees meet In the autumn io dlscuss ILrture rM)IW arKI ¢onsld8r any Improvements whlch might enhance the Trust's performance a¢hiovements. The Slephen Oliver Award is made biennidly. The adjudication of the 2021 award look pla¢8 during the year lo August 2021 tr# the funds wll be paid in the course ol the year to 31st August 2022. Adjudicatlon of the n&xl award wlll be In 2023. The investment p)rtfdio and ils manment provide the key source of lunds necessary to carry on the Trust'8 activities. The Trust s0 receNes a number of donations. Pag6 2
THE CoulEss OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Achlevements and perfonnance a. Aevlew ol a1vIlIeS In 2020121 the Trustees continued lo award sums to facilitate advanced sludy for apPIan18 who. in their view, were expected to make the most signilicani coniribulions in Iheir musicl careers. In consequence, 74 awards 12020.. 721 for advanced trwniro in musical educabon were made althwgh payment ol one ol these awards will be deferred lo Ihe year endi 31 August 2022 and on& of these awards was subsequently surrendered by the bèneliciary.. the total amount commrtted after award surrerer$ arKI alterations was £219.000. ol which £3,000 is daferred12020.. t213,5001. On account ol coronavirus restrictions. it was not P055ible lo hokl lfjve auditions In the year lo 31 August 2021. but live auditions 1[ hekj in 2022, uicumstarKes sxrmittl'ng. The Trust's AeGilal Scheme. 1hroh wttjch sorne of Trusl's OLrtstarKling b8n8liciarfes are ofler8d sponsorship tor con¢$rts and recrtals nalionwd8. wniinued lo to badly affected by ¢oronaviru5 restrictions in the year lo 31st August 2021 wth the majority ol concens beknn Sgpiember 2020 and August 2021 being ancelled or poslponed. The Truslees continued wrth the policy adopled in the previous year to Tnake a relalner payment to Ihe musicians lor whom con¢erts were cancèlled to provKl8 them with financial support whilst awailing r8sGheduling. The Trust suNY)rted 32 concens Ihai look ace between Sgplember 2020 and August 2021 and provided the musieians with rel&ner paents in resFd ol a further 45 concerts, the majority ol which il hoped will bg rolisled lor 2021 or 2022. Tol& operating expenses in ihe year lo August 21J21 amounted io £43,08012020.' £42,515) arKI operating inrne to £3,03012020.' £6.6651. The adjudication ol Ihe 2021 Stephen CXNor Award of £S.000 look place in ALfvgusI 2021. Tho lund8 wll b8 pakl out lo Ihg comper Tom FI0j in the year 10 31 sl AaUS1 2. Adju(thcation ol the next award will lake place in 2023. During the yèar. Ihe Trustees agreed lo continue ihe support lor the collatoralive projgct eslabllshed wlih the London Schools Symphony Orchestra. provKllng fuThJing lor a number ol young muslanS attèndlng the LSSO courses and lour. On account ol the pandem. most ol the coaching and pertornance had lo lake place online and no tour was possibla but lunds rea commitied arg boing used to prwde further scholarship3 in 2021 and 2022 as aclivrties recommence. The Trustees also agreed lo contj'nue lo support the collaborative project th the charty Trust Music arKI the Bolton Music Sgfvbce to provide a funded programmo ol muslc luilion, ensemble work and music ac¢redilation to select&J h0o1 chiklren in the Bolton area lo help break down barriers lo participation. In addition. the Trust continues lo contribute lo a bursary fund al Klng Edward's School Wiilgy (wher8 the Trust olfice5 are localedl to onaue stLhYents would otherwise not be al8 to afford indivKluai MUS educalion lo ¢ontinue their musical studies. After investment revaluats'ons and investmont asset disFy)sals to lund award8 and expen59s. nel movement In funds on the Sialement ol Financial Actmlies was £629,39712020.' £.254,¥J91. At thg erKI ol the year, thè lotd sum oulslandiro on tha instwmenl loans was £1.414(2020: £118,311). The lolal unrestricted lund5 as at 31sl AJJgust 2021 were £9,076.13312020'. £8.446.7361 and reslricled funds wgr¢ £nll12020". £nill. b. Investment pollcy and p•rforniance In the year to 31st August 2021. Veritas Asset Management LLP. Ava Investors arKI Legal & General Investment Managernenl continued lo ad as investment managers lo Ihe Trust. Tha Trustees consider the overdl rforManCe of Ihe investmenl wrtfolio in recent years lo have bgen satisfactory. They review the wrtfolio dlocalion arKI consult wlh ihe Inves[me manaoers on a regular basis. Most of the Trust's assets are invest&J wa n£tl investment companies. Page 3
THE COUNTESS OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED 31 AUGU 2021 Flnanclal revlow a. Golng concern After making appropriate ¢nquiries. the Trustees have a asOnable expectation that the Trust has adequate resources lo contsnue in OFerational existence for the foreseeable future. For this reason. they continue lo adopt the going concem basis in preparing the linancid slalemenls. Furth81 details rggarding the adop15on of the going concern basis can be louTrJ in the aecounbng FK)licies. b. R•swve8 poII¢y The Trusloes $8ek as much as p)sstJle to Mntn the real of Ihg Trusfs QVgT tho long-lerm, but may pay awards in excess of the cumulative real grovrth ol the Trust's assets il nocossary lot supportlng muslclans al a level commensuraie wrth the dedicatson ol resources lo candidate selectlon and adminlstraiion. Structure, govomanca and managwmnt . Con8tltulSon The Countess ol Munst6r Muslcal Twsl Is a reglsier8d charfty, number 1031783. The Trust was 8Stabllshed by a Trust Deed dated 1 st Decembèr 1958 and further deeds daied 19th September 1960, 29th March 1961 and 17th February 1994 through which funds were settlad upon it by Hllary. Countess ol Munster. The Trust darivgs it6 Income from thes6 invested funds and from bank inte31. b. Methods al Appalntment or eloctlon of Trusta•• Th8 management ol the chanty is the reswnslx'lty ol the Trustee5 who are elected and co-opted und6r tha term3 of the Trust deed. ¢. Orgonl•otlon•l structure And de¢l8lon-m•klng pollclepj The Board ot Trustees mèt 10 times during the yaar in pursLpnce of the Trust's objeclNes. Meetings throughout the peritxf 1st September 2020 and 31 sl August 2021 were hehj virtually via Zoom on account ol coronavirus reslrlthlons. The constlrutlon ol the TTLlSt currently prowdes tor a minimum ol Ihreg and a maxlmum ol Illteen Trustees. New Trustees are selected according io ihe skills. knowledge aThJ experlence requlred by the Board. Reoruilmenl is usually made on the basis of personal recommendation and the recruilmenl arrarvJemenls from 2019 involve a Nominations Committee. TrtLStees are invited lo disixss the requirèments for a new Trusteo a$ set oul by the Nominations Commilte9 and lo suggest potential candKlales. The Chairman or a nominated Trustee holds initial meeliTh3s wlh one or more CaridateS and then reports back to the Trustees before a final appolnlmenl is made. In the case ol aFwintmenls after 5th Septemter 2019. appoinlments are subject lo a Ilxed term ol four years Mlh the possibility ot -aprlntMenI for a further term. The i1Cli0n process ol any new Trustee Gomprlses a full IntrtxlucliDn to the ba¢kground and current a1VIlle5 pf the Trust. and to Ihelr responsibili1S as a TNslee. The Trustees in ottice during the riod are shown on page 1. Page 4
THE COUNTESS OF MUNSTER MUSICAL TRUST TRUSTEES. REPORT {coMnNUED} FOR THE YEAR ENDED 31 AUGUST 2021 Structure* govemance and manogement {contlnued) d. Flnanclal rlsk management Thg Trustaeg have assessed the maior risks lo vthi¢h ihe Trust is exposed. in particular those related lo the OpèralnS and finances ot the Trust, a1 are satisfied that sy3lems and procedures are in place lo mitigate gxpo$ur¥ lo the major risks. The subrfommittee ol Trustees who oversee the Or0ng managemem of th8 Tru51's investments corresponded as necessary and reported periodiclY lo the lull Board ol Trust¢gS. Plans lor luture perlods Th8 Truslees in18nd to Continue to prde educallonal grants and assist music students, thereby meellng the Trust's objectiV8S. Stat•m•nt of Tru•t•o0' re•ponslbllltl•s The Trustees are responslblo lor preparirvJ the Trustees. report arwj the lInarla1 statements In accordanc8 wllh applicable law and Untted Klng&)m A¢¢ountir¥J Standards (United Kingdom Gènerally Ac¢¢pted Accounting Praeti¢el. The law applicable lo charities in EThJlaThJ & w9S requlres the Tnjstees lo prepare Ilnanclal slatem8nls lor each financlal y8ar which give a true and lair wew of th8 State of affatrs of Ihg chartty and ol 118 Incomlng resour¢es and application ol resources, induding ils incomo and 8xpondittJre, lor that period. In prepar¢ng these Ilnancial statements, th8 Trustees are required io: select suiiable attounlirvJ policies and then aFWy them eonsislenlly.. obsetve the methods and prindrAes ol the Charth'es SORP IFRS 1021., make judgments and ac¢ounling estimales that are reasonable and prudent; slate whather applicable UK Accounting Standards IFRS 102} have teen followed. subject lo any material departures disclosed and explw'ned in tho finaal statements; prepare the financial slat8m8nls on th8 goiNJ eoncém basis unlgs$ it 1$ inappropria19 to prgsum9 that tho harily wll conlinug in bJsines8. The Truslees are responSie tor keepng adequate accounting records Ihal are sulft'aenl to show and explain the charitvs IransactK)ns arKI disdose wth reaSone accuracy at any time the linancral position ol the charity and enable them lo ensure that the financial statements comply wilh the Charities Act 2011, the Charity (Accounts and ReF(Jrtsl Regulations 2008 and the prowsions of the Trust deed. They are also responsible lor safeguarding the assets ol ihe charity arbJ her)ce for tsikir¥J ieasonable steps lor the prevention and deieclion of fraud and oiher irregularities. Approved by ordef of the members of the board of Trustees on behalf by.. ltrlk 14pil and Sigrd on their Mr Chartog Al8xand•r Chairman Page 5
THE COUNTESS OF MUNSTER MUSICAL TRUST INDEPENDEFif EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Independenl 8xamlner'$ report to the TTu8tees ol The Counless of Munster Mu$lcal Trust I'the charity,) I report to the charity Truste6s on my 8xamlnallon of Ihe attounts ol Ihe chanty lor the year ended 31 August 2021. Re8ponslbilllles and basls of report As the Truslges of the charity you are responsible lor the preparation of tho accoun15 In accordance wlth th8 requirements ol the Chariltes Act 2011 Ilhe 2011 Acl'l. I report in respect ol my examination ol the chanvs accounts caffied out uThJer sectlon 145 of Ihe 2011 Act and in carrying out my examination I have followed the appllcable DIreionS given by the Charty Comrnission und&r Seelion 14515llbl ol the 2011 Act. Ind•p?ndent examlnerfs slatement Your attention Is drawn ro the lath Ihat the chartty has prepared the accounts in accordance wllh Accounting and Rewrting by Charilies.. Staiomeni of RecommeThJed Practice applica• lo charities preparing their aecounls in accordance with Ihe Financial R9Wrtina Standard aWicable in the UK arKI Republi¢ ol Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slatomenl ol Recommonded Practice issued on 1 April 2005 whkh Is rglerred lo In the exlanl regulations bLrt has b8en withdrawn. l understand that this has ten dono in order lor Ihe accounts lo provKle a true and fair view In accordance wth the Ggnerally Accepied Accounting Practice effe1ve for reportirg Lwinning on or after 1 January 2015. I have completed my examination. I conlim that no matters have come lo my attention In connectlon wllh the examination giving m8 Cause lo Wieve that In any matarial respect: ac¢ounting records werè Th)t kept Sn fesp8Ct of Ihe charfty as r4ulred by sethon 130 01 the 2011 Act., or tha accourts do Th)t aceord with thoso records: or the accounts do nol compty wrth the al¢able roquiremenls ts)ncerning the lomi and content ol accounts sel out in the Chanties (Accounts and ReKX)rtsl Regulations 2008 Olher than any requlremenl thai Ihe accounts give a Irue and lalf Mew which is not a matter consKlered as part ol an independent examination. I have no ¢on¢erns and have come acri)ss no other matters in conneciK)n bmth the examlnalion lo which attentlon should t drawn In this rep)rt in order lo enable a Proper understanding ot tho aOunt$ lo be reached. This r9pon Is made solely to the Charrtls Trustees, as a IMly, in accordance with Part 4 of the ¢harltSgs (Accounts and Reports) Regulations 2008. My wort( has been undertaken so that I might stale to the chariltys Trustees those matters l arn requirgj lo slatg 10 them in an Indendent examinerfs report and lor no othor purpose. To the lullesl extent permitted by law, I do not accept 01 assumo rosp)nslblllty to anyone other than the charity arKI the charitys Trustees as a iKKty, lor my work or for this report. Signed.. Tlna Pearce Daied. 20-WL 2021 GMBC LLP Chartered Tax Athsers arKI Accountants Maiine House 151 Western Road Haywards Heath West Su55¢X RH163LH Page 6
THE COuTrESS OF MUNSTER MUSICAL TRUST STATEMEKf OF FINANCIAL ACTIVlEs FOR THE YEAR ENDED 31 AUGUST 2021 Unrnstrl¢tod funds 2021 Total funds 2021 Total lunds 2020 Not• Income Irorn: Donations and legacles Investmen18 12,517 85,963 12,517 85,963 15,021 110,451 Total Incomo 98,480 98,480 125,472 Exp8ndltur9 on: Charitable aciivilles 343.217 343.217 318.958 Total expgndlture 343,217 343.217 318,958 Noi OKndItUre before net gaInlI0#) on Inve8tmenl• Nel galnsll10$59s1 on Investments {244,73T) 874.134 {244,737} 874,134 (193,486) (80,753) Not movement In fundg 629,397 629,397 (254,239) Reconclllatlon ol funds: Total funds brought forward Net movement in funds 446,n6 629,397 8.446.736 629,397 8. 700.975 (254,239) Total fund8 carrled forward 9.076.133 9,076,133 8,446,736 The Sla18ment ol financial aCt[lieS incl$ all Qn$ arKI losses recc*Jnised in the year. The note5 on pages 9 10 21 lorm part of tw linawal statements. Page 7
THE COUNTESS OF MUNSTER MUSICAL TRUST BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Noto Flxed a$$ets Investments 10 9.107,270 8.436, 146 9,107270 8.436. 146 Current assets Debtors Cash al bank arKI in hand 11 100.924 93,596 118.311 107,939 194,$20 226.250 Ciedilors: amounts lallina due within one year 12 {225,657) (215,660) Noi current Ilabllltles l assets 131,1371 10,590 Total assets1gs8 current Ilabllltles 9.076,133 8,446. 736 Total not a8s•t• 9,076,133 8.446, 736 Charfty fund* Reslrfcied funds Unreslri¢ted funds 14 14 9,076,133 8,446. 736 Total funds 9.076,133 8,446, 736 The Ilnancial Slalernenls w8r8 approv&1 arKI authorised for issue by iho Trustees on slgned on their behalf by.. IAK Ppil D71 and Mr Charles Alexander Chairman The notes on pages 9 to 21 lorm part of Ihesa finarKial statements. Page 8
THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 General Inforniallon The Countess of ML¢nslef music Tnjst is a regisleied eharity in England and Wales. Tha registered charity number Is 1031783. Accounllng pollcles 2.1 Basls ol preparniion of Ilnanclal 8latements The linancial 51alements have been prepared in aexordance with the Charities SORP IFRS 1021 Accounting and Reportlng by Charities.. Stalemenl ol Recommend&J Prath'ce applicable to chari118S preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and RepuL4ic ol IreIar IFRS 1021 leffeclNe 1 January 20191, the FSnanclal Repong Standard applicable in the UK arKI Republic ol IrdarKI IFRS 1021 and the Chanties Act 2011. Coun18ss ol Munsler Musical Trust mèèts tha dgfinition ol a b8n61it entlty undar FRS 102. Assets and liabilities arg inrtially re¢ognised at hi$lori¢al cosl or transaction value unless olhgNAse slated in the relevant accountlna policy. 12 Income All income is recognis&J oncè the charity has entr'llemenl lo the income. il is probablo Ihal the income will bs received and Ihe amount of incorne reeeNable ean be measured reliably. Income lax recoverable in relallon lo donatlons recoived und8T Glft or deeds of covenant Is recognisèd at the limé ol the donalion. Itxomo tax rKovorable In relaon to irNestmenl Inwmo Is recoynisod at the tirne the investment income Is receivable. Page 9
THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 A¢countln9 policies (continued) 2.3 Expendlture Expenditure is rècognised once there is a legal or conslruclive obfigatitin lo Iransler economlc benefit lo a third paty, it is probable that a transfer ol economic tenelils will be requlred in settlement and the amount of the obligation can be measur&J reliably. Exp6nditure is accounted lor on an aTualS basls armj has been included under expense categorie8 that aggreoate ¥1 costs for allocation lo actMti88. Expenditure on Gharilable acb'viti'es is iftcurred on directly undertaklng the a¢iivilies whiGh further the charitys obltiVes. as well as any aSL4t¢4 support Costs. Grants paythe are charged in the year when tha offer is madè èxcept in those cases where thg oller is condibonal, such grants being recognised as expenditure when Ihg ¢X)nd'0n5 allaching are fulfilled. Grants offered subject to conditions which ha not been mgt at the year end are nolgd as a commitment. bui not aecwed as expeThJiluTe. Recital scheme expenditure is payable al the olseretlon ol the Trusleos. Tho schorno curronlly involves a fixed performance lee por ¢oncert payable lo the young musicians chosen lo participate on th9 s¢hgme. Thg nLbmter ol concerts that the participant may accept und8T the schomè in any yoar l# fixed from lime lo lime by the Trustees. All expendrturo is IndusNo of irracovorablo VAT. 2.4 Int•r•8t r•c•lv•bl• Interest on funds hekl on deposrt is irdud•J when recewthe and the amount can be measured reliably by the charity., this is nomialty urp)n notification of the interest pwd or payable by the Inslilulion with whom Ihg funds arg dgpositgd. 2.5 Investments Fixed asset investments are a lom ol financial inslrumonl and are initiJly rewgnlsed at Ihelr tranSactn cost and subwuentty measured al fair value at the Balance she81 dale. unless th8 value cannot be measured reliabty in whth case il is measured al cost less impairnenl. Investmonl oalns and losse5, whether reallsed or unreallsed, are comblned prgsgntod a$ 'GalnsllLossesl on inveslmenis, in ihe Statement ol financi& actiwlies. 2.6 Debtors Trade and other debtors are rec(YJnised al the setuement amwnt after any trade discount offered. Prepayments are valve(l at the amount pryd n¢t of any trade ¢Ji3courrt5 due. 2.7 Cash at bank and In hand Cash at bank aThJ in hand Incl cash arbJ short-lenn highlylsquid investments with a short rnalurily of three months or less from date of aulSItion or opening ol the deposit or similar account. Page10
THE couMfESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 countlng pollcle3 (contlnued) 2.8 Ll•bilitles and pro¥l¥lons Llabilili8s are rec(YJnised when thera 1$ an obllgalion al the Balance sheet date as a result ol a past event, il is wobable that a transfer of On0 ben8fil 11 be required in selllemeni, and ihe amount ol the settlement can bg estimaigd le[Ly. abilities are recogni58d at the amounl thai the charity antiupales il will pay to s8tt18 th8 dobl or the amount il has recetved as advanced payments for lh9 goods or $gNk•s r( musl Provide. Provisions are MeaSltr at the besi estimale ol the amounts required to settle ihe ¢)bllgalion. Where the ellect of the lime vajue ol money is material, the provision is based on the present value of those amounts, discounted at the pie-lax discount rale that reflects the risks specific lo the liability. Tho unwinding of the di8counl is reecJnised in lh9 Stal¢ment ol finawal aclmlth as a ftnance cost. 2.9 Flnanclal Instrumènts The charity only h85 finandal assets and financial liabililBs ol a nd that quality as baslc linanclal instruments. Basic linaneial inslruments are inillally recognlsed al transaction V8 and subsequently measured al Iheir settlement value vffih the excgplbon ol bank loans Ithich are subsequently measured al amortIs cost uwng the •ffective interest method. 2.10 Penslona The chartty conlribut8S to delln8d contribution pension schemes in respect to ils two eMQYO8S and th¢ pension charo8 repres¢nts the amounts Payab by the ¢harity to those funds in rsspect ol th$ year. 2.11 Fund accountlng General furKls are unr8Stricted lunds which ara availablo for u$9 al th8 discretion ol the Trustees in lurtheranco of the general o'ectives ol the chanty a1 vthich have not b8en dosianatgd lor other purposes. Investment irtome. galns arKI thses are loCatl lo the approwaie fund. Page11
THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Income from donatlons and legacks Unreslrlctgd lunds 2021 Total lurtds 2021 Total lunds 2020 Donatlo Recital scheme lees Other ¢*snalions and slmllar income 3,030 9,487 3,030 9,487 6,665 8,356 Total 2021 12.517 12,517 15,021 Total 2020 15,021 15,021 Investment Ineomo Unr••trlcted funds 21)21 Total funds 2021 Tolal nds 2020 DIvKlends reeeNed Irom UK listed investments Interest received from UK listed inv8slments 41,339 44.624 41.339 44,624 63,2Q4 47.247 Totsi 2021 85,963 8S.963 110,451 Toral 2020 110,451 110,451 Page 12
THE cOUESs OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysls ol grants Grants to Granls lo Instltutions Indlvlduals 2021 2021 Total fund8 2021 Total funds 2020 Grants lo instiiufions Aoknced musical education grants Stephen C4¢veT Award 15.000 15.000 219,000 2.500 213,500 5.000 219.000 Total 2021 15,000 219,000 234.000 221,000 Total 2020 218,500 221.000 Page 13
THE coUrESs OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysls of èxpendlture by a¢tfvllle8 Actlvltle$ undertaken dlre¢tty 2021 rant fundlng of •ctlvltles 2021 Support co$t$ 2021 Total lundg 2021 Total lunds 2020 anced musicai •Jucalion Advanced musicd education grants Stephen Oler Award 45,4 15,000 63,737 124,217 100.458 219,000 219.000 213,500 Total 2021 45,480 234.1100 63.737 343,217 318,958 Total 2020 45,516 221.000 52,442 318,958 Analy818 of dlrect costs Total funds 2021 Total lunds 2020 aetlvltles 2021 Recilai scheme Audition expenses 43,080 2,400 43,080 2,400 42.515 3,001 Total 2021 45,480 45,480 45,516 Tola12020 45.516 45,516 Page 14
ThE couirfESS OF MUNSTER MUSICAL TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 AnalyJi3 of expenditure by acllvltle5 (conllnued) Analys18 of Support cost$ Total funds 2021 rotal funds 2020 aetlvltles 2021 Staff ¢05ts General expenses Office Costs Communications Computer costs Poslaoe Rent Insurance Travel Staff trning Accountancy Legal and professlonal Bank charges Trusteès. oxp8nw rglmbur88d 42.489 42,489 52 1,273 1,234 1,638 203 42, 728 1,059 1,670 633 2,074 221 500 249 397 30 1,800 78 1.273 1,234 1,638 203 257 334 257 1,800 13,758 187 12 1,800 13,758 187 12 190 813 Total 2021 63,737 63,737 52,442 Tota12020 52.442 52,442 Independenl examlner's remunerallon 2021 2020 Fees payable lo the charills indendent examiner for lh8 independent examination ol the charitls annual accounts 1,800 Page 15
THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2021 staff costs 2020 Wage5 arKI salaries Social security costs Contribution lo defined contribjlbn peIDn schemes 41.623 41,624 234 870 866 42,489 42, 728 The average number ol persons emkty by thg charity durlng th8 year was as follows.. 2021 No. 2020 No. Admlnlslra1n No employee receNed reMUrraIion amountlThJ lo more than £60,000 In eilh8r year. Tru#t889' remunaratlon and oxpon••• Durfng the year. Twslees rece1 any remunoratton OT other benellts (2020- £NILJ. Durlng the year ended 31 August 2021, expenses totalling £12 were raimbursed or paid diro¢lly lo 1 Truslge (2020 - £813 to S Tte8S). The expenses relatgJ lo audition5, cornposers. interviews and meetings. Page 16
THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. Flxed asset Investments Llsted Invostment9 Cost or valuatlorb At 1 Sèplemter 2020 Additions Dlsposals Revduallons 8,436,146 206.989 1342,681) 806,815 At 31 August 2021 ,107,270 Net book valuo Al 31 August 2021 9,107,270 At 31 August 2020 8,436. 146 M•terlal Inve¥tmeTht8 Invoslmenis whth represent more than 5% of Ihe rM)rttollo of listed Investments ai valuation are as follows.. 39.4% Verilas Glcl)al Focus FuTrJ- Slediro D Clas$ Shares 27.ovo Aviva Multi Strategy Target Reium Fund My Heth3e 14,6% L&G UK Index Trust 7.P/o L&G Emerging Markets Govemmenl BorMI Currency) Irthx Fund 6.6•k L&G Slerling Corwralo Bond Ind8x Furbj Page17
THE couKfESS OF MUNSTER MUSICAL TRUST NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 21Y21 11. Debtors 2021 2020 Due after more than one year Musical instrument loans 79.586 97,027 79.586 97,027 Due wllhln one year Musical in¥trumenl loans Prepayments and arUed income 20,828 510 21.284 100,924 118,311 12. Credltors: Amount$ falllng due wllhln one year 2021 2020 Other taxation and sla1 secunty Pension lund Accruals and deferred Income Grants a¢¢rusd - indNiduat 489 51 1. 740 213,380 51 1,740 223,380 225,657 215,660 Page 18
THE cOurESs OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. Flnanclal Instruments 2021 2020 Flnanclal asgets Fixed asset investments measuied ai lair value through irwme ¢xpendilure Flnancial assets measu1 at amortlged cost 9,107,270 194,010 8,436. 146 226,250 9,301.280 8,662,396 2021 2020 Fln•ncl81 Il•bllhles Flnancial liabilities measured at amortised cost (225,120) (275,120) Fixed as881 investments are a form of flnan¢ial Inslrumgnl and are inilialty recognSsed al their transactlon cost and subsequgnlly measured at lair value al the Balanco sheet date. Fr value Is ba59d UF)on the market value. Investment gains and losses. wh6ihef realisgd or unrealised, are combin9d and presented as 'GaIn{LO8$8$I on Inv88trnents' In the Statement ol finanty actlwt¢$. Financial asso18 measured amortised cost comprise cash bank aThY In haTrJ ano debtors, Flnancial liabilities measured at amorlised cost comprise accwals. Page 19
THE COUNTESS OF MUNSTER MUSICAL TRUST NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Slatement of funds Statement ot lund8- current year Balance at 1 Balanc8 at Galn81 31 August {Losse8) 2021 Ineomo Eyndlture Unrestrlcled funds Generd Funds 8,446.736 1343,21n 874,134 ,076.133 Stalem•nt of fund8- prfor y Balance al I Sepiember 2019 Balance al 31 Augusl Gain (Lossgs) IrLomg &pendrfur8 unr¢8trIed funds Gofterd Fund3 8.700,974 125.472 (318,957) (60,753) 8,446,736 Page 20
THE couKfESS OF MUNSTER MUSICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. An21y818 ol net assets between fund¥ Analysls ol nel a89ets bthieen funds- current year Unrn8trletd funds 2021 Total funds 2021 Fix&J asset investments Debtors due after rnore than one Jar Current asseis Credrtors due withln one year 9,107.270 ,107,270 79,586 79.586 114,934 114.934 {225.6571 (225,6571 Total 9,076,133 9,076,133 Analy•l$ of net a888ts b8lwo8n tund8- prlor >wr Unrestncteo funds 2020 Total lunds 2020 Flxed asset investments Debtors due alter moro than one year Current assets Creditors due within one year 8,436, 146 8.436, 146 97.027 97.027 129,223 129.223 (215,661) {215,661J Total 8,446,735 8.446,735 16. Penslon commltments The chariiy contributes lo delin9d conthbution pension schem88 in respect to ts two eMF0y098. Thg assets of the schemes are held separatdy from those of the charity in indwndently administered funds. The pension cost charge represents conlrilth'ons payable by the charity to the funds and amounted lo £86612020 - £8701. The amount of £51 12020 - £511 was payable lo the funds at Ihe balance shaai dale and is included in ciediiors. Page 21