Charlty numbor. 1031783
THE COUNTESS OF MUNSTER MUSICAL TRUST
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021

THE Coul￿ESs 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 D￿AlL5 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 fina￿la1 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 ￿$19raduate music studies. Assistance Ss also given with muslcal
in81rument purchases by m8an3 of inlerest.free kwis and th8 Trust prov*J8s concert sponsorshlp through 118
Recital Scheme.
In solling objectives and planning lor actNities. the Trustees have gNen due consideration to general guidancè
published by the Charity Commission relating lo public benefit, induding the guidance 'Public benefit.. running a
¢harity IP821'.
b. A¢tlvltle• und•rtak•n to a¢hhve obl•ctlv••
The Trust's achlevemenis arKI Ferfofmance are part of an annual cycle ol events.. recglpl ol onllne appllcations,
conslderalion and selection ol appI￿nts lor aUd¢l￿n. auditioning and then granting of awards or Inslrumant
wr¢hase loans. This 18 followed by seledion ol young artists for the Recilal Scheme and the preparatlon and
communication ol an onllne Recital Scheme Brochure aThJ the adminislraiion of th8 Scheme.
Students seeklng lo renow their awards lor a second year are requlred lo s￿mtt fresh appllcalons and musl re-
audition betore renew￿ ol their grant can be aFproved. They are required 10 show evkJen¢e of sallslactory
progress since the first award wa$ 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 man￿ment 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 Coul￿Ess OF MUNSTER MUSICAL TRUST
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2021
Achlevements and perfonnance
a. Aevlew ol a￿1vIlIeS
In 2020121 the Trustees continued lo award sums to facilitate advanced sludy for apPI￿an18 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 surrer￿er$ 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. 1hro￿h 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 pa￿ents in resF*d 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 in￿rne 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 comp￿er Tom FI0￿j in the year 10 31 sl A￿aUS1 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 mus￿lanS 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 al￿8 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. A￿va 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£t￿l 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 $8ek as much as p)sstJle to M￿nt￿n the real of Ihg Trusfs QVgT tho long-lerm, but
may pay awards in excess of the cumulative real grovrth ol the Trust's assets il nocossary lot supportlng
muslclans al a level commensuraie wrth the dedicatson ol resources lo candidate selectlon and adminlstraiion.
Structure, govomanca and managwmnt
. Con8tltulSon
The Countess ol Munst6r Muslcal Twsl Is a reglsier8d charfty, number 1031783. The Trust was 8Stabllshed by a
Trust Deed dated 1 st Decembèr 1958 and further deeds daied 19th September 1960, 29th March 1961 and 17th
February 1994 through which funds were settlad upon it by Hllary. Countess ol Munster. The Trust darivgs it6
Income from thes6 invested funds and from bank inte￿31.
b. Methods al Appalntment or eloctlon of Trusta••
Th8 management ol the chanty is the reswnslx'lty ol the Trustee5 who are elected and co-opted und6r tha
term3 of the Trust deed.
¢. Orgonl•otlon•l structure And de¢l8lon-m•klng pollclepj
The Board ot Trustees mèt 10 times during the yaar in pursLpnce of the Trust's objeclNes. Meetings throughout
the peritxf 1st September 2020 and 31 sl August 2021 were hehj virtually via Zoom on account ol coronavirus
reslrlthlons. The constlrutlon ol the TTLlSt currently prowdes tor a minimum ol Ihreg and a maxlmum ol Illteen
Trustees. New Trustees are selected according io ihe skills. knowledge aThJ experlence requlred by the Board.
Reoruilmenl is usually made on the basis of personal recommendation and the recruilmenl arrarvJemenls from
2019 involve a Nominations Committee. TrtLStees are invited lo disixss the requirèments for a new Trusteo a$
set oul by the Nominations Commilte9 and lo suggest potential candKlales. The Chairman or a nominated
Trustee holds initial meeliTh3s wlh one or more Car￿idateS 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 ￿-apr￿lntMenI for a further term. The i￿1￿Cli0n process ol any new
Trustee Gomprlses a full IntrtxlucliDn to the ba¢kground and current a￿1VIlle5 pf the Trust. and to Ihelr
responsibili1￿S 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
Opèral￿nS and finances ot the Trust, a￿1 are satisfied that sy3lems and procedures are in place lo mitigate
gxpo$ur¥ lo the major risks.
The subrfommittee ol Trustees who oversee the Or0￿ng managemem of th8 Tru51's investments corresponded
as necessary and reported periodic￿lY lo the lull Board ol Trust¢gS.
Plans lor luture perlods
Th8 Truslees in18nd to Continue to pr￿de educallonal grants and assist music students, thereby meellng the
Trust's objectiV8S.
Stat•m•nt of Tru•t•o0' re•ponslbllltl•s
The Trustees are responslblo lor preparirvJ the Trustees. report arwj the lInar￿la1 statements In accordanc8 wllh
applicable law and Untted Klng&)m A¢¢ountir¥J Standards (United Kingdom Gènerally Ac¢¢pted Accounting
Praeti¢el.
The law applicable lo charities in EThJlaThJ & w￿9S requlres the Tnjstees lo prepare Ilnanclal slatem8nls lor
each financlal y8ar which give a true and lair wew of th8 State of affatrs of Ihg chartty and ol 118 Incomlng
resour¢es and application ol resources, induding ils incomo and 8xpondittJre, lor that period. In prepar¢ng these
Ilnancial statements, th8 Trustees are required io:
select suiiable attounlirvJ policies and then aFWy them eonsislenlly..
obsetve the methods and prindrAes ol the Charth'es SORP IFRS 1021.,
make judgments and ac¢ounling estimales that are reasonable and prudent;
slate whather applicable UK Accounting Standards IFRS 102} have teen followed. subject lo any material
departures disclosed and explw'ned in tho fina￿al statements;
prepare the financial slat8m8nls on th8 goiNJ eoncém basis unlgs$ it 1$ inappropria19 to prgsum9 that tho
harily wll conlinug in bJsines8.
The Truslees are responSi￿e tor keepng adequate accounting records Ihal are sulft'aenl to show and explain
the charitvs IransactK)ns arKI disdose wth reaSon￿e 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 Sigr￿d 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 DIre￿ionS 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 t*en dono in order lor Ihe accounts lo provKle a true and fair view In accordance wth
the Ggnerally Accepied Accounting Practice effe￿1ve 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 a￿l¢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 a￿Ount$ 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 Inde￿ndent 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 COuTr￿ESS OF MUNSTER MUSICAL TRUST
STATEMEKf OF FINANCIAL ACTIV￿lEs
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 OK￿ndItUre before net gaIn￿lI0#￿) 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 Q￿n$ 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 Repo￿ng 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 rela￿on 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 a￿TualS 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 obl￿tiVes. as well as any aS￿L4t¢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
tranSact￿n 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 a￿ulSItion 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[L￿y.
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 $gNk•s r( musl Provide.
Provisions are MeaSltr￿ at the besi estimale ol the amounts required to settle ihe ¢)bllgalion. Where
the ellect of the lime vajue ol money is material, the provision is based on the present value of those
amounts, discounted at the pie-lax discount rale that reflects the risks specific lo the liability. Tho
unwinding of the di8counl is reec*Jnised in lh9 Stal¢ment ol finawal aclmlth as a ftnance cost.
2.9 Flnanclal Instrumènts
The charity only h85 finandal assets and financial liabililBs ol a ￿nd that quality as baslc linanclal
instruments. Basic linaneial inslruments are inillally recognlsed al transaction V￿￿8 and subsequently
measured al Iheir settlement value vffih the excgplbon ol bank loans Ithich are subsequently
measured al amortIs￿ cost uwng the •ffective interest method.
2.10 Penslona
The chartty conlribut8S to delln8d contribution pension schemes in respect to ils two eM￿QYO8S and
th¢ pension charo8 repres¢nts the amounts Payab￿ by the ¢harity to those funds in rsspect ol th$
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 a￿1 vthich have not b8en dosianatgd lor other
purposes.
Investment irtome. galns arKI thses are ￿loCat￿l 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 cOU￿ESs 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 coU￿rESs 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 Ol￿er 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 tr￿ning
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 inde￿ndent 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 pe￿IDn 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.
Admlnlslra1￿n
No employee receNed reMUr￿raIion amountlThJ lo more than £60,000 In eilh8r year.
Tru#t889' remunaratlon and oxpon•••
Durfng the year. Twslees rece￿1 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 T￿￿te8S). 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 a￿rUed income
20,828
510
21.284
100,924
118,311
12. Credltors: Amount$ falllng due wllhln one year
2021
2020
Other taxation and s￿la1 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 cOu￿rESs 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 measu￿1 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. F￿r 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¢8trI￿ed 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
Unrn8trlet*d
funds
2021
Total
funds
2021
Fix&J asset investments
Debtors due after rnore than one J*ar
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 eMF￿0y098. 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