Charity number: 1031783
THE COUNTESS OF MUNSTER MUSICAL TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
THE COUNTESS OF MUNSTER MUSICAL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 21 |
THE COUNTESS OF MUNSTER MUSICAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022
Trustees
Mr Charles Alexander, BA (Oxon), Chairman Sir Richard Armstrong, KBE, CBE (resigned 3 October 2022) James Latham Baillieu (appointed 15 March 2022) Miss Emily Beynon, FRAM Edward Graham Blakeman (appointed 15 March 2022)
Professor George Caird, MA(Cantab), FRAM, FRCM, FRNCM, HonFRBC, HonFLCM, FRSA Dame Imogen Cooper, DBE, CBE, HonDMus(Exon), HonRAM Dame Sarah Patricia Connolly (appointed 15 March 2022) Dame Anne Evans, DBE, HonDMus (Kent), FRWCMD (resigned 3 October 2022) Mr John Fraser, BMus(Hons), ARCM (resigned 11 October 2021)
Professor Jonathan Freeman-Attwood, CBE, BMus, MPhil, HonRAM, FKC, FRNCM, FRCM Mr Roger Gray, MA (Oxon), AM (Harvard), DipMus
Ms Elaine Padmore, OBE, MA, BMus, LTCL, HonDMus (B'ham), HonFTCL, HonARAM, HonFRBC Dame Janet Ritterman, DBE, BMus, MMus, DMus, PhD, FTCL, DSCM, HonRAM (resigned 3 October 2022) Mr Alasdair Tait, FRNCM Miss Louise Williams, HonARAM
Charity registered number
1031783
Principal office
Wormley Hill, Godalming, Surrey, GU8 5SG
Executive Director
Miss Julia Desbruslais MBE, ARAM, HonFRHUL
Accountants
GMBC LLP, 151 Western Road, Haywards Heath, RH16 3LH
Bankers
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Investment managers
Aviva Investors
Legal & General (Unit Trust Managers) Limited
Savills Investment Management (UK) Limited
Veritas Asset Management LLP
Page 1
THE COUNTESS OF MUNSTER MUSICAL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2022
The Trustees present their annual report together with the audited financial statements of The Countess of Munster Musical Trust for the year 1 September 2021 to 31 August 2022.
Objectives and activities
a. Policies and objectives
The objective of the Trust is the advancement of education in all branches of music including the provision of educational grants to assist with the funding of postgraduate music studies. Assistance is also given with musical instrument purchases by means of interest-free loans and the Trust provides concert sponsorship through its Recital Scheme.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Trust’s achievements and performance are part of an annual cycle of events: receipt of online applications, consideration, and selection of applicants for audition, auditioning and then granting of awards or instrument purchase loans. This is followed by selection of young artists for the Recital Scheme and the preparation and communication of an online Recital Scheme Brochure and the administration of the Scheme.
Students seeking to renew their awards for a second year are required to submit fresh applications and must reaudition before renewal of their grant can be approved. They are required to show evidence of satisfactory progress since the first award was made.
The Trustees meet in the autumn to discuss future policy and consider any improvements which might enhance the Trust’s performance and achievements.
The Stephen Oliver Award is made biennially. The adjudication of the 2021 award took place during the year to 31 August 2021 but the funds were paid over in 2 instalments during the course of the year to 31 August 2022. The adjudication of the next award will be in 2023.
The investment portfolio and its management provide the key source of funds necessary to carry on the Trust’s activities. The Trust also receives a number of donations.
Page 2
THE COUNTESS OF MUNSTER MUSICAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Achievements and performance
a. Review of activities
In 2021/22 the Trustees continued to award sums to facilitate advanced study for applicants who, in their view, were expected to make the most significant contributions in their musical careers. In consequence, in 2022, 74 awards (2021: 74) for advanced training in musical education were made although two of these awards were subsequently surrendered by the beneficiaries and an additional two scholarships were made: the total amount committed after award surrenders and alterations was £219,120.
The Trust’s Recital Scheme, through which some of the Trust’s outstanding beneficiaries are offered sponsorship for concerts and recitals nationwide, picked up with energy following the devastating time during the Pandemic. The Trust supported …94.. concerts that took place between September 2021 and August 2022. Total expenditure in the year to August 2022 amounted to £40,390 (2021: £43,080) and income to £9,000 (2021: £3,030).
The 2021 Stephen Oliver Award was paid during the current year to the composer Tom Floyd. Adjudication of the next award will take place in 2023.
During the year, the Trustees agreed to continue the support for the collaborative project established with the London Schools Symphony Orchestra, providing funding for a number of young musicians attending the LSSO courses and tour. The funds, of which £5,000 has already been committed, will be used to provide further scholarships in 2021 and 2022. The Trustees also agreed to continue to support the collaborative project with the charity Trust Music and the Bolton Music Service: An amout of £5,000 provided a funded programme of music tuition, ensemble work and music accreditation to selected school children in the Bolton area to help break down barriers to participation. In addition, the Trust continues to contribute to a bursary fund at King Edward’s School Witley (where the Trust offices were located): The amount of £2,500 was to enable students who would otherwise not be able to afford individual music education to continue their musical studies
After investment revaluations and investment asset disposals to fund awards and expenses, the net movement in funds on the Statement of Financial Activities was a reduction of -£320,167 (2021: increase in funds £629,397).
At the end of the year the total sum outstanding on the instrument loans was £97,098 (2021: £100,414).
The total unrestricted funds as at 31 August 2022 were £8,755,966 (2021: £9,076,133) and restricted funds were £nil (2021: £nil).
b. Investment policy and performance
In the year to 31 August 2022, Veritas Asset Management LLP, Aviva Investors and Legal & General Investment Management continued to act as investment managers to the Trust. During the year the Trustees also set up an investment managed by Savills Investment Management (UK) Limited. The investment fund managed by Morgan Stanley & Co International PLC was drawn to a close in December 2021.
The Trustees consider the overall performance of the investment portfolio in recent years to have been satisfactory. They review the portfolio allocation and consult with the investment managers on a regular basis. Most of the Trust’s assets are invested via open-ended investment companies.
Page 3
THE COUNTESS OF MUNSTER MUSICAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees seek as much as possible to maintain the real value of the Trust's capital over the long-term, but may pay awards in excess of the cumulative real growth of the Trust's assets if necessary for supporting musicians at a level commensurate with the dedication of resources to candidate selection and administration.
Structure, governance and management
a. Constitution
The Countess of Munster Musical Trust is a registered charity, number 1031783. The Trust was established by a Trust Deed dated 1st December 1958 and further deeds dated 19th September 1960, 29th March 1961 and 17th February 1994 through which funds were settled upon it by Hilary, Countess of Munster. The Trust derives its income from these invested funds and from bank interest.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Board of Trustees met 13 times during the year in pursuance of the Trust’s objectives as well as an annual meeting of the Nominations Committee. The constitution of the Trust currently provides for a minimum of three and a maximum of fifteen Trustees. New Trustees are selected according to the skills, knowledge and experience required by the Board. Recruitment is usually made on the basis of personal recommendation and the recruitment arrangements from 2019 involve a Nominations Committee. Trustees are invited to discuss the requirements for a new Trustee as set out by the Nominations Committee and to suggest potential candidates. The Chairman or a nominated Trustee holds initial meetings with one or more candidates and then reports back to the Trustees before a final appointment is made. In the case of appointments after 5th September 2019, appointments are subject to a fixed term of four years with the possibility of re-appointment for a further term. The induction process of any new Trustee comprises a full introduction to the background and current activities of the Trust, and to their responsibilities as a Trustee. The Trustees in office during the period are shown on page 1.
d. Financial risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The sub-committee of Trustees who oversee the ongoing management of the Trust’s investments corresponded as necessary and reported periodically to the full Board of Trustees.
Page 4
THE couKfESS OF MUNSTER MUSICAL TrUST TRusfEES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2022 Structure go¥$rnance and mfin (contlnu•d) •n8 lor future porlod• Th¢ Twslees inleNI to coniiwe to edlon81 grants and assist muslc sludents. th8reby me8ilng the Trust's objrfiives. Statem•nt of Trut•M' r••pon•lblMII The Trustees ale r8$Fonsibl8 for wepadry t1 Trustees. rowrt and the flnancial slatemenls In accordance wkh applicable jaw arKi United Trfjngthm Accounting Stsndards (United Kingdom Generaity A¢ceplgd Accountlng Practlcal. The law aFWicable to ¢harltlos In Englar•J & Walgs rawires iho Twst889 to prepare Ilnanclal statements tor each financial year which give a true and fwr view of the stale of affairs ol the chartty and of Sls In¢oming resources and applicat)n of resources, induding its kncome and expoThJture. lor Ihat p8rfrxl. In prgparlng th88e Ilnanclal statements, tho Trustees are rewired lo: select sullthe accountlng pcdlcios arKI then them Ow19t8nty,. obgerwe thg methods arKI pn'noF4es of the Charrties SOFIP IFRS 1021,. mako judgments arKI accountiNJ estimates Ihal ala reasonat4e aThl FYent. slate whether ¥wIaA0 UK A£counting Standards IFRS 1021 have been followed, subject to any matorf departuros disdos&l and txplalned In tha flnancial statements: wepar9 the fInanCl statements M the going concem basis unth811 Is inaFprwlate lo wosume that tho char6iy vlll continue In trAL8iness. The Trustees ar8 responslbfe lor keeptrwJ adale enI1j records that are suifi¢ient to show and oxplaln the ¢harltYs Iransaotlons arKJ dksclos8 with rea80nable accuracy at any tlmo th8 financial posrtKJn of the Charity and enaue them to ensure thai the finarla1 slatements Compty with the Charities Act 2011. the Charity (Accounis arKI Rekx)rt$} Regulations %4J8 aTrJ the provisions ol the Trust de&1. a also Tesponsibb lor safeguarding the assets ol th$ ¢harty a1 hen¢a lor taking rea8onable steps for the prevention and detection ot fraud ana other IUlarft$. Approved by ordef of t members of fv b)ard of Tn*tees on 27 U ZbL3 tehall by.. and $13ned on thalr Mr Charl•8 Alexa Chairman Page 5
THE COUNTESS OF MUNSTER MUSICAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Independent examinerfs report to the Trustees of The Countess of Munster Musical Trust I'the charity.) I report to the charity Trust8es on my examination of the accounts of the charity for the year ended 31 August 2022. An audit dispensation was granted by the Commission on 10 March 2023 frir The Countess of Munster Musul TNst- 1031783 under Regulation 3413llbl of the Charities IAccoLJnts and Reports) Regulations 2008. This dispensation is for the financial year ended 31 August 2022 only and allows an independent examination in place of an audit for this year. Responslbilltles and basls of report As the Trustees of the charity you are responsible for the preparation of the accounts in accordants with the requirements of the Charities Act 2011 I'lhe 2011 ACVI. l POrt in respect of my examinab'on of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directn$ given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement Your attention is drawn lo the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charslies preparing their accounts in a¢coTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 Aprfl 2005 which is referred lo in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effeclwe for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no mallers have come lo my attention in ¢onnectn with the examination giving me cause lo believe that in any material respect accounting records were not kept in respect of the charity a5 required by section 130 of the 2011 A¢t," or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charlcies (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf Mew which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this port in order to enable a propèr understanding of the accounts to be reached. This rert is made solety to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. My work has been undertaken so that I might slate to the charity's Trustees those matters l am required to stale to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity and the charity's Trustees as 2 body, for my Work or for this report. Signed.. Tina Pearce Dated. 2q 2023 GMBC LLP Chartered Tax Advisers and Accountants 151 Western Road Haywards Heath RH16 3LH Page 6
THE COUNTESS OF MUNSTER MUSICAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 163,115 88,990 252,105 400,463 400,463 (148,358) (171,809) (320,167) 9,076,133 (320,167) 8,755,966 |
Total funds 2022 £ 163,115 88,990 252,105 400,463 400,463 (148,358) (171,809) (320,167) 9,076,133 (320,167) 8,755,966 |
Total funds 2021 £ 12,517 85,963 98,480 343,217 343,217 (244,737) 874,134 629,397 8,446,736 629,397 9,076,133 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 21 form part of these financial statements.
Page 7
THE couiffESS OF MUNSTER MiL8ICAL TRUST BALANCE SHEET FOR THE YEAR ENDED 31 AUGiisf 2022 2021 Flx•d ats•ts Inlrnstments 10 n4,706 9, Y07.270 8,724,706 9,107.270 Currnnt •8•Ot• Dobtors Cash al bank arwj in ha1 11 100.924 1¥967 194.520 Creditors: amour)ts fallln9 the wthln ar 12 (224,805) (225,65n N•t currnnt a•••ts I Il•blMt•• 31880 (31, 137) Totsl a81* lo•• cun•nt Il•bllllh• 755.966 9,076,133 Totsl n•t aM•ts 755,966 9,076,133 Chwlty lund• Restncted funds Unresirtted lur 14 14 &755,986 9,076,133 Total lund• 755,966 9,076. 133 The linaneial were awwoved and auth(ts for issuo by ts Trustees on on their b8half by: 2&Z g and slgned Mr Charles Al•xandor Chwrman The notes on pagas 9 10 21 form of these flnand81 statemarts. Page 8
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1. General information
The Countess of Munster Musical Trust is a registered charity in England and Wales. The registered charity number is 1031783.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Countess of Munster Musical Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 9
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Recital scheme expenditure is payable at the discretion of the Trustees. The scheme currently involves a fixed performance fee per concert payable to the young musicians chosen to participate on the scheme. The number of concerts that the participant may accept under the scheme in any year is fixed from time to time by the Trustees.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 10
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
2. Accounting policies (continued)
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Pensions
The charity contributes to defined contribution pension schemes in respect of its employees and the pension charge represents the amounts payable by the charity to those funds in respect of the year.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 11
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations Felicity Belfield Music Trust 141,430 Recital scheme fees 9,000 Other donations and similar income 12,685 Total 2022 163,115 Total 2021 12,517 |
Total funds 2022 £ 141,430 9,000 12,685 163,115 12,517 |
Total funds 2021 £ - 3,030 9,487 |
|---|---|---|
| 12,517 | ||
The Trust received a donation from the Felicity Belfield Music Trust which was a registered charity (900493) with similar charitable objectives but has now ceased operation.
4. Investment income
| Unrestricted funds 2022 £ Dividends received from UK listed investments 44,313 Interest received from UK listed investments 44,677 Total 2022 88,990 Total 2021 85,963 |
Total funds 2022 £ 44,313 44,677 88,990 85,963 |
Total funds 2021 £ 41,339 44,624 |
|---|---|---|
| 85,963 | ||
Page 12
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
5. Analysis of grants
| Grants to institutions Advanced musical education grants Stephen Oliver Award Total 2022 Total 2021 |
Grants to Institutions 2022 £ 7,500 - - 7,500 15,000 |
Grants to Individuals 2022 £ - 219,120 5,000 224,120 219,000 |
Total funds 2022 £ 7,500 219,120 5,000 231,620 234,000 |
Total funds 2021 £ 15,000 219,000 - |
|---|---|---|---|---|
| 234,000 | ||||
Page 13
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
6. Analysis of expenditure by activities
| Advanced musical education Advanced musical education grants Stephen Oliver Award Total 2022 Total 2021 |
Activities undertaken directly 2022 £ 52,358 - - 52,358 45,480 |
Grant funding of activities 2022 £ 7,500 219,120 5,000 231,620 234,000 |
Support costs 2022 £ 116,485 - - 116,485 63,737 |
Total funds 2022 £ 176,343 219,120 5,000 400,463 343,217 |
Total funds 2021 £ 124,217 219,000 - |
|---|---|---|---|---|---|
| 343,217 | |||||
Analysis of direct costs
| Recital scheme Audition expenses Musical instrument insurance Musical instrument repairs Total 2022 Total 2021 |
All activities 2022 £ 40,390 10,269 990 709 52,358 45,480 |
Total funds 2022 £ 40,390 10,269 990 709 52,358 45,480 |
Total funds 2021 £ 43,080 2,400 - - |
|---|---|---|---|
| 45,480 | |||
Page 14
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs General expenses Office costs Communications Computer costs Postage Rent Insurance Travel Accountancy Legal and professional Bank charges Trustees' expenses reimbursed Total 2022 Total 2021 |
All activities 2022 £ 48,598 8,773 1,537 1,163 48,924 209 500 359 1,283 2,460 78 209 2,392 116,485 63,737 |
Total funds 2022 £ 48,598 8,773 1,537 1,163 48,924 209 500 359 1,283 2,460 78 209 2,392 116,485 63,737 |
Total funds 2021 £ 42,489 52 1,273 1,234 1,638 203 500 257 334 1,800 13,758 187 12 |
|---|---|---|---|
| 63,737 | |||
7. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's independent examiner for the independent | ||
| examination of the charity's annual accounts | 2,460 | 1,800 |
Page 15
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
8. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2022 £ 47,615 126 857 48,598 |
2021 £ 41,623 - 866 |
|---|---|---|
| 42,489 |
The average number of persons employed by the charity during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Administration | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 August 2022, expenses totalling £ 2,392 were reimbursed or paid directly to 2 Trustees (2021 - £12 to 1 Trustee) . The expenses related to auditions, composers' interviews and meetings.
Page 16
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
10. Fixed asset investments
| Cost or valuation At 1 September 2021 Additions Disposals Revaluations At 31 August 2022 Net book value At 31 August 2022 At 31 August 2021 |
Listed investments £ 9,107,270 1,204,843 (1,116,987) (470,420) 8,724,706 8,724,706 9,107,270 |
|---|---|
Material investments
Investments which represent more than 5% of the portfolio of listed investments at valuation are as follows:
30.2% Veritas Global Focus Fund - Sterling D Class Shares 25.4% Aviva Multi Strategy Target Return Fund My Hedge 13.8% L&G UK Index Trust 10.3% Veritas Global Real Return Fund - Sterling D Class Shares 8.0% L&G Emerging Markets Government Bond (Local Currency) Index Fund 6.0% L&G Sterling Corporate Bond Index Fund
Page 17
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
11. Debtors
| Due after more than one year Musical instrument loans Due within one year Musical instrument loans Prepayments and accrued income |
2022 £ 77,745 77,745 19,353 - 97,098 |
2021 £ 79,586 |
|---|---|---|
| 79,586 20,828 510 |
||
| 100,924 |
12. Creditors: Amounts falling due within one year
| Other taxation and social security Pension fund Accruals and deferred income Grants accrued - individual |
2022 £ 240 165 2,400 222,000 224,805 |
2021 £ 486 51 1,740 223,380 |
|---|---|---|
| 225,657 |
Page 18
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
13. Financial instruments
| Financial assets Fixed asset investments measured at fair value through income and expenditure Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2022 £ 8,724,706 256,065 8,980,771 2022 £ (224,400) |
2021 £ 9,107,270 194,010 9,301,280 2021 £ (225,120) |
|---|---|---|
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Fair value is based upon the market value. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Financial assets measured at amortised cost comprise cash at bank and in hand and debtors.
Financial liabilities measured at amortised cost comprise accruals.
Page 19
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
14. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at | ||||
|---|---|---|---|---|---|
| September | Gains/ | 31 August | |||
| 2021 | Income | Expenditure | (Losses) | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 9,076,133 | 252,105 | (400,463) | (171,809) | 8,755,966 |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 September | Gains/ | 31 August | |||
| 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 8,446,736 | 98,480 | (343,217) | 874,134 | 9,076,133 |
Page 20
THE COUNTESS OF MUNSTER MUSICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 8,724,706 Debtors due after more than one year 77,745 Current assets 178,321 Creditors due within one year (224,805) Total 8,755,967 |
Total funds 2022 £ 8,724,706 77,745 178,321 (224,805) 8,755,967 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Debtors due after more than one year Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 9,107,270 79,586 114,934 (225,657) 9,076,133 |
Total funds 2021 £ 9,107,270 79,586 114,934 (225,657) 9,076,133 |
|---|---|---|
16. Pension commitments
The charity contributes to defined contribution pension schemes in respect of its employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions payable by the charity to the funds and amounted to £857 (2021 - £866). The amount of £165 (2021 - £51) was payable to the funds at the balance sheet date and is included in creditors.
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