REGISTERED CHARITY NUMBER: 1040751 ## Trustees' Report and Unaudited Financial Statements for the Year Ended 31st March 2023 for The Mathieson Music Trust Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ The Mathieson Music Trust Contents of the Financial Statements for the Year Ended 31st March 2023 |||Page|| |---|---|---|---| |Trustees' Report|1|to|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Cash Flow Statement||7|| |Notes to the Cash Flow Statement||8|| |Notes to the Financial Statements|9|to|14| |Detailed Statement of Financial Activities||15|| The Mathieson Music Trust Trustees' Report for the Year Ended 31st March 2023 The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of 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). ## Objectives and activities ## Objectives and aims The stated objectives of the Trust are to provide education, training and development in Western and Indian classical music, dance, drama and fine arts and general education in India, the United Kingdom and other parts of the World. Application was made for registration as a Charity in September 1994 and Registered Charitable Status was granted on 14 September 1994. The Trustees have complied with the requirements of section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission. The Mathieson Music Trust raises funds by regular donations, specific donations in relation to construction work and the holding of concerts to assist its sister trusts, The Mathieson Music Trust India and The Mathieson Music School in Kolkata. The school provides teaching and boarding for children who are selected on a basis of need, either because they are orphans or come from destitute, illiterate and often emotionally disturbed backgrounds. The school provides them with all their physical, recreational and educational needs. Mr A K Anup and Mrs A Biswas are also Trustees and or secretary of the The Mathieson Music Trust India and The Mathieson Music School in Kolkata. ## Achievement and performance ## Charitable activities The Trust has continued two of its prime objectives, which is to fund the Mathieson Music Trust and The Mathieson School in Kolkata, India. The school has accommodation for boarding children residing at the school, and members of teaching and non teaching staff. With the new building programme, it is hoped numbers can be increased. ## Financial review ## Financial position The Trustees have reviewed the major risks to the charity and have established procedures to mitigate those risks. The charity has received income from charitable activities this year of £22,005 (2022: £8,893). Donations have increased this year from £75,353 in 2022 to £100,592. These donations continued to enable the charity to provide for the construction work they wished to. The charity has increased its expenditure on charitable activities this year with grants being £109,346 compared to £70,123 in 2022.Total expenditure has increased to £176,078 from £114,135 in 2022. The Trustees have reviewed the reserves policy of the charity and the level of reserves at the end of the year. The Trustees consider that although the level of reserves is in a negative position, this will not affect the ongoing commitments of the charity. Construction work is underway and is funded by ongoing fund raising activities and donations. 1 The Mathieson Music Trust Trustees' Report for the Year Ended 31st March 2023 ## Future plans The Trustees are continuing to raise funds so that the The Mathieson Music Trust and The Mathieson Music School in Kolkata can provide a good education in buildings fit for purpose. The land and new building work are also planned to provide new sources of income so that in the future there is less reliance on funds raised in the UK. ## Structure, governance and management ## Governing document The Mathieson Music Trust was constituted as a charitable trust by Deed of Declaration dated 10 August 1994. The Trust is governed by a board of Trustees who meet regularly. All decisions are made by unanimous vote. New Trustees are recruited by way of vote from existing Trustees. Relevant skills and experiences of new Trustees are reviewed on recruitment and training is provided where deemed necessary. The day to day running of the trust is carried out by Mr A K Biswas. ## The financial statements: (1) Have been prepared in accordance with the accounting policies set out in notes to the financial statements; (2) Comply with the charity's governing document; (3) The Charities Act 2011; and (4) 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 published on 16 July 2014. ## Reference and administrative details ## Registered Charity number 1040751 ## Principal address 93b Cambridge Gardens North Kensington London ## Trustees Mr A K Biswas Mr A Auster Mrs A Biswas Mrs C Leach ## Independent Examiner Claire Melton Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ 2 The Mathieson Music Trust Trustees' Report for the Year Ended 31st March 2023 Approved by order of the board of trustees on 22nd January 2024 and signed on its behalf by: Mr A K Biswas - Trustee 3 Independent Examiner's Report to the Trustees of The Mathieson Music Trust ## Independent examiner's report to the trustees of The Mathieson Music Trust I report to the charity trustees on my examination of the accounts of The Mathieson Music Trust (the Trust) for the year ended 31st March 2023. ## Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## Independent examiner's statement - matters of concern identified I have completed my examination. It is apparent from the financial statements and disclosures therein that the charity is continuing to operate by relying on the financial support of one of its trustees. There is a concern that should this support be withdrawn, or that the individual should require his debt be paid, the charity will be unable to meet this financial obligation. We have received assurances that the trustee has no plans to require the charity to reimburse his fees and expenses, but believes that it will be able to in the future. I confirm that no other matters have come to my attention that give me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Claire Melton Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ 22nd January 2024 4 ## The Mathieson Music Trust ## Statement of Financial Activities ## for the Year Ended 31st March 2023 |Unrestricted
Restricted
fund
funds
Notes
£
£
Income and endowments from
Donations and legacies
2
93,279
7,313
Other trading activities
3
22,005
-
Other income
885
-
Total
116,169
7,313
Expenditure on
Charitable activities
4
Trust work
171,765
4,313
NET INCOME/(EXPENDITURE)
(55,596)
3,000
Reconciliation of funds
Total funds brought forward
(60,921)
-
Total funds carried forward
(116,517)
3,000|2023
Total
funds
£
100,592
22,005
885
123,482
176,078
(52,596)
(60,921)
(113,517)|2022
Total
funds
£
75,353
8,893
-
84,246
114,315
(30,069)
(30,852)
(60,921)| |---|---|---| The notes form part of these financial statements 5 The Mathieson Music Trust ## Balance Sheet ## 31st March 2023 |Unrestricted
Restricted
fund
funds
Notes
£
£
Current assets
Debtors
8
4,378
-
Cash at bank
5,842
3,000
10,220
3,000
Creditors
Amounts falling due within one year
9
(126,737)
-
Net current assets/(liabilities)
(116,517)
3,000
Total assets less current liabilities
(116,517)
3,000
NET ASSETS/(LIABILITIES)
(116,517)
3,000
Funds
10
Unrestricted funds
Restricted funds
Total funds|2023
Total
funds
£
4,378
8,842
13,220
(126,737)
(113,517)
(113,517)
(113,517)
(116,517)
3,000
(113,517)|2022
Total
funds
£
5,842
30,969
36,811
(97,732)
(60,921)
(60,921)
(60,921)
(60,921)
-
(60,921)| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 22nd January 2024 and were signed on its behalf by: Mr A K Biswas - Trustee The notes form part of these financial statements 6 The Mathieson Music Trust ## Cash Flow Statement ## for the Year Ended 31st March 2023 |Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period|2023
£
(22,127)
(22,127)
(22,127)
30,969
8,842|2022
£
(9,519)
(9,519)
(9,519)
40,488
30,969| |---|---|---| The notes form part of these financial statements 7 The Mathieson Music Trust ## Notes to the Cash Flow Statement for the Year Ended 31st March 2023 |1.
Reconciliation of net expenditure to net cash flow from operating activities
Net expenditure for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Decrease in debtors
Increase in creditors
Net cash used in operations|2023
£
(52,596)
1,464
29,005
(22,127)|2022
£
(30,069)
235
20,315| |---|---|---| |||(9,519)| ## 2. Analysis of changes in net funds |At
Net cash
Cash at bank
Total|1.4.22
Cash flow
At 31.3.23
£
£
£
30,969
(22,127)
8,842
30,969
(22,127)
8,842
30,969
(22,127)
8,842|1.4.22
Cash flow
At 31.3.23
£
£
£
30,969
(22,127)
8,842
30,969
(22,127)
8,842
30,969
(22,127)
8,842| |---|---|---| |||8,842| |||8,842| The notes form part of these financial statements 8 The Mathieson Music Trust Notes to the Financial Statements for the Year Ended 31st March 2023 ## 1. Accounting policies ## Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## Taxation The charity is exempt from tax on its charitable activities. ## Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## Going concern The Trustees consider that the Charity will be able to continue in operational existence despite liabilities exceeding assets by £116,517 in the Unrestricted Fund. The main reason for this deficit is the existence of an amount owed to the trustee, A Biswas, who is owed £122,521 at the balance sheet date for services and expense accrued over a number of years. The charity has assurance from Mr Biswas that his outstanding fees will be donated in the event that the Charity is unable to repay this amount. In addition, there are to be no new liabilities added in the next financial year to assist in enabling the Charity to continue its work. 9 The Mathieson Music Trust ## Notes to the Financial Statements - continued for the Year Ended 31st March 2023 |2.
Donations and legacies
Donations
Gift aid
Legacies
3.
Other trading activities
Fundraising events
4.
Charitable activities costs
Trust work
5.
Grants payable
Trust work|2023
£
79,478
16,614
4,500
100,592
2023
£
22,005
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
66,732
109,346
2023
£
109,346||2022
£
63,250
12,103
-| |---|---|---|---| ||||75,353| |||2022
£
8,893
Totals
£
176,078|2022
£
8,893| |||2022
£
70,123|| ## 6. Trustees' remuneration and benefits There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022. ## Trustees' expenses During the year, the following expenses and fees relating to the trustee, Mr Anup Kumar Biswas, were charged to the accounts. Mathieson Music School - India, teaching and administration fees: £37,075 (2022: £30,000). Travel and administration costs: £10,819 (2022: £nil). 10 The Mathieson Music Trust ## Notes to the Financial Statements - continued for the Year Ended 31st March 2023 |7.
Comparatives for the statement of financial activities
Unrestricted
Restricted
fund
funds
£
£
Income and endowments from
Donations and legacies
70,353
5,000
Other trading activities
8,893
-
Total
79,246
5,000
Expenditure on
Charitable activities
Trust work
96,390
17,925
NET INCOME/(EXPENDITURE)
(17,144)
(12,925)
Reconciliation of funds
Total funds brought forward
(43,777)
12,925
Total funds carried forward
(60,921)
-
8.
Debtors: amounts falling due within one year
2023
£
Other debtors
4,378|Total
funds
£
75,353
8,893
84,246
114,315
(30,069)
(30,852)
(60,921)
2022
£
5,842| |---|---| 11 The Mathieson Music Trust Notes to the Financial Statements - continued for the Year Ended 31st March 2023 ## 9. Creditors: amounts falling due within one year |9.|Creditors: amounts falling due within one year|||||| |---|---|---|---|---|---|---| |||||2023||2022| |||||£||£| ||Other creditors|||126,737|97,732|| |10.|Movement in funds|||||| |||||Net||| |||||movement||| |||At 1.4.22||in funds|At 31.3.23|| ||||£|£||£| ||Unrestricted funds|||||| ||General fund||(60,921)|(55,596)|(116,517)|| ||Restricted funds|||||| ||Provision of water||-|3,000||3,000| ||TOTAL FUNDS||(60,921)|(52,596)|(113,517)|| ||Net movement in funds, included in the above are as follows:|||||| |||Incoming||Resources|Movement|| |||resources||expended|in funds|| ||||£|£||£| ||Unrestricted funds|||||| ||General fund|116,169||(171,765)|(55,596)|| ||Restricted funds|||||| ||Provision of water||3,000|-||3,000| ||Provision for purchase of land and buildings||313|(313)||-| ||Provision of education||4,000|(4,000)||-| ||||7,313|(4,313)||3,000| ||TOTAL FUNDS|123,482||(176,078)|(52,596)|| 12 The Mathieson Music Trust Notes to the Financial Statements - continued for the Year Ended 31st March 2023 ## 10. Movement in funds - continued ## Comparatives for movement in funds |||Net|| |---|---|---|---| |||movement|| ||At 1.4.21|in funds|At 31.3.22| ||£|£|£| |Unrestricted funds|||| |General fund|(43,777)|(17,144)|(60,921)| |Restricted funds|||| |Provision for purchase of land and buildings|12,925|(12,925)|-| |TOTAL FUNDS|(30,852)|(30,069)|(60,921)| |Comparative net movement in funds, included in the above are as follows:|||| |Incoming||Resources|Movement| |resources||expended|in funds| ||£|£|£| |Unrestricted funds|||| |General fund|79,246|(96,390)|(17,144)| |Restricted funds|||| |Provision for purchase of land and buildings|5,000|(17,925)|(12,925)| |TOTAL FUNDS|84,246|(114,315)|(30,069)| |A current year 12 months and prior year 12 months combined position is as follows:|||| |||Net|| |||movement|| ||At 1.4.21|in funds|At 31.3.23| ||£|£|£| |Unrestricted funds|||| |General fund|(43,777)|(72,740)|(116,517)| |Restricted funds|||| |Provision of water|-|3,000|3,000| |Provision for purchase of land and buildings|12,925|(12,925)|-| ||12,925|(9,925)|3,000| |TOTAL FUNDS|(30,852)|(82,665)|(113,517)| 13 The Mathieson Music Trust Notes to the Financial Statements - continued for the Year Ended 31st March 2023 ## 10. Movement in funds - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |Unrestricted funds|||| |General fund|195,415|(268,155)|(72,740)| |Restricted funds|||| |Provision of water|3,000|-|3,000| |Provision for purchase of land and buildings|5,313|(18,238)|(12,925)| |Provision of education|4,000|(4,000)|-| ||12,313|(22,238)|(9,925)| |TOTAL FUNDS|207,728|(290,393)|(82,665)| ## 11. Related party disclosures Mr Anup Kumar Biswas is one of the Trustees of the Mathieson Music Trust, a charity registered in India. He is also Secretary of the Mathieson Music School, a Society registered under the West Bengal Societies Registration Act 1961. During the year, Mr Anup Kumar Biswas, Trustee, accrued costs from the Trust totalling £47,894 (2022: £30,000). These were in respect of the following: Mathieson Music School - India, teaching and administration fees: £37,075 (2022: £30,000). Travel and administration costs: £10,819 (2022: £nil). For ease of administration and costs, donations of £108,450 (2022: £70,000), to Mathieson Music Trust , Kolkata, are paid to Mr Anup Biswas, who transfers the funds, to his bank in India, then from there to the Trust. 14 The Mathieson Music Trust ## Detailed Statement of Financial Activities for the Year Ended 31st March 2023 |Income and endowments
Donations and legacies
Donations
Gift aid
Legacies
Other trading activities
Fundraising events
Other income
Travel costs refund
Total incoming resources
Expenditure
Charitable activities
Telephone
Sundries
Costs of staging concerts
Office costs
School management and administrative fees
Motor and travel costs
Independent examiners fees
Grants to institutions
Total resources expended
Net expenditure|2023
£
79,478
16,614
4,500
100,592
22,005
885
123,482
1,381
2,417
10,715
1,234
37,075
12,530
1,380
109,346
176,078
176,078
(52,596)|2022
£
63,250
12,103
-
75,353
8,893
-
84,246
687
-
1,649
2,609
30,000
7,963
1,284
70,123
114,315
114,315
(30,069)| |---|---|---| This page does not form part of the statutory financial statements 15