REGISTERED CHARITY NUMBER: 1040751
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 March 2024
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 31 March 2024
| 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 |
The Mathieson Music Trust
Trustees' Report for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 are to fund the Mathieson Music Trust and The Mathieson School in Kolkata, India.
A new school is being built on the land owned by The Mathieson Music Trust. This will enable many more children to have all round education and learn life skills
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 £38,992 (2023: £22,005). Donations have decreased this year from £100,592 in 2023 to ££84,477. Despite this reduction, donations continued to enable the charity to provide for the construction work they wished to.
The charity has decreased its expenditure on charitable activities this year with grants being £73,245 compared to £109,346 in 2023.As a result of the reduction in donations, total expenditure has decreased to £102,808 from £176,078 in 2023.
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.
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The Mathieson Music Trust
Trustees' Report for the Year Ended 31 March 2024
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 Ms G Biswas (appointed 15.11.2024) Mr S Biswas (appointed 15.11.2024)
Independent Examiner
Claire Melton Stephenson Smart (East Anglia) Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ
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The Mathieson Music Trust
Trustees' Report for the Year Ended 31 March 2024
Approved by order of the board of trustees on 21 January 2025 and signed on its behalf by:
Mr A K Biswas - Trustee
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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 31 March 2024.
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.
To address this, the charity has not accrued any further expenses for fees this year.In addition, fees will only be accrued in future years if there are sufficient funds.
I confirm that no other matters have come to my attention that give me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; 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 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
21 January 2025
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The Mathieson Music Trust
Statement of Financial Activities
for the Year Ended 31 March 2024
| Unrestricted Restricted fund funds Notes £ £ Income and endowments from Donations and legacies 2 78,197 6,280 Other trading activities 3 38,992 - Other income - - Total 117,189 6,280 Expenditure on Charitable activities 4 Trust work 95,805 7,003 NET INCOME/(EXPENDITURE) 21,384 (723) Reconciliation of funds Total funds brought forward (116,517) 3,000 Total funds carried forward (95,133) 2,277 |
31.3.24 Total funds £ 84,477 38,992 - 123,469 102,808 20,661 (113,517) (92,856) |
31.3.23 Total funds £ 100,592 22,005 885 123,482 176,078 (52,596) (60,921) (113,517) |
|---|---|---|
The notes form part of these financial statements
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The Mathieson Music Trust
Balance Sheet
31 March 2024
| Unrestricted Restricted fund funds Notes £ £ Current assets Debtors 8 7,492 - Cash at bank 6,882 2,277 14,374 2,277 Creditors Amounts falling due within one year 9 (109,507) - Net current assets/(liabilities) (95,133) 2,277 Total assets less current liabilities (95,133) 2,277 NET ASSETS/(LIABILITIES) (95,133) 2,277 Funds 10 Unrestricted funds Restricted funds Total funds |
31.3.24 Total funds £ 7,492 9,159 16,651 (109,507) (92,856) (92,856) (92,856) (95,133) 2,277 (92,856) |
31.3.23 Total funds £ 4,378 8,842 13,220 (126,737) (113,517) (113,517) (113,517) (116,517) 3,000 (113,517) |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 21 January 2025 and were signed on its behalf by:
Mr A K Biswas - Trustee
The notes form part of these financial statements
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The Mathieson Music Trust
Cash Flow Statement
for the Year Ended 31 March 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(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 |
31.3.24 £ 317 317 317 8,842 9,159 |
31.3.23 £ (22,127) (22,127) (22,127) 30,969 8,842 |
|---|---|---|
The notes form part of these financial statements
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The Mathieson Music Trust
Notes to the Cash Flow Statement for the Year Ended 31 March 2024
1. Reconciliation of net income/(expenditure) to net cash flow from operating activities
| Reconciliation of net income/(expenditure) to net cash flow from operating activities | ||
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operations |
31.3.24 £ 20,661 (3,114) (17,230) 317 |
31.3.23 £ (52,596) 1,464 29,005 |
| (22,127) |
2. Analysis of changes in net funds
| At 1.4.23 | Cash flow | At 31.3.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 8,842 | 317 | 9,159 |
| 8,842 | 317 | 9,159 | |
| Total | 8,842 | 317 | 9,159 |
The notes form part of these financial statements
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The Mathieson Music Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
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 £95,133 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 £104,731 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, to assist in enabling the Charity to continue its work, fees will only be accrued in future years if there are sufficient funds.
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The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 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 |
31.3.24 £ 65,357 19,120 - 84,477 31.3.24 £ 38,992 Grant funding of activities Direct (see note Costs 5) £ £ 29,563 73,245 31.3.24 £ 73,245 |
31.3.23 £ 79,478 16,614 4,500 |
31.3.23 £ 79,478 16,614 4,500 |
|---|---|---|---|
| 100,592 | |||
| 31.3.23 £ 22,005 Totals £ 102,808 |
31.3.23 £ 22,005 |
||
| 31.3.23 £ 109,346 |
6. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
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: £nil (2023: £37,075).
Travel and administration costs: £4,813 (2023: £10,819).
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The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 7. Comparatives for the statement of financial activities Unrestricted Restricted fund funds £ £ Income and endowments from Donations and legacies 93,279 7,313 Other trading activities 22,005 - Other income 885 - Total 116,169 7,313 Expenditure on Charitable activities 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 8. Debtors: amounts falling due within one year 31.3.24 £ Other debtors 7,492 |
Total funds £ 100,592 22,005 885 123,482 176,078 (52,596) (60,921) (113,517) 31.3.23 £ 4,378 |
|---|---|
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The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. Creditors: amounts falling due within one year
| 9. | Creditors: amounts falling due within one year | |||
|---|---|---|---|---|
| 31.3.24 | 31.3.23 | |||
| £ | £ | |||
| Other creditors | 109,507 | 126,737 | ||
| 10. | Movement in funds | |||
| Net | ||||
| movement | ||||
| At 1.4.23 | in funds | At 31.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (116,517) | 21,384 | (95,133) | |
| Restricted funds | ||||
| Provision of water | 3,000 | (723) | 2,277 | |
| TOTAL FUNDS | (113,517) | 20,661 | (92,856) | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 117,189 | (95,805) | 21,384 | |
| Restricted funds | ||||
| Provision of water | - | (723) | (723) | |
| Provision for purchase of land and buildings | 6,280 | (6,280) | - | |
| 6,280 | (7,003) | (723) | ||
| TOTAL FUNDS | 123,469 | (102,808) | 20,661 |
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The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. Movement in funds - continued
Comparatives for 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) | |
| Comparative 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) | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Net | ||||
| movement | ||||
| At 1.4.22 | in funds | At 31.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (60,921) | (34,212) | (95,133) | |
| Restricted funds | ||||
| Provision of water | - | 2,277 | 2,277 | |
| TOTAL FUNDS | (60,921) | (31,935) | (92,856) |
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The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
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 | 233,358 | (267,570) | (34,212) |
| Restricted funds | |||
| Provision of water | 3,000 | (723) | 2,277 |
| Provision for purchase of land and buildings | 6,593 | (6,593) | - |
| Provision of education | 4,000 | (4,000) | - |
| 13,593 | (11,316) | 2,277 | |
| TOTAL FUNDS | 246,951 | (278,886) | (31,935) |
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 £4,813 (2023: £47,894).
These were in respect of the following:
Mathieson Music School - India, teaching and administration fees: £nil (2023: £37,075).
Travel and administration costs: £4,813 (2023: £10.819).
For ease of administration and costs, donations of £73,000 (2023: £108,450), 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.
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