REGISTERED CHARITY NUMBER: 1040751
## Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 March 2025
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 2025
|||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|16|
The Mathieson Music Trust
Trustees' Report for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 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 Biswas, Mrs A Biswas, Ms G Biswas and Mr S Biswas are also Trustees of the Mathieson Music Trust India and Executive Members of the Mathieson Music School in Kolkata.
## Achievements 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 £47,358 (2024: £38,992). Donations have increased this year from £84,477 in 2024 to £95,373. These donations continue 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 £103,343 compared to £73,245 in 2024. As a result of the increase in donations, total expenditure has increased to £146,518 from £102,808 in 2024.
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 31 March 2025
## 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
2
The Mathieson Music Trust
Trustees' Report for the Year Ended 31 March 2025
Approved by order of the board of trustees on 10 December 2025 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 31 March 2025.
## 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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving 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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order 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
10 December 2025
4
## The Mathieson Music Trust
## Statement of Financial Activities
## for the Year Ended 31 March 2025
|Unrestricted
Restricted
Endowment
fund
funds
fund
Notes
£
£
£
Income and endowments from
Donations and legacies
2
77,373
14,000
4,000
Other trading activities
3
47,358
-
-
Investment income
4
23
-
-
Total
124,754
14,000
4,000
Expenditure on
Charitable activities
5
Trust work
132,364
14,091
63
Net gains/(losses) on investments
-
-
(749)
NET INCOME/(EXPENDITURE)
(7,610)
(91)
3,188
Reconciliation of funds
Total funds brought forward
(95,133)
2,277
-
Total funds carried forward
(102,743)
2,186
3,188|31.3.25
Total
funds
£
95,373
47,358
23
142,754
146,518
(749)
(4,513)
(92,856)
(97,369)|31.3.24
Total
funds
£
84,477
38,992
-
123,469
102,808
-
20,661
(113,517)
(92,856)|
|---|---|---|
The notes form part of these financial statements
5
## The Mathieson Music Trust
## Balance Sheet
## 31 March 2025
|Unrestricted
Restricted
Endowment
fund
funds
fund
Notes
£
£
£
Fixed assets
Investments
9
-
-
3,181
Current assets
Debtors
10
2,039
-
-
Cash at bank
9,444
2,186
7
11,483
2,186
7
Creditors
Amounts falling due within one year 11
(114,226)
-
-
Net current assets/(liabilities)
(102,743)
2,186
7
Total assets less current liabilities
(102,743)
2,186
3,188
NET ASSETS/(LIABILITIES)
(102,743)
2,186
3,188
Funds
12
Unrestricted funds
Restricted funds
Endowment funds
Total funds|31.3.25
Total
funds
£
3,181
2,039
11,637
13,676
(114,226)
(100,550)
(97,369)
(97,369)
(102,743)
2,186
3,188
(97,369)|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)|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 December 2025 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 31 March 2025
|Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Interest received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Income attributable to endowment
Expenditure attributable to endowment
Net cash provided by financing 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|31.3.25
£
2,448
2,448
(3,930)
23
(3,907)
4,000
(63)
3,937
2,478
9,159
11,637|31.3.24
£
317|
|---|---|---|
|||317|
|||-
-|
|||-|
|||-
-|
|||-|
||||
|||317
8,842|
|||9,159|
The notes form part of these financial statements
7
The Mathieson Music Trust
## Notes to the Cash Flow Statement for the Year Ended 31 March 2025
|1.|Reconciliation of net (expenditure)/income to net cash flow from operating activities|Reconciliation of net (expenditure)/income to net cash flow from operating activities|||
|---|---|---|---|---|
||||31.3.25|31.3.24|
||||£|£|
||Net (expenditure)/income for the reporting period (as per the Statement of||||
||Financial Activities)||(4,513)|20,661|
||Adjustments for:||||
||Losses on investments||749|-|
||Interest received||(23)|-|
||Income attributable to endowment||(4,000)|-|
||Expenditure attributable to endowment||63|-|
||Decrease/(increase) in debtors||5,453|(3,114)|
||Increase/(decrease) in creditors||4,719|(17,230)|
||Net cash provided by operations||2,448|317|
|2.|Analysis of changes in net funds||||
|||At 1.4.24|Cash flow|At 31.3.25|
|||£|£|£|
||Net cash||||
||Cash at bank|9,159|2,478|11,637|
|||9,159|2,478|11,637|
||Total|9,159|2,478|11,637|
The notes form part of these financial statements
8
The Mathieson Music Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
## 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## 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 £102,743 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 £111,520 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.
9
The Mathieson Music Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
|2.
Donations and legacies
Donations
Gift aid
Legacies
3.
Other trading activities
Fundraising events
4.
Investment income
Deposit account interest
5.
Charitable activities costs
Trust work
6.
Grants payable
Trust work|31.3.25
£
73,633
16,740
5,000
95,373
31.3.25
£
47,358
31.3.25
£
23
Grant
funding of
activities
Direct
(see note
Costs
6)
£
£
43,175
103,343
31.3.25
£
103,343|31.3.24
£
65,357
19,120
-
84,477
31.3.24
£
38,992
31.3.24
£
-
Totals
£
146,518|31.3.24
£
65,357
19,120
-|
|---|---|---|---|
||||84,477|
||||31.3.24
£
38,992|
|||31.3.24
£
73,245||
10
The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## 7. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## 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, grants: £5,759 (2024: £nil).
Travel and administration costs: £11,408 (2024: £4.813).
Concerts and tour costs £14,121 (2024: nil).
## 8.
Comparatives for the statement of financial activities
|Unrestricted
Restricted
fund
funds
£
£
Income and endowments from
Donations and legacies
78,197
6,280
Other trading activities
38,992
-
Total
117,189
6,280
Expenditure on
Charitable activities
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|Total
funds
£
84,477
38,992
123,469
102,808
20,661
(113,517)
(92,856)|
|---|---|
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The Mathieson Music Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## 9. Fixed asset investments
|Fixed asset investments||
|---|---|
||Unlisted|
||investments|
||£|
|Market value||
|Additions|3,930|
|Revaluations|(749)|
|At 31 March 2025|3,181|
|Net book value||
|At 31 March 2025|3,181|
|At 31 March 2024|-|
There were no investment assets outside the UK.
Cost or valuation at 31 March 2025 is represented by:
|||Unlisted|
|---|---|---|
|||investments|
|||£|
|Valuation in|2025|(749)|
|Cost||3,930|
|||3,181|
If fixed asset investments had not been revalued they would have been included at the following historical cost:
||31.3.25|31.3.24|
|---|---|---|
||£|£|
|Cost|3,930|-|
fixed asset investments were valued on an open market basis on 31 March 2025 by Hargreaves Lansdown.
12
The Mathieson Music Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
|10.|Debtors: amounts falling due within one year||||||
|---|---|---|---|---|---|---|
||||||31.3.25|31.3.24|
||||||£|£|
||Other debtors||||2,039|7,492|
|11.|Creditors: amounts falling due within one year||||||
||||||31.3.25|31.3.24|
||||||£|£|
||Other creditors||||114,226|109,507|
|12.|Movement in funds||||||
||||||Net||
||||||movement||
|||||At 1.4.24|in funds|At 31.3.25|
|||||£|£|£|
||Unrestricted funds||||||
||General fund|||(95,133)|(7,610)|(102,743)|
||Restricted funds||||||
||Provision of water|||2,277|(91)|2,186|
||Endowment funds||||||
||Endowment fund|||-|3,188|3,188|
||TOTAL FUNDS|||(92,856)|(4,513)|(97,369)|
||Net movement in funds, included in the above are as follows:||||||
|||Incoming||Resources|Gains and|Movement|
|||resources||expended|losses|in funds|
||||£|£|£|£|
||Unrestricted funds||||||
||General fund|124,754||(132,364)|-|(7,610)|
||Restricted funds||||||
||Provision of water||-|(91)|-|(91)|
||Provision for purchase of land and buildings|10,000||(10,000)|-|-|
||Provision of education|4,000||(4,000)|-|-|
|||14,000||(14,091)|-|(91)|
||Endowment funds||||||
||Endowment fund|4,000||(63)|(749)|3,188|
||TOTAL FUNDS|142,754||(146,518)|(749)|(4,513)|
13
The Mathieson Music Trust
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## 12. Movement in funds - continued
## Comparatives for movement in funds
|Unrestricted funds
General fund
Restricted funds
Provision of water
TOTAL FUNDS|Net
movement
At 1.4.23
in funds
At 31.3.24
£
£
£
(116,517)
21,384
(95,133)
3,000
(723)
2,277
(113,517)
20,661
(92,856)|
|---|---|
Comparative 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|
14
The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## 12. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
|||Net||
|---|---|---|---|
|||movement||
||At 1.4.23|in funds|At 31.3.25|
||£|£|£|
|Unrestricted funds||||
|General fund|(116,517)|13,774|(102,743)|
|Restricted funds||||
|Provision of water|3,000|(814)|2,186|
|Endowment funds||||
|Endowment fund|-|3,188|3,188|
|TOTAL FUNDS|(113,517)|16,148|(97,369)|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|Unrestricted funds|||||
|General fund|241,943|(228,169)|-|13,774|
|Restricted funds|||||
|Provision of water|-|(814)|-|(814)|
|Provision for purchase of land and buildings|16,280|(16,280)|-|-|
|Provision of education|4,000|(4,000)|-|-|
||20,280|(21,094)|-|(814)|
|Endowment funds|||||
|Endowment fund|4,000|(63)|(749)|3,188|
|TOTAL FUNDS|266,223|(249,326)|(749)|16,148|
15
The Mathieson Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## 13. 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 an Executive Member 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 £31,288 (2024: £4,813).
These were in respect of the following:
Mathieson Music School - India, grants: £5,759 (2024: £nil).
Travel and administration costs: £11,408 (2024: £4.813).
Concerts and tour costs £14,121 (2024: nil).
For ease of administration and costs, donations of £97,200 (2024: £73,000) to the Mathieson Music Trust India and the Mathieson Music School are paid to Mr Anup Biswas, who transfers the funds to his bank in India and then from there to the Trust and the school.
16