Charity Registered number 1058836
THE RAINBOW DICKINSON TRUST
ANNUAL REPORT AND ACCOUNTS
YEAR ENDED 5 APRIL 2021
THE RAINBOW DICKINSON TRUST
TRUSTEES’ ANNUAL REPORT & ACCOUNTS
YEAR ENDED 5 APRIL 2021
CONTENTS
Pages Legal & Administrative details 1 Trustees’ Annual Report 2-4 Independent Examiner’s Report 5 Statement of Financial Activities 6 Balance Sheet 7 Notes to the Financial Statements 8-10
THE RAINBOW DICKINSON TRUST
Legal & Administrative Details
Charity Name Status Registered Charity Charity Registration Number 1058836 Registered Office & Principal Address Foxborough House Aldeburgh Suffolk IP15 5QD
The Rainbow Dickinson Trust
Trustees Professor Peter Dickinson (chair) Francis C.P. Dickinson Jasper E. P. Dickinson (appointed 2 September 2020)
Advisory Board
The Lord Wrigglesworth Dr Gordon Cox Professor George Odam John Stephens OBE Professor Graham Welch
Secretary Professor Peter Dickinson
Independent Examiner Hugh Cochrane Hugh Cochrane and Co 26B High Street Saxmundham Suffolk IP17 1AJ
Bankers Barclays Bank plc 19 Main Street Leiston Suffolk IP16 4EP
Solicitors
Bates Wells, 10 Queen Street Place London EC4R 1BE
Financial Management CCLA Investment Management Ltd & CCLA Fund Managers Ltd Senator House, 85 Queen Victoria Street London EC4V 4ET - 1 -
RAINBOW DICKINSON TRUST
TRUSTEES REPORT 2020-21
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust was originally constituted as the Bernarr Rainbow Trust under the will of the late Bernarr Rainbow, dated 21 August 1996 and proven by grant of Probate on 17 March 1998. The Trust Deed is dated 7 August 1996 and was registered with the Charity Commission.
In 2019 the Trust’s Advisory Board determined that in recognition of Professor Peter Dickinson’s role as co-founder of the Trust and his exceptional contribution over two decades, the Trust should be renamed the Rainbow Dickinson Trust. This allows the Trust to acknowledge and reflect the work of Bernarr Rainbow and Peter Dickinson in supporting music education. The Advisory Board, Independent Examiner and Trust solicitor worked together to complete the name change which occurred on 29 March 2019.
Management Arrangements
The trustees meet regularly to monitor the activities of the charity, including investment performance. There is access to the Advisory Board as needed. The trustees originally designated in the trust deed can appoint additional trustees as they see fit. Jasper E. P. Dickinson was appointed on 2 September 2020 in a Deed of Appointment drafted and signed with advice from Bates Wells. Apart from expenses, no trustees or advisory board members have been paid.
Risk Management
The trustees continually review risks to which the charity is exposed and are satisfied that systems are in place to mitigate their exposure to major risk. There have been no serious incidents during the financial year.
OBJECTIVES AND ACTIVITIES
The Trust was established by Bernarr Rainbow and Peter Dickinson to apply the income of the trust fund and all or part of the capital for the benefit of the advancement and promotion of education in music. Further powers include: the making of grants, bursaries and scholarships to and for teachers of music or other persons practising the art or science of music; to increase the knowledge of the public in music or to assist research into music education; to arrange and provide for the holding of concerts, recitals, lectures; to take necessary steps to publish or maintain in print the scholarly writings of leading authorities in the field of music education.
The Trust continues to support musical organisations in England and Wales in keeping with its now well-established profile, the Trust Deed and the intentions of its founder(s).
ACHIEVEMENTS
2020-2021 again saw regular grant applications being received and reviewed, led by the Chairman, and grants being made as appropriate after discussion within the Trust. In addition, the trustees identify activities that are in line with the Trust’s aims and then enquiries may be made about supporting such activities. Reports are also requested from successful applicants and these are reviewed by the Chairman. Some awardees send videos with their reports. Many of the Trust’s grants have involved work with young people. Grants include bursaries for training through
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THE RAINBOW DICKINSON TRUST
TRUSTEES’ REPORT (continued)
ACHIEVEMENTS (continued)
established organizations; orchestras visiting schools; choirs and youth choirs. A full list of the awardees is in the accounts. The Trust has been able to support over twenty different music education projects, with a focus on cathedral choirs, young performers in recordings and is now prioritising young artists in the crisis following the pandemic.
SUMMARY:
This has been another year in which the Trust has made many grants and donations based on the Trust’s aims, perpetuating its founder’s memory and supporting music education on a wide scale. A total of £23,685 (2020 £24,042) has been awarded to various organizations in England and Wales
Financial Review
The accounting year ended on 5 April 2021. For the year, Income Resources were £32,576 (2020 £31,801). Resources expended were £24,809 (2020 £25,534) giving a net surplus of £7,767 (2020 Surplus £6,268). Closing funds in bank accounts at the end of 5 April 2021 amounted to £18,131 (2020 £10,388). The investment assets held in the COIF Charities Investment Fund totalled 50,598.49 units valued on 5 April 2021 at £905,283 (2020 £725,456).
Reserves Policy
The level of reserves is kept under scrutiny by the Trustees who receive regular reports from their investment advisors on the value of the Trust Fund.
HISTORY ASSOCIATED WITH THE TRUST
Dr Bernarr Rainbow studied at Trinity College of Music and became the leading British authority on the history of music education. He was born in London in 1914 and served with the Royal Artillery in North Africa and Italy during the Second World War. Completing his army service in 1944, he started his career as Organist of the Parish Church, High Wycombe and then Music Master at the Royal Grammar School.
After eight years in which the school gained a national reputation for musical excellence, Rainbow became a Director of Music at the College of St Mark and St John, the Church of England College of Education then in Chelsea. Here Rainbow’s scholarly career developed through his books, articles and reviews culminating in his magnum opus, Music in Educational Thought and Practice . He died in 1998.
Professor Peter Dickinson is a distinguished British composer, writer and pianist. He was a lecturer in Rainbow’s music department at the College of St Mark and St John, then in Chelsea. The Bernarr Rainbow Trust has been chaired by Dickinson throughout its existence. It has played a key role in a large number of musical projects and causes throughout its existence of over twenty years. Publications, mostly edited by Dickinson, have included: Music in Educational Thought and Practice (1989; 2[nd ] edition with further chapters by Gordon Cox and a Foreword from Sir Peter Maxwell Davies, 2006/paperback 2007); Four Centuries of Music Teaching Manuals 1518-1932 (2009; Bernarr Rainbow on Music: Memoirs and Selected Writings (2010); Music in Independent Schools edited by Andrew Morris (2014). The Trust supported a series of five lectures, now complete and published as Music Education in Crisis: the Bernarr Rainbow Lectures and other Assessments (2013).
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THE RAINBOW DICKINSON TRUST
TRUSTEES’ REPORT (continued)
HISTORY ASSOCIATED WITH THE TRUST (continued)
The final seven facsimile publications in Rainbow’s series of Classic Texts in Music Education have now appeared and the series is complete.
Responsibilities of the Trustees
Charity law requires the trustees to prepare financial statements each year that give a true and fair view of the state of affairs of the charity and of its incoming resources and expended resources for that year. In preparing the financial statements, the trustees are required to
select suitable accounting policies and apply them consistently, >observe the methods and principles set out in the Charities SORP(FRS102),
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,
prepare the financial statements on the going concern basis, unless it is inappropriate to do so.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Acts. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps to prevent and detect fraud and other irregularities.
This report has been approved by the trustees on 19 December 2021 and signed on their behalf by
Professor Peter Dickinson
Chairman
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THE RAINBOW DICKINSON TRUST
INDEPENDENT EXAMINER’S REPORT
TO THE TRUSTEES OF THE BERNARR RAINBOW TRUST
I report on the financial statements of The Bernarr Rainbow Trust for the year ended 5 April 2021 as set out on pages 6 to 10.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of financial statements. The charity’s trustees consider that an audit is not required for the year under section 144(1) of the Charities Act 2011 (‘the 2011 Act’) and that an independent examination is needed. It is my responsibility to
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a) examine the financial statements under section 145 of the 2011 Act,
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b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act, and
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c) to state whether particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement following.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention
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a) which gives me reasonable cause to believe that in any material respect the requirements 1) to keep accounting records in accordance with section 130 of the Charities Act, and
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2) to prepare financial statements which accord with the accounting records with the methods and principles of the Statement of Recommended Practice ’Accounting and Reporting by Charities’ (FRS 102) have not been met, or
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b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Hugh Cochrane of Hugh Cochrane and Co, 26b High Street , Saxmundham IP17 1AJ 19 December 2021
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THE RAINBOW DICKINSON TRUST Registered Charity 1058836
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account)
YEAR ENDED 5 APRIL 2021
| Notes | 2021 | 2020 | |
|---|---|---|---|
| Income and endowment from | £ | £ | |
| Income from COIF investments | 2 | 26,496 | 25,993 |
| Other Income | 3 | 6,080 | 5,809 |
| ------------------------------------------------ | ------------------------------------------------ | ||
| Total | 32,576 | 31,802 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| Expenditure | |||
| Expenditure on grants/donations | 4 | 23,685 | 24,042 |
| Expenditure on B. Rainbow books | - | 215 | |
| Other expenditure | 5 | 1,124 | 1,277 |
| ------------------------------------------------ | ------------------------------------------------ | ||
| Total | 24,809 | 25,534 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| Net income/(expenditure) | 7,767 | 6,268 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| Net movement in funds | 6 | 7,767 | 6,268 |
| ============= | ================ |
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THE RAINBOW DICKINSON TRUST Registered Charity 1058836
BALANCE SHEET AS AT 5 APRIL 2021
| BALANCE SHEET AS AT 5 APRIL 2021 |
|||
|---|---|---|---|
| Notes | |||
| 5-4-2021 | 5-4-2020 | ||
| £ | £ | ||
| Fixed assets | |||
| Investment assets at cost | 7 | 468,400 | 468,400 |
| --------------------------------------------------- | --------------------------------------------------- | ||
| Current assets | |||
| Cash at bank and in hand | 18,131 | 10,388 | |
| --------------------------------------------------- | --------------------------------------------------- | ||
| 18,131 | 4,114 | ||
| Liabilities | |||
| Creditors: amounts falling due within one year | 8 | 918 | 936 |
| ----------------------------------------------------- | ----------------------------------------------------- | ||
| Net current assets/(liabilities) | 17,213 | 3,178 | |
| --------------------------------------------------- | --------------------------------------------------- | ||
| Total assets less current liabilities | 485,613 | 471,578 | |
| ---------------------------------------------------- | ---------------------------------------------------- | ||
| Total net assets or (liabilities) | 485,613 | 471,578 | |
| ================ | ================ | ||
| The funds of the charity | |||
| - | - | ||
| Unrestricted funds | 6 | 485,613 | 471,578 |
| ---------------------------------------------------- | ---------------------------------------------------- | ||
| 485,613 | 471,578 | ||
| ================ | ================ |
The trustees are satisfied that for the year ended 5 April 2021, the charity is entitled to exemption from the audit of the financial statements for the year.
The trustees acknowledge their responsibilities for:
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a) ensuring that the company keeps adequate accounting records which comply with section 386 of the Act, and
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b) preparing financial statements which give a true and fair view of the state of affairs of the charity as at 5 April 2021 and of its surplus or deficit for the financial period in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity.
These financial statements have been prepared in accordance with Charities Act 2011 and the Charities SORP(FRS102).
These financial statements were approved by the trustees on 19 December 2021 and are signed on their behalf by:
Professor Peter Dickinson
Chairman of Trustees
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THE RAINBOW DICKINSON TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021
1 ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared in accordance with the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice (FRS102).
Income Recognition
Income from investments is recognized when there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Donated income includes donations, gifts and grants that are given to the trust are treated as receivable when received.
Expenditure
Expenditure is accounted for on an accruals basis and is recognised when a liability is incurred.
Other costs include those incurred on the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Taxation
The Rainbow Dickinson Trust is a charity within the meaning of the Charities Act 1993 and 2006 and as such is a charity within the meaning of Part 11, Corporation Tax Act 2010. Accordingly, The Rainbow Dickinson Trust is potentially exempt from taxation in respect of income or gains received within categories covered by Part 11, Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to its charitable purposes.
Unrestricted Funds
The funds in the trust are Unrestricted funds and as such are available for use at the discretion of the trustees in the furtherance of the general objects of the charity. No funds have been designated for other purposes.
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THE RAINBOW DICKINSON TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021
| 2 | INCOME FROM INVESTMENTS | 2021(£) | 2020(£) |
|---|---|---|---|
| Income from Investment- COIF Funds | 25,972 | 25,461 | |
| Interest received | 21 | 20 | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 25,993 | 25,481 | ||
| ============= | ================ | ||
| 3 | OTHER INCOME | 2021(£) | 2020(£) |
| Donations rec’d –Eugene Goossens royalties | 5,978 | 5,809 | |
| Royalties on Bernarr Rainbow books | 102 | - | |
| ------------------------------------------------ | ------------------------------------------------ | ||
| 6,080 | 5,809 | ||
| ============= | ================ | ||
| 4 | EXPENDITURE ON CHARITABLE ACTIVITIES | 2021(£) | |
| Direct Charitable Expenditure | |||
| Heritage Records | 1,900 | ||
| Friends of Cathedral Music | 1,000 | ||
| London Youth Choirs | 1,000 | ||
| Good Music | 500 | ||
| International Guitar Foundation | 1,000 | ||
| Oxford Lieder Festival | 2,000 | ||
| Prima Facie Records | 1,000 |
||
| English Touring Opera | 2,500 | ||
| Somm Records | 2,170 | ||
| Southwold Music Trust | 500 | ||
| Bradford Cathedral | 1,000 | ||
| Voices Foundation | 575 | ||
| Guildford Cathedral | 750 | ||
| London Choral Sinfonia | 2,000 |
||
| Loughborough Festival Opera | 1,000 | ||
| Bampton Opera | 1,000 | ||
| Tenebrae Opera | 1,000 | ||
| Linarol Consort | 750 | ||
| Potton Hall Ltd (Goossens Fund) | 2,040 | ||
| - -------------------------------------- | |||
| 23,685 | |||
| ============ | |||
| 5 | OTHER EXPENDITURE | ||
| 2021(£) | 2020(£) | ||
| Legal Fees re new trustee | 450 | - |
|
| Independent examination fees | 648 | 696 | |
| Trustees expenses | 26 | 482 |
|
| Sundry expenses | - | 99 | |
| ----------------------- | ------------------------------------ |
||
| 1,124 | 1,277 |
||
| ============ | ============ |
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THE RAINBOW DICKINSON TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021
6 RECONCILIATION OF FUNDS
| 6 RECONCILIATION OF FUNDS | ||
|---|---|---|
| 2021(£) | 2020(£) | |
| Net movement in funds for the year | 7,767 | (8,441) |
| Total funds brought forward | 9,446 | 11,619 |
| ------------------------------------------------ | ------------------------------------------------ | |
| Total funds carried forward | 17,213 | 3,178 |
| Add :historic cost on 50,598.49 units in COIF Charities Investment | ||
| fund | 468,400 |
468,400 |
| -------------------------------- | ------------------------------------------------ |
|
| 485,613 | 471,578 | |
| ============= | ============= |
7 INVESTMENT ASSETS
The trust holds 50,598.49 units in COIF Charities Investment fund.
These units cost £468,400 at the inception of the Trust. They were valued at £905,283 on 5 April 2021 (2020 £725,456).
8 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021(£) | 2020(£) | |
|---|---|---|
| Other Creditors | 270 | 120 |
| Accountancy, etc | 648 | 816 |
| ----------------------------------------- | ----------------------------------------- | |
| 918 | 936 | |
| ============== | ============== |
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