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|`ObjectivesandGrantMaking`||
|---|---|
|`policies:`|`Thetrustwasestablishedtomakegrantsoutofitsincomeand/or`|
||`expendableendowmentatthetrustees’absolutediscretionwhoshallpay,`|
||`applyorappropriatethewholeoranypartthereonatanytimeandinany`|
||`mannerforsuchpurposesorobjectiveswhicharerecognisedbylawas`|
||`goodcharitablepurposes,organisationsorobjects.`<br>`Ithasbeenagreedthat`|
||`theprincipalpolicyofthetrusteeswouldbetoassistyoungandimpecunious`|
||`musicians.Applicationsforgrantsarereceivedbyoneofthetrustees,who`|
||`examinesthemandselectsa listofappealsforthetrusteestoconsiderat`|
||`theirnextformaltrusteesmeeting.`|
||`Thetrustees’generalpolicyistoaimtodistributeeachyeartheincomeasit`|
||`arisesbutfromtimetotimetheymayalsodistributecapital.Thetrustees`|
||`receiveapplicationsforgrantsandconsidereachoneoftheapplicationsat`|
||`theirformalmeetings.Duringtheyear,thetrusteesformallymettwice.`|
|`Achievementsand`||
|`performance:`|`Duringtheyearended5 April2022thetrusteesmetthetrust'sobjectivesby`|
||`makinggrantstotalling£123,000asshownonpage12.`|
|`Financialreview:`|`Totalincomewas£1,018,471(2021:£11,126)withexpenditureamountingto`|
||`£144,857(2021:£132,592).Netassetsattheendoftheyearwere£1,751,941`|
||`(2021:£868,047).`|
|`InvestmentPolicy:`|`Thetrusteeshave widepowersofinvestment,includingpowertoinvestin`|
||`thenameofnominees.Theinvestmentobjectiveistogeneratetheoptimum`|
||`amount`<br>`ofincome`<br>`fordistributionwhilstatthesametimeinvesting`<br>`for`|
||`growth.Thetrustees’investmentportfolio`<br>`ismanagedon`<br>`adiscretionary`|
||`basisbySmith& Williamson.Thetrusteesagreetheirstrategyforasset`|
||`allocationwiththemanagers.`|
|`PublicBenefit:`|`ThetrusteeshaveconsideredtheCharityCommission’sguidanceonpublic`|
||`benefitandinaccordancewiththatguidancetheyreviewtheactivitiesofthe`|
||`organisationstowhichtheymakedonationstosatisfythemselvesthatthose`|
||`activitiesmeettheprinciplesofpublicbenefitlaiddownbytheCommission.`|
|`Reserves:`|`Thetrusteesmakegrants`<br>`inaccordancewiththeirpolicy.Theyhaveno`|
||`powertoretainincomeandroutinelydistributethiseachyear.Theyalso`|
||`distributeexpendableendowmentastheyconsiderappropriate.Theyhave`|
||`norequirementtoretainreservesforanyspecificpurposesandhavenot`|
||`retainedanyreservesotherthantheexpendableendowment.`|
|`Riskmanagement:`|`Thetrusteeshaveassessedthemajorriskstowhichthecharityisexposed`|
||`andaresatisfiedtheyarenotexposedtoanysignificantrisksotherthan`|
||`fluctuation`<br>`inthevalueoftheirinvestmentportfolio.Theyhaveappointed`|
||`professionalinvestmentmanagersandreviewtheinvestmentperformance`|
||`ona regularbasis.`|





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## 

|||`UnrestrictedFunds`|`UnrestrictedFunds`|||
|---|---|---|---|---|---|
|||`Expendable`|`Unrestricted`|||
|||`Endowment`|`Income`|`2022`|`2021`|
|||`Funds`|`Funds`|`Total`|`Total`|
||`Note`|`£`|`E`|`£`|`£`|
|`Incomeandendowments`||||||
|`DonationfromtheSirSamuelScott`||||||
|`ofYewsTrust`||`1,001,260.09`|`-`|`1,001,260.09`|`-`|
|`Investmentincome`||`-`|`17,313.59`|`17,313.59`|`11,115`|
|`Exchangerategain/(loss)`||`(102.75)`|<br>`-`|`(102.75)`|`11`|
|`Transferbetweenfunds`|`1b`|<br>`(119,617.21)`|<br>`_119,617.21`|<br>`-`|<br>`-`|
|`Totalincomeandexpenditure`||<br> <br>`881,540.13`|<br> <br>`136,930.80`|<br> <br>`1,018,470.93`|<br> <br>`11,126`|
|`Expenditureon`||||||
|`Costofraisingfunds`||||||
|`Investmentmanagementcosts`||`7,926.24`|`-`|`7,926.24`|`6,688`|
|`Charitableactivities`||<br>`-`|<br>`136,930.80`|<br>`136,930.80`|<br>`125,904`|
|`Totalexpenditure`||<br> <br>`7,926.24`|<br> <br>`—136,930.80`|<br> <br>`144,857.04`|<br> <br>`132,592`|
|||`873,613.89`|`-`|`873,613.89`|`(121,466)`|
|`Netgains/(losses)oninvestments`|`6`|<br>`10,280.25`|<br>`-`|<br>`10,280.25`|<br>`178,913`|
|`Netincome/expenditure`||`883,894.14`|`-`|`883,894.14`|`57,447`|
|`Reconciliationoffunds`||||||
|`Totalfundsbroughtforward`||<br>`868,047.07`|<br>`-`|<br>`868,047.07`|<br>`810,600`|
|`Totalfundscarriedforward`|<br>|<br>`1,751,941.21`<br>|<br>`-`<br>|<br>`1,751,941.21`<br>|<br>`868,047`<br>|





## 

||||`2022`||`2021`||
|---|---|---|---|---|---|---|
||`Note`|`£`|`£`|`£`||`£`|
|`Fixedassets`|||||||
|`Listedinvestmentsatmarketvalue`|`6`||`1,701,465.00`|||`834,352`|
|`SalomonviolinandVictorFetiquebow`|`10`||`23,500.00`|||`23,500`|
|`Totalfixedassets`|||`1,724,965.00`|||`857,852`|
|`Currentassets`|||||||
|`Cashheldaspartoftheinvestmentportfolio`||`29,676.22`||`12,505`|||
|`Incometaxrecoverable`|`7`|`444.99`||`445`|||
|`Debtor`||`5.00`||<br>`5`|<br>||
|||`30,126.21`||<br>`12,955`|<br>||
|`Currentliabilities`|||||||
|`Amountsfallingduewithinoneyear`|`8`|`3,150.00`||`2,760`|||
|`Netcurrentassets`|||`26,976.21`|||`10,195`|
|`Netassets`|||`1,751,941.21`|||`868,047`|
|`Representing`|||||||
|`Expendableendowmentfunds`|`9`||`1,751,941.21`|||`868,047`|
|`Unrestrictedincomefunds`|`9`||`-`|||`-`|
||||`1,751,941.21`|||`868,047`|





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## 

|`3.`|`Investmentincome`|`2022`|`2021`|
|---|---|---|---|
|||`£`|`£`|
||`Dividends`|`17,313.59`|`11,109`|
||`Depositinterest`|`-`|`6`|
|||`17,313.59`|`11,115`|
|`4.`|`Costofraisingfunds`|`2022`|`2021`|
|||`£`|`£`|
||`Investmentmanagementcharges`|`7,926.24`|`6,688`|
||`Theinvestmentmanagementcostsareattributabletotheendowmentfunds.`|||
|`5.`|`Charitableactivities`|`2022`|`2021`|
|||`£`|`£`|
||`Charitableactivities`|`136,930.80`|`125,904`|
||`Thebreakdownofcharitableactivitiesisasfollow:`|||
|||`2022`|`2021`|
|||`£`|`£`|
||`Grants- seepage12`|`123,000.00`|`109,200`|



|`Analysisofcharitableexpenditure`|<br>`:`||||
|---|---|---|---|---|
|`Governancecosts`||`2022`|`2021`||
|||`£`|`£`||
|`Unrestrictedincomefunds`|||||
|`Accountant'scharges`||`4,860.00`||`7,200`|
|`Independentexaminationfees`||`1,800.00`||`1,800`|
|`Legalfees`||`7,008.00`||`7,502`|
|`Insurancepremium`||`202.80`||`203`|
|`Bankcharges`||`60.00`|||
|||`13,930.80`||`16,705`|
|`TotalCharitableactivities`||`___`<br>`136,930.80`|`125,905`||





## 

|`6.`|`Fixed assetinvestments`||`2022`|`2021`|
|---|---|---|---|---|
||||`£`|`£`|
||`Marketvalueat5 April2021`||`834,352.00`|`762,875`|
||`Additions`||`1,218,912.28`|`313,533`|
||`Disposals`||`(362,079.53)`|`(420,969)`|
||`Netrealisedinvestmentgains/(losses)`||`(3,479.39)`|`28,315`|
||`Netunrealisedinvestmentgains/(losses)`||`13,759.64`|`150,598`|
||`Marketvalueat5 April2022`||`1,701,465.00`|`834,352`|
||`Historical costat5 April2022`||`1,619,247.30`|`712,977`|
|`7.`|`Taxrecoverable`||`2022`|`2021`|
||||`£`|`£`|
||`UKtaxrecoverable`||`444.99`|`445`|
|`8.`|`Liabilities:Amountsfallingduewithinoneyear`||||
||||`2022`|`2021`|
||||`£`|`£`|
||`Accountancyfees`||`-`|`2,760`|
||`Legalfees`||`3,150.00`|`-`|
||||`3,150.00`|`2,760`|
|`9.`|`Analysisofnetassetsbetweenfunds`||||
|||`Fixed`|`NetCurrent`||
|||`Assets`|`Assets`|`Total`|
|||`£`|`£`|`£`|
||`2022`||||
||`ExpendableEndowmentFunds`|`1,724,965.00`|`26,976.21`|`1,751,941.21`|
||<br>`UnrestrictedFunds`|<br>`-`|<br>`=`|<br>`-`|
||<br>|<br> <br>`1,724,965.00`|<br> <br>`26,976.21`|<br> <br>`1,751,941.21`|
||<br>`2021`||||
||`ExpendableEndowmentFunds`|`857,852`|`10,195`|`868,047`|
||<br>`UnrestrictedFunds`|<br>`:`|<br>`-`|<br>`:`|
||<br>|<br>`857,852`<br>|<br>`10,195`<br>|<br>`868,047`<br>|



## 



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## 

|||`Expendable`|`Unrestricted`||
|---|---|---|---|---|
|||`Capital`|`Income`|`2021`|
||`Notes`|`Funds`|`Funds`|`Total`|
|||`£`|`£`|`£`|
|`Incomeandendowmentsfrom`|||||
|`Investmentincome`|`3`|`-`|`11,115`|`11,115`|
|`Exchangerategain`||`11`|`-`|`bin`|
|`Transferbetweenfunds`||<br>`(114,789)`|<br>`114,789`|<br>`-`|
|`Totalincomeandendowments`||<br> <br>`(114,778)`|<br> <br>`125,904`|<br> <br>`11,126`|
|`Expenditureon`|||||
|`Costsofraisingfunds`|||||
|`Investmentmanagementcosts`|`4`|`6,688`|`-`|`6,688`|
|`Charitableactivities`|`5`|`-`|`125,904`|`125,904`|
|`Totalexpenditure`||<br> <br>`6,688`|<br> <br>`125,904`|<br> <br>`132,592`|
|||`(121,466)`|`-`|`(121,466)`|
|`Netgains/(losses)oninvestments`|`6`|<br>`178,913`|<br>`-`|<br>`178,913`|
|`NetIncome/(expenditure)`||`57,447`|`-`|`57,447`|
|`Reconciliationoffunds`|||||
|`Totalfundsbroughtforward`||`810,600`|`-`|`810,600`|
|`Totalfundscarriedforward`||<br>`868,047`<br>|<br>`-`<br>|<br>`868,047`<br>|





## 

|`rants`<br>`ortheyearended5 April2022`||
|---|---|
||`2022`|
|`GrantstoMusicalInstitutions`||
|`CAliyev`|`2,000.00`|
|`GuildhallSchoolofMusic& Drama`|`23,000.00`|
|`IsaacTolley`|`2,000.00`|
|`KonstantinosTerzakis`|`2,000.00`|
|`OxfordLieder`|`3,000.00`|
|`RCrowe`|`1,000.00`|
|`RoyalAcademyofMusic`|`37,000.00`|
|`RoyalCollegeofMusic`|`28,000.00`|
|`RoyalConservatoireofScotland`|`9,000.00`|
|`RoyalNorthernCollegeofMusic`|`9,000.00`|
|`TrinityLabanConservatoireofMusicandDance`|`7,000.00`|
|`Totalgrantsperaccounts`|`123,000.00`|