2020-12-31-accounts

	Page
Reference and Administrative Information
Trustees' Annual Rcport	2 —4
Report ofthe Independent Examiner
Statement ofFinancial Activities
Balance Sheet
Notes to the Financial Statements	8-14

TATEMENT OF FINANCIAL ACT	IVITES FOR	THE YEAR EN	DED 31DE	CEMBER 2020
				31-Dec-20	31-Dec-19
				Total	Total
		Expendable		Unrestricted	Unrestricted
	NOTE	Endowment	Income	Funds	Funds
		E
INCOME
Income			26,961	26,961	33,146
TOTAL INCOME			26,961	26,961	33,146
EXPENDITURE
Cost of Generating Funds		12,139		12,139	15,608
Charitable activities		4,748	65,444	70,192	170,363
TOTAL EXPENDITURE		16,887	65,444	82,331	185,971
GAINS/(LOSSES) ON ASSETS
Realised and unrealised		(22,803)		(22,803)	87,357
(Losses)/Gains on investments
Losses on tangible assets	10	(36,521)		(36,521)	(39,217)
NET EXPENDITURE		(76,211)	(38,483)	(114,694)	(104,685)
Gross transfers		(38,483)	38,483
OTHER RECOGNISED GAINS AND LOSSES
Gains on foreign exchange					35
NET MOVEMENT IN FUNDS		(114,694)		(114,694)	(104,650)
RECONCILIATION OF FUNDS
Total funds brought forward		1,981,334		1,981,334	2,085,984
BALANCE CARRIED FORWARD		1,866,640		1,866,640	1,981,334

ALANCE SHEET	AS AT 31 DECEMBER 2020
			31-Dec-20	31-Dec-19
			Unrestricted	Unrestricted
		NO'I 'E	Funds	Funds
			E
FIXEDASSETS
Investments			781,821	924,785
CURRENT ASSETS
Tangible Asset (held for sale)		10	1,098,982	1,135,503
Cash at Bank			19,297	50,034
			1,118,279	1,185,537
LIABILITIES
Creditors: amounts	falling due within one year		(33,460)	(98,988)
NET CURRENT ASSETS			1,084,819	'1,086,549
Creditors amounts	falling due after one year			(30,000)
TOTAL ASSETSLESS LIABILITIES			1,866,640	1,981,334
Representing:
UNRESTRICTED	FUNDS
Expendable Endowment			1,866,640	1,981,334
Income
			1,866,640	1,981,334

INCOME
		Unrestricted		Unrestricted	31-Dec-20	31-Dec-19
		Expendable		Income	Total	'I'otal
		Endowment			Unrestricted	Unrestricted
			f.			f.
income	from Investments			26,944	26,944	33,087
Interest	on cash deposits			17	17	59
				26,961	26,961	33,146

OST OF G	ENERATING	FUNDS
				31-Dec-20	31-Dec-19
					6
Investment	Advisor			9,690	12,000
Custody, Administration		Fees and Transaction	Fees	2,449	3,608
				12,139	15,608

s charitable activities as f	ollows:—
		s
The Royal College ofMusic		42,680
Philharmonia Orchestra		10,000
Help Musician UK		5,000
Young Classical Artist Trust		5,000
Total		62,680
Support and Governance	costs (Seenote 7)	7,512
		70,192

						2020	2019	2020	2019
						No.	Ko.		E
The	advancement	of	the	arts,	culture,	3	2	20,000	80,000
heritage or science
The	advancement	of education				I	2	42,680	84,492
						4	4	62,680	164,492

				Unrestricted		31-Dec-20	31-Dec-19
				Expendable	Unrestricted	Total	Total
				Endowment	Income	Unrestricted	Unrestricted
				6		E	E
Independent	Examiner's		Fee	2,500		2,500	2,500
current year
—prior year (over)/under			accrual)	(40)		(40)	660
Legal and Professional		Fees		1,883		1.883	2,422
Bank Charges				405		405	289
Cello Expenses					2,764	2,764
To Charitable	Activities			(4,748)	(2,764)	(7,512)	(5,871)

Movement i	n fix	ed asset inve	stments
		Unquoted	Investments	Quoted Investments		Total	Total
		31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19
				E		6
Market Value		6,924	13,010	917,861	873,317	924,785	886,327
brought
forward
Acquisitions	at		4,352		90,000		94,352
cost
Less disposal		(2696)	(9 675)	(117,465)	(133,576)	(120,161)	(143,251)
proceeds
		4,228	7,687	800,396	829,741	804,624	837,428
Realised		(240)	(652)	(1,345)	5,716	(1,585)	5,064
(Losses) (Gains
on disposal
Net(Loss)/Gain		(1,273)	(111)	(19,945)	82,404	(21,218)	82,293
on revaluation
Market Value at		2,715	6,924	779,106	917,861	781,821	924,785
31December
Historical Cost at		5,193	7,096	647,061	739,351	652,254	746,447
31December
		Unquoted	Investments	Quoted Investments		Total	Total
		31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19
			6			6
Geographical
Analysis
United		408	3,992	762,628	890,433	763,036	894,425
Kingdom
Investments
Overseas		2,307	2,932	16,478	27,428	18,785	30,360
investments
Market Value at		2,715	6,924	779,106	917,861	781,821	924,785
31December

The following investments comprise in excess of5%	The following investments comprise in excess of5%	The following investments comprise in excess of5%	The following investments comprise in excess of5%	ofthe value ofthe portfolio:	ofthe value ofthe portfolio:
Name					Holding	Value
Rathbone Ethical Bond Fund					84,663	90,547
BNY Mellon Global Income Fund					34,942	63,057
Sarasin Investment Funds international			Equity income		34,168	61,192
Mayfair Capital Investment MGM		Ltd			74,534	61,118
The Charities Property Fund					49,078	60,857
Artemis Fund Manager Income	Institutional				26,092	59,560
Link Fund Solutions Ltd Trojan	Income				32,245	58,004
TBailey Fund Services Ltd Evenlodge					45,016	55,577
M&G Investment Management	Ltd Charifund				4,034	55,346
Baillie Gifford &CoCorporate Bond					56,765	53,274
Idermes Investment Management		Global	Emerging	Market	28,248	49,560
Maitland Emerging Market					28,958	40,979
TANGIBLE ASSET
					31-Dec-20	31-Dec-19
					Total	Total
					6
Cost or value at 1January					1,135,503	1,174,720
Losses on Foreign Exchange					(36,521	(39,217)
Value at 31December					1,098,982	1,135,503

CREDITORS
	Unrestricted		31-Dec-20
	Fxpendable	Unrestricted	Total
	Endowment	Income	Unrestricted
	6		8
Accruals	3,460		3,460
Donations		30,000	30,000
	3,460	30,000	33,460
	Unrestricted		31-Dec-19
	Expendable	Unrestricted	Total
	Endowment	Income	Unrestricted
			6
Accruals	6,742		6,742
Donations		122,246	122,246
	6,742	122,246	128,988

		Unrestricted		31-Dec-20
		Expendable	Unrestricted	Total
		Endowment	Income	Unrestricted
		6
Investments		781,821		781,821
'I'angible	I'ixed Assets	1,098,982		1,098,982
Cash at Bank		11,790	7,507	19,297
Creditors		(25,953)	(7,507)	(33,460)
		1,866,640		1,866,640
		Unrestricted		31-Dec-19
		t.xpendable	Unrestricted	Total
		Endowment	Income	Unrestricted
		8
Investments		924,785		924,785
Tangible	Fixed Assets	1,135,503		1,135,503
Cash at Bank		37,302	12,732	50,034
Creditors		(116,256)	(12,732)	(128,988)
		1,981,334		1,981,334