THE EXETER AND DISTRICT CLASSICAL MUSIC TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
Charity registration number: 1090945
THE EXETER AND DISTRICT CLASSICAL MUSIC TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
CONTENTS
| Pages | ||
|---|---|---|
| Trustees annual report | 1 - 2 | |
| Independent examiners report | 3 | |
| Receipts and payments account | - Unrestricted funds | 4 |
| - Endowment funds | 5 | |
| Statement of assets and liabilities | 6 | |
| Notes to the financial statements | 7 |
Page 1
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022
Registration number 1090945 Principal/registered address Tozers LLP Broadwalk House Southernhay West Exeter EX1 1UA Board of trustees Mr A Miller Mr J Crowley Mr D Batty Mr D Chubb (Appointed 11 April 2022) Investment Managers Investec 2 Gresham Street London EC2V 7QP Hawksmoor Investment Management 17 Dix’s Field Exeter EX1 1QA Bankers Tozers LLP client account Independent Examiner J L Coombs MA (Cantab), FCA Simpkins Edwards LLP Chartered Accountants Michael House Castle Street Exeter EX4 3LQ
Page 2
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022
The trustees have pleasure in presenting their Annual Report and the unaudited financial statements for the year ended 5 April 2022.
The financial statements comply with current statutory requirements, the governing document and the Charities Act 2011.
Aims and organisation
The Trust was established by trust deed on 5 February 2002. The Trust was set up to advance education in classical music in Exeter and its surrounding districts by the provisions of grants towards the cost of public professional performances and extended by a Deed of Variation dated 22 November 2006 to include the provision of grants or bursaries for training and education in music and also the provision of grants to assist in the upkeep and maintenance of venues providing such performances. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Exeter & District Classical Music Trust’s aims and objectives and in planning future activities.
The decisions of the Trust are made by the trustees. The trustees have the authority to appoint replacement trustees.
The focus of our Charity’s activities remains to provide grants and bursaries towards the advancement, education and training of classical music and toward the cost of public professional performances of classical music in Exeter and its neighbourhood and to provide grants towards the upkeep of venues holding such performances.
Our activities remain open to applications from individuals or organisations that in particular, but not exclusively, comply with the Trust activities as stated above.
Review of financial activities and affairs
The public performance of live music was severely curtailed in the year by the COVID-19 pandemic, resulting in a considerably lower level of grant making by the Trust than in previous years.
Unrestricted funds: Receipts
Total unrestricted receipts have increased from £52,326 to £55,829 in 2022.
Payments
Total unrestricted payments have decreased from £41,139 to £38,188 in 2022.
Endowment funds
The Trust sold investments for £447,484 as shown by page 5. It also purchased investments for £392,981.
Funds
At 5 April 2022 the funds of the Trust totalled £2,463,997 (2021: £2,345,237).
Risk
The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finance of the Trust and are satisfied that systems are in place to mitigate exposure to any such risks.
Reserves policy
It is the policy of the trustees to maintain reserves at a level appropriate to the Trusts operations. Reserves are maintained at such a level as to be able to respond to any requests for assistance.
Investment powers
The trustees have the power to invest the funds of the Trust under their own discretion. Signed and approved on behalf of the trustees by:-
Mr A Miller Mr D Batty Mr J Crowley Mr D Chubb Date: 24 May 2022
Page 3
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
I report to the Trustees on my examination of the financial statements of the charity for the year ended 5 April 2022 which are set out on pages 4 to 7.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic or Ireland (FRS102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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 air 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.
Mr J L Coombs MA (Cantab), FCA Date: 4 July 2022 Simpkins Edwards LLP Chartered Accountants Michael House Castle Street Exeter EX4 3LQ
Page 4
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
RECEIPTS AND PAYMENTS ACCOUNT – UNRESTRICTED FUNDS FOR THE YEAR ENDED 5 APRIL 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ |
£ | £ | ||
| Receipts | |||||
| Dividends and Interest | General Fund | 49,567 | 46,916 | ||
| received from investments | |||||
| Attenborough Fund | 5,477 | 5,201 | |||
| Equalisation | General | 586 | 34 | ||
| Attenborough | 199 | 138 | |||
| Fund | |||||
| Interest received | - | 37 | |||
| _____ | ______ | ||||
| Total Receipts | |||||
| 55,829 | 52,326 | ||||
| __ | _ | ||||
| Payments | |||||
| Donations: | General fund | ||||
| Two Moors Festival | 12,000 | 12,000 | |||
| Exeter Cathedral | 5,050 | 3,700 | |||
| School | |||||
| South West Music School | - | 6,900 | |||
| Organ lessons | 1,800 | - | |||
| Hill Quartet | 422 | - | |||
| Whiddon Autumn Festival | 3,500 | - | |||
| ______ | _____ | ||||
| 22,772 | 22,600 | ||||
| Donations: | Attenborough Fund | ||||
| South West Music School- Outreach Project | - | 3,550 | |||
| Shaldon Music Festival | - | 500 | |||
| ______ | _____ | ||||
| - | 4,050 | ||||
| Legal fees | 4,294 | 3,833 | |||
| Portfolio management fee | 8,947 | 9,486 | |||
| Independent Examination fee | 1,200 | 1,170 |
|||
| Website costs | 720 | - | |||
| Reimbursement of expenses | 255 | - | |||
| _____ | _____ | ||||
| 15,416 | 14,489 | ||||
| ______ | ______ | ||||
| Total payments | 38,188 | 41,139 | |||
| ______ | ______ | ||||
| Net receipts/(payments) for the year | 17,641 | 11,187 | |||
| Balance as at 6 April 2021 | 54,327 | 43,140 | |||
| ______ | ______ | ||||
| Balance as at 5 April 2022 | 71,968 | 54,327 | |||
| _____ | ______ |
Page 5
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2022
| RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2022 |
RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2022 |
RECEIPTS AND PAYMENTS ACCOUNT – ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2022 |
|---|---|---|
| ________________ | ||
| 2022 | 2021 | |
| £ | £ | |
| Capital receipts | ||
| Miscellaneous receipts | ||
| Proceeds from sale of investments | 447,484 | 376,397 |
| ___ | ___ | |
| Total receipts | 447,484 | 376,397 |
| ___ | ___ | |
| Other expenditure | ||
| Payments for investments and other assets | ||
| Purchase of shares: | ||
| Investec | 360,183 | 328,296 |
| Hawksmoor | 32,798 | 70,043 |
| ___ | ___ | |
| Total payments | 392,981 | 398,339 |
| ___ | ___ | |
| Net receipts/(payments) for the year | 54,503 | (21,942) |
| Balance as at 6 April 2021 | 58,390 | 80,332 |
| ___ | ___ | |
| Balance as at 5 April 2022 | 112,893 | 58,390 |
| ___ | ___ |
Page 6
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2022
| STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2022 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2022 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2022 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2022 |
|---|---|---|---|
| __________ | |||
| 2022 | 2021 | ||
| Monetary assets | £ | £ | |
| Tozers Client Account | 95,208 | 74,882 | |
| Investec Client Account |
64,610 | 26,218 | |
| Hawksmoor Client Account (Attenborough Trust) | 25,043 | 11,616 | |
| ___ | ___ | ||
| 184,861 | 112,716 | ||
| ___ | ___ |
||
| 2022 | 2021 | ||
| Investment assets | Cost | Market value | Market value |
| £ | £ | £ | |
| Investments | |||
| General Fund | 1,480,834 | 2,047,403 | 2,004,290 |
| Attenborough Fund | 250,999 | 280,558 | 285,656 |
| ___ | ___ | __ | |
| 1,731,833 | 2,327,961 | 2,289,946 | |
| ___ | ___ | __ | |
| 2022 | 2021 | ||
| £ | £ | ||
| Liabilities – | |||
| Amounts falling due within one year | |||
| Professional fees | 1,200 | 1,200 | |
| Amounts reserved for grants (note 4) | 34,075 | 35,575 | |
| __ | __ | ||
| 35,275 | 36,775 | ||
| __ | __ | ||
| Amounts falling due after one year | |||
| Amounts reserved for grants (note 4) | 13,550 | 20,650 | |
| __ | __ |
The financial statements were approved by the trustees on 24 May 2022
Mr A Miller Mr D Batty Mr J Crowley Mr D Chubb
Page 7
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the applicable Accounting Standards and Charity Commission guidance in the form of CC16 for charities preparing financial statements on a receipts and payments basis.
2. Breakdown of charity’s funds
Unrestricted funds:
Unrestricted funds are those funds that can be used in accordance with the charitable objects of the Trust at the discretion of the trustees.
Capital funds :
The capital fund includes the endowment of the charity, which is held on trust to be retained for the benefit of the charity. The capital funds are retained to provide income for the charity.
3. Trustee remuneration
No trustee has received remuneration during the financial year.
Trustee expenses reimbursed for the year were £255 (1 Trustee) (2021:£Nil).
| 4. | Amounts reserved for grants | Due within 1 year | Due after 1 year |
|---|---|---|---|
| South West Music School |
11,425 | 10,000 | |
| Exeter Cathedral School |
6,150 | 3,550 | |
| CYO |
1,800 | - | |
| Exeter Contemporary Sounds |
1,200 | - | |
| Two Moors Festival |
12,000 | - | |
| Budleigh Music Festival |
1,500 | - | |
| __ | __ | ||
| 34,075 | 13,550 | ||
| __ | __ |
5. Analysis of funds
| nalysis of funds | |||
|---|---|---|---|
| Unrestricted | Endowment | Total | |
| £ | £ | £ | |
| Investments | - | 2,327,961 | 2,327,961 |
| Balances at bank | 95,208 | 89,653 | 184,861 |
| Net liabilities due within 1 year | (35,275) | - | (35,275) |
| Net liabilities due after 1 year | (13,550) | - | (13,550) |
| __ | ___ | ___ | |
| 46,383 | 2,417,614 | 2,463,997 | |
| __ | ___ | ___ |