THE EXETER AND DISTRICT CLASSICAL MUSIC TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Charity registration number: 1090945 § SimpkinsEdwards | ## THE EXETER AND DISTRICT CLASSICAL MUSIC TRUST ## ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ___ ## CONTENTS |||Pages| |---|---|---| |Trustees’ annual report||1-2| |Independent examiners report||3| |Receiptsand payments account|- Unrestricted funds|4| ||« Endowmentfunds|5| |Statement ofassets and liabilities||6| |Notestothefinancialstatements||7| Page1 : THE EXETER & DISTRICT CLASSICAL MUSIC TRUST ## TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Registration number 1090945 Principal/registered address Tozers LLP Broadwalk House Southernhay West Exeter EX’ 1UA ## Board of trustees Mr J Crowley Mr D Batty Mr D Chubb Ms A Chubb (Appointed 27 November 2023) Mrs C Whewell (Appointed 27 November 2023) ## Investment Managers Investec 30 Gresham Street London EC2V 7QN Hawksmoor Investment Management 17 Dix'’s Field Exeter EX1 1QA ## Bankers ## Tozers. LLP client account Independent Examiner Mr A Herrimings BA (Hons) FCA CTA Simpkins Edwards LLP Chartered Accountants The Summit Woodwater Park Pynes Hill Exeter EX2 5WS Page 2 nttaintntittetntiniitnnintnitetitiniinnninininssnaiiintiineinnsisiinnsiindsitmari **n** uennsnitnunisernanmips The trustees trustees have pleasure in presenting their Annual Annual Report and the and the the unaudited financial statements for the year the year year ended 5 April 2024. _ ## THE EXETER & DISTRICT CLASSICAL MUSIC TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees trustees have pleasure in presenting their Annual Annual Report and the and the the unaudited financial statements for the year the year year ended 5 April 2024. _ 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 23 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 inthe 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 performarices. .. 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 ## Unrestricted funds: ## Receipts Total unrestricted receipts have increased from £56,836 to £69,719 in 2024. ## Payments Total unrestricted payments have decreased from £70,995.to £59,335 in 2024: ## Endowment funds The Trust sold investments for £540,764 as shown on page 5. It also purchased investments for £461,391. ## Funds At S April 2024 the funds of the Trust totalled £2,372,170 (2023: £2,266,759). ## 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 ## _ itis the policy of the trustees to maintain reserves.at a level appropriate to the Trusts operations. Reserves are maintained at such a level.as tobe 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:- **----- Start of picture text -----**
Wr D Batty Me wiey Mr D Chubb Ms.A Chubb Mrs C Whewell
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: THE EXETER & DISTRICT CLASSICAL MUSIC TRUST Page 3 ## INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 | report to the Trustees on my examination of the financial statements of the charity for the year ended 5 April 2024 which are set out on pages 4 to 7. ## Responsibilities and basis of report As the Trustees of ihe charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2017 Act). | 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 | have followed all the applicable Directions given by the Charity Commission under section 145(6)(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. | 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. | have completed my examination. | confirm that no matters have come to my attention in-connection with the examination giving me cause to believe that in any material respect: 4. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act, or - 2, the financial statements do not accord with those records; or 3. 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 a proper understanding of the accounts to be reached. a attention id bedrawn in this report“enable Mr A Hemmings BA (Hons) FCA CTA Date: 1B(n Z¥, Simpkins Edwards LLP Chartered Accountants The Summit Woodwater Park Pynes Hil Exeter EX2 5WS Page4 : / / | : | | | | | | : ## THE EXETER & DISTRICT CLASSICAL MUSIC TRUST ## RECEIPTS AND PAYMENTS ACCOUNT — UNRESTRICTED FUNDS FOR THE YEAR ENDED 5 APRIL 2024 **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£|£|£| |Receipts| |Dividends|and|Interest|General|Fund|85,326|49,559| |received|from|investments| |Attenborough|Fund|9,468|6,968| |Equalisation|General|Fund|529|33| |Attenborough|70|236| |Fund| |Interest|received|4,326|40| |Total|Receipts| |69,719|56,836| |a|a| |Payments| |Donations:|General fund| |Two Moors|Festival|12,000|12,000| |Exeter Cathedral|School|4,550|5,600| |South|West Music School|5,000|5,000| |Topsham|Music|Festival|500|-| |Whiddon|Autumn|Festival|7,500|5,000| |Budleigh|Music|Festival|4,000|1,500| |Exeter College|-|20,000| |Corvus|Concert|“|1,500| |St Boniface Choral Society|360|500| |Dartington Summer School|2,500|1,000| |Blackdown|EMP|-|2,500| |Music|in|the castle|-|333| |Devon|Baroque|2,500|1,500| |Exeter Contemporary|Sounds|500|~| |Exeter|Festival|Chorus|655|~| |Exeter Cathedral|Foundation|Trust|4,500|~| |Gabrielli|Roar|1,200|~| |RAMM|1,000|-| |44,465|a|56,433| |Legal|fees|6,554|4,589| |Portfolio|management fee|7,682|7,646| |Independent|Examination|fee|1,320|4,260| |Website|costs|114|634| |Reimbursement of expenses|200|233| |“44.870|14,562| |Total|payments|$9,335|70,995| |Net receipts/(payments) for the year|10,384|(14,159)| |Balance as|at 6 April|2023|§7,809|71,968| |Balance as at 5 April|2024|66,193|$7,809| **----- End of picture text -----**
THE EXETER & DISTRICT CLASSICAL MUSIC TRUST Page S RECEIPTS AND PAYMENTS ACCOUNT ~ ENDOWMENT FUNDS FOR THE YEAR ENDED 5 APRIL 2024 **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |Capital|receipts| |Miscellaneous|receipts| |Proceeds|from|salé.of|investments|540,764|592,519| |Total|receipts|$40,764|592,519| |Other expenditure| |Payments|for investments|anc|other assets| |Purchase|of shares:| |Investec|397|482|604,154| |Mawkemoor|63,909|50,152| |Total|payments|467,391|654,303| |Net|receipis/(payrments)|for the|year|79,373|(61,784)| |Balance|as|at 6 April|2023|57,109|112,893| |Balance as|at|S|April|2024|130,482|51,109| **----- End of picture text -----**
Page 6 ## THE EXETER & DISTRICT CLASSICAL MUSIC TRUST ## STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2024 : **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |Monetary|assets|£|£| |Tozers|Client Account|(Unrestricted|Fund)|89|457|87,458| |Investec|Client Account|(Endowment Fund)|100,006|4.667| |Hawksmoor|Earnings Account|(Attenborough|Fund)|-|18,205| |(Unrestricted|fund)| |Hawksmoor|Dealing|Account (Endowment|Fund)|9,212|4,588| |198,675|108,918| |2024|2023| |Investment|assets|Cost|Market|vaiue|Market|vaiue| |£|£|£| |investments|(Endowment|Fund)| |General|Fund|1,549,314|1,903,504|1,929,141| |Attenborough|Fund|286,925|297|944|259|575| |1,836,239|2,201,445|2,188,776| |2024|2023| |£|£| |Liabilities — (Unrestricted|Fund)| |Amounts|falling|due within|one year| |Professional|fees|4,400|_|4350| |Amounts|reserved|for grants|(note|4)|20,300|24,525| |21,700|25,875| |Amounts|falling|due|after one year| |Amounts|reserved|for grants|(note 4)|6,250|5,000| |Ah||| |The financial|statements were approved by the trustees on,|J\NOVONA|A2b.| |Wr|D|Batty|We|MrD|Chubb|glist|Mirs:-C Whewell| **----- End of picture text -----**
: Page 7 ## THE EXETER & DISTRICT CLASSICAL MUSIC TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 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 CC'16 for charities preparing financial statements on a receipts and payménis basis. ## 2. Breakdown of the 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 £200 (1 Trustee) (2023: £233 (1 Trustes)). |4.|Amounts reserved forgranis|Duewithin 1 year|Due after 1 year|| |---|---|---|---|---| ||SouthWest MusicSchool|5,000|-|| ||Budleigh Music Festival|8,800|-|| ||Exeter Cathedral School|3,750|6,250|| ||Exeter Cathedral Foundation Trust|1,500|~|| ||Duo Totti|750|-|| ||Topsham Music Festival|500|-|| |||20,300|6,250|| |§..|Analysis offunds|||| |||Unrestricted|Endowment|Total| |||£|£|£| ||Investments|*|2,201,445|2,201445| ||Balances.at- bank|89.457|109,218|198,675| ||Net liabilities duewithin 1 year|(24,700)|~|(21,700)| ||Net liabilities due after 1 year|(6,250)|-|(6,250)| |||61,507|2,310,663|2,372,170|