REGISTERED CHARITY NUMBER: 1103952
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2024
for
The David Morgan Music Trust
Kenneth Morris Limited 1 Aston Court Bromsgrove Technology Park Bromsgrove Worcestershire B60 3AL
The David Morgan Music Trust
Contents of the Financial Statements for the Year Ended 31 May 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
The David Morgan Music Trust
Report of the Trustees for the Year Ended 31 May 2024
The trustees present their report with the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activity of the trust in the year under review was that of
1) to advance the education of children and young persons by the provision of bursaries or scholarships or workshops to enable those in full-time education to study music in particular but not, exclusively within the district council of Bromsgrove in the county of Worcestershire; and
2) to foster and promote for the benefit of children and young persons within the district council of Bromsgrove the advancement and improvement of general education in the art of music and the development of public appreciation of music.
Significant activities
The trustees have invested the funds available with an investment manager and will utilise income and profits generated therefrom to meet the grants they consider appropriate in each year
Grantmaking
Requests for grant funds must be made to the trustees for consideration.
Grants totalling have been made during the year, supporting both individual young musicians and larger scale activities for the benefit of local schools.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. At the year end these amounted to £17,776 relating to 2024 and £4,843 relating to 2023.
CONTACT DETAILS
The charity website is: www.davidmorganmusictrust.org
The trust administrator is : Vicky Hadley
ACHIEVEMENT AND PERFORMANCE
Investment performance
The trustees have invested the funds available with an investment manager, Evelyn Partners and are satisfied with the performance, which is reviewed regularly.
FINANCIAL REVIEW
Financial position
The net assets of the charity mainly consists of listed investments valued at £342,839 (2023: £331,909) which are managed by Evelyn Partners. During the year, the charity made acquisitions of £107,173 and disposals at valuation of £130,117.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 10th May 2004, as amended by deed of amendment dated 6th April 2005, and constitutes an unincorporated charity. The charity is a registered charitable trust.
The David Morgan Music Trust is a fund created by the late Mr Morgan because of his love of and lifetime involvement with the world of music. Mr Morgan was former Councillor for Bromsgrove District Council and an enthusiastic participant of the Bromsgrove Festival.
The charity funds are all available for application towards the main charitable objectives, with no restriction on any funds.
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The David Morgan Music Trust
Report of the Trustees for the Year Ended 31 May 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The trustees are selected by existing trustees and have no fixed term of service.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1103952
Principal address
Flat 20, Midland Court 29 Cox Street Birmingham B3 1RW
Trustees
Mrs P Kelly-Edwards Chair Mrs A Porter Ms C Shearwood (resigned 10.5.24) J S Cowperthwaite B Hoggard (resigned 11.3.24) J Martin (appointed 11.3.24)
Independent Examiner
Kenneth Morris Limited 1 Aston Court Bromsgrove Technology Park Bromsgrove Worcestershire B60 3AL
Investment Advisers
Evelyn Partners 103 Colmore Row Birmingham B3 3AG
Approved by order of the board of trustees on 23 September 2024 and signed on its behalf by:
P M Kelly-Edwards Signed on 22/10/24 @ 18:39
Mrs P Kelly-Edwards - Trustee
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Independent Examiner's Report to the Trustees of The David Morgan Music Trust
Independent examiner's report to the trustees of The David Morgan Music Trust
I report to the charity trustees on my examination of the accounts of The David Morgan Music Trust (the Trust) for the year ended 31 May 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 fair 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.
Signed on 25/09/24 @ 16:05
Teresa Ford
Kenneth Morris Limited 1 Aston Court Bromsgrove Technology Park Bromsgrove Worcestershire B60 3AL
23 September 2024
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The David Morgan Music Trust
Statement of Financial Activities for the Year Ended 31 May 2024
| 2024 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 75 Investment income 2 38,488 Total 38,563 EXPENDITURE ON Raising funds 3 2,332 Charitable activities Music scholarships 24,993 Governance costs 4,214 Total 31,539 Net gains/(losses) on investments 4,492 NET INCOME/(EXPENDITURE) 11,516 RECONCILIATION OF FUNDS Total funds brought forward 337,298 TOTAL FUNDS CARRIED FORWARD 348,814 |
2023 Total funds £ - 12,188 12,188 2,571 23,367 3,860 29,798 (22,560) (40,170) 377,468 337,298 |
|---|---|
The notes form part of these financial statements
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The David Morgan Music Trust
Balance Sheet
31 May 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 8 | 342,839 | 331,909 |
| CURRENT ASSETS | |||
| Debtors | 9 | 689 | 668 |
| Cash at bank | 5,286 | 4,721 | |
| 5,975 | 5,389 | ||
| NET CURRENT ASSETS | 5,975 | 5,389 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 348,814 | 337,298 | |
| NET ASSETS | 348,814 | 337,298 | |
| FUNDS | 10 | ||
| Unrestricted funds | 348,814 | 337,298 | |
| TOTAL FUNDS | 348,814 | 337,298 |
The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2024 and were signed on its behalf by:
P M Kelly-Edwards Signed on 22/10/24 @ 18:39
P Kelly-Edwards - Trustee
J S Cowperthwaite Signed on 31/10/24 @ 09:16
J S Cowperthwaite - Trustee
The notes form part of these financial statements
Page 5
The David Morgan Music Trust
Notes to the Financial Statements for the Year Ended 31 May 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Listed investments
Listed investments are carried at market value provided by the investment brokers.
Page 6
continued...
The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
2. INVESTMENT INCOME
| Investment income Profit/loss on sale of investments Gross interest 3. RAISING FUNDS Investment management costs Investment management expenses |
2024 £ 7,669 29,383 1,436 38,488 2024 £ 2,332 |
2023 £ 8,334 2,639 1,215 |
|---|---|---|
| 12,188 | ||
| 2023 £ 2,571 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 12,188 |
| EXPENDITURE ON | |
| Raising funds | 2,571 |
| Charitable activities | |
| Music scholarships | 23,367 |
| Governance costs | 3,860 |
| Total | 29,798 |
| Net gains/(losses) on investments | (22,560) |
| NET INCOME/(EXPENDITURE) | (40,170) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 377,468 |
| TOTAL FUNDS CARRIED FORWARD | 337,298 |
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
6. GRANTS MADE
| Grants made during the year: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Music tuition | 21,616 | 20,377 |
| Event funding | 1,866 | 500 |
| Instrument purchase | 1,511 | 2,115 |
| Resources | - | 267 |
| Travel expenses | - | 108 |
| 24,993 | 23,367 | |
7. INDEPENDENT EXAMINER FEES
Independent examiner fees for the year totalled £606. (2023: £570).
8. FIXED ASSET INVESTMENTS
| Listed investments £ MARKET VALUE At 1 June 2023 331,909 Additions 107,173 Disposals (100,467) Restatement to fair value 4,492 Equalisation adjustments (268) At 31 May 2024 342,839 NET BOOK VALUE At 31 May 2024 342,839 At 31 May 2023 331,909 The investments can be split as follows: |
Listed investments £ MARKET VALUE At 1 June 2023 331,909 Additions 107,173 Disposals (100,467) Restatement to fair value 4,492 Equalisation adjustments (268) At 31 May 2024 342,839 NET BOOK VALUE At 31 May 2024 342,839 At 31 May 2023 331,909 The investments can be split as follows: |
|---|---|
| % | |
| UK | 73 |
| Other | 27 |
| Cost or valuation at 31 May 2024 is represented by: Listed investments £ Valuation in 2022 78,405 Valuation in 2023 (22,560) Valuation in 2024 4,492 Cost 282,502 342,839 |
The investment portfolio is currently managed by Evelyn Partners, who are paid a quarterly management charge.
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income 10. MOVEMENT IN FUNDS Unrestricted funds General fund Fair value reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 38,563 TOTAL FUNDS 38,563 |
At 1.6.23 £ 312,252 25,046 337,298 337,298 Resources expended £ (31,539) (31,539) |
2024 2023 £ £ 689 668 Net movement At in funds 31.5.24 £ £ 11,516 323,768 - 25,046 11,516 348,814 11,516 348,814 Gains and Movement losses in funds £ £ 4,492 11,516 4,492 11,516 |
2023 £ 668 At 31.5.24 £ 323,768 25,046 |
2023 £ 668 At 31.5.24 £ 323,768 25,046 |
2023 £ 668 |
|---|---|---|---|---|---|
| 348,814 | |||||
| 348,814 | |||||
| 11,516 |
Comparatives for movement in funds
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.6.22 £ 352,422 25,046 377,468 377,468 |
Net movement in funds £ (40,170) - (40,170) (40,170) |
At 31.5.23 £ 312,252 25,046 |
|---|---|---|---|
| 337,298 | |||
| 337,298 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 12,188 | (29,798) | (22,560) | (40,170) |
| TOTAL FUNDS | 12,188 | (29,798) | (22,560) | (40,170) |
continued...
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The David Morgan Music Trust
Notes to the Financial Statements - continued for the Year Ended 31 May 2024
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.6.22 £ 352,422 25,046 377,468 377,468 |
Net movement in funds £ (28,654) - (28,654) (28,654) |
At 31.5.24 £ 323,768 25,046 |
|---|---|---|---|
| 348,814 | |||
| 348,814 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 50,751 | (61,337) | (18,068) | (28,654) |
| TOTAL FUNDS | 50,751 | (61,337) | (18,068) | (28,654) |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2024.
12. GRANTS APPROVED BUT UNPAID
Grants approved during the financial year but unpaid at the year end amounted to £17,776.(2023 - 19,590). Grants approved in 2023 but unpaid at the year end amounted to £4,843.
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The David Morgan Music Trust
Detailed Statement of Financial Activities for the Year Ended 31 May 2024
| Detailed Statement of Financial Activities for the Year Ended 31 May 2024 |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 75 | - |
| Investment income | ||
| Investment income | 7,669 | 8,334 |
| Profit/loss on sale of investments | 29,383 | 2,639 |
| Gross interest | 1,436 | 1,215 |
| 38,488 | 12,188 | |
| Total incoming resources | 38,563 | 12,188 |
| EXPENDITURE | ||
| Investment management costs | ||
| Investment management expenses | 2,332 | 2,571 |
| Charitable activities | ||
| Grants made | 24,993 | 23,367 |
| Support costs | ||
| Governance costs | ||
| Insurance | 663 | 663 |
| Independent examiner fees | 606 | 570 |
| Admin fees | 2,945 | 2,627 |
| 4,214 | 3,860 | |
| Total resources expended | 31,539 | 29,798 |
| Net income/(expenditure) | 7,024 | (17,610) |
This page does not form part of the statutory financial statements
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