## 

||||Page|
|---|---|---|---|
|Legal and administrative||information||
|Report ofthe|Chief Executive Officer|||
|Report ofthe|Trustees||3-7|
|Independent|Auditor's|Report|8-10|
|Consolidated|Statement|of Financial Activities||
|Consolidated|and Trust|Balance Sheet|12|
|Consolidated|Cash Flow Statement||13|
|Notes to the|Financial Statements||14-27|





|Charity name:|Charity name:||Pro Corda Trust|||||
|---|---|---|---|---|---|---|---|
|Registered|Charity number:||1116213|||||
|Registered|Company|number:|05829570|||||
|Registered|Office:||Leiston Abbey|||||
||||Theberton|||||
||||Leiston|||||
||||Suffolk|||||
||||IP164TD|||||
|Telephone:|||01728831354|||||
|Email:|||mail<br>rocorda. com|||||
|Website:|||www.<br>rocorda. com|||||
|Co-Founders:|||Miss P Spofforth,|MBE (deceased)||||
||||Miss BG Hewlins,|MBE (deceased)||||
|Trustees:|||John Ette (Chair -|resigned||9July 2022)||
||||Graham<br>Bowler (Chair —appointed 9July 2022)|||||
||||Ina Budh —Raja (Honorary|||Secretary - resigned|7 July 2022)|
||||David Ballance (Honorary Secretary —appointed||||20August 2022)|
||||Angela<br>Au (resigned||7 July 2022)|||
||||Keith Daley (appointed<br>25|||May 2022)||
||||Jane Fenoulhet|||||
||||James Shirras|||||
||||Priscilla Turner (appointed|||25 May 2022)||
|Chief Executive Officer:|||Andrew<br>Quartermain|||||
|Auditors:|||Ensors Accountants||LLP|||
||||Connexions|||||
||||159Princes Street|||||
||||Ipswich|||||
||||IP1 1QJ|||||
|Bankers:|||Royal Bank ofScotland|||||
||||Drummond<br>House|(AB) Branch||||
||||Drummond<br>House|||||
||||1 Redheughs<br>Avenue|||||
||||Edinburgh|||||
||||EH12 9JN|||||
|Solicitors:|||Marshalls|||||
||||102 High Street|||||
||||Godalming|||||
||||Surrey|||||
||||GU21 1NL|||||








## 

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## 

|n the year, Pro Corda had 973|stu|dents (2021:457|) attending<br>cou|rses, anal|
|---|---|---|---|---|
||||2022|2021|
|At Leiston Abbey, Suffolk:|||||
|Adult Piano (October)|||7||
|Combined<br>Autumn<br>Courses||||27|
|Pro Corda Viola (October)|||1||
|Pro Corda Piano Plus (October)|||9|8|
|Pro Corda Cello Plus Course|(October)||14|12|
|Young carers (Autumn)|||3||
|Piano Sanctuary<br>(November)|||4|3|
|Combined<br>Course (January)|||26|16|
|Young Carers (January)|||3||
|Piano Sanctuary<br>(January)|||4||
|Pro Corda Violin (February)|||19||
|Piano Sanctuary<br>(March)|||5||
|Primary<br>1 (April)|||27|24|
|Aide Valley Pro Corda Academy||Pilot (March-|50||
|July)|||||
|Young carers (April)|||3||
|Piano Sanctuary<br>(April)|||5||
|Saxmundham<br>Free School (April)|||35||
|Sunnydown<br>School (May)|||19||
|Castle East School (May)|||70||
|Garston School (May)|||22||
|Junior<br>1 (May)|||29|14|
|Piano Sanctuary<br>(May)|||5|4|
|YSE Preparatory<br>(May)|||4|8|
|Preparatory<br>(May)|||43|26|
|Adult Piano<br>/ Piano Sanctuary|(June)||5|6|
|Kingswode<br>School (June)|||22||
|Brentwood<br>School (June)|||60||
|StAlbans School (June)|||25||
|St Nicholas School (June)|||27||
|Sunnydown<br>School (June)|||12||
|Music Makers (June)|||12||
|Piano Sanctuary<br>(July)|||6|8|
|Primary 2 (July)|||41|24|
|Beech House (SEN)||||4|
|Young Carers (July)|||3||





## 

|OR THE YEAR ENDED|30SEPTEMBE|R2022||
|---|---|---|---|
|Junior 2 (July / August)||38|40|
|Intermediate<br>2 (August)||28|32|
|Senior 2 (August)||33|41|
|Pro Corda Plus Violin (August)||36|33|
|Adult Piano<br>/ Piano Sanctuary|(September)|7|7|
|Activities<br>Unlimited||77|51|
|At Sedburgh<br>School, North Yorkshire:||||
|Pro Corda North (August)||24|30|
|At Wells Cathedral<br>School, Somerset:||||
|Pro Corda West (August)||30||
|In London:||||
|Y.S.E||80|33|
|Total||973|457|



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## 



## 

|||||||Notes|Unrestricted<br>Funds|Restricted<br>Funds|Total<br>Funds|Total<br>Funds|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||2022|2022|2022|2021|
|Income:|||||||||||
|Donations<br>and legacies|||||||219,967|88,043|308,010|294,939|
|Income from charitable|activities:||||||||||
|Course fees|||||||430,354|56,732|487,086|280,714|
|Income from other trading||activities:|||||||||
|Trading<br>income|||||||13,014||13,014|17,190|
|Lettings and related|income||||||3,250||3,250|6,500|
|Concert tickets and|other||income||||11,376||11,376|5,470|
|Investment<br>income|||||||||||
|Total income|||||||677,961|144,775|822,736|604,813|
|Expenditure:|||||||||||
|Costs of raising funds:|||||||||||
|Trading expenses|||||||22,494||22,494|13,507|
|Fundraising<br>costs|||||||19,333||19,333|19,003|
|Expenditure<br>on charitable||activities:|||||||||
|Bursaries and scholarships||||granted||||94,979|94,979|26,582|
|Music and pastoral|staff||||||193,220|10,389|203,609|145,836|
|Food, cooking and|cleaning||||||87,862||87,862|70,736|
|Administration<br>costs|||||||241,109||241,109|288,456|
|Establishment<br>costs|||||||89,580||89,580|57,705|
|Other course costs|||||||33,715||33,715|22,018|
|Total expenditure|||||||687,313|105,368|792,681|643,843|
|Net movement<br>in funds||before|||transfers||(9,352)|39,407|30,055|(39,030)|
|Transfer between<br>funds||||||19|||||
|Net income and net movement|||||in funds||(9,352)|39,407|30,055|(39,030)|
|for the year|||||||||||
|Total Funds brought<br>forward|||at|1|October||2,215,053|46,603|2,261,656|2,300,686|
|Total Funds carried forward <br>September|||at||30||2,205,761|86,010|2,291,711|2,261,656|





## 

|||||||Group||Trust||
|---|---|---|---|---|---|---|---|---|---|
|||||||2022|2021|2022|2021|
||||||Notes|f||||
|Fixed assets||||||||||
|Tangible assets|||||11|2,440,382|2,446,013|2,437,588|2,442,726|
|Investments|||||12|||100|100|
|||||||2,440,382|2,446,013|2,437,688|2,442,826|
|Current assets||||||||||
|Stocks||||||1,886|2,715|1,330|1,330|
|Debtors|||||13|35,772|62,066|35,769|61,695|
|Cash||||||9,908|7,106|2,927|6,186|
|||||||47,566|71,887|40,026|69,211|
|Creditors: Due||within one year|||14|(196,237)|(256,244)|(191,542)|(265,400)|
|Net current (liabilities) I||||assets||(148,671)|(184,357)|(151,516)|(196,189)|
|Total assets less|||current|liabilities||2,291,711|2,261,656|2,286,172|2,246,637|
|Funds||||||||||
|General||||||74,702|35,295|74,702|35,295|
|Barn Fund||||||11,308|11,308|11,308|11,308|
|Restricted funds|||||19|86,010|46,603|86,010|46,603|
|General||||||1,213,711|1,213,583|1,213,711|1,213,583|
|Revaluation||reserve||||870,512|870,512|870,512|870,512|
|Designated||||||115,939|115,939|115,939|115,939|
|Non-charitable|||trading|funds||5,539|15,019|||
|Unrestricted|funds||||20|2,205,701|2,215,053|2,200,162|2,200,034|
|Total funds||||||2,291,711|2,261,656|2,286,172|2,246,637|





## 

|OR THE YEAR ENDED 30|SEPTE|MBER2022||||
|---|---|---|---|---|---|
|||||2022|2021|
||||Notes|||
|Cash generated<br>from operating|activities||22|8,934|68,781|
|Cash flows from investing<br>activities||||||
|Purchase<br>oftangible<br>fixed assets||||(4,720)|(15,114)|
|Cash used in investing<br>activities||||(4,720)|(15,114)|
|Increase<br>in cash and cash equivalents||||4,214|53,667|
|Cash and cash equivalents<br>at the|beginning|ofthe year||(23,289)|(76,956)|
|Total cash and cash equivalents|at the end ofthe year|||(19,075)|(23,289)|
|Disclosed as:||||||
|Cash and Bank||||9,908|7,106|
|Bank Overdrafts||||(28,983)|(30,395)|
|Total cash and cash equivalents|at the end ofthe year|||(19,075)|(23,289)|





## 

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## 



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## 



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## 



## 

## 

|Course fees|||||
|---|---|---|---|---|
|The course fee|income comprised:||||
||||2022|2021|
|||||F|
|Gross fees|||487,086|280,714|
|Less: bursaries,|scholarships,|grants and allowances|(94,979)|(26,582)|
||||392,107|254,132|



## 

## 

||Subsidiary|Subsidiary||Trust|Trust|
|---|---|---|---|---|---|
||2022||2021|2022|2021|
|Turnover<br>and fee income<br>Cost ofsales: subsidiary<br>Gross profit: subsidiary|13,014<br>~1,773<br>11,241|17,190<br>~149<br>17,041||487,086|280,714|
|Administration:<br>subsidiary|(20,721)|(13,358)||||
|Other income||||322,636|306,909|
|Operating<br>profit/(loss)|(9,480)||3,683|||
|Bank interest receivable||||||
|Gross incoming<br>resources||||809,722|587,623|
|Cost ofcharitable<br>activities||||(750,854)|(611,333)|
|Cost ofgenerating<br>funds||||(19,333)|(19,003)|
|Retained<br>surplus<br>I (deficitf|~9,480||3,683|39,535|~42,713|
|Details ofthe subsidiary's|balance sheet is given|in|note 12.|||
|Investment<br>income||||||
|||||2022|2021f|



## 



## 

|Analysis ofe|xpenditure|on||charitable|activities||||
|---|---|---|---|---|---|---|---|---|
||||||Music<br>Courses|Barn<br>Costs|Depreciation<br>and loss on<br>disposal|Total|
|Bursaries and scholarships|||granted||94,979|||94,979|
|Music and pastoral staff|||||203,609|||203,609|
|Food, cooking and cleaning|||||87,862|||87,862|
|Governance|8 support costs||||231,466||9,643|241,109|
|Establishment|costs||||89,580|||89,580|
|Other course|costs||||33,715|||33,715|
||||||741,211||9,643|750,854|
|Analysis ofgovernance||and||support|costs||||
|||||||General<br>support|Governance<br>Function|Total|
|Staff costs||||||104,946||104,946|
|Travel and subsistence||||||27,565||27,565|
|Office costs||||||29,342||29,342|
|Audit costs|||||||7,140|7,140|
|Other legal and professional||||costs||19,350||19,350|
|Advertising||||||9,408||9,408|
|Insurance||||||19,226||19,226|
|Depreciation|and loss on|disposal||||9,643||9,643|
|Other costs||||||14,489||14,489|
|||||||233,969|7,140|241,109|



## 

## 

||||||2022|2021f|
|---|---|---|---|---|---|---|
|Fees|payable to the group's|auditor|for:||||
||The audit ofthe consolidated<br>financial statements||and subsidiary|company|7,140|8,845|
||Accountancy<br>services||||14,681|12,547|





## 

## 

|Analysis|ofstaff c|osts and trustee remuneration|and expenses||
|---|---|---|---|---|
||||2022|2021|
|||||F|
|Wages and|salaries||224,468|215,818|
|Employers|National|Insurance|20,314|15,926|
|Employers|pension|contributions|4,806|3,826|
||||249,588|235,570|



## 



## 

|11.Tangible fixed|assets||||||
|---|---|---|---|---|---|---|
||||||Subsidiary||
||Freehold|Musical|Furniture<br>&||furniture<br>&|Group|
||buildings|instruments|equipment|Trust total|equipment|total|
|Cost or Valuation|||||||
|1 October 2021|2,479,734|65,737|43,361|2,588,832|69,651|2,658,483|
|Additions|4,720|||4 720||4 720|
|Disposals|||(26484)|(26,484)||(26,484)|
|30 September 2022|2,484,454|65,737|16,877|2,567,068|69,651|2,636,719|
|Depreciation|||||||
|1 October 2021|79,975|29,535|36,596|146,106|66,364|212,470|
|Charge for the year|7,689|109|1,352|9,150|493|9,643|
|On disposals|||(25,776)|(25,776)||(25,776)|
|30 September 2022|87,664|29,644|12,172|129,480|66,857|196,337|
|Net book values|||||||
|30 September 2022|2,396,790|36,093|4,705|2,437,588|2,794|2,440,382|
|30 September 2021|2,399,759|36,202|6,765|2,442,726|3,287|2,446,013|



## 

|estments||||||
|---|---|---|---|---|---|
|||Group||Trust||
|||2022|2021f|2022|2021|
|Fixed asset|investments|||||
|Investment|in subsidiary|||100|100|





## 

## 

|12.Investm|ents|(continued)||||
|---|---|---|---|---|---|
|||||2022|2021|
|The assets and liabilities ofthe subsidiary|||were:|||
|Tangible fixed|assets|||2,794|3,287|
|Current assets||||22,458|26,838|
|||||25,252|30,125|
|Creditors: amounts||falling due within one|year|(19,713)|(15,106)|
|||||5,539|15,019|
|Represented|by:|||||
|Share capital||||100|100|
|Profit and loss account||||5,439|14,919|
|||||5,539|15,019|



## 

|Details ofthe subsidiary's<br>profit and l<br>13.Debtors|oss account are giv|en<br>in note 4|.||
|---|---|---|---|---|
||Group||Trust||
||2022|2021|2022|2021|
|Trade debtors|34,874|60,875|34,874|60,507|
|Prepayments|895|1,188|895|1,188|
|Corporation<br>Tax Recoverable|3|3|||
||35,772|62,066|35,769|61,695|
|14. Creditors: Due within one year|||||
||Group||Trust||
||2022|2021|2022|2021f|
|Bank overdrafts|28,983|30,395|28,983|30,395|
|Trade creditors|47,469|51,666|45,794|47,806|
|Advance course fees|74,340|75,477|74,340|75,477|
|Taxation and social security|4,409|6,148|4,409|6,148|
|Amounts<br>owed to subsidiary|||14,917|24,163|
|Other creditors and accruals|41,036|92,558|23,099|81,411|
||196,237|256,244|191,542|265,400|



## 

||||Balance at|Released to|Deposits|Balance at 30|
|---|---|---|---|---|---|---|
||||1 Oct 2021|income|received|Sept 2022|
|Advance|course|fees|75,477|75,477|74,340|74,340|





## 

|||Group||Trust||
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
|Due within one year||4,683|5,825|4,683|5,825|
|Due between|1 and 5years|11,950|14,724|11,950|14,724|
|Due after 5years|||1,296||1,296|
|Total||16,633|21,845|16,633|21,845|



## 

|1|7. Financial<br>instrument|||||||
|---|---|---|---|---|---|---|---|
|||||Group||Trust||
|||||2022|2021|2022|2021|
|Car|in<br>amount offinancial||assets|||||
|Debt|instruments<br>measured<br>amortised<br>cost||at|34,874|60,875|34,874|60,507|
|Equity instruments<br>measured<br>cost less impairment|||at|||100|100|
|Carr|in<br>amount<br>offinancial|liabilities||||||
|Measured<br>at amortised<br>cost||||88,505|144,224|83,810|153,380|





## 

|||||Fixed|Net current|Fund|
|---|---|---|---|---|---|---|
|||||assets|assets I|balances|
||||||(liabilities)||
|Restricted|funds:||||||
|General|||||74,702|74,702|
|Barn LEADER||Project|||11,308|11,308|
||||||86,010|86,010|
|Unrestricted|funds:||||||
|General<br>fund||||1,567,076|(353,365)|1,213,711|
|Revaluation|fund|||870,512||870,512|
|Designated|fund (Abbey House Fund)||||115,939|115,939|
|Non-charitable||trading|funds|2,794|2,745|5,539|
|Group||||2,440,382|(148,671)|2,291,711|
|Analysis||ofgroup funds at 30September 2021|||||
|||||Fixed|Net current|Fund|
|||||assets|assets I|balances|
||||||(liabilities)||
|Restricted|funds:||||||
|General|||||35,295|35,295|
|Barn LEADER||Project|||11,308|11,308|
||||||46,603|46,603|
|Unrestricted|funds:||||||
|General<br>fund||||1,572,214|(358,631)|1,213,583|
|Revaluation|fund|||870,512||870,512|
|Designated|fund (Abbey House Fund)||||115,939|115,939|
|Non-charitable||trading|funds|3,287|11,732|15,019|
|Group||||2,446,013|(184,357)|2,261,656|





|19.Restricted|funds: moveme|nt<br>in the year||||
|---|---|---|---|---|---|
||Balance at|Income|Expended|Transfers|Balance at 30|
||1 Oct 2021||||Sept 2022|
|Bursary|15,300|134,775|94,979||55,096|
|Piano|2,349||||2,349|
|Chamber|12,991|10,000|10,389||12,602|
|Competition||||||
|Barn LEADER|11,308||||11,308|
|Project||||||
|NYMO|4,655||||4,655|
||46,603|144,775|105,368||86,010|
||Balance at|Income|Expended|Transfers|Balance at 30|
||1 Oct 2020||||Sept 2021|
|Bursary|9,869|32,013|26,582||15,300|
|Piano|2,349||||2,349|
|Chamber|11,725|10,000|8,734||12,991|
|Competition||||||
|Barn LEADER|11,308||||11,308|
|Project||||||
|NYMO|4,655||||4,655|
||39,906|42,013|35,316||46,603|





## 

||||Balance at 1||||Balance at 30|
|---|---|---|---|---|---|---|---|
||||Oct 2021|Income|Expended|Transfer|Sept 2022|
||||f.||F||F|
|General reserve|||1,213,583|664,947|664,819||1,213,711|
|Revaluation|reserve||870,512||||870,512|
|Designated|fund|||||||
|(Abbey House||Fund)|115,939||||115,939|
|Trust|||2,200,034|664,947|664,819||2,200,162|
|Non-charitable||trading||||||
|funds|||15,019|13,014|22,494||5,539|
||||2,215,053|677,961|687,313||2,205,701|
||||Balance at 1|||||
||||Oct 2020||||Balance at 30|
|||||Income|Expended|Transfer|Sept 2021|
|General reserve|||1,263,400|545,203|595,020||1,213,583|
|Revaluation|reserve||870,512||||870,512|
|Designated|fund|||||||
|(Abbey|House|||||||
|Fund)|||115,532|407|||115,939|
|Trust|||2,249,444|545,610|595,020||2,200,034|
|Non-charitable||trading||||||
|funds|||11,336|17,190|13,507||15,019|
||||2,260,780|562,800|608,527||2,215,053|





## 

||Bursaries|Music and|Administra-|Establish-|Fundraising|Total|
|---|---|---|---|---|---|---|
||granted|pastoral|tion|ment|costs||
|||staff|||||
|Bursary|94,979|||||94,979|
|Chamber|||||||
|competition||10,389||||10,389|
|Group and Trust|94,979|10,389||||105,368|



||||||2022||2021|
|---|---|---|---|---|---|---|---|
|Net income|||||30,055||(39,030)|
|Disposal|of|Fixed assets||709||||
|Depreciation||charges|added back|9,643||10,060||
|Decrease|in|stocks||829||(678)||
|Decrease|in|debtors||26,294||43,473||
|Decrease|in|creditors||58,596||54,956||
||||||(21,121)||107,811|
|Net cash <br>activities|generated||by operating||8,934||68,781|





||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|
||||||2021|2021|2021|
||||||f|f|F|
|Income:||||||||
|Donations<br>and legacies|||||252,926|42 013|294,939|
|Income from charitable|activities:|||||||
|Course fees|||||280,714||280,714|
|Income from other trading||activities:||||||
|Trading<br>income|||||17,190||17,190|
|Lettings and related|income||||6,500||6,500|
|Concert tickets and|other income||||5,470||5,470|
|Investment<br>income||||||||
|Total income|||||562,800|42,013|604,813|
|Expenditure:||||||||
|Costs of raising funds:||||||||
|Trading expenses|||||13,507||13,507|
|Fundraising<br>costs|||||19,003||19,003|
|Expenditure<br>on charitable||activities:||||||
|Bursaries and scholarships|||granted|||26,582|26,582|
|Music and pastoral staff|||||137,102|8,734|145,836|
|Food, cooking and cleaning|||||70,736||70,736|
|Administration<br>costs|||||288,456||288,456|
|Establishment<br>costs|||||57,705||57,705|
|Other course costs|||||22,018||22,018|
|Total expenditure|||||608,527|35,316|643,843|
|Net movement<br>in funds||before||transfers|(45,727)|6,697|(39,030)|
|Transfer between<br>funds||||||||
|Net income and net movement<br>year||||in funds for the|(45,727)|6,697|(39,030)|
|Total Funds brought<br>forward at 1||||October|2,260,780|39,906|2,300,686|
|Total Funds carried forward|||at|30September|2,215,053|46,603|2,261,656|