Charity numlKr. 1126096 MARIA BJORNSON MEMORIAL FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
IAARIA BJORNSON MEMORIAL FVND CONTENTS Page Rofornn¢o and admlnlstrativ• irfornMti¢J TrustO•8' r•port Ind•p¢nd¢nt •udltorn' rnport on the flnanclal st•t•m•nts Statsmenl Of fln•n¢lal activili•s Balance •h••t 10 Nots8 to th• Iln•n¢5al stst•m•nts
MARIA BJORNSON MEIAORIAL FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARfTY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEIJJBER 2020 Trustees Sir Richard EJTe (Chair} Sw Michael Roger Gifford Robert Cro*ley Swnon We Charlty r•glstsr•d numb•r 1126096 Prlnclpal offlc• 50 Broa(hvay London SWIH OBL Indewndont awlitOfS Price Badey LLP Chartered A¢countants 24 Old Bond Street London W1S4AP Sollcltoro Charles Russell Speethtys 5 Fleet Place London ECAM 7RD Page 1
IIARIA BJORNSC4 MEMORIAL FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees present their rewt and Ihe aCcjnts for the year ended 31 December 2020. They have been prepared in accordance lh8 Trust Deed dated 17 Seplember 2008. as amended by Deed of Variation daled 21 November 2017 and the recommendation5 of A¢¢ounts'ng and ReportirMJ by Charrties." Ststement of Recommended Praclice apF4icable to charities prer)arsng their accounts in accordance vth the FinancAal Reporting Standard in the UK and Republic of Ireland (FRS 102) (effecb"ve 1 Ociober 2019) (Charities SORP IFRS 1021). R•f•r•nc• and admlnl•tr•tlv• d•tils Reference and admwI1Ive detr$ are sh(yhm cffi page 1 of the fin•n¢ial statemwt The Trust••• The TTU5tees vtho served Ihe Charity during the Jtarwère as fdlows". Sir Richar(J Ee Robert James CrovAey Sir Michael Roger Gifford SIM Weil con8tU11on, objeets and gran14naking pollcy and yacll¢• The Charty was estslAished by Trust Deed on 17 September 2008, as amended by a Deed ofvariation dated 21 November 2017 Ilhe Constitulion). Pursuant to the Conststubon, ils main obJ"ethe$ are to hc4d the capital and income upon twst to appty the income, and all or sud) part of Ihe capital, at Such time or times and in such manner as the trustees may in Ihew di5¢retion think fft for any exdusiveiy chantable oblts and purpose5 in any part of the workl irsduding.. the advancement of edGati by promoting medical and scientific search.. the relief of hardship an(J suffering by promoting medical care and assistance to disabled and sick indiwduals and their ¢arers,' and the advancement of education by [0ryd ass¢stsnce lo both indi¥ithaL8 and (ryani5alions wothing in th¢ are8s olthe performirvj arts and the wsual and creative arts. The Twstees may in their drscretm. instead of apptymig the Incon ofthe Ch8nty in any year. accumulate al or any part ol such income by invests.ng the same, and the resuAing income, in 8ny authorised investments and hold the same as an accretion lo and as part of the caF4tal of the Chanty, Without preiudKe to their rwht to apply the vthole or any part of Such accumulated wKc¥ne n any subsequent year 0$ rf the same VEre income of the Charity arising in the then cent year. The Tru51ees have regard to the Charty Commission's guhlance on the public benefit requtrement vthen consldering vthat actsvitses the Charity shDLld urKlertake, and they confirn that they have paid due regard to this guidance during their deFiberatiorys. During the Urse of the year. the Trustees made awards to varic tharities. In light of the cfflgoing COVID-19 pan(lemi¢. the Truslees have maintaine(I constant contact WTih grant Tetypi'ents and note that many of these rlPIents have had to defer the activities for wlNch the gra1 were awarded. Examples of some ollhe grants Ihe Trustees ¥Mded thrc4Jghoul the year inthde: Cty Music Foundatit)n'. the Trustees awarded a grant of £30.000 towards SUFP)rb'ng the Foundatron's prqect vthh the Eblana string trio. Royal College of Music.. the Trustees aprded o yrant of £15,000 to the Royal Cole ol Music, $wead in instalmenls over Iee years, in order to estsblish a PAaria Bjomson Memorial Fund Opera Award. The Becket PageanL the Truslees awarded a grant of £15.000 to The Becket Pageant to support their uwming Iheatre performance and Tudor Crafts Fair in the Cty of London in 2021. Organlsallonal structur• and dechlonllmaking The business of the Chanty is managed by the Trustees. The Board meets regularty to conduct the business of the Charity. Appolntm•rt Inductl¢)n and Tralning of Trustee Trustees are appc¥"nled by Deed of Apw'ntment. All new Trustee$ ¥haH be given. in the view of the Board, suffKient training and have enough knovAedge of speufic f*ld io under5tarrtl the nature of th• Charrty and fully comply wth the Charitys ewS of ils missi. Page 2
MARIA BJORNSON IAEMORIAL FUIID TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENOED 31 DECEIABER 2020 Fundralslng slatsmonts Section 162A of the Charities Act 2011 requ1$ charitles to make certaln slatements in their annual rèport in relatyon to their fundraing a¥theS. The Chanty dKI not undertake fund-faiwng activiiw for the Purpose of that section in the period. Flnanclal revlew During the period. the Tfustees wJr(led grants to tharilatAe (xganisations sUPPOrtJ"ng the pertomiirKJ arts and vlsual and treative arts. The Trustees had aimed to render portfr410 3Lrfentty balanced to benefft from the evenlual recovery of the economy. The relevant benchmark enmsaged a 10% la in the value of the Charity's portfolKs for the year bul by the end of the year the portfc4io had seen ygnifi¢ant re¢overy from the Inal falls in value. As at 31 December 2020, the portfolio was down by only 1.6% compared &th the value at 1 January 2020- a significant recovery. Plans for future The Trustees intend to continue their programme of aBTding 9rants on a quartety basS$. in a¢¢ordanc& wlh thelr grant-making policy. Rl$k Manag•m•nt The Trustees review and discuss. rf required, al meeting8 any risks to thich the Clwity may be exposed. Where appropriale. systems or approprFale controls are in pla¢e to mthgate Ihe risks the Charity may face. The TNslees note that the ChwiV$ wimary extemal risk is rts investment portfolio perftrmance. The Trustees carefully reeW the Charity's invesknent portfolio on an ongoing basis wlh rts finan(aal adwsors, vtho attend Trustee meetings to present a perfomiance update vthen necessary. The COVID-19 pandemic has had a limited impact on the Charity and its investments and although the portfolio was affeded along with the rest of the market, the investment portfolio saw a signifi¢Jnt reco¥ery by the end of the year. R8s8rv8s Policy The Trustees have established a reserves ith reference to Charity Commi80 guidance ICC19) accounting standard5 ISORP 2015). Cash flow is carefiAty monriored to match income receipts wth operating expendrture. The Tnjstees aim to donate al the income generated in any given year in the forni of grants to registered ¢haribe$. They may expend camal to award grants rf they deem rt necessary to do so. As a genefal rule, they would onty do so in excepb'onal ciruJmstan¢e$. of whi¢h the Cow[19 pandemic is an obvtous example. To dale, they have not fdt it necv35ary to expend capxtsl lo award grants bjt, rf a suffiaendy convincing case is made by an applicant for emergency funding during the COVltk19 uisis. they %Ul be prepared lo do so. Inv•slm•nt Policy The Trustees liaise on 8 frequent basis Imth the Chari¥s financial advi50r3 in order to determine the approach and standing of the Charity's portfolio. The Charity aims lo maintain the 81 v81ue of the portfolio over time vthilst providing an income lo support the Charitys grant gi%&ing acwti"es. The investment obJ"e¢tive is defined as grovth. A gro oL¥'e¢tive means that income requirement ¥1 not be a prime ¢onsideratbon and eMPhaS TrMII be placed on investments considered to have longer temi 9rowrth potential. Trt8. ro•p(mlbllttl•s stat•ffl•nt The Irustees are responsible for preparing the Trustees, Annual Report and the finanaal statements in a¢¢ordance ith applicable law and Unrted 'ngdoM A¢¢wnling Slandards (Unrted lfjngdom GerberaHy Accepted Accounting Pracb"cel. The law appIab to charibes in England & Wales requires the trustees to wepare financial statements fw each financial year vknich give a true and fair view of the state of affairs of the charTty and of the incoming resources and applie"0n ol resourtes of the charity for that pen(J. In wepariry these fanCial statements, the trustee¥ are requId to-. s•lect stMtaL4• anting policies and IhEn apply th*n consistentty; observe the methods and principle$ in the Charities SORP". make judgements and esbmales that are reasonable and pdent.. state vthether appkcable accounting slandards have been follcMEd, suL4e¢t to any materfal Page 3
MARIA WORNSON MEIIJORIAL FUND TRUSTEES. REPORT ICOIITINVEDI FOR THE YEAR ENDED 31 DECEIIBER 2020 departures disclosed and explained in the finan(ial statements". prepare the flnandal statements on Ihe golng eoneem ba9 unl$ It 1$ Inappropriate to presume that the tharity will continue in operat. The Iruslees are sponsible for keeping proper accounling records thal disclose W1h reasonable accuracy al any tsme the finanryal position of the charity and enable them to ensure thal the financial stslements comply with the Charittes Act. the Charilies IAc¢ounls and Rep$) Regul8titMs 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the ¢hwity and hence for taking reasonable steps for the prevention and detecti of fraud and (rther iThegularthes. The trustees are responsible the mntenance and integrity of the chaiity and financial irrfomiatton induded on the th¥rity'5 websiie. Legislabon in the United lfjngdom goveming the preparan and dissemination (rf financial 5tatemen15 may differ from legi51atbon in otherjuri5dictions. Audltor So far as the Trust¢es are w4re there is no relevant aurfrt inf0mli0n ofwhth the audikns ore unaware. Approval This report was approved by the tard of ITUStees on 15. ty. 10-1 l and shwed on its behalf by. Simon WLWI Trust•0 Page4
IIARIA BJORNSON MEMORIAL FUND INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF IAARIA BJORNSOM MEMORIAL FUIID Oplnlon We have audited the finanual statements of Maria Bjomson Memorial Fund (the '¢harity'l lor the year ended 31 December 2020 lch comprise the Statement of financial activth5. the balance sheeL the stslement of cash fflows and the related notes, including a summary of signGaNt ac¢ounling policies. The financial reporting framework that has been applied in their preparaticn 15 applicable law and Uniled lQngdom Accounting standards, including Financial Repoib"ng Stsndard 102 Trie Financial Reporting Standard appticable in the UK and Republic of Ireland. Iunited KN¥9 GeralY A¢¢eWed Accjr Praclic4). In our OF4nion the financial stslements.. give a true and fair view of the State of Ihe thar19 affairs as at 31 December 2020 and of its incoming resource5 and application of resour¢es for the year then ended,. have been propety Fxepared in a1xdanCe vAlh United ngdoM Generally Accepted AccoLtnting Practice. and have been yepared in accordarKe ¥Atrt the requirwnents of Ihe Charibes Ac 2011. Basls for opinian We conducted our aLKfil in a¢dance W1h Intemational Standards on Auditing (UK) IISAS IUK)) and appll¢able law. Our re5ponsibi14tses under those stsndard$ are further described in the ALFditors' responsibilities for the audit of the finart¢ial ststements section of our rewt. We are independent of the chanty in acccfdance wth the ethical requirements that are relevant to our audit of the financial statemerts in the United Kingdom, induding the Financial Reporb'ng Council's Ethical Stsndard. and we have fisffilled our othw ethical responsibdities in accordance with these requirements. We bdeve that Ihe ajrt evidence we have obtained is $lent ond appropriate to Provide a basis fcf our opiruon. Conclu8lon8 r•latlng to golng concwn In auditing the finanaal statements. V•? have ¢onduded that the Tmstees, use of the ng concern basis of accounts.ng in the weparation of the financial stattynents 1$ appropriate. Based on the work we have performed. we have not identffied any material unGetsinlie$ relating to events or nditions that, indiwdually or collective. may cast wgnificant doubl on the ¢harits abilty lo Continue as a going concern for a period of at least t¥e months from tAthen the fin¢la1 ststements are authori8ed for issue. Our respOnbIb.eS and the reSpslIe$ of fv Trustees ilh respect to going concem are described in the relevant sedions of this repoiL Olh•r infonnatlon The other irrfoTmation comprises the irfofmation induded in the annual ret other than the financial statements and our audf(tsrs' rep(Kt thereon. The Trustees are responsitle for the other information contsined wlhin the annual report. Our ¢)piniM on the finanoal slatements does not cover the other irrformation and, except to the extent otherwise explicity stated in c¥Jr reporL do not express any lom of 8ssurance Conclusion thereon. Our responsilylity 1$ to read the other information and, in doing so, consider whether the other infomalion is materialty inconsistent with the )Inancial statements OT our kno¥leilge obtained in the course of the aL>dit, or otherwise appears to be materially misslaled. If we Klentsfy such Materi Inconsistene$ or apparenl mateiial misstatements. are required to detennine vthether this gives rise to a material misstatement in the financial statements themselves. 11. based on the wcrfk wé have perfLvmed. ¥ condude that there bs a material missLitement of this other irrformalion. are required to rewt th fa¢L We have nothing to reFW)rt in this regard. Page 5
PAARIA BJORNSON PAEIIJORIAL FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF IAARIA WORNSON MEMORIAL FUND (CONTINUED) Mattern on Ythlch •r• r•quir8d to report by exc•ptton We have nothing to reFQrt in respect of the follwig matters there the Chanlies (Accounts and Report5) Regulations 2008 requires u5 to rewt lo you rf. in our opinion.. the infomiion given in the TTUStees' repthl is incc4)slstent in any malerial respect the finfinanrjal 5tatemenls.' or sufficient accounling rec15 have not been kept. or the finanaal ststements are nol in agreement wth the accounting records and retum5', Cf have not received au the infomiatK)n and explanatM)ns we reqLbire for our audiL RponsIbIlItI ol trut••s As explained ffle fulty in the trustee$. rtsponwbilities $t*emenL the Trustees are responsible for the preparation of the finanual statements whh give a twe and fair Miew, and for such intemal control as the Trustees determine is necessary lo enable the preparalion of financial statements that are free from material misstatement. vthether due lo fraud or error. In preparing the finanaal 5talements. the Trustees are responsNe for assessing the tharitys ability to continue as a going concem. disdowng. as app"rL4e. matters related to 9cxng concem and using the going concern basis of accounb.ng unle55 the Trustees etlher intend to liquidate the chanty or to cease ¢Jperalions. or have no realistic alteTnalive but lo do 59. Page 6
IAARIA BJORNSON IAEMORIAL FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MARIA BJORNSON MEMORIAL FUND (CONTINUED) Audltor¥' rnspon$lblliti•$ for th• audit of th• financial slat•m•nts We have been appoirrted as audrtor under sedlon 145 of the Charities A£t 2011 and report in accordan ¥Iti the Act and relevant regulation5 made or having effect thereunder. OUT 0.eCtiveS a to obtain reasMable assurance abrt ¥rter the fmancial statements as a tle are free frcrfn material misstatement, vthether due to fraud or error. and to issue an audrtor5' reth that includes our opinion. Reasonable assurance is a high level of a55uTance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) will ahvay5 detect a material mi551atement vthen rt exists. Misstalemenls ean ari from fraud or error and are eonsidered material rf. rrKINKJualty N in the aggregale, they coul(J reasonat4y be expected lo influence the economic d9$10$ of users taken on the basis of these financial statements. Irregularities, induding fraud, are inslances of nOnompliance law5 and regulations. We desi procedures in line with our responsit4lFbes. cmjtlined above. to deted material misstatements in respect of irregulafrties, including fraud. The extent to ththich wr wocedures are capable of detecting Irregu18ritie$, induthng fraud is detailed below. Explana15on Is to b•t ext•nl the •udtt ¢on•ld•r•d ¢apabl• of d•t•ctlng Irr•gularfll•8, In¢luding fraud. We gained an understanding of the legal and regatory framevrk apph'cat4e to the Chwrty and the sector in ich it opeiates and considered the risk of the Charrty not complying wth the applicable law3 and regulations induding fraud in partirjjlar those that could have a rnaterial impact on the financial ststements. This include(I those regulations directy related to the financial ststements, induding finanual repon9 which have 8 material impact on the financial 5tstements. In rdafy'( to the operation$ of the Ch•ity this induded compliance Trmth the Chaiities Act, SORP 2019 and GDPR. The risks were discusseil ilh the audit team and remained alert lo any indications of nc-comp1lance throughout Ihe audL We carried specthc procedures to address the risks idents"fied. These included the follong. Reviewng minutes of Trustee Board meetings. any corresporKlence ¥Mlh the Charity Ctxnmi8$ion. agreeing the finanaal statement di5do$ures to underlymg Surwting dcwmentation, enquirie$ of management and OffirS of the Chwity and a rewew of the risk managemenl processes and procedures in place including a review of the risk gIster maintsined by the Charity. We have abso rewewed the wicedures in place for the reporting of any incidents to the Trustee Board induding serious inchjent repoiting of these matters as necessary the Chanty Commission. Management override: To address the risk of Marernet oveide of corrtro15, carried out testing of joumal entries and other adjustments for appropriatenes5. We rewel $ystem$ #nd prrtedures to idenbfy potential areas of management oveffide risk. In particular. we caTed out te5ts.ng ofioumal enlrses and other adjustments for appropnateness. and evaluats.ng the tre$S ratiry)ale of significant transactions to identfy large Dr Unusual transaction5. We rewewed key aLthorisation WUrS and derysion making pro$Se$ for any unu$ual or on off transaction5. We also ¥eSSed management bias n relation lo the accounting poliaes adopted and in detemiining signfficant acccnn9 esb'mates. Because of the inherent limitabons of an audrt there is a risk that we not deled all irregularitbes. induding Ih06e leading to a material misststement in the finanal statements or non•conWiance regulalion. This risk in¢reases the that compliance ryth a or regulation is removed from the events and transaclions rellected in the fman¢ial statements. as wim be less likety to become aware of instances of noTrcompliance. The risk is also greater regarding wre9ularrties occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, cdlusion. omission or mi5rewesentab'on. A further tle8UiPtion of our pOnsibl11t1e$ for Ihe audit of the financial statements is located on the Finandal Reporling Coun¢il's website *.' VA•hV. .uklaudilorsres sibile5. This deScrip.0n forms part of our altOrS. reporL Page 7
MARIA WORNSON MEIIORIAL FUND INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MARIA BJORNSON MEMORIAL FUND (CONTINUED) Use of our report This re is made solely to the ¢harity's twstees. a5 a body. in accordance with Part 4 of the Chanlies (Accounts and Reports} Regul*'ons 2008. Our audTt Vrk has been undertaken so that we might slate to the charity5 tIU5tEe5 those mattEf5 ale rEgUWEd to 51ate to IhEm an audilD15' report and for no olliET PUlV)se. To the fullest exient permitted by law. do not accept or assume resp)nsibility to anyone other than the clBrity arKI its twslees, as a body, for our audit th. for this reporL or for the OFinions we have fomied. Prfce BaSl•y LLP Chartered Accountants Stalulory Auditors 24 Old Bond Street London W1S4AP Dale: 20 September 2021 Price Bailey LLP ore eligable to ad as aLrdriwts in temis of section 1212 of the Co1panIeS Act 2006. P&3e 8
IAARIA BJORNSON MEMORIAL FUND STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2020 EXpelb endowment funds 2020 Total funds 2020 Total funds 2019 Note In¢om¢ and 8ndonents from: Investments Transfer of assets from Butteffield Tnmt 295.494 295,494 309,832 76,383 Total Incom• and •Mlovmi•nts EXnditUr8 on: Raising funds Charitable actiwtses 295,494 295,494 446.215 60,938 384.421 60,938 384.421 64,514 440,216 Totsl gxpondltuff• N•t eXpendIre b•fov• n•t OoMo8yylM on investmonts 445.359 445.359 504,730 (149.865) 1116.5431 {149.8651 1116,5431 158.515) 1,288,240 Net Ilossesygains on investments N•t (•xp•nditur•ifincome 1266,4081 1266.4081 1.229,725 (266,408> (266.4081 1,229.725 Net Inovoment in lund$ Roconciliation ol lunds: Total fun(Js brouglrt fOArd N¢t movement in funds 13.955.799 (266.408) 13,955,799 (266,408) 12,726,074 1.229,725 13,689.391 13,689,391 13.955,799 Total funds carried AJI inwne and expenditure derive from continuing acbyibes. AJ amounts relate to expendable end(rwments. The note5 cffl pays 11 to 18 fom part oflhe5e financial stslements. Page 9
hlARIA &JORNSON IIIEIIORIAL FUND BALANCE SHE AS AT 31 DECEMBER 2020 2020 2019 Note Fid as5ot3 Invesknents 10 13.548,435 13.840,729 13.548.435 13.840,729 Curr•nt ass•ts Debtors 22,238 180.126 135,807 22.736 Cash at bank arKI in hand 202,364 158.543 Creditors.. amounts falling due within one 12 141,408) (43.4731 Ng1 ¢urr8rrt ass•ts 160.956 11 5,070 Tolal a8s•ls l•ss cmnt liabiliti 13.709.391 13,955,799 Creditors: amounts fallng due after more than one year 13 120,0001 Net •s*ets excludlng penslon et 13.689.391 13,955,799 Total net assets 13.689.391 13.955,799 Charity fund End¢)vJment fvnd$ 13.689.391 13,955,799 Total funds 13.689.391 13.955,799 The financial statements were approved and orised i55ue by the Trustees arKI signed on thew behall by.. Date.. IS.O9.zoZI The notes on pages 1110 18 f(¥m part ofthese finawal ststemen Page 10
MARIA WOR14SON MEIIORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER ZOZO G•n•ral Inforniation The Maria Bjom8on Memorial Fund is an unftwJ)rp8ted chanty estabfished in EnglarHJ & Wales by trust deed on 17 September 2008. The registered office is 50 Broadway, London. SW1H OBL Accounilng poll¢l•s 2.1 B•¥l¥ of pwvpar•tlon of flnanclal stst•m•nl8 The financial statements have been prepared in acc(Kd8nce 7Aryth the Che5 SORP IFRS 1021- Accounb"ng and Reporting by Charrties.. Stalement of Re¢(xnmended Prnrtice apICable to charibes preparing their accounts in accordance viti the Financial RePOn9 Stsndar(J applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 October 20191, the Financial Reporting Stsndar¢J applic81e in the UK and Republic of Irdand (FRS 102) and the Chanties Acl 2011. The financi81 $lemenls a presented in 5terfing (£1. The financial statements have tren yep8Yed to grwe a ue and fairf view and have departed from the Charities IAccoLtnts and Reports) Regulations 2008 only to the extent required to provide a 'tTue and fair. Vie4V. This depariure has invdved f0ing the Charitie5 SORP IFRS 1021 published in October 2019 rather than the Accounting and RepLYting by Charilie$.' Statement of Recommended Practice effectlve Irom 1 April 2005 vthich has since been mfjIhth. Maria Bjomson memori Fund meets the defin"On of a public benefft entity under FRS 102. Assets and liabilities are initialty recogntsed al historical cost or transaction value unless otheThise staled in the relevant accountsng poh¢y. 2.2 Going conc•rn The impact ol the Covi¢>19 pandemrc vthl negatNety impact both the value of investments and the evel of investment income received. HowEver, the Charity has adequate reseThes and the Trustees have relIed 8nd revrsed the finanual Flans for the coming tsvefve months accordingly and are satisfied that r( is appropriate for the accounts to be prepared on a going COrern basis. 2.3 Incom• JI income is recognised once the Charity has entiuement to the Income, Is probable that the income will be received and the amount of income receivab Can be measured reliably. Income tax recoverable in rela1)n to investment IncC is recognise(l at the time the invesknent incom& is receivable. 2.4 Exwndituv• Expendilure is recognised ¢)nce there is a legal or constructive obligation to transfer eeontsmic benefrt lo a third paty. r( 1$ probable thal a transfer of econ(¥nic benefits wil be required in sddement and the amount of the Obligati can be measured relwbly. Expenditure on rain9 funds indudes all expenditure incurred by the Chaiity lo ra15e funds for Its thantabbe purposes and indudes costs of all tuTrJrai8ing actsvibes events and norp¢haritable trading. Expendrture on tharrtable actsvitses is incuThed on directy undertaknng the activitie$ 4thi¢h further the Charitys objecves, as as any associated supwt costs. Grants pa0 are charged In the year the offer Is ctrfnrNricated to a third paty. except in those ca$e$ wthere the offer is ¢(yKI.¢yl, such grants being recognised a5 expenditure ¥then the conditions attaching are lulfiled. Grants offered subJ'e¢t to condth"on$ th.ch have not been met at the year end are noted as a commitmenL but not acuueil as expendilure. Page11
MARIA BJORNSQN MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIABER 2020 Accounting policies Icontlnuod 2.4 Expendltuv• (Cont1nd) Al expenditure is indu$Ne of iThe¢overable VAT. 2.5 Invethient Fixed osset investrYwrt5 are a form of financial instnjnI and are inblially reccwised at thelr transadion c05t and subsequendy measured at price at Ihe balan¢e $heel date, unless the value cannot be measured reliabty in lch case it is measured at cost less impaimient. Investment gain5 and losses, wthether realised or unrealised. a comlm.ned and presented as 'GainsllLo$sesl on investments. in Ihe stalem1 of finanual acbvibe& Investments hekl as fixed assets we shom at cost less Fwviswjn for Ipa1ertt. 2.6 D•btov Trade and other debtor5 are recognised at Ihe setuement amounl after any trade discount offered. Prepayments are valued at the amount wepaid net of any trade discounts due. 2.7 Cash at bank and In h•nd Cash at bank and in hand indudes cash aTMI short4emi hty liquid investments a short maturity olthree morrths or less from the dale of acquisthon or opening of the deposit N similar account 2.8 Llabllltlos and wovlslons Liabilities we recognised K4tn the is an ObfW at the balance sheet date as a resutt of a past even[ trl is prObae that a transfer of e¢0M1C benefft ill be required in settlemenl, and the amount of the settlement can be estimated reliabty- Li3ky"lrties are re¢ogni8ed at the amourrt that the Chaiity anticipates it pay to 5ethe the debt or the amount it has received as advanced paents for the goods or services it must prOde. 2.9 Flnan¢lal Instrwn•nls The charity onty has financial assets and lialy.lilies of a knd that qualify as basic financial instrument$. Basic finarrial instruments a inibally recognised at tran5acts.on value and subsequenlly measured al their fair vahje as at the Wance sheel date. All financial instruments of the charity are measured 81 cost the exception of investments in the thaw$ pcAffolvJ. wthich are measured at fair value a$ at the balance sheet date using the dosir¥J market value. The vak* of irNestments as VRI as their onglat cost is stated in note 10. Financ481 asset5 indude investments in the porifolio, Ihe bank balances, trade debtors, attrued income an¢J othly debloTS Ixrt exdude prepawnents and taxaticffi. Fin8nci81 lialylthg Inde trade credith. other credith. acuuals and defrffed income bLrt exdude so¢¢al security and olhtr tsxes due. 2.10 Fund accowbting The Charity funds are in the forni of an expendable •ent fijnd is a fund that is invested to produce income. The tNstee$ have pemil$si lo ¢Vert 1 N part of it into an incLJme fund which cèn then be Spent on grant makmw activibes. In¥estrnenl income, gwns losse5 are aknated to the appropriate lund. Page 12
MARIA BJORNSON MEMORIAL FUND NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcia (continued) 2.11 Slgnlficant AGcountlng Estlmatss and JUdgn The preparath.on of finawal statemenis requires the use of certain crilical accounting estimates. 11 also qUITe8 trustees to exerase their judgement n the process of appng the accounting policses. Use of availatrk infomiation and awicabon of judgement are inherent in the forniation of estimates. A¢tual out¢(Nxe$ in the luiure could dtffer Irom 8u¢h eskn"males. There are no accounting estimates or assumption$ that have a stgnfficant risk of ¢ausing a material adjustment lo the carryng value of the assets and katiilitses in the nex¢ finanual year. Inv•81m•nt incom• 2020 2019 UK Equities UK Fixed Interest Unit Trust Equitie$ Unit Trust Interest Overseas Equities Overseas Fixed Interest 136,517 33,483 62,115 32,427 14,416 7,588 8.948 193,310 28,458 61,396 32,311 13,883 8,6B2 31,792 Other UK Investments Total Inv•sthi•nt Inc¢)m• 295,494 369,832 l of the above lrtome relates to End¢yMnerrt fijnds. Inv•sImrt manag•m•nt $ts Endowmenl fijnds 2020 Total ftjnds 2020 IrNestsnent management fees 60,938 60,938 Endo*ment fund5 2019 Total fvnds 2019 Investment management fees 64,514 64,514 Pag8 13
MARIA BJORNSON MEMORIAL FU14D NOTES TO THE HIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of Grants to Inslilutsons 2020 Grants to Indiwdua15 2020 Total fund5 2020 Grants to inslitubons and indmduals {8ee rth 81 321.205 10,000 331,205 Grants lo Institutions 2019 Total fLmds 2019 Grants paid to instrtukn.ons (see note 6) 387,550 387,550 Page 14
IIARIA WORNSOM IIEMORIAL FUND MOTES TO THE FINAMCIAL STATEAIENTS FOR THE YEAR ENDED 310ECEMBER 2020 Grants pald to Instliutl¢)ns 2020 2019 New Engl¢sh Balt Theatre Whvzz.Kidz Ante Temilnum Bdarus Free Theatre Cambridge HarKlel Opera Company C8rers Trust Cty Music Found81ion Concerts in the West Diverse Abile¥ Drama Express Gotsd Chance Theatre Humanity and In¢sIon National Youth Ballet Theatre Royal Academy of Music The Old Vtc Theatre Trust The Roy* SOW of Literature Wdls Theatre Festival 80,000 10,000 10,000 40,000 30,000 5,000 40.000 15,000 10,000 5.000 30.000 1.500 10.000 55,050 16,000 15.000 5.000 10,000 30.000 10.000 15.000 50,000 25,000 17,005 Rose Theatre Trust The Handel H¢XJ sersel House Trust The Arts Foundabon The Soldiers Art¥ Academy Bamplon Opera Spectra EnsefF Royal Colege of Mu8iC Clapton Common Boys Club British finnitus Association The Yard Orchestra of Earth Beaminster Fests"v81 40,0) 25.1KM) 45.0(HJ 5,000 10.000 2,000 15.000 5.200 5,000 11,500 2,500 3.000 321.305 387,550 Grants made lo individuals of £10.000 (2019: £nifJ are made up of 1 grant given to 1 indivKlual {2019.' 0 grant5 given to O individudsl. Page 15
MARIA WORNSON MEIAORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 An•ly$ls of eXdItUrn by a¢tlvliles Grant funding of actiwties Y20 Support costs 2020 Total funds 2020 Charitatle activibes 331.205 53,216 384,421 Grant ding of actrvitie5 2019 Support costs 2019 Total fund5 2019 charitale aclivibes 387,550 440.216 An*tysl$ of support ¢0sts Grant making a¢tivitie$ 2020 Totsl fLtnd$ 2020 Governance costs 4,110 1.040 47.484 182 400 4,110 1,040 47,484 182 400 Au(knrs' Remuneration Au(litors' Remuneration- non audit Bank Charges Bank Charges 53.216 53,216 Grant making acuV"eS 2019 Total funds 2019 4.980 1,260 45,726 60 640 4.980 1,260 45,726 80 840 Audit5, Remurwat Audito, Remunerabon . n¢ audit Bank charges Bank charges 52,666 52.666 Page 16
MARIA WORNSON MEIAORIAL FUND NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Auditors. r•mwrati*)n The auditors, remunerati(¥b amounts to an audiior fee of £4.110 R019 - £4,980), and Accountancy semces of £1,04012019- £1.260). Trustws. vwh)un•r4tlon and oxponus During the year. no Trustees received any remuneralion or other benefits12019- £NIL). Durfng the year eTrJed 31 Decern 2020. Trustee exp have been incurred {2019- £NILI. 10. Flx•d aM•t Inv•8tmMts Listed vestments Cash deposrts Cosl or valuallon At 1 January 2020 Addiiions Disposals Revaluations 13.029.404 811,325 13.840,729 1.258,246 1,004,684 2,262,930 11.040,802) (1.397.879) (2.438,681) {116.543) 1116,543) At 31 December 2020 13.130.305 418,130 13,548,435 Inv•stm•nts at market valu• comwlse: 2020 2019 UK Equrbes UK Fixed Interest UK Unit Trnsl Equths UK Unit Trust Interest 0eaS Equityes Oversea$ Fixe(I Inlerest Other HobJing5 Cash depos 7,201,235 1,002,027 1,162.486 1,103,382 1,106.864 1,298.172 256.140 418.129 6,302,454 997,000 2,119.338 1.076.603 1.184.221 252.720 1.097,068 811,325 13,548,435 13,B40,729 The historical cost of investments at 31 Decer 2020 is £12.356.492 P019'. £12.673.855). Page 17
MARIA BJORNSON MEMORIAL FUND NOTES TO THE F114ANCIAL STATEWJENTS FOR THE YEAR ENDED 310ECEMBER 2020 11. 2020 2019 Other debtors 39,923 95,884 22.238 22.238 135,807 11 Cr•dttoffs: Amounts falllng du& wlthln on• yur 2020 2019 Committed grants A¢cwals 20,000 21,408 10.000 33.473 41,408 43,473 13. Cr•dltor: Amounls f•lling du• aft•r mor• than on• y•ar 2020 2019 Committed grants 20.000 1& Related party transactlon$ During the year. the charity paid for legal and adnwnistration seThices from BDB Ptlmans LLP to the total of £47.481 {2019 - £46,218). Swnon Weil, Trustee, vras a Partner of BDB Pitsnans LLP until 30 November 2020. An amount of £Nil vrds due to BDB Pitmans LLP at the year end12019- £10,680). During the year. the charTty issued a grnnt of £Nil to the New English Balkl Theatre 12019 - £80,000). Simon Weil. TTU5tee. is a Tnjstee of the Ne Engb"sh Ballet Theatre. There Vre amounts Dulstanding at the year end {2019- £Nd). During the year, the tharity issued a grant of £40.000 to the Han¢Jel House Trust 'MIted {2019 - £Nill. Simon Weil, Trustee, is a Trustee of the Handel House Trust Limiied. There VEre no amounts oulstandlng at the year end12019- £Nil). Duryhg Ihe year. the tharrty issued a grant (rf £30.000 to City Music FouThJation (2019 - £40.0001. Sir Roger Gifford. Trustee. is a Trustee of Cty mUC Fixmdation. There were no am¢xJnts outstanding at the year end12019- £Nil). There Ere no further rdated party transacon$ for the yw wmled 31 December 202012019- None). Page 18