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 BJORNSC*4 MEMORIAL FUND
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their rewt and Ihe aCc￿jnts 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 v￿th 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•t*ils
Reference and admwI￿1Ive 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 E￿e
Robert James CrovAey
Sir Michael Roger Gifford
SIM￿ Weil
con8￿tU11on, 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 obl￿ts and purpose5 in any
part of the workl irsduding..
the advancement of ed￿Gati￿ 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 [￿0￿ryd￿￿ 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 V*Ere income of the Charity
arising in the then c￿￿ent 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
r￿lPIents 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 a*prded o yrant of £15,000 to the Royal Col*e ol Music, $wead in
instalmenls over I￿￿ee years, in order to estsblish a PAaria Bjomson Memorial Fund Opera Award.
The Becket PageanL the Truslees awarded a grant of £15.000 to The Becket Pageant to support their
uwming Iheatre performance and Tudor Crafts Fair in the Cty of London in 2021.
Organlsallonal structur• and dechlonllmaking
The business of the Chanty is managed by the Trustees. The Board meets regularty to conduct the business of
the Charity.
Appolntm•rt Inductl¢)n and Tralning of Trustee*
Trustees are appc¥"nled by Deed of Apw'ntment. All new Trustee$ ¥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 fundrai￿ng 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 3Lrf￿￿entty 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 In￿al 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 a*BTding 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 re￿eW 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 Commi8￿0￿ 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 ac*wti"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 eMPha￿S TrMII
be placed on investments considered to have longer temi 9rowrth potential.
Tr￿t￿8. 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 appI￿ab￿ 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 f￿anCial statements, the trustee¥
are requI￿d to-.
s•lect stMtaL4• a￿nting policies and IhEn apply th*n consistentty;
observe the methods and principle$ in the Charities SORP".
make judgements and esbmales that are reasonable and p￿dent..
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 ba￿9 unl￿$ It 1$ Inappropriate to presume
that the tharity will continue in operat￿.
The Iruslees are ￿sponsible for keeping proper accounling records thal disclose W￿1h 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 m￿ntenance and integrity of the chaiity and financial irrfomiatton induded
on the th¥rity'5 websiie. Legislabon in the United lfjngdom goveming the prepara￿n 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 inf0m￿li0n ofwhth the audikns ore unaware.
Approval
This report was approved by the t￿ard 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 sign￿GaNt 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￿ G￿eralY A¢¢eWed Acc￿jr￿￿￿ Praclic4).
In our OF4nion the financial stslements..
give a true and fair view of the State of Ihe thar1￿9 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 a1x￿danCe 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 W￿1h 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 a￿jrt evidence we have obtained is $l￿￿ent ond
appropriate to Provide a basis fcf our opiruon.
Conclu8lon8 r•latlng to golng concwn
In auditing the finanaal statements. V•? have ¢onduded that the Tmstees, use of the ￿￿ng concern basis of
accounts.ng in the weparation of the financial stattynents 1$ 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 ¢harit*s 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 respOn￿bI￿b.eS and the reSp￿s￿lI￿e$ 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 re￿t 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￿ Inconsisten￿e$ 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 infomi*ion given in the TTUStees' repthl is incc4)slstent in any malerial respect the finfinanrjal
5tatemenls.' or
sufficient accounling rec￿15 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
R￿ponsIbIlItI￿ ol tru*t••s
As explained ffl￿e fulty in the trustee$. rtsponwbilities $t*emenL the Trustees are responsible for the
preparation of the finanual statements wh￿h 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￿"r￿L4e. 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 ab￿rt ¥rt￿er the fmancial statements as a ￿t￿le 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 d￿9$10￿$ of users taken on the basis of these financial statements.
Irregularities, induding fraud, are inslances of nOn￿ompliance 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$, induthng fraud is
detailed below.
Explana15on Is to **b•t ext•nl the •udtt ￿ ¢on•ld•r•d ¢apabl• of d•t•ctlng Irr•gularfll•8, In¢luding
fraud.
We gained an understanding of the legal and reg￿atory frame*vrk apph'cat4e to the Chwrty and the sector in
ich it opeiates and considered the risk of the Charrty not complying wth the applicable law3 and regulations
induding fraud in partirjjlar those that could have a rnaterial impact on the financial ststements. This include(I
those regulations directy related to the financial ststements, induding finanual repo￿n9 which have 8
material impact on the financial 5tstements. In rdafy'(￿ to the operation$ 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
follo￿ng.
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 Offi￿rS 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 Mar￿erne￿t ove￿ide of corrtro15, ￿ carried out testing of joumal
entries and other adjustments for appropriatenes5. We rewe*l $ystem$ #nd prrtedures to idenbfy potential
areas of management oveffide risk. In particular. we ca￿Ted out te5ts.ng ofioumal enlrses and other adjustments
for appropnateness. and evaluats.ng the tr￿￿e$S ratiry)ale of significant transactions to identfy large Dr Unusual
transaction5. We rewewed key aLthorisation W￿￿Ur*S and derysion making pro￿$Se$ for any unu$ual or on
off transaction5. We also ¥￿eSSed management bias n relation lo the accounting poliaes adopted and in
detemiining signfficant accc￿n￿n9 esb'mates.
Because of the inherent limitabons of an audrt there is a risk that we not deled all irregularitbes. induding
Ih06e leading to a material misststement in the finan￿al statements or non•conWiance regulalion. This risk
in¢reases the that compliance ￿ryth a or regulation is removed from the events and transaclions
rellected in the fman¢ial statements. as wim be less likety to become aware of instances of noTrcompliance.
The risk is also greater regarding wre9ularrties occurring due to fraud rather than error. as fraud involves
intentional concealment. forgery, cdlusion. omission or mi5rewesentab'on.
A further tle8UiPtion of our ￿pOnsibl11t1e$ for Ihe audit of the financial statements is located on the Finandal
Reporling Coun¢il's website *.' VA•hV.
.uklaudilorsres
sibil￿e5. This deScrip￿.0n forms part of our
a￿ltOrS. 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 V￿rk 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 Co￿1panIeS Act 2006.
P&3e 8

IAARIA BJORNSON MEMORIAL FUND
STATEMENT OF FINANCIAL ACTivmES
FOR THE YEAR ENDED 31 DECEMBER 2020
EXpel￿b
endowment
funds
2020
Total
funds
2020
Total
funds
2019
Note
In¢om¢ and 8ndo￿nents from:
Investments
Transfer of assets from Butteffield Tnmt
295.494
295,494
309,832
76,383
Total Incom• and •Mlovmi•nts
EX￿nditUr8 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 eXpendI￿re 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 fO￿Ard
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
Fi￿d 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 Ch*￿e5 SORP IFRS 1021-
Accounb"ng and Reporting by Charrties.. Stalement of Re¢(xnmended Prnrtice ap￿ICable to charibes
preparing their accounts in accordance viti the Financial RePO￿n9 Stsndar(J applicable in the UK
and Republic ol Ireland IFRS 1021 leffeclive 1 October 20191, the Financial Reporting Stsndar¢J
applic81￿e in the UK and Republic of Irdand (FRS 102) and the Chanties Acl 2011. The financi81
$l*emenls a￿ presented in 5terfing (£1.
The financial statements have tr*en yep8Yed to grwe a *ue and fairf view and have departed from
the Charities IAccoLtnts and Reports) Regulations 2008 only to the extent required to provide a 'tTue
and fair. Vie4V. This depariure has invdved f￿0*ing the Charitie5 SORP IFRS 1021 published in
October 2019 rather than the Accounting and RepLYting by Charilie$.' 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 otheTh*ise 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 relIe￿d 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 COr￿ern 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 rai￿n9 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 objec*ves, as as any associated supwt costs.
Grants pa￿0 are charged In the year the offer Is ctrfnrNricated to a third paty. except in
those ca$e$ wthere the offer is ¢(yKI￿.¢y*l, 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• (Cont1n￿d)
Al expenditure is indu$Ne of iThe¢overable VAT.
2.5 Inve*thient*
Fixed osset investrYwrt5 are a form of financial instnj￿nI 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 stalem￿1 of finanual acbvibe&
Investments hekl as fixed assets we sho*m at cost less Fwviswjn for I￿pa1￿ertt.
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 h￿ty 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 K4*tn the￿ is an ObfW￿ at the balance sheet date as a resutt of a past
even[ trl is prOba￿e 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 pa￿ents for the goods or services it must prO￿de.
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
ong￿lat 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 In￿de 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 JUdg￿n
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 app￿ng 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•sIm￿rt 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 Bal￿t Theatre
Whvzz.Kidz
Ante Temilnum
Bdarus Free Theatre
Cambridge HarKlel Opera Company
C8rers Trust
Cty Music Found81ion
Concerts in the West
Diverse Abil￿e¥
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
s￿ersel 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$ls of eX￿dItUrn by a¢tlvliles
Grant
funding of
actiwties
Y20
Support
costs
2020
Total
funds
2020
Charitatle activibes
331.205
53,216
384,421
Grant
ding of
actrvitie5
2019
Support
costs
2019
Total
fund5
2019
charita￿le aclivibes
387,550
440.216
An*tysl$ 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
Audit￿5, 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
0￿eaS 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 V￿re 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 V*Ere 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 mU￿C Fixmdation. There were no am¢xJnts outstanding at the
year end12019- £Nil).
There ￿Ere no further rdated party transac*on$ for the yw wmled 31 December 202012019- None).
Page 18