2021-12-31-accounts

Charity number: 1126096 MARIA BJORNSON MEMORIAL FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

IAAAIA 8JORNSON MEMORIAL FUND CONTENTS Paje R•fgrnnc• and administrative informalion Tru8te8s' report Independent audltorn. report on th¢ financial sLitements ststement of financial activities Balance slbeet 10 Notes to the financial $tat•m•nts 11-20

MARIA WORNSON MEIAORIAL FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trnsttss Sir Richard Eyre (Charl Sir Miehael Roger Grfford {deteased 25 May 20211 Robert Cr(ywley Simon Weil Ida Levine (appointed 15 Septerrthr 2021) Chailty reglstered numbgr 1126 Princlpal 5 Fleet Place London EC4M 7RD Independent auditors Price Bailey LLP Chartered Accountants 24 OPJ Bond Street London W1S 4AP Solicltoys Charfes Russell Speechtys 5 Fleet Place London EC4M 7RD Page 1

MARIA 8JORNSON MEMORIAL FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 OECEMBER 2021 The Trustees present their report and the accounts for the year ended 31 December 2021. They have been prepared in accofdance wrth the Tnjsl Deed dated 17 September 2crf)8, as amended by Deed of variati￿ dated 21 November 2017 and the recLynmendations of Accounting and Reporting by ChaTl1ies". Statement of Recommended Pract￿e ap￿iCable to charities preparing their accounts in accordance wlh the Financial Reporting Standard in the UK and Republ￿ of Ireland IFRS 102) {effectNe 1 October 20191 (charrt￿ SORP IFRS 10211. The Trustees The Trustees who served the Charity during the year were" Sir R￿hard Haslings Eyre Robert James Crowley Sir Michael Roger Gtfford {di8d 25 May 2021) Simon Patrick Wei5 Ida Levine [ap￿inted 15 September 2021} Constitution. objects and grant4naking policy and prxtke The Charty was established by Trust Deed on 17 September 21x18. as amended by a Deed of VarialK)n dated 21 November 2017 (the ConstilutK)nl. Pursuant to the c0nstituii￿, its main 04'ectives are lo hohl the caprtal and income upon trust lo appty Ihe income, and au OT such part of the capital. * s￿h time or times and in such manner as the trustees may in th￿r discret￿n think fit for any exclusively charitable objects and purpose$ in any part of the worfd including.. the advancement of education by prlxnoting medical and Sc￿￿tifIC research., the relEf of hardship and SLfftering by pr(MnOting medKal care and assIstsn￿ lo disabled and sick indiwduas and their carers," and the advancement of educalmjn by provKling assistance lo both individua15 and organisations Wofking in the areas of the perfomiing arts and the visual and crealNe arts. The Trustees may in their discretion, mslead of appI￿.n9 the of Ihe Chanty in any year, aceumulate al or any part of such income by investing the same, and the resuming inccrfne, in any authorised investments and hold the same as an accretion lo and as part of the caprtd of the Charty. wrthoul prejudice to their right to appty the whole or any part of such accumulated inccrfne in any subsequent year as rfthe same were inccme of the Charity arising in the then cuNenl year. The Trustees have regard lo the Charity CommissK)n's guidance on the public benefrt requirement when considering what aclivrties the Chanty shO￿j urbdertake. arKI they confmi that they have paid due regard to this guidance during their deliberations. The Trustees consKlered more than 100 grant appI￿alK￿$ in 2021. just over hf of which were successful. Examples of some of the grants the Trustees tsfded throughout the year indude.. balletLORENT'. the Trustees ￿a￿ded £10.000 to support the creation of bal￿tLORENT al home.. a new online art]'slic plattrxm delNering UK-wde interactive edUCat￿n and recreation tivily targeted particularty at chikI￿n in areas of disadvantage. Continuo Foundalffi." the Trustees awarded grants totalling £125.000 to support the Contin FOUndat￿￿'S grant4naking programmes. whth to assist freelance artists in the UK'S period perfomian¢e sector. Guildhall School of Music & Drm.. the Trustees awarded £20.000 to support Production Arts Scholarships f(x students. Citizen5 of the Workl.. Ihe Twslees awarded £11.OW to support the fina￿Ing of creative, adminislratNe and rehear& costs for the thoirfs muxal de¢tor. The effects of the Cowd-19 pandemK were still being felt by many grant applicants and recpients, particularfy those working in the arts and cuhure sector. The Trustees have laken this into ￿COUnt both when considering new grant appI￿allOnS and when responding to requests frcth granl appI￿nIS lo defer or amend ebemenls of their pr¢)po$ed prqect$. Page 2

MARIA BJORNSON MEIAORIAL FUND TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Organlsational structure and decision4naking The business of the Charty is manajed by the TNstees. The Board meets regLlarty lo conduct the business of the Charity. Appolntment. Inductlon and Tralnlng of Trustees New Iruslees are appointed by Deed of App¢￿ntrnent. When considering the appointment of a new Trustee, the existing Trustees shau consider the skills. knowledge and experience required by the Board and will seek lo appoint who can enhance to the Board's experts.se in these areas. It wll also be ensured that the new Trustee is familiar with the sgclors in which the Charty operates. and th they will be committed to fvrthering the Charrtls mission. All new Trvslees shall be given. in the view of the Board, such training as the new Trustee ￿qUi{e5. The Trustees report wrth sadness the passing of Sir M￿ha￿ Roger Grflord on 25 May 2021. SIT Michael served on the board of Trustees from 23 October 2018, arKI his great experience and enthusiasm for the work of the Charity are mLKh missed. On 15 September 2021. Ida Levine was appointed a new Trusteè of the Charity. Ida has a professional background in both law and finance. and has Considerab￿ experience a5 a charty Iruslee of arts foundation5. The Trusl8es are Satisf￿ that Ida has considerab18 professional 8XP8rtiS8 and a strong knovAedge of the arts., that she wll be committed to the work of the Charty. and th is faMil￿r ￿th the duties and responsibilities of a charity Trustee. As such. the Trustees are ￿￿fident Ihat she ￿11 be a valuable addition lo Ihe Charty's Board. Fundraising ststements Section 162A of the Charilkes Act 2011 requires charities to make certain statements in their annual report in relat￿n lo their fundraising aclMts. The Charty did not undertake fundraising acts'vrties for the purposes of that section in the perth. Financial review During the period, the Trustees awardad grants to charilable organtsatK)ns supporting thè perfomiing arts and visual and creative art5. The Trustee5 had aimeLI to Tender the portfolN) sufficEnlly balanced to benefit from the eventual Tecovery of the economy. Despite office5 closing in earty 2021. nsing Innalion and the discovery of the Omicron variant in kle 2021, the Fund has perfo￿ed well in 2021 and grew by 1.09% from the period ending 31 0￿0mber 2020. Plans for luture The Trustees intend to continue thwr programme of a￿[dIng grants on a quartety basis. in accordance wrth their grant-making poly. Risk Managenwit The Truslees review and discuss any risks to which the Charty may be exposed. Where appropriate, systems or appropriate eontrols are in pkn to mrtigate the risks the Chanty may face. The Trustees note that the Charty$ primary external risk is 11$ investment portfolio perfomiance. The Trustees carefully review the Charws investment portfolio on an ongoing basis with ils financial adwsors, who attend Trustee meetings lo present a perfomance upde when neeessary. The Cov*>19 pandemic had a Telalively limrted impact on the Charty and rts investments In 2021 and. aAhough the portfolio was affeeled along y￿th the rest of the market. the investment portfdio saw a significant recovery by the end of the year. Reser4e8 Pollcy The Trustees have established a reserve$ poliry wth refere￿e to Charity Commission Guidan￿ CC19 and accounting standards SORP 2019. Cash flthv is carefully monrtored to match income receipts with operating expendrture. The Trustees aim lo donale all the income generated in any gr¥en year in Ihe fomi of grants to registered Page 3

MARIA BJORNSON MEMORIAL FUNO TRUSTEES. REPORT ICONnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 charities. They may expend capital lo award grants rf they deem it necessary lo do so. To date. they have not feli it necessary to expend caprtal to award grants bui. rf a Su￿￿￿entlY convirhcing case is made by an applicant for emergency funding. they WoU￿j be prepared to do so ￿ Iwnrted scenarKJs. Investment Policy The Trustees liaBe on a freq￿rt basis the Chanty's financial athsors in order to dgIermw￿ the approach and standing of the Charity's portfol￿. The Charty aKns lo maintain the real value of the portfolio over lime whilst provKling an income to support the Charitls grant gmng athilies. The investment objeclNe is defined as growth. A gr¢Thyth objective means thal inc(yne requirement will not te a prhne consideralv)n and emphasis win be placed on investments ￿￿sKIered to have knnger lern grcmlh potenlol. Trnstees. responslbilities stslement The Iruslee5 are responsible for preparing the Trvstees, Annual Report and the fmancial statements in accordance wth appI￿ab￿ law and United Kingd(Mn Accounting Stsndards Iunrted Kingdom Generalty Accepted ounting Practrce). Charity law requires the Trustees to prepare ffinancial slalemenls for financial year. Under that law the Trustees have elected lo prepa￿ the financ￿1 statements in accordance wth applicable law and United Kingdom Accounting Standards Iunrted KIngd￿n Generalty Accepted Accounting Practi￿1. including Financial Reporting Standard 102 'The Financial Reportin9 Standard applicable in the UK and Republ￿ of Ireland, and the Charities SORP 2019 IFRS 1021. Under charity law the Trustees musl not approve the financol state￿nIS unless they are satisfd thal they give a true and fair wew of the $te of affairs of the Charity and of the Slalemenl of Financial Activit￿$ of the Charity fc Ihat perK#J. select surtable accounting polies and then ¥pfy them consistenty.. observe the methods and principles in the Charrties SORP IFRS 1021.. make judgements and estimes that are reasonable and prudent", slate whether apfAicable accounting slandards have been fOlkW￿d. subpcl to any material departures discbsed and explained in the finan¢ral ststenwls.. pfepare the financ￿ statements on the going concem basis un￿$ il is inappropriate lo presume that the chanty will continue in operat￿. The trustees are respOns￿le for keeping prcpef accountw re¢ords that disclose wlh reasonable accufacy al any lime the fi.nanci￿ position of the charity and enab￿ them to ensure that the financial slalernents comply wi(h the Charities Act, the charrt￿s (Accounts and Reports) Regulat￿$ 2¢X)8 and the provisions of the trust deed. They are also responsibk for safeguarding the assets of the charity and hence for laking reasonable steps for the pieventson and detecti￿ of fraud and other irr8gularrties. The trustees are responsible for the maintenance ar￿ integrity of the chary and fmancial inforrnalion included on the charity's website. Legislat￿￿ in the Unrted Kingdom govem*)g the preparation ￿ dissemination of financial stalemenls may drffer from legislat￿￿ in other iurisdiclK)ns. Auditor So far as the Trustees a￿ aware tPere i% no relevanl audit Inf￿t￿ of whKh the auditors are unaware. Approval This rewl was approved by the l)oard of trustees aTrJ syned on 115 behalf by.. Simon Weil Trustee Date= 21 Seplember 2022 Page 4

MARIA BJORNSON MEMORIAL FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF MARIA BJORNSON MEMORIAL FUND

Opinion

We have audited the financial statements of Maria Bjornson Memorial Fund (the 'charity') for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• ! give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended;

• ! have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ! have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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MARIA BJORNSON MEMORIAL FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF MARIA BJORNSON MEMORIAL FUND (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• ! the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• ! sufficient accounting records have not been kept; or

• ! the financial statements are not in agreement with the accounting records and returns; or

• ! we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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MARIA BJORNSON MEMORIAL FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF MARIA BJORNSON MEMORIAL FUND (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting which could have a material impact on the financial statements. In relation to the operations of the Charity this included compliance with the Charities Act and SORP 2019.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Trustee Board meetings, any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation and enquiries of management of the Charity. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

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MARIA BJORNSON MEMORIAL FUND

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF MARIA BJORNSON MEMORIAL FUND (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP

Chartered Accountants Statutory Auditors 24 Old Bond Street

London W1S 4AP

27 September 2022

Price Bailey LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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MARIA BJORNSON MEMOIIAL FUND STATEMEPff OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 310ECEMBER 2021 Expendable endowment funds 2021 Total fvnds 2021 Total funds 2020 Note Incomè and endowments from: Investments 320,768 320.768 295.494 Total in¢omo and ￿doWm0nts 320.768 320.768 295,494 Expenditurn on: Raising funds Charitable odivities 67.113 1.004.832 67,113 1,C4)4.832 60.938 384.421 Totsl expenditure 1.071,945 1,071,945 445,359 Net expenditure before net gain51{lossesl on investments Nel gainsl{losses) on investments (751.1771 1,675.572 {751,177) 1.675.572 1149,8651 1116,5431 Net Incomel{expendlturel 924,395 924,395 1266,4081 Net movement In funds 924.395 924,395 1266,4081 Reconciliation of tunds: Total funds brought forward Net movement in funds 13.689.391 924,395 13,689.391 924.395 13.955.799 1266.4081 Total funds carried lorward 14.613.786 14,613,786 13,689,391 Al income and &xp8ndrtur8 derive from continuing *wities. All anN)unls relate to expendable endowments. The notes on pages 1110 20 fom part of these financia statements. Page 9

IAARIA BJORNSON MEMORIAL FUND BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Flxed assets Investments 14.813,412 13.548,435 14.813,412 13,548,435 Current assets Debtors Cash al bank and in hand 10 22.662 173.940 22,238 180.126 196.602 202.364 Creditors." ￿ount$ falling due within one year 11 (270.2281 {41.4081 Net current Ilabllltles l assets {73,6261 160,956 Total assets less current liabilities 14.739,786 13,709,391 Creditors." amounts falling due after more than one year 12 {126,0￿) 20,0001 Total nèt assets 14.613,786 13,689.391 Charity funds Endowment funds 14,613.786 13.689,391 Total funds 14,613,786 13.689,391 The finan￿al statements were apwoved and authrxised for issue by the Trustees and s￿ne0 on their behalf by.. Simon Weil Date.. The nc¢es on pages 1110 20 form part of these financial statements. Page 10

MARIA &JORNSON MEIAORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Gongral Snforniallon The Maria Bjomson Memorial Fund is an unincofp¢rated chanty established in England & Wales by trust deed on 17 September 2008. The registered 0￿e is 25 Red L￿n Squa￿. Conway Hall, London. WC1 R 4RL. Accountlng policles 2.1 8a$l$ of preparntlon of financial statements The tinancial statements have been prepared in aCCordar￿e w￿h the Charrties SORP IFRS 1021- Accounting and Reporting by Charities". Stement of Recommended Practl¢g appli¢abbe lo Charities preparing their acwunts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireknd IFRS 1021 leffectwe 1 October 20191, Charty SORP IFRS 1021 and the Charits"es Act 2011. The financial sLements are presented in sleding 1£). The linancial statements have been prepared to gtve a Irue and fairf view and have departed from the Charrties {Accounls and Reports} Regu￿10n$ 2008 onty to the extent required to prov+de a 'lrue and fairf view. Thi5 departure has invofved fdk)w"ng the Chari(ies SORP {FRS 1021 published in October 2019 rather than the Accounting and Reporting by Charihes". Statement of Recommended Practice effectwe from 1 April 2005 wh￿h has Sin￿ been wthdrawn. Maria Bjomson Memorial Fund meets the deffinIt￿n of a Publ￿ benefft entty under FRS 102. Assets and 1obilit￿S are initiafy recognised at hisloiical cost or tranSact￿n value unless otherwise stated in the relevant accounting policy. 2.2 Going concern The Truslees Cons￿er that the Charity has adequate reserves and have reviewed and revised the fi"nancki1 plans for the Coming twelve months accordingty and are salisfd that rt is appropriate for the accounts lo be prepared on a going concem basis. 2.3 Income All income is recognised once the Charty has entrtlemenl lo the income, il is probable that the income will be received and the amount of income recetvable can be measured reliably. Income tax recoverable in relation to Mivestment incmie is reeognised al the Iwne the nvestmenl income is receivable. 2.4 Expendlture Expendrture is recogni5ed once there is a ￿gaI or constrLFCtNe Obluat￿ lo transfer economic benefrt to a third party, rt is probable that a transfer of econom￿ benefits will be required in settlement and the an￿￿nI of the ctjltryalton can be measured reliabty. Expenditure on raising furKls includes all expenditure incurred by the Charty to raise funds for Its harrtable puws and indudes wsls ol all fundraising adivrt￿s events and non•charitable troding. Expenditu￿ on charItsb￿ acb"vthes is Incur￿ on direclty undertakiny the aclmtses wh￿h further Ihe Charws obiectNes. as well as any assoc￿ted support C05t5. Grants payable are charged in the yeai then the offer is communicated to a third party. except in those cases where the offer condit￿n81, such grants being recognised as expendiluie when the conditions attaching are fulfilled. Grants offered subject lo condrtions Wh￿ have not been mel al the year end are noted as a commjtment. but not accrued as expenditure. Page11

MARIA BJORNSON MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2021 ACCOUn￿ng pollcles (conllnued) 2A Expendlture {¢ontlnu•dl l expendrture is InduSp￿ of VAT. 2.5 Investments Fixed asset nvestments are a fomi of financial instrumerbt and are initially recognised al their tranS￿lI0n cost and subsequentty measured at bid price at the tslance sheet date, unless the value cannot be measured relia)ty in whKh case rt is measur8d at cost less impairment. Investment gains and losses. whether realised or unreah"sed, are ¢cthbined and pfesented as 'GainsllLossesl on investments, in the statement of financ￿ acliVrt￿. 2.6 Debtors Trade and other debloT5 are recognised at Ihe setmement amount after any trade discount offered. Prepayments are valued al the amount prepahd net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand Ir￿ude$ cash and short4emi hvJhty IiquKI investments wlh a short maturity of three months or less from the date of acquisition or cpening of the deposrt or similar account. 2.8 Liabilities and provlslons Liabilrt￿s are rece•Jnised vthen there is an (ligation at the ba￿nce sheet date as a result of a past event. It is probable that a transfer of ec<>nomie benefit wll be required in settlement, and the amount of the settlement can be esTh"maled reh"abty. Liabilrttes are recc•ynised at Ihe amount that tha Chanty anlicyales il will pay 10 5eiUe the debt or the amount it has ￿e￿Ved as athnced payments for the gcw)ds or services il must provide. 2.9 Flnancial inslruments The ¢hanty only has financial assets and liab11rt￿ of a kind that qualrfy a5 basic fi'nancial instruments. Basic finanaal in5tnJments are inilialty recognised at tranwtion value and subsequently measured al their fair value a5 al the balance sfel dale. All finanrAal instruments of the charty are measured al ost with the except￿Tr of investmen15 in the charrtls wjrtfolio. wh￿h are measured al fair value as at the balance sheet date using the closing market value. The y￿ue of rnveslments as well as their original cosl 1$ staled in note 10. Financial assets include investments in Ihe portlolK). the bank bal¥￿e$. trade debtors, accrued income and other debtcrt but eXd￿ prepayments and tsXa1￿n. Financk81 Ik4bilrtKgS include trade credors. creditors, accnjals a￿1 deferred income bul exclude social security arKI other taxes duo. 2.10 Fund accounting The Charity funds are in the form of an expendab￿ er￿tr￿ment fund ts a fund that is invested to produce income. The trustees have pemiissw lo convert al or part of an income fund which can then be spent on grnnt making activibes. Investment in￿me. ga￿S aTrJ k>sse5 are alk>cated to the appropriale fund. Pagé 12

RIA WORNSON MEk•ORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Iconlinuedl 2.11 Significant Accounting Estirnat•s and Judgwnents The preparation of financial stements wuires the use of certain Crit￿81 accounting estimales. It also requires trustees to exerctse their iudgement in the process of apptying the accounting policies. Use of available information and applicat￿n of judgement are inherent in the fomation of estimates. Actual outcomes in the future coukj differ from such estimates. There are no accounting estimates or assumptions that have a S￿n￿lcan1 risk of causing a merial adjustment to th8 carryin9 valu8 of tho assets and Ik?bilrties in the next financial year. Investment Inc¢)me 2021 2020 UK Equities UK Fixed Interest Unrt Trust Equit¢es Unit Trust Interest Ovefseas Equilies Overseas Fixed Interest 155.876 29,5S3 49.301 27.621 24.532 24.553 9.332 136,517 33.483 62.115 32.427 14,416 7,588 8,948 Other UK Investments Total Investment income 320.768 295,494 All of the above Ir￿orne relates to Endchvment funds. Inv•stm•nt manag•mènt costs Endowment fund$ 2021 Total fvnds 2021 Investrnenl management fee5 67,113 67,113 Endowment funds 2020 Total funds 2020 Investment managefflent fees 60,938 60,938 Page 13

MARIA BJORNSON MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysls of grants Grants lo Insb"tukns 2021 Grants lo Indwidu8L% 2021 Tol funds 2021 Grants paKI lo institutions and indiwduals15ee note 61 gC6.954 28.500 935.454 Grants lo Institutions 2020 Grants to IndivKlua 2020 Total funds 2020 Grants paKI lo institut*)ns (see note 6) 321.205 10,000 331,205 Page 14

MARIA &JORNSON MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEhlBER 2021 Grants paid lo Institutlons 2021 2020 Acalemy of Ancient Music Alnwick Playhouse Ante Teminum Autism Bedfordshire ballelLORENT Bampton Opera Beaminster FestNal Becket Pageant Brrtish Tinnitus Assoaalion Crtizens of the Worbj Choir Crty MUS￿ Foundation Clapton C(ynmon Boys Ccrtnmo Comar Concerts in West Continuo FOuThJal￿I Create Dash Arts Divetse Abilities English Touring Opera Fertile Ground Dance Company Freelancers Make Theatre W Fulham Fest Garage Art Gr¢)UP Good Chance Theatre Guildhal School of MUS￿ avj Dr￿a INK InlerAct Stroke Support James Cousins Company London Music Fund Nation81 Youth Ballet Northem Opera Group Orchestra of Earth Parable Dance Park Theatre Peggy Ramsaylchannel 4 Pla￿ghts Awards Royal Academy of Music Royal Central Schcol of Speech & Drnma Royal College of Mus Royal Northem co1￿8 of Musi Sadlerfs Wells- TrapLfxd Scenelchange 18.000 5,000 12,CKIO 5.000 10,000 10,000 3.000 25,0 5,OC 11,000 60.000 15.000 10,ofJO 45.000 150,000 45.000 5,000 5.000 5.000 8.000 60,000 4,5CKI 1.000 S.￿0 30.000 5.200 10,000 15.000 20,000 2.000 5,000 20,¢)00 20,000 10,000 12.000 2.500 10.(M)O 45.000 50.000 s,ooa 50,0 15,OlyJ 5,000 25,000 20.000 Page15

MARIA 8JORNSON MEIKIRIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Soldiers Arts Academy Somerset House Trust South East Dance 10,000 25,(KlO 12,954 Spectra En$&m￿e Squint Theatre CoN4)any Ltd Tara Arts The Arts Foundation The English Concert The Handel House The Old Vic Theatre Trust The Quay Thea1￿ at Sudbury The Royal So¢￿ty of Literature The Soldiers Arts Academy The Wonderful Collective The Yard Theatre Artists Fund Two Moors Feslwal Wayward PToduclion$ Wells Theatre Festival Young and Insyfed 2.000 5.000 20.000 45.0 15.000 40,000 25,000 16,000 10.000 17,005 5.000 5.000 11.500 30.000 10.000 s.c￿0 12,000 9C6,954 321.205 Grants made to Indiwdu￿S of £28,500 {2020' £10.(Wl are made up of 4 grant gwen to 6 iridivKluals 12020.. 1 grant given to 1 inth"vhJual). Page 16

MARIA BJORNSON MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anaty$ls of expenditure by activities Grant fvnding of activities 2021 Support costs 2021 Total funds 2021 Charitable activit 935,454 69.378 1,004.832 Grant funding ol activities Support ¢osts 2020 Total funds 2020 2020 Charrtable aCtiVrt￿s 331.205 53.216 384,421 Analysis of support Costs Grant making activities 2021 Total funds 2021 Auditor's remuneral)n- Audit fee Auditor's remuneratK)n- Accountancy sermces Professional fees Bank charges 5,400 2,470 61,110 398 2,470 61.110 398 69,378 69.378 Grant making activits'es 2020 Totsl funds 2020 Auditorfs remuneration- Audrt fee Avdt(rfs remuneration- Accountancy servi Professional fees Bank charges Website 4,110 1.040 47.484 182 4,110 1.040 47,484 182 400 400 53.216 53,216 Page 17

MARIA BJORNSON MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Trust•es' ramuneration and expènses During Ihe year. no Trustees received any r￿UneratI￿ or other beneffts {2020 - £NILI. During the ye* ended 31 December 2021. Th) Trustee expenses have been wKurred (2020- £NILI. Flxed asset Inveslm•nts Listed investments Cash deposits Total C05t or valuation At 1 Januwy 2021 13.130,305 418,130 13,548.435 At 1 January 2021 Addrtions 13.130.305 4.012.348 14,075.747} 1,675.572 418,130 13,548,435 4.012,348 14,075,747) 1.675,572 {347,196) DisposaLs Revaluations Movement in cash 1347.196) At 310ecember 2021 14,742.478 70.934 14,813,412 Listed investments Cash deposits Total Cost or valuation At 1 January 2020 Additions Disposafs RevalualTrons Movement in cash 13.029.404 1,258.246 {1,040.8021 {116.543) 811,325 13.840,729 1,258.246 11,040.8021 1116.5431 1393.1951 (393,195) At 31 Oecember 2020 13,130,305 418,130 13,548,435 Page 18

MARIA &JORNSON MEPAORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Investments at mark•t value ¢ompri5e: 2021 2020 UK Equth"es UK Fixed Interest UK Unit Trust Equil￿S UK Unil Trust Interesl Overseas Equit￿$ Overseas Fixed Interest other Holdings Cash deposits 4.650,327 774.497 3,225.431 843.890 4,311.201 615.132 322.000 70.934 7,201,235 1,002,027 1.162,486 1.103,382 1.106,864 1,298.172 256.140 418.129 14,813,412 13,548,435 The historica cost of investments at 31 December 2021 £13.268.24812020.. £12.356,492). 10. D•btora 2021 2020 Accrued income 22.662 22,238 11. Creditors: Amounts falling due wSthln one year 2021 2020 Committed grants Other creditors 233,954 11,718 24.556 20,OCN) Accruals 21,408 270,228 41,408 12. Creditors: Amounts falllng due after more than ono year 2021 2020 Committed grants 126,000 20,000 Page19

MARIA BJORNSON MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Rdated party transactions During the year. the chanty pabd for legal and aJmin15tratp)n swvices from Charles Russel Speechlys to the total of £61.111 12020 - £Nill_ Simon Weil, Trustee, is a Partner of Charles Russell Speechlys. An amount of £11,718 was due to Charfès Russel Speechlys at the year end12020- £Nill. Ouring the prior yw these 5ervice5 wwe provided by BDB Pitmans LLP lo the total of £47.461. Simon Weil. Twstee, was a Partner of BDB Prtmans LLP until 30 Novgmber 2020. An amount of £nil was due lo BD8 Prtmans LLP at year end {2020, £nill. These payments We￿ made by aulhcxty of the Board of TTUSlees under the goveming document of the charity. During the year. the ¢harty issued a grant of £15,Cw)O to The Enghsh Con¢ert12020 - £Nill. Simon Weil, Trustee, is a Trustee of The English ConcerL The were no ￿￿UnIS outstsnding at Ihe year end. During the ye*, Ihe dlanty issued a gwt of £30.000 to the Rordl Academy of Dance12020 - £Nill. Ida Levine, Trustee, is a Trustee of The Royal Academy of Dance. The amount outstanding al the year end was £30,0(4)12020- £Nil). T￿￿e were no furlher reMed paty transxti￿s for the Ye￿ ended 31 D￿ember 2021 12020- Non8}. Page 20