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 h*f 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 d*e¢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 aclMt*s. 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 upd*e 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 satisf*d thal they give a true and fair wew of the $t*e of affairs of the Charity and of the Slalemenl of
Financial Activit￿$ of the Charity fc* Ihat perK#J.
select surtable accounting polie*s and then ¥pfy them consistenty..
observe the methods and principles in the Charrties SORP IFRS 1021..
make judgements and estim*es 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 char*y 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. 

Page 5 



## **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. 

Page 6 



**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. 

Page 7 



## **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. 

Page 8 



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". St*ement 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 sL*ements 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 salisf*d 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 sf*el 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 cred*ors. 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 st*ements 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 m*erial 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
Avd*t(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