CHARITY REGISTRATION NUMBER: 1126096
Maria Bjornson Memorial Fund
Financial Statements
For the year ended 31 December 2023
Maria Bjornson Memorial Fund
Financial Statements
Year ended 31 December 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Trustees' responsibilities statement | 4 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
Maria Bjornson Memorial Fund
Trustees' Annual Report
Year ended 31 December 2023
The trustees present their report and the financial statements of the charity for the year ended 31 December 2023. They have been prepared in accordance with the Trust Deed dated 17 September 2008, as amended by Deed of Variation dated 21 November 2017 and the recommendations of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019) (Charities SORP (FRS 102)).
| Reference and administrative details | |
|---|---|
| Registered charity name | Maria Bjornson Memorial Fund |
| Charity registration number | 1126096 |
| Principal office | 5 Fleet Place |
| London | |
| EC4M 7RD | |
| The trustees | |
| Sir Richard Hastings Eyre (Chair) | |
| Robert James Crowley | |
| Simon Patrick Weil | |
| Ida Levine | |
| Auditor | Gibson Booth |
| Chartered Accountants & Statutory Auditor | |
| New Court | |
| Abbey Road North | |
| Shepley | |
| Huddersfield | |
| HD8 8BJ | |
| Solicitors | Charles Russell Speechlys |
| 5 Fleet Place | |
| London | |
| EC4M 7RD |
Structure, governance and management
Constitution, objects and grant-making policy and practice
The Charity was established by Trust Deed on 17 September 2008, as amended by a Deed of Variation dated 21 November 2017 (the Constitution). Pursuant to the Constitution, its main objectives are to hold the capital and income upon trust to apply the income, and all or such part of the capital, at such time or times and in such manner as the trustees may in their discretion think fit for any exclusively charitable objects and purposes in any part of the world including:
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the advancement of education by promoting medical and scientific research;
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the relief of hardship and suffering by promoting medical care and assistance to disabled and sick individuals and their carers; and
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the advancement of education by providing assistance to both individuals and organisations working in the areas of the performing arts and visual and creative arts.
The Trustees may in their discretion, instead of applying the income of the Charity in any year, accumulate all or any part of such income by investing the same, and the resulting income, in any authorised investments and hold the same as an accretion to and as part of the capital of the Charity, without prejudice to their right to apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Charity arising in the then current year.
The Trustees have regard to the Charity Commission's guidance on the public benefit requirement when considering what activities the Charity should undertake, and they confirm that they have paid due regard to this guidance during their deliberations.
Organisational structure and decision-making
The business of the Charity is managed by the Trustees. The Board meets regularly to conduct the business of the Charity.
Appointment, Induction and Training of Trustees
New trustees are appointed by Deed of Appointment. When considering the appointment of a new Trustee, the existing Trustees consider the skills, knowledge and experience required by the Board and shall seek to appoint a new Trustee who can enhance to the Board's expertise. It shall also be ensured that the new Trustee is familiar with the sectors in which the Charity operates, and that they will be committed to furthering the Charity's mission. All new Trustees shall be given, in the view of the Board, such training as the new Trustee requires.
1
Maria Bjornson Memorial Fund
Trustees' Annual Report (continued)
Year ended 31 December 2023
Achievements and performance
The Trustees further the Charity's objects by making grants to other organisations and individuals. The Trustees received more than 130 grant applications in 2023, approximately 30% of which were successful. Examples of grants awarded by the Trustees to organisations during the year include:
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English Symphony Orchestra: the Trustees awarded £5,000 to support live performances, the ESO Youth programme and concerts in care settings.
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Theatre Artists Fund: the Trustees awarded a total of £30,000 payable in instalments to support the Theatre Artists Fund Creative Workforce Pilot Programme in 2023 and 2024.
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Makhani CIC: the Trustees awarded £5,000 to support the development of their production, The Women's Strike: A Refugee Lysistrata.
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English Touring Theatre: the Trustees awarded £5,000 to support their Trainee Production Manager career development programme.
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INK: the Trustees awarded £2,000 to contribute towards the INK Festival.
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The Choir With No Name: the trustees awarded £5,000 to support their 2023/24 programme.
The Trustees also made grants to individual applicants during the year. When making grants in response to applications from individuals, the Trustees typically required the grant payment to be made to another a charitable organisation, in order to ensure that it was applied for wholly charitable purposes. For example, a number of grants were paid to other registered charities that generously agreed to act as an individual's 'fiscal sponsor': the sponsor received the grant on behalf of the individual and agreed to ensure that it was applied for the purpose of the grant.
During the year, the Trustees prioritised making grants to individuals and organisations working in the areas of the performing arts and the visual and creative arts, and in particular, promoting excellence in the arts. They were conscious that the pressures on the financial markets had affected the amount of funding available for distribution as grants, and also heightened the needs of grant applicants. These considerations were taken into account by the Trustees in their decision-making process.
The grants the Trustees made to individuals enabled beneficiaries to study and complete courses which will help them to contribute to excellence in the arts. In addition, grants were made to organisations to establish programmes for the benefit of individuals such as a Scenic Art Apprenticeship and a Trainee Production Manager career development programme.
Fundraising Statements
Section 162A of the Charities Act 2011 requires charities to make certain statements in their annual report in relation to their fundraising activities. The Charity did not undertake fundraising activities for the purposes of that section in the period.
Risk Management
The Trustees review and discuss any risks to which the Charity may be exposed. Where appropriate, systems or appropriate controls are in place to mitigate the risks the Charity may face. The Trustees note that the Charity's primary external risk is its investment portfolio performance. The Trustees carefully review the Charity's investment portfolio on an ongoing basis with its financial advisors, who attend Trustee meetings to present a performance update when necessary.
The Trustees are also conscious of risks from other sources, such as the risk posed to the Charity's funds by cybercriminals who might seek to misdirect grant payments. The Trustees have ensured that there are security checks and other measures in place to manage such risks, and note that those administering the grants receive regular cyber security training.
Reserves Policy
The Trustees have established a reserves policy with reference to Charity Commission Guidance CC19 and accounting standards SORP 2019. As indicated below, the Trustees seek to maintain the real value of the Charity's investments, and the Trustees may apply the Charity's capital at their discretion. Therefore, reserves are not deemed necessary for the Charity currently but this position is kept under review. Cash flow is carefully monitored to match income receipts with operating expenditure.
The Trustees aim to donate all the income generated in any given year in the form of grants to registered charities. They may expend capital to award grants if they deem it necessary to do so, although this would typically be in limited circumstances.
Investment Policy
The Trustees liaise on a frequent basis with the Charity's financial advisors in order to determine the approach and standing of the Charity's portfolio. The Charity aims to maintain the real value of the portfolio over time whilst providing an income to support the Charity's grant giving activities. The investment objective is defined as growth. A growth objective means that income requirement will not be a prime consideration and emphasis will be placed on investments considered to have longer term growth potential.
2
Maria Bjornson Memorial Fund
Trustees' Responsibilities Statement
Year ended 31 December 2023
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
Maria Bjornson Memorial Fund
Independent Auditor's Report to the Members of Maria Bjornson Memorial Fund
Year ended 31 December 2023
Opinion
We have audited the financial statements of Maria Bjornson Memorial Fund (the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities, statement of financial position 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 FRS 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:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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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 auditor's 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 UK, including the FRC’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 auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
5
Marl? BJornson M•morlal Fund Indopendent Auditorf5 Rèport to the Memb8rs of Marla Blorn8on Mèmorlal Fund Iconllnuèd) Year ended 31 Dècember 2023 Rosponglbllities of trts&tè&8 As explained tnore lulty In Ihe Iruslees, ¢sponsibllllles stalemenl. the ifustees are respon5ilJe far Ihe preparat of the financial slalemenls for being sali8fied that Ihey glve a IMÈ and fall ¥Ew. and foi su¢h internal conlrol as the lftjslees determine 15 neGess8ry lo enable the piepHiaiion of finan1 statemen15 thai are free fiom malewl41 misstsiement, whether due to fraud orerror. In preparing the financial slalemenis, the Irusiees are responsible for assessing the chafrty's atility lo conllnue as a going con¢em, dL8dosSng. as apiCab. ma118rs relaled lo going concern and uslng the g(Mry Goncem basis of 8ccounbW unless the tfUStee$ either intend lo15quale Ihe charity or lo cease operations, or have no realislic allemalive bul lo do so. Audltorf8 r88pon$lbllltle5 fortho audlt ol the flnpncial statomonts We have been appointed as audilor under sÈclkJn 145 of IhB Ch8ftles Act 2011 and report In ar£ordar6 with the Aci and relevant regulallons Tnade or having effecl Ihereunder. objectives are lo obtain rea80nats assurance about wFElher the flnandal slalemen15 35 3 whole arfr Iree from material mlsslalemenl. whelher due lo fraud or error. and to L$8ue an auditor'5 repart Ihal includ8s our opillion Reasonable 88sur8nce 15 a high level ol assuiance. bui il is not a guarantee Ihal an Hudll conducted 1D accordanoe wlh ISAS IUKI aFway5 delecL a malerlal misslalerllenl when11 exisis. M15ststÈments c8n arise trom fraud or error and are considered material If. indiaU3[[Y or in Ihe aggiegale, they could reasonably be expected to Influence IIE economi¢ derlslMs of Use taken ort the basls ol these flnancial 51alemenls. Irregularilles. Induding ftaud, are Inslanc8s ol non(Mpllanc8y1h law5 and regulations. We deslgn wocedurts In NnewiÉh o re5ponsiknlilles. outllned above, to deiecl maleii81 rnlsslHtsrnenls in respeci of Irregularilie5, induding fraud. The exlenl lo whkh (xjr produies are c8pab18 of detecllng Itregulariiies. Includlng ft8uU is delalled below. Based on our underslandlng of ihe company and Industry. we idenlifted that the wncip&1 risks of non4ompllarKe wllh law5 and regulaiions relaled lo UK lax Ils18110n, we consideréd the exlenl lo wlNch ngn-c(mpliance might have a malerlal 8ffecl on IhÈ financlal slalements. We also consldered ISe law$ and regulations that have a dlrecl Impacl on the finandal slalements such as Ihe Chilles Act 2011. We evaluated managet'S irKenlives and oppOrtunlieS for frauduknt manipulalions of th8 nanc181 Slalemenls, and deiermlned that Ihe principal thsks were related lo m&n8gemenl bia5 through manipulalion of anin9 88llmales or p05Ung happroprlale IoLfn81 entries. Audll prctedures perfotrTrd by Ihe engagement team Included.. dlscussions wlh managtrfftnt Snduding considerallon of knowN or $pected In81ances of non-comKAiance th lawE, regulalion and fFaud'. challenging assumpllons 4nLI judgetnenls made by managetnenl h tt)8lr sionificant accout111r e$llmates'. raeW of nonyurchase and $81es ledger bank transacliorts., revlew of louinals.. revl•v of purchase Involce aulhorisations. BeGa of the Irtherenl limilglions of 8n a111. there is d thsk that 11 fall lo detect all lrregu1arf8s, IrKludlng Ihose leading lo maletial mi5slalemenl In the finanual staièm8nts or non-cotvpllance vAlh regulallon. This Dsk incrèases Ihe fflore Ihal compliance Trmlh a law or regulation is removed frorn the Èvents and Iransaclion5 refiecled In the financial slaletnenls, as w8 w411 be 55 likely lo beeLNne aware of instances of non-compliance. The rlsk also grealer ardIng liregularilies Ottufring due to fraud r8ilEr Ihan etror, 8s flaud Involves Intentional concealmenl. forgery. colluslon, omi8sion or mi5repge88nlallon. A further desrlptlon of our respon511y.li11È8 for the audll of Ihe fK)andal 818ternen15 is bcaled on the Farle1 Reporting Coundl* website al ¥wM.froDrg.uklauJilorsre5ponslblllll88. Thls descnptson forms part of r alall0[,S report. Uso of our report This report Is made soldy lo thè chadty's INslees. as a b(x1y, accordan th Part 4 ofthe Charllles (Accotsnls and Report51 Regulation5 2008. Our audit wowk has been undertaken so thai we mlghl slate to the charity's trustees those maiiets we are requiTed lo slate lo them In an audiloV5 report and for no other purpDse. To the fulle51 exienl permiiied by law. we do nol attepl or assume r&SponbillIY lo anyonè other than the tharity and Ihe ch£rilYs trustees as a body, lor our audit work, for Ihls repoti. or for the opinlons we have forffled. Gib$on Booth Chartered A¢counlants & SlalutoryAudilor New Court Abbey Road North Shepley Huddersfield HD8 88J 3 iiI- IT Glbs(¥i Hoh is elwiNe for 8ppoilllmenl a5 auditor of Ihe charity by rtue of Its 81iybilNy for appointment as aLKlllor of a company Und selan 1212 oflhe Companies kn12006.
Maria Bjornson Memorial Fund
Statement of Financial Activities
Year ended 31 December 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Endowment | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 344,949 | 344,949 | 343,251 |
| -------------------------- | -------------------------- | -------------------------- | ||
| Total income | 344,949 | 344,949 | 343,251 | |
| ========================== | ========================== | ========================== | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | 63,158 | 63,158 | 64,137 |
| Expenditure on charitable activities | 6,7 | 577,474 | 577,474 | 518,512 |
| -------------------------- | -------------------------- | -------------------------- | ||
| Total expenditure | 640,632 | 640,632 | 582,649 | |
| ========================== | ========================== | ========================== | ||
| Net gains/(losses) on investments | 10 | 633,541 | 633,541 | (1,317,260) |
| -------------------------- | -------------------------- | ---------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 337,858 | 337,858 | (1,556,658) | |
| ========================== | ========================== | ================================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 13,057,128 | 13,057,128 | 14,613,786 | |
| ------------------------------------- | ------------------------------------- | ------------------------------------- | ||
| Total funds carried forward | 13,394,986 | 13,394,986 | 13,057,128 | |
| ===================================== | ===================================== | ===================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 15 form part of these financial statements.
7
Maria Bjornson Memorial Fund
Statement of Financial Position
31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 12 | 13,459,769 | 13,129,996 |
| Current assets | |||
| Debtors | 13 | 25,274 | 19,578 |
| Cash at bank and in hand | 79,712 | 138,809 | |
| -------------------------- | -------------------------- | ||
| 104,986 | 158,387 | ||
| Creditors: amounts falling due within one year | 14 | (144,769) | (203,755) |
| -------------------------- | -------------------------- | ||
| Net current liabilities | (39,783) | (45,368) | |
| ------------------------------------- | ------------------------------------- | ||
| Total assets less current liabilities | 13,419,986 | 13,084,628 | |
| Creditors: amounts falling due after more than one year | 15 | (25,000) | (27,500) |
| ------------------------------------- | ------------------------------------- | ||
| Net assets | 13,394,986 | 13,057,128 | |
| ===================================== | ===================================== | ||
| Funds of the charity | |||
| Endowment funds | 13,394,986 | 13,057,128 | |
| ------------------------------------- | ------------------------------------- | ||
| Total charity funds | 16 | 13,394,986 | 13,057,128 |
| ===================================== | ===================================== |
05/09/2024 These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
==> picture [193 x 46] intentionally omitted <==
S Weil Trustee
The notes on pages 9 to 15 form part of these financial statements.
8
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Fleet Place, London, EC4M 7RD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going concern
The Trustees consider that the Charity has adequate reserves and have reviewed and revised the financial plans for the coming twelve months accordingly and are satisfied that it is appropriate for the accounts to be prepared on a going concern basis.
Disclosure exemptions
The entity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. There are no accounting estimates or assumptions that have a significant risk of causing a material adjustment to the carrying value of the assets and liabilities in the next financial year.
Fund accounting
The Charity funds are in the form of an expendable endowment fund that is invested to produce income. The trustees have permission to convert all or part of it into an income fund which can then be spent on grant making activities.
Investment income, gains and losses are allocated to the appropriate fund.
Incoming resources
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is communicated to a third party, except in those cases where the offer is conditional, such being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
9
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at bid price at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of Financial Activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their fair value as at the balance sheet date. All financial instruments of the charity are measured at cost with the exception of investments in the charity's portfolio, which are measured at fair value as at the balance sheet date using the closing market value. The value of investments as well as their original cost is stated in note 12.
Financial assets include investments in the portfolio, the bank balances and accrued income.
Financial liabilities include other creditors, accruals and deferred income.
4. Investment income
| Total Funds | Total Funds | Endowment | Total Funds | |||||
|---|---|---|---|---|---|---|---|---|
| Endowment Funds | 2023 | Funds | 2022 | |||||
| £ | £ | £ | £ | |||||
| UK equities | 141,436 | 141,436 | 146,937 | 146,937 | ||||
| UK fixed interest | 31,391 | 31,391 | 26,927 | 26,927 | ||||
| Unit trust equities | 34,490 | 34,490 | 42,991 | 42,991 | ||||
| Unit trust interest | 36,716 | 36,716 | 27,674 | 27,674 | ||||
| Overseas equities | 68,880 | 68,880 | 10,476 | 10,476 | ||||
| Overseas fixed interest | 17,715 | 17,715 | 75,211 | 75,211 | ||||
| Other UK investments | 5,250 | 5,250 | 13,035 | 13,035 | ||||
| Bank interest receivable | 772 | 772 | – | – | ||||
| Investment deposit interest | 8,299 | 8,299 | – | – | ||||
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |||||
| 344,949 | 344,949 | 343,251 | 343,251 | |||||
| ========================== | ========================== | ========================== | ========================== | |||||
| 5. | Investment management costs | |||||||
| Endowment | Total Funds | Endowment | Total Funds | |||||
| Funds | 2023 | Funds | 2022 | |||||
| £ | £ | £ | £ | |||||
| Investment management fees | 63,158 | 63,158 | 64,137 | 64,137 | ||||
| ====================== | ====================== | ====================== | ====================== | |||||
| 6. | Expenditure on charitable activities by fund type | |||||||
| Endowment | Total Funds | Endowment | Total Funds | |||||
| Funds | 2023 | Funds | 2022 | |||||
| £ | £ | £ | £ | |||||
| Grants paid | 438,750 | 438,750 | 398,050 | 398,050 | ||||
| Support costs | 138,724 | 138,724 | 120,462 | 120,462 | ||||
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |||||
| 577,474 | 577,474 | 518,512 | 518,512 | |||||
| ========================== | ========================== | ========================== | ========================== | |||||
| 7. | Expenditure on charitable activities by activity type | |||||||
| Activities | ||||||||
| undertaken | ||||||||
| directly | Support costs Total funds 2023 |
Total fund 2022 | ||||||
| £ | £ | £ | £ | |||||
| Grants paid | 438,750 | 138,724 | 577,474 | 518,512 | ||||
| ========================== | ========================== | ========================== | ========================== | |||||
| 8. | Analysis of support costs | |||||||
| Auditors | Accountancy | Professional | ||||||
| remuneration | services | fees | Bank charges | Total 2023 | Total 2022 |
|||
| £ | £ | £ | £ | £ | £ | |||
| General office | 5,365 | 1,926 | 131,031 | 402 | 138,724 | 120,462 |
||
| =================== | =================== | ========================== | =========== | ========================== | ========================== |
10
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
| 9. | Analysis of grants | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Grants to institutions | |||
| An Tobar & Mull Theatre | 5,000 | – | |
| Athena Jane Churchill | – | (10,000) | |
| Bampton Classical Opera | 5,000 | 5,000 | |
| Beaminster Festival | 3,000 | – | |
| Beating Time | 5,000 | – | |
| Bethany Cooper Productions | – | 2,000 | |
| Birmingham Opera | 3,000 | – | |
| Boury Academy | 5,000 | – | |
| Brixton Chamber Orchestra | 5,000 | – | |
| Buxton Arts Festival | – | 22,500 | |
| Buxton Opera House | 5,000 | – | |
| Cambridge Summer Music | 5,000 | – | |
| Chineke! | – | 10,000 | |
| City Music Foundation as fiscal sponsor for Hexad Collective | 3,750 | ||
| Citizens of the World Choir | 5,000 | – | |
| Clean Break | – | 10,000 | |
| Complicite | – | 10,000 | |
| Concerts in the West | 10,000 | – | |
| Coram Shakespeare Schools Foundation | 5,000 | 10,000 | |
| Corbridge Chamber Music Festival | – | 5,000 | |
| Dancers Career Development | 5,000 | – | |
| Designer Makers CIO | 3,000 | – | |
| Dorchester Community Plays Association | 2,500 | – | |
| Drama Express | – | 3,000 | |
| Dexter Flanders | – | (3,000) | |
| Diverse Abilities | 5,000 | – | |
| Emma & PJ | – | (5,000) | |
| English Symphony Orchestra | 5,000 | 5,000 | |
| English Touring Theatre | 5,000 | – | |
| Face Front Inclusive Theatre | 1,000 | – | |
| Figment Arts | – | 750 | |
| Figure | 5,000 | 10,000 | |
| Freedom from Torture | – | 4,300 | |
| Freelancers Make Theatre Work | 30,000 | – | |
| Fulham Fest | – | 3,000 | |
| Gasington Opera | – | 10,000 | |
| Good Chance Theatre | – | 10,000 | |
| Guildhall School | 15,000 | – | |
| Hackney Showroom/New Future Collective Ltd | – | 5,000 | |
| Hampstead Theatre | 5,000 | – | |
| HGO Trust | 5,000 | – | |
| Hofesh Shechter | (10,000) | 20,000 | |
| INK | 4,000 | – | |
| Jermyn Street Theatre | 5,000 | – | |
| JMK Trust | – | 5,000 | |
| Kensington Chamber Orchestra | – | 2,000 | |
| Leeds Leider+ | 5,000 | – | |
| Liberty Choir | – | 30,000 | |
| Little Angel Theatre | 5,000 | – | |
| London Handel Society Limited | 10,000 | 10,000 | |
| Makani CIC | 5,000 | 10,000 | |
| Manchester Baroque | 5,000 | – | |
| Menagerie Theatre | – | 2,000 | |
| Mountview | 10,000 | – | |
| Music for Youth | 5,000 | – | |
| Music Masters | 5,000 | – | |
| National Theatre | – | 10,000 | |
| National Youth Ballet | – | 8,000 | |
| National Youth Theatre | 5,000 | – | |
| New English Ballet Theatre | 12,500 | 10,000 | |
| Northern Ballet | – | 10,000 | |
| Northern Opera Group | 10,000 | – | |
| NTD | – | 5,000 | |
| Outside Edge Theatre Company | 5,000 | – | |
| Persona Arts | – | 1,000 | |
| Punchdrunk | 10,000 | – |
11
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
| Rabble | – | 3,000 | |||
|---|---|---|---|---|---|
| Regal Theatre Minehead | 5,000 | – | |||
| Regional Screen Scotland | 5,000 | 5,000 | |||
| Rehearsal Orchestra | – | 3,000 | |||
| Royal Academy of Dance | 12,500 | 30,000 | |||
| Royal Academy of Music as fiscal sponsor for James | Garner | 2,000 | 30,000 | ||
| Royal College of Music | 15,000 | – | |||
| Royal Central School of Speech & Drama | 15,000 | 15,000 | |||
| Royal Northern College of Music | 5,000 | 5,000 | |||
| Royal Opera House | 10,000 | – | |||
| Sadlers Wells | 5,000 | – | |||
| Scherzo Ensemble | 2,000 | – | |||
| Shining Stars London | – | 5,000 | |||
| Soldiers Arts Academy CIC | 5,000 | 5,000 | |||
| Sound and Music | – | 5,000 | |||
| Strike a light | 5,000 | – | |||
| SWAP’ra | – | 2,500 | |||
| Tara Arts | – | 5,000 | |||
| The Alina Cojocaru Foundation | 5,000 | – | |||
| The Barbican Centre Trust | 7,500 | – | |||
| The Blake Society as fiscal sponsor for Mark Bowler | 2,000 | – | |||
| The Choir with No Name | 5,000 | 10,000 | |||
| The English Concert | 5,000 | – | |||
| The Marian Consort | 2,500 | – | |||
| The Royal Society of Literature | 5,000 | – | |||
| The Society of British Theatre Designers | 1,500 | – | |||
| The Old Vic | 30,000 | – | |||
| The Walk (Little Amal) | – | 15,000 | |||
| The Wonderful Collective | – | (5,000) | |||
| The Yard Theatre | 5,000 | 7,000 | |||
| Theatre Artists Fund | 30,000 | – | |||
| Two Moors Festival | 5,000 | 5,000 | |||
| Wexford Festival Opera | – | 5,000 | |||
| Wells Theatre Festival | 6,000 | 11,000 | |||
| -------------------------- | -------------------------- | ||||
| Total grants | 438,750 | 392,050 | |||
| ========================== | ========================== | ||||
| 10. | Net gains/(losses) on investments | ||||
| Endowment | Total Funds | Endowment | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Unrealised gains/(losses) on listed investments | 269,446 | 269,446 | (1,317,260) | (1,317,260) | |
| Realised gains/(losses) on listed investments | 364,095 | 364,095 | – | – | |
| -------------------------- | -------------------------- | ---------------------------------- | ---------------------------------- | ||
| 633,541 | 633,541 | (1,317,260) | (1,317,260) | ||
| ========================== | ========================== | ================================== | ================================== |
11. Trustee remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £nil).
During the year, no Trustee expenses have been incurred (2022 - £nil).
12
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
12. Investments
| Cash or cash | Listed | ||
|---|---|---|---|
| equivalents | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 January 2023 | 139,539 | 12,990,457 | 13,129,996 |
| Additions | – | 1,762,461 | 1,762,461 |
| Disposals | – | (1,946,845) | (1,946,845) |
| Fair value movements | – | 269,446 | 269,446 |
| Other movements | 244,711 | – | 244,711 |
| -------------------------- | ------------------------------------- | ------------------------------------- | |
| At 31 December 2023 | 384,250 | 13,075,519 | 13,459,769 |
| ========================== | ===================================== | ===================================== | |
| Impairment | |||
| At 1 January 2023 and 31 December 2023 | – | ||
| ===================================== | |||
| Carrying amount | |||
| At 31 December 2023 | 384,250 | 13,075,519 | 13,459,769 |
| ========================== | ===================================== | ===================================== | |
| At 31 December 2022 | 139,539 | 12,990,457 | 13,129,996 |
| ========================== | ===================================== | ===================================== |
All investments shown above are held at valuation.
Financial assets held at fair value
The fair value of listed investments is determined by reference to quoted price for identical assets in an active market at the balance sheet date. The historical cost of investments at 31 December 2023 is £12,691,361 (2022 - £12,916,694)
Investments at market value comprise:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| UK Equities | 4,099,641 | 4,560,134 | |
| UK Fixed Interest | 1,399,268 | 1,020,636 | |
| UK Unit Trust Equities | 1,901,683 | 542,074 | |
| UK Unit Trust Interest | 723,282 | 263,972 | |
| Overseas Equities | 4,396,550 | 4,387,312 | |
| Overseas Fixed Interest | 401,831 | 613,394 | |
| Other Holdings | 153,265 | 1,602,935 | |
| Cash Deposits | 384,249 | 139,539 | |
| ------------------------------------- | ------------------------------------- | ||
| 13,459,769 | 13,129,996 | ||
| ===================================== | ===================================== | ||
| 13. | Debtors | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Prepayments and accrued income | 25,274 | 19,578 | |
| ====================== | ====================== | ||
| 14. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 44,269 | 45,255 | |
| Committed grants | 100,500 | 158,500 | |
| -------------------------- | -------------------------- | ||
| 144,769 | 203,755 | ||
| ========================== | ========================== |
13
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
15. Creditors: amounts falling due after more than one year
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Committed grants | 25,000 | 27,500 | |||
| ====================== | ====================== | ||||
| Accrued funding commitments | |||||
| Under 1 year | Over 1 year | Total | |||
| £ | £ | £ | |||
| At 1 January 2023 | 158,500 | 27,500 | 186,000 | ||
| Grants committed during the year | 413,750 | 25,000 | 438,750 | ||
| Amounts paid during the year | (499,250) | - | (499,250) | ||
| Amounts moved to under 1 year | 27,500 | (27,500) | - |
||
| -------------------------- | ---------------------- | -------------------------- | |||
| At 31 December 2023 | 100,500 | 25,000 | 125,500 | ||
| ========================== | ====================== | ========================== | |||
| Analysis of charitable funds | |||||
| Endowment funds | |||||
| At | |||||
| At | Gains and | 31 December 20 | |||
| 1 | January 2023 | Income | Expenditure | losses | 23 |
| £ | £ | £ | £ | £ | |
| Permanent Endowment Fund | 13,057,128 | 344,949 | (640,632) | 633,541 | 13,394,986 |
| ===================================== | ========================== | ========================== | ========================== | ===================================== | |
| At | |||||
| At | Gains and | 31 December 20 | |||
| 1 | January 2022 | Income | Expenditure | losses | 22 |
| £ | £ | £ | £ | £ | |
| Permanent Endowment Fund | 14,613,786 | 343,251 | (582,649) | (1,317,260) | 13,057,128 |
| ===================================== | ========================== | ========================== | ================================== | ===================================== |
16. Analysis of charitable funds
The expendable endowment fund is investment primarily to produce income. The Trustees have permission to convert all or part of it into an income fund which can then be spent on grant making activities.
17. Analysis of net assets between funds
| Endowment | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Investments | 13,459,769 | 13,459,769 |
| Current assets | 104,986 | 104,986 |
| Creditors less than 1 year | (144,769) | (144,769) |
| Creditors greater than 1 year | (25,000) | (25,000) |
| ------------------------------------- | ------------------------------------- | |
| Net assets | 13,394,986 | 13,394,986 |
| ===================================== | ===================================== | |
| Endowment | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 13,129,996 | 13,129,996 |
| Current assets | 158,387 | 158,387 |
| Creditors less than 1 year | (203,755) | (203,755) |
| Creditors greater than 1 year | (27,500) | (27,500) |
| ------------------------------------- | ------------------------------------- | |
| Net assets | 13,057,128 | 13,057,128 |
| ===================================== | ===================================== |
18. Staff costs
The average number of employees during the year was nil (2022: nil)
No employee received benefits or more than £60,000 during the year (2022: nil)
14
Maria Bjornson Memorial Fund
Notes to the Financial Statements (continued)
Year ended 31 December 2023
19. Related parties
During the year, the charity paid for legal and administration services from Charles Russell Specchlys to the total of £130,971 (2022: £112,444). Simon Weil, Trustee, is a partner of Charles Russell Speechlys. An accrued amount of £22,597 (2022: £22,024) was due to Charles Russell Speechlys at the year end.
These payments were made by authority of the Board of Trustees under the governing document of the charity.
During the year, the charity issued a grant of £5,000 (2022: £nil) to The English Concert and £12,500 (2022: £nil) to The New English Ballet Theatre. Simon Weil, Trustee, is also a Trustee of both of these charities. There were no amounts outstanding at the year end.
During the year, the charity issued a grant of £5,000 (2022: £nil) to Dancer's Careers Development. Ida Levine, Trustee, is also a Trustee of Dancer's Careers Development. There were no amounts outstanding at the year end.
15