## **THE GREAT COMP MUSIC TRUST** (Registered Charity Number 1137735) ## **FINANCIAL ACCOUNTS** **FOR THE YEAR ENDED 31 DECEMBER 2021** **PAGE 1** ## **THE GREAT COMP MUSIC TRUST** Report and accounts for the year ended 31 December 2021. Registered charity no. 1137735 ## **Registered office:** Middle Orchard Long Mill Lane Crouch Borough Green Sevenoaks Kent TN15 8QB ## **Trustees:** Mr N C Britten (Chairman) Mrs J M Bentley Mrs G Frank-Gemmill Mr P A Knapton Mrs F Pragnell Mr PLA Herbert ## **Independent Examiner:** Name of individual signing off the report: Name: Malcolm J Tovey FCA Address 15 Sutherland Avenue Biggin Hill Westerham Kent TN16 3HE ## **Bankers:** Lloyds Bank plc **PAGE 2** ## **THE GREAT COMP MUSIC TRUST** ## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** The trustees present their report and accounts for the year ended 31[st] December 2021. The accounts have been prepared in accordance with the accounting policies set out in note 3 to the accounts and comply with the charity’s constitution, applicable law and the Statement of Recommended Practice Accounting and Reporting by Charities Financial Reporting Standard 102. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Great Comp Music Trust was incorporated on 6[th] January 2010 as a company limited by guarantee. It was registered as a charity on 2[nd] September 2010. It was converted to a Charitable Incorporated Organisation on 29[th] October 2019. Control is vested in the trustees of the CIO. The number of trustees shall be no less than 3 and there is no maximum. Trustees are appointed by ordinary resolution of the members at the annual general meeting, or by resolution of the existing trustees in accordance with the constitution. Office is held from the conclusion of the meeting at which they are appointed to the conclusion of the meeting at which they retire. ## **OBJECTIVES AND ACTIVITIES** The objects of the charity are to promote public education in, and appreciation of, culture and the arts by organising a music festival to be held annually at Great Comp, Borough Green, Kent; and by providing facilities for rehearsal and performance of music and for lectures; and by any other means that the trustees think fit. ## **RESULTS** Unrestricted funds increased by £4,485 to £52,149 ## **ACHIEVEMENTS AND PERFORMANCE** The charity took over the running of the Great Comp Festival from the Great Comp Society, which had run the festival since 1985, in 2011. Due to the Covid pandemic, no festival was held in 2021. **PAGE 3** ## **THE GREAT COMP MUSIC TRUST** ## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## **PUBLIC BENEFIT STATEMENT** The charity gives the public access to classical music played to a high standard by leading ensembles and artists at a reasonable cost. In a normal year, concerts are widely advertised, and anyone can buy tickets. Half price tickets are offered to people in full-time education or in receipt of Jobseekers’ or Employment Support Allowance or Universal Credits. The charity supports musical education. ## **RISK MANAGEMENT** The trustees have examined the major strategic, business and operational risks to which the charity is exposed and can confirm that systems have been established and are in place to enable the early identification of issues so that the necessary steps can be taken to mitigate those risks. ## **INVESTMENT POLICY** The charity’s funds are invested in units recommended by Killik & Co., its stockbrokers, with a view to generating income. ## **RESERVES POLICY** It is the policy of the trustees to maintain total reserves at a level which equates to approximately between three and six months of the total expenditure of the charity. The trustees believe that this provides a sufficient level of funding buffer to cover the expenditure arising in furtherance of the charity’s objectives, and in its management and administration. ## **TRUSTEES’ RESPONSIBILITIES** The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Charity law requires the members to prepare financial statements for each financial year. Under charity law the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgements and estimates that are reasonable and prudent; **PAGE 4** ## **THE GREAT COMP MUSIC TRUST** ## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** - state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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 and the Charities Statement of Recommended Practice (FRS 102). 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. The trustees have complied with the duty in Section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit. In so far as the trustees are aware they have taken all steps that they ought to have taken to make themselves aware of any relevant accounts information and to establish that the examiner is aware of that information. ## **Signatories:** **………………………….. ………………….. Peter Knapton Date Trustee** **………………………….. ………………….. Nigel Britten Date Trustee** ## **PAGE 5** ## **THE GREAT COMP MUSIC TRUST** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GREAT COMP MUSIC TRUST** ## _**Independent examiner’s report to the Trustees of The Great Comp Music Trust**_ I report to the trustees on my examination of the accounts for the year ended 31 December 2021, which are set out on pages 6 to 16. ## _**Responsibilities and basis of report**_ As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under s145 of the Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under s145(5)(b) of the Act. ## _**Independent examiner’s report**_ I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:  accounting records were not kept in accordance with section 130 of the Act; or  the accounts do not accord with the accounting records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Malcolm J Tovey FCA Chartered Accountant 15 Sutherland Avenue Biggin Hill Westerham TN16 3HE 25[th] September 2022 **PAGE 6** ## **THE GREAT COMP MUSIC TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021** ||**Unrestricted**|**Unrestricted**| |---|---|---| |**Funds**||| ||**2020**|**2021**| ||**Total**|**Total**| ||**£**|**£**| |**INCOME FROM:**||| |**Grants and Donations**||| |Donations||-| |Gift Aid||-| |**Charitable activities**||| |Membership||-| |Concerts and performances||-| |**Other**||| |Friends of GCMT||-| |Garden season tickets||-| |Refreshment sales||-| |**Investments**||| |Dividends|1,240|1,129| ||______|______| |**TOTAL INCOME**|**1,240**|**1,129**| ||______|______| **PAGE 7** ## **THE GREAT COMP MUSIC TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ||**Unrestricted**|**Unrestricted**| |---|---|---| |**Funds**||| ||**2020**|**2021**| ||**Total**|**Total**| ||**£**|**£**| |**EXPENDITURE ON:**||| |**Charitable activities**||| |Refreshments|-|-| |Catering|-|-| |Concert and performance fees|-|-| |Piano expenses|43|43| |Postage and printing|-|-| |Premises hire|-|-| |Performing Rights Society|-|-| |Garden tickets|-|-| |Fees for sale of concert tickets|-|-| |Publicity|-|-| |**Other**||| |Independent examination|-|-| |Website costs|-|-| |Custody fees|126|145| |Sundry|344|132| |Depreciation|800|800| ||_____|_____| |**TOTAL EXPENDITURE**|**1,313**|**1,120**| ||_____|_____| **PAGE 8** ## **THE GREAT COMP MUSIC TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |**Funds**|||| |||**2020**|**2021**| ||**Note**|**Total**|**Total**| |||**£**|**£**| |**Net income/(expenditure)**||(73)|9| |Gains / (losses) on investment assets|10|(5,235)|4,476| |||_____|______| |**Net movement in funds**||(5,308)|4,485| |**Reconciliation of funds**|||| |**TOTAL FUNDS BROUGHT FORWARD**||52,973|47,665| |||_____|______| |**TOTAL FUNDS CARRIED FORWARD**||47,665|52,150| |||_____|______| The statement of financial activities includes all gains and losses in the year. All incoming and expended resources derive from continuing activities. **PAGE 9** ## **THE GREAT COMP MUSIC TRUST** |**BALANCE SHEET AS AT 31 DECEMBER 2021**|**BALANCE SHEET AS AT 31 DECEMBER 2021**||| |---|---|---|---| |||**2020**|**2021**| ||**Note**|**Total**|**Total**| |||**£**|**£**| |**FIXED ASSSETS**|||| |Investments|4|39,289|43,765| |Tangible|5|1,400|600| |**CURRENT ASSETS**|||| |Debtors|6|1,173|1,104| |Cash in hand and at bank||5,802|6,680| |||______|______| |||47,664|52,150| |**CREDITORS -**Amounts falling|due within one year|7|- -| |||______|______| |**NET ASSETS**||**47,664**|**52,150**| |||______|______| |**Financed by:**|||| |**Unrestricted Funds:**|||| |General Fund||47,664|52,150| |||______|______| |**TOTAL FUNDS**||**47,664**|**52,150**| |||______|______| The accounts were approved and signed on behalf of the Board of Trustees by:- ## **Signatories:** **………………………….. ………………….. Peter Knapton Date Trustee** **………………………….. ………………….. Nigel Britten Date Trustee** **PAGE 10** ## **THE GREAT COMP MUSIC TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021** ## **1. GENERAL INFORMATION** The Trust is a charitable incorporated organization. The address of the registered office is Middle Orchard, Long Mill Lane, Crouch, Borough Green, Sevenoaks, Kent TN15 8QB. ## **2. STATEMENT OF COMPLIANCE** These financial statements have been prepared in compliance with the provisions of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’. ## **3. ACCOUNTING POLICIES** ## **Basis of Preparation** The financial statements and accounts have been prepared in accordance with the Charities Act 2011 (“the Act”), accounting and reporting by the Charities Financial Reporting Standard 102 applicable in the UK and Republic of Ireland. The Trust constitutes a public benefit entity as defined by Financial Reporting Standard 102. The financial statements are prepared in sterling, which is the functional currency of the charity. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. ## **Funds** - Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. - Designated funds are unrestricted funds earmarked by the trustees for particular purposes. - Restricted funds are subject to restrictions on their expenditure imposed by the donor. There are currently no designated or restricted funds. **PAGE 11** ## **THE GREAT COMP MUSIC TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## 3. **ACCOUNTING POLICIES (CONT’D)** ## **Income recognition** All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - Voluntary income is received by way of donations and is included in full in the statement of financial activities when received. - Incoming resources from charitable trading activity are accounted for when earned. ## **Expenditure recognition** Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT, which cannot be recovered. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Other costs include those costs associated with meeting constitutional and statutory requirements of the charity and include the independent examiners’ fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. ## **Tangible fixed assets and depreciation** All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset less its residual value over its useful economic life as follows:- Piano - 10% per annum on a straight-line basis **PAGE 12** ## **THE GREAT COMP MUSIC TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## **Fixed asset investments** Investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the mid-market value. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **Investment gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. ## **Current assets** Amounts owed to the charity in respect of membership, tickets or other income are shown as debtors, less provision for amounts that may prove uncollectable. ## **Current liabilities** Creditors and accruals represent sums irrevocably committed for payment prior to the balance sheet date that are not settled as at that date. ## **4. INVESTMENTS** |**4. INVESTMENTS**|||| |---|---|---|---| |||**Market**|**value**| ||**Cost**|**2020**|**2021**| ||**£**|**£**|**£**| |Listed investments|40,663|39,289|43,765| ||______|______|______| All investments are listed in the United Kingdom. **PAGE 13** ## **THE GREAT COMP MUSIC TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## **5. TANGIBLE FIXED ASSETS** ## **Piano** |**£**|| |---|---| |**COST**|| |As at 1 January 2020 and 31 December 2020|8,000| ||______| |**DEPRECIATION**|| |As at 1 January 2021|6,600| |Charge for the year|800| ||______| |As at 31 December 2021|7,400| ||______| |**NET BOOK VALUE**|| |As at 31 December 2021|600| ||______| |As at 31 December 2020|1,400| ||_____| ## **6. DEBTORS** ||**2020**|**2021**| |---|---|---| ||**£**|**£**| |Cash held by investment manager|706|561| |Investment income|335|402| |Prepayments|132|141| ||______|______| ||1,173|1,104| ||______|______| **PAGE 14** ## **THE GREAT COMP MUSIC TRUST** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 (CONT’D)** ## **7. CREDITORS: Amounts falling due within one year** ||**2020**|**2021**| |---|---|---| ||**£**|**£**| |Operational creditors|-|-| ||______|______| ||-|-| ||______|______| ## **8. STAFF COSTS** During the year the charity paid £nil (2020 – £nil) in respect of wages, which are included within the refreshment expenses. ## **9. TRANSACTIONS WITH TRUSTEES** No trustees were paid remuneration during the year and there were no reimbursed expenses (2020 – nil). ## **10. ANALYSIS OF MOVEMENTS IN INVESTMENTS** ||£| |---|---| |Market value as at 1 January 2021|39,289| |Purchases in year|-| |Sales in year|-| |Loss on sale|-| |Gain on revaluation|4476| ||______| |Market value on 31 December 2021|43,765| ||______| ## **11. INDEPENDENT EXAMINATION FEES** The fee charged by the independent examiner is £nil inclusive of VAT (2020£nil). ## **12. RELATED PARTY TRANSACTIONS** No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.