2022-07-31-accounts

Borletti-Buitoni Trust

Annual Report and Accounts

31 July 2022

Charity Registration Number 1167245

Contents

Reports

Reference and administrative details of the	Reference and administrative details of the
charity, its trustees and advisers	1
Trustees’ report	2
Independent auditor’s report	25
Accounts
Statement of financial activities	29
Balance sheet	31
Statement of cash flows	32
Principal accounting policies	33
Notes to the accounts	38

Borletti-Buitoni Trust

Trustees’ report Year ended 31 July 2022

Trustees	Ilaria Borletti Buitoni (Chair)
	Paul Cutts
	David Landau
Artistic Committee	Adam Gatehouse
	Ara Guzelimian
	Martijn Sanders (Resigned November 2021)
	Mitsuko Uchida DBE
	Roger Wright CBE (Appointed December 2021)
Chief Executive	Susan Rivers
Principal office	Flat 1
	4 Highlands Avenue
	London
	W3 6ET
Charity registration number	1167245
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Bankers	C Hoare & Co
	37 Fleet Street
	London
	EC4P 4DQ
	Scottish Widows Bank plc
	PO Box 12757
	67 Morrison Street
	Edinburgh
	EH3 8YJ
Investment managers	James Hambro & Partners
	45 Pall Mall
	London
	SW1Y 5JG
Solicitors	Stone King LLP
	Boundary House
	91 Charterhouse Street
	London
	EC1M 4BS

Borletti-Buitoni Trust 1

Trustees’ report Year ended 31 July 2022

The trustees present their statutory report together with the accounts of the Borletti-Buitoni Trust (Charity Registration Number 1167245) (the “Trust” or “BBT”) for the year to 31 July 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 33 to 37 of the attached accounts and comply with the charity’s constitution, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES

When setting the objectives and planning the work of the charity for the year, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and the trustees set out in this report how the Trust contributes to the advancement of the arts and culture.

Principal aims and objects

The Trust has two divisions – BBT Artists and BBT Communities. BBT Artists gave its first awards in 2003 and BBT Communities announced its first grant recipients in 2019.

BBT Communities

BBT Communities seeks to support organisations that make an impact on the lives of the socially deprived whose involvement in music gives them relief, community involvement, skills, enjoyment and hope for the future.

Every two years (alternating with the BBT Artists awards) the Trust invites a small group of nominators, including some of the Trust’s BBT alumni, to recommend established ventures that would benefit from such support. The nominees must be a registered charity or a formally constituted organisation that has been in existence for a minimum of three years and must be able to supply audited accounts.

The nominated organisations are asked to complete an application form outlining a project to be considered by the trustees. The BBT Communities grants were announced in March 2021 together with the recipient of the last Franco Buitoni Award.

The Franco Buitoni Award was created in memory of Franco Buitoni (1934-2016) who founded the Trust with Ilaria Borletti Buitoni in 2002 and is for Italian musicians who promote and encourage chamber music at home and throughout the world. The recipient is personally chosen by Ilaria Borletti Buitoni after consultation with other trustees and Artistic Committee members.

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Trustees’ report Year ended 31 July 2022

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Principal aims and objects (continued)

BBT Artists

BBT Artists continues to help outstanding young musicians to develop and sustain international careers with awards that fund tailor-made projects. The Trust also considers the value of receiving a BBT award to be far greater than the direct financial assistance given. It aims to provide advice, guidance and contacts as well as the possibility of public relations opportunities for artists’ BBT-funded projects. Winners receive a high profile on the BBT website, with audio and video material included where appropriate, and via its e-newsletters. BBT artists join a ‘family’ that supports them in their career development.

Working in partnership with managers, concert promoters, broadcasters, publishers and recording companies, the charity endeavours to nurture selected musicians by encouraging their musical growth and providing an extended platform of opportunities which help gain them greater public recognition.

The areas in which the charity provides support include:

•  Concerts – for example, organising concert tours at international venues; arranging showcase concerts; help with travel and hotel expenses.

•  Broadcasting – for example, bringing artists to the attention of members of the European Broadcasting Union and the BBC.

•  Recording – for example, contributing to the costs of making an album, either in partnership with established record companies or for demonstration purposes.

•  Publicity – for example, arranging for a portfolio of publicity photographs to be taken; creating a website; producing a profile video; arranging international public relations support for ongoing projects.

•  Commissioning - for example, liaising with publishers and other co-commissioning partners on behalf of the Trust’s winners to commission new works for performance worldwide.

Selecting young concert artists

The Trust invites confidential nominations from a carefully selected list of people and organisations. The nominators are chosen by the Artistic Committee from a comprehensive range of respected figures throughout the musical world, including internationally recognised musicians, artistic administrators, intendants of concert halls, heads of music with broadcasting networks, festival and orchestra directors. Nominations are drawn up solely on the basis of recommendations received from those approached by the Trust.

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Trustees’ report Year ended 31 July 2022

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Principal aims and objects (continued)

Selecting young concert artists (continued)

When nominations are received, the Trust writes to the artists and asks them to provide the following for the Artistic Committee’s consideration:

•  A biography.

•  Audio recordings, including a live performance if possible.

•  Date of birth.

The Artistic Committee then arrives at a shortlist and the artists on the shortlist are asked for the following material:

•  A repertoire list.

•  A list of future engagements.

•  A personal statement as to how they could best use the Trust’s support.

The Artistic Committee then meets and reviews all the nominees, whether shortlisted or not, before making its final decision, which is relayed to the Trustees to make the awards. All nominees are informed of the Trust’s final selection.

The Awards and Fellowships are announced on 17 March to mark the birthday of the Trust’s co-founder, Franco Buitoni. Arrangements are then made for the successful candidates to meet with the Chief Executive so that the level and type of support to be given can be discussed in detail.

The typical candidate

BBT Awards are given to artists or ensembles whom the Artistic Committee perceive as being performers of great quality and musicianship. Their careers are usually quite well-established and the Trust hopes their BBT budget will assist them in developing their long-term careers.

BBT Fellowships are usually awarded to artists or ensembles who are at the earlier stages of their career and the Trust hopes their BBT budget will help them develop their future potential.

A Special Award may be given to an artist or ensemble that requires support in a specific area, for example with studies, commissioning or chamber music.

The Trust gives Awards and Fellowships to instrumentalists, singers and chamber groups who may be of any nationality. The candidate should be in their early twenties up to 33 (for instrumentalists) and 35 (singers and chamber groups) and they may already have an agent representing them.

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Trustees’ report Year ended 31 July 2022

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Principal aims and objects (continued)

The typical candidate (continued)

In addition to quality of performance, the Trust is looking for artists with “something to say”, who might also have some chamber music experience. The selected musicians will be expected to enter into dialogue with the Trust as to how they feel they can most effectively be supported. The next BBT Artists awards will be announced in March 2024.

The charity is unable to accept direct applications from individuals or organisations for either BBT Artists awards or Communities grants and no direct approach may be made to any of the trustees or members of the Artistic Committee.

ACHIEVEMENTS AND PERFORMANCE

Review of the year and future plans

Covid Pandemic and beyond

As many countries became more flexible in how they dealt with the Covid pandemic, the 21/22 season saw our BBT artists career prospects pick up as venues started to open up, postponed performances in some cases were reinstated and new engagements offered.

However, things are not completely back to pre-Covid days – visa delays for Russian artists (despite having lived outside of Russia for many years and denouncing the war in Ukraine) are problematic resulting in them having to withdraw from concerts; there are travel problems due to flights being cancelled at the last minute; the possibility of music venues being closed due to energy shortages and of course musicians are still getting Covid.

Generally, fees are not increasing with inflation - and in some instances are actually decreasing - as venues are taking a while to get back to pre-Covid audience numbers. Promoters’ funds are also depleted due to lack of income during the pandemic, and now they have to contend with the increase in their energy costs, staff wages and in some instances having to pay artists more for their travel.

BBT artists are thrilled to be performing to live audiences again but, as described above, it is not all plain sailing. Hence the Trust is pleased to be able to provide additional support for its artists via its forthcoming 20[th] anniversary celebrations in June 2023 (see more details on Page 18).

BBT Communities

Our 2021 BBT Communities have more or less weathered the storm but have had to delay some of their BBT projects or put them online.

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Trustees’ report Year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Communities (continued)

Ghetto Classics BBT project was to raise the standard of both their teachers and students by inviting internationally renowned musicians to Kenya to work with them (BBT Artists Quatuor Ebène collaborated with them in December 2019). Obviously, this has not been possible due to the pandemic but BBT Artistic Committee member Ara Guzelimian has manged to put them in contact with past colleagues at the renowned Juilliard School in New York.

This has resulted in ten individual online music lessons from Juilliard connected teachers for ten of Ghetto Classics string players plus group discussions and lectures for their conductor, string and woodwind teachers. This has finally culminated in arranging for five of Ghetto Classics string tutors to attend the Kenhaven Music School in Vermont in August 2022 to focus not only on their own lessons but to train in pedagogy which they will carry back to their students in Kenya.

Music Action International in Manchester has had a struggle as some of their activities were not able to be put online and one of their team was off due to Long Covid. However, things are picking up and the various groups are coming together again. They were due to put on a showcase concert at the Royal Festival Hall which had to be postponed due to a rail strike but took place in October 2022.

Musical Keys, based around the mental health charity MIND’S hub, in Norwich, has used its BBT Communities funds to create a highly successful once-a-week music session for those suffering from mental health issues. A qualified music therapist is in charge with help from musician volunteers and anybody can drop in, pick up an instrument (or no instrument) and take part. The group is growing and the participants are finding it very beneficial.

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Trustees’ report Year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Communities (continued)

Project 440 ’s ‘Doing Good’ BBT funded project had 25 music students from a socially deprived area of Philadelphia identifying community projects, learning skills and developing solutions in small groups over a 12 week period – a two hour session two days per week. Professionals enhanced the programme by lecturing and assisting students. BBT’s Chief Executive was invited to observe one of their Zoom sessions and thought they were an interesting group, with fascinating ideas, and the two ‘coaches’ were excellent. Project 440 has commented on the value of being a recipient of a grant from an international organisation as it has increased the credibility of their work going forward.

Scottish Chamber Orchestra ’s residency in Craigmillar - a deprived area outside Edinburgh - is proving very successful. Its BBT Communities grant got the first year of this five year project off to a good start supporting their work with local schools, a dementia group and voices workshops. At the end of their project they hope to have all the participants appearing on stage in a concert with the Scottish Chamber Orchestra.

Sistema Musica Arnesano works with school children in the province of Lecce, a disadvantaged region in south east of Italy. They were not able to have face to face lessons until February before which they had to work solely online. Now regular instrument and orchestral lessons have resumed, and a final concert given including an especially composed piece telling the story of Renata Fonte, the Italian politician based in Lecce who was killed by the Mafia.

Sounds of Change based in Hilversum in The Netherlands, had to put their Sounds of Change Academy online. The Academy ran for five intensive months, ending in March, encompassing four three-day weekends and a single day training (13 days in all) for eight diverse participants from different countries and backgrounds. The participants did not have to pay any fees due to the BBT Communities grant and because of this they were already implementing projects with children in January and February (during their training) in refugee asylum centres and camps in The Netherlands, some six sessions in all. Some of the participants were former refugees and they returned to the camps where they were originally placed.

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Trustees’ report Year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Communities (continued)

In London Wigmore Hall Learning used its BBT Communities funding to support its online ‘Music for Life’ activities for people living with dementia and their carers. This included ‘Music for Thought’ themed around ‘windows’ for 15 participants who joined from their homes via Zoom; ‘Singing with Friends’ involving around 25 individuals; ‘Musical Connections’ where 20 participants from 13 households took part in sessions themed around different senses; ‘Out of the Ordinary’ which worked with Rare Dementia Support groups exploring individuals’ photographs, stories and experiences shaping improvisations, and ‘Monday Afternoons’ fortnightly sessions working with people living with young onset dementia and their families with a different guest musician joining each session. Their work also included musician-led sessions at various care homes in the capital.

The final grant payment was made to Sanitansamble which used its BBT Communities money to continue to support Junior and Senior orchestras in the run-down area of Forcella in Naples opening a door to alternative lives for many at-risk children and young adults.

The Chief Executive was delighted to be able to visit both Musical Keys and Scottish Chamber Orchestra to see their excellent work first hand and also enjoyed attending the Music Action International concert in October 2022.

We were able to include some updates about the work on Sistema Musica Arnesano, SCO in Craigmillar, Project 440 and Sounds of Change in our September 2021 e-newsletter.

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Trustees’ report Year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists

In acknowledgement of the fact that some very talented young artists had been held back due to the pandemic, the Trust decided to grant slightly more awards than usual in 2022 as follows:

Awards (£30,000 each)

Anastasia Kobekina cello (Russia but resident in Germany) Geneva Lewis violin (New Zealand/US) James Newby baritone (UK)

Ema Nikolovska mezzo-soprano (S. Macedonian/Canadian)

Fellowships (£20,000 each)

Consone Quartet period instrument string quartet (UK) Alessandro Fisher tenor (UK) Zlatomir Fung cello (US) Lucie Horsch recorder (Netherlands) Theodore Platt baritone (UK)

It was noticeable that our nominators did not put forward many chamber ensembles this year probably because there has been a greater state of flux with these groups of musicians with members changing due to financial difficulties. Hopefully this will balance out when our next awards are given in 2024.

The Chief Executive is finding that bringing our current recipients’ BBT projects to fruition is proving slower and harder than previously but she anticipates that with perseverance they will come together in the end. However, we have been pleased to send out five e-newsletters featuring our artists’ achievements during the 21/22 financial year to a targeted mailing list of nearly 1,000 which regularly has an average of over 40% opening rate, with a peak this year of 49% for our March e-newsletter announcing our 2022 BBT Artists winners.

We announced the release of four BT supported albums, all of which received excellent reviews, and we hopefully have another five due for release by the end of 2023 by Tessa Lark violin (Fellowship 2018), Alessandro Fisher tenor (Fellowship 2022), Consone Quartet (Fellowship 2022), Trio Isimsiz piano trio (Fellowship 2018) and Alexi Kenney violin (Award 2020) .

Reviews for the four 21/22 CDs included:

BACH The Art of Fugue on Alpha Classics

Filippo Gorini piano (Award 2020)

There is no doubting that Filippo Gorini is one of the great thinkers around today… He is at once intellectual (nothing escapes him in this complex music) and yet speaks directly, yes, to the heart , but more, to the soul. Gorini once told me that it is the dialogue between the voices in contrapuntal music that he finds so fascinating, a fascination that shines through every note of this two-disc experience. The performance is peaceful, and unutterably profound; what Gorini himself refers to as a ‘timeless beauty’.

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

Colin Clarke, Classical Explorer, 27 August 2021

… numerous tempo fluctuations are often momentary, as in the little linking passages in the first movement of the A minor quartet, beautifully played by the quartet’s leader Judith van Driel … In all these recordings are a marvel, revealing the intricate detail of these pieces with lovely clarity. Ivan Hewett, Daily Telegraph, 4 November 2021

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Trustees’ report Year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

‘Flow’ on Pentatone

Wim Henderickx Sutra; Concerto for Basset Clarinet, Electronics & Orchestra Mozart Basset Clarinet Concerto in A K 622 Annelien Van Wauwe clarinet (Award 2018); NDR Radiophilharmonie; Andrew Manze conductor

The purity of her tone is sustained, even when she switches from lyrical, ornamented features to more subdued moments… “The similarity between yoga and music is making a connection” – the musician succeeds wonderfully in this. During the recordings she literally stood among the orchestral players, so that her playing with and against the orchestra remains wonderfully natural. The power of that interplay flourishes especially in Wim Henderickx’s concerto. The warm tenor sound of the woodwind plays the leading role in a mysterious, Buddhist, symphonic sound world., JC, De Standaard, 6 April 2022 .

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Trustees’ report Year ended 31 July 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

‘Violin Odyssey ‘ on First Hand Records

Itamar Zorman violin (Award 2014); Ieva Jokubaviciute piano (Fellowship 2006) ; Kwan Yi piano

A masterful young violinist from Israel who now teaches at the Eastman School of Music, Itamar Zorman, …goes on what he calls a Violin Odyssey, trying to find in many distant lands particularly remarkable pieces from the year 1900 onward. His taste is faultless: each piece quickly endeared itself to me…

Throughout this adventuresome journey, Itamar Zorman… plays with total command and subtle variety. Zorman gets first-rate support from his pianists: Kwan Yi in three pieces (Achron, Osman, Schulhoff) and Ieva Jokubaviciute in the rest. Ralph P Locke, The Arts Fuse, 5 June 2022

The commissioning of new repertoire plays an important part in the assistance the Trust gives its artists and is an increasingly significant stepping-stone in some of our artists’ careers. We have commissioned 44 new works since our inception, with four more pieces to be premiered in 2023 ( Consone Quartet (Fellowship 2018)/Gavin Bryars Sextet The Bridges of Königsberg ; Castalian Quartet (Fellowship 2018)/Mark-Anthony Turnage Awake ; Alexi Kenney (Award 2020)/pieces, one for solo violin and electronics by Angélica Negrón and another for solo violin by Salina Fisher, and there are many more in the pipeline. The Trust is delighted that some of the earlier works it commissioned are now being performed regularly, not only by BBT artists but by other musicians internationally, which is a greatly welcomed legacy.

We were able to use the e-newsletters to publicise six premieres of works performed during the 21/22 season that we have either solely commissioned or co-commissioned. These include:

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

Kate Whitley (Award 2014) Our Future in Your Hands for orchestra, choir and soloists given its world premiere on 14 & 15 September 2021 at Bold Tendencies in Peckham, London. Originally the world premiere was intended for the International Buxton Festival but because of Covid this performance took place in July 2022.

Silvia Colasanti Love Song was given its world premiere by Beatrice Rana piano (Fellowship 2016) and the Orchestra da Camera di Perugia with Enrico Bronzi conducting at Teatro Morlacchi, Perugia on 9 October 2021 when she was presented with her 2021 Franco Buitoni Award.

Trio isimsiz piano trio (Fellowship 2018) gave the world premiere of Francisco Coll’s Piano Trio on 24 January 2022 at Centro Nacional de Difusión, Madrid and the UK premiere on 25 June at Aldeburgh Festival and will go on to record the piece as part of an album to be released by Rubicon Classics.

Coll’s piece is made up of four movements; extraordinary the first, curiously based on Strauss’s opera The Silent Woman; a second based on flamenco motifs …. [which are] very well resolved technically; and two last movements full of verve and magnificent details supported by dynamic contrasts. In short, an excellent work, that I see more as four small, almost independent, works . Jorge Fernández Guerra, El Pais, 25 January 2022

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

Trio Sõra piano trio (Fellowship 2020) presented the world premiere of Canadian Kelly-Marie Murphy’s Triple Concerto When I Too Long Have Looked Upon Your Face with the Orchestre Philharmonie de Radio France conducted by Mikko Franck on 18 February 2022 at Auditorium de Radio France, Paris.

A score of great quality that creates three contrasting atmospheres and possesses a certain evocative power and mastery of the orchestra. The Trio Sōra … plays as a trio, rather than soloists playing in a trio, and they knew how to share their involvement and the pleasure they experienced with the audience. Cartouche, Premiere-Loge, 22 February 2022

Annelien Van Wauwe (Award 2018) gave the world premiere of Wim Henderickx’s Sutra a Concerto for basset clarinet, orchestra and electronics on 31 March 2022 with the BBC Scottish Symphony Orchestra conducted by Martyn Brabbins at Glasgow’s City Halls.

Even if yoga’s not your thing, there was no mistaking the mystical, meditative quality of Sutra, its four interlinked movements encased in a sound world that is inwardly seductive and outwardly ethereal …Van Wauwe’s performance was thoughtful and quietly ravishing, the use of the mellower basset horn possibly instrumental in subduing her solo presence at times, yet in the third movement, a sidestepping frenzied scherzo, the awakening from the hypnotic inertia of the surrounding movements revealed a vital, energised side to the former BBC New Generation Artist. Conductor Martyn Brabbins found endless potential in Henderickx’s score, from its subliminal live textures to their magical integration with its spectral electronic backdrop. Ken Walton, The Scotsman, 1 April 2022

Ema Nikolovska mezzo-soprano (Award 2022) performed the world premiere of Errollyn Wallen ’s The Lake at Opera Holland Park, London ‘Opera in Song’ on 3 July 2022 the five songs of which are designed to be interspersed with songs from Schubert’s Schwanengesang. She went on to perform this programme at the Verbier Festival on 19 July and will present it again at Hamburg’s Elbphilharmonie on 14 December.

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

Links to six blogs were incorporated into the e-newsletters, contributed by Filippo Gorini , Dudok Quartet Amsterdam and Jan Broken discussing Brahms’ Third String Quartet, Trio Isimsiz, Kelly-Marie Murphy and Itamar Zorman . They always prove to be an interesting source of information about their BBT projects.

Once again, the production of our BBT films was curtailed due to Covid difficulties but we were able to feature video material produced by Filippo Gorini , Dudok Quartet Amsterdam and Annelien Van Wauwe in the e-newsletters. In the meantime our BBT filmmaker, Graham Johnston, has been filming and editing material for videos we are planning to feature in 2023 for the much delayed Tessa Lark album The Stradgrass Sessions , Trio Isimsiz’s Rubicon CD and the Castalian Quartet’s Mark-Anthony Turnage quartet, as well as producing a film about BBT’s role in commissioning new works as part of our 20[th] anniversary celebrations.

We continue to find our artists and communities are producing short promotional videos themselves, (principally for social media purposes as opposed to the more in-depth interviews of our BBT films), which in the case of the artists are sometimes paid for by their BBT funds. Both the BBT films and promotional videos are of great benefit in increasing the profiles of our artists and can easily be embedded from our YouTube channel by artists, managers and concert promoters onto their own websites. The films are also helpful in obtaining PR coverage for CD releases and commissions.

The CIO and predecessor Trust has published 140 films on its YouTube channel since 2004. The channel has received 947,059 views up to 31 July 2022, including 36,350 over the last twelve months. Our YouTube channel currently has 1,660 subscribers, up 76 since last year.

The visual album, podcast, videos and tracks and excerpts from the CDs can be found on the BBT website Audio/Video pages as can the full extracts of the CD reviews and press releases on the Press Room pages.

The CD tracks and excerpts have also been added to the BBT Soundcloud channel, bringing the total number of playlists available to 109 and number of tracks to 364. We have had 21,000 plays since adopting Soundcloud as our audio provider in October 2018.

The BBT website (www.bbtrust.com) is regularly updated throughout the year. Initially our BBT Artists each have an individual page on the BBT website with separate pages for their biography and contact details. Eventually their individual page expands to include details of their BBT projects, audio, video and press coverage as appropriate, plus a range of photos. We do endeavour to keep our BBT alumni’s contact details and photos up-to-date but once they have spent their BBT funds we do not revise the other information stating the last time it was updated.

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

Our BBT Communities also have an individual page which develops over time with news of the projects for which they have used BBT money, blogs, videos and quotes plus their contact details.

Visitor numbers to the Trust’s website have averaged 1,882 users per month during the last financial year (annual total of 22,594). That represents about a 40% increase on last year. While peaks continue to arise when we send our e-newsletters – particularly the announcement of new Award and Fellowship winners on 17 March 2022, and on Christmas Day 2021– our much more active social media policy has obviously facilitated the increase.

Regarding our social media activities, bearing in mind the 20[th ] anniversary of the Trust is coming up in 2023, we have developed a programme to highlight our past achievements collated with the use of a hashtag: #BBT20Countdown. This mines the various strands of content available on bbtrust.com – video, audio, blogs – and helps to drive traffic to the website. Started in May 2022, the campaign will run through to the 20[th] anniversary celebrations in June 2023. With regard to Facebook, where we currently have increased followers to 915, BBT’s reach has gone up 168% and engagement by 290% (figures from 28 days 18 July – 14 August 2022). On Twitter we currently have 722 followers.

In addition to providing financial support, the Trust continues to assist our artists with finding management; introductions to record labels; arranging house concerts (they have just started to resume); providing accommodation for them to relax and practice in Italy; organising UK PR campaigns and liaising with PR consultants, record companies and distributers in Europe and the US; offering briefing notes and advice on how much or how little to use social media; how to get the best out of a photo shoot and how to consult website designers. Furthermore, we assiduously maintain connections with our colleagues in the music world on behalf of our artists with the aim of enhancing their careers.

We monitor the perceived value of becoming a BBT Artist(s) by asking our winners one year after having received their Award or Fellowship, to send a few lines indicating how the Trust has been of assistance to them, which we also include on their individual pages on the BBT website. For example:

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT Artists (continued)

The Borletti-Buitoni Trust is an extraordinary organisation, headed by people with heart, imagination and wisdom, and it has been a beacon of hope for me during this difficult time. Being able to dream up future projects knowing that I have support from the BBT to make them happen has provided me with the peace of mind to create freely. I am so grateful for their unwavering support, both financially and creatively, and feel deeply honoured to be included on their roster. Alexi Kenney (Award 2020)

Being part of the BBT family is more than just financial support – it means being connected with people who really care about the artists. Especially in these difficult times we feel valued and encouraged to hold onto our artistic goals. Thanks to the support we were not only able to continue the intense work despite the circumstances of Covid and to be productive in many ways but also it gave us the chance to produce a CD with a world premiere recording. We feel deeply honoured and thankful to have been given this award and would like to express our gratitude to the whole BBT family .

Aris Quartet (Award 2020)

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ACHIEVEMENTS AND PERFORMANCE (continued)

Review of the year and future plans (continued)

BBT20

The Trust is delighted to be celebrating its 20[th] Anniversary with a series of concerts between 9 and 11 June 2023. There will be a total of five concerts over three days, the first will involve a BBT Communities grant recipient presenting a concert (repeated the next day) which will include at least three BBT artists and a children’s choir formed from local schools, performing a new work written by BBT alumna Kate Whitley (Special Award 2014).

This will be followed by four concerts at the Wigmore Hall involving two quartets and 13 individual award winners from 2007 through to 2022, some of them performing with Artistic Committee member Mitsuko Uchida.

As well as showcasing our artists at one of the world’s most prestigious chamber music venues, it will give us an opportunity to focus on the volume of new works the Trust has commissioned over the years, which is of long-term importance to the music world at large.

We will take this opportunity to invite collaborators such as composers, publishers, record labels, and other colleagues who have supported our artists over the years, to build on the goodwill in which the Trust is held. Also, we are hoping some of our BBT Communities grant recipients might be in London so we can arrange for them to meet informally and exchange their experiences. We plan to share highlights of the occasion on the BBT YouTube channel.

FINANCIAL REVIEW

Results for the year

Total income for the period amounted to £52,675 (2021: £43,654). Current year income comprises income from investments of £52,675 (2021: £39,267 from investments and donations of £4,387).

Total expenditure amounted to £491,975 (2021: £594,740). Awards, Fellowships and grants totalled £287,734 (2021: £399,178). Other support costs, including expenditure on public relations and promotion in helping the young artists supported by the charity, totalled £160,712 (2021: £149,976) and investment managers’ fees totalled £43,529 (2021: £45,586).

The macroeconomic climate has led to some turbulence on investment markets. Consequently, investments generated net losses of £575,238 (2021: net losses of £25,624), consisting of losses on unlisted investments of £300,427 (2021: losses of £645,885) and losses of £274,811 on listed investments (2021: gains of £620,263).

The net decrease in funds for the year was £1,014,538 (2021: decrease of £576,710).

Borletti-Buitoni Trust 18

Trustees’ report Year ended 31 July 2022

FINANCIAL REVIEW (continued)

Reserves policy and financial position

Reserves policy

Unrestricted funds as at 31 July 2022 amounted to £3,793,060 (2021: £4,793,870). Endowment funds at 31 July 2022 amounted to £267,130 (2021: £284,114). The income arising from the endowment fund amounted to £3,256 in 2022 (2021: £2,160) and is treated as restricted. Restricted funds as at 31 July 2022 amounted to £5,416 (2021: £2,160).

The trustees’ aim is to maintain the Trust’s reserves at a level sufficient to ensure they meet the Trust’s annual expenditure, both directly charitable and other, to assure the ongoing and future development of the Trust’s activities for the foreseeable future.

The free reserves of the Trust as at 31 July 2022 were £3,793,060 (2021: £4,793,870).

Given the need to generate income to finance awards in future years, and also ensure the long term future of the Trust, the trustees consider the level of free reserves at 31 July 2022 to be sufficient but not excessive.

Investment policy and performance

Listed investments as at 31 July 2022 amounted to £4,130,944 (2021: £4,597,031). The investment managers, James Hambro & Partners, are instructed to invest to maximise the return within a medium term period in line with a tailored mandate.

The trustees feel the performance of the portfolio during this financial year was satisfactory (in light of the market volatility caused by various factors including the Covid-19 pandemic, the war in Ukraine, and UK political upheaval).

Unlisted investments did not provide a dividend return during the year and were revalued in the year to £211,742 from £512,169 based on the latest audited NAV price, being the price for 31 July 2021. The company’s accounts for the year to 31 July 2022 have not yet been filed and hence no further information regarding value is available, although there is no indication of impairment despite the continued economic uncertainty as a result the macroeconomic and geopolitical climate.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Constitution

The Borletti-Buitoni Trust was registered with the Charity Commission as a registered charity and Charitable Incorporated Organisation on 20 May 2016, Charity Registration No. 1167245.

Governance

The members of the CIO are the charity trustees. If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

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Trustees’ report Year ended 31 July 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governance (continued)

The names of the trustees who were in office at the date this report was signed are set out as part of the reference and administrative information on page 1 of this annual report and accounts. There were no changes in trustees during the year and up to the date of signature of the financial statements. Brief biographical details about the trustees are included below.:

Ilaria Borletti Buitoni was appointed a trustee of the Borletti-Buitoni Charitable Trust in February 2002. She was Deputy Minister for Cultural Heritage, Government of Italy until February 2018. She serves on other charities internationally.

Paul Cutts was appointed a trustee of the Borletti-Buitoni Trust in November 2017. He is a freelance arts consultant, board member of the City of London Sinfonia, former Global Managing Director, Decorative Arts, Christie’s auction house and former Chief Executive of the National Funding Scheme. He was an international cultural journalist.

David Landau was appointed a trustee of the Borletti-Buitoni Charitable Trust in February 2002. He is a venture capitalist who is a trustee of a number of UK and foreign charities.

No trustee received any remuneration from the charity during the period (2021: £nil). No expenses were reimbursed to trustees during the period (2021: £nil). No trustee had any beneficial interest in any contract with the charity during the period (2021: none).

On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by their co-trustees on the history of the Trust and its predecessor charity, the day to day management, the responsibilities of the trustees, the current objectives and future plans. The trustees are also encouraged to attend any courses which they feel are relevant to the development of their role, and to keep up to date on any changes in legislation.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

•  select suitable accounting policies and then apply them consistently;

•  observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);

•  make judgements and estimates that are reasonable and prudent;

•  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

Borletti-Buitoni Trust 20

Trustees’ report Year ended 31 July 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of trustees’ responsibilities (continued)

•  prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. 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 are responsible for the maintenance and integrity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Structure and management reporting

The trustees of the charity are responsible ultimately for the charity and the stewardship of its assets. The day-to-day responsibility for the charity, including organisational management and financial matters, lies with the Chief Executive, Susan Rivers, who reports to the trustees and the Artistic Committee on a regular basis.

The members of the Artistic Committee are:

Adam Gatehouse

Artistic Director, Leeds International Piano Competition Former Executive Producer, BBC New Generation Artists. Former Editor, Live Music BBC Radio 3.

Ara Guzelimian

Artistic Director, Ojai Festival Former Provost and Dean, The Juilliard School Former Senior Director and Artistic Advisor, Carnegie Hall. Former Artistic Administrator, Aspen Music Festival and Los Angeles Philharmonic.

Martijn Sanders (Resigned November 2021)

Former Director of the Concertgebouw, Amsterdam and arts consultant.

Mitsuko Uchida DBE

International renowned pianist and Co-Director of Marlboro Music School and Festival.

Roger Wright CBE

Chief Executive, Pears Britten Arts. Former Director, BBC Proms and Controller, BBC Radio 3.

Borletti-Buitoni Trust 21

Trustees’ report Year ended 31 July 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Structure and management reporting (continued)

The members of the Artistic Committee have extensive knowledge and experience as performers, broadcasters and promoters in helping to develop the careers of young musicians. Besides being responsible for choosing the Trust’s winners, they also provide them with considerable expertise, mentorship and support.

BBT Awards and Fellowships are given biennially. Award winners receive up to £30,000 and BBT Fellowships winners up to £20,000 each in the form of a budget which they can draw upon (usually over a three year period) to finance any projects or requirements they need in order to enhance their future careers. This is agreed in liaison with the Chief Executive whose role is to advise and help the winners achieve their goals.

BBT Communities grants and the Franco Buitoni Award are given in the intervening year (to be awarded next in 2023). The Communities grant recipients receive a one off payment of between £30,000 to £40,000 and the Franco Buitoni Award winner £25,000 plus a specially commissioned commemorative object d’art.

The Chief Executive, Susan Rivers, has worked in the classical music industry for over 50 years. Her expertise covers concert management, orchestral touring, sponsorship and fundraising. She was administrator of a semi-professional community orchestra in London for many years and also acted as Secretary to the British Association of Concert Agents (now the International Artist Managers’ Association). She has worked for many of the major agents and personally for a number of international artists.

The Chief Executive also receives support from freelance consultants. In 2020/21 this consisted of Debra Boraston whose work included providing public relations work on behalf of the BBT artists and their projects as well as announcing the recipients of the BBT Communities grants, and Nick Breckenfield who services as Communications Consultant included development of the Trust’s website, film production, social media and e-newsletter design.

Key management personnel

The trustees consider that they, together with the Chief Executive, comprise the key management personnel in charge of directing, controlling, running and operating the Trust on a day to day basis.

The salary of the Chief Executive is set and reviewed annually by the trustees. All trustees give their time freely and no trustees were remunerated during the period.

Risk management

In line with the requirement for charity trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the charity currently faces and have reviewed the measures in place, or needing to be put in place, to deal with them. In addition to the risks arising from the Covid-19 pandemic (see earlier in this report), the trustees have identified five main areas where risks may occur:

• Governance and management

• Operational

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Trustees’ report Year ended 31 July 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management (continued)

• Financial

• Reputational

• Laws, regulations, external and environmental

Governance and management looks at the risk the charity faces from a lack of direction, the skills and training of the trustees and the good use of its funds.

Operational looks at the risks inherent in the day-to-day administration of the Trust particularly as it is delegated to its sole employee, the Chief Executive. The Chief Executive is conscious of the need to keep the trustees, Artistic Committee and the Trust’s consultants regularly informed of the charity’s activities and to implement systems whereby the day-today running of the charity could continue in her absence through unforeseen circumstances.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc. The trustees are supplied with budgets for the forthcoming and following years for their approval, and the final income and expenditure figures have to date always been within the budgeted amount. The accounts are prepared monthly by an independent bookkeeper, when they are sent to trustee Ilaria Borletti Buitoni for her perusal.

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by a reputable investment manager who adheres to a policy agreed by the trustees and based on a Steady Growth Mandate with 70% equity allocation. The trustees meet with the investment manager and the manager's performance and that of the portfolio are monitored. The Trustees completed a Data Review with its investment manager at the end of 2020 to confirm its investment policy going forward.

Reputational looks at possible damage to the charity’s reputation, through association with unsuitable artists, other organisations, or with inappropriate activity, and any resultant negative press coverage. The nomination system as outlined on page 3 Selecting young concert artists and the expertise of the Artistic Committee in choosing the award winners has proved to be a robust method of limiting the risk of appointing unsuitable artists and subsequently maintaining the respect of industry colleagues and the media for the work of the Trust. The winners’ BBT projects and the Trust’s co-operation with other organisations are strictly monitored by the Chief Executive.

Regarding BBT Communities, the beneficiaries must be a registered charity or a formally constituted organisation that has been in existence for a minimum of three years and they are asked to supply their latest audited accounts. A trustee and the Chief Executive aim to make a personal visit to each of the recipients and a written final evaluation of the project is expected within three months of the Trust’s award being spent.

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Trustees’ report Year ended 31 July 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management (continued)

Laws, regulations, external and environmental looks at the effects of government policies, the consequences of non-compliance with laws and regulations and the effect of external matters on the charity’s principal assets, an example being the need to fully comply with the current GDPR regulations

Having assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

The Trust’s close relationships with Buzzacott LLP (auditor), C Hoare & Co (banker), Stone King LLP (solicitor) and James Hambro & Partners (investment managers), as well as regular updates via the Charity Commission, ensure that it is aware of any legal and regulatory requirements with which it needs to comply.

Fundraising

The Trust has so far not actively sought to raise funds through donations other than to give information on its website about the possibility of leaving the Trust a legacy.

Approved by the trustees and signed on their behalf by:

Ilaria Borletti Buitoni

Trustee

Approved by the trustees on: 15/12/2022

Borletti-Buitoni Trust 24

Independent auditor’s report Year ended 31 July 2022

Independent auditor’s report to the trustees of Borletti-Buitoni Trust

Opinion

We have audited the accounts of Borletti-Buitoni Trust (the ‘charity’) for the year ended 31 July 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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 accounts:

•  give a true and fair view of the state of the charity’s affairs as at 31 July 2022 and of its income and expenditure 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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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.

Emphasis of matter – Valuation of unlisted investments as a result of Covid-19 We draw attention to the principal accounting policies which describe the uncertainty attached to the value of the charity’s unlisted investments due to the impact of the Covid-19 pandemic and the macroeconomic and geopolitical climate on the global economy and hence on commercial organisations. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.

Borletti-Buitoni Trust 25

Independent auditor’s report Year ended 31 July 2022

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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

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:

•  the information given in the trustees’ report is inconsistent in any material respect with the accounts; or

•  sufficient accounting records have not been kept; or

•  the accounts 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 accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 accounts.

Borletti-Buitoni Trust 26

Independent auditor’s report Year ended 31 July 2022

Auditor’s responsibilities for the audit of the accounts (continued)

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•  the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and

•  we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and those that relate to data protection (General Data Protection Regulation).

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•  performed analytical procedures to identify any unusual or unexpected relationships; and  performed substantive testing on expenditure.

•  tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  reading the minutes of meetings of those charged with governance; and

•  enquiring of management as to actual and potential litigation and claims.

As a result of our procedures we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Borletti-Buitoni Trust 27

Independent auditor’s report Year ended 31 July 2022

Auditor’s responsibilities for the audit of the accounts (continued)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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 auditor's 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 19 December 2022 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Borletti-Buitoni Trust 28

Statement of financial activities Year ended 31 July 2022

Notes	Unrestricted funds 2022 £	Restricted funds 2022 £	Endowment funds 2022 £	Total funds 2022 £	Total funds 2021 £
Income from: Donations and legacies 1 Investments and interest 2 Total income Expenditure on: Raising funds . Investment management fees Charitable activities . Aiding the development of young concert artists’ and supporting organisations that impact communities through music 3 Total expenditure Net (expenditure) income before losses on investments Net losses on investments 9 Net movement in funds 6 Reconciliation of funds Fund balances at 1 August 2021 Fund balances at 31 July 2022	— 49,419	— 3,256	— —	— 52,675	4,387 39,267
	49,419	3,256	—	52,675	43,654
	43,529 448,446	— —	— —	43,529 448,446	45,586 549,154
	491,975	—	—	491,975	594,740
	(442,556) (558,254)	3,256 —	— (16,984)	(439,300) (575,238)	(551,086) (25,624)
	(1,000,810) 4,793,870	3,256 2,160	(16,984) 284,114	(1,014,538) 5,080,144	(576,710) 5,656,854
	3,793,060	5,416	267,130	4,065,606	5,080,144

Borletti-Buitoni Trust 29

Statement of financial activities Year ended 31 July 2022

The 2021 comparatives can be analysed between funds as follows:

Notes	Unrestricted funds 2021 £	Restricted funds 2021 £	Endowment funds 2021 £	Total funds 2021 £
Income from: Donations and legacies 1 Investments and interest 2 Total income Expenditure on: Raising funds . Investment management fees Charitable activities . Aiding the development of young concert artists’ and supporting organisations that impact communities through music 3 Total expenditure Net (expenditure) income before gains Net gains on investments 9 Net movement in funds 6 Reconciliation of funds Fund balances at 1 August 2020 Fund balances at 31 July2021	— 37,107	4,387 2,160	— —	4,387 39,267
	37,107	6,547	—	43,654
	45,586 544,767	— 4,387	— —	45,586 549,154
	590,353	4,387	—	594,740
	(553,246) (59,738)	2,160 —	— 34,114	(551,086) (25,624)
	(612,984) 5,406,854	2,160 —	34,114 250,000	(576,710) 5,656,854
	4,793,870	2,160	284,114	5,080,144

All recognised gains and losses are included in the above statement of financial activities. All income and expenditure related to continuing activities the financial periods ended 31 July 2021 and 2022.

Borletti-Buitoni Trust 30

Balance sheet 31 July 2022

Notes	2022 £	2022 £	2021 £	2021 £
Fixed assets Investments 9 Current assets Debtors 10 Short-term deposits Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 11 Net current liabilities Total net assets The funds of the charity: Capital funds: Endowment funds 13 Income funds: Unrestricted funds . General funds . Restricted funds 14	2,087 9,919 75,579	4,342,686 (277,080)	2,423 39,916 134,845	5,109,200 (29,056)
	87,585 (364,665)		177,184 (206,240)
		4,065,606		5,080,144
		267,130 3,793,060 5,416		284,114 4,793,870 2,160
		4,065,606		5,080,144

Approved by the trustees and signed on their behalf by:

Ilaria Borletti Buitoni

Trustee

Approved on: 15/12/2022

Borletti-Buitoni Trust 31

Statement of cash flows Year ended 31 July 2022

Notes	2022 £	2021 £ (616,143) 39,267 1,751,037 (1,496,147) 294,157 (321,986) 893,246 571,260
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Investment income and interest received Proceeds from the disposal of listed investments Purchase of listed investments Net cash provided by investing activities Change in cash and cash equivalents in the period Cash and cash equivalents at 1 August 2021 Cash and cash equivalents at 31 July 2022 B	(333,214)
	52,675 1,222,750 **(1,224,565) **
	50,860
	(282,354) 571,260
	288,906

A Reconciliation of net movement in funds to net cash used in operating activities

	2022 £	2021 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Losses on investments Investment income and interest receivable Decrease (increase) in debtors Increase (decrease) in creditors Net cash used in operating activities	(1,014,538) 575,238 (52,675) 336 158,425	(576,710) 25,624 (39,267) (482) (25,308)
	(333,214)	(616,143)

B Analysis of cash and cash equivalents

	2022 £ 75,579 9,919 203,408 288,906	2021 £
Cash at bank and in hand Short term deposits Cash held by investment managers Total cash and cash equivalents		134,845 39,916 396,499
		571,260

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

Borletti-Buitoni Trust 32

Principal accounting policies Year ended 31 July 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared in respect to the year to 31 July 2022 with comparative information provided in respect to the year to 31 July 2021.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The trustees and management have determined that the most significant area of judgement that affects items in the accounts is in respect to the value of unlisted investments and the estimates used in respect to future income and expenditure flows to assess the charity’s going concern status.

Unlisted investments

In the absence of readily determined and reliable fair values at the date of donation, the shares were included in the accounts initially at “deemed cost”. This equated to the estimated valuation of the investments determined by reference to the net asset value of the relevant company as shown by its audited accounts published nearest to the date of gift, adjusted for any impairment believed to be necessary by the trustees. Thereafter, in the absence of readily determined and reliable fair values, the unlisted investments are included at a valuation determined by reference to the net asset value of the relevant company as shown in its latest audited accounts net of any impairment believed by the trustees to be necessary. Such impairment is assessed by reference to available net asset value information as at the year end and subsequently available post year end.

Borletti-Buitoni Trust 33

Principal accounting policies Year ended 31 July 2022

Critical accounting estimates and areas of judgement (continued)

Unlisted investments(continued)

The continued impact of the Covid-19 pandemic continued to affect global financial markets and create uncertainty within the global economy, which was then compounded by macroeconomic and geopolitical events. As noted above, the unlisted investments are valued for the purposes of these accounts by having reference to the relevant company’s latest audited accounts and, therefore, the valuation used may not reflect the full impact of these economic factors on the company’s performance and net assets. Although the trustees, as investors, have not been notified of any information which would indicate that the value of these investments is significantly impaired, the changes in the economy mean less weight can be given to previous market evidence as an indicator of current market values.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. With regard to the next accounting period, the year ending 31 July 2023, the most significant areas that affect the carrying value of the assets held by the Trust are the level of investment return; the performance of the listed investment markets; and the impact of the global economy on the value of the unlisted investments owned by the charity (see above and also the investment policy and the risk management sections of the trustees’ report for more information).

The trustees acknowledge and recognise the continuing impact of the Covid-19 pandemic and the wider economic uncertainty on the charity, its beneficiaries, partners and stakeholders and on wider society. However, at the current time it is not expected that the overall financial position of the charity will be adversely affected or its financial solvency threatened.

Income recognition

Income is recognised in the period in which the Trust has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received. Income comprises donations, investment income and interest receivable.

Donations are recognised when the Trust has confirmation of both the amount to be received and entitlement to the monies. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the Trust is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Trust and it is probable that those conditions will be fulfilled in the reporting period.

Borletti-Buitoni Trust 34

Principal accounting policies Year ended 31 July 2022

Income recognition (continued)

Donations of listed investments are recognised at the point at which title to the assets transfers to the Trust and at their market value as at that date.

Investment income is recognised once the amount to the paid as a dividend has been declared.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to make a payment 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.

All expenditure is accounted for on an accruals basis.

Resources expended comprise expenditure on investment manager’s fees and charitable activities. Expenditure on charitable activities comprises expenditure on the Trust's primary charitable purpose of aiding the development of young concert artists’ international careers and supporting organisations that impact communicates through music as described in the trustees' report. The expenditure is made up of the Awards, Fellowships and grants payable and of consultancy and other support costs.

Awards, Fellowships and grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the Award, Fellowship or grant and has satisfied all related conditions. Awards, Fellowships and grants approved but not paid at the end of the financial year are treated as liabilities.

Consultancy and other support costs include staff costs, consultants' fees, general promotion for the benefit of the charity's Award and Fellowship winners and expenditure incurred in providing office services, equipment and a suitable working environment to carry out the primary purposes of the Trust.

Governance costs comprising the costs involving the public accountability of the Trust (including audit costs) and costs in respect to its compliance with regulation and good practice are included within consultancy and other support costs.

All expenditure is stated inclusive of irrecoverable VAT.

Borletti-Buitoni Trust 35

Principal accounting policies Year ended 31 July 2022

Investments

Listed investments

Listed investments are a form of basic 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 closing quoted market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Unlisted investments

Unlisted investments are included in the financial statements at fair value being their value determined by reference to the net asset value of the relevant company as shown in its audited accounts published closest to the date of the charity’s financial year end, net of any impairment believed by the trustees to be necessary. Unrealised gains and losses are calculated as the difference between this figure and their carrying value at that date. Gains and losses are credited (or debited) in the statement of financial activities in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Borletti-Buitoni Trust 36

Principal accounting policies Year ended 31 July 2022

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Creditors and provisions are recognised at the amount the Trust anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Fund accounting

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Trust’s charitable objects

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

The permanent endowment fund comprises monies to be held as long-term investment and arises from the terms of a legacy bequeathed to the charity. The income arising from the fund is to be distributed at the discretion of the trustees but it is their intention to honour the stated wishes of the deceased where practical and use such income to assist young musicians in purchasing and renovating instruments. As such, the income arising is treated as restricted funds in these accounts. The capital is to remain intact unless the survival of the charity depended on its use. In the event that the charity is wound up the funds may be donated to another similar charity of the trustees own choosing.

Borletti-Buitoni Trust 37

Notes to the accounts Year ended 31 July 2022

1 Income from: Donations and legacies

	Unrestricted funds 2022 £	Restricted funds 2022 £ —	Endowment funds 2022 £ —	Total funds 2022 £ —
Donations	—
	Unrestricted funds 2021 £	Restricted funds 2021 £ 4,387	Endowment funds 2021 £ —	Total funds 2021 £ 4,387
Donations	—

2 Income from: Investments and interest

Income from: Investments and interest
	Unrestricted funds 2022 £	Restricted funds 2022 £	Total funds 2022 £
Income from listed investments . UK fixed interest . UK equities . Overseas equities . Alternatives Investments Income from unlisted investments Interest receivable on short term deposits	3,262 13,546 24,550 8,057 — 4	215 892 1,617 532 — —	3,477 14,438 26,167 8,589 — 4
	49,419	3,256	52,675

	Unrestricted funds 2021 £	Restricted funds 2021 £	Total funds 2021 £
Income from listed investments . UK fixed interest . UK equities . Overseas equities . Alternatives Investments Income from unlisted investments Interest receivable on short term deposits	6,627 4,879 19,046 6,549 — 6	386 284 1,109 381 — —	7,013 5,163 20,155 6,930 — 6
	37,107	2,160	39,267

Borletti-Buitoni Trust 38

Notes to the accounts Year ended 31 July 2022

3 Expenditure on: Aiding the development of young concert artists and supporting organisations that impact communities through music

	Unrestricted funds 2022 £	Restricted funds 2022 £	Total funds 2022 £
Awards, Fellowships and grants (note 4) Consultancy and other support costs (note 5)	287,734 160,712	— —	287,734 160,712
	448,446	—	448,446
	Unrestricted funds 2021 £	Restricted funds 2021 £	Total funds 2021 £
Awards, Fellowships and grants (note 4) Consultancy and other support costs (note 5)	399,178 145,589	— 4,387	399,178 149,976
	544,767	4,387	549,154

4 Awards, Fellowships and grants

Awards, Fellowships and grants allocated in the period were as follows:

Award Winners . Anastasia Kobekina . Geneva Lewis . James Newby . Ema Nikolovska . Trio isimsiz . Aris Quartet . Annelien Wauve . Itamar Zorman Fellowship Winners . Consone Quartet . Alessandro Fisher . Zlatomir Fung . Lucie Horsch . Theodore Platt	2022 £	2021 £
	30,000 30,000 30,000 30,000 2,500 8 (20) 34	— — — — — — — —
	122,522	—
	20,208 20,000 20,000 20,000 20,000	— — — — —
	100,208	—

Borletti-Buitoni Trust 39

Notes to the accounts Year ended 31 July 2022

4 Awards, Fellowships and grants (continued)

	2022 £ 35,000 — — — — — — — — — 35,000 — — 15,000 5,000 10,004 30,004 287,734	2021 £
BBT Communities . Multi-Story Music . Sanitansamble . Wigmore Hall . Scottish Chamber Orchestra . Music Action International . Musical Keys . Associazione Musicale Opera – Sistema Musica Arnesano . The Art of Music Foundation – Ghetto Classics . Sounds of Change . Project 440 Covid Emergency Awards . Emergency awards to alumni Franco Buitoni Award. . Silvia Colasanti Other grants . Fondazione Perugia Musica Classica . Marlboro School of Music . Societa del Quartetto Total		— 29,874 20,000 20,000 39,100 27,650 35,398 40,000 35,398 28,768
		276,188
		75,200
		25,000
		8,895 5,000 8,895
		22,790
		399,178

Following discussions with the relevant Award winners it was agreed to amend the final amount of their individual grants in some instances.

Borletti-Buitoni Trust 40

Notes to the accounts Year ended 31 July 2022

5 Consultancy and other support costs

	Year to 31 July 2022 £	Year to 31 July 2021 £
Staff costs (note 7) Consultancy fees PR consultancy and mailings You Tube films and promotional goods BBT 20thAnniversary celebrations Artwork for Franco Buitoni Award Website management and e-newsletter Conferences, travel and entertaining Equipment and maintenance Office storage Printing, postage, telephone and stationery Accountancy and advice fees Bank charges Loss on translation of foreign currencies Governance costs: audit fees	58,508 35,000 26,592 2,885 588 — 3,432 12,875 863 1,653 2,208 6,147 642 1,579 7,740	58,516 28,000 25,000 4,320 — 4,662 3,578 2,181 726 1,684 2,267 6,146 1,992 3,104 7,800
	160,712	149,976

Of the above expenditure, none was restricted (2021: £4,387 in relation to the Artwork for Franco Buitoni Award).

6 Net movement in funds

This is stated after charging:

	2022 £	2021 £
Staff costs (see note 7) Auditor’s remuneration . Statutory audit services . Non-audit services:payroll,taxation and advisoryservices	58,508 7,740 4,260	58,516 7,800 4,002

• 7 Employees and staff costs

Staff costs during the period were as follows:

	2022 £	2021 £
Wages and salaries Social security costs	56,000 2,508	56,000 2,516
	58,508	58,516

The Trust had one employee during the year (2021: one). No employee(s) earned £60,000 per annum or more during the year (2021: none).

The trustees consider that they, together with the Chief Executive, comprise the key management personnel in charge of directing, controlling, running and operating the Trust on a day-to-day basis. The total remuneration of the Trust’s key management personnel for the period (including employer’s national insurance contributions) was £58,508 (2021: £58,516). None of the trustees received any remuneration from the Trust (2021: none).

Borletti-Buitoni Trust 41

Notes to the accounts Year ended 31 July 2022

8 Taxation

The Borletti-Buitoni Trust is a registered charity and therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Investments

Investments at 31 July 2022 comprised:

	2022 £	2021 £
Listed investments Unlisted investments	4,130,944 211,742	4,597,031 512,169
	4,342,686	5,109,200
	2022 £	2021 £
Listed investments At 1 August 2021 Additions at cost Disposals at book value (proceeds: £1,222,750; loss £146,309) Net unrealised investment (losses) gains Market value at 31 July 2022 Cash held by investment managers Total Cost of listed investments at 31 July 2022	4,200,532 1,224,565 (1,369,059) (128,502)	3,835,161 1,496,147 (1,683,408) 552,632
	3,927,536 203,408	4,200,532 396,499
	4,130,944	4,597,031
	3,452,261	3,262,385

At 31 July 2022, the Trust’s listed investment portfolio did not include any investments which represented a material proportion of the total value of the investment portfolio at that date.

Listed investments held at 31 July comprised the following:

	2022 £	2021 £
UK fixed interest UK equities Overseas equities Alternative investments	336,978 282,869 2,749,040 558,649	414,429 215,990 2,942,988 627,125
	3,927,536	4,200,532

Borletti-Buitoni Trust 42

Notes to the accounts Year ended 31 July 2022

9 Investments (continued)

Investments(continued)
Unlisted investments	2022 £	2021 £
At 1 August 2021 Losses on revaluation At 31 July2022	512,169 (300,427)	1,158,054 (645,885)
	211,742	512,169

Unlisted investments consist of shares in Saffron Hill Investors (Guernsey) Limited and were donated to the Trust during the year to 31 July 2018 by a long term supporter (see note 12). In the absence of readily determined and reliable fair values at the date of donation, the shares were included in the accounts initially at “deemed cost”. This equates to the estimated valuation of the investments determined by reference to the net asset value of the relevant company as shown by its audited accounts published nearest to the date of gift, adjusted for any impairment believed to be necessary by the trustees. Thereafter, in the absence of readily determined and reliable fair values, the unlisted investments are stated at a valuation determined by reference to the net asset value of the company as shown in its audited accounts published closest to the charity’s financial year end date net of any impairment believed by the trustees to be necessary. Such impairment is assessed by reference to available net asset value information as at the year end and subsequently available post year end prior to the approval of these accounts.

The continued impact of the Covid-19 pandemic continued to affect global financial markets and create uncertainty within the global economy, which was then compounded by macroeconomic and geopolitical events. As noted above, the unlisted investments are valued for the purposes of these accounts by having reference to the relevant company’s latest audited accounts and, therefore, the valuation used may not reflect the full impact of the abovementioned factors on the company’s performance and net assets. Although the trustees, as investors, have not been notified of any information which would indicate that the value of these investments is significantly impaired, the changes in the economy mean less weight can be given to previous market evidence as an indicator of current market values.

Nature and extent of risks arising from financial instruments

The aim of investment risk management is to minimise the risk of an overall reduction in the value of the portfolio and to maximise the opportunity for gains.

The trustees monitor the underlying risks to which the investments are exposed through reviews with the investment managers for listed investments and by receipt of information available to shareholders in respect to the unlisted investments. The risks to which the investments are exposed include market and credit risk. The exposure to market risk is mitigated by the Trust investing in a diverse portfolio of investments across various markets. Bonds and bond like instruments are exposed to credit risk, but exposure to credit risk is minimised by only investing in bonds that are subject to a minimum credit rating.

Liquidity risk represents the risk that the Trust will not be able to meet its financial obligations as they fall due. The trustees monitor cash flows and take steps to ensure that there are adequate cash resources to meet the Trust’s commitments.

Borletti-Buitoni Trust 43

Notes to the accounts Year ended 31 July 2022

9 Investments (continued)

Currency risk represents the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The fund is exposed to currency risk on financial instruments that are denominated in any currency other than the functional currency of the fund (UK sterling).

10 Debtors

10	Debtors
11		2022 £	2021 £
	Prepayments	2,087	2,423
	Creditors: amounts falling due within one year	2022 £	2021 £
	Awards and Fellowships payable Accruals Other creditors	348,595 14,785 1,285	189,629 14,245 2,366
		364,665	206,240

12 Related party transactions

During the year a grant of £5,000 was made to Marlboro School of Music of which Mitsuko Uchida DBE is the Co-Director (2021: £5,000). The Società del Quartetto di Milano, of which Ilaria Borletti Buitoni is President, received a grant of £10,004 (2021: £8,895) .

The Trust holds unlisted shares in Saffron Hill Investors (Guernsey) Limited. These shares were donated to the Trust in the year to 31 July 2018 by a long-term supporter of the Trust. David Landau, a trustee of the Trust, is Chairman of Saffron Hill Investors (Guernsey) Limited. These shares are included in the accounts at £211,742 (2021: £512,169). This value is determined as explained in note 9 above.

There were no other related party transactions (2021: none).

13 Endowment funds

	Balance at 1 August 2021 £	New endowment £	Gains and losses £ (16,984)	Balance at 31 July 2022 £
The Christine Mill Endowment Fund	284,114	—		267,130

The endowment fund arises from a bequest in the Will of Mrs Christine Mill and is a permanent endowment fund. The income arising from the fund is to be distributed at the discretion of the trustees but it is their intention to honour the stated wishes of the deceased where practical and use such income to assist young musicians in purchasing and renovating instruments. As such, the income arising is treated as restricted funds in these accounts (see note 14 below). The capital is to remain intact unless the survival of the charity depended on its use. In the event that the charity is wound up the funds may be donated to another similar charity of the trustees own choosing.

Borletti-Buitoni Trust 44

Notes to the accounts Year ended 31 July 2022

14 Restricted funds

The income funds of the charity include restricted funds comprising the following balances to be applied for specific purposes:

	Balance at 1 August 2021 £	Income £	Expenditure £	Transfers £	Balance at 31 July 2022 £
Christine Mill fund	2,160	3,256	—	—	5,416

The Christine Mill fund represents the income earned upon from the investment of the endowment received in the year ended 31 July 2022. These funds are applied as described in note 13.

15 Members’ liability

The members of the CIO are the charity trustees. If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Borletti-Buitoni Trust 45