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|Trustees'|annual
report||||Page 3|
|---|---|---|---|---|---|
|Trustees'|responsibilities||statement|.|Page 9|
|Independent
auditor's||report .|||Page 10|
|Financial|statements .||||Page 14|
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||||Unrestricted|Expendable|ZOZO Total|ZOZO Total|2019Total|
|---|---|---|---|---|---|---|---|
|||Notes|funds|endowmentI|fundsf||funds|
|Income||||||||
|Donations||2|9,168||9,168||13,329|
|Investment
income||3|454,791||454,791||611,756|
|Interest on cash and money
market funds|||2 083||2|083|4530|
|Total income|||466 042||466|042|629,615|
|E38pendttures||||||||
|Costs ofraising funds:||||||||
|Investment
management|fee|||155,985|155,985||160,734|
|Expenditures
on charitable||||||||
|activities:||||||||
|Music|||915,778||915,778||774,927|
|Poverty, health and education
Total expenditure|||340451
1256,229|155985|340
~1.412|451
14|I 008274
~1943 35|
|Net loss before gains and||||||||
|losses|||(790,187)|(155,985)|(946,172)||(1,314,320)|
|Net gains on revaluation
investments|of|||1 624 844|1 624|844|3441164|
|Net Ooss)lincomefor the||||||||
|year|||(790,187)|1,468,859|678|672|2 126844|
|Transfer between funds|||300,000|(300,000)||||
|Foreign exchange
posses)/gains|||927|6,561|5,634||~20.338|
|Net movementin
funds|||(491,114)|1,175,420|684,306||2,106,506|
|Fund balances brought||||||||
|forward|||753,175|29,413,628|30 166|803|28 060 297|
|Fund Balances carried||||||||
|fonvurd|||262 061|30589048|30851|109|30 166803|
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||||||2020|2079|
|---|---|---|---|---|---|---|
|||||Notes|||
|Fixed assets|||||||
|investments||||6|30.395.678|29.370.940|
|Current assets|||||||
|Debtors|||||115737|32,077|
|Cash and money||market funds|||544.694|816 171|
|liabilities
Cmditors: amounts|||falling due within one year|8|5565431
~|848.248
~2385|
|ltet current|assets||||455.431|795.863|
|Wet assets|||||30.851.109|30.]66.803|
|Representing:|||||||
|Thefunds ofthe||churl ty|||||
|Expendable|Endowment||||30,589.048|29,413,628|
|Unrestricted|income||fund||262,061|753 175|
|Total charity|funds|||9|30.851,109|30.166,803|
##
|or the year ended 31 December|2020|||
|---|---|---|---|
|||2020|20/9|
|Cash flows from operadn g activities
Net movement
in funds||684,306|2,106,506|
|Adj ustm entsfor:||||
|Interest and dividend
income from investments||(454,791)|(611,756)|
|Interest from cash and money market funds||(2,083)|(4,530)|
|(Gains)/losses
on investments||(1,624,844)|(3,441,164)|
|Foreign exchange (gains)/losses||(5,634)|20,338|
|Decrease in debtors||20,340|54,531|
|Increase in creditors||48,615|943|
|Cash used in operating acdvities||~2334,097|~2875 132|
|Cash flows from invesdng activities||||
|Interest and dividend
income from investments||454,791|611,756|
|Interest
I'rom cash and money market funds||2,083|4,530|
|Purchase ofinvestments||(6,951,533)|(2,540,038)|
|Proceeds from sale ofinvestments||7,551,639|4,058,277|
|Cash generated from investing
activities||1 056,980|2,134,525|
|Change in cash and cash equivalents
in the year||(277,111)|259,393|
|Cash and cash equivalent atthe begot ning oftheyear||816,171|577,116|
|Change in cash and cash equivalent|due to exchange rate|||
|movements||5,634|(20,338)|
|Cash and cash equivalent atthe end ofthe year||544 694|816 171|
|Analysis ofcash and cash equivalents||||
|Money market fund||285,758|740,343|
|Cash in brokerage
accounts||142,341|30,254|
|Cash at bank||116,595|45,574|
|Totul cash and cash equivalents||544,694|816 171|
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|nvestment
income|||
|---|---|---|
||2020|2019|
|Listed investments:|||
|Dividends - Non UK equities|318,180|408,362|
|Interest - UK fixed interest securities|15,777|20,450|
|Interest - Non UK fixed interest securities|104,635|126,401|
|Dividends —Other Investments|16,199|56,543|
||454,791|611,756|
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||||||Support|Allocation of|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||Grants to|Governance|Expenditure|Expenditure|
||||||Institutions|Costs|2020|2019|
|Charitable|activity||||||||
|Music|||||872,173|43,605|915,778|774,927|
|Poverty, health and education|||||335,000|5,451|340,451|1,008,274|
||||||1,207,173|49,056|1,256,229|1,783,201|
|Support grants by country|||||||2020|2019|
|||||||||8|
|Sweden|||||||611,173|533,556|
|United Kingdom|||||||596,000|1,200,000|
||||||||1,207,173|1,733,556|
|Support grants by institution|||||||||
||||||||2020|2019|
||||||||8|8|
|Aurora Orchestra|||||||50,000|50,000|
|Birmingham|Conservatoire||||||61,000|100,000|
|Latin American||Children's||Trust|||335,000|1,000,000|
|Music Masters|||||||50,000|50,000|
|Noah's Ark|Children's||Hospice||||50,000||
|ORA Choir|||||||30,000||
|Signatur Foundation|||Sweden||||611,173|533,556|
|The Music|Works||||||20,000||
||||||||1,207,173|1,733,556|
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|overnance costs||||
|---|---|---|---|
|||2020|2019|
|Auditors'
remuneration|comprises|||
|audit services||7,800|6,840|
|Staffcosts||||
|wages and salaries||15,000|15,000|
|social security costs||863|886|
|Legal and professional|fees|4,098|1,747|
|Iinputed office rent||9,000|8,066|
|Accountancy||7,166|5,605|
|Taxation services||1,200|2,400|
|Bank charges and interest||634|735|
|Other administration||551|327|
|ITfees||2,744|8,040|
|||49,056|49,645|
##
|nvestments|nvestments|nvestments|||
|---|---|---|---|---|
|Movement
in fixed asset listed investments|||2020f|2019|
|Opening|market value||29,370,940|27,448,015|
|Additions|at cost||6,951,533|2,540,038|
|Disposals|at carrying|value|(7,551,639)|(4,058,277)|
|Net gains|on revaluation||1,624,844|3,441,164|
|Closing market value|||30,395,678|29370940|
||||2020|2019|
|Investments
at fair value comprised|||||
|Non UK|equities||19,202,489|18,556,270|
|UK fixed|interest securities||1,498,858|1,862,673|
|Non UK|fixed interest|securities|3,735,001|3,233,904|
|Other investment|||5,959,330|5,718,093|
||||30,393,673|29 370 940|
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|7.|Debtors||||||
|---|---|---|---|---|---|---|
||||||2020|2019|
|||||||f|
||Accrued investment|income|||11737|32077|
||||||11737|32 077|
|8.|Creditors: amounts||falling|due within one year|||
||||||2020|2019|
||Accrued audit, tax|and|accounting|fees|10,800|11,540|
||Accrued investment|management||fees|40,177|40,824|
||Accrued charitable|donations|||50,000||
||Other creditors||||23|21|
||||||101000|52,385|
||There are no liabilities falling due|||after more than one year.|||
##
|||||Net current|||
|---|---|---|---|---|---|---|
||||Inve sun ants|assets|Total 2020|Total 2019|
|Expendable|Endowment|fund|30,395,678|193,370|30,589,048|29,413,628|
|Unrestricted|income fund|||262,061|262,061|753,175|
||||30,395,678|455,431|30,851,109|28,060,297|
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||||||||2019|2019|
|---|---|---|---|---|---|---|---|---|
|Financial assets measured
at
expenditure|fair value||through|||income or|30,395,678|29,370,940|
|Financial assets measured
at|amortised||cost||||556,431|848,248|
||||||||30952109|30291188|
|Financial liabilities
measured|at amottised|||cost|||~3~1000|~52385|
|Income, expense and nei gains and||losses, including|||||||
|changes infair value.|||||||||
|Gains on financial assets measured||at|fair value|||through|||
|income or expenditure|||||||1,624,844|3,441,164|
|Dividend
income from financial assets|||measured|||at fair|||
|value through income or expenditure|||||||334,379|464,905|
|Interest income on financial|assets measured||||at|fair value|||
|through
income or expenditure|||||||120,412|146,851|
|Interest income on financial|assets measured||||at|amortised|||
|cost|||||||2083|4 530|
||||||||2 081 718|4057,450|
|Financial risk management|||||||||
|Market risk|||||||||
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