| Trustees' | annual report | Page 3 | |
|---|---|---|---|
| Trustees' | responsibilities | statement | Page 9 |
| Independent auditor 's report . |
Page IO | ||
| Financial | statements | Page 14 |
| Unrestricted | Expendable | 202i Total | 2020 Total | |||
|---|---|---|---|---|---|---|
| funds | endowinent | funds | funds | |||
| Noles | f | f | f | |||
| Income | ||||||
| Donations | 12,841 | 12,841 | 9,168 | |||
| Investment income |
441,856 | 441,856 | 454,791 | |||
| interest on cash and money | ||||||
| market funds | 2,083 | |||||
| Total income | 454,700 | 454,700 | 466 042 | |||
| Expenditures | ||||||
| Costs ofraising funds: | ||||||
| Investment management |
fee | 166,169 | 166,169 | 155,985 | ||
| Expenditures on charitable |
||||||
| activities: | ||||||
| Music | 991,413 | 991,413 | 915,778 | |||
| Poverty, health and education | I 673,245 | I 673,245 | 340451 | |||
| Total expendiutre | 2664658 | 166 169 | 2 830827 | I 412 214 | ||
| Net loss before gains and losses |
(2,209,958) | (166,169) | (2,376,127) | (946,172) | ||
| Net gains on revaluation investments |
of | 3 855439 | 3,855,439 | 1,624,844 | ||
| Net (lossjlincome for the yeor |
(2,209,958) | 3,689,270 | 1,479,312 | 678,672 | ||
| Transfer bernese funds | 2,350,000 | (2,350,000) | ||||
| Foreign exchange (losses)/gains |
~3.271 | ~3270 | 5 634 | |||
| ivet movement infunds | 136,771 | 1,339,271 | 1,476,042 | 684,306 | ||
| Fund balances Drought forward |
262,061 | 30,589,048 | 30,851.109 | 30,166,803 | ||
| Fund balances carried forward |
3911832 | 31,928,319 | 32,327,151 | 30851,109 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| Fixed assets | |||||
| Investments | 6 | 31,790,914 | 30,395,678 | ||
| Current assets | |||||
| Debtors | 8,957 | 11,737 | |||
| Cash and money market funds | 5846*7 | 544,694 | |||
| 592,994 | 556,431 | ||||
| Liabilities Creditors: amounts |
falling due within one year | 8 | ~56757 | ~191.5911 | |
| JVet current | assets | 536237 | 455,431 | ||
| IVet assets | f2327151 | 3D851ID9 | |||
| Representing: | |||||
| Thefunds aftlie clrurily | |||||
| Expendable | Endowment | 31,928,319 | 30,589,048 | ||
| Unrestricted | income | fund | 398,832 | 262,061 | |
| Total charity | funds | 9 | 32 327151 | 30851 109 |
| tatement ofcash fl orthe year ended 31 December |
ows 2021 |
||
|---|---|---|---|
| 202/ | 2020 | ||
| Cash flows from opentting activities |
|||
| Net movement in funds |
1,476,042 | 684,306 | |
| Adjustments for: | |||
| Interest and dividend income from investments |
(441,856) | (454,791) | |
| interest from cash and money market | funds | (3) | (2,083) |
| (Gains) on investments | (3,855,439) | (1,624,844) | |
| Foreign exchange losses/(gains) | 3,270 | (5,634) | |
| Decrease in debtors | 2,780 | 20,340 | |
| (Decrease)/increase in creditors |
(44,243) | 48,615 | |
| Cash used in operating activities |
2 859,449 | (1,334,091 | |
| Cash flows from investing activities |
|||
| Interest and dividend income from investments |
441,856 | 454,791 | |
| Interest trom cash and money market | funds | 3 | 2,083 |
| Purchase ofinvestments | (2,403,435) | (6,951,533) | |
| Proceeds from sale ofinvestments | 4,863,638 | 7,551,639 | |
| Cash generated from investing activities |
2 902062 | 1,056,980 | |
| Change in cash and cash equi valence in theyeor | 42,613 | (277,111) | |
| Cash and cash equivalent at the beginning oftheyear | 544,694 | 816,171 | |
| Change in cash and cash equivalent movements |
due to exchange rate | (3,270) | 5,634 |
| Cash and cash equivalent at the end oftheyear | 584037 | 544694 | |
| Analysis ofcask and cash equivalents | |||
| Money market fund | 329,727 | 285,758 | |
| Cash in brokerage accounts | 204,092 | 142,341 | |
| Cash at bank | 50,218 | 116,595 | |
| Total cosh nnd cash equivalents | 504037 | 544694 |
| 2021 | 2020 | ||
|---|---|---|---|
| 8 | |||
| Listed investments: | |||
| Dividends | -Non UK equities | 299,844 | 318,180 |
| Interest - | UK fixed interest securities | 17,474 | 15,777 |
| Interest - | Non UK fixed interest securities | 124,538 | 104,635 |
| Dividends | —Other Investments | 16,199 | |
| 441,856 | 454,791 |
| Support | Allocation of | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Grants to | Governance | Expenditure | Expenditure | ||||
| Institutions | Costs | 2021 | 2020 | ||||
| Charitable activity |
8 | ||||||
| Music | 937,820 | 53,593 | 991,413 | 915,778 | |||
| Poverty, health and education | 1,665,000 | 8,245 | 1,673,245 | 340,451 | |||
| 2,602,820 | 61,838 | 2,664,658 | 1,256,229 | ||||
| 2021 | 2020 | ||||||
| Support grants | by country | ||||||
| Sweden | 584,348 | 611,173 | |||||
| United Kingdom | 2,018 472 | 596,000 | |||||
| 2,602,820 | 1,207,173 | ||||||
| 2021 | 2020 | ||||||
| Supportgrants | byinstitution | 8 | |||||
| Aurora Orchestra | 50,000 | 50,000 | |||||
| Awards ForYoung Mucicians Birmingham Conservatoire Latin American Children's Trust |
20,000 55,000 1,665,000 |
61,000 335,000 |
|||||
| London Music Fund | 30,000 | ||||||
| Music Masters | 50,000 | 50,000 | |||||
| Music ofLife | 20,000 | ||||||
| Noah's Ark Children's | Hospice | 50,000 | 50,000 | ||||
| ORA Choir | 30,000 | 30,000 | |||||
| Royal Academy ofMusic Signatur Foundation Sweden The Music Works |
25,000 584,348 23,472 |
611,173 20,000 |
|||||
| 2,602,820 | 1,207,173 |
| Governance costs | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||||
| 6 | 6 | |||||||
| Auditors' remuneration |
comprises | |||||||
| audit services | 7,800 | 7,800 | ||||||
| Staffcosts | ||||||||
| wages and salaries | 15,000 | 15,000 | ||||||
| social security costs | $52 | 863 | ||||||
| Legal and professional | fees | 12,504 | 4,098 | |||||
| Imputed office rent | 7,650 | 9,000 | ||||||
| Accountancy | 6,113 | 7,166 | ||||||
| Taxation services | 1,200 | 1/00 | ||||||
| Bank charges and interest | 628 | 634 | ||||||
| Other administration | 2423 | 551 | ||||||
| ITfees | 7,868 | 2,744 | ||||||
| 61,838 | 49,056 | |||||||
| overnance costs have been apportioned umber ofgrants awarded during the year |
to charitable activities on apro rata to each ofthe charitable activities. |
basis in | accordance with the | |||||
| he Foundation had one |
employee | during | the year and the average headcount | was one | (2020:one). | |||
| nvestments | ||||||||
| 2021 | 2020 | |||||||
| Movement in fixed asset |
listed investments | |||||||
| Opening market value | 30,395,67$ | 29,370,940 | ||||||
| Additions at cost |
2,403,435 | 6,951,533 | ||||||
| Disposals at carrying | value | (4,863,638) | (7,551,639) | |||||
| Net gains on revaluation | 3,$55,439 | 1,624,844 | ||||||
| Closing market value |
31,790,914 | 30,395,678 | ||||||
| 2021 | 2020 | |||||||
| Investments at fair value |
comprised | 8 | 6 | |||||
| Non UK equities | 20,241,608 | 19,202,489 | ||||||
| UK fixed interest securities | 1,612,241 | 1,498,85$ | ||||||
| Non UK fixed interest | securities | 3,$07,622 | 3,735,001 | |||||
| Other investment | 6,129,443 | 5,959,330 | ||||||
| 31,790,914 | 30,395,678 |
| 7. | Debtors | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Accrued investment | income | 8,957 | 11,737 | |||
| 8 957 | 11737 | |||||
| 6. | Creditors: amounts | falling | due within one year | 2021 | 2020 | |
| Accrued audit, tax | and | accounting | fees | 10,800 | 10,800 | |
| Accrued investment | management | fees | 42,896 | 40,177 | ||
| Accrued charitable | donations | 50,000 | ||||
| Other creditors | 3,061 | 23 | ||||
| 56757 | 507 000 |
| Net current | ||||||
|---|---|---|---|---|---|---|
| Investments | assets | Total 2021 | Total 2020 | |||
| 6 | ||||||
| Expendable | Endowment | fund | 31,790,914 | 137,405 | 31,928,319 | 30,589,048 |
| Unrestricted | income fund | 398,832 | 398,832 | 262,061 | ||
| 31,790,914 | 536337 | 32,327,151 | 30,851,109 |
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Financial assets measured at expenditme |
1'air value | through | income or | 31,790,914 | 30,395,678 | |||
| Financial assets measured at |
amortised | cost | 592,994 | 556,431 | ||||
| 32,383,908 | 30,952,109 | |||||||
| Financial liabilities measured | at amortised | cost | ~56 757 | ~393.999 | ||||
| Income, expense and nei gains and | losses, | including | ||||||
| changes infair value. | ||||||||
| Gams on financial assets measured | at | fair | value | through | ||||
| income or expenditure | 3,855,439 | 1,624,844 | ||||||
| Dividend income from financial assets |
measured | at fair | ||||||
| value through income or expenditure |
299,844 | 334,379 | ||||||
| Interest income on financial | assets measured | at | fair value | |||||
| through income orexpenditure |
142,012 | 120,412 | ||||||
| Interest income on financial | assets measured | at | amortised | |||||
| cost | 3 | 2983 | ||||||
| ~697298 | 2 981 718 | |||||||
| Financial risk management | ||||||||
| Market risk |