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|Trustees'|annual report||Page 3|
|---|---|---|---|
|Trustees'|responsibilities|statement|Page 9|
|Independent
auditor 's report .|||Page IO|
|Financial|statements||Page 14|
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||||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|
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|||||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|
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|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|
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|||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|
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|||||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|
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|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|
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|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|
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|||||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|
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||||||||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|||||||||
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