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2020-07-31-accounts

REGISTERED COMPANY NUMBER: 11198293 (England and Wales) REGISTERED CHARITY NUMBER: 1177780

Report of the Trustees and

Audited Financial Statements for the Period Ended 30 July 2020

for

Buckinghamshire Music Trust

Amersham Accountancy 3A Station Road Amersham Buckinghamshire HP7 0BQ

Buckinghamshire Music Trust

Charity Information

Trustees Ms J M Atkin Ms D C Mansfield Mr L Presencer Company number 11198293 Charity number 1177780 Registered office Aylesbury Music Centre Walton Road Aylesbury United Kingdom HP21 7ST Accountants Amersham Accountancy 3A Station Road Amersham Buckinghamshire HP7 0BQ Auditors Whitley Stimpson Ltd 29 31 Castle Street High Wycombe Buckinghamshire HP13 6RU

Buckinghamshire Music Trust

Contents of the Financial Statements

for the Period Ended 30 July 2020

Page
Report of the Trustees 1to5
Report of the Independent Auditors 6to8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 21
Detailed Statement of Financial Activities 22 to 23

Buckinghamshire Music Trust

Report of the Trustees

for the Period Ended 30 July 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period ended 30 July 2020. The trustees have adopted the provisions of 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Objectives

Buckinghamshire Music Trust (“BMT”) is a Music Service that inspires exciting, meaningful and engaging musical experiences for every child in the county;

The Buckinghamshire Music Education Hub;

The range of activity both delivered by BMT and in partnership with other local and national organisations remained at a high level in the first half of the year:

Page 1

Then in March 2020, the Covid-19 pandemic changed the landscape completely. BMT responded by developing an online action plan to keep as much delivery going as possible, beginning Zoom teaching the first week of lockdown, having put new protocols in place, training teachers and provided new digital resources for both teachers and students. All items in the following table were successfully realised between March and July 2020.

Action Notes
Central Resource Bank Sharepoint area ‘Central resources’ created for all teachers to be able to upload sheet music and
audio files for backing tracks and accompaniments so that everyone has access to them to use for
teaching etc.
Folder for each instrument will have two folders inside for sheets / audio
Instrumental groups discussed what might be good to share
BMT online
examinations		 All students who had ABRSM and Trinity exams cancelled or were due to do one in April/May were
offered the opportunity to do a free online exam using Zoom in the first two weeks after the Easter
break. This allowed them to complete this and move on to new material. They received an individual
BMT certificate. Teachers were asked to volunteer to examine a small number of students in their
instrument area and were issued examination guidance to do so. Accompaniments were made
available via the Central Resource Bank.
Online Practice Book Using Google classrooms, we created a BMT online practice book for teachers to use with their
students during lockdowns, modelled on the purple books. It was easy to use and allowed teachers
to communicate easily with parents and students about progress.
Music centre ensembles
and choirs		 Main focus was on our Summer Festival which we did virtually as we can’t do it properly on 5th
July. SLT determined and sent out groupings and replacement music centre activities focused on
preparation for the event. As ever ensemble leads continued to work on other material too. The main
approach was to send out parts from arrangements for students to practise, hold Zoom playthroughs
at normal MC times, possibly with sectionals within to compensate for lack of ‘proper rehearsal’
time. At certain points we used approved tools for players to record themselves and send in audio
files to be mixed to produce full versions to share back with ensemble members. Support for
mixing came from identified members of our team and students with access to and skills using Logic
etc.
Leavers Celebration Directly focused on leavers from all three centres. Specific arrangements for them to work on for 3
pieces were distributed to be practised, rehearsed online and parts recorded to be mixed to create a
final performance. Each leaver was also be asked to record a farewell video and all this work was
incorporated into the Summer Festival video
YouTube playlists Various content was created to provide different groups with access to musical learning
remotely in place of activities that we would normally provide face to face or which would normally
support IV teaching and other activities.

Page 2

•
‘How to’
videos
•
Weekly
sessions for
WCPM		 Instrumental Groups decided what is useful for their area and who might have a go at recording
them. Advice from the production team was given before recording and then submitting for post-
production and posting onto YouTube channel.
A weekly video for each of Y3, Y4, Y5, Y6 was posted on YouTube channel at particular times for
people to tune in and join in. These were pre-recorded and be short, fun join in at home sessions.
•
Munchkins &
Musikids
•
Singing
Assemblies		 A weekly video for each group was posted on YouTube channel at particular times for people to
tune in and join in. These were pre-recorded and be short, fun join in at home sessions.
A weekly video for Infant and Junior assemblies was posted on YouTube channel at particular times
for people to tune in and join in. These were pre-recorded and be short, fun join in at home sessions.
Promotion of new
provision		 Lesson applications – remained open and we launched a marketing campaign to reach out to young
musicians who had lost their teaching elsewhere and children who wanted to use this time to pursue
instrumental/vocal learning.
Adult instrumental lessons – there were many parents and other adults who saw the lockdown
situation as an opportunity to pursue their burning desire to learn / re-learn an instrument. We opened
applications to them via the website with appropriate promotion and then the PM assigned them to
teachers with advice from Area Leaders and supported them in any different methodology required
compared to usual delivery.
Continuing WCPM
sessions in school for
keyworker/vulnerable
children		 There was a demand from some schools and a willingness to allow teacher access, and so we offered
a relevant teacher to go into settings to run a half-day / whole day sessions for the children who had
remained in school.
Guitari Lounge Friday
evening sessions		 An opportunity for those who would normally have attended Guitari Lounge events to share their
work and stay in touch
HiGain and Creatives Recording and sharing work using Topline, organising sessions to share this work and discussing
and getting feedback from ensemble leaders on their work
Bucks Young Musician
of the Year		 Candidates were asked to submit video recordings as their entries. Accompaniments were provided
as backing tracks where required. Judging panel included the Director and a guest celebrity and was
a ‘no audience’ event, livestreamed for parents

Through the implementation of these measures BMT retained approximately 93% of students engaged in instrumental and vocal lessons, approximately 80% of music centre members, 98% of County Group members and 100% of schools continued to pay for their WCPM provision and most engaged with the online provision on offer.

There was also a collegiate and compassionate approach to both families and staff, supporting each individual as appropriate and the contribution of many of our staff in achieving this is noted. BMT made all possible efforts to support families who had been affected financially by the pandemic to enable young people to continue with their musical learning. We also maintained salaries to our teaching staff by maintaining the levels of work and used the furlough scheme for 5 non-teaching members of staff to support their salaries.

The financial position of the charity remained stable through this approach and with the support of our parents, schools and other funders through the period and into the following year.

Page 3

FINANCE AND RESERVES

In this year reported BMT incurred a surplus of £40,906 in accordance with the accounts stated below. The Board notes that despite significant challenges during the early part of the Covid-19 pandemic, BMT remains on course to continue to manage its cashflow and begin to build some reserve across the next two years albeit, more slowly than previous projections. Taking into account the potentially threatening landscape created by the pandemic and the impact on other services in the sector, the future forecasting based upon this year of activity shows that reserve is being built slowly and a reutn to normal operations will allow a sustainable and effective growth of that position. Trustees are confident that BMTs current operations and business plan are both sustainable and respond effectively to the charitable aims and mission of the Trust.

RISK

As at the point of signing the accounts there is a worldwide pandemic of Covid-19. This outbreak of Covid-19 is causing restrictions on the population in the UK, which is having an impact on the financial activity of the whole economy. The effects on the UK economy and Buckinghamshire Music Trust cannot be qualified with any accuracy at this point in time, but the trustees will continue to manage the charity through this position.

DEVELOPMENT GOALS FOR THE FUTURE

We need to build on and broaden partnerships to realise programmes and projects across sectors and in all our local communities. The activity plan will be reviewed regularly to drive the support of a range of activities and partnerships.

We need to ensure that the hub continues to engage with more schools in the county and continues to build strong meaningful programmes and promotes progression into ensembles and higher level activity.

We need to extend the range of genres and styles of ensembles that are available in music centres and beyond, developing a wider range of partnerships and community activities as well looking at satellite centres to serve the wider spread communities.

We need to develop a coherent and strategic plan to ensure stronger financial sustainability and the ability to build reserves

We need to consolidate and drive workforce skills development to ensure that our teams and partners, now well established, have the capacity and effectiveness to realise the vision and aims for the hub

We need to develop a wider range of partnerships that look to extend and diversify activity, engage more communities and informal music settings, develop new funding streams and promote more collaborative working across the county.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Appointment of Trustee

The charity has at least three Trustees. Any person who is willing to act as a Trustee, and who would not be disqualified from acting under the provisions of Article 28 of the Articles of Association may be appointed by a Trustee by a decision of the Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

11198293 (England and Wales)

Registered Charity number

1177780

Page 4

Registered office

Aylesbury Music Centre Walton Road Aylesbury Buckinghamshire HP21 7ST

Trustees

Ms J M Atkin Ms B Claridge (resigned 17.1.20) Ms D C Mansfield Mr L Presencer

Auditors

Whitley Stimpson Ltd 29 31 Castle Street High Wycombe Buckinghamshire HP13 6RU

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Buckinghamshire Music Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Whitley Stimpson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 28[th] July 2021 and signed on its behalf by:

.......................................................................... Ms D C Mansfield - Trustee

Page 5

Report of the Independent Auditors to the Trustees of Buckinghamshire Music Trust

Opinion

We have audited the financial statements of Buckinghamshire Music Trust (the ‘trust’) for the period ended 30 July 2020 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. 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 financial statements:

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 financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

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

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

Page 6

Report of the Independent Auditors to the Trustees of Buckinghamshire Music Trust

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of Trustees responsibilities, the trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the trust’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

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

Page 7

Report of the Independent Auditors to the Trustees of Buckinghamshire Music Trust

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements 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 UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the members. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Walton FCA FCCA Whitley Stimpson Limited Chartered Accountants Statutory Auditor 29-31 Castle Street High Wycombe Bucks HP13 6RU

Date:

Page 8

Buckinghamshire Music Trust

Statement of Financial Activities

for the Period Ended 30 July 2020

INCOME AND ENDOWMENTS FROM
Notes
Donations and legacies
2
Other trading activities
3
Total
EXPENDITURE ON
Charitable activities
4
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
849,725
1,166,281
2,016,006
2,002,628

1,657
2,004,285
11,721
(172,569)
(160,848)		 Restricted
fund
£
67,514

4,000
71,514
42,329

-
42,329
29,185
-
29,185		 30.7.20
Total
funds
£
917,239
1,170,281
2,087,520
2,044,957

1,657
2,046,614
40,906
(172,569)
(131,663)		 31.7.19
Total
funds
£
774,178
1,249,367
2,023,545
2,251,109

-
2,251,109
(227,564)
54,995
(172,569)

The notes form part of these financial statements

Page 9

Buckinghamshire Music Trust

Balance Sheet

30 July 2020

CURRENT ASSETS
Notes
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
12
NET ASSETS/(LIABILITIES)
FUNDS
14
Unrestricted funds:
General fund
Restricted funds:
Rothschild
Youth Foundation
TOTAL FUNDS		 Unrestricted
fund
£
72,699
24,146
96,845
(207,381)
(110,536)
(110,536)
(50,313)
(160,849)		 Restricted
fund
£
-
29,186
29,186
-
29,186
29,186
-
29,186		 30.7.20
Total
funds
£
72,699
53,332
126,031
(207,381)
(81,350)
(81,350)
(50,313)
(131,663)
(160,849)
11,672
17,514
29,186
(131,663)		 31.7.19
Total
funds
£
45,151

-
45,151
(217,720)
(172,569)
(172,569)
-
(172,569)
(172,569)
-

-

-
(172,569)		 31.7.19
Total
funds
£
45,151

-

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 10

Buckinghamshire Music Trust

Balance Sheet - continued

30 July 2020

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 28[th] July 2021 and were signed on its behalf by:

............................................. D C Mansfield - Trustee

The notes form part of these financial statements

Page 11

Buckinghamshire Music Trust

Cash Flow Statement
for the Period Ended 30 July 2020
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from financing activities
New loans in year
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
2
Cash and cash equivalents at the end of the
reporting period
2		 30.7.20
£
27,743
(1,970)
25,773
50,313
50,313
76,086
(22,754)
53,332		 31.7.19
£
(80,216)

-
(80,216)

-

-
(80,216)
57,462
(22,754)

The notes form part of these financial statements

Page 12

Buckinghamshire Music Trust

Notes to the Cash Flow Statement

for the Period Ended 30 July 2020

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
30.7.20 31.7.19
£ £
Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities) 40,906 (227,564)
Adjustments for:
Interest paid 1,970 -
(Increase)/decrease in debtors (27,548) 51,346
Increase in creditors 12,415 96,002
Net cash provided by/(used in) operations 27,743 (80,216)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
30.7.20 31.7.19
£ £
Notice deposits (less than 3 months) 53,332 -
Overdrafts included in bank loans and overdrafts falling due within one year
-		 (22,754)
Total cash and cash equivalents 53,332 (22,754)
3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS
At 1.8.19 Cash flow At 30.7.20
£ £ £
Net cash
Cash at bank - 53,332 53,332
Bank overdraft (22,754) 22,754
-
(22,754) 76,086 53,332
Debt
Debts falling due after 1 year - (50,313) (50,313)
- (50,313) (50,313)
Total (22,754) 25,773 3,019

The notes form part of these financial statements

Page 13

Buckinghamshire Music Trust

Notes to the Financial Statements

for the Period Ended 30 July 2020

1. ACCOUNTING POLICIES

Company information

Buckinghamshire Music Trust is a private company limited by guarantee incorporated in England and Wales. Its registered office is Aylesbury Music Centre, Walton Road, Aylesbury, HP21 7ST.

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Donations - recognised at point of notification Grants - recognised at point of received or receivable Traded income - recognised at point of invoice

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 14

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

Going concern

There are risks and uncertainties relating to the impact of the Covid-19 outbreak in the UK, which could be considered a threat to the continued going concern status of the charity. As at the date of approving these accounts the trustees have accessed the impact of Covid-19 and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in the preparing the financial statements.

2. DONATIONS AND LEGACIES

Grants Unrestricted
fund
£

849,725		 Restricted
fund
£

67,514		 30.7.20
Total
funds
£

917,239		 31.7.19
Total
funds
£

774,178

Grants received, included in the above, are as follows:

Coronavirus job retention
scheme grant
Other grants		 Unrestricted
fund
£
8,893

^^840,832

849,725		 Restricted
fund
£
-

^67,514

67,514		 30.7.20
Total
funds
£
8,893

908,346

917,239		 31.7.19
Total
funds
£
-

774,178


774,178

3. OTHER TRADING ACTIVITIES

Music tuition
Exam fees
Other income		 Unrestricted
fund
£
1,056,995
10,818

98,468

1,166,281		 Restricted
fund
£
-
-

*4,000

4,000		 30.7.20
Total
funds
£
1,056,995
10,818

102,468
1,170,281		 31.7.19
Total
funds
£
1,135,251
37,118

76,998
1,249,367

Page 15

continued...

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

4. CHARITABLE ACTIVITIES

Other trading activities

Unrestricted
fund
£
Purchases
-
Staff costs
1,315,673
Hire of instruments
-
Other operating leases
36,967
Licensing and subscriptions
885
Exam fees costs
5,576
Events and tours
30,103
Equipment expensed
2,000
Instruments repair
5,861
Storage
7,185
DBS checks
1,980
Sundry expenses
437
Training and meeting costs
5,314
Transportation costs
-
Support costs
590,647

2,002,628
SUPPORT COSTS
Unrestricted
fund
£
Other trading activities
Management
545,604
Finance
3,402
Information technology
28,768
Human resources
273
Governance costs

12,600
Totals

590,647
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Unrestricted
fund
£
Auditors' remuneration
8,400
Hire of plant and machinery
-
Other operating leases

36,967		 Restricted
fund
£
-
28,083
-
-
-
-
11,832
-
820
-
-
-
-
-
1,594

42,329
Restricted
fund
£
1,594

1,594
Restricted
fund
£
-
-

-		 30.7.20
Total funds
£
-
1,343,756
-
36,967
885
5,576
41,935
2,000
6,681
7,185
1,980
437
5,314
-
592,241
2,044,957
Total funds
£
547,198
3,402
28,768
273

12,600

592,241
30.7.20
Total funds
£
8,400
-
36,967		 31.7.19
Total funds
£
4,222
1,254,937
212
109,152
2,304
31,787
205,709
1,210
3,702
6,883
1,513
1,374
4,158
4,563
619,383
2,251,109
31.7.19
Total funds
£
5,400
212
109,152

5. SUPPORT COSTS

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Page 16

continued...

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 30 July 2020 nor for the year ended 31 July 2019.

Trustees' expenses

There were no trustees’ expenses paid for the period ended 30 July 2020 nor for the year ended 31 July 2019.

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Unrestricted
fund
£
1,435,568
110,621

285,342

1,831,531		 Restricted
fund
£
28,808
-

-

28,808		 30.7.20
Total
funds
£
1,464,376
110,621
285,342
1,860,339		 31.7.19
Total
funds
£
1,413,625
109,959

214,557

1,738,141

The average monthly number of employees during the period/ year was as follows:

30.7.20 31.7.19
Staff
89
82

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

30.7.20 31.7.19
£90,001 - £100,000
1
1

continued...

Page 17

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Total
EXPENDITURE ON
Charitable activities
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments		 Unrestricted
fund
£
774,178
1,249,367
2,023,545
2,251,109
(227,564)
54,995
(172,569)		 Restricted
fund
£
-

-
-
-
-
-
-
30.7.20
£
54,742
17,957
72,699		 Total
funds
£
774,178
1,249,367
2,023,545
2,251,109
(227,564)
54,995
(172,569)
31.7.19
£
45,151

-
45,151

continued...

Page 18

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 13)
Trade creditors
Social security and other taxes
Pension payable
Other creditors
Accruals and deferred income
Accrued expenses
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 13)
13.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdraft
Amounts falling due more than one year:
Bank loans
14.
MOVEMENT IN FUNDS
Unrestricted funds
At 1.8.19
£
Restricted funds

-
TOTAL FUNDS
(172,569)
General fund
(172,569)
Rothschild
-
Youth foundation

-		 30.7.20
£
-
12,429
109,365
75,332
-
-
10,255
207,381
30.7.20
£
50,313
30.7.20
£

-
50,313
Net
movement
in funds
£
29,186
40,906
11,720
11,672
17,514		 31.7.19
£
22,754
44,987
53,812
27,077
19,700
34,935
14,455
217,720
31.7.19
£

-
31.7.19
£
22,754

-
At
31.7.20
£
29,186
(131,663)
(160,849)
11,672
17,514

continued...

Page 19

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
Incoming
resources
£
General fund
2,016,006
Restricted funds
Rothschild
50,000
Youth foundation
17,514
Other restricted funds

4,000

71,515
TOTAL FUNDS
2,087,520
Comparatives for movement in funds
Unrestricted funds
At 1.8.18
£
General fund
54,995
TOTAL FUNDS
54,995
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
2,023,545
TOTAL FUNDS
2,023,545		 Resources
expended
£
(2,004,286)
(38,328)
-

(4,000)

(42,329)
(2,046,614)
Net
movement
in funds
£
(227,564)
(227,564)
Resources
expended
£
(2,251,109)
(2,251,109)		 Movement
in funds
£
11,720
11,672
17,514

-

29,186

40,906
At
31.7.19
£
(172,569)
(172,569)
Movement
in funds
£
(227,564)
(227,564)

continued...

Page 20

Buckinghamshire Music Trust

Notes to the Financial Statements - continued

for the Period Ended 30 July 2020

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
Restricted funds
TOTAL FUNDS
General fund
Rothschild
Youth foundation		 At 1.8.18
£

-
54,995
54,995
-

-		 Net
movement
in funds
£
29,186
(186,658)
(215,844)
11,672
17,514		 At
31.7.20
£
29,186
(131,663)
(160,849)
11,672
17,514

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Rothschild
Youth foundation
Other restricted funds
TOTAL FUNDS		 Incoming
resources
£
4,039,551
50,000
17,514

4,000

71,515
4,111,065		 Resources
expended
£
(4,255,395)
(38,328)
-

(4,000)

(42,329)
(4,297,723)		 Movement
in funds
£
(215,844)
11,672
17,514

-

29,186
(186,658)

15. CAPITAL COMMITMENTS

There were no capital commitments outstanding as at 30 July 2020.

continued...

Page 21

16. RELATED PARTY DISCLOSURES

The following Trustees entered into related party transactions with BMT during the period/year:

D Mansfield
J Atkins		 30.7.20
£
21,533
-

21,533		 31.7.19
£
1,040

1,936

2,976

The above transactions are for music lessen and other related activities. These activities are invoiced at normal fee tariff rates and on an arms length basis.

The outstanding balances as at period/year end are as follow:

D Mansfield
J Atkins		 30.7.20
£
-

-

-		 31.7.19
£
80

80

160

continued...

Page 21

Buckinghamshire Music Trust

Detailed Statement of Financial Activities

for the Period Ended 30 July 2020

INCOME AND ENDOWMENTS
Donations and legacies
Grants
Other trading activities
Music tuition
Exam fees
Other income
Total incoming resources
EXPENDITURE
Other trading activities
Purchases
Wages
Social security
Pensions
Hire of instruments
Other operating leases
Licensing and subscriptions
Exam fees costs
Events and tours
Equipment expensed
Instruments repair
Storage
DBS checks
Sundry expenses
Training and meeting costs
Transportation costs
Other
Other interest
Support costs
Management
Wages
Social security
Pensions
Carried forward		 Unrestricted
fund
£
849,725
1,056,995
10,818

98,468

1,166,281
2,016,006
-
1,029,788
79,868
206,017
-
36,967
885
5,576
30,104
2,000
5,861
7,185
1,980
437
5,314

-
1,411,982
1,657
405,780
30,753
79,325
515,858		 Restricted
fund
£
67,514
-
-

4,000

4,000
71,514
-
28,083
-
-
-
-
-
-
11,831
-
820
-
-
-
-

-
40,734
-
725
-
-
725		 30.7.20
Total funds
£
917,239
1,056,995
10,818

102,468

1,170,281
2,087,520
-
1,057,871
79,868
206,017
-
36,967
885
5,576
41,935
2,000
6,681
7,185
1,980
437
5,314

-
1,452,716
1,657
406,505
30,753
79,325
516,583		 31.7.19
Total
funds
£
774,178
1135,251
37,118
76,998
1,249,367
2,023,545
4,222
1,020,637
79,390
154,910
212
109,152
2,304
31,787
205,709
1,210
3,702
6,883
1,513
1,374
4,158

4,563

1,631,726
-
392,988
30,569
59,647
483,204

This page does not form part of the statutory financial statements

Page 22

Management
Brought forward
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Motor expenses
Travelling
Premise expenses
Gifts
Finance
Bank charges
Bank loan interest
Information technology
Repairs and renewals
IT software
Human resources
Professional fees
Governance costs
Auditors' remuneration
Accountancy and legal fees
Total resources expended
Net income/(expenditure)		 515,858
2,929
5,770
9,154
4,962
996
1,244
-
345
4,526

-
545,784
3,089

313
3,402
-

28,768
28,768
93
8,400

4,200

12,600

2,004,286

11,720		 725
-
-
-
-
192
-
497
-
-

-
1,414
-

-
-
-

-
-
180
-

-

-

42,328

29,186		 516,538
2,929
5,770
9,154
4,962
1,188
1,244
497
345
4,526

-
547,198
3,089

313
3,402
-

28,768
28,768
273
8,400

4,200

12,600
2,046,614

40,906		 483,204
6,306
4,815
5,395
4,701
3,721
6,752
165
2,304
4,432

385
522,180
3,832

-
3,832
753

65,877

66,630
17,141
5,400

4,200


9,600

2,251,109

(227,564)

This page does not form part of the statutory financial statements

Page 23