Charlty regIstraOn number 1177780 Company roglstratlon number 11198293 IEngland and Walgs) BUCKINGHAMSHIRE MUSIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JULY 2023
BUCKINGHAMSHIRE MUSIC TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8tè•s D C Mansfièld P Downlon S J Imbriano Charlty numb•r 1177780 Company number 11198293 Regl3tered office Aylesbury MtÈslc Centre Walton Road Aylesbury Bucklnghamshi HP217ST Independerlt accountants Amersham Accountancy 3A Station Road Amersham HP7 3BQ
BUCKINGHAMSHIRE MUSIC TRUST CONTENTS Page Trustees port Independent examiner's reporl statement of financial activ6fjes &lance sheet Statement of cash fiows Notes lo the finaneJal slalernen18 10-21
BUCKINGHAMSHIRE MUSIC TRUST TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE PERIOD ENDED 29 JULY2023 The T¥ustees pre8enl Ihelr annual report and financial statements for thé Pertod ended 29 July 2023. The financFal slalemen15 have been prepared in accordance with the accounting pollcles sel out in note 1 to thè financial slalements and comply with the BMT'S Igovemirbg documentl. the CompaniesAcl 2006 and'Accounting and Reporting by Charities.. Slatemonl of Recommenijed Pracllce applicable lo charitie8 prepadng Iheii accounts In accordance wilh the Financial Reporting Standard applicab16 In the UK and Republic of Iieland {FRS 1021" lefleclive 1 JaEtuary 20191. Oblgetlv&s And actlvitfjes Buckinghamshlre Music Trust I'BMT'I is a Music servi that Inspires exciting, meaningful and engaging muslcal expÉri6ne6s for every child In the county. In the year 22123, BMT continued lo pursue its slalod mission: Experiences and opportunities that inclL¢de all abilities, talents, genres 8nd forms of music. supporting all the outstanding work that happens now and Ihat we will build in the futuré. Experlences and opportunlt168 that take place in all types of School IbDlh in Ihe curriculum and beyondl, in music centre8, in mMunItY settings and in commercial sellings. Pmmoting opportunities loi all students to access meaningful and hlgh qu8lily vocal and Instrurnenlal experiences including opportunltlès to progress to the highe81 levds of excellence. Promoting and 8UPW)rtin9 the itnportanEe of music in all children'8 lives as methIng valuable. rewaiding and fun. ProvSding a wide rangts of performance oppodunities lo both celèbratè th6 achlevements of young muslcialls and empower them l¢Tr be confident and skllled Individuals who can ¢xpr¢ss thelr creatSvity and work log8lh8r for success. Lèadlng a ¥adical development of muslc in schools and olher eduratlonal settlngs, working in partnership wlh other organlsalion8, induding the Local Authority, lo realise an outstanding edLution for all studen18 In the county. Facllltating the Bucks Musi¢ Education Hub as an open, creative and positive network of partner8 who Share a common vision and drfve wlth Imagination and high èxpeclations BMT Is the lead organlsatlon foT the Buckinghamshlr• Muslc Education Hub. Bulldlng network3, partnershlps and relallonshlps with 8nd b81ween muslc organisation8 and indlvlduals of all types. Worklng actively to OVErctsme bairier8 that prevonl muslcal opport¢tsnlly, providing solutions lo any fM of exdusion whether through special needs, disability, abilty to pay, gender, geographical loeatlon. cultural background or lack of Support. Providing stspport, training ancl nglworking for all music wacli1ione en9aged in activity with young people in 8uckinghamshire and beyond. Promoting innovation and creallvity in muslc and across arts. culture and heritage. An advocate for the importance of muslc for all young p80pIe. The TTUStaes have paid due regard to guidance Issued by the Charity CommIs$l In declding whataclivilies the BMT should undertake.
BUCKINGHAMSHIRE MUSIC TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE PERIOD ENDED 29 JULY 2023 Slgnlficant Partner8hlplHub Actlvltles Bucks Schools Delivery of GCSE and A-18vel support In schools where recrulling music teachers Is proving a challenge and increase In demand for support from secondary schools who have not previously engaged with BMT. Primary Music conferern on June 28th al the WalersidÉ Thaatre second space. Well allended with ex¢ellent fèedback on all session8 Florenc8 Nlghllngale HOspe Charity New parlnership now in place fo11tsng success of previous events Two weeks perye8r- (6 In HW at Swan and one In Aylesbury al W81erskle Both will recruit Iwo chlld cas151100 each) and do a matinee and 8venlng show, increaslng potential fundfaising revenue BMT County level musiclans give opportunlty lo play in pll band and gain invaluable expèrfance YCBucksCEP- the Cultural Education PaTtnership BMT conlinulng to lead on young creatlV8 consultation programme Sleerlng group progresslng with establishment of CIO entity Fundralsing in progress with some good successes Network slren9lheniTrg overall arts landscape CPD delivery Dèputy Director dellverlng whole day primary muslc training for MK & N Bucks tralnees and sessicns for Aslra Teachtng Schools Hub Dlrector delivering menlorfng and support packages lor trainees In 3 secondary schools In partnership with Aslia and Unlverslty ol Herts NMO I InstruTnenlal Relaunch of comblned programme of school Goncerts and follow-up instrumental vlslts leadlng to uptske to lèssons in previously unengaged schools School vislts and slreamed 'Meet Thè Orchestra, during summer term All thesè successes are within a continued perfod of recovery whèr& financlal constraints were still 8vid8nt from managing the company through the pandemic and whilst setvice levels have returned to levels eq(Eivalent to before th81, the overall financial r8covery has still been in progress, The recovery plans outlined in the previous report have all been effectivèly Implemented and a beginning lo make a difference. However, the additlDnal accounling impact of the change of funding cycle by Arts Council England, the resulting, necessary change of Involcing cycle by BMT to manage rashfloweffectivelyand the longertemi impact of repayment Schemes and how they fall within the accounling yeaf lead to the posltlon of the8e acLounls showlng a deficit of £526k. BMT Continues lo mallage ils trading and Income and eXp¢ndilU effectively across Ihe year, wè aré stlll wilhin the period of recouping liabilltles, and Ihls is well-rnanagod whilsl preventing the accrual of slgnificanl reseNe. All oui Il£*bllllles have been consolidated Into 0-year repayment programmes that have been achieved durlng 22123 and wlll continue lo work through during 23124. The PAYE118bilily will be repaid by October 2024, LGPS by Juty 2025 and TPS by September 2026. All these r8paym6nt plans are fully approvèd and in train. The projected defioil in (he accounts tck date therefore show these liabilities reduang and are funded in year by the following rnea8Utes pul In placè during 23124 and ale proving effecb"ve. Some significant payments in this accounting year are not repeated in following yèars. such as the additional post-pandemic touring costs of £38k. Stèady In¢fease in prices slightly abov8 th6 rate of inflation that were not able to be Implemented previously a now in p18ce on an annual basis. Conlinued increased dèmand for IV lessons and school ordèrs increasing margln on Income. Increased nurnbei of BMT membef schools. Increase in Music Cenlre memberships wilhoul Increased staff costs. Increased dem&nd from schools for consullanry and tralning. Increase in sponsorship and donations already secured. The exl¢mal fundlng of one Senior post S8conded lo Cultural Education Partnershlp.
BUCKINGHAMSHIRE MUSIC TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE PERIOD ENDED 29 JULY2023 These elements reprÈsÉnl an additional level of income Compared lo 22123 wth no addluonal costs in the reglon of £260k. The new Muslc Hub structure ar¢d successful bid by BMT to bè thè Hub Lead for a wlder aroa will bring ali addition31 revenue ¢bf approximalety £45k in the yèar 24125 and beyond. A Senlor Leadershlp re-8lruotuio has be Implemented lo reduce Ihe costs by a furfher £38k per annum. Afull revlèw of penslons and the Incroased gmployei conliibulions to examine other possible options is In train to remove the ongoing high level of IlabS1ity of the current arrangements. Additional short-lerm funding for Incrèased penslon costs of approximately £96k has been Secured from DfE that will ensure that this liability does not increase during 24125. The evidence at the tim@ ol willing this report is thal all these fa¢lors are accurate and support Ihe buslness plan for Ihe next iwo years with the 8blllty to recover the existing Ilabililies without incuriing further obligalions. On Ihls basls Ihe Trustees have a réasonable Èxpeclalion that the BMT has adequate ongolng resources lo continue In operallonal existénee frirthe foreseeable luluro whilst nrellng all Its repAyments and so continue lo proceed with these acLEkunts on the basis of a golng concern. Achlevement8 and perforrnanc Signifjtt8nt Aefvvilies and ac98n1S 8g8insl ob]8ctives Fundraising praclic8S This has been a highly succe88fv1 yoar lor BMT as rebulldlng activity and Part[patIon followlng the impacts of the CcTrvld-19 pandernic and its effeGI on activity levels bul has ¢onlinued to take tlme to recovertrom some of the fjnanaal impact of this period. Thinos are very much mving in Ihe rightdir6clion. buttaking lime to do 60. wilhoul implementing the type of piice rises that would go againsl our charitable mission of inclusion and equity of opportunity. From Summer term 2022 to summer term 2023 the follong IncrÈasÈs in aclivlly were mglslered,. InstruThEtaI & vocal leaching increasèd by 18% Muslc Centre membershlp increased by 22V. County Groups memborship increased by 19010 Sch(K)I mgtnbership increased by 22% Delivery of Who18 Class Praciical Musicianship (WCPMI increased by 16¥0 Ve also saw an Increase in all areas of the number Df performance opportunllles foryoung muslelans, both local and counly-wide and across all genres. Thè yèar saw a lull range of18rge events includlng.. The Ballle of the Bands Iinal at the Swan Old Town Hall In March th a record numb8r of applicalions and audi08, Our RAH Celebration Concert on Tuesday March 2023 was a huge 3ucce$s. Th¢ focus was tsn excellence and diversity and so the music, oornposeis and Conductors We selected ensuring to iepre5entthe broadest possible range of musÉc, bul with the hlghesl Quality of aTrangemenl and performan at every ability 18V61. We inviled 2022 leavèrs to sharè the opportunity lo partioipate should they wish to. We were also be joined by KS3 cholis Ilorn 17 secDnd(iry schools laboul 400 singersl and young musicians fiorn the SIou9h Youth Orchestra. Awnersham Beginner Band and Mill End Voices as active partnets. Th$ Bucks Young Musictan of the Year final took place at Aylesbury Music Centre1n late March and wa8 Ilvestreamed as well. Agaln we had a record enlry and the evantual wnner was Emma Harrington. a young soprano who wlll be studying 81 Royal Academy ol Music next year. All the County groLFPS C(outh Orchestra, Wind Ensemble, Jazz ColleCte and Youlh Choirl, cornprislng 92 outstanding young muslans, undertook a tour lo Genl in Belgium, with the highlight being a full afternoon of music on a large stage In the cathedral squaiè £n Genl on the final Saturday afternoon of Ihe GentFesl with audiences of about 100D and wide acclaim,
BUCKINGHAMSHIRE MUSIC TRUST TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD SNDED 29 JUL Y 2023 Fsnanclal revlew Res&Kvss poliGy It Is Ihe policy of thg BMT that unreslridéd funds whlch have not been deslgnaled for 3 specifi¢ u$& should be maintained al 8 level equlvalenl to two month'5 expendllure. The Tiustees consider that Te8erve5 at thls level wll ensure that. in th8 event ol a significanl diop in fvndlng, they will be able to continue the BMTS cuent aetlvities while consideration is glven lo ways In which addltlonal funds may be ra180d. Th$ level ol reserves has yet to be reached bul rneasures are In place lo work tewards this position across the next Iwo years.. structure, governance and manag&mènl The BMT is a company Ilmlted by guarant08 and a nol-for-profil Charity. The Trustees, who arè also the direclois for the purpose of company law. and who s&rvgd during the Period and up to the date of sIgn81u of Ihe financial 8tat6ments were.. D C Mansfield L Presencer JMAtki P Downton S J Imbriano IResigned 31 ma 20231 IRe8igned 27 Maich 20231 Recwitmènt 8nd &ppoinlmenl of Itusfeas In acco¥dan¢e wlth our articles, roGlUitment to the board of tmstaes was approved by the exlstlng board wllh 8 vlew to expanding th6 r8nge of skdls acioss the board to ensure strategic guidance and effectlve $Ul1nY of tho aolivlties of the cornpany. None of the Trustees has ally benefiEi¢il inleresl in the company. All of the T¥u51ee5 are members of the ¢ompany and guarantee to conlrlbule £1 in the event of 3 wlndlng UP. The wmpany's CUTrent pollcy ooncerning the payrtLEnt of trade creditors is to follow Ihe CBI'S Prompt Payers Codo (copies are availab16 from the CBI, Centre Polnt, 103 New Oxford Slreel, London WC1A I DUI. The companys currenl policy concemlng the payment of trade uedilor5 18 10- sellle the temis of paymonl with suppllers when agr8elng the terms of each transacilon.. ensure that supplieis aTe made aware of th8 tmS of payment by incluslon of the relevant tsmis In contracts.. and pay In accordance with the company's conlr8ctsEal and olhei legal obllgations. During thls year of Iradlng BMT employ8d 8 senlor leadership team of 7 and central 8dmlnistration team of 6 and a leachlng staff ofapproxlmaldy 85 wth a FTE of approximately 42.5. The Trustees report w&s approved by the Board ofTrustees. D C Mansfield Dale.. . 2<
BUCKINGHAMSHIRE MUSIC TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BUCKINGHAMSHIRE PdlUSIC TRUST Thls fomis the report lo the Trustees on examination of the financial Sialements of Bueklnghamshlre Music TTUSI (the BMTI for Ihe Period ended 29 July 2023. Re8ponslbllltie¥ and basls of roport As the Trustees of the BMT land also ils directors for the purposes of company lawl you are responsible for the preparatlon of the financial 8talemenls in accoidance with the requirements of the Cotnpanles Act 2006 Ilhe 2006 Acll. Having been satisfied that thè f5naneial statements of the BMT are not required to be audlted under Part 18 of the 2006A¢l and are eligible for independent Examlnation, this report in respecl ol the exafflinalion of the BMT'S finandal slalemonls has bBen cairied out under section 145 01 Ihe Charitses Act 2011 Ilhe 2011 Acll. In carrylng out the ex8mlnatlon. all the applicable Directions gNen by the Charity Commi8slon under s¢¢tion 14515llbl of the 2011 Act hav& b&en rlgorously followed. Independent examlnor's statement Slnce Ihg BMT's gIOS5 income excepded £250,0(Kl your exarnineT musl be a member of a body lisf8d In s6ctlon 145 of the 2011 Act and it is confiimed that these conditions have been satisfied Upon completion of the examination. 1118 confiirned that no matters have come to attentlon In connèclion with the examination givSng cause to bolieve that in any material respect= accounlÉng iècocds were not kept in respect of Ihe BMT as required by section 386 of th8 2008 Act., or the financial 8latem8nts do not aeeord with those records". or the finanaal statements do nol mplY WElh the 8CCOkJntlng requlr6mènls of sectitsn 396 of the 2006 Acl other than any requirement that the accounts give a Iwe alld fair view which is not a matler consldeied as part of an independenl examlnalion., or the ftnancial statements have not been prepared in accordancewith the molhods and principles of Ihe Statement of Recommended Practice lor accounting and reporting by charitie5 appllcable to charlties preparing their accounts in accordance wilh the Financial Reporting Standard appllcable in the UK and Republicof Ireland IFRS 1021. There are no concerns that have been come across, nts other matlers in connection w7lh the examination lo whl¢h attention should be drawn in Ihls report In ordèr to enable a proper understallding of the finan81 s181emenls lo be reached. Daled..
BUCKINGHAMSHIRE MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 29 JUL Y 2023 Unrestrlcted Restrlcted funds fundB 2023 2023 Total Unrèstrlet&d Restrlcted fund¥ funds 2022 2022 Totsl 2023 2022 Note8 Income from.. Donallons and legacles Charitsble 8¢llvities 744.005 1,396,020 37.796 781,801 1,396,020 825.652 1,363.444 15,000 84O,6S2 1.363,444 Total Incom 2,140.025 37.796 2,177,821 2.189,096 15,000 2.204,OL Expenditurè on: Charltable activities other expetKliture 2.401.759 6,539 49,077 2.450.836 6,539 2,284,718 6.928 17.5QO 2,302,308 6.928 Total •xp6ndlture 2,408,298 49,077 2,457,375 2.291.846 17,590 2,309.236 Net expgndlture and rnovement In funds 1268,273) 111,2811 1279,5541 1102.5501 12.5901 (105,140) Reconclllatlpn of fundts: Fund balances al 31 Juty 2022 1262,632 16,574 1246.0581 1160,0821 19,164 1140,9181 Fund balances at 29 Juty 2023 1530,9051 5,293 1525,812) 1262.6321 16,574 1246,0581 Thè Statement of financial aclivities Includes all gain8 and losses recognlsed in the P8rlod. All Income and expenditure ¢rive from continuing actlvltles.
BUCKINGHAMSHIRE MUSIC TRUST BALANCE SHEET AS AT29 JULY2023 2023 2022 Nots8 Fixed as8etS Tangible assets 11 7.906 8.844 Current assets Debtors Cash al bank and in hand 12 187.208 80,404 81.226 167.206 161,630 Cr•dltors: amounts falllng due withln one year 14 1682.340) 1388.0391 Net current Ilabilltlo$ 1515,1341 1228,4091 Total a88et8 less current Ilabllltles 1507,2281 1217,5651 Creditors-. amounts falllng due after more than one year IS 118,384} 128,4931 Net as8818 trxeludlng pension Ilablllty 1525.6121 (246,0581 Net Ilabilltle$ (525,6121 1246,0581 The funds of the BMT Rèstricted income lunds Unreslrict8d funds 18 5,293 1530,9051 18.574 1262,6321 1525.6121 1246,0581 The metnbers have not deposited nottce. pursuanl to Section 478 of the Companies Act 20( requiring an audh ol Ih8se financial ststements. The trustees acknowledge their IEsponslbllilies for 8} ensuring that thè charitable company keeps accountiftg records that compty with Sections 386 and 387 of the Companies Act 2006 and bl preparing financial statements which glve a true and fair view of Ihg stale of affaifs of the charitable company as at tho end of each flnancial year and of Ils surplu8 or def4ciI foi each financial year in aeeA>rdanee with the requlrements ol Sgdions 394 and 395 and which otheiSe comply with the requirements of thts Gompanies Act 20[ relating lo financÈal statements, so lar as appllcable lo the charitable catnpany. The member8 havo not tequlred the Company to obtaln an audit of Its financial statemenls lor the Period in question in accordance wlh sectlon 476.
BUCKINGHAMSHIRE MUSIC TRUST BALANCE SHEET (CONTINUED) AS AT29 JULY2025 These financlal slalements have be8n pTepar6d In accoidance wlth the provislons applicable to companies subleclto the small companies reglme. The financlal statèments were approved by the Trustees on D C Mansfi8ld Company registration number 11198293 (England and Wales)
BUCKINGHAMSHIRE MUSIC TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 29 JULY 2023 2023 2022 Notas Cash flows from operating activltlo$ Cash (absorbed byygenerated from operations 24 175.8611 92,636 Investlng actlvlt188 PurGhase of tangible fixed assets 11,4231 {7.e431 Net cush used In Investlng actlvltleB 11.4231 17.6431 Flnancing actlvltle8 Repayment of bank loans (10,1091 19.9321 Net cash used In financlnu activitles 110,1091 19.9321 Net Id•er8asèlllncrease In cash and cash equlvalènts 187.3921 75,061 Cash and cash equNalents al beginning of Period 81.226 6,165 Cash and cash equlvalgnts at end of Perlod 18,1671 81,226 Relallng lo: Cash at bank and in hand Bank overdrafts in¢lyded in credllors payable within one year 81,228 16.1671
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMEl+lTS FOR THE PERIOD ENDED 29 JULY 2023 Aecountlng pollcles Charity informatlon Buckinghamshiie Music Twsl Is a private cotnpany litnited by guaranlee lrtcorporated In England and Wales. The regislered offke Is Aylesbury Muslc Centre, Walton Road, Aylesbury, Buckingharnshire, HP2178T. 1.1 Accountlng conventlon The financlal statements hav6 been ppared in accordance with the Companies Act 2006, FRS 102 °The Flnancial R8porting Slandaid applicable in the UK and RepubliL of IrelÉind" I'FRS 102) and the Charities SORP "Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charities preparing Ihelr accounts In accordan wllh the Financial Reporting Stsndard applicable in the UK and R8publlc of Ireland IFRS 1021" leffecbve 1 January 20191. The BMT is a Public Benefit Entity as defjned by FRS 102. The financial stalemenls are prepared tn steillng, which Is Ih6tun¢tional ¢urroncy of the 8MT. Monetary amounts in these finanrAal slalemenls are ioundod lo the nearest £. The financial slalements have been prepared under the historlcal cost conventlon. modified to include certain fjn8nclal instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern Al the lime of approving Ihe fln8nd81 statements, the Trustees have a reasonable expecialion thal the BMT has adequate resource5 to conunue In operalional exlstence lorthe foreseeable futurp. Thus, the Trustees continue lo adopt the golng coneem basis of accounting in preparing the financial sl8ternenl8. This has been another ChaInging year as BMT 18cov8rs from th8 Impact of Covid-19 pand6mlc and the bffecl ihal had on both activity leve18 and èbillty to trade effectlvely. Although BMT has a negative Balan Sheet, £526k of this 18 on a iepaymèftt plan and cashflows have been reviewed lo ensu thls can be mel. BMT has been exligmely Suc5sful in term5 of recovering ils previous aclivily levels and this has now been combined with Ihe abllity to restructure buslness plans and increase fees in most arèa, which was impossiblè at the start of the 22123 year due to the end effects of the Covid-19 pandemic. Therefore al the titne of approvin9 the financial stalemenls, the Trustees have a reasonable expectalion (hat the BMT ha5 adequate resources to continue in operational oxislence foi the foreseeable fuluie whllst meèting all Ils repayment obllgatlons. Thus, Ihe Iruslees continue lo adopt thè golng concern basis in preparing the financial slalemenls. See lull trustees report for further details. 1.3 Charltable funds Unrestrictèd funds ale available for use at the discretion ol the Trustee8 in fvrtherance gf their thaiilable obiecllves. Restrted funds are Subject 10 5peelflc condltlons by 1Sonors or grantors as to how they may be used. The PUIPOS85 and uses of Ihe restrtcted funds are sel out in the notes lo the linanclal slalotn8nts, 1.4 IE)come All Income is recognised in the Slatemenl of Finanelal A¢tivllies once the Charity has entitlemenl to the funds, It is probable that the incorne will be received and the atnount can be measured reliably. The following specific policie¥ are applied to parlkular categorles of Income.. Donatlons- recognised al point of nolificalio Gi£nts- recognlsed al point of received or r8C8ivabl Traded income- recognised al point of invoice 10-
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY 2023 Accountlng pollcle8 IContlnu&rll 1.S Expendhtuye Expendilure is recognlsed once there is a legal orrn$trUctivè obligation to transfèr economlc benefit lo a Ihird party, il is probable that a transfer of e¢onomie benefits wlll be reqUId In settlemenl. and Ihe amount of the obligation can be measured reliably. Expendlturè Is accounted for on an accruals basis and is ctassified by acllvlty. The costs of each activity are made ¢AP of the total of direct costs and shared costs, including support costs invofved ID undertaklng each activity. Dlrect costs attributable to a single activily are allo¢aled dir8clly lo Ihal aclwlty. Sharod costs whlch contribute lo more than one activity and support costs whieh ara not attrlbutabl& to a single activity are apportioned behyeen those activities on a basis oonsisleTrt with the use of iesources. Central staff costs are albcaled on the basis of lime spent, and depreCIaOn charges are allocated on Ihe portion ol the asset's use. 1.6 Tanglble flxed a55ets Tangible fixed asse18 a inillally measured al cost and subsequently measured al cost or valuation, nel ol depTv¢ialion and any impairment Eosses. Depreciation is recognised so as lo wdtè ofl thè cost or valu8tlon of assets less their residual values over iheir useful live8 on the follownu b¥se$'. Music inslr(¢rnenls Motor vehleles 20% on reducing balance 33.33°/o on reducing balanco Tho g8in or1955 arising on the disposal of an asset is delermined as the diffeience belween thÈ sale proc88ds and the cairylng value ol the asset, and is recognised in the 8tatemenl ol fin3ndal o¢tivAi¢s, 1.7 Impalrment of fixed aBSèts Al each reportlng end dale, the BMT reviews th8 carylng amounts of Its tanglble assets to determine whelhei there is any indication that those 88S8t8 havo suff6rad an Impalmient knss. If any such indication exisis, the recoveiable amount of (he asset is estimated order to determlne the extent ol Ihe impairment loss lif any}. 1.8 Cash and cash equlvalents Cash and cash equlvalents include cash In hand, deposits held al call with banks, other 8hort-18rm liquid invoslments with orEginal tTraluritles of th¥ee months or less. and bank oveidrafts. Bank overdr8ft8 arè shov4n wilhln bofiowlngs In currenl liabilitie8, 1.9 Fltlanclal Instruments The BfvIT has elected to appty the provisions of Sedion 11 'Basi¢ Financial Inslrumenls, and Sedion 12 '01hei Fin8n¢ial Instrumenls Issues, of FRS 102 to all ol ils financial insliuments. Flnancial instruments are recognised In the Bmfs balan¢e sheel when the BMT becomes party lo the contractual wovision8 of the inslrurnenl. Financial asse15 and Ilablliles are offset, with the nel amounts presented in the financial slatemenls, whon there is a legally enforceable right lo Set off tho fe¢ognlsed amounts and there is an Intentlon to sellle on a net basis or to realise the assel and sellle the liabilty simullaneousty. 8aslc flnanclal assets Baslc Iinand81 assets, which include deblor8 and cash and bank balan¢e8, are Initially measured at transacllon price Ineludlng tr8nsaetlon cosls and are subsequenlty carried al amortisgd w5t using the effective tnlere51 method unless the arrangement wnslilules a finanrng Iransaclion, where Ihe transactlon Is measured at (he psent value of the future rec8ipls discotsnled al a mark8t 1818 of intorest. Financsal assets classlfied as recewable within on8 year are not amortised.
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY 2023 Accountlng pollcles Icontlnuedl asic financlal Ilabllltle$ Basle finanaal liabilities, including creditors and bank loans are initially ¥ecognised al transaetlon price unless the arrangement conslilutes a financi(tg transaction, where the debt instrument is measured at the present value of the fulure payments discounted at a markel rate ol interest. Financial liabilities Glassifieil as payable wilhin one year are not amortlS6d. Dobl Inslrumenls a subsequently carried 81 amortlsed cost, using the effeclive intere81 iale method. Trade creditors are obligations lo pay for goods or seNices that have been acquired In the ordinary course ol operations from supplie18. Amoun15 payab are classified as current liabilÈlies if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Tradg credil01s are recognised Inillally allransaclion pr1 and subsequently me8surèd at amortised cost using the effective inleiesl tnelh(yJ. Dorecognition of flnanelol Ilabllltles Flnanelal liabilities are derecognlsod when the BMT'S contractual obligations èxplrè or are dlscharged or cancelled. 1.10 Employee benèfits The cosl of any ¢Jnused holiday enlillÈmènl Is recognised in the period in which the Employee's serceS are received. Termination benefits ale recognised (mmediately as an expènsè when the BMT is demonstrably commilted lo terminate the 8mploymènt of an employee OT to PTovid¢ lerfflination benefils. 1.11 Rettrem•nt b&nellts Paymen18 lo Ilefinod contfibut(on retlremenl ben9fil schern8s ar8 tharged as an expen8e as they fall due. Donallon¥ arEd legacies Unre8trf¢tod Restrlcted funds funds Total Unrestricted Rgstrleted funds fund Total 2023 2023 2023 2022 2022 2022 Grants 744,005 37.796 781,801 825,852 15,0(K) 840,652 Grants recelvable for core actlvlties Other 744,005 37,796 781.801 AA825,652 15.0 840,652 744,005 37,79S 781,801 825.652 15.000 840,652 12
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY2023 Donatlons and l&gaeles Icontinuedl The ACE funding to BMT Is to support our role as the core organlsailon of the Bucks Musfic Education Hub and lo support thé reallsallon of the core and exlett5bn roles within the National Plan for Mlls. As this de8criptlon encompasses virtually all of BMTS 8cllvities, including the devglopmenl of partnership work, therefore il Is treated as an unrestricted grant that supports the mission and aims of the organisalion. A ignificant amunt of this grant is used to support specific tIvItieS in thè core roles, such as Wholo Class Pr2ctfjcal Musicianship deliveT¢d al a highly subsldised rale lo Èchools. Income from charltable actlvltles Unrestrlcted funds 2023 Unrèstrictèd funds 2022 Muslc tultlon Exam fees Other income 1.148,197 38.132 211,691 1.194,276 38,326 130,842 1.39S.020 1,363,444 13
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY 2023 Exp&ndlture on charllable actlvltles Unrestrlcted Restricted Fund Fund 2023 2023 Total Headlng
a¢982
2022 Headlng
ac983
2022 Total 2Q23 2022 Dirèet costs $18ff costs Depreciation 8nd Impairment Other operatlng leases Licensing and subscrlplions Exam fees costs Events and tours Equlpmenl expÉnsed In8lruTnents repa1¥ storage DBS checks Sundry expènsas Trainillg and meetsng costs Staff WElfare 1,510.413 34,677 1,545,090 1,439,437 15,940 1.455.377 2,381 74,657 2,361 74,657 2.805 71.071 2,605 71.071 3,845 22,035 122,505 3,845 22,035 128,905 6.401 23,538 108,254 11001 8,663 7,201 2,428 442 6,401 23.538 109.904 iiooi 8.663 7,201 2,428 442 6,400 1,650 8,680 6,825 2.102 2.191 8,680 6.825 2,102 2,191 5,227 3,126 5.227 3,126 3,331 1,267 3,331 f,267 1.763.967 41,077 1,805,044 1,674,538 17,590 1,692,126 Share of support and governance costs (see note 5 Support 629.173 8,0(K) Governance 8,619 637.173 8,61g 597,207 12,973 597,207 12,973 2,401,759 49.077 2,450,836 2.284,718 17,590 2,302,308 Analysls by fund Unrestricted funds Re81lloted funds 2,401,759 2,401,759 49,077 2,284,718 2,284,718 17.590 49,077 17,590 2,401,759 49,077 2.45D.836 2.284,718 17,590 2,302,308 14-
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY2023 Support costs Support Governance costs costs 2023 Support Gov*rnanc6 costs 2022 Staff costs Rates and water Insurance Light and heat Telephonè Postage and stationery Motor expense5 Premise expenses Bank charges Bank loan interest IT 8tsftware 484,849 4.138 12,046 8,556 4.716 8,996 46,216 9,665 2,155 736 49,101 484.849 4,138 12,046 8,556 4,71 S 6.996 46,216 9,fj65 2,155 736 49,101 3,810 462.065 4,065 9,482 9,187 4,559 11,639 41,401 9,063 3.089 313 28.768 462,(5 4,(5 9,482 9,187 4,559 11,639 41,401 3,089 313 28,768 8,780 Audit fees Accountancy and legal fre8 3,810 8,760 4,809 4,809 4,213 4,213 629.174 8,619 837,793 579.641 12,600 610,180 Analysed between Charitable aclivilies 637.173 8,619 645,792 579,641 12.600 610.180 Governance costs Includas payments to the audllors of £3,81012022- £8,760) for au¢JK fees. Net movement In funds 2023 2022 The nel movèmènt In funds is slated after ¢harglnallcredillng)'. fee5 payable lo the Auditors Depreoalion of owned tangible fixed assets 3,810 2,381 8,780 2,605 Trusts98 None of the Trustees lor any persons connected with them) r8C61ved any remune¥atson or beneflls from the BMT during the Period. Employogs The average monthly number ofemployees during the P8riod was.. 2023 Number 2022 Number Stsff 101 93 15
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JUL Y 2023 Employegs IConllnu8dl Employmant costs 2023 2022 Wagos and salaries Soclal security costs Other penslon costs 1,582,241 120,419 327,279 1,497.031 116,659 303,752 2,029,939 1,917,442 The number of employees whose annual remuneration was more Ihan £60,000 Is as folknws.. 2023 Numbor 2022 Number £90,LlOi to £100,000 Other Unre$trlet•d Unrestrlcted funds funds 2023 2022 Other Inte$t Sad and doubllul debts e.928 6,539 10 Taxatlon The charity is ex8mpt from taxa(lon on its activities because all ils income Is applled for charitable purposès. 16
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JUL Y2023 11 Tang5ble flxed assets Muslc Instrumwts Motor v•hl¢l85 Total Cost At 31 Juty 2022 Additions 9.442 1.423 3.550 12,992 1,423 At 29 July 2023 10.865 3,550 14.415 Depreciatlon and Impalmient Al 31 July 2022 Depreaatlon charged in the Period 2,17e 1.835 1,972 526 4.148 2.361 At 29 July 2023 4,011 2.498 6.509 Carrylng amount At 29 July 2023 6.854 1,052 7.9( At 30 Juty 2022 7.266 1,578 8,844 12 Debtor# 2023 2022 Amounts lalllng due wlthln one year: Trade debtors Other deblots Prepayments and accrued incom 150,331 6,(0 10,875 64,862 6,000 9,542 167,206 80,404 13 Loans and overdrafts 2023 2022 Bank overdrafts Bank loans 6,167 28,384 38,493 34.551 38.493 Payable within one year Pay8ble after one year 16,167 18.384 1 Cl,000 28,493 17
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY2023 14 Cr•dltors'. amounts falllng due wtthln ono year 2023 2022 Notes Bank loans and o¥erdrafts other taxatlon and social secuTIty Deferred income Trade Greditorg Pension payable Accruals and deferred income 13 16,167 181,702 62,1B1 58,127 339,352 4.811 10,000 217,088 16 51,876 99,005 10,068 682,340 388,039 15 Credltors= amounts lalllng due after more than one year 2023 2022 Bank loans 13 18,384 28,493 16 Dèfèmd Income 2023 2022 Other deferred incorne 82,181 Dtrlerred in¢ome Is Induded In the financial 8laternenl8 85 follows.. 2023 2022 Deferred income is Included within.. CrrernI liabilities 82,181 Movetnen15 in Ihe Perlod-. Deferred income al 31 July 2022 Released from previous period5 Resourcès dèfèrred In the Period 28,320 128.3201 82,181 Deferred Income at 29 July 2023 82,181 17 Retirement beneflt 8chem84 2023 2022 Definèd eontrlbutlon schemes Charge to profit or IDSS in respecl of defined contrlbutlon schemes 327,279 303,752 18
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE PERIOD ENDED 29 JULY 2023 17 Retlrement beneflt schemes Icontlnuedl The BMT operates a defined conliibulion pension 8¢heme foF all qualifying employèes. Tha assets of t scheme aré held sèparatèly from those of tha BMT In an Independently administered fund. 18 Re¥lrl¢tsd fund5 The r6strlcted funds of the char¢ty comprise the unexpended balances ol donations and grants held on tru81 subject to Specif cond¢tions by donors as to how they may be used. At 31 July 2022 Incomlng ource¥ Resources èxpgndgd At 29 July 2023 18,574 37.796 {49.0771 5,293 Prevlous ygar- At 31 July 2021 Incomlng resources Resources expended At 30 July 2022 19.164 15.000 117.5901 18,574 19 Unre¥triGtgd fund The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subj'ecl to specific conditions by donors and gianloTS as lo how they may be used. These Includè dèslgnatèd funds which have been set asidè out of unrèstrlclèd funds by the trL¢Stees lor speclfic purposes. At 31 July 2022 Incomlng resoL*rces Resources expended At 29 July 2023 General funds 1262,6321 2,140,025 12.408,2981 1530,9051 Previous year.. At 31 July 2021 Incomlng re8oiirces Resource5 expènded At 30 July 2022 Gener81 funds 1160,0821 2.189.096 12,291,646) (262.6321 19-
BUCKINGHAMSHIRE IIfiUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 29 JULY 2023 20 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestricted RtrICted fund¥ fLEndB 2022 2022 Total 2023 2022 Fund balances al 29 July 2023 are represented by.. Tangible assets Current 8s501sllliabllillesl Long lerm liabilities 7,g06 (515.1351 118.3841 8,844 1515,1351 1242,9831 118,3841 128.4931 8,844 1226,4091 {28,4931 16,574 1525.6131 {525,6131 {282,6321 16,574 1246,0581 21 Operallng lease conitnilments Le88È8 Al the reporting end date the BMT had outstanding commitments for fvlure mlnimt6m leaso payments UJMler non-¢ancellable operating leases, which fall due as follows.. 2023 2022 Vmlhin one year 10,000 10,00 22 Capltal commltments Amounts conlrarA8d for bul not provSded In the financial slalemenls.. Thertr wer8 no capll81 ¢ommitments outstandlng as al 30 July 202312022- non81. 23 Related party transactlons There were no disclosable related party Iransadions during the Perlod12022- none). 24 Cash generated from operation8 2023 2022 D6fldt for the Period (279,5541 1105,1401 Adjuslmenls fo¥.. Deprecialion and Impalrmenl ol tangible fixed assets 2.361 2,605 Movements in wot*ing capital.. Ilncreaselldecrease In debtors Increa8e in creditors Increaselldecreasel in deterred income 186,802} 205,953 82.181 164,919 58,572 128,3201 Cash labsorbed byllgenerated from op6ratlons 175,8611 92.636 -20-
BUCKINGHAMSHIRE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE PERIOD ENDED 29 JUL Y 2023 25 Analysls of changes In net debt At 31 July 2022 Cash IIow8 At 29 July 20rJ Cash at bank and in hand Bank overdrafts 81,226 {81,2261 16.167) 18,1871 81.226 187,3931 16.1671 Loans falling due within one year Loans falllng due after more than one year 110,0001 128,4931 110,0001 118.3841 10.109 42.733 177,2841 134,5511 21