Charlty wlstrntion nUMr 1190648 THE KAYE MUSIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE KAYE MUSIC TRUST LEGAL AND ADMINISTRATNE INFORMATION Tru8t• Mfs L N Kaye MsEMKaye Ms L C T Van HeiD*n Mf B Baker Mf A Slembery Charlty numb•r R•gl•t•rnd offlc• Slonèhage Fl8mlng 6 Sl James's Squa London SW1Y 4JU Audltor Azels Audll Seryi Ashcrynbg Court wool Way Gcéalming Surroy GU7 1LQ Inve•tm•nt manag•r• Sionehage FlemiThJ Investmnl Managemenl 8 Sl Jamos's Square LoThlon sW1Yu
THE KAYE MUSIC TRUST CONTENTS Trustees. report Ind•F•ndenl audi5 reFrfYt Statefrtnt OlnanC81 actrvitss 8alanr 5hwt Ststement of c8sh Notos to the f)andal Statemts 10-18
THE KAYE MUSIC TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The trusttts pffjsent Ihelr annual repcl ¥#J slatemrt fof the year eThJ&J 30 Seplembar 2022. The financial statements have been propared in accordance wth the accounting FdKies sot OLrt in r10 1 to the financial statements and comply with the chafiiys Dedafation ol Trnst, the Chanties Act 2011 and "Accounting Reporting by Chariis.' Slalement ol Reu>mmeThJed Pr8Ctice appluble lo charits.es preparing their accounts n aOranCe wlth the Financl81 Reportirvj sta1 8ppIKable in tho UK a1 R&1¢ ol Irfrbnd (FRS 1Q21 18ffectFve 1 January 20191". Oty•¢tlvH •nd •ctlvltl•• The charity's obiocts are the advancrnl of Iho art of Il benefft of th8 wbk 8j in partlcular. 81 maintaining 9nd cons8rvwvJ to 8 hKJh slArbJ8rd a ¢olla¢tK)n of pwKwJ music81 inslrum8nts ar¥J bow3 in order to make the perKJ instruments and bows available cxi I3 temi ban to wolessional musicians lor practice 8fMI public porfofmance and the modwn on 8trKwlar lem7 knan 10 students C16 nol otherwiso aff(w 8n instrumenl.. and bl makirvj grants olher asnrA b) music SILOnts aThl lo wrfrnrs and for the Pu1¢ peflomance of MUSK. The trusteeB havo duts rawd to gLmlnrn i8Bu8d by thtr Chavity CommbB8kJn In deL>ding activlues Ihe thadty 8htyJkl undèrtak8. Th? maln xliviliej In rolaty. lo lh• rurtlwr¥n ol thM• ma1nlen•¥ and conswvatI 10 a hyh standard of a cdl•cllon of 1nstr1x7nts and wad•bb• for lo lo wol•ssay musKl•n•, Pollcy on grnnl m•klng Granl maklng is not a pnmary obJ"ects've of Ihe Trust. From bme lo lime. the Iruslees may tAlIfy a caus# which, when supported. wlll achieve their obiedve ol athanc4n9 Ihè art of music for the benefil of th8 public 9onèrally. A¢hS•v•m•nt• and p•rfornian The charity has made available hh quallty and btrw8 li Mus#g ¥hK oth88 Vuld be nable to access such instrumènts bly5. T charlly has used donallons recer*d lo preseThe and mainlaln IM Onstruffnts and b9, and to fiM)d 8ddllional a88el8 whkh are In with lh8 ethan3 wpo. Th8 tru$tees T91Ve regulor updates frcrfn os lo ts pwlrymonces at ¥thh ts Tw$f$ 8ssgts 8re boing used. The Trust does not un(Jert8ke lundNsiTrJ Kliwbes. Th8cretMJ)wy (knation8 arn m&le to the Tnjsl from lime lo time by benefactors knovm lo the trustees. Th8 chadty's inv8stm8nt 1$ prof9ssKIty managed. Th8 ragular repNbng PfOVKl8d to th8 truste85 demonstrates investment performance against agreed benthmarks. Thg trust88s CA81der tho portfdio'8 investmenl perfc¥mance alongshde the broader obiectives of the charity. Fln4nclal revlew During the peiiod, tharity r8c8ived drffiatic5 lotsng £505.875 {2021: £9.322.8). of Ènil 12021.. £6,595,859) were donated assets. In additw. wrealised ktsses on Thes115 during Ihe fina1 yew totslbed £288.31712021 unrealised gal". £60.938). Th8 trustees havo revwed tho thariWs finanual [K>SOn and are satisfied that the charfty Can CtinUe as a 90ing concom. Ai the period end, the charity had net assets 01 £12,361.18312021.' £10,947,456).
THE KAYE MUSIC TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Res•m8 polky Thg trustees will relain cash reservas S(rf19nI to cover at loasl one yearfs operating c))sts. hich amounts to around £50,CO). Cash reseryes held al the PeriJ end lolalled £672,46312021' £163,9)41. Fundraislng There ace no kqanned public funLtr8ising wnpawwrf. Inv•stm•nt policy The charity s tfuslees h8¥e adotrted a lomiol vestr FW. The policy 8els the c8nty'8 attitude 10 risk, the investment lime horizon, ethical w)Iw. 11qulty rnquiremonls and diverwfbcalTh of Inveslad assets. trust8 fevw th• polw on annual ba8 Prlnclpal rtikl and unc•rtalntl• The INsloes have asses88d the malor rfsks lo which iho dwliy Is expDsed. and arn 88t18rd th81 sythms are In place to milvJ8le eXFosiJre to the major nsks. Structur•, go¥•manc• and rnnag•m•nt The thanty 15 a charilable trust and was regi3tored ¥Alh Ihe Chaiity Commlmkffi on 30 July 2020. It i8 govemod by 8 Trust Deed dat 17 March 2020 aThJ arn8n 27 Nov8n8f 2020. Tho trus10 swv•d Ihe y•w and up kn th• ol siur• ofts Ikwiry•l slalom•rfs Mr5LNKa MsEMKay Ms L C T Van Der HeiJden Mr B Baker Mr A Sterth T188$ are app)inlwJ to help furttrw ts obpcls ol th• Tnrfl and wotect and molnlain the value ol the Tr8 8sse18 through their rospeclive IndivVal abillbes. In aCCdance wrth Ih• Trust's conslrtulicm, trust8 have lh• powor lo appoint fulure Iruslees by fesolulw Apwnlnwnl may be delemlned by a simple majority. No lomal Ir8Sning plans have been establis1d for thjsleès. Truslees are selèct8d on th8 basis Ihal Ihelf èx1511ng ski1158t will be ol bentfit io Iho Trust, help Its Trusi ath.èvo its oty"ethves and complement ihe olhef trustees, ablliliès. The trusl•es' other •pwinlm•nts WKI reE•ted pwis inior•slod ar• rK)t•d In th• Twsfs R•gSst•r of Inlornsls w¥J In Note 19 of the AnnLsal Finan¢ial Slatements. Mr A Stomberg is an omployefj ol the Slonehago Flemlng Group and a (Jirector of Exmoor Flduciary Limrtfjd. SlcThhage FrnIng Investrnent PAanagomont has l)fjen apwinled lo manag8 the Trust funds and ExrrKJr FKlwary LKnrted is aprKJintod to Over8 Tru administratth. MrA Stemberg was excluded In dgcisM)n m8kThJ for these apWntsits.
THE KAYE MUSIC TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Stat•m•nt ol trustMs' r•8pon8lblllt The trusiees are r&5pon5ible for prepanng the Twste8s' ReFrfYt and Ihe finanti81 statements in act08nce wth applicable law and Uiitod ACQYJnti Stsndanls (UTrted Attepted Aco)untKvJ Pradcel- The law appllcable lo charill88 in EnglJr#J and Wakn rnquirns the truste lo prepare financial slal8ments for each finantyal y88f which gNe a true and lair wew ol the stslo of affalrs of the charity and of the incomlrwJ r8s(yJrce8 and applpcab.on of fe8OLWC08 of tho thanty Ihat In preparirMJ these finand81 statements, the truslees arn requyed to: . ect 8uStsble Kcounling pdlcles and appty Ihom c£mi8tenlly,' . observe the mattr6 princlploB In the Chaiill8s SORP: . m8ke judgements 8r#J estimales Ihal we reasonable and pnth. stale whether applicable accountlng stsndards hav• been 1¢knd. gect la any mal•rlal departures dlsclosed and exalfied in the financial slalemenls", and . wepare the finarKlal 618tem8nts the wAn9 C4YKam baws unb958 rt Is nakvopnale to prosthne that charity will cts"nUe In Operats"c. The tNsie8s pAe resplIble for k88p6ng suffidenl acca)unUrwJ rnco(d8 that dl8d08e th re880nable auracY al any ilm8 the finanual powllon ol Ihe chartty enable Ihem lo ensure thal the finanual stalomenls Comply wlth the Charities Act 2011, the Charty IAcctyJnls and ReFrfJts) Regulat$ 2008 arKI tre provIs5 of the trust (Jeed. They are also reSWnsie for safeguarding the assets ol the drrtY aTrJ hence lor taklr•J reasonable slep8 for the prevenlK)n delec1 of fraud and othef InIs. Dl•clo8uT• of Inlorrnatlon to audltor Each ol the Iruslees has confirmed that th Is no InfomOn of whlth they are awa which Is levant lo Ihe audll. bul ol which the audrf¢Y is unaware. They have lurthef eonfim*d Ihal Ihey have lak8n appropnale sieps to Identify su¢h relèv8nl Onfomalkn and kn oSt#bllsh that thè w111of18 we of sh Infomi81kn. TM Irusl•05' rew1 w8$ approvod by Iho Bowd ol Twst••s. A.& s4e& MTI L N K•y• Trus¢8e D•t•d'. Mr A St•mb•rg TnAst88 13 April 2023 13 April 2023
THE KAYE MUSIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYE MUSIC TRUST Oplnl¢)n We have audlted the financ4al statements of The Kaye Musk Twsl (the 'chanty'l fty Ihe year ended 30 September 2022 which comprise the stslemenl of financial &b"wtio5. balance sheet, Ihe statement of cash fflows and notes to the financial slatements, rfuding SwdnifnI ac£cwnting Fdioes. The financial iepthng framework thal has been 8ppli8d In thesr preparalion is applicaNe Lgw arnl United King¢Yom A0>n11n9 Slandards. indu¢Yiro Financial Reporting Slandafd 102 The Financial RoFthirKJ Slandaol epplKable iii Ihe UK and Rep(th of Irel&nd Iuniled Kingdom Generalty AaptO Acu)untyng Plac1. In our opinion. thè fin•xi•l 8tslemenly'. give a Ift and fair vw of thè state of ihe chwlty's aff•w8 at 30 Sepiembw 2022 and of ts inc¥)miNJ resources and applicatKJn of rè8our¢%s, for the ytar then erKled: have been propedy prepared in CdanCe ith Unileo Generally Accaplgd Accountyo Practs"ce; an have beon prepared In wlth ts r•qUIrents of Ihe Chafill•sAcl 2011. Bails lor oplnlon W8 conducled our audit in accordance with Inlemalicmwl sndards on Audilirvj (UK) IISAS (UKII and applicable law Our resFonsibilrtJes undef those slandards are lurther deS'be0 in the A(Klrforfs reswJ&tslibes for Ihe audit of the financial st8lements secbon ol our rep)rt. We 8T8 penden1 of the Charity in accord8nce with the ethical requirements th&1 ale relevant to our oudil of the finanoal $latements In the UK. iluding the FRC'S Ethic81 Standard, we have lulfillgd our other ethul respM$ilrt$ in aCcOnce wrth th8$8 r8q(tirem8n18. We bellevo that the audit ewdonce ha (Jblalneo ty sufficiwl apprywl• lo a bo818 for r opinth. Con¢luslon• r•latlng to 9olng conc•rn In audib.ng the Ilnancol $tsiem8nts. we h8ve conduded Ihal the INsl•os' ule of Ihe concem bas18 01 8ccounltng in the pieparalion ol the financjal stslements is aForopnale. B88ed on Ihe vAyk we h8ve perfcKmed. we have no¢ IdenIrf 8ny ffled81 uncert8intie8 resaliry to events or condilk)ns that. in¢Jiwdually L¥ collethvely. may cast snifIC8n1 ¢Joubl the chanty's ability lo conbnue 88 a goiNJ concem lor a perK#J ol at lea81 Iw8lv• fffjm finan0 81althTlS arn aUltm•d lor 188U8. Our rt8px)nsits"1rt1os arKI tP8 (08p)lI1 of the tru8te88 wilh Y•8pect to goity arn dèscrthd In tho relevant sectn$ ol Ihis report. Oth•r Informatlon The other inlormatwi comtwises ihe inft¥mMtw induded in the annual reth)rt othèr than the fm8ndal slalemenls and our 8udiloes report thereon. The truslees a responstAe for tt)e other information conlained wthin the annual rerYt. Our opinn on the financlal 8lalements does nol cover Ihe othef infcm8tth and we do not express any lom) of assurance con¢lusK)n thèrom. Our resp)nsikn'lity to read the Olher inforrnabon and. in domg 50. consider wholr the olhor inlomwlion ts maallY inconsislenl with th8 financial stal8ments or our knowledoo obtaln8d In the COUT5e of Ihe audit. or othewse appear5 to be malenally rymsslaled. 11 we hjenlfy sh malerlal Fncon51St8nci8s or apparent materi81 rni551a1entS. we a requiTed to determine whettw this give5 rF5e to 8 m8lenal mis5talemenl In ihe financi81 statements themselves. ff. based on the wort have perf¢)med, ¢>)nce that Ihere is material misstalemeni ol Ihis other infcrtmation. we are required Io fepJt th81 facl. Wo have nothing to rut h thls iewd. Matt•rs on whSch w• ar• rnqulr•d to r•port by •xc•ptlon We have nolhing to repjrt In resFCt ol the followng mattors in felatlon to th8 CharbtieB (Accounts and Reports) RewIatxS 2(K)8 require us to rewrt to you rf. in opinh)n'. the inft¥malkJn gven h the I181 statemts Os any materSal r8sK*d wlth the trustees, reFtirt.' or surncienl acc4)untsryJ have not been keptr, Ihe financial slatements are 11 in agreemenl wtth the accounhng records.. or we have not received all the inlormatKJn and explanations wg rtquire our audit.
THE KAYE MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KAYE MUSIC TRUST R•8ponslbll¢tl•8 of trust• As èxplained llK)re lully In the statement of twstee8' resFoNbilrfles, the trust88s are restKm"b for the preparation of the financial slatements lor bwng sab"sfied that they give a true and fair view. and for Sut intemal ¢)x)Irol as the trustees delem)ine is eSsary io enatje the weparalKy) of financial slatements that aro tree from malenal misstalemenl, whether due to fr8ud or error. In preparing the finanoal slatements. the truslees are responsible Icv 8ssessin9 the chanly's abillly lo continue as a 90irKJ concem. disclo&"ng. as applicable. mailers related lo goiTr3 concem and using the g¢yng ¢oncm basls ol accounbng unltt8 It trustees erther intend lo ce8s8 Opera05, or have no rea118ts'c attematbve tMJt to do 80. Audltofl rtspon8lbllltl•8 for th• audlt of th• flnancl81 sLt•m•nts We havo been appointed 88 auditor under seclwjn 144 of the Ch3rili88 Ad 2011 and lowl n) acJ>xdan wslh tho Act and rean1 regulaIK5 made or having effect ther8urthr. Our objedives ore to obtain roasonablo a$$uranc¢ at)out whgthor the financial slatemlS as a whole are fro9 from material misstalemenl, whgther dug to traud or errry. and to issue an auditorfs rgpM that includes our opnion. Reasonable assurance is a h¥h levd of assurance bLrt is not a guarantee that an aLtdrt corKlucted in aCCdanCe with ISAS IUKI will always detect a malerial misstatement wrt)en trt exists. Misststements can anse Irom traud or error and aro er8d matenal rf, individually in Ihe aggregate. they cf¥uld reaWnatY be expeded to inffiu¢n¢• the ocofKwnic ol lkni w Ihe bw's ot Ihg8e fin•nci•b slat0rnnl8. A further descriplion of cwr reswn.1itS is available Ihe Fmanc Rer)rtlng Coundl'j webshle aL' httpsjl w¥w4.Irc.0ry.uklaudiluJre8i1m1th0$. This lom)s ofow alth)$ report. Extent to whlch th• audlt was con•ld•r•d capabl• ol d•t•ctlng Irr•gul•rltl••, Includlng fraud Irregularibes. including Iraud. are instances ol non•iarbce with laws and regulatiorbs. We desvJn procedures in lirse with our responsibilities, ¢)Jtlined above arKI on the Financial Reporting C{rIC41.S websi16. to delect material mlsststemènts in r88PeCt ol lrrégul•rili. hKluding trwj. We oblain and update our under51arKling of th8 entrty. it5 acIMt, its control environment. and Ilkely future developments. indudiro in relatson lo Ihe Wl arKI framewcffk applicable and h(w4 Ihe enlity 15 complying vilh Ihal Iram8work. Based on this urbdersianding. we idenbfy arKI assess ihe risks ol maierial misststement of the rinan¢ial slatements, whethw due lo fraLKI or error. deswn arKI perform audit procedure5 respon¥ive io thosè nsk$, and oblain audit Idence thal is sufficienl #nd •ppfopriate Io PfOVKle a basis lor our opinion. This indude$ ¢onsldgration ol the flsk of aGts ty th• entity Ih•t Wgrfj to gppli¢ablg l¥ws and r•gulat, Indudlng fra. In respon50 to the risk of irr8gulariti85 arKI ThTrotyiance wilh laws and r8gulalion8. iThJudwvJ Iraud, we dgnd procedures wch induded: Enquiry ol management and Ihoso charpd wlh go¥gmwKx lU•1 8rKI polenU41 &rKI claims as well as aaual. Sus{ded arKI alw fraud.. Reviewing minutes of moetsngs ol those tharged wrth govemanc•,' Assessing the exient of compliance the laws arKI regulations cffistdered lo have a direct material effect on ihe fin8nc¢al statements cr Ihe operat5 of ihe entsty through enquiry and inspects'on., Reviewing financial statement disclosur¢s to supwtiThJ drtumtrnlation to assess ¢4)mpknn¢• with applicable laws and regulations,. Perf(IrmirMJ audil work over ihe nsk of marwem8nt txos arKI overrid8 of wntroL8. Induding loslng of journal entrios and other adjustments approprialen8ss. evaluatry th8 business ratlonale of signthcant transaction5 outsKle the rK>nnal ccMJrse of tYJSir and rewewing accourtrtsng estsmales for indicalors of polentral bla¥. Because of the inherent INnilaknon$ of SUrt, theffj i8 a risk Ihat we will not detect all iTregul8ritie5, induding those leading to a material rrmsstatement in the fmancial slalem8nis or Th)n-colanCe wth r8gulalNJn. This sk increases the more thal compliance wrth a law OT regulat is rerTh)ved from the events and transactions reflected in the financial statements. as we wll be less likety to become aware of irstances of non•compIian. The risk of rKJl detecting 8 material misststement resultirvJ from fraud i8 hher Ihan for one resultiThJ from error. ès Iraud may Snvofve cdlun. f¢xgery, Intentkffial oml¥sions. nMsryrwlal)ns. overrJe of Internal control.
THE KAYE MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KAYE MUSIC TRUST Us• ol our r•port This report 18 made solety to Ihe th8rty's trusle•s. as 8 b(MJy, m a(dan part 4 of Chanties (Acuunls ar Rewrtsl Regulations 2008. Our avdrt th has been undertaken so that we fflh1 stsle to the charity's trustses those matters we afe required to stsle lo them in an auditors, rekYt and lor no other purrK)se. To the fullest extent permilled by law. we do rbot acwi crf assume resixintslity lo anyone Oihgf than Ihe cthanty and the charrty. trusiees as a btyjy, lor ¢Jur audit for feporL or lor the opinions we hav8 Icrfmd. /1 z&k £,. Robert Southey (Senlor Statutory Audltor) lor •nd on h01t of Az•t• Audlt S•Thlc•s Chart•r•d Accountants Statutory Audltor 14 April 2023 Wc¥)Isèck Way God8lming Suffgy Uniled Kingdryn GU7 1LO A2els AudSl SeThl¢¢$ 1$ ¢ligit4e lor apFdnlrT*rt as audilCK of the ¢harity by ¥irtue of Its gli9lbillly fty winlmenl 81 uéilor ol a company undor sfjth' 1212 of Ihe Companies Acl 2(MA.
THE KAYE MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2022 Unrnltslct Unmtrl¢t•d fvnds funds 2022 2021 Not•• Donations and Iw Inveslmenis Other income 505.875 9,322.600 4,774 153 11.518 Total Incom• 510.802 9,335.424 Chanlable activits08 157.854 48,161 Nel galnBllk>58esl on invgstrnents 11 1288,3171 43.052 N•t InGomlng rnsourc•• 64.631 9,330.315 Oth•f r•¢ognlud galn• Jnd lo•• Rovalualion of tangible fixed assets 12 1.350,735 1,617.141 N•t mov•m•nt In fvndl 1,41S.368 10,947.458 Fund balan$ Bt 1 2021 10.947.456 Fund b•lane at 30 S•pt•mb•r 2022 12,362,822 10,947.456 The StstenI of financ481 acti¥ithts incknes all gakn8 kAse8 rncryni8ed in ts yw. All In18 aThJ expgnthluro fri*n ¢tinl
THE KAYE MUSIC TRUST BALANCE SHEET AS AT30 SEPTEMBER 2022 2022 2021 Flx•d #ss•t8 Tangible a55els Investments 13 14 lo.098,)0 1,624.731 8,7.285 1,887.687 11.722,731 10,794.952 Cu¢r•nt •M•ts Deblors Cash at bgnk and In hand 5.897 672.463 163,904 678,360 163.904 Cr•dltors: amounls f4lllng du• tlthln on• y••r 17 138.2691 111.4001 Net rrent 3ssel8 640.091 152,504 Totsl ••••ts IM• curr•nl Ilabllltl•• 12,362.822 10,947.458 Incom• lund• nr General unres1nc1 lu RevaluglNJn reJef¥ 9.394,946 2.967.878 9,330.315 1,617,141 12.362.822 10,947.458 12,362.822 10,947.456 13 April 2023 Tho financial 81alerrts woro opprovod by Ihg Trust$ ......................... Mrs L N Kaye Trust•• Mr A Slerrtwg Tn1•4
THE KAYE MUSIC TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 2021 Not•8 C88h Ilows Ir¢)m op•ratlNJ Ktlvlll•i Cash generated from operation5 368.993 570,522 Inv•stlng actb¥ttb•• Purchase ol tangle fixed #s8éts Proceeds cm diskwl ol table fwd assets Puhas8 of investments Pioceeds on disposal ol irMstm•nl¥ compensat feeefvad M dWs8101 Investmen Investment Ir)me rec•l¥od 1694.2651 1.153 (27.(KKII (1.986.827) 2,253,168 1.639 4.774 N•t ea8h g•n•r•t•d fraffkllumd In) Inv••tlnq activiti•• 139.568 1406.6181 N•t cash uud In flnanclTrg actlvrti N•t Incr•aM In calh and cash •qul¥al•nt• 508,559 163.904 Cash and cash •wlvaf•nls al b•glnniry ol y 163.gm C••h *nd u•h •qulv•l•nts •t •nd ol y••r 672.463 163.904
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Acclnn0 polkl•• Charity information The Kaye Music Tru is a chaiitable trust by • doled 17 Mof¢h 2020 and registhr In England and Walgs on 30 July 2020. Tho register8d office of lh8 tharrty 15 clo StoMh48 FlomirvJ, 6 St Jam85's Square. Londcfft, SWIY 4JU. 1.1 Acc¢)unllng conv•ntlon Tho financial statements have bgon prepThl in xaKdanc• wilh th8 caritys trust (18•d. th8 Charib8s A 2011 and "Accounbng and Reporb'ng by Charitie5'. Statement of Recommended Practs'ce applicable lo chanties preparing Iheif accounts in accoryIae with the Finncial Reporting Stsndafd applicae in Ihe UK and Republic ol IrglaThJ {FRS 1021 (ollectivo 1 January 20191". Tha ts a Public Benefit Entity as 0ofin8d by FRS 102. The finanual stslemenls are wepared in stertlThJ, 1¢h is the fun¢lb)nal rrerY of Ihe ch8rfty. Monetary amounts in these flnancl•l Slat18 arn r•I•d lo Iho Mafest £. The financial statements have beèn prepared under thè historlcal cost ts)nv6ntion, modthed to Indudè thè revaluation of mu.¢81 instrumènts and Wlabn fMW)rJal inrnants al fay ¥4. The rthnw5 octntIng poliCS adopted am sél out bdow. 1.2 Golno corkurn Al the time of approvww tho finwK3•1 $t•lonWts. Ihv tW5tQ0• Iwv• 4 To81tO gxpo¢l8lK)n Ihai Ihe dwrily has adfjquate resour lo conlmu¢ 0rat)al existe lor the foreseeable fuluro. Thus lh• tru¥le•$ ontlnuo lo adopt the wng concem basis of accTrJnlin9 in pyeparing Ihe financial slatements. 1.3 Chafltabl• lund• Unreslricled lunds are 8vaiLql)bè for at the di8Cfebon of Ihe Irusle8s in further8r ol their charitable obieclives. 0881gn8led lund8 C118 furmls which have been 86t ade al the dlsttekn of the InJ81888 lor spedflc purposos. The purpo8 aThJ u808 ol tho desigrtai&l fvnds arn 801 In th& notos lo the flnancial slalemenl8. Reslnctod furth we iublect lo 8podfic coThlthn8 th)rKn as to Itw may bo used. Thè purposes and Uses of thv reslricled fuThJs are set out in Iho rth to Ihe fman¢ial ststefnents. 1A Incom• Incorne is rwnised when the dwrity 1$ IlY 8ntilled to il after any portomwnce conditi($ have b8en rn8L lh• 8rrLwnl8 con be measured r•h•bty. •rKI il wob•ble that irK#yne ill bo r•c¢lv•d. Cash donations are wnised on re¢eSpt. dliOnS are recognis•d once lh• thaiity h95 b nr of the donat, unkns8 perl(wm8rKe cwjils reqwe deferral ol ts amwnl. Assets given for use by charity are reniSed rec•bvablg, at a ¥ak detonThned by an expert in the 1.5 Exyndltur• l expendibjre Is 8eCOLTrnted for on 8n ¢nJal3 basis and has been dassffied under he8d6ngs that agggate all cL)sts related to the caiegory. Expenditurè is T¢cognL%ed where ttre is a legal or ¢onslNctNe obligation lo make payThents lo third part. It is that thè s•ttIW *ryl b& requThd arnl th8 amount of tho oblNJalion can be measured reliably. io-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounttng polkl•• {Contlnu•d) As th8 chadty is curTenWy undeth"TrJ on8 chanlable acmy. all 8UPPOrt and govemance costs ar• althaied lo Ihal actsvlly in fvll. 1.6 Tangible fixed assets Tangible fixed asseis affj Initlalty measured 81 c(18t rMa8wed al CA)81 ¢x ¥88.1)ft, nel CA deprecialbon and any impairmenl108ses. Mu8kal instruments are nol to thlr tmsttykal WU8 whkh h •xwct•d lo 4ppreclalè over ts"mo. Appropri8ts rÈpaw and mamlènan¢t 18 undertaken to retam the o)ndrtw)n reqwred. The galn or Ic68 dlsFKwl ol an 88set18 deterri as thè differe between the sale prtteed6 and the Calng value of ts asset. and ts recognLsed In the 6tstefftht of financjal acliwlies. 1.7 Flx•d aM•t In¥b}I•tI Flxed assel inve$lm8nls ale initlaly al transocthn prfce excludlng trarwdiw o)stS. 8nd a subwuenvy measured al falr value al each rewting dale. Changes in fair valuo gre recognised kn n•1 IncAynellexpenditurel ft>f the year. Transactiry) cos¢s are exp50<1 as incurred. 1.• lfflpalrrn•nt of flx•d a•••ts At each réporb'ng end dale. Ihe (bbty r8YiM earying Arnnts ol Its tangible assats to dètèmine whether Ihere is any indic81K that those alS have yuffered an impairrnenl k)ss. 11 any Sh indication exist$, the rotherabie amounl of th• asso1 is wlimatod in i)rdw 1¢ determine ihe oxtenl ol Iho impairment 1059 lil any). 1.9 Cmh •nd ¢••h •qufval•fit• Cash and c8sh equivalents indude cash kn hd, deposits held at c811 wrth banks, other short-temi IUld Investments with onglnal maturities ol three months cr less. bank ty4erdraft8. 8ank overdrafts are shown wrthin b)rrcMings in current liaknlil8. 1.10 Flnanclal Instrum•nls The charity has elected Io 8ppty Secthn 11 '8886c Flnandal Instruments. and Sectkn 12 'Oih8r Finandal In$INMlS Issu68' of FRS 102 01118 financial hthmonts. Financial instruments are recognised ffl the rbS balm Sheet whtrn thè rknrity borxno5 paty to the contractual of the In$tn#nent. Flnancial ass6 and liabili1 are offs•t. with lh8 noi weserbied In il flnancial slat8m8nts, wh8n thèrè 15 a Wlly enforceable rtghl lo sel off Ihe rectsJn15ed amtyjnts and thora an inl8nllon to se1118 on a n basls or to realise Ihe asset arKI 58tUe the I'IrtY mUltar5ly. 8•sk Iln•n¢l•l u$•ts Basic finanual assets. wthich wKILKl8 deblovs and Ixsh aTrJ bank balartcAs. ar8 inrtially [rSured al transaCOn pn'ce incIlg tran&th costs and ale subsequently carried al amortised cost using the effective Interest melW unless the arrangement corsstitutes a financing transaction. where the transaction 15 meassjred at the present value of the luture receipts disc1 al 8 m8rkW rats ol Oft103t. Fin8n¢lal 83s¢ts classlfigd as wthin or* ygar arg 11
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounttng pollcl•• {Contlnu•d) 8a$lc flnan¢l•l Il•bllltl• Basic financaal liabililitrs, indthJhwJ ¢redil(ws tmnk kw)s inllially rec(wbed at transaction vnless the arrangement constslules a finanong transact. V)ere the (18bt instrument is measured at the present value ol the lutvre payments di8nI80 at a market rale of witeresL Finana81 ty'litw classifd as payablg within one year are not anx)rtissd. Debl Instruments afe subs•quenlty c8rrl•d al anKKU88d c)sl. iho effective Inl•r881 rate metP•>J. Trade creditors are oblKJations to pay for gcrtxls or seThK4s Ihal have been acquired in the ordinary course of operations from suppliers. Amounls payable are dassffj as current Ibabilit&S rf paymenl is due within one yeor Of less, If not, Ihey are prosenled 8s non{Ten1 liats'lrtbes. Trade creortors are fecognised inih'alty al transaction and 8ub8aquenlly measurod al amorti8ed cosl Uft9 the effective Intern$l method. D•rncognltlon of Ilnanclal Il•bllhl•s Finanual Ih3billts¥s are derecogntsed Wh the charl• contraclual oWtion8 •xpiro or &ve dljchargod cartelled. Crttlc•l x¢ountlng MUmat•• and Judg•m•nt• In the applicat ol the charrty's accc4Jnbng [(185, the trustees a fequired to make judgements. esllmales and 8s$umpts'ons abwt the CarA9 8rwJnl of assets I'111S thal are nol readily 8pp8renl from other s(yJrcos The eslimales and 8ssociale(J 0s8umplions are based on hlstoncal experience and other laclors thal are considor•J lo be rdevanl. Actual resLffts may diffw Irom estsmal•s. The estsmales and urIn9 assumptK)ns are reviewed on an ¢ywing basis. Rewsions lo accounltThJ estsmales are recogni8ed fft the perKMJ in the ests'male ts rewsed whefe the fevtsion affects lY that period, crf the perkvj of the reVIsK artl fulwe &Wd8 whe(8 the revison affects t)Ih ojrrenl and fvlure perK)ds. Crttlcal Judg•ffl•nts MLbsical instnjments and bchvs are valued at lair value. This valuation is determined by an exiemal expert, Florian Leonhard Fine Viskns. who UB0 their exwbse n Ihe lo CA[ Ihe c4ditth. market ar)d value ol each instrument. Donatlons and l•qacl• Unv•¥trlct•d Unr•51ct8d funds funds 2022 2021 Donabons Donated musical instruments Donated inyeslmenl F¢rtfol) 505.875 595.765 6,595.859 2,130.976 505.875 9,322.6 12-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 In¥•8tm•nt8 Unr•strict•d Unrestn'cted fund$ lund6 2021 2021 Dlvidend inccyme Inloresl receivab 3,844 930 1.277 4.774 Oth•r Incom• Unrnstrfct•d Unre8thclgd lund• funds 2022 2021 Net gain dlsrosal ol larvjlblo fixed assots Oihw Incor 153 11.518 153 11.518 Charltabl• actlvltl AdvanMont of mu•l¢ 2022 Advinum•nt of mu•lc 2021 Mustal instrunwt repw cosls 12.018 Grant fvnding ol adlvitm {8•e note 71 I,1)XI Share of support cosls Isee note 81 Share of 9D¥OMar Iso6 noto 81 50,071 29.243 6.900 157,854 48,161 13-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 Grnnt8 pay•bl• AdvanmentAdYanc8Mént ol musl¢ ol music 2022 2021 Grant$ lo in5titutions11 gont% Ilurrina IC.0 grants payable during the year TepYesen15 an aThnt of £1CrfJ.0) payab to I118. 8 music f8stNal in Brazil that aims lo unite lalenled yQLbng muw¢ians from diverse groUnd5. Support co•t• 2022 SuppKNt Gov8m8nco 2021 Insuranc• V4lualion loes Trusi admintslralkn f8•s Inveslmenl managemenl fees Bank charges Website costs 17.032 17.032 12.754 12.754 600 15.207 21,133 21,133 15.207 11.410 427 11.410 427 69 259 423 259 423 Awjil fees 6,9)0 ).071 57,271 29.243 6.900 36.143 ChgrIlab acbv1lS ),071 57.271 29.243 6,900 36,143 Tru•l••• None of tru818es lor any pers CA)nneued ¥Ath lh) rncived any remw*ration or b8rrtfits from the charlty dunng th8 year or pr8vSous Jw, other than the d18dowrn 08clar&l and In the Relalèd Pty Tran5actpJns rle INole 191. 10 Employ••s 14-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 11 N•t g•In81{l¢1•1I on InVlm•Th Unr•strict•d Unrestn'cted fund$ lund6 2021 2021 Unrealised gainlllossl on revJualiM of fixed ass8t inveslments Ra188d gas110$8) sale ol ¥851m8n18 1289,9561 1.639 60.938 117.886 1288.3171 43.052 12 R•v•lu8tlon of flx•d •M•ts Unw••trf¢t•d Unreslrfcled fvnd• funds 2022 2021 R•valu#tion of tsngit4• fix awtl 1,350,735 1,617,141 15-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 13 T•nglbl• flx•d a8s•18 Muth•l In•lwm•nts Cost or valuatlon Al 1 October 2021 Dsposals Revaluallon 8,9)7.265 1160.000 1,350.735 AI 30 September 2022 10,098.orKJ C•rrylThg amount At 30 S6plemb8r 2022 10,098.000 AI 30 September 2021 8,WJ7.265 Muslcal In8truments V•ilh a carrying U01 01 £10.098.OCK 12021.. £8.9)7.2661 were revalued al 30 September 2022 by Florian Leonhar(1 Fine vlinS lindependenl valuers not connecled with Ihe ch8ntyl on the basls ol rep18cmenl v81ue. TM valuatK)n Conforn Inlematsonal Valuatk)n Standards and was based on reconl mark81 Iransactlons on ami's W Iwms lor 8lmtsr Instrumts AI 30 Septèmbtr 2022, h80 Ihe assets b88n ltid at hisioiic tosl xeumulated drecIatIOn and aUMulaIed impalrmelll his, thw canying alTnI woukl hov8 bogn approximal8ly £7,127,63312021.. £7.2,1241. Th• rn¥•I1K wpko VJ th•do¥•J m nol• 12. The musK81 Instruments and bows are h)8ned lo woleiCl musioans for an inilw 5 yeaf lem) for Th) ch8rge. Thg assals arg leased on Ihe basis Ihal wlll bg used for regular public pertomances and arn Inspect arbnualty. Thg mUsan ffj h'able fcrf 8ny repair costs ariwng whllsl tho Instrument is held in Ih9ir carn. 14 Flx•d •Mt InvlM•tI Ll8t•d Inv•¥tm•nts Co¥t or v•ly•llon Al 1 October 2021 Addilions valuab.on cang8• 1,887.687 27.000 1289.956 AI 30 September 2022 1,624.731 Canylng amourt At 30 Soplember 2022 1,624.731 AI 30 September 2021 1,887.687 16-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 14 Flx•d as•t Snvutm•nts {Contlnu•d) 2022 2021 Investments at f•r corryise: Li$t¢d inv•strrwnls 1,624.731 1,887.687 Lisl¢d involtrls Induded •ttyo: 2022 2021 Ll$led inveslnwnls carrying amount 1.624,731 1,887.685 15 FIMncl•l InJlTum•nts 2022 2021 Carrylng •mount ol flnanclal InstrunntS Sur•d al Iw ¥ak 1hr kjss 1.624,731 1,887,687 16 D•btorn 2022 2021 Amounts f•llln9 du• wlthln OD• y••r. 01tr deblorn 5,897 17 Cr•dltorn: amounts lalllng du• wlthln on• ymr 2022 2021 Olher credTrtor8 cruals an(J delerr•d 89 38.200 38,269 11.4 18 Anal1* ol n•1 ••M¢s b•tw••n fund• ilnv•itrlct•d Unreslriclod funds funds 2022 2021 Fund batan at 30 September 2022 ar8 rePreted by.. Tangiblo assets Investments Current asseWllthlrti¢sl 10.098.000 8,9)7.285 1.624.731 1,887.687 640,091 152,504 12,362.822 10,947.456 17-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 19 R•lthd party trn8acUons Transactions with r•lat•d parti DurSng the year, tnjstee, Mrs L N Kaye. ¢Yonated e4sh totaNing to Ihe charity. During thè rrfh)r yèar, tfU$lee, Mrs L N Kaye. donated Mus1 instruments. li3led Investsnènts and cash totslling £10.932,446 10 the chanty. Trustees Ms L C T Van Der Hw'ien and Mr B 8aker have charity B85ets h)an&J to them in their capadty as professnal me18n5 Lmder 5 year agreements al no charge. Trust•8 Mf A Slemborg Is an empW8 of Slon8hag8 Flemlng who aro tnga9tsd by the othar truste8$ a$ Investment managers and Io Provide trust adminislratwe wjpport services. During the year, administration fees lotalling £21.13312021.. É15.207) and Inves myment fe8s 01 £11.410 (2021.. £2591 w8re paid to the group. 20 Ca•h g•n•rnt•d from op•ratlo 2022 2021 su8 for the 64.631 9,330.315 AYlustrnts for. Investment Inccrfne rocogntseAI In Slatemonl of f)andal aclfvAtI88 Donale(I fixed 8s5ets Donated fixed assot invoslm•nts Gabn on disposal of tangible fixed assets (Gain0$5 oft ¢JiS881 ol investments Fair v81ue gains and losses on InvestrklJ 4.7741 1.306 16,595.859 12,130.976 11,639 289.956 17.886 160.938 Movements In worklt¥J Ca1. Iln¢rease} in deblors Inuea8e creditors 15.8971 11,400 C•h g•n•f•t•d from ¢)p•rtlon• 368.993 570.522 21 Analy•ls of ¢hangM In n•1 fvnd• The charily had no debl dunr¥J the year. 18-