Charlty wlstrntion nUM￿r 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
sW1Y￿u

THE KAYE MUSIC TRUST
CONTENTS
Trustees. report
Ind•F•ndenl audi￿5 reFrfYt
Statefrtnt Ol￿nanC￿81 actrvitss
8alanr* 5hwt
Ststement of c8sh
Notos to the f*)andal Statem￿ts
10-18

THE KAYE MUSIC TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The trusttts pffjsent Ihelr annual repc*l ¥#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 r￿10 1 to the
financial statements and comply with the chafiiys Dedafation ol Trnst, the Chanties Act 2011 and "Accounting
Reporting by Charii*s.' Slalement ol Reu>mmeThJed Pr8Ctice appluble lo charits.es preparing their accounts
n a￿Or￿anCe wlth the Financl81 Reportirvj sta￿1￿ 8ppIKable in tho UK a￿1 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 8￿j 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 perK*J instruments and bows available cxi I￿3 temi ban to wolessional musicians lor practice 8fMI
public porfofmance and the modwn on 8trKwlar lem7 knan 10 students C￿16 nol otherwiso aff(w
8n instrumenl.. and
bl makirvj grants olher as￿nrA* b) music SIL￿Onts aThl lo wrfrnrs and for the Pu￿1¢ peflomance
of MUSK.
The trusteeB havo duts rawd to gLml*nrn 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 conswvat￿I 10 a hyh
standard of a cdl•cllon of 1nstr1x7￿nts 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 h￿h quallty and btrw8 li Mus#g￿ ¥hK* oth*￿88 V￿uld be
nable to access such instrumènts bly￿5.
T￿ charlly has used donallons recer**d lo preseThe and mainlaln IM Onstruff*nts and b￿9, and to fiM)d
8ddllional a88el8 whkh are In with lh8 ethan￿3 wpo￿.
Th8 tru$tees T￿91Ve regulor updates frcrfn os lo ts pwlrymonces at ¥th￿h ts Tw$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$ prof9ssK￿￿Ity managed. Th8 ragular repNbng PfOVKl8d to th8 truste85
demonstrates investment performance against agreed benthmarks. Thg trust88s CA￿81der tho portfdio'8
investmenl perfc¥mance alongshde the broader obiectives of the charity.
Fln4nclal revlew
During the peiiod, tharity r8c8ived drffiatic￿5 lots￿ng £505.875 {2021: £9.322.8￿). of Ènil 12021..
£6,595,859) were donated assets. In additw. wrealised ktsses on Thes1￿￿15 during Ihe fina￿1￿ yew totslbed
£288.31712021 unrealised gal￿". £60.938).
Th8 trustees havo revwed tho thariWs finanual [K>S￿On and are satisfied that the charfty Can C￿tinUe 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(rf￿19nI to cover at loasl one yearfs operating c))sts. **hich amounts to
around £50,CO). Cash reseryes held al the Peri￿J 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 c*8nty'8 attitude 10 risk,
the investment lime horizon, ethical w)Iw. 11qu￿lty rnquiremonls and diverwfbcalTh of Inveslad assets.
trust￿8 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 88t18r￿d th81 sythms are In
place to milvJ8le eXFosiJre to the major nsks.
Structur•, go¥•manc• and rn*nag•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 Nov8n*8f 2020.
Tho trus10￿ swv•d Ihe y•w and up kn th• ol s*iur• ofts Ikwiry•l slalom•rfs
Mr5LNKa
MsEMKay
Ms L C T Van Der HeiJden
Mr B Baker
Mr A Sterth
T￿￿188$ are app)inlwJ to help furttrw ts obpcls ol th• Tnrfl and wotect and molnlain the value ol the T￿￿r8
8sse18 through their rospeclive Indiv￿Val abillbes. In aCC￿dance 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 establis1￿d 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 pwi*s 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 F￿rnIng Investrnent PAanagomont has l)fjen apwinled lo
manag8 the Trust funds and ExrrK*Jr FKlwary LKnrted is aprKJintod to Over￿8 Tru* administratth.
MrA Stemberg was excluded In dgcisM)n m8kThJ for these apWntsi￿ts.

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 act￿08nce 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 mattr￿6 princlploB In the Chaiill8s SORP:
. m8ke judgements 8r#J estimales Ihal we reasonable and pnth￿.
stale whether applicable accountlng stsndards hav• been 1¢kn￿d. g*ect la any mal•rlal departures
dlsclosed and ex￿alfied in the financial slalemenls", and
. wepare the finarKlal 618tem8nts the wAn9 C4YKam baws unb958 rt Is nakvopnale to prosthne that
charity will c￿ts"nUe In Operats"c￿.
The tNsie8s pAe resp￿￿lIble for k88p6ng suffidenl acca)unUrwJ rnco(d8 that dl8d08e ￿th re880nable a￿uracY 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 provIs￿5 of the trust
(Jeed. They are also reSWnsi￿e for safeguarding the assets ol the d￿rrtY aTrJ hence lor taklr•J reasonable slep8
for the prevenlK)n delec1￿ of fraud and othef I￿￿nI*s.
Dl•clo8uT• of Inlorrnatlon to audltor
Each ol the Iruslees has confirmed that th￿ Is no Infom￿On 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 s￿h 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 Swdnif￿nI 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 A￿aptO￿ Acu)untyng Plac￿1.
In our opinion. thè fin•xi•l 8tslemenly'.
give a Ift￿ and fair v*w 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 ￿C￿danCe *ith Unileo Generally Accaplgd Accountyo Practs"ce;
an
have beon prepared In wlth ts r•qUIren￿ts of Ihe Chafill•sAcl 2011.
Bails lor oplnlon
W8 conducled our audit in accordance with Inlemalicmwl s￿ndards 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 $latements In the UK. i￿luding the FRC'S Ethic81
Standard, we have lulfillgd our other ethul respM$i*￿lrt￿$ in aCc￿￿Once 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 $tsiem8nts. we h8ve conduded Ihal the INsl•os' ule of Ihe concem bas18 01
8ccounltng in the pieparalion ol the financjal stslements is aForopnale.
B88ed on Ihe vAyk we h8ve perfcKmed. we have no¢ IdenIrf￿ 8ny ff*led81 uncert8intie8 resaliry to events or
condilk)ns that. in¢Jiwdually L¥ collethvely. may cast s￿nifIC8n1 ¢Joubl ￿ the chanty's ability lo conbnue 88 a goiNJ
concem lor a perK#J ol at lea81 Iw8lv• fffjm finan0* 81althT￿lS arn aUlt￿m•d lor 188U8.
Our rt8px)nsits"1rt1os arKI tP*8 (08p￿)￿lI1￿ of the tru8te88 wilh Y•8pect to goity arn dèscrthd In tho
relevant sect￿n$ 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
rer*Yt. Our opin￿n on the financlal 8lalements does nol cover Ihe othef infc*m8tth 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
whol￿r the olhor inlomwlion ts ma￿￿allY 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 s￿h malerlal Fncon51St8nci8s
or apparent materi81 rni551a1e￿ntS. 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, ¢>)nc￿e that Ihere is
material misstalemeni ol Ihis other infcrtmation. we are required Io fep*Jt th81 facl.
Wo have nothing to ru￿t h thls iewd.
Matt•rs on whSch w• ar• rnqulr•d to r•port by •xc•ptlon
We have nolhing to repjrt In resF*Ct ol the followng mattors in felatlon to th8 CharbtieB (Accounts and
Reports) RewIatx￿S 2(K)8 require us to rewrt to you rf. in opinh)n'.
the inft¥malkJn gven h the I￿￿￿181 statem￿ts 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 ¢onc*m basls ol accounbng unltt8 It* trustees erther intend lo ce8s8 Opera￿0￿5, or
have no rea118ts'c attematbve tMJt to do 80.
Audltofl rtspon8lbllltl•8 for th• audlt of th• flnancl81 sL*t•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 re￿an1 regulaIK￿5 made or having effect ther8urthr.
Our objedives ore to obtain roasonablo a$$uranc¢ at)out whgthor the financial slatem￿lS 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 aCC￿danCe
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 reaWnat￿Y 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￿￿.1it*S is available ￿ Ihe Fmanc￿ Rer*)rtlng Coundl'j webshle aL' httpsjl
w¥w4.Irc.0ry.uklaudiluJre8￿i1m1th0$. This lom)s ofow alth￿)￿$ 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 d￿gn￿d
procedures w￿ch 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 operat￿5 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 ￿ SU￿rt, 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-co￿lanCe 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 h￿her Ihan for one resultiThJ from error. ès Iraud may
Snvofve cdlu*n. f¢xgery, Intentkffial oml¥sions. nMsryrwlal*)ns. overr*Je 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 ffl￿h1 stsle to the charity's trustses
those matters we afe required to stsle lo them in an auditors, rek*Yt and lor no other purrK)se. To the fullest extent
permilled by law. we do rbot acwi crf assume resixin*tslity 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 Stste￿nI of financ481 acti¥ithts incknes all gakn8 kAse8 rncryni8ed in ts yw.
All In￿18 aThJ expgnthluro fri*n ¢￿tin￿l￿

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• t*lthln
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 81alerr￿ts woro opprovod by Ihg Trust￿$ ￿ .........................
Mrs L N Kaye
Trust••
Mr A Slerrtwg
Tn￿1•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 tangl￿e fixed #s8éts
Proceeds cm diskwl ol ta￿￿ble fwd assets
Pu￿has8 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
Accl￿n￿n0 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 c*aritys 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 accoryIa￿e with the Finncial Reporting Stsndafd applica￿e 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 ￿rrer￿Y of Ihe ch8rfty. Monetary
amounts in these flnancl•l Slat￿18 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 in￿r￿nants al fay ¥4￿. The rthnw5 oct￿ntIng
poliC￿S adopted am sél out bdow.
1.2 Golno corkurn
Al the time of approvww tho finwK3•1 $t•lonWts. Ihv tW5tQ0• Iwv• 4 To81￿￿t￿O gxpo¢l8lK)n Ihai Ihe dwrily
has adfjquate resour￿ lo conlmu¢ ￿ 0￿rat￿)￿al existe￿￿ lor the foreseeable fuluro. Thus lh• tru¥le•$
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 C￿￿1￿18￿ furmls which have been 86t a￿de al the dlsttekn of the InJ81888 lor spedflc
purposos. The purpo￿8 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$ I￿lY 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. d￿liOnS are recognis•d once lh• thaiity h95 b￿￿ n￿r￿*
of the donat￿, unkns8 perl(wm8rKe cwjil￿s reqwe deferral ol ts amwnl.
Assets given for use by charity are re￿niSed 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 agg￿gate
all cL)sts related to the caiegory. Expenditurè is T¢cognL%ed where tt*re 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 ¥8￿8￿.1)ft, nel CA
deprecialbon and any impairmenl108ses.
Mu8kal instruments are nol to thlr tmsttykal W￿U8 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 Cal￿ng 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$lm8nls ale initlaly al transocthn prfce excludlng trarwdiw o)stS. 8nd a
subwuenvy measured al falr value al each rewting dale. Changes in fair valuo gre recognised kn n•1
IncAynellexpenditurel ft>f the year. Transactiry) cos¢s are exp￿50<1 as incurred.
1.• lfflpalrrn•nt of flx•d a•••ts
At each réporb'ng end dale. Ihe (*b*bty r8YiM earying Arn￿nts ol Its tangible assats to dètèmine
whether Ihere is any indic81K￿ that those a￿lS have yuffered an impairrnenl k)ss. 11 any S￿h indication
exist$, 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 h￿d, deposits held at c811 wrth banks, other short-temi I￿Uld
Investments with onglnal maturities ol three months cr less. bank ty4erdraft8. 8ank overdrafts are shown
wrthin b)rrcMings in current liaknlil*8.
1.10 Flnanclal Instrum•nls
The charity has elected Io 8ppty Secthn 11 '8886c Flnandal Instruments. and Sectkn 12
'Oih8r Finandal In$INM￿lS Issu68' of FRS 102 01118 financial hthmonts.
Financial instruments are recognised ffl the r*b￿S balm Sheet whtrn thè rknrity bor*xno5 paty to the
contractual of the In$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 ￿mUltar￿￿5ly.
8•sk Iln•n¢l•l u$•ts
Basic finanual assets. wthich wKILKl8 deblovs and Ixsh aTrJ bank balartcAs. ar8 inrtially [r￿Sured al
transaC￿On pn'ce incI￿￿l￿g 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 disc￿￿1 al 8 m8rkW rats ol Oft￿103t. 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$lc flnan¢l•l Il•bllltl•*
Basic financaal liabililitrs, indthJhwJ ¢redil(ws tmnk kw)s inllially rec(wbed at transaction vnless
the arrangement constslules a finanong transact￿￿. V**)ere the (18bt instrument is measured at the present
value ol the lutvre payments di8￿￿nI80 at a market rale of witeresL Finana81 *ty'litw classif￿d as payablg
within one year are not anx)rtissd.
Debl Instruments afe subs•quenlty c8rrl•d al anKKU88d c*)sl. iho effective Inl•r881 rate metP•>J.
Trade creditors are oblKJations to pay for gcrtxls or seThK4s Ihal have been acquired in the ordinary course of
operations from suppliers. Amounls payable are dassffj￿ as current Ibabilit￿&S rf paymenl is due within one
yeor Of less, If not, Ihey are prosenled 8s non￿{Ten1 liats'lrtbes. Trade creortors are fecognised inih'alty al
transaction and 8ub8aquenlly measurod al amorti8ed cosl U￿ft9 the effective Intern$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 Car￿A9 8rwJnl of assets I￿￿'111*S 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 u￿rI￿n9 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 &W￿d8 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 c4￿ditth. market ar)d
value ol each instrument.
Donatlons and l•qacl•*
Unv•¥trlct•d Unr•51￿ct8d
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
Advan￿Mont 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•
Advan￿mentAdYanc8Mént
ol musl¢
ol music
2022
2021
Grant$ lo in5titutions11 gont%
Ilurrina
IC￿.￿0
grants payable during the year TepYesen15 an aTh￿￿nt of £1CrfJ.0￿) payab￿ to I1￿1￿￿8. 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￿ acbv1l￿S
),071
57.271
29.243
6,900
36,143
Tru•l•••
None of tru818es lor any pers￿* CA)nneued ¥Ath lh￿) rnc*ived 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 r￿le 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 InV￿lm•Th￿
Unr•strict•d Unrestn'cted
fund$
lund6
2021
2021
Unrealised gainlllossl on revJualiM of fixed ass8t inveslments
Ra￿188d gas￿110$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 v￿linS lindependenl valuers not connecled with Ihe ch8ntyl on the
basls ol rep18c*menl v81ue. TM valuatK)n Conforn￿ ￿ Inlematsonal Valuatk)n Standards and was based on
reconl mark81 Iransactlons on ami's W Iwms lor 8lmtsr Instrum￿ts
AI 30 Septèmbtr 2022, h80 Ihe assets b88n ￿ltid at hisioiic tosl xeumulated d￿recIatIOn
and a￿UMulaIed impalrmelll his￿, thw canying alT￿nI woukl hov8 bogn approximal8ly £7,127,63312021..
£7.2￿,1241. Th• rn¥•I￿1K￿ wpko VJ th•do¥•J m nol• 12.
The musK81 Instruments and bows are h)8ned lo wole￿iC￿l 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 mUs￿an ffj h'able fcrf 8ny repair costs ariwng whllsl tho Instrument is held in Ih9ir
carn.
14 Flx•d *•Mt Inv￿lM•￿tI
Ll8t•d
Inv•¥tm•nts
Co¥t or v•ly•llon
Al 1 October 2021
Addilions
valuab.on c*ang8•
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 a*s•t Snvutm•nts
{Contlnu•d)
2022
2021
Investments at f•r corryise:
Li$t¢d inv•strrwnls
1,624.731
1,887.687
Lisl¢d involtr￿ls Induded •ttyo:
2022
2021
Ll$led inveslnwnls carrying amount
1.624,731
1,887.685
15 FIMncl•l InJlTum•nts
2022
2021
Carrylng •mount ol flnanclal
Instrun￿ntS ￿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.
01t￿r 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 Anal￿1* ol n•1 ••M¢s b•tw••n fund•
ilnv•itrlct•d Unreslriclod
funds
funds
2022
2021
Fund batan￿ at 30 September 2022 ar8 rePre￿ted 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 tr*n8acUons
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$lee, Mrs L N Kaye. donated Mus￿1 instruments. li3led Investsnènts and cash totslling £10.932,446 10 the
chanty.
Trustees Ms L C T Van Der Hw'ien and Mr B 8aker have charity B85ets h)an&J to them in their capadty as
profess￿nal m￿￿e18n5 Lmder 5 year agreements al no charge.
Trust•8 Mf A Slemborg Is an empW8 of Slon8hag8 Flemlng who aro tnga9tsd by the othar truste8$ a$
Investment managers and Io Provide trust adminislratwe wjpport services. During the year, administration
fees lotalling £21.13312021.. É15.207) and Inves￿ m*yment fe8s 01 £11.410 (2021.. £2591 w8re paid
to the group.
20 Ca•h g•n•rnt•d from op•ratlo
2022
2021
su￿￿8 for the
64.631
9,330.315
AYlustr*nts 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
(Gain￿0$5 oft ¢JiS￿881 ol investments
Fair v81ue gains and losses on Investrk￿lJ
4.7741
1.306
16,595.859
12,130.976
11,639
289.956
17.886
160.938
Movements In worklt¥J Ca￿1.
Iln¢rease} in deblors
Inuea8e creditors
15.8971
11,400
C•*h g•n•f•t•d from ¢)p•r*tlon•
368.993
570.522
21 Analy•ls of ¢hangM In n•1 fvnd•
The charily had no debl dunr¥J the year.
18-