Charity registration number 1190648 THE KAYE MUSIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE KAYE MUSIC TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs L N Kaye MsEMKaye Ms L C T Van Der Heijden Mr B Baker Mr A Sternberg Charity number 1190648 Registered office Stonehage Fleming 6 St James's Squara London SW1Y4JU Auditor Azets Audit Services Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ Investment managers Stonehage Fleming Investment Management 6 St James's Square London SW1Y4JU
THE KAYE MUSIC TRUST CONTENTS Page Trustees, report Independent auditor's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 10-17
THE KAYE MUSIC TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees present thair annual report and financial statements for the year ended 30 September 2023. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and comply with the charity's Declaration of Trust, the Charities Act 2011 and "Accounting and Reporting by Charities: Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Objectives and activities The charity's objects are the advancement of the art of music for the benefit of the public and in particular: a) maintaining and conserving to a high standard a collection of period musical instruments and bows in order to make the period instruments and bows available on long temi loan to professional musicians for practice and public performance; and bj making grants and giving other assistance to music students and to performers and for the public performance of music. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The main activities In relation to the furtherance of these objects are the maintenance and conservation to a high standard of a collection of instruments and bows available for loan to professional musicians. Pollcy on grant maklng Grant making is not a primary objective of the Trust. From time to time, the trustees may identify a cause which. when supported. will achieve their objective of advancing th8 art of music for the benefit of the public generally. Achlevements and performance The charity has made available high quality period instruments and bows to musicians who otherwise would be unable to access such instruments and bows. The charity has used donations received to preserve and maintain the instruments and bows, and to fund additional assets which are in keeping with the charity's purpose. The trustees receive regular updates from the beneficiaries as to the performances at which the Trust's assets are being used. All musicians in possession of an asset loaned to them by the Trust submit a schedule of performances in the prior twelve months where the Trust's asset was used. This is a condition of the standard format User Agreement that govems the assets, loan to the musicians. During the year, the instruments were used in 8 wide variety of perfomiances and workshops both nationally and internationally, including London's Wigmore Hall and the Concertgebouw in Amsterdam. Performers featured as soloists, as members of chamber ensembles, and in symphony orchestras, such as the London Philharmonic Orchestra and the Royal Philhamionic Orchestra, Perfomiances included concerts. festivals, and masterclasses across a range of continents. The Trust does not undertake fundraising activities. Discretionary donalions are made to the Trust from time to time by benefactors known to the trustees. The charity's investment portfolio is professionally managed. The regular reporting provided to the trustees demonstrates investment performance against agreed benchmarks.
THE KAYE MUSIC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Financial review During the period. the charity received donations totalling £125.000 (2022: £505,875). Unrealised gains on investments during the financial year totalled £77,948 (2022 unrealised losses: £288,317). The trustees have reviewed the charity's financial position and are satisfied that the charity can continue as a going concern. At the period end, the charity had net assets of £13,046,234 (2022., £12,362,822). The trustees will retain cash reserves sufficient to cover at least one yearfs operating costs, which amounts to around £50,000. Cash reserves held at the period end totalled £264,82512022: £672,463). There are no planned public fundraising campaigns. The charity's trustees have adopted a fomial investment policy. The policy sets out the charity's attitude to risk, the investment time horizon. ethical policy, liquidity requirements and diversification of invested assets. The trustees review the policy on an annual basis. The trustees regularly review the Trust's investment portfolio's performance, suitability and risk profile. They have determined that it remains appropriate for the trust's long-term purposes. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity is a charitable trust and was registered with the Charity Commission on 30 July 2020. It is governed by a Trust Deed dated 17 March 2020 and amended 27 November 2020. The trustees who served during the year and up to the date of signature of the financial statements were.. Mrs L N Kaye MsEMKaye Ms L C T Van Der Heijden Mr B Baker Mr A Sternberg Trustees are appointed to help further the objects of the Trust and protect and maintain the value of the Trust's assets through their respective individual abilities. In accordance with the Trust's constitution, trustees have the power to appoint future trustees by resolution. Appointment may be determined by a simple Majority. No form81 training plans have been established for the trustees. Trustees are selected on the basis that their existing skillset will be of benefit to the Trust, help the Trust achieve its objectives and complement the other trustees, abilities. The trustees, other appointments and related parties interested are noted in the Trust's Register of Interests and in Note 18 of the Annual Financial Statements. Mr A Sternberg is an employee of the Stonehage Fleming Group and a director of Exmoor Fiduciary Limited. Stonehage Fleming Investment Management has been appointed to manage the Trust funds and Exmoor Fiduciary Limited is appointed to oversee Trust administration. Mr A Sternberg was excluded in the decision making for these appointments. Trustees Ms L C T Van Der Heijden and Mr B Baker have charity assets loaned to them in their capacity as professional musicians under 5 year agreements at no charge.
THE KAYE MUSIC TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Statement of trustees, responsibillties The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of th8 incoming resources and application of resources of the charity for that year. In preparing these financial ststements, the trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, report was approved by the Board of Trustees. MsEMKaye Trustee Mr A Sternberg Trustee 27 April 2024
THE KAYE MUSIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE KAYE MUSIC TRUST Oplnlon W8 have audlted the flnancial statemenis of The Kaye Muslc Trust {the 'chanty } for Ihe year ended 30 September 2023 which comprise the ststement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reportlng sfandard applicable in the UK and Republlc of Ireland {United Kingdom Generally Accepted ACCOUnn9 Practlce). In our opinion. the financial statements.. give a true and fair view of the state of the charlty's affalrs as at 30 Seplember 2023 and of its incoming resources and applicats'on of resources, for the year then ended: have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice: 8nd have been Prepared In accor(lance wlth the fequlrements of Ihe Charitles Acl 2011. Basls for oplnlon We conducted our audit in accordanc8 wilh Intematlonal Standards on Audlting (UK) IISAS (UK)) and applicable law. Ouf responsibilities under ihose standards are further descnbed in the Audrtorfs respon&bilities for the audit of the financial statements section of our report. We are independent ol the charity in accordance with the ethical reqU1MentS that are levant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have luifilled our other ethical responsibilities In accordance wilh these requirements. We believe thal the audil evidence we have obtalned is suificient and appropriate lo provide a basis for our opinion. Concluslons r•latlng lo golng concern In auditing the flnancial staiements. we have conduded that the trustees, use ol the golng concern basis of accountlng in the pr8paration of the flnancial statem8nts is appropriate. Based on the work we have perfonned, we have not identified any materfal uncertainties relating to events Dr conditions that. individually or collectively, may casl SnIfiCant doubt on the charity's ability to conbnue as a going concem for a period of at least twelve months from when the financial statements are aulhorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to going conc8m are described In the relevant sects'ons of this report. Other Irrformatlon The olher InfOnatIon comprises the infomation included in the annual report other than the financial statements and our auditor's report Ihefeon. The trustees are responsible for the other information contained within the annual report. Our opinion on ihe financial statemenls does nol cover the other informalion and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other Infomalion and, in doing so. conslder wheiher the otheT information Is matenally Inconsistent wlth the financial siaiemenls or our knowledge obtalned in the course of the audit. or otherwise appears to be rnatenally misstated. If we Identrfy such material Inconsistencies or apparent material misstatements. we are required to determine whelher this gives rise to a material misstatement in Ihe financial slatemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatemenl of Ihis other information. we are required lo report thai faci. We have nothlng to report In this regard, Matters on whlch we aro requlred to report by exceptlon We have nothing to report in respecl ol the following matters in relatlon to which the Charities (Accounls and Reports) Regulations 2008 require us to report to you If, in our opinion: the informatbon given in Ihe financial stsiements is inconsislenl in any material respect with the trustees, report; or sufficient accounting recA)rds have not been kept; or the financial statements are not in agreement with the accounting records; or we have nol received all the infonnalion and explanats'ons we require for our audlt.
THE KAYE MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KAYE MUSIC TRUST Responslbllltles of trustees As explained more fully In the statement of trustees. responsibililles, the irustees are responsible for th8 preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial siatements. the Irustees are responsible for assessing the chanty's ablllly to continue as a going concern. dlsclosing. as applicable. matters lated to going concem and usir)g the going concem basls of accounting unless the trustees ellh8r Intend io Cease operaiions. or have no realistic allemalive but to do so, Audltofs re8pon8lbllltl•s lor tho audlt ol th• flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report In accordance wtlh the Acl and relevant regulations made or having effect thereunder. Our objectives are to oblain reasonable assurance aboul whether the financial statements as a whole are free from material misstatemeni. whether due to fraud or error. and io issue an auditor's report thal Includ85 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. Indivldually or in the aggregate, they could reasonably be expected lo influence the economlc decislons of users taken on the b8sls of these financ181 slatements. A further description of our responsibilities is available on the Financial Reporting Councll's websiie at: https:11 WW4V.frc.org.uklaudilorsresponsibilits'es. Th descripts'on lom part of our audilofs report. Extent to whlch the audlt was consldered capable of detectlng Irregularltles, Includlng fraud Irregularits'es, including fraud. are instances of non-compliance with laws and regulations. We design pfocedures in line wilh our responsibilities, outlined above and on the Financial Reporting Council's websile. to delect material misstatements in respecl of irregulanties. Including fraud. We obtaln and update our understandlng of Ihe entlty. its activlties, Its cx)ntrol envlronment. and Ilkely fLrture developments. Including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understsnding. we identsfy and assess the risks ol material misststernent of the rinancial stsiements. whether due to fraud or error, design and perfonn audit procedures responsive io those n'sks. and obtain audil evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes consideratlon of the rlsk of acts by the entity Ihat were contrary to applicable laws and regulations, Including fraud. In response to the risk of irregularlties and non-compliance with laws and regulalions, 5ncluding fraud. we designed procedures which induded. Enqulry of management and those charged with govemance around aclual and potentlal Iltlgatlon arKI claims as wo11 as actual, suspected and alleged fraud: Reviewing minute5 of meetings of those charged with govemance- Assessing the exient of compliance with the laws and regulations considered to have 8 direct material effecl on the financial statements or the operations of the entity through enquiry and inspects'on., Reviewlng financial slatemenl disclosures and lestlng lo supportlng documentats.on 10 assess compliance with appllcable laws and regulations; Performing audit work over Ihe risk of management bias and override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of signilicanl transactions outside the nomial course of business and reviewing accounting estimates for indicators of potenb'al blas. Because of Ihe inherent Ilmltations of an audit, there is a risk that we will not detect all Irregularitles, including those leading lo a material misstatement in the financial staternents or non-compliance with regulation. This risk increases the more thal compliance with a law or fegulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instsnces of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than lor one fesulting from error. as fraud may Involve collusion. forgery, intentional omls&ons. misrepresentation$. Of the override of intsmal control.
THE KAYE MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KAYE MUSIC TRUST Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Debra Saunders Bsc FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Chartered Accountants Statutory Audltor 30 April 2024 Ashcomb8 Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ Azets Audit Seniices is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
THE KAYE MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted Unrestrlcted funds funds 2023 2022 Notes Income and endowments from: Donations and legacies Investments Other income 125.000 18.167 505,875 4,774 153 Total Income 143,167 510,802 endlture on: Charitable activities 59,899 157,854 Net gainsl(losses) on investments 10 78,136 (288,317) Net Incoming resources 161.404 64,631 Other recognlsed gains and losses Revaluation of tangible fixed assets 12 522,008 1,350,735 Net movement In funds 683.412 1,415,366 Fund balances at 1 October 2022 12,362,822 10,947,456 Fund balances at 30 September 2023 13,046,234 12,362,822 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE KAYE MUSIC TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Investments 13 14 11,065,000 1,702,867 10,098,000 1,624,731 12,767,867 11,722,731 Current assets Debtors Cash at bank and in hand 15 53,542 264,825 5,897 672,463 318,367 678,360 Creditors: amounts falling due within one year 16 (40,000) (38,269) Net current assets 278.367 640,091 Total assets less current liabilities 13,046,234 12,362,822 Income funds Unrestricted funds General unrestricted funds Revaluation reserve 9,556,350 3,489,884 9,394,946 2,967,876 13,046,234 12,362,822 13,046.234 12,362,822 The financial statements were approved by the Trustees on . 27 April 2024 MsEMKaye Trustee Mr A Sternberg Trustee
THE KAYE MUSIC TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Notes Cash flows from operatlng actlvltles Cash generated from operations 19 19,187 368,993 Investlng actlvltles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received (444,992) 160,153 (27,000) 1,639 4,774 18,167 Net cash (used In}Igenerated from Investing activities (426,825) 139,566 Net cash used In flnancing actlvlties Net (decreasellincrease In cash and cash equlvalents (407.638) 508,559 Cash and cash equivalents at beginning of year 672,463 163,904 Cash and cash equlvalents at end of year 264.825 672,463
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policles Charity infomiation The Kaye Music Trust is a charitable trust governed by a deed dated 17 March 2020 and registered In England and Wales on 30 July 2020. The registered office of the charity is clo Stonehage Fleming, 6 St James's Square, London, SW1Y 4JU. 1.1 Accountlng convention The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of musical instruments and certain financial instruments at fair value. Th8 principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Assets given for use by the charity are recognised when re1Vable, at a value determined by an expert in the sector. 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. 10-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (Continued) As the charity is currently undertaking only one charitable activity, all support and governance costs are allocated to that activity in full. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Musical instruments are not depreciated due to their historical value which is expected to appreciate over time. Appropriate repair and maintenance is undertaken to retain the condition required. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised In net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of flxed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangernent constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classifsed as receivable within one year are not amortised. 11
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently caThied at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenlly measured at amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Crltlcal accountlng estlmates and Judgements In the application of the charity s accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates, The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Crltlcal Judgements Valuation of musical instruments Musical instruments and bows are valued at fair value. This valuation is determined by an external expert, Florian Leonhard Fine Violins, who use their expertise in the sector to consider the condition, market and value of each instrument. Donatlons and legacles Unrestrlcted Unrestrlcted funds funds 2023 2022 Donations and gifts Gift Aid receivable 505,875 125,000 125,000 505,875 12-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from Investments Unrestricted Unrestricted funds funds 2023 2022 Dividend income Interest receivable 6,194 11,973 3,844 930 18,167 4,774 Other income Total Unrestricted funds 2023 2022 Net gain on disposal of tangible fixed assets 153 Charltable actlvltles Advancement Advancement of music of muslc 2022 2023 Musical instrument repair costs 583 Grant of funding activities 100,000 Share of support costs (see note 7) Share of governance costs (see note 7) 51,136 8,763 50,071 7,200 59,899 157,854 13-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Support costs Support Governance costs costs 2023 Support Governance costs costs 2022 Insurance Trust administration fees Investment management fees Bank charges Website costs 15,422 24,400 15,422 24,400 17.032 21,133 17,032 21,133 10,676 625 13 10,676 625 13 11,410 427 69 11,410 427 69 Audit fees 8.763 8,763 7,200 7,200 51,136 8,763 59,899 50,071 7,200 57,271 Analysed between Charitable activities 51,136 8.763 59.899 50.071 7.200 57,271 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year or previous year, other than the disclosures declared elsewhere and in the Related Party Transactions note (Note 18). None of the trustees were relmbursed for expenses during the year or previous year. Employees The charity had no employees during the period. 10 Net galnsl{losses) on investments Unrestrlcted Unrestricted funds funds 2023 2022 Revaluation of investments Gainl{loss) on sale of investments 78.136 (289,956) 1,639 78,136 (288,317) 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 14-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 12 Revaluation of flxed assets Unrestrlcted Unrestrlcted funds funds 2023 2022 Revaluation of tangible fixed assets 522,008 1,350,735 13 Tangible fixed assets Muslcal Instruments Cost or valuatlon At 1 October 2022 Additions Revaluation 10,098,000 444,992 522,008 At 30 September 2023 11,065,000 Carrylng amount At 30 September 2023 11,065,000 At 30 September 2022 10,098,000 Musical Instruments with a carrying amount of £11,065,000 (2022.. £10,098,000) were revalued at 30 September 2023 by Florian Leonhard Fine Violins (independent valuers not connected with the charity) on the basis of replacement value. At 30 September 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £7,572.625 {2022: £7,127,633). The current year movement in the revaluation surplus is disclosed in note 12. The musical instruments and bows are loaned to professional musicians for an initial 5 year term for no charg8. Th8 assets are leased on the basis that they will be used for regular public performances and are inspected annually. The musician is liable for any repair costs arising whilst the instrument is held in their care. 15-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 14 Fixed asset investments Listed investments Cost or valuation At 1 October 2022 Valuation changes 1,624,731 78,136 At 30 September 2023 1,702,867 Carrylng amount At 30 September 2023 1,702,867 At 30 September 2022 1,624,731 2023 2022 Investments at fair value comprise: Listed investments 1,702,867 1,624,731 Listed investments included above: 2023 2022 Listed investments carrying amount 1,702,867 1,624,731 15 Debtors 2023 2022 Amounts falling due within one year: Other debtors Prepayments and accrued income 50,000 3,542 5,897 53,542 5,897 16 Credltors: amounts falllng due wlthln one year 2023 2022 Other creditors Accruals and deferred income 69 38,200 40,000 40,000 38,269 16-
THE KAYE MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 17 Analysis of net assets between funds Unrestricted Unrestrlcted funds funds 2023 2022 Fund balances at 30 September 2023 are represented by: Tangible assets Investments Current assetsl(liabilities) 11,065,000 10,098,000 1,702,867 1,624,731 278,367 640,091 13,046,234 12,362,822 18 Related party transactlons Transactlons wlth related partles During the year, trustee, Mrs L N Kaye, donated £nil. During the prior year, trustee, Mrs L N Kaye, donated cash totalling £500,000 to the charity. Trustees Ms L C T Van Der Heijden and Mr B Baker have charity assets loaned to them in their capacity as professional musicians under 5 year agreements at no charge. Trustee Mr A Sternberg is an employee of Stonehage Fleming who are engaged by the other trustees as investment managers and to provide trust administrative support services. During the year, administration fees totalling £24,400 (2022.. £21,133) and investment management fees of £10.676 {2022: £11,410) were paid to the group. 19 Cash generated from operatlons 2023 2022 Surplus for the year 161,404 64,631 Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Gain on disposal of investments Fair value gains and losses on investments (18,167) {4,774) (153) {1,639) 289,956 (78,136) Movements in working capital: (Increase) in debtors Increase in creditors (47,645) 1,731 {5,897) 26,869 Cash generated from operations 19,187 368,993 20 Analysls of changes In net funds The charity had no debt during the year. 17-