Ch•rlty roglstrallon nurnber 262506 Company reg18tratlon number $64184 (England and Wales) MUSIC AND LETTERS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MUSIC AND LErrERS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor S Collins Dr B Joncus Dr Ntsel O'Regan Dr B Taylor Profe550r K Ellis Dr D Beard Professor R Herissone Professor S Hibberd Professor J S Rink Dr P Wtton Secretary Dr P Wllton Charlty number 262506 Company number 564184 Registered office CIO Critchleys LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Independent èxamln•r Crilchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP
MUSIC AND LETTERS TRUST CONTENTS Page Trustees, report Independenl examinerfs report Statement of financjal aCtiVe$ Balan sheet Note5 to the financi81 statements 7-12
MUSIC AND LETTERS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present thelr annual report and finanaal ststem¢nls for the year ended 31 March 2024. The ffinancial statements have been prepared in accordance with the accounting policies Set out in note 1 to the financial statements and comply with the charity's articles of 8ssoci81ion. the Companies Act 2006 8fid "Accounting and Reporting by Charities.. Statement of Recomrnended Practs'ce applicable to charities preparing their accounts in accord8nce with the Financial Reporting Stsndard applicable ill the UK and Republic of Ireland IFRS 102}. leffective 1 January 20191. In the event of the compary being wound up, the li8bility of Ihe rnembers Is lirnlted to £1. Oblectlves and actlvltleB The main activity ol the charStable company. as set out in its Articles of Association, continue5 to be the odvancernenl of public education in, and fostering research into, the Art and Saence of Muslc, principally through the sponsorship and promotion of scholarfy works. The directors anticipate no future change lo this activity. The award of grants and prizes is a key element of the charitsble company's ath'vth'es. Awards are made twice a year. in January and July, in order to support muslcal research. Awards are made on the basis of academic excellence and finanei81 need. The directors confirm that they have complied with the duty in sèction 17151 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Cornrnis5ion when reviewing the Trust's aiffls 8nd objectives and in planning future activit4.es and setting the grant making policy for the year. Public benefit The trustees have paid due regard to guidance issued by the Chailty Comrnission in deciding what activf(ie3 the charity should undertake. Achievements and perforniance SwnilicaTrt activities and achievemenls against objectives The charitable cornpany'5 main achievements during the year were the continued publlcatlon of the journal Music & Letters and the award of grants 8nd PTizes in line with the Trustees, annual budget. The Trust has established its grant rnaking policy to achieve its obje(*s of supporting musical se8ch and educalM)n for the public benefit. The benefits of the Trust's work include thè education of future researchers, th8 funding of on-going research and the disseminaOn of research findings. The Trust made awards to 85SlSt with organisation of 8cademic conferences", to enable scholars to attend conferences to present theirwork." to assist with costs incurred In the publication of research." 8nd to defray the costs of spending time away from home in order lo undertake research. The performance of the charitable company's invesbnents in the COIF Charity Investment and Deposit Funds has been in line with the Trustees, expectations.
MUSIC AND LEThERS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew The resutts for the year are set out in the Statement of Fln8nclal Activities on page 6. The charty's income is not guaranteed bul depends on.. 1. royalties from the journal, Music & Letters 2. dividends and interest from reserves invesled in the COIF Charity Inve8tFnent and Deposit Funds, which are subject to 11uclatl0nS in the stock market. The Trust's tharitable expenditure also varies from year lo year a5 8 resuK of the number and quality of the projects lo be fijnded. In years when charitsble expenditure exceeds nel income, it is necessary lo draw on the Trust's reserves. From time to time the Trust makes larger than usual grants, malnty to organisaty'ons, and in such instsnces would draw on its resèNes to avoid cutting back on grants to individuals. The Twstees held the assets of lh8 trust in accordance wrth their powers during the year. The Twstees have ab501ute discretion lo invest the funds of the Trust,. no restrictions a placed on these power5. The Trustee5' policy for the selection of investments for the charity is lo seek lo produce a steady return on investment wthout exposing reserves to any undue level of risk. The Trustees believe that the charity should maintain sufficient reserves lo enable it to operate for about flve years in the event of a sharp drop in income or of exceptional charitsble expeTrdlture. Resetves at 31 March 2024 were £209,742. The Trust aims to keep th8 reserves at a steady level by spending its net annual irncome on grants and prizes. Projected expenditure on grants and pryzes in the financial year to 31 March 2024 Is been 10 and 15% of reserves. If the reserves Iniye8se above the level conside necessary for safeguarding the actiwties of the Trust in the corning five years, more applications for 9rant5 wll be sought by increased advertising. The financial srtuation is Carefully reviewed by the Trustees at twice-yearly meetings of The Board. R85EffV8s policy It is the policy of the tharity that unrestricted fund5 which have not been designated lor a specific use should be maintained at 8 level equivalent to between IhTee and six month's expendiluTe. The trustees consider that reserves al this level wlll ensure ihal, in the event ol a significant drop in funding, they wll be able to continue the charity'8 current activities while consideration is given to ways in lch addition81 funds may be raised. This level of reserves has beers maintained throughout the year. Structure, govemance and rnanaoement Music and Letter5 Trust is a company limited by guarantee registered a6 a charfty under the Charities Act 1960. The charitable cotnP8ny is governed by its Articles olAssociation. The Iruslees, who are also the directors for the purpose of company law, and who served during the year and up lo the date of signature of the financi81 statements were.. Professor S Collin5 Dr B Joncus Dr Noel O'Reg8n Dr B Taylor PTofessor K Ellis Dr D Beard Profe850r R Herissone PTofes50T S HibbeTd Professor S Barrett Profes50T J S Rink Dr P Wllton (Resigned 17 January 20241
MUSIC AND LErrERS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reewitment 8nd 8ppoiritment of twstees Trustees appoint new metnbers of the Board either to fill 8 casual vacancy or by way of addition to the Board. Particular ernphasis is placed upon the appointment of Trustees wf(h knowledge and experience relevant to the charit8ble company's actiwties 8nd who will enable Mu51c and Lellers to mainiain a 8oard of Trustees with a wde range of musicological interests. There is no formal induction pro$. but proposed new Trustees are encouraged to familiarise themselves with their responsibilities under the Comp8nies and Charities Acts beforg 8ppoinlment. Day to day adrninistraiion of the Trust is delegated to a manager under the supervision of Bo8rd. The manager is also a member of the Board ol Trustees. Decision-rnakir*g poweT5 are retained by the Board and exercised al meetings in January and Juty. The Trus19es have delegated the day to d8y fflanagement of the charity to Dr Peter Ilon. The Trustees have identified and considered the major iisks to which the chaty Is exposed and have established systems and procedures to manage those risks. None of the trustees has any beneficial Interest in the company. All ol the trustees are members of the comp8ny and guarantee to contribute £1 in the event of a wnding up. The trustee5' report was approved by the Board of Trustees. Professor J S Rink Trustee Date.. 9 July 2024
MUSIC AND LErrERS TRUST CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIC AND LETTERS TRUST I report to the Iru5tees on my examination of the finanaal statements of Music and Letters Trust (the chartyl for the year ended 31 March 2024. Respon$lbllltles and basls of pOrt As the trustees of the charity land also its directors ft>r the purposes of cornp8ny lawl you are responsible for the preparation of the flnancial statements in accordance with the requirements of the Companies Aet 2006 Ithe 2006 Act). Having satisfied myself that the fin8na815tatements of the charity S not required lo be 8udited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the tharity, fin8cial siatements carried out undeT seciion 145 of the Charities Act 2011 Ilhe 2011 Act). In carryin9 Out my examination I have followed all the Bpplicable Directions glven by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnaes ststement I have completed my examination. I confimi that no m8tteTS have come to my attention in connection with the axamination giwng me cause to believe that in any material respect.. 3ccounting records were not kept ifi respect of the charity as required by section 386 of the 2006 Act.. or the financial Statements do not accord with those records,. or the financial statements do not Comp with the accounting requirements of sectlon 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of a independent exarnin8tion', or the financial statements have not been prepared in accordance wilh the methods and principles of the statetllent ol Recommended PTactice for accounting and reports'ng by ch8rities applicable to ¢haTIts"es preparing their accounts in attordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I hBve no concerns 8nd have come across no other rnatters in connection wth the examination lo which attention should be drawn in thi5 report in order to enable a proper underslanding of the ffinancial statements to be reached. Gary Pready FCA Critchleys Audlt LLP Beaver House 2>38 Hylh& Bridge Street Oxford OX12EP Dated..
MUSIC AND LETTERS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrèstrlcted funds 2024 Unrestrlcted fund8 2023 Notes Incorne and endowm•nts from.. Investments othgr income 5.305 27,958 2,921 24.265 Totsl income 33,261 27.186 Expenditure on: Charitable activitie5 17,524 15.1 Total expendlture 17,524 15,1 Net gainslllossesl on Inve8tments 11 4,118 {1,7891 Net Income and movement in funds 19,855 10.207 Reconciliatlon ol Yunds.. Fund balances at 1 April 2023 189,887 179.fj80 Fund balances at 31 March 2024 209,742 189,887 The statement of financial activities Sncludes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
MUSIC AND LETTERS TRUST BALANCE SHEET AS AT3f MARCH 2024 2024 2023 Notes Flxed assets Investments 13 133,983 124,668 Current assets Debtors Cash at bank and in hand 14 28,321 59,828 24,522 60,283 87,949 84,805 Creditora= amounts falling due wlthln on• yèar 15 112.1901 119,5861 Net current assets 75,759 65.219 Total assets le88 currènt IlabSlltles 209,742 189,887 The funds of the charity Unreslricled fijnds 209,742 189,887 209,742 189,887 The company Is entitled to the exemption from the audit requirement contained in section 477 of the Companles Act 2006, for the yeai ended 31 March 2024. The diredors acknowledge their responsibilrties for complying with the requirements of the Comp8nles Act 2006 with respect to accounting records and the preparation of Ilnandal statements. The members have not required the company to obtsln an audit of its financial statements for the year in question in 8ccordance with section 476. These financial statements have been prepared In accordance wfth the piovisions applicable to companie3 subject to the small comp8ni85 regime. 9 Juty 2024 The financAal stslements were approved by the trustees on ......................... Professor J S Rink Trustee Company regi5tr8tion number 564184 (England and Wales)
MUSIC AND LETTERS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Charlty Infomiatlon Music and Letter5 Trust is a private company limrted by guarantee incorporated in England and Wales. The registered office 15 CIO Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street. Oxford, OX12EP. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 1021 and the ChArities SORP "Accounting and Reporting by Charities.. Statelnent ol Recomrnended Practice applicable to charib'es preparing iheir accounts in accordance with the Fin8nci81 Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charty has taken adv8ntsge of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepar8d in sterfing, which is the functional currency of the charity. Monetsry amounts in these financial statements 8re rounded to the nearest £. The financial staternenls have been prepared under the historical cost convention. The principal accounting policies adopted a sel out below. 1.2 Golng concern At the time of approving the financial statement5, the trustees have a reasonable expectation that the chaiity h85 adequate resources to conts'nue in operational existence lor the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing ihe financial statements. 1.3 Charitable funds Unrestricted funds are available foi use al the discretion of the trustees in fvrtherance of thelr charitable objectives. 1.4 Ineome Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the arnounts can be measured relkqbly. and it is probable that income will be received. Income from charitable actiMtie5 COllSlSts ol royalties reiVed trom the journal Music & L8tt8rs which is recognised when receivable. Investment income is accounted forvthen receivable. 1.5 Expendlture Expenditure is recognised ollce there is a legal or construcb.ve obligation to transfer econornic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of diTect costs and shared costs, including support costs involved in undertaking each actwity. Direcl cost5 attributable to a single activity are allocated directly to that a¢tivily. Shared costs which contribute to more than one activity and 6UPPOrt cost5 which are not attributable to a single activity are apportioned between those activities on 3 basis consistent with the use of resources.
MUSIC AND LETTERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnuedl 1.6 Fixed asset Investments Fixed asset investrnenls are initialty rneasured al Ir8ns8etlon piice excluding transadon costs, and are subsequenlty measured at fair value at each reporting date. Transaction c0515 are expensed as incurred. Change5 in fair value are recognised in other recognised gains and losses except to the extent that a g8ln reverses a loss previously recogni5ed in nel incoTne expenditure, or a loss exceeds the accumulated g8in5 recognised in equity.. such gains and loss are recognised in net incomellexpenditurel for the year. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash In hand, deposits held at call with banks. other 5hort-tem liqu investments wth original rn8turities of three months or less. and bank overdratts. 1.8 Flnancial in$trurnent5 The charity has elected to apply the prow540ns of Section 11 '885ic Financial Instruments, and Sectlon 12 '(Xher Financial Insiruments Issues, of FRS 102 to all of its financi81 instruments. Financial instruments are recognised in the ch8rity8 b818nce sheet when the charlty becomes paty to the contractual provisions of the instrument. Fin8nelal assets and liabilities are offset, wllh the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised arnounls and there is an intents'oD lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic finan(#al assets, which include debtors and cash and b8nk balAns, are initially me8surèd at transaction price including transaction costs and are subsequently carried at amortised c05t using the effective interest rnelhod unless the arrangeTnent constitutes a financing transaction, where the transaction 15 measured at the present V81ue of the future receipts discounted at a market rate ol illter85t. Financial assets classified as receivable within one year are not amorb'sed. Basic financial liabilitlg$ Basic financial liabilities, induding Credltors are initialty recognised at transaction price unless the arrangernenl constitutes a financing transaction, Whe the debt instrument is measured 81 the present value of the future payments discounted at a market rate of interest. Financial liabilities das$ified a5 payable within one year are Trot arnort158d. Derecogni¢ion ol financlal liabilities Financial liabilities are derecognised when the charity's contiactual obligations expire or are dlstharged or cancelled. Crftical accountsng estimates and Judgements In the application of the charity's accounting policies, the trustees are requlred lo make ludgements, estimates and assumptions about the carryino amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated 8SSUTnptions are based on historie81 experience and other f8Ctors that are considered to be relevant. Actu81 TesuFts may differ from these estitnates. The estimate5 and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estiTnate is revised where the revision affects onty that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MUSIC AND LETTERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Invèstments Unrestrlcted Unrg$lrl¢ted funds funds 2024 2023 Int6r881 receivable 5,305 2,921 Other Sncome Unrestrlcted Unr•strlct8d funds funds 2024 2023 Royalties 27,956 24,265 Charftable aetfvitle$ 2024 2023 Bank tharges 10 Granls and prEes Share of governance costs (see note 71 13,819 3,69S 11.444 3,738 17,524 15,190 Grants payable 2024 2023 Grants and prizes 13,819 11.444 13,819 11.444 During the year, the charty awarded grants and prize5 lotalling £19,88512023.' £19,657110 20 individuals 12023.. 20 individuals) Grant5 and pre5 expenditure includes an adjustment of £3,72512023.' £8,365) in re5P8Ct of grants awarded in previous years which were not paid.
MUSIC AND LEThERS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Icontlnuedl Support Costs Gov•mance costs 2024 2023 Independent examlnation fees Accountancy fees Secretarial expenses 2,120 570 1,CKJ5 2,120 570 1,005 2,064 534 1,140 3,695 3,695 3,738 Analysed befv4een Charitable activities 3,695 3,695 3,738 Nèt movement In funds 2024 2023 The net movement in funds 15 staled after chArgingllcTeditingl'. Fees payable for the independent examination of the charilvs fin8nci81 statements 2,120 2,064 Tru$tee$ One of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the ye8r. One trustee reiVed remuneralion for servicès to the cornpany and reimbursement of expenses totalling £26312023.. £1,140) 10 EmployeeB The aver8ge rnonthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 10.
MUSIC AND LETTERS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Net galnslllossesl on Investmènts Unrestricted Unrestricted fund¥ funds 2024 2023 Revaluats'on of investrnents 4,118 11,7891 12 Taxatlon The charity is exempt frorn tsx on income and gains falling wilhin Section 505 of the Taxes Act 1988 or section 252 of the Taxation of Charge8ble Gains Act 1992 to the extent th81 these are applied to its charitabl8 obj8cI5. 13 Fixed asset investments Llsted Investment account Totsl Valuation At 1 April 2023 Valuation changes Intere51 received 45.496 4,118 79,172 124.668 4,118 5.197 5,197 At 31 March 2024 49,614 84.369 133.983 Carrylng amount At 31 March 2024 49.614 84,369 133,983 At 31 March 2023 45,496 79,172 124.668 Investrnents include £84,369 as valued at market value of a COIF Charth'es Deposit fund, held by CCLA Investrnent Management Llmited. The listed investment relates to shares In COIF Charities Investment Fund Inc. 14 Debtors 2024 2023 Amounts falling due withSn one year: Royalties receivable Inveslfflent income 27,956 365 24,265 257 28.321 24.522 11
MUSIC AND LETTERS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Credltors= arnounts falllng due wlthln one year 2024 2023 Grants payable Accruals and deferred income 8,485 3,705 17.086 2,500 12,190 19,586 16 Unrestrlcted fund• The unrestricted Yunds ol the charity comprise the unexpended balan3 of donations and grants which are not subjed to specific conditions by donor$ 8nd grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Apkll 2023 Incomlng roUrceS R•50urces expended Gain¥ and At 31 March Iosgeg 2024 Gen&r81 funds 189,887 33,261 117,524 4,118 209,742 Prevlou¥ yoar.. At l Aprll 2022 Incomlng resources Resources expended Galns and At 31 March 1038e$ 2023 Gen&ral funds 179,680 27,188 115,1901 11,7891 189,887 17 Related party tr4nsaetlons One member of the Board received remuneration for services to the Company totaling £263 12023." £1,140). A5 8131 March 2024 a balance of £863 was outslanding12023.. £6001. Dvring the year ended 31 March 2024, the charity awarded grants totaling £nil12023.. £2,250) to Trustees. The Trustees concemed were excluded from the deasion-making process leading to the grant award.. the Trustees involved declarlng no pecuniary interest In the grants sought. The Board approved the grants having confirmed that it did not represent a conflict of interest for the Trustees concerned. As 8t 31 March 2024 grants awarded but not yet paid lo Trustees amounted to £nil12023.. £1,500). 12-