MUSIC CAMP TRUST Chartty Number 276270 MUSIC CAMP TRUST REPORT AND UNAUDITED ACCOUNTS 30 APRIL 2022
MUSIC CAMP TRUST REPORT OF THE TRUSTEES Trustees and key management personnel S Laughton (Chaim)an) H P N Steinfo (Deputy Chaiman) J M K Williams (Treasurer) (resigned 21" November 2021) R Horrocks N Jones l N¢xsnan R Solom¢)n Imlliams J HaMiOn C Balston (Treasurer) (appointed 21" Novemter 2021) C Danskin (apFointed 215t NOVemr 2021) Principal address Aquila Lodge, Dairymede Speen Princes Risborough Buckinghamshire HP27 OTD Bankèrs Barclays Bank High Vfycombe (Business Banng) Leicester LE87 2BB
MUSIC CAMP TRUST REPORT OF THE TRUSTEES The trustees present their annual report arKI accounts for the charity for the 1&month period ended 30 April 2022. Structure, Govemance and Management Music Camp Trust {'Mcf or Ihe Charit) is a charitab Incorporated Organisation (CIO), a charity registered as a bc¥Jy corp)rate under Part 11 of the Charities Ac 2011, charity numÈer 276270. The charity has been a CIO Sin 7 Awil 2022, having weviously been a company limtted by guarantee with charitable status: Music Camp Limited, company number 01374076, incorporated on 19 June 1978. The change of name from Music Camp Limtted was approved by special resolution at an Annual General mIng ofthe company on 19 January 2022 and the conversion to CIO status and the adoption of CIO constitution were approved at an Annual General Meeting on 29 March 2022. The new legal status is a siMr arrangement that ts more sutted to a small charity. There is no requirement to comply with company law or to Icmjge accounts witti Companies House. As a lower-income charity as defined by s133 of the Charities Act 2011, the chartty is also permitted to prepare simplified, receipts and paymerrts. accounts. In order to prepare receipts and payments accounts this year, the trustees thanged Ihe accounting year end from 31 March to 30 April so that the change in status fell within the a¢xounts'ng period. The current period is therefore 13 months but comparative fuures are for the 12 monts erKled 31 Marth 2021. The new constrtution is the 'association' model constttution. whith allo for voting members in addition to trustees as under the previous company strucbjre. The original signatories to the Company memorandum and articles of association decided that the membership should be kept to approximatety ffiy rwife vtho were currently invofved wrth Music Camp activities (see below). The trustees operate a policy whereby any members VAX) cease to be invofved in Music Camp are invited to resign, so that their places may be taken by more adive Music Campers. At 30 April 2022 there were 94 memtrHs131 March 2021: 911. AJI those involved with Music Camp activittes, whether members or not, are encouraged to pay an annual sut6cription of an amount of their choice to MCT. The trustees manage the affairs of the thanty and appoint new meMrrs. There are no employees and trustees receive no remuneration. The trustees have a wid9 range of skills and experience suitable for their roles. They tske the operational and strategic decisions in ¢onsutstion with the member5, as they consider appropriate. Objectlves and activities The main object of the charity is to advance the education and training of musicians and to promote the appreciation of music by the public. Tr ncIpal activty of the chartty is the support ofgenuine amateur music, at Music Camp, an organis'on formed in 1927. Help is given through the provision of facilthes at Pigotts, North Dean, near High COMbe, BLKkinghamshire, the home of Music Camp, where musicians meet to rehearse. Al those attending pay their way ar)d no one receives a fee. MCT provides support by way of such matters as the purchase of music, musical instruments and necessary equipment. The trustees have complied with their duty under section 17(5) of the Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission in exercising any powers or duties to which the guidance is relevant.
MUSIC CAMP TRUST Mcfs support of adivf(ies at pOttS helps to ensure that Campers of all ages and backgrounds benefft from the opportunty to participate in diverse and ambitious music-making eXperienS which chall8nge, educate and extend their musical knovAedge and abilrty and which help them develop their instrumental or vixal technique, repertoi and sight-reading skills. Participants then use these skills to nefft the other music-mth'ng groups to which they belong across the UK arKI beyond. These activities are provided on a voluntary basis, and they offer a cultural. social arKI educational experien that would te unaffordable to many participarts rf provided commerrially. AJI campers benefft without restriction, and the only requirement for participation is musical abilty and a personal recommendation. The Elizabeth Library colleCt)n contsins a range of sheet music for vocal and instrumental ensembles of all srles. Most of the collection is available for use, at no charge, by community music groups. Borrowers are encouraged to make a d¢Jnation tovRrds the cost of maintaining the collection. The Library makes an important contn"bution to the financial viabilty of amateur arts groups in an environment of steeply rising commerryal music hire charges and ort5 to public music library services. Review of activities In a nomal year. many ker4 and other musical events are organised at Pigotts, the success of which is partly dependent on the facilitEs that MCT wovides. The running costs of each occasion are bome by those attending. MCT makes a contribution to cost of the event, either to reduce the overall cost per head (for example, rf musiclinstrument hire costs are particularty high) or to help individual campers in necessrtous arcumstances with the cost of participation. There are no paid statr, participants help to Nn the acbvity. After the exceptional everrts of the c¢)ronavirus Pandem the k)L*downs which substantially curtailed activtties in 2020, a more Mmaltsed lallhough generally smaller in scale) series of events took plao at Pigotts during the latter part of 2021, the spring consisting la9&1Y of'play- days" of a non-residential nature. in order to comply with guidelines until the final coronavirus restrictions vRre lifted. These events included retum of ts¥0 9-day main Mp$ in the month of August, and a numiEr of weekend a¢tivtties. indudirwJ Brahms 1. Light Orchestra and Russian Weekend, as well as the retum of a number of chamber music activities and the Young Singers weekend. A notable highlight was the August Bank Holiday "Pigotts Released°_ at which up to 250 people were in attendance at some wint over Ihe 3 day event. The usual annual Reunion was On again sadly Canlled grven continued uncertainty around the likelihood of CanlIatIOn. Financlal Review The incorne of the charity comes from a combination of subscriptions, donations, tax claimed on donations under gift aid, and investment income. The trustees consider that generally activities at Music Camp should be self-supporting. but that MCT should stand ready to help by providing funds to improve or maintain the faalrties there. The tharity has funded several wooden buildings at Pigotts, and Pigotts houses Mcfs extensive library, music from which is made available to similar organisations. Expenditure is therefore made on suth things as the provision of music, instrumerts, and necessary items, and contributions towards the cost of music hire, the provision of which wll enable those attending to gain more from the experience. (Jynership of such equipment remains with MCT.
MUSIC CAMP TRUST During the year 2021122, MCT resumed its usual expenditure pattem providing financial support for activities which take place at Pigotts. The trustees also agreed once again to contribute to the annual Insuran given the ongoing impacts from the coronavirus pandemic and the resultant inabilty to generate this from contributions from events at Pigotts as was previously the case. The charity rec¢Yded net payments for the period of £74,159 (2021: reIpts of £18,8891- however the vast majority of this was due to the specific expenditure on the renewal of the Main Bam roof. Excluding this the charity recorded net receipts of £6.489. The investments held by MCT recorded a small unrealised gain during the period of £4.163. These investments are held for long tem income and growth, and the fluctuations do not impact Mcfs day to day finances. MCTS subscription income has remained unaffected. Roof fundraising appeal In earfy 2019 the charity launched a fundraising appeal to renew the 'Main Bam, roof. The roof of the bam in which most Music Camp activity takes place ('the Main Bam,) had reached the end of its usefvl lrfe and was starting to leak. The work to the bam roof would also include replacing bam windows and doors, repairing the floor and addressing water ingress problems from adjoining structures. Any surplus funds after addressing these items would be used to support other repair and refurbishment projecls at Pigotts to maintain faciltties used principally by Music Camp. MCT does not ¢)wn the bam, but it was buim at Pigotts for Music Camp's continued use. Therefore the trustees have agreed to fund the cost of the repair. In retum. the owners have guaranteed that Music Camp will continue to have use of the bam for a minimum of 7 years from the point of repair. This agreement was finalised in December 2020. The trustees consider the risk of Pigotts not Ing available for Music Camp use to be extremely low. However, if this risk materialised within the minimum period, the undertaking allows for the owners to repay a proportion of the total amount spent in relation to the number of years left to run. Donations to the appeal fund are being held in a restricted reserve. Expenditure on funding roof works and associated expendrture. plus, as the fund allows, on other repairs and improvements, w11 be made from this resepie. By September 2021. the roof had been rePlad and several related pieces of work completed {e.g. repairs to leaks in connecting roofs, replacement of bam windows, cation of additional door entrans> with total expendrture standing at £83,851. At 30 April 2022 the Roof Appeal reserve fund stood at £57.306. The Trustees are reviewing priorrties for the next phase of repairs. Coronavirus The charity itself has suffered relatively little directly in the period from the impacts of the oronavifus pandemic - the value of its investments having substantially recovered in the period to March 2021. It was decided to take the opportunty of the lockd¢)wn period to complete the vast majority of the 'Main Bam, roof works- such that any impact to the regular use of Pigotts On more usual activrties could begin again was as limited as possible. Trustees, meetings throughout the year were held online. The AGM lunch did once again not take pla, so there were no AGM costs this year.
MUSIC CAMP TRUST Risk Review The trustees have considered the risks to whith the charity is exposed, which mainly conrn potential damage to the library and the instruments owned by MCT, and the vulnerability of the charity's investments to stc¢k market fluctuations. The trustees are satisfied that it has taken appropriate and adequate measures to manage these risks, which include having in place Insuran that covers damage to property and other assets, and monitoring of the perf0rnan of the charity's investments (where risk of poor perfOnanCe is mitigated by spreading investments across a number of differerrt funds) and retums received on the charty's savings account with a view to moving the Charity's cash as appropriate in order to secure more favourable interest rates. Reserves Polley MCT holds reserves for two main reasons. The first is to cover variations in expenditure over time. IM)ile MCTS annual income is relatively stable, cash expenditure (both capital and revenue) can often be lumpy in nature. and may not be covered by the income generated in single year. MCT reserves are invested in a range of financial investments, which generate income. and cash held with banks. The first element of the charity's reserves policy is to hold at least enough cash in reserve to cover Iwo yearfs expendtiure. Higher cash balances may be held ifthe trustees consider that market volatilty might wt capital invested at unacceptable risk. The second reason MCT holds reseNes is to build a fijnd for possible fLrtUfe expenditure. The trustees recognise that the full extent of MCT'S current artivities depends partly on the use of facilrties at Pigotts, which it does not own and is not responsible for maintaining. Any change in Circumstan beyond Mcfs control which were to make this impractical or impossible would require MCT to lay OLrt a signfficant sum to conts'nue its activities in some fomi, e.g. by hiring venues for a period until a new home Gould be found or the existing facilities repaired or replaced. The trustees consider the risk of this happening in the short temi as low. but regard it as prudent to plan for the possibilty in the medium tenn. It is likely that Mcfs reserves would at that point serve as the 'seed capital, for a majorfund-raising exercise. Since the exact timing and nature of this possible future expenditure cannot be known, the trustees consider it prudent not to deem these reserves as designated and thereby restrict their future use. They do not feel it is prudent at the present time to set an upper limit on the level of reserves. These funds are held as a mixture of cash. which can be accessed on tenns of up to 90 days, notice, and inveslments, which can be accessed in a week bul whose value is subject to market fluctuations. The ¢harity also holds a violin as a mixed-motive investmerrt. The trustees aim to spend, on average, an amount equal to the regular income of the charity, recognising that expendtture may fluctuate from year to year, and that regular income may be supplemented by one-off donations and legacies. The trustees of MCT review the charity's reserves policy annually. The charity holds a 8ur5ary fund, a restricted income reserve, for donations made on the condition or expectation that the income will be used to help participants of limited means with the cost of Main Camps and, also, rf the fund allows, Camp weekends. As a general prtnciple, all Campers are expected to contribute to the cost of Main Camps. The purpose of this fund is to prevent potential participants from being excluded by abilrty to pay. Iere tax is recoverable on donations made under Gfft d, this will be added to the fund. No bursaries were made from the fund since 2020, reflecting the limited activrties tsn9 pla. As noted above, the charity has a second restricted reserve. for funds to be spent on renewal of the main bam roof, with any surplus funds being used for other necessary repairs and
MUSIC CAMP TRUST renewals of facilits'es used prinpjpally by Music Camp. Tax Status As a registered charity the charity is able to recover basic rate income tax on donations paid under Gift by UK taxpayers. A Gift Aid daim of £1.308 relating to Ihe tax year 2020121 (2021: £6.464 relating to 2019120) that was submitted and received in the current period has been shown as the current period's income. While none of the Gfft reclaim in the current year related to roof appeal donations, this comprised the majorty- £5,124 - of the 2021 Gift Aid claim. Appointment of Indepondent Examiners As a lower-income Gharity under the thresholds laid out in sections 144 and 145 of the Charities Act 2011, Music Camp Trust is exempt from the requirement of an audit. While not strictly neSSary this year as receipts were below the threshold of £25,000, an independerrt examination of the charity's accounts for the 13 months ended 30 April 2022 has been carried out as in previous years. The report of the independent examiner is provided on page 9. Approved by the trustees on ........ 11 . and signed on its behalf by.. S Laughton Chairman
MUSIC CAMP TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIC CAMP TRUST l port to the charity trustees on my examination of the accounts of the chaflty for the 13 months ended 30 April 2022, which are set out on pages 9 to 14. Rosponslbllitbes and basls of report As Ihe charity trustees of the Trust. you are responsible for the preparation of the accounts In acrdanCe with the requirements cl the Charities kt 2011 (Ihe Acr). I report In respect of My examination of the Trust's ants carried wt under section 145 of the 2011 Act and in carrying out my examination. I have followed the appIlble Diredions glven by the Charity Commission under sectK)n 145(5)(b) of the Act. Independent examlnerf5 Statèment I have wmpletèd my examination. I Confi that no material matters have come lo my attentson which gives me cause to bdieve Ihat. in any material respeGt: accounting records wer8 not kept in accordance section 130 ofthe Act,. or the accounts do not ard with the accounting records. I have no concems and have come acyoss no other matters in ¢onr*ction the examlnalion to which attention should be drdwn in order to enable a properunderstanding of the aOunts to be reached. Glles Taylor MA Msc ACA 65 Dresden Road, London N19 3BG Date=
MUSIC CAMP TRUST RECEIPTS AND PAYMENTS FOR THE 13 MONTHS ENDED 30 APRIL 2022 13 months ended Yearendec 30 April 31 March 2022 2021 Total Total fijnds funds Notes Unrestricted Restrtted fiJr)ds funds Recelpts Donations and g¢18S ReguLqr subscriber donathjns Other *aC and donations Fundraising actNities Gift Aid 6.503 5.557 6.503 6,757 5.884 11.803 1.2CIJ Charitable actwrtEs Income from ReUnn Music ban donations 620 620 Investrnents Bank interest recepied Other interest receNed Other investment wome 160 581 10 18 609 162 162 Gr08s Income 14.663 1,200 15,863 25,380 Asset and investment sales Total recelpts 14663 1.200 15.863 25,380 Payments Grants charitab actNities Fundratsing activitss Support costs Administration costs (4.186) (81.848) (86.034) (4.881) (1,653) 13 (1.653) 13 {1,446) 81.848 A88et and investment purchases (2.322) (2.322) {164) Total payment8 (8.174) (81,848) (90.022) (6,491 Not of recoipt81{payments) Transfers between fund¥ Cash funds last year end 6,489 180.648) (74,159) 18.889 44.852 138.470 183.322 164,433 Cash funds this yearond 10 57 163 322
MUSIC CAMP TRUST STATEMENT OF ASSEfs AND UABILITIES AT 30 APRIL 2022 30 Awil 31 March 2022 2021 Total Total funds fijnds Notes Unrestrted ReStrted nds funds Cash funds Cash at bank and in hand Notice deposrts (up to 3 months, noe> Total cash funds 19.738 31.603 19,738 29.056 57 822 10 183 322 Other monotsry assets Debtors Investment assets Financial investments Violin hekl as an investment 114.648 114,648 110.485 135.948 135,948 131 785 Assets rgtained for the charity's own use Musical instruments at cost Music Library at cost 53,677 53.677 53.677 95.951 Llabllti Creditors Approved bythe Twstees on.................................. 2022 arKI sKJned on ts behalf. S LAUGHTON - Chaimian 10
MUSIC CAMP TRUST NOTES TO ACCOUNTS FOR THE 13 MONTHS ENDED 30 APRIL 2022 Basis of accounting Charities registsred in England and Wales that are not companies are allo under section 133 ofthe Chariti'es Act 2011 to prepare reiFts and payments accounts provided the charity's gross income is not over £250.000. These accounts have been prepared on this basis in accordan with the guidelines provided by the Charrties Commission. Receipts and payments accounts are shorter and simpler than the more usual accrual accounts that must comply wrth the disclosures requirements of company taw and accounting starKlards. 2. Accounting policies Receipts and payments Income and expenditure are recognised on a reipts and paymerrts basis, meaning that items are recorded only when they are received or paid and no attempt is made to match accounting transactions with the underlying activty taking pla in the period. b) Debtors and creditors Under receipts and payments accounting, there are no debtors or creditors and no prepayments or accruals. However, were the chanty to grant or receive a long-temi loan, this would be shown, respectively. as an asset or liabilty. Inveslrnents Investments are shown at market value. Finanaal investrnents are shown at the mid-market price or declared unit price at the end of the period and the change in value is accounted for as an adjustmerrt to reserves. (This movement is neither shown in the statement or reIpts and payments nor in the statement of assets and liabilities.) The violin held as an investment is currently shown at cost because rt missed its first triennial independent valuation in 2021 due to the Covid pandemic. It will be revalued to market value prior to the next year end in 2023. d) Assets retalned for the charity's own use Assets retained for the charity's own use currently comprise musical instruments and the music library. Assets such as buildings, fixtures. frttings and equipment at Pigotts paid for by the charity are treated as charitsble expenditure as they are not owned or controlled by the charity its8. Musical instruments and the music library are shown at cost. as the trustees consider that to obtain a valuation would be impractical.
MUSIC CAMP TRUST Charltable activities 2022 2021 Music hire Krtchen equpment Marquee Jubih)o roof repa Reun•?n costs Exceptional 'CovKI' grant towards nsurance costs Barn Roof (roof appeal reStrted fund) Total 118 879 200 768 2,989 2,856 350 4. Support costs 2022 2021 Subscripttons (Making MUS1NFMs) Insurance Library statM)nery Computing costs (accounting software) Total 365 799 143 793 269 5. Administration costs 2022 2021 AGM expenses Sundry expenses Total 13 13 Ralated parti08 There yre no out-of-pocket expenses incurred by trustees and reimbursed this year (2021- £nil). 7. Flnanclal Invèstments 2022 2021 Market value at 31 March 2021 Income reinvested in the year Revaluation gainl(k)ss) Market value at 30 April 2022 110,485 88.397 2,382 110485 12
MUSIC CAMP TRUST 8. Violin held a8 investment 2022 2021 C F Langonet Vlin (at ffrket valw) Total 9. Assets retalned fi)r the charity's tr•m use usical Instruments Musi¢ Llbrary Total At 1 Apr 2021 Additn8 Disposals At 30 April 2022 53.677 39,952 2.322 93.629 2,322 In the previous yearfs accounts of Music Camp Limrted, Ixjildings (cost £12,070, depreciated value £1,374} and fixiures, fittings and equipment (cost £28,322, depreciated value £3,839} were shown as c*egories of assets for the charty's own use. se were wrttten off to reserves at the start of the current period as their retentson wouhj be InnSiStenI wrth the assets accounting policy {2d) above. 10. Restricted funds 2018-19 Cumulatlve 2021-22 Total 20120 2021>21 Roof fvjnd brought forward Receipts in the year Fundrasing paymerrts Roof & related payments 76.162 58.636 (2.315) (5) 131.578 6,726 137,954 1,200 76.910 143,472 (2.315) (350) {81.848} (83.851) {748) Roof fijnd carrEd forward Bursary fund 76.162 131.578 516 137,954 516 57,306 516 57,3C 516 Total restricted funds The restricted funds have Leen restated on a cash basis. consistent with the new ripts and payments basis of accounting. This reS[tated increasiThJ the roof fund at 31 Marth 2021 by £225 in respect of an accrual for exFndrtUre that vms incurred in the currerrt year. The roof fund at 31 March 2021 as previously reported was £137,729 and totsl funds were £138,245. 11. Bam roof amount rncoverable MCT does not own buiklings, fixtures or ffttings at Pigotts and these are accordingly treated as expenditure by the Gharity rather than assets of the charrty {see accounting policy 2d). The bam roof expenditure in the current period is an exceptionally large Instan of this. Under an agreement signed in December 2020, the owners of Pigotts guaranteed that Music 13
MUSIC CAMP TRUST Camp could continue to use the bam for a minimum of 7 years from the date the works were completed {30 June 20211 and would compensate MCT pwata rf the bam beme unavailable during that period. The amount recoverable at any point in time rf Pigotts ceased to be available to Music Camp is a contingent asset of the charity. Apportioned by month, the amount that would be recoverable at 30 April 2022 is 74184ths of the roof appeal expenditure to date, ie 74184 of £83.851 or £73,869 (2021- 14