**Charity Registration No. 311088**
## **The Williams Church Music Trust**
**Annual Report and Unaudited Financial Statements**
**For the year ended 5 April 2021**
**The Williams Church Music Trust**
## **Contents**
||**Page**|
|---|---|
|Trustees' report|3 - 5|
|Statement of trustees' responsibilities|2|
|Independent examiner's report|6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 16|
## **The Williams Church Music Trust**
## **Legal and Administrative Information**
**Trustees** Mr R W Hattrell - Chairman Dr D O Bird Mr R A Lovett Mrs P van Weede Mr C S Prentice **Charity number** 311088 **Principal address** Pendragon House 65 London Road St Albans Hertfordshire AL1 1LJ **Independent examiner** Mr M P Attwood ACA Attwoods Chartered Accountants 12 Palfrey Close St Albans Hertfordshire AL3 5RE
- 1 -
## **The Williams Church Music Trust**
## **Statement of Trustees' Responsibilities**
## **For the year ended 5 April 2021**
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 trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, 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 trust 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 2 -
## **The Williams Church Music Trust**
## **Trustees' Report**
## **For the year ended 5 April 2021**
The trustees present their report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, 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)".
## **Objectives and activities**
The Trust Deed states that the objects of the Trust are:-
(a) The promotion of the study, practice and improvement of instrumental music (including in particular organ music); and
(b) The promotion of the study, practice and improvement of singing (in particular choral singing) especially in connection with the services of the Church of England and of Churches in communion with the Church of England.
In addition the Deed provides for the creation and administration or assistance in the provision of scholarships, exhibitions, or prizes for the encouragement of Church Music or singing.
The Trust Deed gives the Trustees wide discretion with regard to investment powers and they have power to apply both income and capital to the furtherance of the above objects. The Trustees' present grant making policy is to use some of the capital to enable them to smooth out fluctuations in the stock market and interest rates provided that the amount so used is within the overall return that they are seeking to achieve. This policy is reviewed at regular Trustees' meetings.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## **Achievements and performance**
The notes attached to the accounts give full details of the grant commitments in the year. Grant commitments made during the year were in line with the objective set by the trustees. Commitment and payment of grants is made after applications have been considered at regular Trustees' meetings.
## **Financial review**
## **Financial position**
Full details of the Trust's financial position are shown in the accounts attached to this report. The Charity's net income for the was £239,722 (2020 net expenditure : £105,434).
The trustees consider that the financial position and reserves of the charity are satisfactory.
## **Reserves policy**
As at 5 April 2020 unrestricted reserves were £1,699,578 (2020: £1,459,857). The reserves policy of the charity is to maintain sufficient reserves to enable the charity to meet effectively the needs designated by its Trust Deed.
## **Public benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
- 3 -
## **The Williams Church Music Trust**
## **Trustees' Report (Continued)**
## **For the year ended 5 April 2021**
## **Investment policy and performance**
The majority of the Trust's assets are held in a Charities Official Investment Fund unit holding and also in a Charities Official Deposit Fund, shown within Cash at Bank. The investments and cash deposits are reviewed at regular Trustees' meetings with the aim of achieving overall returns which enable the Charity to provide grants to charities and individuals where activities are within the objects of the Charity as set out above.
## **Structure, governance and management**
## **Governing document**
The Trust is governed by a Trust Deed dated 20 May 1970 and is constituted as an unincorporated association. It is registered as a charity with the Charity Commission.
## **Organisation structure and management**
The trustees who served during the year and up to the date of signature of the financial statements were: Mr R W Hattrell - Chairman
Dr D O Bird
Mr R A Lovett Mrs P van Weede Mr C S Prentice
## **Related parties**
Mr R W Hattrell is a Partner in Gilberts, the firm of chartered accountants who prepare the accounts of the charity.
## **Risk management**
The trustees are responsible for identifying the major risks to which the charity is exposed and ensuring steps are taken to manage the risks.
## **Conflict of interest policy**
The charity has a conflict of interest policy that precludes any trustee benefitting from a financial gain arising from any activity of the charity.
- 4 -
## **The Williams Church Music Trust**
## **Trustees' Report (Continued)**
## **For the year ended 5 April 2021**
## **Statement of trustees' responsibilities**
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 trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, 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 trust 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' r eport was approved by the Board of Trustees.
## **Mr R W Hattrell - Chairman**
Trustee Dated: 18 March 2022
- 5 -
## **The Williams Church Music Trust**
## **Independent Examiner's Report**
## **To the Trustees of The Williams Church Music Trust**
I report to the trustees on my examination of the financial statements of The Williams Church Music Trust (the trust) for the year ended 5 April 2021.
## **Responsibilities and basis of report**
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mr M P Attwood ACA
Attwoods Chartered Accountants 12 Palfrey Close St Albans Hertfordshire AL3 5RE
Dated: 18 March 2022
- 6 -
## **The Williams Church Music Trust**
## **Statement of Financial Activites including Income and Expenditure Account**
## **For the year ended 5 April 2021**
|**Unrestricted**
**funds**
**2021**
**Notes**
**£**
**Income from:**
Charitable activities
Investments
**3**
**49,629**
**Expenditure on:**
Raising funds
Charitable activities
**4**
**86,684**
Net gains/(losses) on investments
**9**
**276,776**
**Net movement in funds**
**239,721**
Fund balances at 6 April 2020
**1,459,857**
**Fund balances at 5 April 2021**
**1,699,578**|**Total**Unrestricted
funds
**2021**
2020
**£**
**£**
**49,629**
50,454
**86,684**
117,081
**276,776**
(38,807)
**239,721**
(105,434)
**1,459,857**
1,565,291
**1,699,578**
1,459,857|Total
2020
**£**
50,454
117,081
(38,807)
(105,434)
1,565,291
1,459,857|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 7 -
## **The Williams Church Music Trust**
## **Balance sheet**
## **As at 5 April 2021**
|**2021**
**Notes**
**£**
**Fixed assets**
Investments - Charities Ethical Investment
Fund
**11**
**Current assets**
Cash at bank and in hand
**126,976**
**Creditors: amounts falling due within one**
**year**
**13**
**(10,485)**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds
The financial statements were approved by the Trustees on 18 March 2022
Mr R W Hattrell - Chairman
Mr R A Lovett
**Trustee**
**Trustee**|**£**
**1,583,087**
**116,491**
**1,699,578**
**1,699,578**
**1,699,578**|**2020**
**£**
83,766
(5,220)|**£**
1,381,311
78,546
1,459,857
1,459,857
1,459,857|
|---|---|---|---|
- 8 -
## **The Williams Church Music Trust**
## **Statement of Cash Flows**
## **For the year ended 5 April 2021**
|**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**16**
**Investing activities**
Proceeds on disposal of investments
Dividends and interest received
**Net cash generated from investing activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
**75,000**
**49,629**|**£**
**(81,419)**
**124,629**
**-**
**43,210**
**83,766**
**126,976**|**2020**
**£**
**£**
(122,361)
50,000
50,454
100,454
-
(21,907)
105,673
83,766|
|---|---|---|---|
- 9 -
**For the year ended 5 April 2021**
## **The Williams Church Music Trust**
## **Notes to the Financial Statements**
## **1 Accounting policies**
## **Charity information**
The Williams Church Music Trust is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
## **1.1 Accounting convention**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts 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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
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 trust 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 trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 10 -
## **The Williams Church Music Trust**
## **Notes to the Financial Statements (Continued)**
## **For the year ended 5 April 2021**
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is not part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **1.6 Fixed 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 income/(expenditure) for the year . Transaction costs are expensed as incurred.
## **1.7 Cash and cash equivalents**
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.
## **1.8 Financial instruments**
A financial asset or a liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Where investments are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure.
## **2 Critical accounting estimates and judgements**
In the application of the trust’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.
- 11 -
## **The Williams Church Music Trust**
## **Notes to the Financial Statements (Continued)**
## **For the year ended 5 April 2021**
## **3 Investments**
|**Unrestricted**
**funds**
**2021**
**£**
Dividends from listed investments
49,550
Income from cash investments
79
49,629
**Charitable activities**
**Charitable**
**Expenditure**
**2021**
**£**
Objectives of the Trust (see note 5)
66,650
Share of support costs (see note 6)
15,344
Share of governance costs (see note 6)
4,690
86,684|**Total**Unrestricted
funds
**2021**
2020
**£**
£
**49,550**
49,956
**79**
498
**49,629**
50,454
**Total**
**2021**
**Charitable**
**Expenditure**
**2020**
**£**
**£**
**66,650**
94,700
**15,344**
17,437
**4,690**
4,944
**86,684**
117,081|Total
2020
£
49,956
498|
|---|---|---|
|||50,454|
|||**Total**
**2020**
**£**
94,700
17,437
4,944|
|||117,081|
- **4 Charitable activities**
- 12 -
## **The Williams Church Music Trust**
## **Notes to the Financial Statements (Continued)**
## **For the year ended 5 April 2021**
|**5**
**Grants payable**
**Grants to institutions:**
Acclaim Production Williams Fox
Bath Camerata
Bradford Cathedral
Cambridge Early Music
Dacorum Community Choir
Finchley Choral Society
Guildford Cathedral Music Development
Hardynge Choir
Harpenden Choral Society
Hatfield House Chamber Music Festival
Hertfordshire Chorus
High Street Methodist Church
Kent County Organists Association
Kings College London
Lea Singers
Leicester Cathedral
Leicester Church Music Consort
London Festival of Contemporary Church Music
London Pro Arte Choir
Oundle for Organists
PCC Dunchurch
Pimlico Musical Foundation
Portsmouth Cathedral
Presteigne Festival of Music and the Arts
Radlett Choral Society
Southwark Cathedral
St Albans Abbey Organ Scholar
St Albans Bach Choir
St Albans Cathedral Organ Scholar
St Albans Chamber Choir
St Albans Choral Society
St Albans International Organ Festival
St Germains Isle of Man
St Lawrence with St Nicolas PCC York
St Mary Moseley Organ Centenary Fund
St Mary's D'Abernon
St Mary's Welwyn
Tenebrae Choir
Wingrave Singers
**Total grants**|**2021**
**£**
**-**
**-**
**4,150**
**2,000**
**-**
**-**
**3,000**
**1,500**
**-**
**-**
**-**
**-**
**500**
**-**
**2,500**
**3,000**
**-**
**-**
**-**
**-**
**-**
**5,000**
**2,500**
**-**
**-**
**2,500**
**5,000**
**-**
**-**
**2,000**
**-**
**20,000**
**5,000**
**8,000**
**-**
**-**
**-**
**-**
**-**
**66,650**
**66,650**|2020
£
1,000
1,000
2,000
2,500
1,000
2,000
2,000
2,000
2,000
3,000
7,500
1,000
2,000
1,500
2,000
1,500
3,000
3,500
3,000
1,500
2,000
2,000
4,000
5,000
3,000
20,000
5,000
2,000
5,000
2,000
1,700|
|---|---|---|
|||96,700|
|||94,700|
- 13 -
## **The Williams Church Music Trust**
## **Notes to the Financial Statements (Continued)**
## **For the year ended 5 April 2021**
## **5 Grants payable**
## **(Continued)**
Grants agreed and paid or committed in furtherance of the Charity's objectives (all unrestricted funds) were as above.
## Commitments
There were no grant commitments brought forward at 31 March 2020 or carried forward at 31 March 2021.
## **6 Support costs**
|**Support costs**
**Governance**
**costs**
**£**
**£**
Support costs - legal and
professional fees
6,820
-
Support costs - other office
costs
8,524
-
Governance costs - legal
and professional fees
-
1,500
Governance costs - other
office costs
-
3,190
15,344
4,690
Analysed between
Charitable activities
15,344
4,690|**2021**Support costs
Governance
costs
**£**
£
£
**6,820**
7,750
-
**8,524**
9,687
-
**1,500**
-
1,500
**3,190**
-
3,444
**20,034**
17,437
4,944
**20,034**
17,437
4,944|2020
£
7,750
9,687
1,500
3,444|
|---|---|---|
|||22,381|
|||22,381|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **8 Employees**
The average monthly number of employees during the year was:
**2021 2020 Number Number** Total - -
- 14 -
## **The Williams Church Music Trust**
## **Notes to the Financial Statements (Continued)**
## **For the year ended 5 April 2021**
## **9 Net gains/(losses) on investments**
||**Unrestricted**|**Total**|Unrestricted|Total|
|---|---|---|---|---|
||**funds**||funds||
||**2021**|**2021**|2020|2020|
||**£**|**£**|£|£|
|Gain/(loss) on listed investments|276,776|276,776|(38,807)|(38,807)|
Losses comprised Realised Gains of £11,780 (2020: 3,991) and Unrealised Gains of £264,995 (2020: Unrealised Losses £42,798).
## **10 Independent examination fees**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|**1,500**|1,500|
## **11 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2020 & 5 April 2021|1,381,311|
|**Carrying amount**||
|At 05 April 2021|1,381,311|
|At 05 April 2020|1,381,311|
## **Fixed asset investments revalued**
There were no investment assets outside the UK.
All investments held are listed.
The historical cost of the investment is £1,044,361 (2019:£1,094,452).
|**12**|**Financial instruments**|**2021**|**2020**|
|---|---|---|---|
|||**£**|**£**|
||**Carrying amount of financial assets**|||
||Instruments measured at fair value through profit or loss|1,583,087|1,381,311|
- 15 -
## **The Williams Church Music Trust**
## **Notes to the Financial Statements (Continued)**
## **For the year ended 5 April 2021**
## **13 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Trade creditors|**5,485**|3,720|
|Accruals and deferred income|**5,000**|1,500|
||**10,485**|5,220|
|**Analysis of net assets between funds**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Fund balances at 5 April 2021 are represented by:|||
|Investments|**1,583,087**|1,381,311|
|Current assets/(liabilities)|**116,491**|78,546|
||**1,699,578**|1,459,857|
## **14 Analysis of net assets between funds**
## **15 Related party transactions**
Administration costs of £10,229 (2020: £11,624) and Professional Fees of £6,820 (2020: £7,750) were paid in accordance with clause 6 of the Trust Deed to Messrs Gilberts - the firm of accountants of which Mr R W Hattrell is a Partner. There were no other transactions with Trustees or related parties.
|**16**
**Cash generated from operations**
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Movements in working capital:
Increase/(decrease) in creditors
**Cash absorbed by operations**
17
**Analysis of changes in net funds**
The trust had no debt during the year.|**2021**
**£**
**239,721**
**(49,629)**
**(276,776)**
**5,265**
**(81,419)**|**2020**
**£**
(105,434)
(50,454)
38,807
(5,280)
(122,361)|
|---|---|---|
- 16 -