**REGISTERED COMPANY NUMBER: 00408404 (England and Wales) REGISTERED CHARITY NUMBER: 313663** 

**REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR BENSLOW MUSIC TRUST** 

**(A COMPANY LIMITED BY GUARANTEE)** 



**BENSLOW MUSIC TRUST** 

**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

||Page|
|---|---|
|Report of the Trustees|1 to 10|
|Report of the Independent Auditors|11 to 14|
|Consolidated Statement of Financial Activities|15|
|Statement of Financial Activities|16|
|Consolidated Statement of Financial Position|17|
|Statement of Financial Position|18 to 19|
|Consolidated Statement of Cash Flows|20|
|Notes to the Consolidated Statement of Cash Flows|21|
|Statement of Cash Flows|22|
|Notes to the Statement of Cash Flows|23|
|Notes to the Financial Statements|24 to 41|





**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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). 

## **Benslow Music Trust** 

Founded 1929 as the first Rural Music School and in 1946 Incorporated as The Rural Music Schools Association (RMSA), re-Incorporated in 1986 as Benslow Music Trust (BMT). 

## **Trustees' Annual Report For the year ended 31 December 2021** 

The Trustees, who are also directors for the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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** 

## **Objectives and aims** 

The objects of the Trust as established in 1986 are 'to promote music education for the public benefit through the study and practice of music, especially in its social and co-operative forms, amongst students of all ages'. 

In 1952 Little Benslow Hills, the substantial Victorian house (now called simply Benslow Music) which forms the hub of the organisation, was bequeathed to RMSA by Esther Seebohm 'to be used in perpetuity for the support of musicmaking'. 

The Trust achieves its objectives principally through an extensive programme of short residential courses led by prominent musician/tutors and a wide-ranging series of concerts, supported by opening its facilities to local and national organisations from toddlers' groups and graded examination bodies to choral societies and other music-making groups, for events of all sorts, supported by trading activity such as providing Bed and Breakfast accommodation. 

Membership of the Trust, open to all by subscription, enables support of the Trust and gives Members the right and duty to elect Trustees and vote at the AGM alongside inter alia advance booking of courses, free use of the library and the opportunity to book practice facilities. Members act as ambassadors for the Trust's activities and many generously donate over and above their annual subscription, for which the Trust is most grateful. 

When the Trust became incorporated it took on responsibility as sole corporate trustee for the Benslow Music Instrument Loan Scheme (Registered Charity No: 313755), first established in 1932 to provide quality instruments to talented young musicians and subsequently operating from the Rural Music Schools offices. 

Benslow Music Enterprises Limited (Registered Company Number 10967344) was established in 2017 to manage the Trust's non-music trading activity. 

The Trustees are aware of their duty to have regard to Charity Commission guidance on public benefit and have no doubt that through the efforts of members and staff in reaching the large number of visitors to the site during a normal year their work is indeed conducted for the benefit of the public. The year to 31 December 2021 was of course dominated by the effects of the Covid-19 pandemic which had a severely limiting effect on the Trust's activities. 

Page 1 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **OBJECTIVES AND ACTIVITIES** 

## **Income and Expenditure** 

The result for the year 2021 was an overall deficit of £51k on the Trust's Unrestricted Funds. Within this figure there was an operating deficit of £227k as a result of the pandemic, together with the cost of replacing aging boilers. Where possible during lockdown offsetting cost savings were made by curtailing expenditure to only essential items and contractual commitments, and the extensive placement of staff on furlough under the Coronavirus Job Retention Scheme, which Benslow ceased using in July 2021 as full operation was resumed. Contractual commitments included paying musicians' cancellation costs, course refunds, and long term equipment leases, essential property maintenance and other annual costs e.g. insurance. Throughout the 2021 lockdown Benslow Music retained its planning capacity and sustained essential crisis management, as well as continuing to provide access to music online through innovative courses and live stream concerts. 

Donations and legacies for the year totalled £126k, including £36k to the Keep Music at Benslow Alive fundraising drive. The donations also included £5k of specific gifts towards instruments. The Keep Music at Benslow Alive fundraising drive enabled BMT to underwrite the unavoidable operating deficits in 2020 and 2021, and the Trust is deeply grateful to all donors for their tremendous generosity and support during this time. 

The Trading Company, Benslow Music Enterprises Limited (BME), had limited opportunity for income generation as a result of the lockdown in the early months of 2021, and general reductions in business activity. BME trading resulted in a net surplus of £7k for the year (£5k in 2020), which was donated to BMT. 

The pandemic was a specific event which had a significant effect on the Trust's finances, and without the generous donations through the Keep Music at Benslow Alive fundraising drive, and others including those who donated their course fees or took out Life Memberships, the Trust would have experienced serious and challenging financial difficulties. 

The monthly budget process, including cash flow reports, continued to be used to inform managers and Trustees of the latest financial position, and additional processes commenced in 2020 to support decision making through Crisis Steering Group continued in 2021. The budget process was adapted to manage shorter and longer term planning horizons, cash flow and risks arising from the crisis. For 2022 the Trust has returned to a full year budget cycle. The Trust's Council maintains a strong financial policy and robust financial controls to comply with latest guidance from the Charity Commission and current best practice in financial management. 

## **Fixed Assets and Investments** 

At the beginning of the year the Trust held investments of £442,097 principally managed by Investec Wealth and Investment Limited. The investments are divided into two funds, one aimed at maximisation of growth, the other at income. During the year investment income of £9k was achieved, which was lower than in previous years, as companies continued to suspend or reduce the payment of dividends during the year due to the pandemic. Investment income is retained by Investec and reinvested. As reported in the Financial Statements, the Trust's investment values increased during the year. At the end of the year the book value of investments held was £487,992. Purchases during the year were £103,868 and disposals £57,052. 

The Trust's policy in respect of ethical, social and environmental issues is to reserve the right to exclude from its investments companies that carry out activities contrary to its aims or from holding particular investments which damage the Trust's reputation. The Trustees keep this policy under annual review. 

## **Market Value of Land and Buildings** 

The charitable provisions under which ownership of the freehold of the property at Little Benslow Hills was transferred to the Trust in 1952 restrict the use to which the property may be put. Therefore the Trustees feel unable to provide a meaningful market value for the campus. Depreciation of accumulated capital expenditure on the property of £74,880 was made during the year, on the Restricted Funds of the Trust. 

Page 3 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **OBJECTIVES AND ACTIVITIES** 

At the start of 2021 the UK was in lockdown so there was no residential activity at our campus until May. Throughout this period staff worked from home where possible, though there was a constant, if slender, presence on site, with much work done on scheduling and re-scheduling courses, planning and re-planning, preparing for re-opening and, importantly, maintaining online courses and the livestreaming of concerts. There were some 24 concerts during the January-April period, maintaining both an evening series and that of the independent supporters' charity the Friends of BMT held on the second Monday afternoon of the month. This online activity, initiated by Dr Christopher Roberts early in the pandemic, proved popular, enabled the music-making of Members and other participants, kept Benslow Music's name alive and, significantly, provided performance opportunities for some of the many fine musicians the Trust is accustomed to work with, to the enjoyment and satisfaction of listeners. 

Benslow Music's affairs were capably managed by staff during this period, in frequent consultation with a Crisis Steering Group of Trustees and Senior Managers. Close contact was maintained with management colleagues in other institutions facing similar issues including Knuston Hall, Halsway Manor and Jackdaws (so in part reviving ARCA, the Adult Residential Colleges Association (later leisurecourses.net) which disbanded in 2013). As a corporate member, Benslow Music also took support from and shared pandemic experiences amongst other topics in a series of Zoom conferences with other corporate members of Making Music. 

During January application for funds was made via Arts Council England to the Government's Cultural Recovery Fund round 2, without success. In February a Hitchin Arts and Culture Group was established, again as a mutual help group with the intention of sharing common experiences and initiatives, with involvement from North Herts District Councillors and officers whose involvement continues. Benslow Music is regarded as a key member of this group. In further local involvement the Trust also hosted a breakfast for local business representatives for Hitchin Bid during December. 

The year saw Benslow Music promote a large number of concerts, mostly livestreamed, performing to live audience as soon as that was allowed. People have been cautious about returning but audience numbers picked up steadily during the year. Performances included a delightful summer evening performance in the garden of Purcell's Dido and Aeneas given by Eboracum Baroque, the Nona Blay patio outside the Dining Room proving an excellent stage area. Many such concerts were not directly associated with courses. Courses themselves, many of which had been postponed and rescheduled several times, resumed just as soon as pandemic restrictions allowed, albeit with strict hygiene protocols in place (always following, and exceeding, Government guidelines). Tutors and participants proved overjoyed to return and to resume their music-making at Benslow. By dint of running courses back-to-back, as tutor availability allowed, income for the fourth quarter of the year broke records, though this was unable on its own to cover the year's overall deficit. 

The third Benslow Music Young Composers Competition, judged by soprano Sarah Leonard and pianist Stephen Gutman with BM President Judith Weir, was held in April and won by Christopher Churcher (age 17, from King Edward's School, Edgbaston) in the 18 years and under category and Tan Tiag Yi (age 24, University of Oxford) in the 19-25 years category. The winning pieces were performed at a concert at Benslow Music in August. The President remarked: "I don't know if it's the result of spending a boring year at home, but the songs selected … struck me as being an exceptionally distinguished set". Other external engagement saw Benslow Music take a stand at the London International Early Music Exhibition in November at Blackheath. 

## **Achievements and performance** 

During 2021, refurbishment of external paintwork to both the main house and the Waldeck block was concluded, we trust in so doing making the buildings weather-proof for at least a few more years. Internally, the stair carpet in the main house had deteriorated badly and has been replaced. And in March the decision was taken to replace the two remaining heating boilers in the main house. These had served Benslow Music usefully for several decades but had become increasingly and seriously unreliable, as was the boiler in the Lavender Tower serving the Waldeck/Palmer Hall building (installed when that block was constructed in 2000). Work was undertaken efficiently by DG Maintenance and to date all is working well. 

The Trust was greatly saddened to learn of the death of Vice President Stephen Wilkinson in August at the age of 102. His was a major contribution to the life of the Trust, maintained until very recently. The Trust was represented at his funeral. 

Page 3 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **OBJECTIVES AND ACTIVITIES** 

During November, as part of a review of the Trust's stewardship of Members, a questionnaire was distributed, eliciting many constructive suggestions. 

## **Staff** 

Chief Executive: Peter Hewitt 

Head of Music: Dr Christopher Roberts (until November), Dr Peter Collyer (from November) with Laura Thompson (Music Administrator), Carline Bushen (Front Desk Administrator), Joanne Flavell (Event and Sales Co-ordinator) Head of Finance: Steve Saint with Karen Luxon (Finance Officer) 

Director of Operations: Tim Sharp with Alison Goodwin (Food & Beverage Supervisor), Tes Knight (Lead Housekeeper), Ken Harriott (Steward), Sarah Benham, Justyna Bartosik, Lesley Goodwin, Susan Davis, Dominic D'Amico (House Staff), Michelle Higgins, Zoe Tadhunter, Tara Fraser, Chris Speed, Sue Blackwood (Chefs), Gary Day (Kitchen Assistant), casuals 

Head of BMILS: Alison Palmer (until May), Etta Dainty (from May) with Annette Hoar (Administrative Assistant), Clare Knapman (Finance Assistant), Marco Matathia (Luthier) Head of Marketing: Emma Menniss (from July) 

May 2021 saw interviews for the post of Head of Benslow Music Instrument Loan Scheme and the appointment of Etta Dainty, late of Askonas Holt, Alison Palmer having announced her retirement as General Manager after 14 years excellent service during which the Scheme expanded considerably. Under the capable Chairmanship of Tony Aston, Alison oversaw the planning and construction of the splendid new (Aston) building for the Scheme and the appointment of an in-house luthier, all the while dealing with young clients and their parents (and teachers) with great skill, for which all connected with the Scheme are profoundly grateful. We wish her a fruitful retirement. Etta has integrated herself firmly in post, establishing strong new relationships and the Trust looks forward to further positive development of the Scheme under her leadership. 

At the same time, looking to the future and following a most generous donation of funds 'for development' to both BMT and BMILS, Trustees took the decision to create two new posts, Heads of Marketing and Fundraising & Development, both posts to address the strategic needs of both charities. The Trust was fortunate in securing the services of Emma Menniss on three days a week (partly working from home) to the first post and also those of Sacha Glasgow-Smith on a consultancy basis for Fundraising and Development. 

In the autumn Head of Music Dr Christopher Roberts was appointed to the role of Operations Manager at the National Centre for Early Music in York and so, sadly, left Benslow Music in November. Chris had joined the Trust first in November 2016 as Music Administrator and soon after proved the outstanding candidate to take over when Fane Henderson resigned as Head of Music in 2017. Since then Chris more than proved his worth, _inter alia_ expanding and diversifying the course and concert provision, attracting new customers to Benslow Music, establishing protocols for guests, course participants and tutors, developing music and marketing strategies, managing social media and the website, taking on the brunt of testing the Benslow Management System (a replacement database project), driving the appointment of an Event and Sales Coordinator and enabling that of the new Head of Marketing and Fundraising & Development Coordinator roles (so enabling re-focus on Music for his role). Also to him the Trust owes the initiative in establishing online courses and the livestreaming of concerts at the start of the Covid pandemic, as mentioned above. He has been an outstanding Head of Music and the Trust wishes him well in his new role, in his home county and specialist area of musical activity, and great good fortune in the next step of what will surely be a successful onward career. 

The Trust was fortunate indeed to appoint in Chris's place Dr Peter Collyer who proved able to start work on site almost immediately. Peter has outstanding credentials as a performing musician, academic and administrator inter alia at Southampton and Oxford universities and at Morley College. In the few months he has been with the Trust Peter has established himself firmly in post, bringing a clear-headed approach reflecting his valuable experience and creating good rapport with his team and colleagues, with tutors and participants too. 

Trustees are most grateful on behalf of all Members to the entire staff team for their part in enabling the operation, and survival, of BM during this challenging period. 

Page 4 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **OBJECTIVES AND ACTIVITIES** 

## **Plans for the future** 

The BMT Strategic Plan 2022-24 envisages a period of post-pandemic consolidation, particularly to reflect significant change in senior staff positions, a period of planning during 2023 and the implementation of plans during the next year and leading towards the Trust's centenary in 2029. 

A priority is the restoration of a secure financial position, also further replenishment of reserves to equate more nearly to a 6-month turnover target. As part of this there will be application to grant-giving bodies. The Trust will review the range of courses and pattern of concert-giving, stewardship of members and participants, communications and marketing strategies, staff structures, site development, online provision, profile both locally and nationally, and will set in place refurbishment of the Peter Morrison Hall and other interiors, addressing in all of this matters of diversity and access. 

## **Governance and administration** 

As noted in the header to the Report, the Trust is a Registered Charity, and Registered Company, and was established as a membership organisation. Members elect a Council of Trustees at the Annual General Meeting, no more than 14 and no fewer than 5 (with the internal intention of never reaching less than 7) and during 2021 numbering 11. Trustees elect Chairman and Vice Chairmen from their number (in 2021). 

## **Donations** 

The Trust is profoundly grateful for donations from all sources. In 2021 the Keep Music at Benslow Alive campaign remained open due to the lockdown in the early months of the year, and donations of £36k were made. In addition, there were general donations of £30k, legacy donations of £55k, and a donation towards instruments of £5k. The Trust extends its heartfelt thanks to all donors who have supported it in 2021 for their generosity, helping to sustain it during the pandemic and providing resources for security and future investment.  Gifts targeted towards specific projects have been most welcome, and not least scores, sets of parts and books for the library, and instruments directed to the Instrument Loan Scheme. 

## **FINANCIAL REVIEW** 

## **Reserves Policy** 

The Contingency Fund has been maintained at £190,000 which is covered by the Trust's investment portfolio. The purpose of the contingency fund is to provide for emergency resources in the event of unforeseen expenditure and to allow capital projects to commence whilst awaiting other funding. At the end of 2021, the Trust held designated reserves in respect of the BMT Development Fund (£86k), Garden Fund (£5k), and an Instrument Fund (£5k). Use of these funds will be planned in 2022. £14k of the Development Fund was used in new initiatives in fundraising and marketing in 2021, the previous IT Fund balance was used in conjunction with the new database project. 

The general reserve reflects the accumulated surplus from the general activities of Benslow Music Trust and is held to ensure long term security for the Trust in the event of future deficits, also to enable resources to be built up to invest in Benslow Music's premises, plant and equipment. It holds the unused portion of the Keep Music Alive at Benslow donations. The reserves policy of Benslow Council is to build towards overall reserves equivalent to six months of operating expenditure as a minimum secure level. 

Page 5 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

As noted in the header to the Report, the Trust is a Registered Charity, and Registered Company, and was established as a membership organisation. Members elect a Council of Trustees at the Annual General Meeting, no more than 14 and no fewer than 5 (with the internal intention of never reaching less than 7) and during 2021 numbering 11. Trustees elect Chairman and Vice Chairmen from their number (in 2021 respectively, Peter Neville as Chairman, Michael Taylor and Tim Gillott as Vice Chairs) and appoint the Hon Treasurer (Bhagwant Singh) and Hon Secretary (Mark Bowen). Details of those who have served as members of the Trustee body throughout the period and to the date of this report are provided elsewhere in this report. 

Trustees appoint senior staff namely a Chief Executive, Head of Music, Head of Finance, Director of Operations, Head of Marketing who, with the Head of BMILS, are in turn responsible for the Trust's day-to-day operation including course, concerts and events, hospitality (catering and housekeeping) and communications. The Chief Executive and Head of Finance provide trustees with reports at every meeting of Council, their colleagues reporting at least twice a year. Major or unusual expenditure is also authorised by Trustees who also retain responsibility for setting overall budgets, staff remuneration and recruitment. 

Newly-elected Trustees are advised about the responsibilities of their role and are supported by more experienced colleagues. Trustees receive guidelines relevant to their role including information from the Charity Commission, auditors, solicitors and brokers as it is available. In addition, Trustees attend induction and training sessions and are required to sign the Trustees' Code of Conduct and a Declaration of Interests form. 

Page 6 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** 

The remuneration of all members of staff is reviewed annually by the Trustees following report from the Remuneration Committee. Staff are appraised annually by Line Managers;  their recommendations are considered alongside details of movement in standard indices prepared by the Office of National Statistics including CPI, RPI, National Living Wage and average earnings. 

This report has been prepared in accordance with relevant statutory requirements, the Trust's Memorandum and Articles and the Statement of Recommended Practice: 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). It has been agreed by the Trustees and is signed on their behalf by: 

Tim Gillott, Michael Taylor Vice-Chairmen May 2022 

## **Members** 

We welcomed 93 new Members in 2021, 78 Individual, 10 Family, 1 Youth and 4 Life. In addition the Trust is grateful to the 21 Individuals who converted to Life Membership. 

## **In Memoriam** 

Sadly, each year we are notified of Members who have passed away either within the current year or earlier. We report the deaths of the following Members as notified to us since the last report: Ron Farquhar, Lynn Godfrey, Rob Heeks, Margaret Smith, Rita Weidmann, Liz White, John Whitehall 

## **Thank you** 

The Trust is most grateful to: 

- Members and well-wishers for their generous support of the Keep Music at Benslow Alive appeal 

- Friends of Benslow Music Trust 

- Tutors for their expert guidance of course participants 

- Concert performers 

- Volunteers, notably librarians 

- The following for their services this year; 

- Investec, Investment brokers 

- Bradshaw Johnson, Auditors 

- Sacha Glasgow Smith, Development and Fundraising Consultant 

- Blue Arrow, chefs 

- Will Lewis and Sons, garden services 

- Gerry Leitch, maintenance contractor 

- Our Senior Staff and their teams 

## **Trustees 2021** 

At the Trust's AGM in 2021 held on 26 June John Witchell, to whom great gratitude for all he had done for the Trust was given, retired as a Trustee, Norma King, Tim Gillott and Peter Neville retired by rotation and were re-elected, and members elected Andrew Blankfield, Katy Hamilton, Bhagwant Singh and Susan Sturrock as new Trustees. 

## **Risk management** 

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

## **Registered Company number** 

00408404 (England and Wales) 

Page 7 



**BENSLOW MUSIC TRUST** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

**Registered Charity number** 313663 

**Registered office** Benslow Music Benslow Lane Hitchin Hertfordshire SG4 9RB 

**Trustees President** Judith Weir CBE 

**Vice-Presidents** 

Steven Isserlis CBE Philip Meaden John Rutter CBE Peter Stark Melvyn Tan Stephen Wilkinson MBE (until August 2021) 

## **Board of Trustees ("Council")** 

Peter Neville - Chairman Michael Taylor - Vice-Chairman Tim Gillott - Vice-Chairman (from June 2021) John Witchell - Vice-Chairman (until June 2021) and Interim Chair of Governors Benslow Musical Instrument Loan Scheme Bhagwant Singh - Hon Treasurer Andy Baruch Colin Bates Andrew Blankfield (co-opted February 2021 and elected June 2021) Anne Conchie Katy Hamilton (co-opted November 2020 and elected June 2021) Norma King Susan Sturrock (co-opted November 2020 and elected June 2021) 

Hon Secretary to the Board – Mark Bowen 

In accordance with the Articles of Association (which require on third of Council to retire each year) the following Trustees retire at the forthcoming 2022 Annual General Meeting and being eligible, all offer themselves for re-elction: 

Andy Baruch, Colin Bates, Michael Taylor 

Anne Conchie is retiring at the forthcoming Annual General Meeting and is not standing for re-election. 

## **Auditors** 

Bradshaw Johnson Chartered Accountants Statutory Auditor Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ 

Page 8 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **REFERENCE AND ADMINISTRATIVE DETAILS Bankers** 

Barclays Bank plc 5/6 High Street Hitchin Hertfordshire SG5 1BJ 

## **Bankers** 

CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET 

## **Financial Advisers** 

Investec Wealth & Investment Ltd 2 Gresham Street London EC2V 7QP 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees (who are also the directors of Benslow Music Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- - observe the methods and principles in the Charity 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; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable 

- company will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit 

- information and to establish that the auditors are aware of that information. 

## **AUDITORS** 

The auditors, Bradshaw Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting. 

Page 9 



**BENSLOW MUSIC TRUST** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021** 

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 7[th] May 2022 and signed on the board’s behalf by: 

…………………………………………… 

T Gillott - Trustee 

…………………………………………… M Taylor - Trustee 

Page 10 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BENSLOW MUSIC TRUST** 

## **Opinion** 

We have audited the financial statements of Benslow Music Trust (the 'charitable parent company') and its subsidiary (the ‘group’) for the year ended 31 December 2021 which comprise the Group and Charitable Parent Company Statement of Financial Activities, the Group and Charitable Parent Company Statement of Financial Position, the Group and Charitable Parent Company Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the group’s and of the charitable parent company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: 

- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the charitable parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- the group or the charitable parent company have not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

Page 11 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BENSLOW MUSIC TRUST** 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so. 

Page 12 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BENSLOW MUSIC TRUST** 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes 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 if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We considered the nature of the Charitable Company's industry and its control environment, and reviewed the Charitable Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. 

We obtained an understanding of the legal and regulatory framework that the Charitable Company operates in, and identified the key laws and regulations that: 

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act; and 

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charitable Company's ability to operate or to avoid a material penalty. 

We discussed among the audit engagement team including relevant internal specialists such as tax specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. 

In addition to the above, our procedures to respond to the risks identified included the following: - reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 

- reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 13 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BENSLOW MUSIC TRUST** 

## **Use of our report** 

This report is made solely to the charitable company's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Bradshaw Johnson Chartered Accountants Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ Date: 13 May 2022 

Page 14 



**BENSLOW MUSIC TRUST** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021** 

|Unrestricted<br>funds<br>Notes<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>3<br>162,141<br>**Charitable activities**<br>6<br>Music courses<br>658,875<br>Music lettings<br>40,810<br>Concerts, including grants<br>20,896<br>Income from Benslow Music<br>Enterprises Limited<br>Other trading activities<br>16<br>4<br>33,691<br>27,643<br>Investment income<br>5<br>9,055<br>Other income<br>7<br>103,524<br>**Total**<br>1,056,635<br>**EXPENDITURE ON**<br>Raising funds<br>8<br>57,238<br>**Charitable activities**<br>9<br>Operation of courses and<br>musical activities<br>1,091,908<br>**Total**<br>1,149,146<br>Net gains/(losses) on<br>investments<br>41,411<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>**BEFORE TAXATION**<br>(51,100)<br>Tax on subsidiary<br>-<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>(51,100)<br>**RECONCILIATION OF**<br>**FUNDS**<br>**Total funds brought forward**<br>916,907<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>865,807|Restricted<br>funds<br>Endowment<br>funds<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>74,953<br>-<br>74,953<br>-<br>-<br>-<br>(74,953)<br>-<br>-<br>-<br>(74,953)<br>-<br>705,920<br>-<br>630,967<br>-|31.12.21<br>Total<br>Funds<br>£<br>162,141<br>658,875<br>40,810<br>20,896<br>33,691<br>27,643<br>9,055<br>103,524<br>1,056,635<br>57,238<br>1,166,861<br>1,224,099<br>41,411<br>(126,053)<br>-<br>(126,053)<br>1,622,827<br>1,496,774|31.12.20<br>Total<br>funds<br>£<br>708,164<br>488,648<br>29,657<br>17,966<br>23,652<br>15,034<br>8,488<br>25,523<br>1,317,042<br>41,896<br>905,049|
|---|---|---|---|
||||946,945<br>26,414<br>396,511<br>-<br>396,511<br>1,226,316<br>1,622,827|



The notes from part of these financial statements 

Page 15 



**BENSLOW MUSIC TRUST** 

## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021** 

|Unrestricted<br>funds<br>Notes<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>3<br>168,953<br>**Charitable activities**<br>6<br>Music courses<br>658,875<br>Music lettings<br>40,810<br>Concerts, including grants<br>20,896<br>Other trading activities<br>4<br>27,643<br>Investment income<br>5<br>9,055<br>Other income<br>7<br>121,103<br>**Total**<br>1,047,335<br>**EXPENDITURE ON**<br>Raising funds<br>8<br>9,965<br>**Charitable activities**<br>9<br>Operation of courses and<br>musical activities<br>1,129,881<br>**Total**<br>1,129,881<br>Net gains/(losses) on<br>investments<br>41,411<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>(51,100)<br>**RECONCILIATION OF**<br>**FUNDS**<br>**Total funds brought forward**<br>916,903<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>865,803|Restricted<br>funds<br>Endowment<br>funds<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>74,953<br>-<br>74,953<br>-<br>-<br>-<br>(74,953)<br>-<br>705,920<br>-<br>630,967<br>-|31.12.21<br>Total<br>funds<br>£<br>168,953<br>658,875<br>40,810<br>20,896<br>27,643<br>9,055<br>121,103<br>1,047,335<br>9,965<br>1,204,834<br>1,214,799<br>41,411<br>(126,053)<br>1,622,823<br>1,496,770|31.12.20<br>Total<br>funds<br>£<br>713,444<br>488,648<br>29,657<br>17,966<br>15,034<br>8,488<br>35,842<br>1,309,079<br>7,520<br>931,462|
|---|---|---|---|
||||938,982<br>26,414<br>396,511<br>1,226,312<br>1,622,823|



The notes form part of these financial statements 

Page 16 



## **BENSLOW MUSIC TRUST (REGISTERED NUMBER: 00408404)** 

## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2021** 

|Unrestricted<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>15<br>27,300<br>Investments<br>16<br>487,991<br>515,291<br>**CURRENT ASSETS**<br>Stocks<br>17<br>4,711<br>Debtors<br>18<br>62,252<br>Cash at bank<br>574,677<br>641,640<br>**CREDITORS**<br>Amounts falling due within one<br>year<br>19<br>(291,124)<br>**NET CURRENT ASSETS**<br>350,516<br>**TOTAL ASSETS LESS**<br>**CURRENT LIABILITIES**<br>865,807<br>**NET ASSETS**<br>865,807<br>**FUNDS**<br>21<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>Endowment<br>funds<br>£<br>£<br>593,531<br>-<br>-<br>-<br>593,531<br>-<br>-<br>-<br>-<br>-<br>37,436<br>-<br>37,436<br>-<br>-<br>-<br>37,436<br>-<br>630,967<br>-<br>630,967<br>-|31.12.21<br>Total<br>funds<br>£<br>620,831<br>487,991<br>1,108,822<br>4,711<br>62,252<br>612,113<br>679,076<br>(291,124)<br>387,952<br>1,496,774<br>1,496,774<br>865,807<br>630,967<br>1,496,774|31.12.20<br>Total<br>funds<br>£<br>700,568<br>442,097<br>1,142,665<br>4,893<br>38,243<br>689,606<br>732,742<br>(252,580)<br>480,162<br>1,622,827<br>1,622,827<br>916,907<br>705,920<br>1,622,827|
|---|---|---|---|



The notes form part of these financial statements 

Page 17 



## **BENSLOW MUSIC TRUST (REGISTERED NUMBER: 00408404)** 

## **CHARITY STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2021** 

|Unrestricted<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>15<br>27,300<br>Investments<br>16<br>487,992<br>515,292<br>**CURRENT ASSETS**<br>Stocks<br>17<br>3,330<br>Debtors<br>18<br>87,713<br>Cash at bank<br>553,477<br>644,520<br>**CREDITORS**<br>Amounts falling due within one<br>year<br>19<br>(294,009)<br>**NET CURRENT ASSETS**<br>350,511<br>**TOTAL ASSETS LESS**<br>**CURRENT LIABILITIES**<br>865,803<br>**NET ASSETS**<br>865,803<br>**FUNDS**<br>21<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>Endowment<br>funds<br>£<br>£<br>593,531<br>-<br>-<br>-<br>593,531<br>-<br>-<br>-<br>-<br>-<br>37,436<br>-<br>37,436<br>-<br>-<br>-<br>37,436<br>-<br>630,967<br>-<br>630,967<br>-|31.12.21<br>Total<br>funds<br>£<br>620,831<br>487,992<br>1,108,823<br>3,330<br>87,713<br>590,913<br>681,956<br>(294,009)<br>387,947<br>1,496,770<br>1,496,770<br>865,803<br>630,967<br>1,496,770|31.12.20<br>Total<br>funds<br>£<br>700,568<br>442,098<br>1,142,666<br>3,330<br>63,845<br>677,137<br>744,312<br>(264,155)<br>480,157<br>1,622,823<br>1,622,823<br>916,903<br>705,920<br>1,622,823|
|---|---|---|---|



The notes form part of these financial statements 

continued... 

Page 18 



**BENSLOW MUSIC TRUST (REGISTERED NUMBER: 00408404)** 

## **STATEMENT OF FINANCIAL POSITION - CONTINUED AT 31 DECEMBER 2021** 

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021. 

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. 

The trustees acknowledge their responsibilities for 

- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

These financial statements have been audited under the requirements of Section 144 of the Charities Act 2011. 

The financial statements were approved by the Board of Trustees on 7 May 2022 and were signed on its behalf by: 

…………………………………………… T Gillott - Trustee 

…………………………………………… 

M Taylor - Trustee 

The notes form part of these financial statements 

Page 19 



**BENSLOW MUSIC TRUST** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021** 

|Notes<br>**Cash flows from operating activities:**<br>Cash generated from operations<br>1<br>**Net cash provided by (used in) operating**<br>**activities**<br>**Cash flows from investing activities:**<br>Purchase of tangible fixed assets<br>Purchase of fixed asset investments<br>Sale of fixed asset investments<br>Interest received<br>Dividends received<br>**Net cash provided by (used in) investing**<br>**activities**<br>**Cash flows from financing activities:**<br>Proceeds from issue of shares<br>**Net cash provided (used in) financing**<br>**activities**<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning of**<br>**the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|31.12.21<br>£<br>(78,130)<br>(78,130)<br>(3,935)<br>(103,867)<br>99,384<br>201<br>8,854<br>637<br>-<br>-<br>(77,493)<br>689,606<br>612,113|31.12.20<br>£<br>423,902<br>423,902<br>(2,313)<br>(176,990)<br>172,712<br>445<br>8,043<br>1,897<br>-<br>-<br>425,799<br>263,807<br>689,606|
|---|---|---|



The notes form part of these financial statements 

Page 20 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**ACTIVITIES**|||
|---|---|---|
||31.12.21|31.12.20|
||£|£|
|**Net income/(expenditure) for the reporting period (as per the statement**|||
|**of financial activities)**|(126,053)|396,511|
|**Adjustments for:**|||
|Depreciation charges|83,672|85,328|
|Losses/(gain) on investments|(41,411)|(26,414)|
|Interest received|(201)|(445)|
|Dividends received|(8,854)|(8,043)|
|Decrease in stocks|182|479|
|Increase in debtors|(24,009)|(13,232)|
|Increase in creditors|38,544|(10,282)|
|**Net cash provided by (used in) operating activities**|(78,130)|423,902|



Page 21 



**BENSLOW MUSIC TRUST** 

## **CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021** 

|Notes<br>**Cash flows from operating activities:**<br>Cash generated from operations<br>1<br>**Net cash provided by (used in) operating**<br>**activities**<br>**Cash flows from investing activities:**<br>Purchase of tangible fixed assets<br>Purchase of fixed asset investments<br>Sale of fixed asset investments<br>Interest received<br>Dividends received<br>**Net cash provided by (used in) investing**<br>**activities**<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning of**<br>**the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|31.12.21<br>£<br>(86,861)<br>(86,861)<br>(3,935)<br>(103,867)<br>99,384<br>201<br>8,854<br>637<br>(86,224)<br>677,137<br>590,913|31.12.20<br>£<br>422,133<br>422,133<br>(2,313)<br>(176,990)<br>172,712<br>445<br>8,043<br>1,897<br>424,030<br>253,107<br>677,137|
|---|---|---|



The notes form part of these financial statements 

Page 22 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**ACTIVITIES**|||
|---|---|---|
||31.12.21|31.12.20|
||£|£|
|**Net income/(expenditure) for the reporting period (as per the statement**|||
|**of financial activities)**|(126,053)|396,511|
|**Adjustments for:**|||
|Depreciation charges|83,672|85,328|
|Losses/(gain) on investments|(41,411)|(26,414)|
|Interest received|(201)|(445)|
|Dividends received|(8,854)|(8,043)|
|Increase in debtors|(23,868)|(13,967)|
|Increase in creditors|29,854|(10,837)|
|**Net cash provided by (used in) operating activities**|(86,861)|422,133|



Page 23 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **1. STATEMENT OF COMPLIANCE** 

Benslow Music Trust is a charitable company incorporated in England. The registered office is: 

Benslow Music, Benslow Lane, Hitchin, Hertfordshire SG4 9RB 

The charitable company's financial statements have been prepared in compliance with Charities SORP (FRS 102) as it applies to the financial statements for the year ended 31 December 2021. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The Statement of Financial Activities (SOFA) and the Statement of Financial Position consolidate the financial statements of the charity and its wholly owned subsidiary undertaking, Benslow Music Enterprises Limited on a line by line basis. 

Benslow Music Trust meets the definition of a public benefit entity under FRS 102. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Page 24 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **2. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Freehold property - 4% on cost Plant and machinery - 7.5% on cost Fixtures and fittings - 25% on reducing balance 

Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £150 are not capitalised. 

The freehold land and buildings are subject to charitable covenants laid down in the original bequest under the 1952 Seebohm Will (see Note 15). Building development since that time, mostly from unrestricted funds, has been substantial, to the point where the original elements of the buildings are largely of academic interest. It has however been the accounting practice in previous years to distinguish between building work financed from unrestricted funds and buildings attributed to the original bequest. 

As all buildings on the site - whatever their funding source - effectively become subject to the original charitable covenants which apply to the land on which they stand, this accounting distinction is now considered irrelevant and contrary to clear presentation. Land and buildings on the Little Benslow Hills site and any related funds are wholly shown within a restricted fund known as the "Property Fund". 

## **Stocks** 

Stock consists of the music library, which is included at a modest valuation of £3,330. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity.  Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

## **Pension costs and other post-retirement benefits** 

The charitable company operates a defined contribution pension scheme.  Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

Page 25 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **2. ACCOUNTING POLICIES - continued** 

## **Investments** 

The investments are managed on behalf of the charity by Investec. 

Investments are stated at market value as at the balance sheet date. The market value is as supplied by Investec. 

The Statement of Financial Activities includes the net gains and losses (realised and unrealised) arising on the revaluations and disposals throughout the year. A separate statement is included splitting the recognised and unrecognised gains and losses. 

## **Value Added Tax** 

The Trust is partially exempt from charging Value Added Tax. Accordingly, it can only recover from HM Customs and Excise part of the tax incurred on supplies and services bought. Non-recoverable Value Added Tax is shown within charitable activities in the Statement of Financial Activities. 

## **Legal status of the Trust** 

The Trust is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1 per member of the charity. 

## **Financial instruments** 

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **3. DONATIONS AND LEGACIES** 

## **Group** 

|**Group**|||
|---|---|---|
||31.12.21|31.12.20|
||£|£|
|Donations|125,949|647,222|
|Subscriptions|36,192|60,942|
||162,141|708,164|
|**Charity**|||
|Donations|132,761|652,502|
|Subscriptions|36,192|60,942|
||168,953|713,444|



Page 26 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **4. OTHER TRADING ACTIVITIES Group** 

|Other lettings<br>Bar sales<br>**Charity**<br>Other lettings<br>Bar sales<br>**5.**<br>**INVESTMENT INCOME**<br>**Group & Charity**<br>Dividends received<br>Deposit account interest<br>**6.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Group & Charity**<br>**Activity**<br>Course fees<br>Music courses<br>Music lettings<br>Music lettings<br>Concerts, including grants<br>Concerts, including grants|31.12.21<br>£<br>6,024<br>21,619<br>27,643<br>6,024<br>21,619<br>27,643<br>31.12.21<br>£<br>8,854<br>201<br>9,055<br>31.12.21<br>£<br>658,875<br>40,810<br>20,896<br>720,581|31.12.20<br>£<br>1,362<br>13,672<br>15,034<br>1,362<br>13,672<br>15,034<br>31.12.20<br>£<br>8,043<br>445<br>8,488<br>31.12.20<br>£<br>488,648<br>29,657<br>17,966|
|---|---|---|
|||536,271|



Page 27 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

|**7.**<br>**OTHER INCOME**<br>**Group**<br>Management charge<br>Other income<br>Job retention scheme<br>**Charity**<br>Management charge<br>Other income<br>Job retention scheme<br>**8.**<br>**RAISING FUNDS**<br>**Other trading activities**<br>**Group**<br>Purchases<br>**Charity**<br>Purchases<br>**9.**<br>**CHARITABLE ACTIVITIES COSTS**<br>**Group**<br>Operation of courses and musical activities<br>**Charity**<br>Operation of courses and musical activities<br>**10.**<br>**SUPPORT COSTS**<br>**Group**<br>Other<br>£<br>Operation of courses and<br>musical activities<br>437,962<br>**Charity**<br>Other<br>£<br>Operation of courses and<br>musical activities<br>437,239|31.12.21<br>£<br>29,032<br>6,355<br>68,137<br>103,524<br>£<br>46,611<br>6,355<br>68,137<br>121,103<br>31.12.21<br>£<br>57,238<br>9,965<br>Direct costs<br>Support costs<br>(See note 10)<br>£<br>£<br>603,033<br>563,828<br>Direct costs<br>Support costs<br>(See note 10)<br>£<br>£<br>646,299<br>558,535<br>Other 2<br>Other 3<br>Governance<br>costs<br>£<br>£<br>£<br>58,120<br>59,120<br>8,626<br>Other 2<br>Other 3<br>Governance<br>costs<br>£<br>£<br>£<br>57,995<br>56,875<br>6,426|31.12.20<br>£<br>25,523<br>-<br>-<br>25,523<br>£<br>35,842<br>-<br>-<br>35,842<br>31.12.20<br>£<br>41,896<br>7,250<br>Totals<br>£<br>1,166,861<br>Totals<br>£<br>1,204,834<br>Totals<br>£<br>563,828<br>Totals<br>£<br>558,535|
|---|---|---|
||||



Page 28 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

Support costs, included in the above, are as follows: 

## **10. SUPPORT COSTS – continued** 

|Wages<br>Rent, rates and service charge<br>Insurance<br>Light and heat<br>Gardener/Technical and supervisory<br>fees<br>Repairs and maintenance to grounds<br>and buildings<br>Printing, postage and stationery<br>Redundancy costs<br>Depreciation of tangible fixed assets<br>Computer costs<br>Hire of equipment<br>Advertising<br>Telephone<br>Consultancy fees<br>Subscriptions<br>Interest and charges<br>Non-recoverable VAT<br>General expenses<br>Commission paid<br>Bad debts<br>Auditors’ remuneration|**Group**<br>31.12.21<br>31.12.20<br>Operations<br>of courses<br>and musical<br>activities<br>Total<br>activities<br>£<br>£<br>215,323<br>153,041<br>5,565<br>11,965<br>11,964<br>9,924<br>26,567<br>31,915<br>12,022<br>14,574<br>77,693<br>14,218<br>5,156<br>3,819<br>-<br>21,082<br>83,672<br>85,328<br>33,231<br>18,380<br>8,699<br>10,249<br>5,984<br>4,547<br>5,435<br>6,362<br>4,771<br>3,765<br>608<br>775<br>6,513<br>5,756<br>40,183<br>31,386<br>10,409<br>8,693<br>1,407<br>1,106<br>-<br>-<br>8,626<br>8,176<br>563,828<br>445,061|**Charity**<br>31.12.21<br>31.12.20<br>Operations<br>of courses<br>and<br>musical<br>activities<br>Total<br>activities<br>£<br>£<br>215,323<br>153,041<br>5,565<br>11,965<br>11,964<br>9,924<br>26,567<br>31,915<br>12,022<br>14,574<br>77,693<br>14,218<br>4,433<br>3,819<br>-<br>21,082<br>83,672<br>85,328<br>33,231<br>18,380<br>8,699<br>10,249<br>5,859<br>4,547<br>5,435<br>6,362<br>4,771<br>3,765<br>608<br>775<br>5,675<br>5,040<br>40,183<br>31,386<br>10,409<br>8,693<br>-<br>-<br>-<br>-<br>6,426<br>6,076<br>558,535<br>441,139|**Charity**<br>31.12.21<br>31.12.20<br>Operations<br>of courses<br>and<br>musical<br>activities<br>Total<br>activities<br>£<br>£<br>215,323<br>153,041<br>5,565<br>11,965<br>11,964<br>9,924<br>26,567<br>31,915<br>12,022<br>14,574<br>77,693<br>14,218<br>4,433<br>3,819<br>-<br>21,082<br>83,672<br>85,328<br>33,231<br>18,380<br>8,699<br>10,249<br>5,859<br>4,547<br>5,435<br>6,362<br>4,771<br>3,765<br>608<br>775<br>5,675<br>5,040<br>40,183<br>31,386<br>10,409<br>8,693<br>-<br>-<br>-<br>-<br>6,426<br>6,076<br>558,535<br>441,139|
|---|---|---|---|
||||441,139|



## **11. NET INCOME/(EXPENDITURE)** 

Net income/(expenditure) is stated after charging/(crediting): 

||31.12.21|31.12.20|
|---|---|---|
||£|£|
|Depreciation - owned assets|83,672|85,328|



## **12. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. 

Members of Council have not received any remuneration either directly or indirectly during the year and provide their services voluntarily. Certain expenses incurred on behalf of the Trust are reimbursed to Members of Council. An exception is made by agreement with the Charity Commission where certain Trustees occasionally act as tutors and receive the normal fee. 

## **Trustees' expenses** 

Travel expenses amounting to £NIL were reimbursed to trustees in the year (2020 - £369 - 1 trustee). 

Page 29 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED** 

## **FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **13. STAFF COSTS** 

|Wages & Salaries<br>Employers NI|31.12.21<br>£<br>582,713<br>32,470<br>615,183|31.12.20<br>£<br>353,751<br>28,852|
|---|---|---|
|||382,603|



No employee received emoluments of more than £60,000. 

The key management personnel of the charitable company comprises only of the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £55,174 (2020: £44,362). 

The average monthly number of employees during the year was as follows: 

|Direct staff<br>Support staff|31.12.21<br>20<br>16<br>36|31.12.20<br>20<br>12|
|---|---|---|
|||32|



## **14. 2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Group** 

|Unrestricted<br>funds<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>708,164<br>**Charitable activities**<br>Music courses<br>488,648<br>Music lettings<br>29,657<br>Concerts, including grants<br>17,966<br>Other trading activities<br>38,596<br>Investment income<br>8,488<br>Other income<br>25,523<br>**Total**<br>1,317,042<br>**EXPENDITURE ON**<br>Raising funds<br>41,896<br>**Charitable activities**<br>Operation of courses and musical activities<br>830,074<br>**Total**<br>871,970<br>**Net gains/(losses) on investments**<br>26,414<br>**NET INCOME/(EXPENDITURE)**<br>**BEFORE TAXATION**<br>471,486|Restricted<br>funds<br>Endowment<br>funds<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>74,975<br>-<br>74,975<br>-<br>-<br>-<br>(74,975)<br>-|Total<br>funds<br>£<br>708,164<br>488,648<br>29,657<br>17,966<br>38,596<br>8,488<br>25,523<br>1,317,042<br>41,896<br>905,049|
|---|---|---|
|||946,945<br>26,414<br>396,511|



Page 30 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

|**14.**|**2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|
|||funds|funds|funds|funds|
|||£<br>|£<br>|£<br>|£|
||Tax on subsidiary|-|-|-|-|
||**NET INCOME/(EXPENDITURE)**|471,486|(74,975)|-|396,511|
||**RECONCILIATION OF**|||||
||**FUNDS**|||||
||**Total funds brought forward**|445,421|780,895|-|1,226,316|
||**TOTAL FUNDS CARRIED FORWARD**|916,907|705,920|-|1,622,827|
||**Charity**|||||
|||Unrestricted|Restricted|Endowment|Total|
|||funds|funds|funds|funds|
|||£|£|£|£|
||**INCOME AND**|||||
||**ENDOWMENTS FROM**|||||
||Donations and legacies|713,444|-|-|713,444|
||**Charitable activities**|||||
||Music courses|448,648|-|-|488,648|
||Music lettings|29,657|-|-|29,657|
||Concerts, including grants|17,966|-|-|17,966|
||Other trading activities|15,034|-|-|15,034|
||Investment income|8,488|-|-|8,488|
||Other income|35,842|-|-|35,842|
||**Total**|1,309,079|-|-|1,309,079|
||**EXPENDITURE ON**|||||
||Raising funds|7,520|-|-|7,520|
||**Charitable activities**|||||
||Operation of courses and musical activities|856,487|74,975|-|931,462|
||**Total**|864,007|74,975|-|938,982|
||**Net gains/(losses) on investments**|26,414|-|-|26,414|
||**NET INCOME/(EXPENDITURE)**|471,486|(74,975)|-|396,511|
||**RECONCILIATION OF**|||||
||**FUNDS**|||||
||**Total funds brought forward**|445,417|780,895|-|1,226,312|
||**TOTAL FUNDS CARRIED FORWARD**|916,903|705,920|-|1,622,823|



Page 31 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **15. TANGIBLE FIXED ASSETS** 

|**Group & Charity**<br>**COST**<br>At 1 January 2021<br>Additions<br>At 31 December 2021<br>**DEPRECIATION**<br>At 1 January 2021<br>Charge for year<br>At 31 December 2021<br>**NET BOOK VALUE**<br>At 31 December 2021<br>At 31 December 2020|Freehold<br>property<br>£<br>1,872,003<br>-<br>1,872,003<br>1,203,803<br>74,880<br>1,278,683<br>593,320<br>668,200|Plant and<br>machinery<br>Fixtures and<br>fittings<br>£<br>£<br>85,017<br>246,027<br>-<br>3,935<br>85,017<br>249,926<br>84,419<br>214,257<br>452<br>8,340<br>84,871<br>222,597<br>146<br>27,365<br>598<br>31,770|Totals<br>£<br>2,203,047<br>3,935<br>2,206,982<br>1,502,479<br>83,672<br>1,586,141<br>620,831<br>700,568|
|---|---|---|---|



Ownership of the freehold land comprising Little Benslow Hills, with buildings thereon, was assigned in 1952 to Rural Music Schools Association (subsequently renamed Benslow Music Trust) by the will of Miss Esther Seebohm and incorporated into the financial statements at the time of the gift. The charitable covenants contained in the will restrict its use to the main objectives of the Trust as set down in the current Memorandum and Articles and approved by the Charity Commission. A sale of any part of the property or a major variation in use of the overall site would therefore require formal approval by the Charity Commission. 

In the opinion of the Board of Trustees, it is not practicable to value the land separately. 

Page 32 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **16. FIXED ASSET INVESTMENTS Charity** 

|Shares in<br>group<br>undertakings<br>Listed<br>investments<br>Unlisted<br>investments<br>£<br>£<br>£<br>**MARKET VALUE**<br>At 1 January 2020<br>1<br>370,967<br>7,076<br>Additions<br>-<br>103,867<br>-<br>Disposals<br>-<br>(57,052)<br>-<br>At 31 December 2020<br>1<br>417,782<br>7,076<br>**PROVISIONS**<br>Provision b/f<br>-<br>(66,984)<br>2,930<br>Revaluation adjustments<br>-<br>6,693<br>(5,772)<br>At 31 December 2020<br>-<br>(60,291)<br>(2,842)<br>**NET BOOK VALUE**<br>At 31 December 2020<br>1<br>478,073<br>7,659<br>At 31 December 2019<br>1<br>437,951<br>4,146|Totals<br>£<br>378,043<br>103,867<br>(57,052)<br>424,859<br>(64,054)<br>921<br>(63,133)<br>487,991<br>442,097|
|---|---|



There were no investment assets outside the UK. 

The company's investments at the balance sheet date in the share capital of companies include the following: 

## **Benslow Music Enterprises** 

Registered office: Benslow Music, Benslow Lane, Hitchin, Herts. SG4 9RB Nature of business: Lettings and other commercial activities 

||%|||
|---|---|---|---|
|Class of share:|holding|||
|Ordinary|100|||
|The summary financial performance of the subsidiary alone is:||||
|||31.12.21|31.12.20|
|||£|£|
|**Profit and loss account**||||
|Turnover||76.957|53,987|
|Direct costs||(47,273)|(34,376)|
|Gross profit||29,684|19,521|
|Administrative expenses||(29,684)|(19,521)|
|Net profit||-|-|
|**Aggregate capital and reserves**||**4**|**4**|



Page 33 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **16. FIXED ASSET INVESTMENTS - continued** 

The market valuation was carried out by Investec. 

Other unlisted investments represent cash held by the investment managers pending reinvestment. 

Realised gains are included in the Statement of Financial Activities. 

Investments are held primarily to provide an investment return for the charity. 

## **17. STOCKS Group & Charity** 

|Stocks|**Group**<br>31.12.21<br>£<br>4,711|31.12.20<br>£<br>4,893|**Charity**<br>31.12.21<br>31.12.20<br>£<br>£<br>3,330<br>3,330|
|---|---|---|---|



## **18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>Social security and other taxes|**Group**<br>31.12.21<br>31.12.20<br>£<br>£<br>3,352<br>588<br>48,328<br>20,204<br>8,381<br>15,490<br>2,191<br>1,961<br>62,252<br>38,243|**Charity**<br>31.12.21<br>31.12.20<br>£<br>£<br>23,102<br>22,683<br>56,230<br>25,672<br>8,381<br>15,490<br>-<br>-<br>87,713<br>63,845|**Charity**<br>31.12.21<br>31.12.20<br>£<br>£<br>23,102<br>22,683<br>56,230<br>25,672<br>8,381<br>15,490<br>-<br>-<br>87,713<br>63,845|
|---|---|---|---|
||||63,845|



## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>Social security and other taxes<br>Other creditors<br>Accrued expenses|**Group**<br>31.12.21<br>31.12.20<br>£<br>£<br>16,738<br>14,893<br>18,817<br>11,874<br>223,127<br>199,997<br>32,442<br>25,816<br>291,124<br>252,580|**Charity**<br>31.12.21<br>31.12.20<br>£<br>£<br>12,870<br>14,255<br>18,817<br>11,874<br>222,767<br>199,997<br>39,555<br>38,029<br>294,009<br>264,155|**Charity**<br>31.12.21<br>31.12.20<br>£<br>£<br>12,870<br>14,255<br>18,817<br>11,874<br>222,767<br>199,997<br>39,555<br>38,029<br>294,009<br>264,155|
|---|---|---|---|
||||264,155|



## **20. LEASING AGREEMENTS** 

Minimum lease payments under non-cancellable operating leases fall due as follows 

## **Charity** 

|**Charity**|||
|---|---|---|
||31.12.21|31.12019|
||£|£|
|Within one year|2,500|2,637|
|Between one and five years|2,500|879|
||5,000|3,516|



Page 34 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS** 

|**Group**<br>**Unrestricted funds**<br>General fund<br>Designated fund - Contingency fund<br>Designated fund - IT<br>Designated fund – Garden fund<br>Designated fund – Development fund<br>Designated fund – Instrument fund<br>**Restricted funds**<br>Other<br>Property fund<br>Investment fund - property<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are<br>**Group**<br>**Unrestricted funds**<br>General fund<br>Designated fund – IT<br>Designated fund – Development fund<br>Designated fund – Instrument fund<br>**Restricted funds**<br>Other<br>Property fund<br>**TOTAL FUNDS**|At 1.1.21<br>Net movement<br>in funds<br>Transfers<br>between funds<br>At 31.12.21<br>£<br>£<br>£<br>£<br>619,989<br>(39,834)<br>-<br>580,155<br>190,000<br>-<br>-<br>190,000<br>2,200<br>(2,200)<br>-<br>-<br>4,718<br>-<br>-<br>4,718<br>100,000<br>(14,066)<br>-<br>85,934<br>-<br>5,000<br>-<br>5,000<br>916,907<br>(51,100)<br>-<br>865,807<br>3,285<br>(73)<br>-<br>3,212<br>668,200<br>(74,880)<br>-<br>593,320<br>34,435<br>-<br>-<br>34,435<br>705,920<br>(74,953)<br>-<br>630,967<br>1,622,827<br>(126,053)<br>-<br>1,496,774<br>as follows:<br>Incoming<br>resources<br>Resources<br>expended<br>Gains and<br>losses<br>Movement in<br>funds<br>£<br>£<br>£<br>£<br>1,051,635<br>(1,132,880)<br>41,411<br>(39,834)<br>-<br>(2,200)<br>-<br>(2,200)<br>-<br>(14,066)<br>-<br>(14,066)<br>5,000<br>-<br>-<br>5,000<br>1,056,635<br>(1,149,146)<br>41,411<br>(126,053)<br>-<br>(73)<br>-<br>(73)<br>-<br>(74,880)<br>-<br>(74,880)<br>-<br>(74,935)<br>-<br>(74,953)<br>1,056,635<br>(1,224,099)<br>41,411<br>(126,053)|
|---|---|



Page 35 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Group**<br>**Unrestricted funds**<br>General fund<br>Designated fund - Contingency fund<br>Designated fund - IT<br>Designated fund – Garden fund<br>Designated fund – Development fund<br>**Restricted funds**<br>Other<br>Property fund<br>Investment fund - property<br>**TOTAL FUNDS**<br>Comparative net movement in funds, included in<br>**Group**<br>**Unrestricted funds**<br>General fund<br>Designated fund – Garden fund<br>Designated fund – Development fund<br>**Restricted funds**<br>Other<br>Property fund<br>**TOTAL FUNDS**|At 1.1.20<br>Net movement<br>in funds<br>Transfers<br>between funds<br>At 31.12.20<br>£<br>£<br>£<br>£<br>253,221<br>366,768<br>-<br>619,989<br>190,000<br>-<br>-<br>190,000<br>2,200<br>-<br>-<br>2,200<br>-<br>4,718<br>-<br>4,718<br>-<br>100,000<br>-<br>100,000<br>445,421<br>471,486<br>-<br>916,907<br>3,380<br>(95)<br>-<br>3,285<br>74,880<br>(74,880)<br>-<br>668,200<br>34,435<br>-<br>-<br>34,435<br>780,895<br>(74,975)<br>-<br>705,920<br>1,226,316<br>396,511<br>-<br>1,622,827<br>the above as follows<br>Incoming<br>resources<br>Resources<br>expended<br>Gains and<br>losses<br>Movement in<br>funds<br>£<br>£<br>£<br>£<br>1,207,042<br>(866,688)<br>26,414<br>366,768<br>10,000<br>(5,282)<br>-<br>4,718<br>100,000<br>-<br>-<br>100,000<br>1,317,042<br>(871,970)<br>26,414<br>471,486<br>-<br>(95)<br>-<br>(95)<br>-<br>(74,880)<br>-<br>(74,880)<br>-<br>(74,975)<br>-<br>(74,975)<br>1,317,042<br>(946,945)<br>26,414<br>396,511|
|---|---|



Page 36 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined position is as follows: 

|**Group**<br>**Unrestricted funds**<br>General fund<br>Designated fund - Contingency fund<br>Designated fund - IT<br>Designated fund – Garden fund<br>Designated fund – Development fund<br>Designated fund – Instrument fund<br>**Restricted funds**<br>Other<br>Property fund<br>Investment fund - property<br>**TOTAL FUNDS**|At 1.1.20<br>Net movement<br>in funds<br>Transfers<br>between funds<br>At 31.12.21<br>£<br>£<br>£<br>£<br>253,221<br>326,934<br>-<br>580,155<br>190,000<br>-<br>-<br>190,000<br>2,200<br>(2,200)<br>-<br>-<br>-<br>4,718<br>-<br>4,718<br>-<br>85,934<br>-<br>85,934<br>-<br>5,000<br>-<br>5,000<br>445,421<br>420,386<br>-<br>865,807<br>3,380<br>(168)<br>-<br>3,212<br>743,080<br>(149,760)<br>-<br>593,320<br>34,435<br>-<br>-<br>34,435<br>780,895<br>(149,928)<br>-<br>630,967<br>1,226,316<br>270,458<br>-<br>1,496,774|
|---|---|



|A current year 12 months and prior year 12 months combined net<br>as follows:<br>**Group**<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>2,258,677<br>Designated fund – Garden fund<br>10,000<br>Designated fund - IT<br>-<br>Designated fund – Development fund<br>100,000<br>Designated fund – Instrument fund<br>5,000<br>2,373,677<br>**Restricted funds**<br>Other<br>-<br>Property fund<br>-<br>-<br>**TOTAL FUNDS**<br>2,373,677|movement in funds, included in the above are<br>Resources<br>expended<br>Gains and<br>losses<br>Movement in<br>funds<br>£<br>£<br>£<br>(1,999,568)<br>67,825<br>326,934<br>(5,282)<br>-<br>4,718<br>(2,200)<br>-<br>(2,200)<br>(14,066)<br>-<br>85,934<br>-<br>-<br>5,000<br>(2,021,116)<br>67,825<br>420,386<br>(168)<br>-<br>(168)<br>(149,760)<br>-<br>(149,760)<br>(149,928)<br>-<br>(149,928)<br>(2,171,044)<br>67,825<br>270,458|
|---|---|



Page 37 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS - continued** 

|**Charity**<br>**Unrestricted funds**<br>General fund<br>Designated fund - Contingency fund<br>Designated fund - IT<br>Designated fund – Garden fund<br>Designated fund – Development fund<br>Designated fund – Instrument fund<br>**Restricted funds**<br>Other<br>Property fund<br>Investment fund – property<br>**TOTAL FUNDS**|At 1.1.20<br>Net movement<br>in funds<br>Transfers<br>between funds<br>At 31.12.20<br>£<br>£<br>£<br>£<br>619,985<br>(39,834)<br>-<br>580,151<br>190,000<br>-<br>-<br>190,000<br>2,200<br>(2,200)<br>-<br>-<br>4,718<br>-<br>-<br>4,718<br>100,000<br>(14,066)<br>-<br>85,934<br>-<br>5,000<br>-<br>5,000<br>916,903<br>(51,100)<br>-<br>865,803<br>3,285<br>(73)<br>-<br>3,212<br>668,200<br>(74,880)<br>-<br>593,320<br>34,435<br>-<br>-<br>34,435<br>705,920<br>(74,953)<br>-<br>630,967<br>1,622,823<br>(126,053)<br>-<br>1,496,770|
|---|---|



Net movement in funds, included in the above are as follows: 

|**Charity**<br>**Unrestricted funds**<br>General fund<br>Designated fund – IT<br>Designated fund – Development fund<br>Designated fund – Instrument fund<br>**Restricted funds**<br>Other<br>Property fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>1,042,335<br>-<br>-<br>5,000<br>1,047,335<br>-<br>-<br>-<br>1,047,335|Resources<br>expended<br>£<br>(1,123,580)<br>(2,200)<br>(14,066)<br>-<br>(1,214,799)<br>(73)<br>(74,880)<br>(74,953)<br>(1,214,799)|Gains and<br>losses<br>Movement in<br>funds<br>£<br>£<br>41,411<br>(39,834)<br>-<br>(2,200)<br>-<br>(14,066)<br>-<br>5,000<br>41,411<br>(51,100)<br>-<br>(73)<br>-<br>(74,880)<br>-<br>(74,953)<br>41,411<br>(126,053)|
|---|---|---|---|



Page 38 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Comparatives for movement in funds**|||||
|---|---|---|---|---|
|**Charity**||Net movement|Transfers||
||At 1.1.20|in funds|between funds|At 31.12.20|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|253,217|366,768|-|619,985|
|Designated fund - Contingency fund|190,000|-|-|190,000|
|Designated fund - IT|2,200|-|-|2,200|
|Designated fund – Garden fund|-|100,000|-|100,000|
|Designated fund – Development fund|-|4,718|-|4,718|
||445,417|471,486|-|916,903|
|**Restricted funds**|||||
|Other|3,380|(95)|<br>-|3,285|
|Property fund|743,080|(74,880)|<br>-|668,200|
|Investment fund - property|34,435|-|-|34,435|
||780,895|(74,975)|<br>-|705,920|
|**TOTAL FUNDS**|1,226,312|396,511|-|1,622,823|
|Comparative net movement in funds, included in the|above as follows||||
|**Charity**|Incoming|Resources|Gains and|Movement in|
||resources|expended|losses|funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|1,199,079|(858,725)|<br>26,414|366,768|
|Designated fund – Garden fund|100,000|-|-|100,000|
|Designated fund – Development fund|10,000|(5,282)|<br>-|4,718|
||1,309,079|(864,007)|<br>26,414|471,486|
|**Restricted funds**|||||
|Other|-|(95)|<br>-|(95)|
|Property fund|-|(74,880)|<br>-|(74,880)|
||-|(74,975)|<br>-|(74,975)|
|**TOTAL FUNDS**|1,309,079|(938,982)|<br>26,414|396,511|



Page 39 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined position is as follows: 

|**Charity**||Net movement|Transfers||
|---|---|---|---|---|
||At 1.1.20|in funds|between funds|At 31.12.21|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|253,217|326,934|-|580,151|
|Designated fund - Contingency fund|190,000|-|-|190,000|
|Designated fund - IT|2,200|(2,200)|-|-|
|Designated fund – Garden fund|-|4,718|-|4,718|
|Designated fund – Development fund|-|85,934|-|85,934|
|Designated fund – Instrument fund|-|5,000|-|5,000|
||445,417|<br>420,386|<br>-|<br>865,803|
|**Restricted funds**|||||
|Other|3,380|(168)|-|3,212|
|Property fund|743,080|(149,760)|-|593,320|
|Investment fund - property|34,435|-|-|34,435|
||780,895|(149,928)|-|630,967|
|**TOTAL FUNDS**|1,226,312|270,458|-|1,496,770|
|A current year 12 months and prior year 12 months combined||net movement in|funds, included|in the above are|
|as follows:|||||
|**Charity**|Incoming|Resources|Gains and|Movement in|
||resources|expended|losses|funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|2,393,606|(2,077,417)|73,074|389,263|
|Designated fund - IT|-|(2,200)|-|(2,200)|
|Designated fund – Garden fund|10,000|(5,282)|-|4,718|
|Designated fund – Development fund|100,000|(14,066)|-|85,934|
|Designated fund – Instrument fund|5,000|-|-|5,000|
||2,356,414|(2,003,853)|67,825|420,386|
|**Restricted funds**|||||
|Other|-|(168)|-|(168)|
|Property fund|-|(149,760)|-|(149,760)|
||-|(149,928)|-|(149,928)|
|**TOTAL FUNDS**|2,356,414|(2,003,853)|67,825|270,458|



Page 40 



**BENSLOW MUSIC TRUST** 

## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **21. MOVEMENT IN FUNDS - continued** 

## **Purposes of unrestricted funds** 

General fund 

The general reserve reflects the accumulated surplus from the general activities of Benslow Music Trust and is held to ensure long-term security for the Trust in the event of future deficits. and to enable resources to be built up to invest in Benslow's premises, plant and equipment. 

## Designated fund - Contingency fund 

The purpose of the Contingency fund is to provide emergency resources in the event of unforeseen expenditure and to allow capital projects to commence whilst awaiting other funding. 

## Designated fund - IT fund 

This reserve was created to ensure that adequate resources are available to ensure that the Trust's computer systems remain fit for purpose. 

Designated fund – Garden fund 

This fund was created using a specific donation in order to enhance the landscape of the campus. 

## Designated fund – Development fund 

This fund represents a donation to the Trust by a former trustee. The find is to allow the Trust to develop in the future. 

## **Purposes of restricted funds** 

Other 

This is made up of several smaller restricted funds but no individual fund has more than £3,000. 

## Property 

This fund mirrors the value at which land and buildings are included in the balance sheet. 

Investment fund - property 

This fund was established by the sale of an investment portfolio in 2013 to fund major building work. 

## **22. RELATED PARTY DISCLOSURES** 

During the year the charitable company received a donation of £6,812 (2020 £5,280), management fees of £17,579 (2020 £10,319) and other cross charges of £NIL (2020 £NIL) from Benslow Music Enterprises Ltd, a wholly owned subsidiary. The charitable company also purchased goods amounting to £43,266 (2020 £30,335) from Benslow Music Enterprises Ltd during the year. At the reporting date, £27,584 (2020 £22,283) was receivable from Benslow Music Enterprises Ltd, and £9,901 (2020 £19,121) was payable to Benslow Music Enterprises Ltd. 

## **23. INDEMNITY INSURANCE** 

The charitable company paid for the insurance premiums to indemnify trustees and senior staff from any loss arising from neglect or defaults of trustees or staff and any consequent loss. 

Page 41