REGisf£R£D COMPANY NUMBER: 0041A404 (EnglaThd 8Trd Wales} REGwfERED CFiARITY NUMBER: 313663 REPORT F THE TRU AND FINAN ATE AR ENDED EMBE FOR BE A COMPANY LIMITED BY UARANTEE 11111 *ACCW7YZ* Zm023 COMPANIES HOUSE *20 ICTR cO￿E F THE FINANCIAL STATEMEr FOR THE YEAR ENDED31 DECEMBER2 Report of tht Trnstees Report of the lttdepende•t A￿dItorS 10 to 13 St*trment of FinaAeFal Athlttes 14 StstemeDtol Financial Positio 15 to 16 Statement of C*sh Fknvs 17 Notes to the StatemeTrt olC*sb FID*J 18 Nrfe5 to the Fin•ncial Ststements 19 to 32 BE ERED FOR THE YEAR ENDED 3ft DECEMBER 2 Benslow Mu$]¢ Trus¢ Founded 1929 &$ the fi￿t Rurnt Mwsic S¢hwl and in 1946 tn¢orwrt¢d as The Rurnl M￿lC Schools Association (RMSA). re.tncotporated in 1986 &8 Benslow Music Trust (BMT). Trusteu. Annual Rep)rt For the year ended 31 Dettth￿r 21122 Trustee5' A[￿Ual Report for the year ended 31 D￿embEr 2022 The Trustees. who are also directors of the charity for the purpw5 of the Companie5 Act 2006, their rewt wtth th¢ fthartcial sraiements of the charity for the yrar ¢nded 31 tknmtyr 2022. The tnL8tees have adopted the provisions of Accounting and Rew)rtI￿ by Charities: Statement of Re(￿nMend￿ Ptactice applioble to charities pre￿ing their accounts in accordance with the Financial ReFKKting Stsndard awlTrthle in the UK artd Republic of Ireland (FRS 102) {e￿e￿1¥C I January 2019). 0￿ECTIVEs Al￿ Acriv￿lEs Objettivts and aims The objects of the T￿￿t as established in 1986 are .10 ￿c￿Ote music ￿ll¢att(￿ for the publi( b¢nefrt through the study and practice of rn￿1¢. esrrtiatly iD its swial and ¢(￿1¥¢ forn)s amongst so￿ of ages,. tn 1952 Little Benslow Hills. the wbstsntial Victorian hothse (now called simply B￿sloW Music) which forms the hub of the orgoDisation, w&5 bequeathed to RMSA by Eyher S¢etrf)hm lo b¢ used in p¢rF¢tuity for the support of music-making,. The Trust achieves its objecli¥es principatly through an extensive sropnme of short residential courses led by prominent Musi¢￿T￿ltOrs and a wide-ranging series of con¢erts, 5UPWrted by oF¢ning its facilities to local and national organisations from toddlejs. groups aftd graded examitiatiiTrn l￿dieS ￿ Cl￿￿1 sctieties and other music-rnjking for Ev¢nts of all sojts. support¢d by trading #¢tivity su¢h as providing Bed and BFeakfast accomm(wJatiorJ. Membership of the TrtL￿ open io all by subscriwion. enables of the TTUSI 8nd gives Mem￿r$ the right and duty ¢0 elert TnJste¢s and vote at the AGM al¢)ng5id¢ inter ali* &lvwh¢¢ bty)king of cwses. free use of the library and the opwrtunity to book practice facilities. Members act a5 ambassado￿ for the TTusVs activities and many generously donate over and above the￿ annual subscriOiTh4 ts which the Tntst ts most8r&efiJl. When ihe Tnjst became li t(#)k on reSpc￿s1￿1lity a5 sole CCffFXIT* tr￿ for the Be￿loW ￿￿[¢ Instnlment Loan Scheme (Registered Charity No: 313755), first established in 1932 to quality inslnlments lo talented young rnusi¢ians and subsequentty operaiing froTn the Rura] Music khwls offic Benslow Musi¢ Enterprises Limited (Regi4eTEd CoTryMny Numtrtt 10967344) w&$ esthblished. in 2017 to manage lh¢ Trwfs non-rnu5i¢ trading activity. The Trustees are aware of their thity to have reg￿d to Clwtty Commission guidance on wblic beTKfit and have no doubt that through the efforts of membets and stsff in reaching the large number of vi5stOTS to the site during a nornial year their work is indEcd conducted for the F*nefit of the public. The year to 31 December 2021 wa5 of course domtnated by the effects of the Covid-19 pathmic which had a seveTely limiting effKt on the Trust's xtivitie4 and the influence of the kmndemic continued into 2022. BEN tnw MUSIC TRUST RT OF TH£ TRu￿E£s ED DE ER2 0￿ECTIvEs AND A￿[VITIEs Incomt and Expenditure The result for the year 2022 was an overall deficit of £103.4 on the Tru￿$ Unre5trictrS Fund5. Within this figu￿ was an 0￿rating deficit of £178.3k t)(￿atiOn4 legacies a￿1 th¢ year totslled £IIXI2K of whith £84.2k is wuestrictrd Legacies were £39.4k. general donations £27. IK a sp￿la1 donation of £2k and a grant of £1.8k. £10.9k w&$ d(xwt¢d SF¢¢ifically fv burs8rie$ and £5k for work io equip the Palmer Hall as a recording #udio. and these have plxed ti] the designared fiJnds. The £12.2k cost of the fvnthBising c(wultancy h&5 been Charg￿ to the tkv¢loprn¢rt Fund and the balance of the Garden Fund h&8 b¢en reduced by £3k to cover eXP￿din￿e incwred in 2022. The Trading Company. Benslow M￿lC Eftttiwises Limited (BME). wok advantage of the low c(HJrse attendance numbers to generat¢ I￿¢￿ne rhrough B&B lettings of (Ah•wise v¥ant r(M)ms. Al￿￿81de this a rerth￿ io offering nOn￿n￿51C events such as aftern￿ft teas #nd private partie5 bcosted income wcductd a ttjmover of £156k and # net surplus of £13.8k for the year (£7k in 2021). which was dthwed to BMT. As repoltrd els¢where. the ￿thmt¢ has cOntin￿d to have a signifKant effect on the Ttusvs finances. once agaui donations have been imp(Ktsnt in covering s(Krn¢ of the losses. The monthly budget including wh flow w. oMtinued to ￿ vsed to inform managers and Trustees of the latest . financia] p)5ition. The Tnjsvs Council maintsitis a stA￿E futancial plicy rol￿st fuwKial conrrols to compty with latest guidance from the ChaThty C(xnrnission. Fixed Assets And Inve5tmeDts At the beginning of the year the TTUSt held inveslments of £487.W2. principalty by Inv¢s*¢ Wealth and inv¢stm¢nt Limiied. The invesm)ents are divided tnio two fi￿d¥ ffie aimed at maximisation of growth. the other at income. Duting the year ir¢vestsnents value declined by £44.5k. The Investm¢nt Committee rEFKJrted that 2022 had been a lough, year for markets, with (unusualty) both the equity i*Md maT*ets failing. The Income p)nfolio (mediwn risk) wa5 down 7.90/ (£21.5k) and the growth POTrfolio (mediunVhi8h risk) w&8 down 10.W. (£23. Ik). As a compaTiSm for the year. the FfsE was +l(PA World tndex-l IV4 N￿5￿q-2￿r1 and Government Bond5_240A. The Trus1'5 p)licy lli respxrt of ethical. ￿Kial and issues is ￿ ￿serve the right to exclude from its investsnents Companies that carry aaivities ¢Ontr￿ to its aim5 or from holding Wicldar investsnents which damage the TnLSt's reputation. The Tru5t¢es keep this p)licy under annu￿ review. in line with this wlicy. Inves￿ tertts to follow a £1￿1 remiL with less emph&8is on the Iw)kin& energy and oil sectors. These se¢ior5, which are heavily represented in the Ffso ￿rforrn¢d ¢x¢¢pti¢)nalty well during the year. Additionally, the FTSE h4 relatively speakin& a much smaller exp0s￿e to the technolo￿ sector. Market Value of Land B￿l￿]Ing$ Th¢ charitable provisions under which owrtership of the frt¢hold of the Littk Benslow Hills was transfe￿ed to the Trust in 1952 restrict the use to which the property may be put TheTEfore the Tr￿%tee5 feel unable to pn)vide a mearting￿l rnaTket value for the camp￿$. t￿￿￿latiOn of acC￿￿ll1ated capitsl expenditure rn the Pro￿rtY of £74,880 was made during the year, on the Restricted Fun(L% of the TnLSL Aehievement and Performance Courses During 2021 the outgoing Head of m￿$1¢ put in plxe a course progranme for 2W22 that presumed a to nollnal operations post-pandeTnic. with B￿sloW followtng its establish￿ pkttem of Friday-sunday weekend cow5es and Monday -wednesday or Thursday weekitsy courses. and following participation numbers in the quaner of 2021, optimksm high for the siart 2022. However. cO￿d remained the major challenge for the organisation, with Inf￿tiOn ￿ the risk of infection ca￿$ttis cancelati(KL% of many iwkings and in January. the cancejation of entire courses. EN W fvfUSIC TR TERED NUKBE . YEA ED31 D EMB OWEcfIvES AND A￿[vIT[￿s The planned pattern of courses in 2022 inclutsd an element of catch-up. with many of th¢)5¢ P05¢x)n¢ during lockdown fitted into the schedule. This in wrn tkd del￿nded ffl tutor availability. ¢re4ting a less-thall-ideal spread of courses in the early part of the year. Numbers of participants fluCU￿trd widely across the year and bLN)king p￿treTn$ w¢re unpr¢dict4ble as the OTnmercial en¥￿0￿ment moved from Covid-related unwtainty to the cost of living ctisis that h&9 continued to impaa o our numb¢r5 into 2023. The music office worked to keep costs down in lighi of the shortfall in fee inciKne, and the fuwl cost of tutLY fee5 fLV 2022 w¥ £170.768 against 4 of £207.500. Private bookings included Cambridge Earty MLLSiC, here for the first time having Cancell￿ their 2021 bookllig due to the pandetnic, with capacity nwnbers enjoying a renaissance music c￿r$e in week l and a Barcque course in week 2 that culminated in a p￿rfo￿an¢t of Purcell's 'Fairy {￿en,. Well-established wivate lX￿k1ngS such as Corinne Sha￿$ Mixed ChaTnb¢r Mu51¢ and'spring Sknngs. remain imw>rknt parrs of the musical p£tivitie5 * Ben510w. Con¢ert5 The evening concert series ran alongside th¢ wornme of ¢(xw throughout the year and included regular t￿Or/perforni¢r$ such as the Bingh￿. Coull and Magginl ￿ Tedesca String Quartets. the Rose Consort of Viol4 Sarah Leonard (soprano). Nigel Clayton (piano) and Stephen Guknan (piano). Grtyjps new io Benslow included the Consone Quartet (BBCR3 New Generation Anists) and the outstanding Slovenian ILttenist Bor Zuldjan. Some diversity in the series w&$ achi¢v¢d with the inclusion of the FTeylekh Kle7rner Dance BaThJ led by Ilana Kraviffj the annual summer jazz concert given by Paul Eshleby and Friends. SFtcial events included a collatwatiort with the Hertford5hire Festival of MLL%i£ to bring Onyx Brass to Hit¢hin Towi] Hall for a PiatKnum Jubilee concrt a concert to Celebr￿ the g)th anniversary of the Benslow Music Instnllneni Loan Scheme featured #lumni Li58 ArCh(￿ditI-Tsajd￿rdki. James Flannery and Satah Wolstenholme of the outstsnding Heath Quart¢t. and an innovative F￿0M￿l¢C that pHired the folk ￿uP MoonT#k¢ts with the Oxus String Quartet to ¢elebrate the 15(hh anniversary of the birth of Ra￿ Vaughan Williams. The Friends. concert series on Monday afternwns provided a showcase fff upand-comirg tthers such as meztysoprano Sophie Tinun& sowano Alison Place. cellisi Atwie Wallc￿. Pupils from The Purcell School, outst8JJding local musiciart5 includKng Bridget Kerrison (soFrano), Tom Caldeci)* (ciarTnet). Trevw Hughes (piano), Lydia Dobson (cello) and Jonathan tk>bson (piano). Audiu)ce numbers rose during the yw and were retuming to ¢lose to ptr-pandemic levels by Novemi%r. Our recÈtal 5erie5 remains an essential part of our offer INJt is costly to rwL 50 markding it lorntly and looking for a xries sponsor remain high prioritie5 in 2023. Operations 2022 presented the expected rdnge of thallenges relating w the m8inMaJK¢ of an old buildin& all were dealt with in a tim¢ly manner. On the advice of our enew proytder AlfaEner8y. our Di[Ec￿r of (l)erations renewed our energy Contrdci in June. and while this h&8 ￿¢re&Sed the projerted wst of our g&5 electricity from a bjdgeted £40K in 2022 10 £80K in 2023, this is based on unit costs of 6p ptr kw for gas and 26.8p - 31.67p ￿ kw for electh¢ity. Had the Gontract been Tenewed at the beginning of Septemkr it would have l*en b￿ed on untt Costs of 30p ￿r kw for ga5 and 90p per kiv for electricity. The Director of OFrtion5 will continue io liaise c105ely with AlfaEnergy ts the ¢n¢rgy ¢risis ¢ontillU¢5 to develop and Central Government dechdes what help can be offered to b￿Sinesses. Testing and Ter￿ement of the new dataFAs¢ continued throughout the year. although the launch wa5 Postponed to 2023. Following his departwe from the role of Head of Finance. Strve Saint has b¢¢n brought in lo OV￿ th¢ cotnpl¢tion of the projecL Care￿1 consideration w&s given to how enable the extraction of usefijl infonnation for marketing and fimdrai5ing purp)ses. This will require ￿rther developmentsi work and exFtnditure. particularly to enable the databas¢ to co the website (which itself is ￿Ing reviewed). Steve has Ixen W0￿1ng with the regis￿ Ifdm on identifying the functionality issues of the new system and ensuring that it meets the complex need5 of Benslows ¢our5e L¥)okitig Pr￿¢$5. Stsff Chief Executive: Peter Hewilt (¢0 Au￿1$t). Peter Collyer (from S¢OemiKr) Mu$1¢ Off]c¢ BEN W MUSIC TRUST ISTERED NUMBER: iIIM118404 REPORT OF THE TRU R THE YEAR ENDED 31 D ES 0￿￿crIvEs AND AcfiviTIES Head of Music: Petercollyer (to AugiLSt), Laura Thomps￿ (from September) Music Athninistrdtor. Laurn Thomps(KJ (to Augustx Khy5 Bam¢5 (from Novemt¢rl Reception: Carline B￿hen Events and Sales Coordlnator. Flavell ma￿etIng Co(Kdi[￿ti?r. G¥yle Walker(frrm A￿11) Flnan¢¢ Office Head of Finance.. Steve Saint (10 28 July), Karen LuxoD {frorn from l Augu5t} Fittance A55iStant.' Karen Luxon {1029 JutyA Jw Overell lfr(xn fr(m 2 Aug￿} Oper4lions Direcior of Operations.. Tim Sh Food & B¢verJge Supervisor. Sarah Batham (X L¢*J Hou5ekeeF¢r.' Tes Knight Steward: Ken HaTriott House Staff.. Justyija Bartosik, Susan L>dViS. Dlyninir IYArni4x). L&lvy Gwh¥in (and tlmise engaged on a casual b&is) Chefs.. Michelle HiggÈn5, Zo¢ Tadhunter. Tard Fraser. Chris Spert Sue Blxkiwo Kitrhen A5SiStanL Gary Day Beftslow Music In5tryment Lfj￿ Scheme IBMIIS) Head of BMILS.. Etta Dainty Ailministrative Assistsnt.. Annetk H Finance Assistant.. Clare Knapman Luthi¢r. Marco Marathia Head of Markekng: Emma Menniss (to FetrLAry) At the begmning of th¢ year CEO pe￿ Hewitt announced his inwition to retire by AugusL An extemal recruitment process w&$ undertakeT4 With rounds of interviews in April that resulred in the ￿OtiC￿ of Pe￿ Collyer from the role of Head of Music to that of CEO. The rtcruilmerrt WLKe5S to find hi5 replacement &5 Heal of m￿lC wa% completed in June with the promotion of tAurd ThOrnP5￿ to that rol¢. Head of Finance Sieve Saint retired in July and Luxon wa5 WE￿01￿110 fill th* tvle. The new PO&5 that were created in 2￿21 LLSADg the gu￿(AL$ SUt4xY< of a &weknpment donation were coniinued inio 2022. Sacha Gla8gow-Smith's woEk a5 a Fun(Irdising and Devel(yment MaTwr (on a con5ultrw ba515) has provided a valuable focLL8 fv our fundraising projects and engagemem with members and regular don0￿ The Hewj of Marketin& ETt]rna M¢nnis. resigned early in the year after only a SI￿ time in ￿ and a thcision w&8 taken to recnjit a Marketing Coordinator io handle day4-day webstte and s(Kial media manag¢ment pending a rtview of Bertslow marketing rteeds in advance of making a further senior apporntsnent ￿ this role. At the beginntng of th¢ y¢ar w¢ were shocked and Sadden￿ by the sudthn death of Alison Goryjwtn, BensloW5 Fwd and Bevernge Assistant and a key member of the h￿sekeepIng sttff. To fill the eTh)rn)(￿s gap left by Alis(m's passin& Sarnh Benham moved into the role of F<￿ and Beverage Supervisor. Recruiiing Hous¢ stsff problernAiiG du¢ to the nati¢)nwide lalw Sh(￿¢. Tlwee of our fw chefs have had significant wi(#18 of absen(a necessitsting the use of agency staff (at higher c05t). Trustees are most gatefvl ￿ behalf of all Memters th the e￿[re staff team for their part in enabling the O￿latIon. and survival, of BMT during this challet]gin8 Wi(KL Pl*tt$ for ihe fu￿ W MUSIC TRUST MBER: REPOR TR TE YEAR ENDED31 DECLfvfBER2022 0&￿c[IvEs AND AcfJviTIES With a new CEO tn Fost from septem￿ 21r22 a)d the return of Philip Meaden to the rol¢ of Chair of Trustees from February 2023, Ben51ow Music i5 entering a peri(MJ of consolid*ion planning xn)ss 2023-24 before the implementation of a ptan to tske the Trnst to its centerAry in 2029. As T¢￿rted in 2022. a priority will ￿ the ￿￿ration of a secure fllwicial p)Sttion and the replenishtnent of re5erve5 to equate more nearly to a &moftth ttrnover tsrgeL The Trust i% rtviewing the rdnge of courses and pattern of concert-givi stewardship of rnember5 and participants. communications and mtheting 5traiegies, stsff Stru¢rn si* dev¢lopm¢nL online provision, profile both locally and n*iona]ty, and aims to set in place refU￿1$hment of the Peter Morrison Hall and other in*riors. addressing u) aEI of thi5 Matte￿ of divusity and acc¢5& FtNANCIAL REVIEW Reserves Poliey The Contingen¢y Fu￿j ha5 been mainEained at £1￿.(￿￿} whKh is covered by the TTUSt$ investmeni portfolio. The purpose of the ¢ontingency fund is to provide for emergency resources in the event of unf0rv￿￿ exF¢Dditure and to allow capital projects to c(xnmence whi15t awaiting other fiuKling. At the end of 2021. the Tn]st kld desi￿ated resetves in resped of the BMT Development Fund (£73.753). Garden F￿d (£1.6851 an Instrwnent Fund (£5,000), and the Pdlmer Hall R¢wrding s￿di0 ￿nd (£5.(W). £12.2k of the Development Fund was ￿ in new initiatives in fiJndrat5ing and maTketing in 2022 and the previous IT Fund balance was used in conjunction with th¢ n¢w (18tabas¢ proje¢L The general reSe￿e reflects the accumul*ed Surp[￿8 from the generdl activities of Benslow Music Trust and is held to ensure long tem) security for the Trust in the event of deficit& aly) to enable resources to ￿ built up to [n¥e￿ in Bensl(trw Music'5 premis¢% plant and equiynent. It holds the unused tKNrion of the Keep Music Alive * Benslow donation5. The reseryes policy of Benslow Council to build toward5 overdil rESe￿e$ equivateni to six months of Opfdting expendirure as a mfftimum secure level. STRATEGIC REPORT srRucfuRE. GOVERNANCE AND MANAGEMENT Governing docurn¢Dt As noted in the header ￿ the Rep(rt the TnLd rs a Registered Charity. and iiegister&l Company, and was established as a membership organisation. mem1￿r$ eEect a Council of Trustees & the Amiual Genernl Meairw no more than 14 and no fewer than 5 (with the inteTnal intention of never reaCh￿g less than 7) and during 2022 numi*ring I l. TnJMees elect a Chair and Vice Chairs from their number (in 2022 respectively. Peter Neville as Chair until his reSi￿latiOn in Febwary, Michael Taylor and Tim Gillort &% Vice Chair5 and thtn CfrChair5 from March) and app)tnt the Hon Treasurer (Bhagwant Singh) and Hon Secretary IM¥rk Bow¢n). Dthls of those who have served as Mem1￿r5 of the TnL8tre body thmughout the period and to th¢ date of this re￿ are ptovided elsewhere in this Ttustees aF¢KTrint senior Staff namety a Chief Executive. of Music, Head of Finance. Dtrtctor of (Imtion& Head of M￿ketIng who. with the Head of BMILS. are in Djm Yespcmsible for the TTusVs day-t¢Mlay 0￿ration in¢luding course. Concerts and events, hospitality {ca*ring and hous¢kttping) and a￿lmuniCattolls. The Chief Executive and Head of Finance provide .1 ruste¢s with reports at every meeting of CoLuKiI. their colleagues repcrttng at le&5t twice a year. Major or unysual ¢xpenditutE is a]$0 authorised by Tnst¢es who aiso retsiti rwwil)ility for sdung overall budgets. staff reML￿eratIon and r¢cTUitrrtent. Newly-electeA Trustees are advi5¢d aEout the resFM)nsibilities of their role and are sutwted by more experienced colleagues. Trustees receive guidelines relevant to their role iftcludhng inforniation th¢ Charity Cornmis5ion, auditors, solicitOTS and brok¢r5 as it is availabl¢. In &idili￿ Trustees atterMI ￿￿uctIon and tsainiftg sessions and &r required to sign the T￿￿tees. Ccth of Conduci and a Ikclar*ion of Iniertsts form. Page 5 BENSLOW MUS TR IST RED NUMBER: REPORT FTHETR FOR THE Y AR ENDED31 DE IKBER W12 STRucfuRE. GOVERNANCE AND MANAGEMEKr Reeruitmtnt and ap￿]￿tment of llew trwjteu The remunerntion of all mambers of staff is reviewed annualty by the Tntstees followirtg from the Remuneration Commitree. Staff pre appraised annually by Line ManageTS; their rttommendati(ms are considered alongside de¢ai15 of mov¢m¢nt in stsndard indices wep￿ed by the OffKe of N*ional Sthtisti￿ including CPI. RPI. National Living Wage and average earnin￿. This report h&s been PEPaTed in acc(￿ with Tele¥ant staww ro4uirements the Trus¢s MenNrandum ￿ Articles aljd the Statement of R¢¢(Anm¢nd¢d Pr*irx: Acccwjting and RyrtiDg by Cl￿n"tieS weparing theii a¢¢ounts irt a¢¢or(kn with the Financial Reporting Stalldard applicable in the UK and Rybiic of Ire]and (FRS I￿2). li has been awed by the Tnjstees and is signed on thetr behalf by.. Philip Meaden Chair 0fTr￿, May 2￿ Members We welc(xned 73 MeMiE￿ in 2022. 69 Individu4L l Family and 3 Y(Ath. In &ldition the Tn￿t is gr*¢fvl to the 15 Individuals who ¢￿verted io Lift Membershtp. Thgnk you Th¢ Tn￿ is MO￿ wtefijl EO: - Membet5 and well-withcrs for theirg￿eT0￿s suptKrt of the Keq> Music at Be￿lOW Alive appeal - Frients of B¢nslow Music Tn - Tutors for thetr ex￿ gumlance of course y*rtiCikwts . Concert perfornjers - Volunteers, notsbly librari8n5 The following fortheirservices this year. - Inve5tec, Investment brokers - Brajshaw Johnson, Auditors - Sacha Glasgow Smith, tkv¢lopmeM and Funitraising CotLsultsnt - Blue Affow. che - Will Lewis and Sons. wden services . Gerry Leiich, maintenance wntra¢tor - Our Sertior Staff and thew teams Trustees 2022 At th¢ Trust'5 AGM in 2022 held on 16 July. Amne Conthi¢ and Swan SturrwL ts) whcffi great for all h¢ had done for the Trust was given. retired &4 Truste4 Andy Baruch. Colkn Bates aTKI Michael Taylor Tetired by rotation and were re4lecte¢ and Fiona Clark and Gwen (h¥en R¢)bIT￿n cwxed ty the Tnjstees at acowicil tneeting in July 2022. Risk management The tnL8tees have a duty io id¢ntify and review th¢ risks to which the dTrarity is exp)s¢d and to ¢n5ure al￿ropriate controls are in place to provide ￿&￿Mable assurance against fi2ud aThJ erTrx. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Company ￿umber 00408404 ￿￿glartd and Wales) Registered Charity number 313663 EN IC TRUST CISTERED NUMBER. REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI DECEMBER 2￿2 ReEiStered oifKe Benslow Music Benslow Lane Hitchin Hertfordshi SG4 9tiB Trustees President Judith Weir CBE Vi£frPresidents Steven Isserlis CBE Philip M¢ad¢n (until November 2022) John Rutter CBE Peter Statk Mtlvyn Tan Board of Trustees ("Council") Philip Meaden- Chair-elert (appointed 19 November2022) Peter Neville . Chair to 12 FebnJ￿ 2022 {Step￿d down &8 Chair due to I￿￿th Teasffts. bui remained a Trusteek ChaTT of Governors Benslow Musical Insin￿ent LoaD Stheme Michael Taylor- vi￿-chaIr Tim Gillot¢- Vi¢e-Chair Bhagwant Singh- Hon TrwuTer Andy Baruch Colin Bates Andrew Blankfield Fiona Clark {co-OPted 16 Juiy 2022) Anne ConGhie (resigned 10 July 21WI Katherine Hamilton Norma King Gwen Owen Robinson (COdOPted 16 July 2022) Susan SDJrrock (resigned 16 July 2￿22) Hon Secretary to the Board. Mark Bowen In accorda1￿¢ with the Articles of Associati￿ (which require one third of Council to rdire year) the following Tru￿¢¢5 reiiTe at the forthcoming 2023 Annual General Meeting aTMI teing eligible, all offerthemselves for re-election: Bhagwant Singh. Katherine Hamilw ATMlrEW Blankfield Auditols Bradshaw Johnson Chartered AcC￿ntants Sts￿tOry Auditor Croft ChambeT5 I l Bancroft Hitfjhin HetrfordshitE SG5 IJQ BENS si TR EGISTERED REPORT OF THE TR TEE E YEAR NDED I DECEMBER 2022 FORT REFERENCE AND ADMINisfRATIVE DETAILS Battker5 Ba￿lay$ Bank plc 516 High Street Hitrhin H¢rtfordshire SG5 IBJ Bankers Barclays Bank plc 5.6 High Street Hitchin Hertfordshire SG5 IBJ Bankers CCLA Investrnetrt Man88emeTrt Ltd Senator Hous¢ 85 Queen Victorta Street London EC4V 4Er Finan¢ial Advisers Investec Wealth & Investh]ent L 2 Gresham Street London EC2V 7QP STATEMENT OF TRUSTEES. RESPONSIBILITIES The mtstee5 (who are also the drrector5 of Benslow Music Tnw for the of company Saw) ar¢ re5ponsibl¢ for preparing the Report of the TTUStee5 and the fmancial sra*rnents in a￿ordanCe with applicable law and United Kingdom Accounting Standards Iunited King¢kn GeneTalty Accepted Accolmting Practice) i￿luding FinaTLcial Rewrting Standard 102 Yhe Financial R¢w)rting Standard ttpplithle in th¢ UK and Republic of treland". Company law requires the tntstees to prepare financial statrments f(Y ¢ach financial year which give a ttue and fair view of the stale of affairs of the charirable company and of the incomtng resource5 and appliotion of resources. includlljg the income and expenditure, of the charitable ¢￿[￿Y f(K that WI￿1. In &ye￿Ing those financi￿ staternen￿ the In￿treS are reqUI￿d to select suitable &CO￿ting tA)licies and then a￿ty them c(AJsistentty" observ¢ the methods and prin¢ipl¢s in the Charity SORP. make judgements and estimate5 that are reasonable and prudenl 5thte whether applicable xco￿tIng sts￿d￿ have tten followul subj￿1 to any matertal dy1urts disclosed and explained in the financial ststements; prepare the finartcial statements going concern iH5i5 unless li is inapprq)riate to PTe5ume that the charitable company will continue in bJ5ine5S. The tDJ5t¢¢s are resp¥Jn5bi 1¢ for k¢eping proper ac¢ounting rrcord5 which disc105e with Teas(fflabl¢ a￿ur4CY at any tim¢ the frncial wsition of the charitabk comF¢thy and ￿ enable them to en5ur¢ that th¢ financial statements comply with the Companies Aa 21￿. They are also wnsible for safeguarding the assets of the charithble comwy and hence for taking reasonable steps for the P￿VentI￿ and detection of fraud *KI IAher irregularities. LNSLO MU RTO TRiiSTE YEAR ÉIADED Jl.Df£EMBER Rewn of the inco￿•rat￿￿ * m*egic repxr. ¥prov￿ by ots of thE board of truJtre4 as the Com￿Y ditKtor& tyl .13.*1, 2023 and SI￿ on th¢ b•ard'$ bekalfby.. REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF sic Tru Opinion We have audtted the financiai statements of B¢nslow Music Trust(the charitable parent company? and its subsidiary (th¢ 'group') for the year ended 31 tk¢¢mber 2022 whi¢h comprise the Group and Charitable Pa￿nI CompBny Stat¢m¢nt of Finanrtal Adivities. the Group andcharitable Parentcompany Staiement of Financial P05ttion, th¢ Group and Charitable Parent CoTnpany Sratement of Cash Flows and note5 to the financial mtements. including a summary of significant a¢counting policies. The fmancial reporting framework that has been applied ￿ thetr preparation 15 applicable law and Unit¢d Kingdom Accounting Standards (United Kingdom Generally Accepied Accounting Practice). including Financial Reporting Standard 102 The Financial ￿e￿tting Standard applithl¢ in the UK and Republic of Ireland.. In our opinion the fmaneial sttttrments: give a true and fair view of the state of the group's and of the chaTitable par¢nt Company's affaiT5 as at 31 December2021 and of its incoming r￿u[C￿ and application of resou￿. includtng its incoTne and expenditure. for the year then ended: have been properly prepa]Yd in accordance with United KiJRgdom Generdlly Accepted Accounting Practice. in¢luding Financial Reportin8 Standard 102 The Finan¢iaE Reporting Standard appllcable in the UK and the Republic of treland,; and have been wepared in accordan￿ with the requirements of the Companies Ad 2006. Basis for opinioo We conducted our audit in accordance with IAiernational Standard8 on Audiiing (UK) OSAS (UK)) and applicable law. Our responsibilities under those stsndards aE further desLYibed in the Auditors responsibilities for the audit of the financial statements section of our report We are Ende￿Ident of the group in accordance with the ethical requirements that are relevani io our audii of the financial swements in the UK inrluding the FRC'S Ethical Standard and we have fijlfilled our other ethical resw)t]sil)iltties in a¢coTdance with these requi￿rnents. We believe that the audit ewidence we have obt&in¢d is 5ufficieni and appropri*e to provide a b&8is for our opini¢)n. Con¢lu$ions r¢latiTrg to going eontt We hAve nothing to report in resw of the followirtg matter5 ID relation to which the ISAS (UK) wuire us to reEx)rt to you where.. Ihe trustees, use of tht going ￿nCern b&5is of accounting ID th¢ prrparation of the fina)cial ststemertts is not appropriate.. or the lrnstees have not disclosed in the r]nancial ststem¢nts identified m*etiat uncertainties that may cast significant dou￿ about the group's or the charstsble parent wmpally's ability to continue to adopt the going on¢em basis of aCc￿nI1￿8 for a p¢ri(Kl of at lea%t ￿e1ve month5 from the da* when the financial statements are authorised for issue. Other informatlo The mjstees are responsible for th¢ oth¢r information. The other infonnation ¢ompris¢s the infomiation included in the anmual repo¢ other than the fuwicial 51atements our Report of the Independent AuditoEs thereon. Our opinion on the financial staternents doe5 not wver the other inforn)ati¢)D an4 ¢xwit to the extent otherwise explicitly ststed in our repo¢ wc do not ¢xpr¢ss any fonn ofa55ufdnc¢ conclusion th¢r¢on. Ill cotmectiOD with our audit of the financiat statements our reswnsibility is to read the oth¢r inforTn3tion an(L ￿ doing so. consider wh¢ther the other inforn]ation is materially. inconsisient with the financial 5¢atem¢nts or our knowledge obtained in th¢ audit or otherwise appears to be matrrially missued. If we ideniify suth material inconsis￿ncieS or apparent material misstaiemeftts, we are required io deterniine whether thert is a mater5al mi&sra1ement in the f￿ancial statements or a material mi￿[atement of the other infomiation. If. based on the work we have perforn]ed, we conclude that there is a maierial miwatement of this other inforn)*]0￿ we ore required to report that fact. We have noihing to report in thks regard. Matters OR which w¢ are required to report by ¢x¢eptio We have nothing to report in resw of the following matters whele the Charities Act 2011 requites us to report to you if, in our opinion: the information given tn the Rep)rt of the Tn￿tee5 is inconsistent in any tnaterbal respect with the fiTJancial s¢at¢m¢nts- or th¢ group or the Charitable parent company have not kept ad¢quats a¢￿)Unting records. or the financial ststements are not in agreement with the a¢¢ounting records and reDJrnS" or we have not r￿]Ved all the inforniation and explanaiioiis we require for our audit. Page 10 REPOR EPEPIDE BENSLOW IT sic Trus THET RespoD$ibiliti¢s of trustees As explained mor¢ fully in the Ststemem of TnLStees' Reswnsibiliti* the trustees (who are a150 the directors of the ch￿itable company for the of company law) are r¢5ton5ibl¢ for the pr¢parntion of the financial ststements and for being satisfied that they gtve a and fair wew, and fw such ￿ternal control as the t￿te¢S detemiine 15 necessary to enable the prepardtion of fuJanci#l statements are free from materiaj misswemenL whethtt due to fraud or eTror. tn preparing the finanGia] swement& the trus*es •* Tesponsible for Isswrng the charitable company's ability to continue ag a going conc¢m, disclosing. as applicable. rnatt￿5 related ￿ going wnc¢m and using the going ¢0[￿M basis of ￿¢OuntIng unles5 the tr￿teeS either intend to liquidate tt* tharitable wnpany or io ce&%e owat1￿14 or have no realistic a]temative bui io do so. Pag¢ll PORT F THE KNDEPENDE THE TRU TEE W MUSIC TRU Our resw)nsibililies for Iltesudit of th¢ f￿1￿claI sta¢em¢Trts We hav¢ been appointed Ls audiiors under Sectiffl 144 of the Charities Act 2011 report in xcordance with the Act and relevant wlations made or having ¢ffKt thueunder. Our objective5 are to drtain reasO￿le assurance aiKwt whether thE rth￿claI 5tstements as a whole are frtt from material fDiSStatemenL whether due to fiaud w error. and to issue a Rewrt of th¢ In&EMd¢nt Auditi)rs that in¢lud¢5 our opinion. Reasonable a￿Urance is a high level of &ssurnJce. is a guardntee thai an audit conduc*d in accordance with ISAS (UK) will always detea a m*erial miwatement wh¢n it exists. Misststements w arise from fraud or error and are considered material if. individually or in the aggw< they could rea5cfflably be exF¢Cted to influence the econ(Nni¢ decisions of useTS tsken on the basis of these financial ststements. The eX￿t to which ow pr(*¢dur¢5 Ca￿ble ofddecting uregulariti4 including fraud t5 detailed below: We considered the naDJre of the Charitsble CompanYs industy its control environmenL and reviewed the Charitable Company's documentstion of their policies and pr(￿eth￿ts rElating to fraud and comp]iance with laws and regulalion& We also enquired of management ab￿1 thetr own identification and aw55m¢nt of th¢ risks of wlarili¢5. We oboined atl undeTStsnding of the Eegal aThl regul*￿ fiJneW0￿ that the Company opu3tes in, and Èdentified the key laws and regulations that: . had a dirert effect on ihe dthmination of marerial arnO￿ts and di5closur¢s in the fIna￿la1 ststernen￿ These included the UK Companies Act and Chority Commission: and - do not have a dir¢ct ¢ffect on the fmancial staternents compliatice with whi¢h may be fundamenra] to the Charitable Company's ability io OT to avoid a M￿la1 ￿nalty. We discussed among th¢ audit engag￿￿ent team irKluding ttkyant internal 5pEciaiists such Is ￿ specialists regwding the oppOrt￿ltieS and incentives may exist withiJL the organ15ation for frawl and how aNI where fraud might occur Èn the fujancial statements. In common with 811 audits uTrkn ISAS (UK), we are also requirwl to ￿romI WTfic wo¢edwes to rtsFA)￿J to the risk of manag¢rn¢nt overrtde. In adthwTng the risk of frnud through management ovuride of controls, we t¢sted the appropriaieness of journal entrie5 and other adj￿ents. a￿SSed whether the judg￿ents made in makj.ng ¥counling estimates are indicativ¢ of a [￿n[la] bia%. and evaluated the b￿SineSs ￿lo￿ale of any si￿]ficant transaction5 that a Unusu￿ or (xrtside the nom?al course of bjsiness. In #ddition ￿ the aix)ve, our to reSrym￿] io the risks ithntifioj included the ftillowin& - reviewing financial st*emerrt disclosu￿$ by testing to suptrfjrting d(*umentation to &%sess compliance with provision5 of relevant law5 and regUl￿10MS described &% havujg a dwect effect on the fwonctal statements. - performing anatytical pNKedurES to i(kntify any unusual (Y unexperted relationships that may indicate risks of materi41 misstatement due to frdud" - enquiring of managemeni and external legal ¢on¢eming #ctual aTht WMial libg8D(m and ¢laim& and instances of non.compliance wth laws ond regulations" and . r¢ading minutes of rneetings ofthose ¢har8ed wtth governanc¢ teviewing internal audit w and ￿vIeWing conrspx)ndence with HMRC. A fi￿ther description of our re5Frf)nsibilities for the audit of the financial statements is l(Katrd on the Financiat Reporting Council's website at www.frc.owuklaudit(Ksrwibilities. ThÉs dtsLTiPtiort fornis part of our Report of the Independent AudIt￿. Page 12 PORT OF THE INDEPENDENT A BE w Music ILS TO THE TRUSTEES Use of our report This rq)0rt 15 made sol¢ly ￿ the charttabl¢ tru5ttts, as a iKwty, irj accitslise(L Page 19 ntinued... BEN ES TO THE FINANCIAL STATEMEKrs- ntinu R THE YEAR IDE EMBER 2022 ACCOUNTtNG POLICIES. Tangible fixed assets The freehold land and I￿lIdIng$ subject to charitsble covenants laid down in the original ttquest ￿der the 1952 SeetK)hm Will (see Note 15). Buhlding develotxnent since that tirne. mostly from urwe5tricted filnds, has been substantial. to the point where the origuial elements of th¢ ￿lIdingS are targely of ac&kniic interesL It has however t¢en the a¢counting Pr￿tice in previo￿ years ro distinguish ￿tween I￿l￿ding work fthanted from unresrricied fimds and building5 attributed to the origllia] be4￿. As all ixtildings the site . whatever their fundmg scwce . effectively i￿¢ subject to the ortgintil ¢hatitable ovenants which apply to the land on which they 51art this accounting distinaion is now considered i￿elevant and conw io clear presenfation. Land atMI buildtn8s on the Littk B¢nslow HilL% si* and any ￿lated fifftds are wholly shown within a reStric￿d fijnd known &% the"Protffj Fund". Stocks Stock ¢(￿siSts of the Ill￿81¢ Irlx3ry. which 15 incluikd ¥ a m(xkst TfdluatK)n of £3J30. Taxatio Fuod aeco•nli*g Unrestrtc*d fvnds ¢an b¢ used in xcordance with the charitabk obie£¢iv¢s * th¢ discrdiort of the trustees. [ks1￿ fijnds cffliwi8e unresknct¢d fvrtits that have Ixen sd ￿lde by the Tn￿te¢S for i)articular PU4KJses. The aim and ￿e of thsignated ful￿ 15 set out in the notes to the rUw￿la1 statrments. Restric¢ed fimds can oniy ￿ used particular ttStric*d pthpose5 within the objects of th¢ tharity. Restrictions arise when strtified by the ¢bncr ff wh¢n fiuKLs ae raised for P￿tiCUltIes￿leted puryx)se$. Pension costs and other pr￿t-retireMent bener The charitsble company 0￿rateS a def￿￿1 contribution ￿$10n scheme. Conml)utions payable io the charitable company'5 pensi(bn scheme are tharged to the Statement of Financial Artivitie5 in the pertod to which they relat¢. Investments The investm¢nts ar¢ TnaTrag&J on ithlf of the charity by knveth¢. Investments ￿e stated at mthet Ydlue at the ithce sheet d*. The m&ket value is as supplied by Investec. The Statement of Financial Aaiviiies includes the net gains and losse5 {reaiIS￿ and unT¢ali5ed) ￿lSIng on the revaluations and disposals throughtyjt the year. A ststanent is included splittutg the recognised and unrecognised gains and Iwes. Value Added Tax The charitabl¢ rompany is p￿Id1[Y exempt from charguig Valu¢ Added Tax. AGri)rdingty, it ￿ only r¢cov¢r from HM Cwtoms and Excise pan of the incurrol on supplies and services tAwghL Non•Tecoverable Value Added T&x is 5ho*m within charirable &tKvibes in the Stat¢m•Jt of Firwicial Activities. i￿al ststus octhe Trnst The TTUSt 15 a company limit¢d by guarante¢ and ha5 no 5hwr capital. Th¢ liability of rnemb¢r in the event of winding.up is lirnited ￿ £1 per memberof the charity. Finanelal instrnmthts Page 20 continued... IC TRU L¥OTES TO ThE FINANCIAL STATEME FOR E YEAR ENDED31 DECEMBER 2022 - cont ACCOifKfiNC POLICIES. continued Invtstments The Tnjst only has fin2n¢ial &ss¢ts fm&Kial liabiltties of a kind qualify as basic financtal InStn￿ents. B&sic f￿anci￿ instnrnLS are initially wised at tranwiilm ￿ue and sub5qiuentty me&sur¢d at their settlement value with the exception of E4nk loans which are sutwuenty measured at amorti￿￿ cost Using the effective interesi rneth￿ DONATIONS AND LEGACIES 31.12.22 31.12.21 Donati￿ Subscriptions 100.160 31,579 132.761 36,192 131,739 168,953 OTHER TRADINC ACTivrrIFS 31.1222 31.12.21 Other lettin&% Bar sates 8.087 37.325 6,024 21.619 45,412 27,643 INVLSThENT INCOME 31.12.22 31.12.21 Diwdends received Deposit accouni ultertst 10.212 3.086 8,854 201 13298 9,055 Page21 continued... MUSIC TR N￿r&S TO THE FINAN AL STATEME - coDtiDthed FOR THE YEAR ENDED 31 DECEMBER 2022 INCOME FROM CHARITABLE AcrIvrri 31.1222 31.12.21 Activity m￿8]¢ c(Mtrses Music lettings Concert& i￿LUdIng￿¥nts Coun¢ fee5 Music letttngg Concerts, in¢luding gants 876.831 130.196 13.537 658,875 40.810 20,896 I,￿0564 T20.581 OTHER INCOhfE 31.12.22 31.12.21 Management dwg¢ Other iDcome Tl,333 5.022 46,61 74,492 82,355 121,103 IL41SING FiJNDS Other trnding adtvitKs 31.1222 31.12.21 15.447 9,965 CHARITABLE A￿1vITIEs COSTS Sui4)0rt 05ts (s¢e note 10) Dittct Totals (¥¢ration of a)LW5e5 and m￿s[Cal activities 609284 1.405.795 io. SUPPORT cosrs Oth¢r3 Totats OpeTation of courses and musical activitles 461,881 78J45 62.625 6,433 609,284 ESTO FINANCIAL STATEMEP￿S- continued FOR THE YEAH kNDED31 DECEMBE io. SUPPORT COSTS. conti￿￿ed sup[￿ ¢OSt& included in the atM)ve. are as follows.. 31.1222 31.12.21 musical actiwties Totrl activities Wages RenL Jztes Se￿[Ce chuge lrtsurdnce Light and heat Gardener l Technical and suwiw fees R¢pairs and maintenance to and Jildings Printin& p05tag¢ and slalionery Depreciation of thngible fixed a Computer casL8 H￿t of equipment Advertising Teleph(Kte Consultancy ftes Subscriptions Interest and Charges Non-recoverable VAT Generd] expenses AuditOf5' iemun¢r4tion Auditors, remunemion for n(m-audii wo 258.811 19.651 10.704 45.136 13.958 215J23 5.565 11,964 26,567 12,022 24.951 6.789 81,881 49.677 9276 7,303 6,585 5.504 554 8,163 40.471 13,437 5.500 933 77,693 4.433 83,672 33231 8.699 5,859 5,435 4,771 608 5.675 40,183 10,409 5,4 1,026 609.284 558.535 NET tNCOMEI(EXPEIYDITURE) Net inwmpJ{exwLditure) is stthl after Chargin￿(credIting}.' 31.12.22 31.12.21 Depreciation. owned assets 81.881 83,672 Page 23 coniinued... BEN TR TO THE FINAN IAL ATEME FOR THE YEAR ENDED 31 DE EMBER 2022 li TRUSTEES, REMUNERATION BENEFITS There were no knJste¢s' rernunention or th benefis for th¢ year ermled 31 D￿emi￿r 2022 nor for the year ended 31 December 2021. Members of Council have not received any remuneraliffl either diredly or indirect]y durtThg the year and provide their services voluntarily. Certairt expow incurrtd w khalf of the Tn￿ are re1m￿Sed to Members of Council. An exception is m* by with the Charity C(xnmT55ion wh¢tt catsin ￿￿lOnallY aL# 05 I￿or5 and w¢ive the norn￿1 ftt. Trwtrt5' expenses There were no tTr￿. exFnses for the ywen&d 31 Deceml*r 2022 nor the year ¢nLkd 31 tkcember 2ff21. 13. srAFF COSTS 31.12.22 31.12.21 Wages & Salari&% Employets Nl 608,374 38,653 505,837 32.470 647.027 538.307 No employee r￿e1￿1 emoluments of mcfe than £60.(W. The key management Tmonttl of the charitable company comprises Imly of the Chief Executive Officer. The t￿1 employee benefits of the key management pe￿nn¢1 of the thrity w¢r¢ £47,933 (2021.. £55.174). The average monthty numbtrof employees during the year was &% follows: 31.1222 19 16 31.12.21 20 16 Dire (51,11rf1) (74,953) (126.053) RECONCILIATION OF FUNDS Total fund5 brought f(￿ard 916.9)3 705.920 ,622,823 TOTAL FUNDS CARRIED FORWARD 865.803 630.967 1.496.770 TANGIBLE FIXED ASSETS Freehold Plani and machinery fittings Tota15 COST At l January 2￿ Additions 1.8r2.¢N)3 85.017 249.962 3.415 2206.982 3.415 At 31 tk¢¢mb¢r 21YX2 1.8n.Tr)3 85.017 253J77 2210.397 DEPRECIATION At l January 2022 Charge forye4r 1278.683 74,880 84.871 222.597 6.855 1586,151 81.881 At 31 December 2￿22 lJ53.563 85.017 229.452 1.668,032 NET BIX>K VALUE At 31 December 2022 51&440 23.925 542.365 At 31 Decemttr 2021 593.320 146 27J65 620.831 Page 25 ¢ontinued.. OTES TOTHE FiNthCIAL TATEMENTS- continued YEAR ENDED 31 DECEMBER 2022 Is. TANGIBLE FIXED A&SETS. UJDtinued Own¢r5hip of the freehold Jand wmprising Littl¢ Benslow Hills, with [￿lId]rIg$ there{￿ w&8 asSi￿ed in 1952 to Rural m￿81¢ Schools Association (sutwuently renamed Benslow Music TDJM) by the will of Miss Esther Seebohm artd inc¢)rFofdted inro the fmancia] stst¢m¢nts at the lime of the ￿fi. The charttable covenants contained in the will rE5triCt ILS ￿se to th¢ main objeaives of the Tn￿ &5 sd down in the CUTreni Memordndum and Artt¢le4 and approveAI by the Charity Commissi(m. A sa]e of any part of the prowty or a major vartation in use of the overdll site would th¢refore ryuire forniai apFKovai by the Charity C(xnmission. In the opint(m of the Board of TnLSt¢* li is p￿lie8b1¢ to vatu¢ th¢ larKI setOT*Iy. I& FIXED ASSET INVESTMEiYrs Shares in Unlisted Klert￿]ngS inv¢strn¢nts inve51ments Totals MARKET VALUE Ar l January 2022 AdditiotTrs Disposals 417.7t2 189.172 (242.166) 7,076 424,859 189,172 1242,166) At 31 fkwniw21722 3fA,788 7,076 371,865 PROVISIONS At l January 2022 Rewdluation adjUS￿ents (￿291} (8.912) 842) 443 (63,133) (8.469) At 31 December2022 (69203) (2J99) (71,602) NET B(K)K VALVE Ai 31 tkcember2022 433.991 9,475 443.467 At 31 December2￿21 478,073 9.918 487,992 There were no investment awts rrttside the U (K valuation at 31 DecemTr*r 2022 15 rrprEs¢n¢ed by: Shares in Listed Unlisted dertakings investments investments Totals Valuation in 2020 Valuation in 2W21 Valuation in 2tr22 370,967 4A815 (52.994) 7.076 378,044 46,815 (52,994) 364,788 7.076 371,865 The c(*npany's iiiYesim¢nts at the balance date in the skne capitsl of companies include the followin Page 26 continued... NOTES TO THE FINAN IAL ATEmE￿￿5- contin R THE YEAR EI¥DED 31 DECEMBER 2022 16. FiXED ASSET INVESTMENTS. tottt1￿lled Benslow Music Enterpri Registtred offKe." Benslow Music, Benslow Lan¢. Hitchir4 H¢tts. SG4 9RB Nature of business.. Lettings and other commerciat activiiies cl￿ of shart.. holdirtg 31.1222 31.12.21 Aggregate Capit￿ and re5erve5 The maTk¢t va]u*ion wied cfirt by Inv¢5*¢. Other unlisted inv¢s¢m¢nts rrprnt cth h¢ld by the invest￿ertI managets pending fflnv￿ne￿l Realised gains are included in the Statem￿( of Financial Activiiies. tnve5mients are held primarily to provide ￿ investment rettwn forthe tharity. 17. ST(￿Ks 31.12.Z2 31.1221 Stocks 3.330 3J30 i& DEBTORS: AMOUNTS FALLANG DUE WITHIN ONE YEAR 31.12.22 31.12.21 Trade debtor5 Other delmors Prepayrnents and accrued ineome 14.327 52267 12.340 23.102 56.230 8.381 78,934 87.713 Page 27 ¢ontinued.. BE RU NOTES TO THE FINANCIAL R THE YEAR END ATEMENfs- to I DECEMBE 19. CREDrroRS: AMouNfs FALLING DUE wmiiN ONE YEAR 31.12.22 31.12.21 Trnde creditors Social security and othert&xts 21.676 18,629 181.568 21224 12,870 18.817 222,767 39,555 243.097 LEASING ACREEMENTS MiniJnum le4se payments non-cancellabk opti*ing teays fall due as follows: 31.12.22 31.12.21 Within one ye4r Between one and five years 2,51)0 2,SIK) (rf) 21. MOVEMENf IN FUNDS Nel movement in funds At 31.12.22 At 1.122 Unrestrleted f•nds General fimd DeSi￿ted fvnd- Contingency fund De5ignaÉed fimd- Deyelotmnent fimd De5ignaied fiJnd- Garden fU￿A Designated fund. itL%trum¢nt fiutd 580,151 I90,￿￿ 85.934 4.718 (104,091) 476,060 I￿.000 73.753 1,685 5.000 (12.181) (3.033) 865.803 (119JOS) 746.498 Restricted funds 10,950 (53) (74.880) 10,950 3,159 518.440 34.435 5.000 3212 593J20 34.435 Property IDvesthient fimd- propety Palmer Hail Re¢ordin8 Studio 630.967 (58.983) 571.984 TOTAL FUNDS 1.496.770 (178288) 1.318,482 Page 28 continued... BE]Y TRU NIYTES TO THE FINANC.lAL STATEME - contin R THE YEAR ENDED31 DE EMBER 2022 21. MOVEMENT IN FUNDS. ¢ontinu¢d Net movement in fi￿d4 iD¢luded in the above are as follows: Gains and 1055¢5 Movement in fund5 exyended UDrwtricted funds General ￿nd Destgnated fund- tkvelopment fjJnd tksignatrd fijnd. Gardett fimd 1277,418 (l J31,tffJ5) (12.181) (3,033) (50,414) (104,091) (12.181) {3,033) 1277.418 (IJ46309) {50,414) {119.305) R£stricted funds 10.950 10,950 (53) (74.880) 5,000 Other ProrEty fund Pajmer Hall Recording Sts>lio (53) (74.880) 15.950 (74.933) (58.983) TOTAL FUNDS 1293J68 (1.421242) (50,414) (178288) Compar*tlv&% for movemertt itt futhl$ Net movement in fimd% At 31.12.21 At 1.121 Uthrestricted fllDds Gen¢rat fijnd Designated fiJnd- Coniingency fimd Designated fiLnd- IT Designat¢d fund- Development fund Designated fimd. Garden fund Designated fimd. tnStnJment fund 619.985 I￿.0(￿) 2.21KI I￿,0[￿) 4.718 (39.834) 580,151 190.(KK) Q2(M)) {14,066} 85,934 4,718 5,000 91&g¥)3 (51.100) 865,803 Restricted funds 3.285 6682(KJ 34,435 (73) (74,8801 -1.212 593,320 34,435 Investrnent ￿nd- proE 705.920 (74,953) 630.967 1.622,823 (126,053) 1,496.770 Page 29 continud.. IC TRU rES TO THE FINANCIAL FOR THE YEAR ENDED ATEmEr￿S- continDed EMBER2 21. MOvEMEr￿ IN FUNDS. eontinued Comparativ¢ mov¢Tnent in fijnds. includoj in the aE*)ve a5 follow5: in fitnds Unrestridtd fuD(Ls Gen¢rdi fu￿1 tksignated fimd- IT Designat¢d fund- tkvelownent fund D¢signat¢d fimd. Jnstrlttnent fund 1.042J35 (1.123.580) (22(K)) (14,066) 41.411 {39.834) (2.2(M)) (t4,[￿6) 5.000 1.047J35 {1.139.846) 41.411 (51,1(K)) Restricted funds (73) (74.880) (73) (74.880) ProFKrty knd (74.953) {74.953) 1.047J35 (1214.79)) 41,411 (126,053) A ¢urrent year 12 mi)nth5 and pri(Y year 12 monts combin￿1 poSttl￿ is &8 fotlows: Net rnovement in fim(ts At 31.12.22 At 1.121 Unrestricted funds General ffiJThJ Designated fimd. Contingency fitnd Desi￿ated fimd- IT Designated fund- tkvelijpment fvnd Designated fund- Garden fwid Designated fi￿d. thstnllnem find 619,985 190.0(M) 2.21X> I￿,0 4,718 (143,925) 476,060 190,000 (2,200) (26247) (3,033) 73,753 1,685 5.(X)O 916.￿3 {170,405) 746,498 Re51ri¢ted funds Bursary 10.950 (126) (149,760) 10.950 3,159 518,440 34,435 3285 6682LKI 34,435 ProF¢rty fvnd investTnent thd. prO￿ty Patsntr Hatl R¢¢ording Studio 5.(KlO 705,920 (133,936) 571.984 TOTAL FUNDS 1.622.823 {304.341) l J18,482 Page 30 continued... BENSL N(yfES TO THE FINANCIAL STATEME THE YEAR E EDJI DE EMBER 2022 ntinued 21. MOVEME￿ IN FUNDS. c￿tinued A cuntni year 12 monts and wior year 12 month5 mbined ftet movement in find8. irKluded in the atrx)ve are as follows.. Gains and losses Movement in funds expthded Unrestricted funds Genera] fi]nd DeSi￿d fiJnd- tt Desi￿ated fund- Developmeni fund Designated fund- Garden Designated SJI￿- Instrument fi]nd 1319,753 (2.454.675) (22tKJ) (26.247) (3.033) (9.￿3} (143,925) (2,200) (26247) (3,033) 5,000 2J24.753 (2.486.155) {9,￿3} (170,4051 Restricted funds Bursary Other Propety fvnd Pajmer Hall Recording Studiti 10.950 10,950 (126) (149,760) (126) (149.760) 15.950 (149,886) (133,936) TOTAL FUNDS 2,340,703 (2,636,(41) (9.Th)3) {304.341) Purposes of unrestrleted Gefterdl fund The general reserve reflects the xcumulated sU￿[uS from th¢ gen¢rdl activities of Bertslow MLL8iC Tn￿ and is held to ensure long-tertn secuTity for the TnL￿ in ihe event of future defic&t& and io enable resources to ￿ built up to illV¢5t in Benslow's premise5, plant and equipment. Designated fund- Cthting¢n¢y fimd The PUTP05e of the Contingency fund is to wovi(k emErgew resouw in the event of unforeseen expenditure and to allow capital projects io c(Knmence whilst awaiting funding. Designated fjJnd. rr fund This ¢rseThe w&8 l?￿ed to ensure alkquaie ￿sOU￿ ￿e availabk to ¢nswe that the TTu%Vs wmputer Systems remain fit for purpose. D¢si￿d fi￿d- D¢veloprn¢nt fund This fiuMI represetts a donation ￿ the TTr￿ by a former tru5t¢¢. The to allow the Trnst to develop in the tu￿. Des]￿ed fund. Qdrden fund This fund was created using a SF¢cific donatTon in (Ythrto eTthan¢e the I&)(tsC￿ of the campu Purpc6es of restricted funds Bursary This restricted fvnd wa8 set up to provith scholar5hip5 enabling attenda￿e at courses ty thdents unable to afford full fees. The capitsl has trrten ￿￿71t up as a result of genero￿$ do￿lon9 and legacies by former students and by those marking the wotk of celebrnted cunTnt and former W￿rnber￿ Pag¢31 Continue￿.. BENS OTES TO THE FINANC ATEME FOR THE YEAR ENDED 31 DECEMBER 2022 in 21. MOVEMETrif IN FUNDS-eoAtin¥ed Thi$ is mth up of several smaller restricted Ixrt individual fuDd has m(xe than £3.[￿￿•. This fund mirrors ts value at which ]and and￿lIdingS are Includ￿ in the batan(x sheeL InV￿rnent fijnd. pro This f(md w&% established by the sale of an investi￿ 2013 ￿ fund major bJildin8 work RELATED PARTY DISCL(XSURES During the year the charitable COTnpany weived a don*ion of £13.839 {2021 - £6.812), m8nagement fee5 of £44,500 (2021 - £17J79) other cross Charge5 of £NIL 12ff20 . £NtL) Benslow Music Enterprises a wholly owned subsidiary. The charitsble CoMp￿Y atso purchased gr￿5 8mounting to £74,659 (2021 - £43266) from Bertslow m￿SIC Enterprises during th¢ yw. At the rewrtirtg dat< r24.560 I2￿21- £27.584) was receivable from B¢nslow Music Enterprise5 Li4 and £NtL (2021- £9,￿)1) was payabte to Benslow Music En*4)rises Ltd. INDE￿(vITy iNSURANCE The charitsble compny pid fi* th¢ iE]wJnc¢ prnnium$ io indemnify ll1￿￿es and senior staff from anyloss arising from negleth ry defwlts of M￿teeS or sraffand any Ios& Page 32