REGISTERED COMPANY NUMBER: 00408404 (EnglaDd and Wales) REGISTEBID CHARETY NUMBER: 313663 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 BENSLOW MUSIC TRUST A COMPANY LIMITI:,D BY CUARANTF.E
BEN OW MUSIC TRUST CONTEiYf.s OF THF FTNANCIAL 8TATF.MF.NT FOR THE YEAR ENDED JI DECEMBER 21123 Page Report of the Trtt8 I to7 Report of the Ind¢pendfmt Auditor8 8tolO Con801idatcd Statement of Financial Activiti¢8 Si4temcnt ofFinan¢ial A¢tivities 12 Consolidatcd Ststement of Financial Position 13 stst¢ment of Financial PoBition 14tolS Con80lidated Statement of Cash Flow8 16 Notes to the CoJ]801idated Statement of Ca6h Flows 17 Statement of CA8h Flow8 18 Notc8 to the Sialement ofcash Flow8 19 Notes to the FinAncial Statcments 201036
BENSLOW M TRUST EP RT E TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The tnjstees who are also directors of the charity for the puTroses of the Companies Act 2006. present their r¢pTrrt with the financial slatemenis of the charity for the year ended 31 Dcccmbcr 2023. The trustees have adupted the provislons of Accounting and Reporting by Chariii¢s.' Statement of Recommended Practice appli¢ablc to charlties preparing their accounrs in accordance with the Financial Rcporting Standard appliLable in the UK and Republic of Ireland IFRS 102) (effective l January 2022). Benslow Music Trust Found¢d 1929 as the first Rural Music School and in 1946 Incorporated as The Rural Musie Schools Association (RMSA). rc-Incorporat¢d in 1986 as Bcnslow Musi¢ Trns( (BMT). Trnstees, Report For the year ended JI Deeember 21123 The Trustees, who arc also directors tor the charity for thc purpiK%e.% of the Companies Act 2006, preseni their report with thL findnciAI ststcmenls of thL churity tor th¢ y¢8r ¢nded 31 December 2023. ThL' trnstees have adoptcd th¢ provi8ions of Accounting and Reporting by charities: Sialcmenl of R¢curnmcndLd Practice applicable to charitic& preparing thcir accounts in accnrdancc wi¢h the Financial Reporting Standwrd applicahl¢ in the UK and Rcpublic of Jreland IFRS 102) (effective l January 2022). OBJECTIVF.S AND A1VITIEs Objectlves and lm$ Thc objec(¥ ot'the Trust ab ¢btabli8hed in 1986 are 'to promot¢ mubil cdu¢alion for the public benefit through the Study and praclice of muyic. esp¢cially in its wcial and co-opcrative fomis, amongyl bmdcnls of all ages,. In 1952 Littlc 14enslow Hills. the substanti81 Victorian hou8¢ {now culld simply B¢n.slow Mu&ic) which fomis th¢ hub of ihe or¥aD15atii?n, was bequeathed io RMSA by Esther Scebohm 'to be used in perp¢wiry tor thc sUpprt i)f music- making.. The TNst achieves its objectives princip211y through an cxlcnsive programme rtrf short rcsidcntial courses led by pruMinl musiLianltutors and a wide-ran8in¥ rieS of concerts, suppurtcd by up¥ning its facilitie8 to IoLal and nation81 organisation¥ from toddlcrs, groups and grndcd examination bodics to choral societies and other mu¥ic-making groups. f(Ir events ot'all sorts. supported by trading activity such as providing Bed und Bre¥kfMst uccommodation. Membership ollhe Trust. open tc all by Subription, enables yupport of the Trust and 8ive8 Mcmbcrs th¢ righi and duty to cleet Trnsi¢cs and vote ot the AGM Al(>ngsidc inlcr alia advance booking of courses, free use of the librw and the opportunity to book pr8Llice facililiL¥. Members aet a¥ ambat>sadors lor the Trust's activities and many generously duftate over and ubovc their annual subseription. tor which the TNst iy most grateful. When the Trust became inLorporated it took on rc8pLTrnsibility as SOIL Lorporalc Irusttt for the Benslow Mustc lttslrument Loan Schemc IRe8i8tercd Charity No.. 313755). firRt esi&blish¢d in 1932 to provide quality in.8trumenis to ialenied young mu%ician8 and subsequently operating from the Rurttl Musi¢ SchrKJls offi¥. Benslow Musi¢ Enierpriscs Limit¢d (R¢gislcr¢d Company Numbcr 10967344) was establish¢d in 2017 to mana8e thc TTUSt's non-music tradin8 activity. Th¢ Trus¢¢¢s are aware of their duty lo have re8d to Charity Commission 8uidance on public knefil and have no doubt that through the efforts of members Hnd ¥thlYin reaching thL large number of visitors to the sitL during a normal year thoir work is indeed conductcd for Ihc bcncfil of thc public. The y¢ar tv 3 l D¢o¢mb¢r 2023 of coursc domiiiated by t]) ¢ff¢¢iS of the Covi&19 pandffliic which had a scvcrcly limitin8 ¢ff¢¢t on th¢ Tru¥t'8 aGlivi¢ies. Incom¢ and Expendlture The rcyult for the year 2023 was an overAII sutplus of £682k on Ilie Trust's Unrestricted Funds. However on the Tn1,8 op¢rational hudget IwhiLh ¢x¢ludes donalcd and unanticipated incumc {¢.8 from insur8nc¢) and expenditure against designated fijnds, and includc8 gains on inv¢stm¢nty) thor¢ was an operational deficit of £24,511. Th¢ 2023 budget approvd by Trustee8 was prepared on a br¢Ak-¢v¢n basis, assuming that income from the Trust'$ actxvities would continue to grow and 8¢hiw¢ closer to prelovid-19 pcrfornunce. During the year it bccame apparent that this was not achi¢vable and the Trustees approved an operational deficit for the year. Operational income (which exelu&$ voluntary income and an insurance payout) totalled £1,355.322 for the year, £58,125 below initial budgei. However. this was partially offset by a r¢duction in expenditure by £33.614 to £1,379,833 which was largely achievcd through savings in staff, programme and premises d¢v¢lopm¢nt rosts. Page I
BE LOW MUSIC TRUST REPORT OF THE TR TEE FOR THE YEAR E DED 31 DECEMBER 2023 oBJEIvEs AND ACTIVITIES Ineome and Expenditure (continued) In partL¢ular. tlic ovcrall financial picture was vasdy improved by three major sources of additional income: the approval of an insurancc claim for loss of income during the Covid-19 pandcmic Df £197,699. the receipt of a legdcy dondtion of £335,392. - A new thr¢¢-y¢ar funding agreement with A foundation worth £1 00,(M)O per year. The Tradirtg Company, Ben¥low Music Entetprises Limit¢d {BME). took advantagc of urtllsed capacity on the sile to gcncrate income thr()ugh B&14 letlings of othenvis¢ vAeant rooms. Alongside privatc hires ol'lacilities to musical groups and non-musical events. the trading subsidiary tumed over, £117.369. rLsultinbi in d llLI surplus of£37k for the yrar (£13k in 2022). which was donated to BMT. Expcnditure across the y¢ar w#¥ against Ihe cost of producing th¢ pr()gramm¢ of cour¥eb and concerts, and the associated xpcns¢ of maint4inin¥ und running the campus for r¢sidential participants in our activity. All of this activiiy is in Service ot. Ihc Gh4ri¢able objectivcs. The rcalitics of operating our programm¢s pus¢-pandcfflic and during the shary) in¢rease in UK cost of living and period ol'highcr intlali()n huv# L()nlinued to huve a sitsnifiLttnt effect on thc Trnst's financcs. Once a¥uin donutions hav¥ pluyed an impvriant part in enabling thL Trnst to eliminate deficit this year. The monthly hudgct proccss, includin8 L4bh flow r¢pnrts'. Ll)ntinued tu be used to inforni managers and Ttu&teet4 of the lalfybt financial posilion. The Tru¥l's Board of Trustees maintains a strung financial pvlicy and robus¢ financial controls lo comply with laiesi 8uidanr¢ trum Ihc Lharity Lommission. Flx¢d As$e¢s gnd Investments At the beginnin¥ of thc ycar ihe Trust held inv&8tmentA of £443,467 principally managcd by Inve81¢¢ Wculth and Invcsiment Limited. Thc invcstrncnts are divided into twu funds, onc airn at maxirni1IOn (?f growth, the uiher at income. During thc year investment iniomi of £30k aLhicv¢d, which was lower than in previous yla. Lompanies continued to su¥p¢nd or rcducc thc Yment of dividend.s during ilie year due to thc pundcmic. Investment income ib rLthincd by Investec and reinvestLd. Ax rcp(?rtLd in ihL FinunLial SittlLmLnts. thv Trnst's investment value$ increased during the yLdr. Ai thc end of the year the book valu¢ uf investments held WAS £466,025. PurLhascs durin¥ thc yLar wcrc 1119.440 and disp05als £171,7115. Thl Trusl's policy in respect of ethiLal. soLial and cnvironmLnthl i&suc& is lo reserve the right to exLludL from ils investments compahics that Ca out activities cimtrary to its aims or from holding particular invcbimeft¢s which damagc the Trust's rcputlltion. The Trustees keep this pulicy undL'r annual review. Market Value of Land Bulldln ThL Lhari(able provisions under whiLh <TrwnLrship (Ir ihL frceh()Id ()[ thL property at Little Renslow Hills Ir¥4n¥ferred to the Trust in 1952 restriLt the use to whi¢h th¢ prop¢rty may be put. Therefore the Trusteeg fcel undblc to provide a meaningful market value for the campus. Depreciation ot. accumulated capital expenditvre on thc propcrty of £74.880 was made during th¢ ye. on ihc Restricted Funds of the Trust. OILIF.CTIVES AND ACTIVITIFS The Trusl's main slory for 2023 was vf StrLngthLnill it¥ position ill ternis of delivering ils primydry ¥Ctivilie¥ - its y¢ar-rvuTrd programme of short residenlial courscs und scrics ot-Loncerts. Acro88 th¢year. th¢ Trust prothiccd 143 oours¢$. including onc onlin¢ c(wr5c, welcoming 2,082 participants tsTr Benslow. While thi& w&5 a T¢duclioft in numbcr of rour8CS ofaround I If*/.. the perfvrnianLC vfprogramm¢ was stron¥¢r, op¢raling at 76Q/o ¢ilPdoity, an increase of 4Y. from 2022, and with 67 courses {470/.) hilling or exceeding their recNitment lar8Cts. This rcsultcd in a growth in course income. Courses en¢omp¥¥8d a wid¢ vari¢ly of musical genre5 and styles of tutoring and rf0Mla¢¢. Th¢ Trust main(ain¢d a strong programme of chamber music and baroque music opw)rtunitics for musicians of all abilities, alongsid¢ d¢di¢ated solo instrument courses. an IT]rrea5 number of jazz cour5CS. QPPOrtuniti¢s to ¢XplO folk and tradittonal musiG, and the annual Benslow Baroque Opera presenting John Wcldon's The Judgement of Paris. As well as e8tablishcd cour5CS. ten n¢w courses {around 70/0 ofprogramme) were added, with highlights including Blue Piano Basics, Latin JazzFest, How to be A Top Th¢r and Bach Cello Suites with Jenny Curtis. Page 2
BENSLOW MUSIC TRUST REPORT OF THE TRUSTF,F.S FOR THE YEAR ENDED JI DECEMBER 2023 OBJECTIVES AND ACTIVITIES (continued) All courscs are accessible io atly mUSLcian who tnccts the course requirements and provide benefit in supporting musi¢ian5' dclOpm¢nI in knowledge and skills. As on¢ early cer¢er participant 6aid: "The tutors wu¢ CX11¢nl and thc course was very w¢ll organis¢d... It is my ambitioll to build a p¢rforming career with 8 focu8 on thc Baroque repenoire. Thcrcforc. singing a rolc in the Benslow Baroqu¢ I0ra] with dircction from noted expcrts in the ficld was a very valuuble experience." The Tnjsl's conc¢rt series ran throughout lh¢ Yr, pr¢senlin¥ 37 roncerts including string quartets, piano duets, JBZZ cnKmbles. opera and folk music, dcsigned to appeal audiences Across Hil¥hin and the surroundin¥ area. Concerts remain nel-10&s activity, yet both ¢nyble ¢he Trust lo dcliver on its charitable objects and to s¢¢ur¢ cours¢ tutor8 With a high artistic profile. 2023 ¥aw improvements in perfomiance, with a growth in audiences of 8Tr/0 and reducing the net loss by 20Y.. Highli8ht8 from the conccrt seri¢8 included.. Bach 8010 cantatas with Julian Pcrkins and Anna C&valiero. the Maggini, Coull and Tedesca quartcts. a Jazz nighi with Paul EshLlby and friends. an evening of Argentinian Klezmcr and Polish Tan80. and a p¢rformance exploring ma8ic and myth in Briti8h fulk music. Private hir¢¥ orth¢ TnJsl'$ ¢ampu& remain a Gore at4P¢¢t of th¢ businc88 model. Thi$ is an greo thal ¢ontinu¢s lo perforni well. with a high retention ratc of regular and annual Icttings. New relationships and bookings r¢sult¢d in a 150/0 growth of revenue from this aciivity. While thc Trust experi¢nccd some 8rowth Mcross its Mclivity. there is still 8om¢ way to go until it is ybl¢ to opcrate al pre- Cuvid-19 levels. The proccss uf rebuilding in 2023 was impaL¢ed by the deParle Ot thc Chicl'F,xccutivc in July, whi¢h held buck plans for slrategic d¢v¢lvpm¢nt. 118lso of1ted ongoing projects in arcM8 YULh &¥ campus maintenance and th dcliv¢ry of a ncw CRM and prL)jCCt man&gem¢ni software. With u ncw Chicf Executive in p051 from January 2024. the Thist should b¢ Abl¢ togct back on track with developing future strntegi¢ plans Y4nd conlinuc 10 51rcnglhen itsperfonnance. Fundralslng performance Donations, leLtUCi¢S Y4nd grants for the ycar totslled £519,085, a lur¢ on thc Trust'6 pcrforniance in 2022. This was principally duc to generous Icgucy gift.4 of £392,869. AdditIonlly, the Trnst cntcred a new three-yeor funding agreement wilh & foundation vlllucd ai £loO,U per year. The rcmaining income was generated from restricted donaliuns toward8 bur.$41¢S (£2,5) and piano maintenanLL {£2,X60), ¥cneral donations (£19,292) and a raffle (£1,562). Income from mcmben4hips was £51,279 inclusive of Gift Aid. Fundraising cxpenditur¢ a¢ros8 the year totalled £24.987. this inLluded the COBt3 of a Fundraising Consultant until July. when Ihc Tru%lee$ decidcd to i$tead bring this CXP¢rtise onio the staff team. app()inling a Head of Dcvclopment in octor. Expenditure also included th¢ ¢osl of maintainin8 an online donation plattorni. Plans for ¢he future The Trust'.$ plans for 2024 will focus on consolidation and review. A Chi¢f Ex¢cutivc from January will lead the proces5 of slratC8ic developmcni lo cn5ure that the Trn8t is able to deliver tts charitablc objectlVe8 in a contemporary operating environmenL A new strat¢8i¢ plan will impl¢menl a roadmap towards the Tru&l's centenary in 2029. This strategic review will analysc the TnJ8ts existing finuncial and operation&1 modcl, workin8 Wlth consuliants to dCloP a nvw model that ¢an rcduce and eliminate the current rJpLYatiunul deficit. In addition, organisational systems and processes will be reviewed to ¢nsurc that ih¢ charity can operate as efficiently and elTe¢tively as possible. This will include the launch of a n¢w rnanagcment system, integratedwith a new webAitc. which will ¢nabl¢ improvcd custorncr rcl&tionship management and ortlinc booking. The appoinlmcnt of a Head of Development in lat¢ 2023 will also givc thc Trust the ability to establish greuter fundraising capaLlty and cr¢at¢ plans to increase volunlary income, while also Ancr¢asing cn82gcmcnt with thc donor base. With reservcs rcplenishvd tu healthy level4 attention and rcsouTCCS can aiso be given to developing pldns for fijture dev¢IvpMt of thc Bcnslow Music ¢ampub aDd programm¢. Pa8e 3
BEIYSLOW MUSIC TRUST REPORT OF THE TRUSTEES FOR THE YLAR EIYDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Governance nd dmini%lratlo As notcd in tl)e header to the Report, the Tnjst is a Regisiered Charity, and Registered Company, and was estAblished as rn¢mbcrship organisation. Members el¢LI a Cuuncil of Trustees dt Lhe Anr]ual General Meetirjg, no murv lh 14 dnd no few¢r than. Trustees elect Chairman and Vice Chairnien from thetr number. FINANCIAL REVIEW Rejervej Pollcy The r¢smT¢y policy of the Trust is to build to and maintsin equivalent to six monihs of opernting Cxpendire as A minimum sr¢ l¢vel. This is held to ensure long lerni sccurity for the TtUSt in thc evcnt of future deficits, or unexpecied events that resuli in in¢um¢ (as experienced during the pandemic in 2020). It a150 enables resources lo be built up 10 IllVCSt in Benslow Mu.sic's prcmiscs and equipment. Resetves held in invesiments are countcd towards this policy. The TNst hcld £495,317 in r¢striLtcd liinds al the end of 2023. This was comprised or.. Properry {£443.560) representiTI8 the valuc ol-lhc Bcnslow Music campuy, rcstrictcd in u&¢ by its 0ri8inal bequcsl Property InvL%th)eni FLdI£34,43S) for thL purpLTrYC of maintaiDing 4nd dLveloping thc BLll81ow Mubi¥ Lampus Butsary bund1£6,8Q3) tor the purpose of offering bursari¢s to musicians from low Socio-economic backgrounds, or at carly Lareer sta&c lo allvnd Lourgex. Palmer Hall Rccordinbi sdi0 Fund {£5.n(Jo) hcld whilL' addiiiunal fundin¥ for thL projKt i¥ ¥oughi. Pi8nu Fund (£2,3611) for ih¢' purpos¢ of maintaining and servi¢ing pianos a¢r0s8 ihe campus, which will b¢ drown up in 2024. Other Fund¥ (£3.159) represenlin8 th¢ total of smailcr rc¥tricicd (unds hcld. The unreslri¢(ed reserve funds al the end of the year were £1.427,515. This inLludeA £31,357 held as tan&Fible assets Icquipment. fixLur¥b and fillings). £3.500 in ¥toLk¥ (musiL librdry), and £465,538 in the TN.$i'8 investment portfolio. Designated fundA held arr-. Contingency Fund (£1 90,000) fnr thc purposc of providing crncrkFcncy rc50urccs in ihc cvcnl of unlorcsccn cxpcndilur nd io allow capildl projLLIs lo commence while awailin¥ other fijnding. I'his fund ib counted iowards the reserves licY. Aqtrtrn T)evelopment Fund (£53,859) tor the puryJiTrse of developing the Trusl's marketing and fundraising capacity. which will be drawn th)wn in 2(J24. . Haynes DevelopML1 Fund {£86,786) for the putpose of organi%ational development. which will be drawn upon in 2()24. InytNment Fund {£5,(N)O) a beque.st for the Purpose ol. piano restoration, which will be drawn dTrwn in 2024. Garden Fund (£1,6115), for ih¢ PUTPO$¢ i>fLxlrui)rdin8ry expense in developing Benslow Music cumpus ¥¥rdcnts. Atlcr takin8 inco account rcytriclcd and designated fiind.s and fixed assets, the Trust hold5 £589,789 of free reserves. In con8ideralion of IhL rLirvLs piyliLy> which includes the Trust's InVlMent portfolio, this excecd$ ihe target by 790/n. surplus in rcs¥rvis will b¥ d¢5i¥nal¢d towards IhL. dLvLlopmLnl uf the Benslow Mu%1¢ campus and other infrastNcwre projects, as well as towards plans for the TtUbl'¥ ccnlrndry in 2029. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng docUfflet Benslow Music Trusl is a Lhdrity ¥OVLrncd by Memorandum and Articles of Association mosl rLLL'nily updated in June 2023. It is a rcgi3t¢red charity and company limilLsd by guaranlee, dn¢J il Wds eytsbli¥hLd as a membership organiSdtivn. Governance of the Trnst 1% through a Board of TTUStccs (who must bc mmbcrs) of not morc than 14 and no fcwcr than 5. Tru¢eS are al¥0 Directors ol'the registered company. Trustees are reApnnsiblc for stratcgic direction, ensuring all activity supports the Trust's object4 approval of the annual budget. monitoringi risk and poli¢y sctting. Trustces Clect a Chair and Vicc Chairls) from th¢ir numb¢r and appoint an Ilonorary Treasurer and Hunurary SeLreiary (who does not serve as # irnsiee). Ot)e third of Trustees musl reiire dl edch Annual GenerAI M¢¢iing, bui may offcr themselves for re-election. All Trustccs give their time voluntarily and receive no remuneration other than r¢asonable exp¢n¥es to ¢n#bl¢ th¢ir participation as Trngtee. In 2023, no cxpcnscs wcrc claimed by Tru8lccs. TTteeS appoint senior staff led by a Chi¢f Exffutiv¢ who ar¢ r¢sponsibl¢ for th¢ day-to-day op¢ration of th¢ Charity, including pmgramming. communications. ndraising. finan¢ial managemeni. tunning and maintsining the campus. M¢mbership of the Trnst, open to all by subscription, ¢nables support of the Ttust and gives Members the right to elect Trustees and volc at the Annual General Meeting. Page 4
BENSLOW MUSIC TRUST REPORT F THE TRUSTFFS R THE YEAR EN ED JI DECkMBER 202J STRUCTURE. GOVERNANCE AND MANAGEMENT Recrultment and appDlntmeDt of Irusttts Tru5te&8 r4rc recruitrd via an opcn application process. ApplicAtionA are wclcome from individuals of all baekground8. Howw¢r, the Tru8t highlib.hL%patticular areas of specialist knowledbie when advertising should it feel there are skills b¥ap$ among curr¢ni Tru5tccs. Appli¢ations ar¥ r¢vi¢wed by a Nominations sub-¥ommItl of Truslces which rccommends appointmcnts to thc full Board. TsleeS may b¢ co-opted to the Floard until confirn)ed al the n¢xi Annuat CJcn¢ral Meeting. Newly el¢¢icd TTUStccs are adviscd about the responsibilities of Ih¢ir rolr and are supported by morc experien¢ed collcagues. Tru¥¢¢es receive guidelines r¢I¢v5t lo their role including infurnlatiun from the Charity Commission. auditors. soli¢itur5 and brokcrs as it is availabl¢. In addition, Trustees attend indu¢tion and iraining K8hions and are required to sign thc Trnsie¢8' Cod¢ of Conduct and A Deelaraiion ot-lttlere&15 fonn. S¢Aff remuneratlo Thc remuncraiion of all members of staff is reviwed annually by the Trnstce8 following report from th¢ Remuneration Committee. Staff arc apprai8Ld dnnumlly by IAn¢ managers. their reLommendations are ¢onsidLrLd alongside details or movemen¢ in standard indices pr¢par¢d by the ()ffi¢¢ of NAiional Slatl8ri¢¥ includin8 CPI, RPI, NutionAI Living Wage and average e#rning8. Rlsk mAnAgemen¢ In iheir duty io mana¥¢ the Tnjsi's exposurc to risk, the Truslccs annudlly review ils risk m8nagement policy and rc8ularly review key risky, maintainin¥ a risk gISter. The Senior mana8cm¢nl team 8UPPOrt in dcveloping plans and control measures to provide reasonable miti881ion. With th¥ ability lu move b¢yund ¢he Covid-19 pandemic in 2023. Èhc Tru31'8 principal risks havL been in defining a new strategic direciion rebuilding ity tinancial model as operating cir¢umstsnc¢s rontinue lo change. This is most notabl in rising iosls of providing aeL()mmodalion and Llltering for course p¥rtiLiP4thts. Whil¢ 1¢ has been enci)uraging to see the growih income frum the urse programme. irtdi¢4¢ing there i¥ ¥lill demand for the Tru8t'8 aLliVlty. income has bcen &low¢r in rcturnin8 to pre-pandcmic Icvels than initlAlly expected. a8 reflcclcd in ihe underperforniance aBainst bud8¢1. Trustees appn)ved an incremse in priceA effLLtive from April 2024 to rellect Incre LOSIt4 in producing activiLy. 2023 was also disruptive for the lead¢rship of the organisation, with the Lhief Executivc d¢partin8 midway through the year. and the Chair acting As interim FecUtiVL. Chair. The irnstLLA uppoinled a new Chief Executive from JAnuary 2024, whiLh will h¢lp io provide ytabilily for the organisJtion. tUre direction will be addressed 88 part uf a straLegi¢ revicw, which will include workin8 Wlth Consultants ¢0 analysc and review the Trn8t's finAncial model. REFERENCE AND ADMINISTRATIVE DETAILS Reglgt¢red Compiny number 00408404 (England und Wales) Regl$ter¢d Charlty number 313663 Regls¢ered offlce B¢nslow Music Benslow Lane Hitchin Hertfordshire SG4 9RB Thlstees PreÉldent Judith Weir CBE VlceaPresldents Steven Isscrlis CBE Philip M¢ad¢n Pder Stark Melvyn Tan Page 5
BENSLOW MUSIC TRUST RF. RT OF THE TR STEES OR THE YEAR Ef4DED 31 DECEMBER 20 REFERENCE AND ADMINISTRATIVE DETAILS Board ofTru&teei ("Couneill* Andy Bmic Colin Bates Andrew Bldnkfield Fiona Clark (resigned 24 June 2023) Tim Gillott (Vice-chair) Katy Hamilton Nornia King Philip Meaden (Chair) Gwcn Owcn Robinson Bha8want Sinuh (Honorary Treasurer) Michael Taylor {Vic¢-Chair) Hon Secret&ry to the Board- MaTk Bowen Audl¢ors Bradshaw Johnson Chartered Accountants StatOry Auditor Cruft ChambcrB I l Bancroft Hitehin Hertfordshire SG5 IJQ Bankers BarLlayts Bank plc 516 High Strcct Hilchin Hertford%hire SG5 IBJ B4nkeM CCLA Invcstmcnl Management Ltd Senator H()use 85 QueL'n Victoria Sireel London EC4V 4ET Flnan£lal Advlyerj Invcstcc Wealth & Investmcnt Ltd 2 Gresham Str¥ei London EL2V 7QP Senlor StAff Chi¢f EK¢fUtive.' Peter Collyer (until July) Michael Duffy (from Jinuary 2024) H¢ad of Music.. Laura Thompson Head of Dev¢lopm¢llt.' David No¢1 (from Nov¢mbw) Head of Finance.. Kar¢n Luxun Director of Opcralions.. Tim Sh8TP Page 6
BEN TR REPORT OF THE TRUSTEES R THE YEAR ENDED 31 DECEMBER 202 STATEMENT OF TRUSTEES, RESPONSIBILTrtES Thc tNstees (who are also the directors of B¢nslow Music Trnst for ihc PUTPOS¢S of company law) are responsible for preparing the Report of the Trnstees and the financial siaiemen¢s in Acet)rdon¢e with &pplicable law and United Kingdom Accounting Stand&rds (United Kinudom Generally Accepted Accounting PraLtiCL) including Financial Reporiin S'tandard 102 "The Financial R¢porLing Standard applicable in the UK and Republic of Ircland" Company law requires tbe tntstees to prepare financial gtatemcnts for ch financial year which give A trne And falr view of the statc of affair8 of the charitablc Lompany and of the ineominB resources and &Lppltcation of resources, inLluding the income and expendinjre, of Ihc charitable company for ihat period. In preparing those financial ¥tatcmcnts. thc trustees are required to 8ele¢t $ui¢able coUntIng policies and then apply them ¢on8iStently.' b5vv¢ th¢ methody and principles in the Charity SORP. make judg¢m¢nts' &nd e&timat¢s that arc reasonablc and prndcni.. statc whether appli¢ablc &ccoun¢ing standards havc been followed, subject to any malcrial d¢p4thr¢y di8cloyed and cxplailled in the finanLial st4tements' prcpare the financial statcmcnts on the going concern basis unless it is inappropriE4tc to prcsumc that the charitable company will Lvnlinuc in bu51T2C55. Th¢ trustee8 are rcsponsible for keeping prop¢r a¢counting rccords which dis¢lo$c with reasonable accuracy at any time the finuncial position uf the charitable company and to enBble them to ensure that thc financial ststernent5 cornply with thc Companies Alt 2006. Thiy are alNO re8pon¥iblL for ¥afe¥uarding ihe d8ycts ol the charitable company and hence for taking reasonablc steps for the prev¢nlion ¥4tJd dctrction of fraud and othcr irr¢UlarltIcs. In 80 for as th¢ arc aware.. there is n() relevant audit informalion of which the charitable company's &udilors Y4rc unaw4r¢; and the tru¥tLL& havL' t4Lken all steps thal thLy ou¥hi iuvc lak¥n tu makL themselves aware of any relevant audit infomiation and to establish IhJl the auditor8 are aware af that inforniation. AUDITORS The auditorb, Bradshaw Johnson, will be proposcd for rc-appointmcnt at the forthcoming Annual CFeneral Meetin8. Report of the ¢ru51ees, incorporating a strategic report, approved by order of the bo&rd of truKtc¢y, ay thc Lompany direciors, on 23 May 2024 and signed on thc board's bchall'by: - TruJte¢ 4HAGLfvJkFr4T &hl&l Page 7
REPORT F THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BENSLOW MUSIC TRUST Opinion We have Auditcd th¢ financial statements of Benslow Music Trnst (the'charitable parent company,) and its subsidiary (Ih¢ 'group') for the year endcd 31 December 2023 which comprise the Group and chitable Parent Company Statement of Financial Activitie4 the Group and Charit2bl¢ Parcllt Company Stat¢m¢nt ofFinancial Position. th¢ Group and Charitable Parcnt Company Statement of Cash Flows and noies to the financial stat¢mcnt4 including a summary of significant accounting policies. The financidl rL¥orting framework that has been applied in their preparation is applicable law and UnitL.d Kinbydom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}, including Financial Rcporting Standard 102 'The Financial Reporting SiandArtI 8pplicAbl¢ in the UK and Rcpublic of Ircland.. In our opinion th¢ fjnancial statements.. give a true and fair view of thc state of the 8roup's and of the charitable parent company's affairs as at 31 DecemFL'r 2023 and of its incoming rcsourccs application of resources, including its income and expenditure, for ihL year ihert ended. hav¢ been properly prcparcd in accordance with United Kingdom Cjenerally Accepted Accounting Practice, Includin fin4mLial R¢pDrtin¥ Si4ndard 102 Thc Financial Reporting Standard applicable in the UK and th Republic of Ireland and have been prcparcd in accordan¢¢ with the requirements of th¢ Companies Act 2(JJ6. Basls for oplnlTrn W¢ LvnduLted our audit in aLeord#n¢e whih Inl¢rn&tiono1 S&ndards on Auditin8 {UK) (ISAS (UK)) and applicable law. Our responsibilitlLb under thos¢ ari funh¢r da¥cribed in the Audiior.s respon&ibilili&s for the audit of thL financiyl btytrm¢nt8 section of uur rcport. Wc are independent of the group in aecordanee with the ethi¢al r¢quir¢m¢ntb thut arc rclcvant to ()ur audit ot- Ihc linancidl Slutements in ihe UK, including the FRC'S F.thiLal Standard. Dnd wc have rullilled our othcr LthiLal responsibilitiQ8 in ai¢vrdancc wilh Ihcbc quIrements. We believe that the audit evidence WL have obtuinrd IJ Jufficient and approprimtc to provide a bosis for our opinion. Con¢luslonJ relatlng to golng concer Wc havc nothing to rep()rt in rcspect of the following matters in reldliDn to which thc ISAJ (UK) r¢quirc u8 lo rcport lo yiju Whe.. the trnstees, LWL" vf th¢ going concern basis uf aLL0unli in thc prLyaration of ihL finanLidl ¥lalLments is not appropriate,. or the tnisiLVS havL not disclosed in thL finanLial xlatcmLnl8 any identificd mmterilll uncertainties that may casi significatLt doubl about thc group's or the charilable parenl Lumpdlly's dbility to LonlinuL tu adopi thc going concern ba.qib of accounting for a perind nf at l¢M¥t twclvc monihb trom thc dalc whcn thc linancial stat¢ment8 are auihorilicd for issue. Other Informwllon ThL Lruxtees are respon.gihlL for thc other information. ThL Other iftf()rmution cumpriALA thL infi)midli()n inLludcd in the nnudl r¢pori, oih¢r ihan Ihc financial 5tatemen15 and our R¥wrt ufih¢ Ind¢p¢n¢J¢ni AudiLorb th¢r¢on. Our opiniun on thL financial ststemenls does not ciTrvcr thL L)thcr inforniatiun and, cxc¢pl lo th¢ oxtcnt otherwise explicitly stat¢d in L)ur report, we du nol cxpress any forni of assurance ¢on¢lusion th¢r¢on. In cvnnLYtion with our audit of th¥ fin¢in¢ial b(at¢ments, our re5POrtsibili¢y is read the other inforniauon and. in doing so, consider whcihcr thc other inforniation iy mdlcrially in¢vnsislent with th¢ financial siatL'ments or our knowl¢d¥¢ obtained in th¢ yudit or otherwit4c appcars to bc matcrially misstawd. If w¢ identify su¢h material inconsislcncieb or appmrent material mi5stat¢tnents. w¢ are required tu dL"tLmiinL' whciher ihcrc is a malLriJl misytatcmcnt in the linancial stut¢menls or a matcriul misstatement of th¢ oth¢r infvrniation. If. b45¢d on thc work w¢ hav¢ porform¢d, we concludc that thcrc 18 a material misstatcmcnt of this other inforniation, we ar¢ qUir¢d lo r¢port thai fa¢t. W¢ hav¢ nothing lo report in this r¢gard. M4tt¢r5 Ivhlch Jve are requlred to report by exeeptlon W¢ hav¢ nothing lo report in respect of the following matters wh¢r¢ thr Chariti¢s A¢t 2011 r¢quirrs u& to wort to you if. in our opinion.. th¢ infonnalion given in the Report of the Trnstees is inconsistent in any material respect with th¢ financial statements,. or the group or the charitabl¢ Pa1 comp¥4ny hav¢ not kept adequate accoun¢ing rOrds,. or the financiBI statements are not in agreement wilh th¢ a¢wuttting rccords and r¢rnS. or we have not rcc¢iv¢d all the infonnation and explana¢ionB we require for our audit. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BEIYSLOW MUSIC TRUST Responsibilities of trustees As explained more fully in the Statement of Trnsiees Responsibilities, the tnisiccs (who arc also Ihc dircctors of the charitiible company lor thc putyoses of company lltw) are rrspunsibl¥ for the preparation ol-the fEnancial stateTnents and for bcing Satisfied that they 8Éve a truc and fair view. and for such internal control as the trus'iees detem]ine ib n¥L¥&4ary to ¢nablc thc preparation of financial slat¢mcnts that arc frcc from material misstatem¢nt, whether due to fraud or ¢rror. In preparin& ih¢ financial slalements. the trus1¢¢5 tir¢ r¢spolli*ibl¢ for u55¢55ing th¢ group's and the ¢hari¢abl¢ parent company's ability io ¢on¢inue a8 u going concem, disclosing, as applicable, matters r¢lakd io going concern and using thc going concern bayis ol- accounling unless the tnjstees either intend to liquidak ihe wup or the Ch11¢ paren¢ otnpany or to ccase operation¥ or hav¢ no realistic alternative but to do so. Our ponSIbIlItIeS for the 4udlt ofthe financlal $tatem¢nlJ Wc have been appvinted as auditors under Section 144 of the Chariti¢8 Act 2011 and p{L in acLurdanL¢ with the Act and rcl¢vant regulations made or having cflcct thernder. nur objcctives ar¢ to obtain rea50n&ble assurance about whether the financial st4t¢m¢nts' as a whvlc urc fr¢¢ from matcrial misstatemcnL wheiher duc lo fraud or error. and to issue a Report of the Independent Audiit)rs that includes our opinion. Reasonable urartl¢ IS 4 high level of urance, but is not a uuaraniee that an audit ¢ondu¢tL'd in aLLordxn¢L with ISA8 (UK) will ulways detect a muterial missta¢¢mcnt whcn il cxists. Misstatcments can arise from fraud or ermr and arc ci)nsidLYed matcrial if, individually 41r in the Qregate, they could reas()n¥bly bc cxpcctcd tL) influ¢ncc th¢ cconomic d¢¢i¥ions of users tskcn on the basis of th¢ financial statements. Irre¥ularitiC4 including fraud, arc InstanL uf non-compliance with law5 and regulations. We design pr()Ledurex in lin¢ with our r¢5pI)nbibilities. outlined abvvl, t(> d¢t¢cl material misslalejnenls in r¥¥p¢LI uf irrL'¥ularilic8, including fraud. The extcnt to which uur procedures arc c8puble of detectin8 irr¢8ulariii¢s. including traud is dthil¢d below: W¥ ¥onsidered thL nalure of the Charitablc Company's industry and ils control LnvironmenL ¥nd rcviLwcd thc Charitable Compuny's documentation of their pTrlici¢s and pro¢¢durcs relating to fraud and compliance with laws and regullltions. We dlsu enquircd Iifrndnagcmcnt about their (Trwn idcnlitEcalion and asscssment of the risks of irre¥ularitie8. We obiaincd an understBndinB of ihe legal and rcgulatory framework that the Lharitahle L'ompany oper&tey in. and identified thL kLy laws and rLgulali()ns that: had a direct ¢ffLLI on the deterniinulion Dfmaterial amounLs and disclo¥ur¢s in th¥ finanLi¥l 8tatcmcnts. Thcs¢ included the UK Lompanics Act. and di) n()[ have a dirL'Lt Lffect on ihe finunLi¥I %ialcmcnls bul compliance with which may bL fundamLnlal ts) IhL Lhariidbl¢ Company's ability io operate or to avoid # m#l¢riul p¢no1iy. We discus8Ld among the audil n¥SeMent team inLluding rL.levant intcrnul s1#11St3 such as tax spe¢ialists re8ordin¥ the oppurlunilie.s and inG¢nlivcb ihal may exist within LhL ur¥anibalion for fraud and how and where fraud might orrur in the financial slatemenls. In common with all audits und¢r ISAS (UK), we are alw required io perfomi.qpecific procedures to respond to the risk of management override. In addres8in8 th¢ risk of fraud ihrou8h management override of ciTrntrol8, we tested the appropriat¢nc55 of journal LntriLs and other adjustm¥nts- a¥¥¢sbd wh¢thcr th¢ judgements mad¢ in making accounting estimote.s ar¢ indicative of a potLnlial bi. and evaluated ihe business rationalc of any significant transactions that are unusual or outside the nomlal course of busin. In addition to thc above, our pruLedures to resnd io the risks identificd includcd th¢ following.. reviewing financial statement disclosures by testing to suppDrtin8 dncumeniaiit)n ¢0 assess compliancc with provisions of relevani laws and r¢gulations described as having a direcl effeLI on the linancial statements; performing analytical proL'edures to identify any unusual or unexpected relationships that may indicate risks of maieri misstatement due io fraud- - enquiring ofmanagement and external legal counsel concerning a¢tual aftd pot¢ntial litigation and Claims, and instanccs of non-compliunce with laws and rcgulations- and - reading minutes of mcetings of those charged with govemaftee, reviewing internal audit reporls and r¢vi¢wing CorreSwnd with HMRC. A rthcr dcscription of our rcsponshbilities foT thc audit of thc financiAI ststements is located on the Financial Reporting Coun¢il'b w¢bsile atwww.frc.org.uklauditorsr¢sponsibiliti¢8. This d¢scriplion fonlls part of our Report ofthe Indep¢ndcnt Auditors. Pa8¢ 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BF.NSLOW MUSIC TRUST of our report This rewrt 15 made solely to the charitable comp&ny's tn]ste&s, as a body, in accordance with Scction 144 of lh¢ Charilies Act 2011 And rcgulations rnadc undcr Section 154 of that Act. Our audit work ha.4 becn undcrtzken 50 that we miuhi state to the charit4th1e Lompany's trnstccs thosc matt¢rs wc arc rcquircd to stat¢ to them in an auditurs, rcport and for no other purpose. To the fullest cxtent permitted by law. we do not accept or assume rE&ponsibility to anyone other tlian the charitable company and the charitable Lumpany's trusl¢¢s ds li bt)dy, furour dudit work, for this report, nr for the opinions w¢ hav¢ fonned. Brad8h4tw J¢Jhnwn Chartered Ac¢uuntants Stal0ry Auditor Eligibl¥ lo act as an auditor in terms of Scction 1212 of thc Companies Act 2(J06 Croft Chamber8 I l Bancroft Hitchin Hertfordghir¢ SGS IJQ Dale.. 5 June 2024 Page 10
BE SIC TRUST iIDATED STATEME OF FINANCIAL ACTIVITIES ORPORATIING AN INCOML AND EXPLNDITURE ACCOUN'r OR THE YEAR L.NDED 31 DECEMBER 2 IN 31.12.23 Total Funds 31.12.22 Total funds Unrestricted funds Rcslrictcd funds Endowment nd8 Nok8 INCOME AND ENI)OWMENTS FROM Donations and IcgaLies Charitable ¥ctlvltle8 Music courses Music lettings Concerts, iftcluding 8ranis 565,504 4.860 570.364 117.900 916.076 160.512 18,715 916,076 160,512 18.715 876,831 130.196 13,537 In¢ome from Renslow Music En 16 Other tradin¥ actsviti¢s Investm¢n¢ incom¢ Other Income 17.227 43,799 29,805 2311,906 117,227 43.799 29,805 2311906 81,376 45.412 13,298 Total 2,090,544 4,860 2,095,404 1.316,345 EXPENDITIJRE ON Raibing funds Charlt4bl¢ ac¢lvltle• Operation vf courses and musical activities 104.334 104,334 99,912 1320 674 13911952 1344 307 To11 1444219 Net gAinslllos8e&) on invcsiments 50414) NET INCOMEIIEXPENDITURE) TrAll8fer8 behveen fvndi 678,255 (73.418) 24 (76.667) 604,837 {178,288) 681,504 604.837 (1711,288) RECONCILIATION OF FUNDS Total tsftds brought fonvard 746502 571,984 1,318,486 1.496,774 TOTAL FUNDS CARRIED FORWARD 495 1428 006 17 1923 323 1318486 The noteB from p8rt of these financial statements Pagell
BE W MUSIC TRUST HARrrY STATEMENT OF FINANCIAL ACTtVITIES INCORPURATIN INCOME ¢lND LXPk".INDITURL AC R THE YEAR ENDF.D 31 DF.CTr.MBbR 21)23 UNT 31.12.23 Total funds 31.12.22 Total nds Unrestricted funds Restricted funds Endowncnt funds Notes INCOME AND ENDOWMEiYfs FROM Donations legacies Charitable activitle¥ Musi¢ courses Music lettings Concerts. including gratjls 602,641 4.860 607,501 131.739 916,076 160,512 18.715 9l6.076 160,512 18,715 S76.È31 130,196 13.537 ()th¢r trillg activities Investment iftrome Oth¢r incume 43,799 29.805 283,466 43,799 29,8U5 283 466 45,413 13,298 Total 2,055,014 4,861J 2,059,874 1.293,369 EXPENDITURE ON Rai5in8 funds Ch)IrSt)Ible actlyltle Opcrulion of courses ind musical activities 17.194 17,194 15,448 1372 284 1450 562 405 795 To¢#1 1.389,478 78,278 1,467.756 1,421.243 Net gaIn(los5t5) on investments NET INCOMF,I{EXPENDITURE) TrAnslers between funds 678,255 (73,418) 604,837 {178,288) 681,504 (76.667) 604,837 (1711.288) RECONCILIATION OF FUNDS Total tknnd¥ brought forward 746.498 571.984 1,318,482 1.496.770 TOTAL FUNDS CARRIED FORWARD 1428 002 495 317 1923,319 1318482 The notes forni part of the financial s*tement8 Pgg¢ 12
BEN IVM SIC TRUST REGISTERED NUMBER: 004084114 CONSOLIDATED STA TEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2023 31.12.23 Total funds 31.12.22 Total fund8 Unrestricted funds Restricted funds Endowment fund8 Notes FIXED ASSETS Tangibl¢ asset& Investm¢nts 15 16 31,357 466,024 443,500 474,917 466,024 542,365 443,466 497.3111 443.560 940.941 985,831 CURREI¥T ASSETS Stocks Debtors Cash at bank 17 18 5.596 52,829 1 139396 5,596 52,829 191 153 4,758 59,814 521474 1,197.821 51.757 ,249.578 586,046 CREDoRs Ami)unts falling due within one year 19 {267,196) (267.196) (253,391) NET CURRENT ASSETS 930,625 51.757 982.382 332,655 TOTAL A&SETS LESS CURRENT LIABILITIES 1.428.006 495J17 1.923.323 1.3111.486 NET ASSETS 142R.00(J 495.317 1923 323 318486 FUNDS UnTlrIed funds Restri¢t¢d fijnds 21 1.424,757 498 566 746,502 571.984 TOTAL FUNDS 1923 323 1318486 The not¢5 forni part ofthcs¢ financial 51alements Pag¢ 13
BENSLOW M IC TRUS'I, RLGISTLRED NUMBER: 011408404 HARtTY TATEMENT F FINAN IALP AT 31 DECEMBER 2023 SITION 31.12.23 Total fvnds 31.12.22 Total funds Unrestricted fi]nd8 Restrtcted funds Endowment funds Notes FIXED ASSETS Tangihle Lq8ets Investmertts 31,357 466 025 443,560 474,917 466,025 542,365 443 467 16 497382 443,560 940,942 985.832 CURREKf ASSETS 17 18 3.500 62,818 1117780 3.500 62,818 1 1691537 3.330 78,934 493 483 Dcbiors Cash at bank 1,184.0911 51.757 1,235,855 575,747 CR£DITORS Amounis fdlling due within orte year 19 {253,478) 1253,478) (243,09n NET CURRF.NT A.SSETS 930 620 982 377 332 650 TOTAL ASSETS LESS CURRENT LIABILITIES .4211.002 495J17 1,923.319 1.318,482 NET A&SETS I4282 495317 1923.319 3184R2 FUNDS Unrestricted funds Restricted funds 21 1,428,002 495 317 746,498 571984 TOTAL FUNDS 1923 319 1318482 The notes fonn part of these financial staÉ¢m¢nt$ Page 14 continued...
BLNSL TRUST REGISTERED NUMBER: 011408404 TATEMENT OF F AT AN IDE IAL ELVIBER 2 NTtNUED The charitsble company 18 entitled io exemption from audit und¢r Scction 477 of the Companies Act 2006 for the yeor ended 31 December 2023. The members have not deposited notice. pursuant to Section 476 of the Companies Act 2006 rcquiring Audit of thcs¢ financial $tatements. The lrnstees acknowledge their resportsibilitieg for (a) ¢nsurtng that the charitdble company keeps accounting records that comply with Scctions 386 artd 387 of the Comp&nies A¢t 2006 atml prLparing financial statimcnts which givc a INe and fair view of the state of affairs uf th¢ 6haritabl¢ ¢ompany as at thL cnd of e#ch financial year and of its surplus or deficit for each finanLi411 year in accordance with th¢ requircm¢nts of Scctions 394 and 395 and which otherwise comply with Ihc rcquircm¢nts of the CompanieA Act 2(M)6 relatin lo fanCIal 5t&tem¢nts. so far as applicablc to thc charitable company. (b) Thesc financial ststemenl$ have been audiied under lh¢ requiremcnls of Section 144 of the Lharities Act 2011. The finanLi#I statcm¢nts w¢re appToved by th¢ Board of Truslccs on 23 May 2024 and were signed on its behalf by.. - TNstee (¥HA&LKIAfrlT thfvjal The notes forni part of the8e financial slat¢mcnts Page 15
BEPISLOW MUSIC TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 Notes Cash flows from operatlng actlvltles: C&sh gencratcd from operations 663,062 Net provlded by (used In) operAtlng etlvltles 663.062 Cash flo Cn)m Inv¢8tlng Aetlvltle$: Pur¢haK of tangible fixed asscts Purchase of fixed as5Ct investments Sale of fixed ass¢t inv¢stmLnts Intcre61 received r)ividends re¢civcd (13,349) (119.440) 109,601 15,757 14,048 (3.415) (189,172) 183,283 3,086 10,212 Net caish provlded by (used In) Inveitlng g¢tlvltl¢J Cash flows from flnnLlnx •¢tlvldei: Procccds from issue of shares Change In ¢aJh and ¢Aih equlvalenti In the reportlng perlod 669,679 (90,639) C•h and cajh equlvalenti at the beglnnljbg of the reportlng perl(Jd 521,474 612,113 Cuh and eish equlvAlent$ At the end of the reportlng perlod 191 153 521474 The not¢s forni part of these financial statements Page 16
BENSLOW MUSIC TRUST NOTES T THE LIDATED FOR THE YEAR ENDED TATEMEiYf OF CASH F IDE EMBE RECONCILIATION OFNET ll4comEI(FPENDITUR) TO NETCASH FLOW FROM OPEIi4TING ACTIVITIES 31.12.23 31.12.22 Net Incomel(expendlture) for the reportlng perk)d (as per tbe ststtmtnt tn9¢1#1 activities) AdJustllJen¢i for: Tax paid Depreciation charges Lo¥e(gain) on invextm¢nts Intcrc8t rcceived Dividends reccived (Increase)IDecras¢ in stocks (Incrca8c)mcLrease in debtors Incrcasel{Dccrc&gc) in creditor8 604,837 (178.288) 80,797 (12.719) (15,757) (14.048) (8311) 6.985 81.881 50.414 (3.086) (10.212) (47) 2.438 Net ¢iih provlded by (uied In) operatlng •etlvl¢les 063.062 94 (133) Page 17
BENSLOW MUSIC TRUST CHARITY STATEMENT OF CASH FI,OWS FOR THE YEAR EIYDED 31 DECEMBER 2023 31.12.23 31.12.22 Notcs C¥sh fluwB from oppratlng acttvltle8: Cash generated fn)m oper¢Ltiuns 669.437 101424 Nel cash provlded by (uied In) operAtlnz artlvl¢les 609,437 101424) C)78h Ilowi from IDveJtlng A¢tlvltle•". Purchase of tangible fixed assets Purchase of fixed as.set investments SalL of fixed &ssel investments Interest reeeived Dividend& received (13.349) (119,440) 109.601 15.757 14,048 (3.415) (189,172) 183,2113 3.086 10,212 Net cash provlded by (uied In) Investlng ¥etlvltle8 6.617 3,994 Chgnge In cg¥h ¢ash equlvAlenti Sn the repDrtlng perlod Cuih and f 18h equlv4lents it the beglnhlng the reportlng pcrlod 676,054 (97,430) 493,483 590.913 Cash gnd cAsh equlvalent¥ Al the end of the rcportlng perlod 1 169 537 493 483 The fom part of th¢sc financial statmenls Pag¢ 18
BENSLOW MUSIC TRUST NiyfFS TO THF. CHARITY STATEMENT OF CASH FLOWS FOR I'HF. YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.23 31.12.22 Net IncDmel(expendltur¢) for th¢ reportlng perlod (81 per the st•tement of fln*nclAI xctlvltlei) AdJuAtmenti for: Dwwiation ¢harg¢ Lossesllgain) on inve8tm¢nts Int¢re8t received Dividend8 received Decrease in stocks Decrea in debtors Iner({k¢r¢&Sc) in creditors 604,837 (178.288) 80.797 (12,719) (15.757) (14.048) (170) 16.116 81.881 50.414 (3,086) (10.212) 8.779 50912) N•t cuh provlded by (uied In) operatlng H¢tlvl¢le• Ci69 437 (101.424) Page 19
TRU TES TO THE CONSOLIDATF.D FINANCIAL STATEMENT OR THE YEAR ENDED 31 DECEMBER 202 STATEMENT OF COMPLIANCE Benslow Music Tnjst is A charitable compafty incorporated in England. The registered offic¢ is- Benslow Music. Benslow Lane. HilLhio, Hertford8hire SG4 9RB Th¥ Lh4iritdbl¢ Lvmparty's financial $tatem¢nts hav¢ b¢¢n pieparc(l in compli&nce with Charities SORP IFRS 102) hs if applie8 lo the financial stalemeni8 for the year ended 31 December 2023. ACCOUNTING POLICIES BAJIJ of prep4rlni the tlnancl41 $14tem¢nt$ Thc fLnanEial &tst¢ment8 of the CharItbIC company. which is a public b¢ncfJt cntity under TrRS 102. havc bccn prepArLd in aLL()rddllLC Wlth Ihc Charitlcs SORP IFRS 102) 'ACLoUntin ut2d Reporting by Chariti¢s.' Slalement of Recommend¢d PrtIlL appliiable Iv ¢h¥rili¢8 pr¢parinb, their accounts in accordance wilh the Financial Reporting Stsndard applicablc in the UK and Republic of Ircland {FRS 102) (effective l January 2022),. Trinaneial R¢pvrtin¥ Standard 102 The FinunLiul Rep(Trrtin¥ Standard applirablc in th¢ UK Republic ot. Ircland, and the Companie8 Act 2U06. Thl finaniial slallmints hav¥ be¢n prepared under the historiLdl Lost convention with the exception of inve&tment¥ which arc ineluded at markct vulue, as modified by the revaluation vf ¢¢rtain assets. The leTnenl of Financial Activitie5 (.8OFA) and the Stsl¢men¢ of Finunciul P()sition consolidate the finunLiiII tatemenls of the charity and ity whvlly own¥d Subsidiary undertaking. Benslow Music EnteryTrrise8 Limitcd on 4 linc by linc basis. Bcnslvw N(u¥i¢ Tru&l meets the definition of a public benefit en¢lty undL'r FRS 102. All iniomc i¥ rc¢ugni5¢d in the Statement of Trinancial ALIiVili¢¥ onGc thL Lharity has entitlement IL) thc fundy, il Is probable that the income will bc rcccived and the amount can be meayurcd rcliably. Expendlture Li#bilitie& arc recognised as expenditure soon gs there is a Icgal or constructive obliggltion cornmitting ihc Lharity to that expenditure, it is prtsbable that a transfer of economic bcnLfiLs will be required in sciilcmLnl Hnd Ihc umount of the obligation can bc mLdsurL.d reliably. Expenditure is aLLounLLd for oil an accNals bayis and has been clasAified under headings that a¥grc* all ct)8t relaied to the eAie80ry. WTrere costs c&nnot be directly attributed to particular hLading.% ihcy havL bocn ullocated to activities on a basis consistent with the use of rc80urccs. Tanglble nx¢d as8¢t$ Depreciation is provided at the follvwing annual rat¢s in order to write off each ass¢t over lis eslimaied usefvl life. FrKhold propthy Plant and machinery Fixturcs and fittings - 40/47 on cost 7.5V/o on cost - 25D/o on reducin8 balance Fixed ass¢ts lexrluding inv¢stments) are staid at cost IN8 arrumulat¢d d¢pr¢ci&tion. The cosls of minor additions or those cosling bclow £150 are not capitslised. The freehold land and buildings are subj¢ct to charitabl¢ cov¢nants laid down in the originE41 be(eNt under the 1952 Seebohm Will (scc Nolc 15). Building dcvelopment since thal time, mostly froTn unr¢strict¢d fvnds. has b¢¢n Substti&l. to the point where the original elements of ¢h¢ building5 ar¢ larg¢ly of academic intercs(. Ii has how¢v¢r b¢en th¢ accounting practice in previous y¢ars to distinguish between building work financed from unrestricted ndS and buildings artribui¢d to th¢ 0ri8inAI bequest. Pag¢ 20
BENSLOW MUSIC TRUST TE TO THE CONSOI.IDATFD FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- conttnued Tangil)le fixed Miietx- cDDtlnued AS all buildings on ihe sitc - what¢vcr thcir ndIng sourL'¢- eff"vely b¢comc Subjccl to thc original charitable ¢OV¢l]tinis which apply to the14thd on which thcy sland. this accountin¥ dikbtin¥lion is nvw wnsider¢d irrclcvant and contrary Co clear prescntation. Land and buildin&s on the Littlc Hcnslow Hills site and any relatrd tunds ar¢ wholly sELuwn within a rcstricted fijnd knuwn Ihe"Property Fund" Stocks Stock cun5iSts of thc music library, which is included at a modest valuation of £3.500. Taxatlon Th¥ charity is excmpt from Lvrpuration tax on its choritable activities. Fund accountlng Unrestricted funds can bc used in accordanL¢ with the charitable objcctivcs At the discretion of the trnt>tccs. D¢si8nated funds compris¢ unrestrict¥d thnds thai have been set asid¢ by thc Trustees furpurticu1drpurp0s. The aim and usv of each d¢¥iLinaled fimd is Set uui iti the notes to th¢ financial statements. ReRtticlcd funds Can only be uyed for parttculur r¢itri¢¢¢d purposes within the objects of Ihc charity. Restriclions arise when specified by ihe donor or whcn funds are raised for pariiLwlar re8tricled purposes. Penjlon coltl gnd other pmt-rnllrement ben¢flt$ The charilable company opcr¥4t¢5 a defin Lontribution pension 8ch¢me. Contributions payable tu the chwitsble company's pension scheme arc charged io the Ststcment of Financial Arliviiics in thc period io which thcy relate. Invejtments Thc investments are mAna8ed OD behalf of the charity by Investe¢. Investments are slated al market value a¥ ai the balance sheet datL. Thc murket value is 0$ supplied by tnveslec. The StalemLnl of FinAneiul Aclivities include8 thc n¢t ¥ains ortd {Ul1xCd and unrealised) arising on the r¢valualions and diL4POSAl$ throughout the year. A 5¢parate statement is In¢lUd ¥plitting the reco8nised and unrecognis¢d 83ins losses. Value Added Tax Thc TTUSt 18 Pmrtially exempt from char8lll8 Valuc Added Tax. Accordingly. il Can only rccovcr from IIM Customs and Excise parl of the tox incurr¢d on supplikn% and services bought. Non-rccovcrable Value Added Tax 18 shown within Lharitable activili¢s in the St¢ment of Finanoi81 Adivitie8. Ekg81 $t•tuJ vf thc Trust The Trnsl is a company limited by gu8ranfr¢ and has no share Lapital. The liubility of eAch memkr in the ¢venl of windin8-up is limitcd to £1 per member of the charity. Fln8ncl*l Instrument8 The Trust only has financial &4sets and firtancial liabilities of a kind that qualify as basic financial in8trumcntS. BasiL financial instnunents are initially recognised at transaction value and subsequently mvasured at their s¢ttlcment value with the ¢x¢cption of bank loans which are subs¢qu¢ntly m¢asurcd at amortised cost using ihe effective intercst method. Page21
BENSLOW MUSIC TRUST NOTE THE LIDATED FINAN IAL TATEMENTS - CONTINUED R THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES Group 31.12.23 31.12.22 Dottations Suhscriplions 519,085 86,321 570 364 117900 Charlty Donations Subs¢ription8 556,222 ICrf),160 607 501 131739 OTHFR TRADINC ACTivrriES Group 31.12.23 31.12.22 Oth¥r lcttings t4ar sales 6.214 8.0¥8 Chirlty OthLr ILttings Bar sales 6,214 8,088 INVESTMENT INCOMF, Group & Chllrlty 31.12.23 31.12.22 Dividends reeeivcd Dcposit account interest 14,048 10,212 INCOME FROM CHARITABLE ACTIVITIES Group & Charlty 31.12.23 31.12.22 A¢tlvlty Musi¢ cours¢$ Music lettings Concerts, including grants Course fees Music Icltings Concwts, including grants 916,076 160,512 876.831 130.196 1095 303 1020 564 Page 22
BENSLOW MUSIC TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATFMENTS- CONrtNUED FOR THE YEAR ENDED 31 DECEMBER 211Z3 OTHER INCOME Group 31.12.23 31.12.22 Management eharye Other income Job retention scheme 32,790 8,417 197.699 32.773 5.022 238.906 37,795 Chxrlty DAanagem¢nt char8¥ Other incomc Covid bu8ine8& interruption claim 77,350 8.417 197,699 77.333 5.022 283,466 82,355 RAISING FUNDS Other tradlng A¢tlvltleJ Group 31.12.23 31.12.22 Purchases 104,334 99,912 Charlty PurchB8¢8 CHARITAIII,F. AcTlTIEs COSTS Group Dir¢ct costs Support CO8¢L4 (Se¢ note l O) Tota16 Operation of cour8e8 and musical a¢tivitie8 734,440 1398,952 Charlty Direct costs Support ¢08ts (See note 10) Totals Operation of courses and musi¢al a¢tiviti¢$ 803.892 646.670 1450 562 io. SUPPORT COSTS Group Govcmartce costs Oth¢r Totsls Opctalion of courses musical activities Ch4TIty Governance costs Other Totals Op¢ralion of courses and musical activities J.4fjth1.0 Page 23
BENSLOW MUSIC TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2U23 io. SUPPORT COSTS- eondnucd Group 31.12.23 ChArlty 31.12.23 Operatiotjs of courses and musical activities 31.12.22 31.12.22 Operations ofLour and musical activities Total aciivities Total a¢tivili¢s Wages Rent. ralcy and service charge InsurdllLL 264,635 15,340 10,855 69.678 258,81 19,651 10,704 45.136 264,635 15.340 l D,1155 69.678 258.811 19.651 10,704 45,136 Li¥hi and heat Gardcncrrrechnical and supervi¥ory 11,107 13.958 IL,107 13.9511 R¢p4irs and mainl¢nanLe tts grounds and buildin8 Printing, postage and 8ta(ioncry Depr¢¢iation ot't*ngiblc lixed assets Compuier eosL4 Hire of equipmen¢ Adv¢rtising Telephone Consultancy fees Professional fees Sub8cripiions Intere¥t and Lhar¥e Non-recoverable VAT Generlll exp¢nxcs Commiysion paid Rad debts Auditors, rcmuncration 33.9511 4.853 80.797 49.625 9,940 6,736 24,951 33,958 3,746 80,797 49,625 9,940 6.736 7,609 4,209 24.951 6.789 81,1481 49,677 9,276 7.303 6,585 5,5Q4 81.861 49,677 9,276 7,428 6,585 5,504 4,209 596 10.097 40,282 22,896 122116 554 10,034 40,471 13,437 6.633 596 .048 4U,282 22,896 554 11,163 40,471 13.437 622 455 646 670 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is slated after ch8r8ingl(crediting): 31.12.23 31.12.22 Depreciation. owned u8¢ts 12. TRUSTEES, REMUNERATION AND BENEFITS There w¢reTLO trustees, r¢rnun¢ration oroth¢rb¢n¢fits for ihe yearended 31 Drcember 2023 nor forthe yearended 31 December 2022. Members of Counoil h8v¢ not r¢ceiv¢d any mUn¢ratton ¢ilhw di¢1]Y or indirectly during the year and provide theirservices voluntarily. C¢rtsin cxpcns¢s in¢urred on behalf of the Trust are reimbursed to Mcmbcrs of Council. An exception is madeby agrccmcnt with the Charity Commi.ksion where Certain Trust¢¢s owa5Lonally act a5 tutors and receive the nornjal f¢¢. Trustees, expense5 Travel expenses amoullting to £NIL w¢r¢ r¢imbursed to trustees in the year (2022 - £369 - 1 trnstee). Page 24
BEN SIC TRUST NOTES T THE CONSOI,IDATFD FINANCIAL STA TEMENTS - FOR THE YEAR ENDED IDE EMBER 2 IN ED 13. STAFF COSTS 31.12.23 31.12.22 Wages & Salaries Employers Nl 615,591 608,374 661589 647.027 No employee received cmoluments of more than £60,0. The key management p¢rsonnel of the charitable company comprises only of the Chief Ex¢Lutiv¢ O(fiL¢r. The ioial employee bcncfits of the key manag¢m¢nt personnel of the ch&rity were £47,933 {2U22.. £47,933). Th¢ avLY8g¢ monthly ttumbcr ofcmployee¥ during Ihc ycar was as folluw8'. 31.12.23 19 18 31.12.22 19 16 Dirc¢t blaff Support staff 37 35 14. 2022 COMPARATIVES FOR THE STATEMENT OF FtNANCIAL ACTIVITIES Group UnresiriLied funds RestriLted rund¥ Endowment fund¥ Tothl rundy INCOME AND ENDoW1ENTs FROM Donations And Ic¥dcie5 ChY4rlt*ble ietlvltlel Music iourscs Music l¢ttings Concerts, iniludin¥ ¥rAnts 101.950 15.950 117,900 876,1131 130,196 13.537 876.831 13D,196 13,537 Incomc frorn Ben51ow Othcr trading aclivities Investment income Othcr income 81,376 45,412 13,298 111,376 45,412 13,2911 TotAI ,300.395 15,950 1,316,345 EXPENDITURE ON Raising fvnd Ch&ritwble Nctlvltlej Oper&tion ofwurs¢5 and musical activities 99.912 99,912 1,269 374 74,933 1344 307 Total 1.369,286 74.933 1.444219 Net ealnsl(lofj$e8) on Inve&trnent• 50,414 50.414 NET INCOMEI(EXPENDITURE) {119.305) (58.983) (178,288) Page 25
BENSLOW MUSIC TRUST NOTES TO THE OLIDATF.D FINANCIAL STA TEMENTS- C FOR THE YEAR ENDED 31 DECEMBER Z023 IN ED 14. 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontthued Unr¢8tri¢t¢d Rcsiricted Endowment nds funds funds Total funds NET INCOMEI(EXPENDITURE) {119.305) (58,983) 1178288) RECOI¥CILIATION OF FUNDS Totsl fvnds brou%ht forward 865.807 630,967 1,496,774 TOTAL FUNDS CARRIED FORWARD 746.502 571984 1.3 IX,486 Charlty Unrestricted funds Restrictcd fi)nds Endovmicnl funds Tot41 nds INCOME AND ENDOwmEs FROM Donations and legacie Chgrltlble *etlvltlei Music courses Music lettings Concerts, inclu41ing ¥runls 115,789 15,950 131,739 876.831 130.196 13.537 ¥76.831 130,196 13,537 Othcr trading activities Investment income Other in¢umc 45,413 13.298 45,413 13,298 Total 1.277,419 15.950 1.293,369 EXPENDITURE ON RMi.sin¥ funds Charltable actlvltlej ()p¢ratiort of ¢ourscs and mu8icuI actiVltie8 15,448 15,448 1330 862 1405 795 Tot#1 1,346,310 74.933 1.421,243 Net gAlns/(1088es} t)n Invu¢ments S0414) NET INCOMEI(EXPENDITURE) RECONCILIATIOIY OF FUNDS (119.305) (58,983) (178,288) Total funds brou¥ht forTvard 865,803 630.967 1.496,770 TOTAL FUNDS CARRIED FORWARD 746.498 571984 318482 Page 26
BENSLOW MUSIC TR NOTES TO THE C OI.IDATF.D FINAN OR THE YEAR ENDED IAI. STA TKMENT ECEMBER 2023 iYrINUF.D 15. TANGIBLE FIXED A&SETS Group & Charlty Freehold propety Plant and Fixtures and machinery fittings Totals COST At l January 2023 Additions 1.872.003 85,017 253,377 2.210.397 13,349 At 31 D¢¢emb¢r 2023 1872 003 266 726 2 223 746 DEPRF,CIATION Ai i January 2023 Charge lur year 1,353,563 85,017 229.452 1,668,032 At 31 Dccember 2023 1428 443 235 369 1748 829 NET BOOK VALUE Ai 31 December 2023 443.560 474917 At 31 r)ecembcr 2U22 518,440 542.365 Own¢r8hip uf the freehvld land comprihing Littlr B¢nslow Hill% with buildin8S thn, was a66igned in 1952 to Rural Music SLhools A¥sucialion (8ubscquently r¢n8med Benslow Mu8ic Trust) by thL will ol Mi85 E4ther Seebohm amd inconKthratcd into the financial statemcnts at the ume ot the gift. The ch8rit8ble covenants contained in the will restriLI 115 Use to the rnain objectivcs of the Trust as Set down in th¢ current Memorandum and Article3 nd approved by the Chariiy Commission. A sale of any part of the pri)perty or a major variation in of the overall sit¢ would theretore require fonn¥41 appmval by the Charity Commission. In the opinion of thL Board of Tntee8. it is not praciicable to value the land 8¢Fdratrly. Page 27
BENSLOW MUSIC TRUST NOTES T THE LIDATED FINAN FOR THE YEAR ETrIDED IAL TATEMENTS- CONTINUED I DECEMBER 21123 16. FIXED ASSET INVESTMENTS Charity Shares in group undertakings Listed investments Unlisted investments Totals MARKET VALUE At l January 2023 Additions Dtsposals 364,788 119,440 171,785) 7.076 371.865 119,440 171785 At 31 D¢¢¢mb¢r 2023 319520 PROVISIONS Provisivn wr Revaluation adjustmcnt8 {69,203) 77 397) 12,399) {71,602) At 31 r)cccmbcr 2023 146.6110) 95 146 505) NET BOOK VALUE Al 31 December 2023 466 1124 Ai 31 Decembcr 2022 ThLYL' w¢rc nu invcslmvnl assets outside the UK. The COmny,S inve8tments at the balance sheet date in the share CApitsI of companies include the lollowing- Benslow Mvslc Fdnterprlses Registered office.. Renslow MUAIL, Btn.4low L&ne. Hitchin, Herts. SG4 9RB N4tur¢ of bu5ine55'. Leltings and other commercial activities Class of share,. Ordinary holding 100 The summary financial p¢rfornion¢¢ of th¢ subsidiary alone is.. 31.12.23 31.12.22 Prollt and loAJ #eeount Turnover Dire¢l ¢08ts 186,679 (87.140) 156.035 (84.465) Gross profit Administrative expen8¢8 99,539 (99,539) 71,570 171,570) Net profi¢ Aggregate capltal and reserves Page 28
ENSLOW MUSIC TRUS NOTES TO THE CONSOLIDA TF.D FINANCIAL STATEMF,NTS- FOR THE YEAR ENDED 31 DECEMBER 2023 ED 16. FIXED A&SET INVESTMENTS- eontlnued Thc markcl valuation was carried out by Investec. Other unlisted investments represent cash held by the investment managers pending T¢illV¢Stm¢nt. Realised gains are included in the Statement of Financial Adivities. Invesknents are held primarily to provide an inveslmeni rern for th¢ ¢harity. 17. Group & Ch*rlty Gr0P 31.12.23 Ch•rlty 31.12.23 31.12.22 31.12.22 Stvck5 3,330 18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.12.23 Charlty 31.12.23 31.12.22 31.12.22 Tra& dvbts)rs Oth¢r dLbiur¥ Prepaym¢nts and a¢cru¢d in¢om¢ VAT 32,186 12.241 8,402 3,387 41,075 12,340 3.012 29,772 24,644 8.402 14,327 52,267 12.340 52.829 711,934 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.12.23 Charlty 31.12.23 31.12.22 31.12.22 Trade creditors Social security and other taxes Uiher creditors AL¢ru¥d ¢xp¢nses A¢cTuals and dcferrcd income VAT Tax 16,025 23,118 204,447 19,812 26.084 111,629 181.568 24,568 2,524 11,755 23,118 2UI.S31 17,074 21,676 18,629 181,586 21,224 3,794 267 196 253 391 253 478 243 115 20. LEASING AGREEMENTS Minimum Icuc paymeDts under non•cancellable operating Icases fall due as follows Charlty 31.12.23 31.12012 Within one year B¢tw¢cn onc and fiv¢ years 2,500 2.637 879 Pag¢ 29
BENSLOW MUSIC TRUST NOTES TO THF CONSOI.IDIlTF.D FINANCIAI. TA TFiiMF.NTS - C FOR THE YEAR ENDED 31 DECEMBLR 2023 NTINUED 21. MOVEMEL¥T IN FUNDS Group Net movement Transfcrs in funds between funds At 1.1.23 At31.12.23 Unrextrleted fundi GenerAI fund Designated fund - Contingency fund DG4ignatcd fund - IT De5ibvnatcd fulld- Development fund DLsi¥nated fvnd- Gardcn fund Designated fiind- In&trurn¢nt tund 476,064 190.OCKI 678,255 1.154,319 190,000 73.753 1,685 73,753 1,685 746,502 6711,255 .424.757 R¢J¢rlcted (undi FSur50ry 10,950 3.159 518.440 34,435 5.000 111911) 10,052 3.159 443.560 34,435 5.000 Property fvnd InvestmLnt fund- property Palmcr Hall Recordin8 Studio Piano (74,880) 571,9114 (73,41I) 498,566 TOTAL FUNDS 1318486 1923 323 NLI mnvement in funds. includcd in the above are a3 follows.. Group Incoming rcxDur¢LN Resources expendLd Gain5 and Movement in Iu8SCS rund8 Uftres¢rl¢led funds General fund Designated fund- IT DeAi8rtatrd fund- Dcvelopment fijnd D¢yignated fimd- G#rd¥n fund D¢si¥naicd nd- Inslrnmeni fund 2,090,544 {1,425,0011) 12,719 678.255 2,090,544 (1.425.008) 12.719 678.255 Restrlcted fundi Bursary Oiher Prop¢rty fid Palmer Ilall R¢Gording Studio Piano 2,500 (3.398) (898) {74.11110) (74,880) 4,860 (78,278) (73,418) TOTAL FUNDS 2 095.404 1.503.286 604.837 Page 30
BENSLOW MU TRU NOTES T THF. ONSOI.tDATED FINANCIAI, STATEMENTS- coKfiN FOR THE YEAR ENDED IDE EMBER 202 ED 21. MOVEMENT IN FUNDS - continued Comp8r4tlvei for movement 5n fvnds Group Net movernent Transfers An funds b¢tw¢¢n funds At 1.1.22 At31.12.22 Unrestrl¢ted funds General fid Dcsignated fund- Contingency fvnd D¢signY4ted fund- IT Dcsignaied tund- Developmcnt fund rjesignaied fund- Garden fund Dcignaied fund- Instrument fund De5ign4tcd fund- Palm¢r Ilall R¢cordln8 Drsi8nal¢d nd- Sit¢ surv¢y 580.155 190,0(M) {104,Q91) 476.14 190,000 85,934 4,718 s,000 (12,181) (3,033) 73.753 1.685 865.807 (119,305) 746,502 Resirl¢ted fundi Bursary other Property thnd Investmrnl fid- property Palmcr Holl R¢iording Studio 10,950 (53) (74,880) 10.950 3,159 518,44Q 34,435 3,212 593.320 34,435 630,967 (58,983) 571,984 TOTAL FULYDS 1.49C) 774 178 28R) 13111486 Comparative net movement in fvnds, includ¢d in the above as follows Groyp Incoming r¢sourceb Resources expended Gains and Movem¢nt in IosKs nds Unrestrlcted Cunds Genernl nd Designated f¢md- IT D18n#t¢d fund- Developmeni fund Dcsign&ted fund- Garden fvnd DesignatLd fund- IrL8trumertt fund r)esignat¢d fund- Palmcr Hall R¢¢ording Sftidio Designated fiJnd- Sile survey 1,300.395 11,354.072) (50,414) (104,091) (12.181) (3,033) {12,181) {3.033) 1,300.J95 (1,309,286) (5U,414) (119.305) Restrlcted fundi Bursary Other Property fund ardcn fund Development fund PAlm¢r Hall Rccording Studlo 10.950 10.950 (53) (74,880) (53) {74,880) 74933> TOTAL FUNDS 1,316J45 Page31 (1,444219) {50,414) (178,288)
BENSLOW si NOTES TO THE CONSOLtDATED FINANCIAL STATEMEiYrs- FOR THE YEAR ENDED 31 DECEMBER 2 ED 21. MOVEl*tENT IN FUNDS- continued A cutTent Y 12 monihs and prior y¢ar 12 months combined p)sition is as follows- Group Net movement TrBnsf¢rs in funds between funds At 1.1.22 At 31.12.23 Unrestrleted fund$ General nd Designatcd fvnd - Contingency fund Des18naled fund- IT DLSl8nated fund- D¢vclopmcnt fund l)csignatcd fiJnd- Ciarden fvnd Dcsignalcd fund- Instrument fund D¢¥i¥nai¢d fvnd- Site survey 580.155 190,000 574,164 ,154.319 190.000 85.934 4,718 5,0Th) (12,181) (3,033) 73,753 1,685 5,(K)O 865.807 558.950 1,424,757 ReJtrl¢ted fundj Bursory Othcr Prowty fund Investment fund- prorKty Palmvr H¥ll RcLordin¥ Studio Piano 10.052 {53) (149,760) 10.052 3,159 443.560 34,435 5.OQQ 3,212 593,320 34,435 5.OnO 630 967 132401) 498 566 TOTAI. FUIYDS 1496 774 1923 323 A cutTent year 12 month8 and prior yedr 12 months combined net movemcnt in fund8. in¢luded in ihe above ar¢ a8 follows.. Group Incoming resource8 R¢t>uurLIs expended Ciains and Movement in Ii)s5es funds urestrICted funds Cyenernl rtd DLsignated fund- IT Desi¥natcd fund- Development fund Dcsignaicd fvnd- Garden fijnd Designated fund- InstrumLni fund Dcsi8nAted nd- Site survey 3.390.939 (2,779,080) (37,695) 574,164 (12,181) (3.033) {12.181) (3,033) 3,390,939 (2,794,294) {37,695) 558,950 Restrleted funds Bursary Oihcr Prop¢rty fund Palmer Hall Recording stydio Piano 13.450 {3,398) (53) (149,760) 10.052 (53) (149.760) 2.360 153 211) 132401 TOTAL FUNDS 3411749 426 549 Page 32
LOW MUSIC TRUST NOTE THE CONSOI.IDATF,D FINANCIAI. STA TEMENT r()11 TIIL YEAII KNDEI) 31 DE :MBLR 202 ED 21. MOVEMELYT IN FUNDS~ continued ChArity Net movement Transfers in funds between funds At 1.1.23 At31.12.23 UThreitrleted fund$ GLnLrAI Fund Designated fund- Contingency fvnd Designatcd fund- IT Desibwnated fulld- Developm¢nt fvnd DLsignated fvnd- Garden fund Dcsignated fund- Instrumcni fund Desinall fwid- Palmer HILII RILording Siu Designated fund- Hayncs FoundE4tion 476,060 190,0 578,255 36,356 1.090,671 190.000 73.753 .685 5,000 {19.893) 53.860 1,685 100 000 13.214) 746.498 678,255 3,249 1,428.IXJ2 Restrlcted fvndi Burbary Oih¢r Property nd Investment nd- property P4lm¢r Hall Recording Studio Piano 10.950 3,159 51¥.440 34,435 5.000 (898) {3,429) 6,8Q3 3.159 443,560 34,435 5.000 2,360 (74.8150) 2.360 571,984 (73,418) (3,249) 495,317 TOTAL FUNDS 1318482 604 837 1 923 319 Nct movement in funds. included in the abovc art ay follows.. Charlty Incoming r¢sourc¢6 Resources expended Gains and Mov¢m¢nt in losses nds UnrtrICted thndb Cmieral fvnd Designated fund- IT fund Dcsignated fund- Development fvnd DesigrtP¢t¢d thnd- Garden fund Deyignated fund- Inxtrumen( fund DesignAtcd fund- Palmer Hall Recording Stu De&l8ted fund- Hayncg FoundAlion 1,955,014 (1,389,478) 12.719 578,255 iuouvu 2,055.014 (1,389,478) 12.719 678,255 Restrlcted Bursary Othrf Propety ftd Palmer Hall Recording Studio Piano 2,500 (3,398) (898) (74.880) (74.880) 2.360 78 2781 TOTAL FUNDS 2.059,874 11,467,756) 12.719 604,837 Pag¢ 33
BENSLOW MUSIC TRUST NOTES TO THF. CONSOLtDA TED FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 21. MOVEMENT IN FUNDS- contlnued Cornp8ratlveJ for movement In fund¥ Chirlty Net muvement Transf¢TS in fund5 betwccn funds At 1.1.22 At31.12.22 UnreT4trlcted funds G¢n¢rnl fund Designated lld- Conringency fund Dcsignated fimd- IT Designated fiJnd- Development fund Designated tiind- Gardcn fund Designated fid- InsttumLnt lund Designated fulld- Palmcr Hall R¢¢ording Stu Dcsignated fund- Site &lleY 580,151 190.(KJO {104.091) 476.060 190.000 85,934 4,718 5,000 {12.181) (3,033) 73,753 1.685 865,803 (119,305) 746,498 Rejtrlcted fundi Bursary Other Pr(w¢rty fvnd Investment fiJnd- PmPLrty Gorden fund Development fvnd Palmer H&ll Rb'ivrding Studio 10,950 (53) (74,880) 10,950 3.159 518,4411 34,435 3,212 593,320 34.435 5.OOQ 630,967 (58,983) 571.984 TOTAI. FUNDS 1496 770 178 288) 1 318,482 Comparative n¢t mDv¢menl in fiJnd8, included in IhL' alK)v¢ follow8 Ch4rlty Incoming resourLLS Resoue5 cxpcndL Gain5 and Movemeni in lossc funds ureStrICted funds G¢n¢ral futld Designated fund- IT fund Da$i8n&ted fund- r)cvelopment fund Designat fund- Garden fund De¥ignut¢d nd- Instram¢nt fund Designated fund- Palmer Hall Recording S Desi¥naied fund- Site survey ,277,418 {1,331,095) (50,414) (104,091) {12,182) (3.033) (12,181) (3,033) 1,277.419 (1.346,310) (50.414) (119.305) Restrlcted Cundj Bursary Oth¢r Propeity nd Garden fund t)cYclopment fund Palmcr Hall Recording Studio 10.950 10,950 (53) (74,880) (53) (74.880) 74 933) TOTAL FUNDS P48¢ 34
BENSLOW TR NOTES TO THE LIDATED FINANCIAL STATEMEiYrs- FOR THE YEAR ENDED DECEMBER 2 ONTINUED 21. MOVEMENT IN FUNDS - contlnued A currcnt year 12 months and prior yr 12 months combined position is as follows: Ch*rffity Nel movement Transfers in ndS b¢tween funds At 1.1.22 At31.12.23 Unrejtrlcted funds Gellcral fund Designatcd tund - Contingency fund Desftgn<¥d fund- IT Designated fund- D¢v¢lupm¢nl fuTMI Dcsi8naled fund- Cyardcn fund D¢bignai¢d lund- Instrument fund r)c8ignated fiJnd- Palmer Hall RcLurding Stu DesignAted nd- Haynes Fnundalion 580.151 190,0(M) 474.164 36.356 .090,671 190,1)00 85.934 4,718 5,000 (12.181) (3,033) (19.893) 53.860 1,685 5,000 100,000 13 214) 86,786 865,803 558.950 3,249 1,428,002 Rejtrleted fundi Bursury other Property liind Investment fund- propLrty Palmer Hall RcLording Studio Piano 10,052 (53) (149,7601 (3.249) 6.803 3.159 443,5611 34,435 5.(NJO 3.212 593J20 34.435 5.000 630,967 495 317 TOTAL FUNDS 496 771) 426 549 1923319 A current yeAr 12 months and prior year 12 months combincd nct movement in fundy, includcd in thc abovc llre follow8: ChArlty Incomin resources Resources expended Gains and Movement in 1055e5 funds Uftrestrlcled funds G¢n¢r#l ftsnd D¢signaied fvnd- IT Designated fund- T)evelopmeni fvnd Deyignaled fund- Garden fund D¢bignateiI fund- Instrument fund De.qignated fund- Palmer 11411 Re¢ordiiJ8 S D¢signatcd fund- Site survey Designated fjJnd- Hayn¢s Foundalion 3,232.432 (2.720.573) (37,695) 474,164 (12,182) (3,033) (12,181) (3,033) 100 000 iooooo 3,332,433 (2.735.788) 137.695) 558,950 R¢J¢rl¢led fund$ Bursary Other Propcrty fimd Palmer Hall RKording Studio Piano 13.450 {3.398) (53) (149.760) 10,052 (53) (149.760) 5,000 2.300 5.000 2.360 153 211 132401 TOTAL FUI¥DS Page 35
BENSLOW MUSIC TRUST NOTES TO THF. CONSOI.IDA TF.D FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 21. MOVEMFNT IN FUNDS - colltlnufd PurpoSES of unre5trlcted funds Gencrdl t[d The gen¢ral r¢b¢rv¢ r¢flec15 th¢ aiGumulat¢d burplus frvm th¢ g¢n¢ral activities of Benslow Music Trust and is held to ensurc long-(emi security for the TNst in the cvent of dcficits. &TJd to enable resourc¢8 lo b¢ built up tiTr invc8t in Benslow's premtses, plant and equipment. Designated fund - Contin¥cncy fund The purpose of the Conting¥nLy fund is to pmvide emergency resources in thc cvcnl of unfore8een expenditur and to allow c&pil&l projects to commence whilst awaiting othcr fijnding. Designated fund- IT fund This re5ervewa6 crcatcdto ensuTC that adcquatc rcsources are availAble to ensure that the Trust'& computtt systems remain fit for puTrose. T)esignated fiJnd- CFarden nd This fund was Lreut¢d uliing a specific donation in order to enhance th¢ landsc&pc of Ihc cawnpu8. D¢sigrtated fvnd- J)¢vclupment tiind This fund r¢pr¢s¢nts a donation lo thc Trust by a forni¢r truslce. Th¢ find is to ttllow the Trnsi to dcvelop in the rulure. Purp nf re$trl¢ted fundi Thi8 i¥ madc up of 8cvcrol smaller restrictcd ndS but no indivi¢JuMI fijnd hY4s more than £3.000. PrupLriy ThiN fund miThorN the valuc at which land and buildTngs ure included in the balance 5hcrt. InVtm£nt fund- pn)p¢rty This fund wa¥ cstiblished by the Sale of an inv¢stm¢nl porttolio in 2013 to fund major building work. 22. RELATED PAR'fY DISCLOSURES During the year the ¢haritible company r¢¢¢iv¢d a donation of £37,13712022 £13,839), MY4na¥cmL1 fLcA vr £44.560 {2022 £44,560) And other cross ihar&?L's of £NIL (2022 £NIL) frvm Benslow Musli Enlcrpriblb Ltd, a wholly 0ed subsidi&ry. The cl)aritahle company a180 purchased goods Y4mounling to £69,452 {2U22 £74.659) from B¢n51ow Music Enlerpri5e5 Ltd during lhe year. At the reporting d&tv, £12,403 {2022 £24,560) was reLcivdblc from Ben51ow Music Enterpriyes Ltd, And £NIL (2022 £NIL) was payablc to B¢nslow Musi F.nlcrpriscs Ltd. INDEMNITY INSURANCE Thc Charitsble company paid for the insurance pretniums to indcmrrify ttu$t¢es and senlor stan. from uny lo urisin8 from neglect or defaults of trnstees or stsff And any consequent lo&%. Page 36