**REGISTERED CHARITY NUMBER: 313755**
## **REPORT OF THE TRUSTEE AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FOR**
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustee**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Statement of Financial Position**||7||
|**Notes to the Financial Statements**|8|to|15|
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2021**
The corporate trustee presents its report with the financial statements of the charity for the year ended 31 December 2021. The trustee has adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The Scheme was founded in 1932 to provide suitable instruments for promising music students, such instruments being frequently beyond their means. Owners of such instruments were invited to lend or donate them to the Scheme, which would then become a vehicle to care for and maintain them and lend them onwards to promising pupils. It was envisaged from the outset that would-be borrowers would be required to provide evidence of musical ability and promise from suitably qualified sources, and show inability to obtain or afford appropriate instruments from their own or family resources. Appropriate guarantees would also be sought for applicants below the age of 18.
The Scheme focuses mainly on stringed instruments which, with suitable maintenance, may be expected to have indefinite lifetimes. It also has several harps and a small number of woodwind and brass instruments. During the past decade the Scheme has more than doubled in size measured by instruments available (currently 850 instruments) divided approximately equally between instruments lent to the Scheme and instruments owned by it. There is no equivalent scheme of comparable size in the UK. Borrowers range from 7 years up to the age of 25, the average loan being in the order of 4 years.
From 2021 onwards, in exceptional cases and at the sole discretion of BMILS, a borrower reaching the age of 25 may extend their loan until the age of 30. It is felt necessary to extend our upper age limit the better to reflect the increasing financial and logistical difficulties faced by young musicians today.
## **Main activities**
For most of its early existence the Scheme was run on a wholly voluntary basis until it was saved from collapse in the late 1980s by Benslow Music Trust. It continues to be a fundamental objective of the Scheme that it should be run on a low overhead basis to enable charges to borrowers to be minimised.
To maintain the flow of borrowers, lenders of instruments and supporters, the Scheme promotes itself to the music teaching profession and other musical institutions throughout the UK by contacts, word of mouth, participation in events and through social media. It is greatly aided in this by its connection and location on campus with Benslow Music Trust where there is a regular footfall of amateur musicians, professional tutors and the public through related musical events. It also maintains connections through instrument repairers country-wide.
The scope of the Scheme is limited by its stock variety and condition and to this end it maintains continuous and meticulous attention to instrument quality and condition whether in stock or borrowers' hands. It monitors changing requirements ensuring that valuations for the purposes of insurance are current. In recent years, continuous and incremental increases in market value of fine stringed instruments has resulted in higher insurance costs.
We continue to seek to ensure that each applicant borrows an instrument most suited to their needs and that our overall stock is appropriate to those needs. Considerable effort is made to reassure lenders of instruments to the Scheme that their instruments are well maintained, insured and contribute to our declared objectives.
## **Public benefit**
When planning our activities for the year we have considered the Charity Commission's guidance on public benefit. Any potential borrower meeting the criteria of musical ability and need may apply either directly or through a parent or guardian. Every applicant is made aware of the availability of bursaries and we seek to encourage applications from a wide range of backgrounds.
Page 1
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2021**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Following an unprecedented year in 2020 due to the Covid-19 pandemic, 2021 saw activity on site renewed at prepandemic levels, with the Scheme fully housed and operational in its new Aston Building on the Benslow Music campus.
The Scheme's borrower base was maintained throughout 2021, and following the end of lockdown restrictions early in the year new borrower numbers and appointments rose once more. It is however becoming clear that music education in general has taken a hit in recent years due to reductions in funding, and pandemic restrictions. We fear this may have the knock-on effect of reducing the number of new musical instrument students in the UK, and by extension new applicants to our Scheme. To help combat this trend and to further our aim of offering talented young musicians affordable access to high quality instruments, we are formulating advocative campaigns and partnerships.
We are pleased that a survey of our borrower base at the end of 2021 showed an ethnicity breakdown which aligns with that of the UK, with some minority backgrounds forming a larger percentage in our borrower base than seen overall in the UK. However more work is needed to appeal to borrowers from more socio-economically diverse backgrounds, as the majority of our current borrower base come from households earning over the UK average (ONS figures 2020). With this in mind, a review of our bursary fund and criteria will be undertaken in 2022.
## **Personnel**
May 2021 saw a change in leadership of the Scheme, with Etta Dainty coming on board following the retirement of Alison Palmer. Alison gave 14 years dedicated service as General Manager during which the instrument collection was consolidated and improved, strengthening and developing the Scheme. She oversaw the move from prefabricated premises on site, to permanent accommodation within the Benslow campus, and finally to the new Aston Building. The Scheme and the Trust are deeply grateful to her for all that she gave. Etta's title as Head of Benslow Music Instrument Loan Scheme aligns with the other management roles at Benslow Music Trust.
The Loan Scheme Assistant returned from furlough to pre-pandemic hours and with the Finance Officer continues to provide essential support. Following careful review, the days on-site of our Luthier will increase from two to three in 2022, allowing us to facilitate a much greater number of services and repairs in-house and at a lesser cost overall.
During the second half of 2021 Benslow Music Trust appointed a part-time Fundraising and Development Consultant, a third of whose time is allotted to work for the Loan Scheme. Initial projects include consolidating and closing the previous fundraising campaign 'Raise the Roof' in relation to the Aston Building, and re-invigorating the Friends of BMILS. The Trust also appointed a Head of Marketing and PR again with a third of their time allotted to the promotion of the Loan Scheme.
The additional costs for these new roles will be factored into an updated Management Fee paid to Benslow Music Trust, to be implemented in 2022.
Page 2
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FINANCIAL REVIEW**
## **Financial position**
The Scheme remains in a good financial position due to continuing steady income from our borrower base of 450-480. A previous generous donation for development purposes (from Tony Aston, former Chairman of Governors to whom the Scheme is extremely grateful) also contributes to financial security.
Regular budget monitoring reports from the Finance Officer have proved helpful in monitoring the Scheme's financial position. Our instalment payment plan continues to account for the vast majority of payments, ensuring a constant cash flow. Once again fewer than 1% of borrowers defaulted over the year.
The impact of Increasing facilities and personnel costs will be closely monitored over the coming year.
## **Instrument Collection**
2021 saw a marked increase in donations of instruments/bows to the Scheme from generous members of the public. Alongside this we continued to maintain and monitor the condition of the existing collection, including constantly reviewing insurance valuations. The insurance policy for instruments stored on-site was renewed in September 2021, consolidating and updating the average on-site value and policy exclusions, to be reviewed every six months.
During 2021 a thorough review of the collection was undertaken, during which a substantial number of Scheme-owned instruments deemed unsuitable or not of the required standard (mostly smaller fraction violins) were auctioned, the income from which helped to offset slightly lower borrower numbers and general costs. Over the course of 2022 a further overview will ascertain where additional instruments may need to be purchased to address perceived gaps in the collection.
The new workshop facilities at the Aston Building have also allowed us to facilitate many more instrument/bow services and repairs on site by our part-time Luthier, contributing to a significant reduction in costs in outsourcing these.
## **Reserves policy**
It remains our policy to maintain reserves at least equivalent to twelve months running cost as well as providing the ability to acquire worthwhile instruments which become available to us.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Scheme is structured as an unincorporated trust registered as a charity, with Benslow Music Trust as its sole corporate trustee. It is supervised by a committee of Governors appointed annually by Benslow Music Trust. The Governors elect their own Chairman who must also be a Trustee of Benslow Music Trust.
The Scheme has no formal Trust document but its primary objectives remain substantially as set out by its original founders in a letter published in 'The Times' edition dated 23 January 1932.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
313755
## **Principal address**
Benslow Music Benslow Lane Hitchin Hertfordshire SG4 9RB
Page 3
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **REPORT OF THE TRUSTEE**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Trustee**
Benslow Music Trust
Registered Company Number: 00408404 Registered Charity Number: 313663
Trustees of Benslow Music Trust at 31 December 2021 Peter Neville - Chairman Michael Taylor - Vice-Chairman Bhagwant Singh - Hon. Treasurer Andrew Baruch, Colin Bates, Andrew Blankfield, Anne Conchie, Tim Gillott, Katherine Hamilton, Norma King and Susan Sturrock
Mark Bowen - Hon. Secretary
## **Governors of Loan Scheme**
Peter Neville - Chairman of the Governors (from June 2021) Andrew Blankfield Rosalind Hedley Miller Norma King Joely Koos Sandra Saunders (Kyriakides) Susan Sturrock Michael Taylor John Witchell - Acting Chairman of Governors (until June 2021)
**Independent Examiner** Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ
**Bankers** Barclays Bank plc 5/6 High Street Hitchin Herts SG5 1BJ CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET
Approved by order of the Trustee on 7 May 2022.
For and on behalf of Benslow Music Trust, Trustee.
Page 5
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **Independent examiner's report to the trustee of Benslow Musical Instrument Loan Scheme**
I report to the charity trustee on my examination of the accounts of Benslow Musical Instrument Loan Scheme (the Scheme) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity trustee of the Scheme the Trust is responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Scheme's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Neil Harding FCA Institute of Chartered Accountants in England and Wales Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ
Date: 13 May 2022
Page 5
## **BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Benslow Musical Loan Scheme
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
9
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
183,369
17
142,019
325,405
378
161,319
161,697
62,972
226,680
(12,812)
213,868
3,546,362
3,760,230|Restricted
fund
£
-
-
-
-
-
12,812
12,812
-
(12,812)
12,812
-
-
-|31.12.21
Total
funds
£
183,369
17
142,019
325,405
378
174,131
174,509
62,972
213,868
-
213,868
3,546,362
3,760,230|31.12.20
Total
funds
£
127,528
559
138,509
266,596
(8)
209,190
209,182
381,988
439,402
-
439,402
3,106,960
3,546,362|
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
## **BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021**
|Notes
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds:
General fund
Designated Musical instruments
Aston Development Fund
**TOTAL FUNDS**|Unrestricted
funds
£
3,514,821
71,644
252,434
324,078
(78,669)
245,409
3,760,230
3,760,230|Restricted
fund
£
-
-
-
-
-
-
-
-|31.12.21
Total
funds
£
3,514,821
71,644
252,434
324,078
(78,669)
245,409
3,760,230
3,760,230
800,418
2,859,812
100,000
3,760,230
3,760,230|31.12.20
Total
funds
£
3,334,957
98,565
180,225
278,790
(67,385)
211,405
3,546,362
3,546,362
753,560
2,692,802
100,000
3,546,362
3,546,362|
|---|---|---|---|---|
The financial statements were approved by the Trustee and authorised for issue on 7 May 2022 and were signed by Peter Neville, Trustee.
For and on behalf of Benslow Music Trust, Trustee
The notes form part of these financial statements
Page 7
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Benslow Musical Instrument Loan Scheme meets the definition of a public benefit entity under FRS 102.
## **Income**
Income is included in the Statement of Financial Activities when: - the Scheme becomes entitled to the donation, legacy or similar income and any conditions for receipt are met; - the Scheme is virtually certain that it will receive it; and
- the Scheme is reasonably certain that the value can be reliably measured.
Donated instruments are included in the accounts in the year in which the instrument is received. The Scheme's policy is only to dispose of instruments where they are unsuitable for the Scheme's objectives.
Income from tax claims is included in the accounts at the same time as the gift to which it relates. Income from legacies is included when the Scheme has been notified of an impending distribution or the legacy being received.
Administration charges (from lending instruments) represent amounts invoiced in the year for the rental of musical instruments.
All income is stated gross and is wholly derived in the United Kingdom.
## **Expenditure**
Expenditure is recognised in the year in which it is incurred.
Charitable expenditure comprises those costs incurred by the Scheme in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them. This includes those incurred in connection with administration of the Scheme and compliance with constitutional and statutory requirements.
## **Tangible fixed assets**
Fixed assets are stated at cost less accumulated depreciation. Minor additions of less than £50 are not capitalised.
Musical Instruments donated to the Scheme are initially valued professionally and included on that basis. Instruments purchased are included at cost. The individual values of all instruments are continuously reviewed on a rolling basis - primarily for insurance purposes - and adjustments made where necessary.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Long leasehold - 2% straight line Musical instruments - Not depreciated Instrument cases and equipment - 10% straight line Office equipment - 20% straight line
Depreciation is not provided on musical instruments individually but an annual adjustment is made to reflect value changes arising from reviews during the year and acquisitions and disposals. A view is also taken at the time of the overall reserve provided against the aggregate musical instrument stock valuation (see Note 6).
continued...
Page 8
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Scheme and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Scheme for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. OTHER TRADING ACTIVITIES**
|**OTHER TRADING ACTIVITIES**|||||
|---|---|---|---|---|
||31.12.21||31.12.20||
||£||£||
|Deposit account interest||17||559|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **4. STAFF COSTS**
The average monthly number of employees during the year was as follows:
||31.12.21|31.12.20|
|---|---|---|
|Lending instruments / administration|3|3|
No employees received emoluments in excess of £60,000.
continued...
Page 9
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **5. 2020 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Benslow Musical Loan Scheme
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
127,528
559
138,509
266,596
(8)
196,402
196,394
381,988
452,190
(12,788)
439,402
3,106,960
3,546,362|Restricted
fund
£
-
-
-
-
-
12,788
12,788
-
(12,788)
12,788
-
-
-|Total
funds
£
127,528
559
138,509
266,596
(8)
209,190
209,182
381,988
439,402
-
439,402
3,106,960
3,546,362|
|---|---|---|---|
continued...
Page 10
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6. TANGIBLE FIXED ASSETS**
|**COST OR VALUATION**
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
**DEPRECIATION**
At 1 January 2021
Charge for year
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020|Long
leasehold
£
648,250
27,788
-
-
676,038
12,965
13,521
26,486
649,552
635,285|Instrument
cases
£
36,749
149
-
-
36,898
33,076
796
33,872
3,026
3,673|Musical
instruments
£
2,692,802
176,248
(72,210)
62,972
2,859,812
-
-
-
2,859,812
2,692,802|Office
equipment
£
11,637
-
-
-
11,637
8,440
766
9,206
2,431
3,197|Totals
£
3,389,438
204,185
(72,210)
62,972
3,584,385
54,481
15,083
69,564
3,514,821
3,334,957|
|---|---|---|---|---|---|
Cost or valuation at 31 December 2021 is represented by:
|Cost|Long
leasehold
£
676,038|Instrument
cases
£
36,898|Musical
instruments
£
2,859,812|Office
equipment
£
11,637|Totals
£
3,584,385|
|---|---|---|---|---|---|
Musical Instruments - the Scheme's policy is only to sell or dispose of instruments where they are deemed unsuitable for purpose. Occasionally this may include instruments which prove unappealing to borrowers, when they may be disposed of or returned to the owner as appropriate. The overall instrument stock forms no part of any collateral given or contemplated.
As noted above the total owned instrument stock reflects the aggregate of individual valuations under constant review. The market for instruments is a highly specialised one and much distorted in recent years by the perception of 'named' musical instruments as a pure investment asset. To keep our aggregate book value within bounds we have applied a discount of 20% to the insurance valuation and the discounted figure is the figure of £2,859,812 included above.
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||31.12.21|31.12.20|
|---|---|---|
||£|£|
|Trade debtors|55,313|45,697|
|Other debtors|16,331|52,868|
||71,644|98,565|
continued...
Page 11
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||31.12.21|31.12.20|
|---|---|---|
||£|£|
|Trade creditors|61,660|57,830|
|Other creditors|17,009|9,555|
||78,669|67,385|
Trade creditors represents the deposits held for instruments out on loan.
## **9. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Designated Musical instruments
Aston Development Fund
**Restricted funds**
Bursary fund
**TOTAL FUNDS**|At 1.1.21
£
753,560
2,692,802
100,000
3,546,362
-
3,546,362|Net
movement
in funds
£
163,708
62,972
-
226,680
(12,812)
213,868|Transfers
between
funds
£
(116,850)
104,038
-
(12,812)
12,812
-|At
31.12.21
£
800,418
2,859,812
100,000
3,760,230
-
3,760,230|
|---|---|---|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated Musical instruments
**Restricted funds**
Bursary fund
**TOTAL FUNDS**|Incoming
resources
£
325,405
-
325,405
-
325,405|Resources
expended
£
(161,697)
-
(161,697)
(12,812)
(174,509)|Gains and
Movement
losses
in funds
£
£
-
163,708
62,972
62,972
62,972
226,680
-
(12,812)
62,972
213,868|
|---|---|---|---|
continued...
Page 12
**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Designated Musical instruments
Designated Buckley fund
Aston Development Fund
**Restricted funds**
Bursary fund
**TOTAL FUNDS**|At 1.1.20
£
592,280
2,241,550
273,130
-
3,106,960
-
3,106,960|Net
movement
in funds
£
(29,798)
381,988
-
100,000
452,190
(12,788)
439,402|Transfers
between
funds
£
191,078
69,264
(273,130)
-
(12,788)
12,788
-|At
31.12.20
£
753,560
2,692,802
-
100,000
3,546,362
-
3,546,362|
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated Musical instruments
Aston Development Fund
**Restricted funds**
Bursary fund
**TOTAL FUNDS**|Incoming
resources
£
166,596
-
100,000
266,596
-
266,596|Resources
expended
£
(196,394)
-
-
(196,394)
(12,788)
(209,182)|Gains and
Movement
losses
in funds
£
£
-
(29,798)
381,988
381,988
-
100,000
381,988
452,190
-
(12,788)
381,988
439,402|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Designated Musical instruments
Designated Buckley fund
Aston Development Fund
**Restricted funds**
Bursary fund
**TOTAL FUNDS**|At 1.1.20
£
592,280
2,241,550
273,130
-
3,106,960
-
3,106,960|Net
movement
in funds
£
133,910
444,960
-
100,000
678,870
(25,600)
653,270|Transfers
between
funds
£
74,228
173,302
(273,130)
-
(25,600)
25,600
-|At
31.12.21
£
800,418
2,859,812
-
100,000
3,760,230
-
3,760,230|
|---|---|---|---|---|
continued...
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**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Designated Musical instruments
Aston Development Fund
**Restricted funds**
Bursary fund
**TOTAL FUNDS**|Incoming
resources
£
492,001
-
100,000
592,001
-
592,001|Resources
expended
£
(358,091)
-
-
(358,091)
(25,600)
(383,691)|Gains and
Movement
losses
in funds
£
£
-
133,910
444,960
444,960
-
100,000
444,960
678,870
-
(25,600)
444,960
653,270|
|---|---|---|---|
## General
This fund represents the accumulated surplus arising from the general activity of the Scheme after allocating income and expenditure to other funds where appropriate and is consistent with the policy of the Governors.
## Designated fund - Musical instruments
This fund represents the total value of musical instruments owned by the Scheme, although it should be noted the operational stock includes substantial numbers of instruments placed in the Scheme by supporters. As noted in 9 above the Scheme only parts with instruments if they are deemed unsuitable for purpose, and the Governors therefore consider that for accounting clarity the proportion of general reserves representing the net aggregate value should be shown as a separate item.
## Designated fund - Buckley fund
This fund represented the sale proceeds of an antique cello originally donated in 2007. Last year the funds held were used to help fund the new purpose built building built for use by the Scheme. All funds were transferred to the general fund last year.
## Designated fund - Aston Development Fund
This fund represents a donation to the Scheme by Tony Aston, former Governor and Chair of the Scheme and former trustee of Benslow Music Trust. The fund is to allow the Scheme to continue to develop in the future.
## Bursary fund
The Scheme maintains its charges to borrowers at a low level and these primarily reflect only the direct cost of maintaining and insuring the instruments. To meet cases of extreme hardship however, bursaries are given that further reduce these charges and in 2021 awards totalling £12,812 were given. These are shown separately on the Statement of Financial Activities, being effectively a reduction in the year's income.
## **Transfers between funds**
The transfer from the unrestricted funds to the bursary fund has been made as no designated funds are currently held for this purpose.
continued...
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**BENSLOW MUSICAL INSTRUMENT LOAN SCHEME**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10. RELATED PARTY DISCLOSURES**
A management charge of £22,000 was paid to Benslow Music Trust, the sole Trustee, for the year ended 31 December 2021 (2020: £22,000). This covered premises, facilities and other support activities.
At the end of the year £7,753 was owed to Benslow Music Trust (Owed by BMT at 31 December 2020: £33,456).
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