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REGISTERED CHARITY NUMBER: 1014942
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Reportof the Trustees and
UnauditedFinancial Statements for the Year Ended 31 December2020
Wise Music Foundation Previously known as The Music Sale Charitable Trust
MUS Accountants Limited Chartered Certified Accountants 2™ Floor, 125 The Grove London EiS LEN
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Wise Music Foundation previously known as The Music Sale Charitable[Trust]
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Contents of the Financial Statements for the Year[Ended][31][December][ 2020]
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|Report of|the Trustees|1|to|2|
|Independent Examiner's Report|3|
|Statement ofFinancial Activities|4|
|Statement|of Financial|Position|5|
|Notes to the Financial Statements|6|to|10|
|Detailed Statement of Financial Activities|11|
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Wise Music Foundation previously known as The Music Sale[Charitable] Trust Reportfor the ofYear the EndedTrustees_31 December2020
Wise Music Foundation (Previously known as The Music Sales Charitable Trust), which was set up in 1992 by Deed dated 20th October 1992 with clause 8 as amended by Deed dated 8th April 2009 has continued to operate within its objects as laid down in clause 5 of the 20th October 1992 Deed.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Following are the main aims and objectives of the Wise Music Foundation (Previously known as The Music Sale Charitable Trust);
To relieve in cases of need hardship, distress, or illness or infirmity (howsoever) of persons resident in the United Kingdom and particularly persons resident in London, Bury St Edmunds and wheresoever the Trustees in their discretion shall decide.
To further the education (including social and physical training) of children attending schools in the United Kingdom and particularly persons resident in London, Bury St Edmunds and wheresoever the Trustees in their discretion shall decide.
Any charitable purposes for the benefit of the inhabitants of London, Bury St Edmunds and wheresoever the Trustees in their discretion shall decide.
The trust's main activity is to ensure that it continues to fulfil its objectives by making donations to relevant operating organisations who will utilize the funding effectively.
ACHIEVEMENT AND PERFORMANCE
The effectiveness of the Trust's work can be gauged by the continued sequence of appeals it receives and growth of those they assist.
FINANCIAL REVIEW
The Trust maintains a stable financial position. During the year, it received 4 unrestricted voluntary donations totalling £93,390 and investment income of £nil (2019: £75,000 and investment income of £49,158), Total payments of £66,327 (2019: £84,157) were made in respect of 47 grants and donations (2019: 68). Grants to institutions in excess of £5,000 were made as follows:
| Institution | Noofdonations | £ |
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| London International Festival of | ||
| EarlyMusic | 1 | 5,000 |
| Kids in Action | 1 | 5,000 |
| Westminster Synagogue | ] | 5,000 |
| Other under£5,000 | 44 | $15327 |
| Total | 47 | 66,327 |
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Trust is governed by Deed and Trustees are elected by Company wide requests for applications to fill vacancies as they arise.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1014942
Principal address
14-15 Berners Street London WIT 3LJ
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Wise Music Foundation previously known as The Music Sale Charitable ‘Trust
Reportof the Trustees for the Year Ended 31 December 2020
Trustees CM Butler
1 C Morgan
R Wise
M Wise
M Wise D Stock NJM Kemp
Independent Examiner MUS Accountants Limited Chartered Certified Accountants 24 Floor, 125 The Grove London E15 1EN
CHANGE OF NAME
The charity passed a special resolution on 3 August 2021 changing its name from The Music Sale Charitable Trust to Wise Music Foundation.
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Approved by order of the board of trustees on 21 October 2021 and signed on its behalf by:
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D Stock - Trustee
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Independent Examiner's Report to theTrusteesof. Wise Music Foundation
Independent examiner's report to the trustees of Wise Music Foundation
I report to the charity trustees on my examination of the accounts of Wise Music Foundation (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are 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 Trust'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
1 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:
Ly 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.
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Muhammad Usman FCCA
ACCA
MUS Accountants Limited Chartered Certified Accountants 2™ Floor, 125 The Grove London E15 1EN
22 October 2021
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WiseFoundationMusic previously known as The Music Sale Charitable Trust
Statement of Financial Activities for the Year Ended 31 December 2020
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| Statement of FinancialFinancial Activities for the Year Ended 31 December 2020 |
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| 31.12.20 | 31.12.19 | ||||
| Notes | Unrestricted fund £ |
Restricted fund £ |
Total funds £ |
Total funds £ |
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| INCOMEANDENDOWMENTS FROM | |||||
| Donationsand legacies | 93,390 | ~ | 93,390 | 75,000 | |
| Investmentincome | 2 | - | - | - | 49,158 |
| Total | 93,390 | ~ | 93,390 | 124,158 | |
| EXPENDITUREON Charitable activities |
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| Grantsanddonations | 66,327 | - | 66,327 | 84,157 | |
| Other | 2,400 | - | 2,400 | 2,400 | |
| Total | 68,727 | - | 68,727 | 86,557 | |
| NETINCOME | 24,663 | ~ | 24,663 | 37,601 | |
| RECONCILIATIONOFFUNDS Total fundsbroughtforward |
14,495 | 249,000 | 263,495 | 225,894 | |
| TOTALFUNDS CARRIED FORWARD | _39,158 | 249,000 | 288,158 | 263,495 |
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The notes form part of these financial statements
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Wisc Music Foundation previously known as The Music Sale Charitable Trust
Statement31 of Financial Position. December 2020
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|31.12.20|31.12.19|
|Unrestricted|Restricted|Total|Total|
|Notes|fund£|fund£|funds&|fundsE|
|FIXED ASSETS|
|Social|investments|8|-|249,000|249,000|249,000|
|CURRENT ASSETS|
|Debtors|9|.|~|-|7,500|
|Cash|at|bank|69,758|-|69,758|41,195|
|69,758|-|69,758|48,695|
|CREDITORS|
|Amounts|falling|due|within|one|year|10|(30,600)|-|(30,600)|(34,200)|
|NET CURRENT ASSETS|39,158|-|39,158|14,495|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|39,158|249,000|288,158|263,495|
|NET ASSETS|39,158|249,000|288,158|263,495|
|FUNDS|11|
|Unrestricted|funds:|
|General|fund|39,158|14,495|
|Restricted|funds:|
|Restricted|fund|249,000|249,000|
|TOTAL FUNDS|288,158|263,495|
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The financial statements were approved by the Board of Trustees and authorised for issue on 21 October 2021 and were signed on its behalf by:
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D Stock - Trustee
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The notes form part of these financial statements
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Wise Music Foundation previously known as The Music Sale Charitable Trust Notes to the Financial Statements for the Year Ended 31 December 2020
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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 applicabie 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 lreland' and the Charities Act 2011]. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
charityLiabilitiesto thatare recognisedexpenditure,asit expenditureis probable thatas soona transferas thereof economicis a legal benefitsor constructivewill be obligationrequired in committingsettlement andthe the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resqutces.
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Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes,
Further explanation of the nature and purpose ofeach fund is included in the notes to the financial statements.
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2, INVESTMENT INCOME
Other fixed asset inv - UnFII
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31.12.20 31.12.19
49,158
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Wise Music Foundation previously known as The Music Sale Charitable Trust Notes to the Financial Statements - continued _ for theYear[Ended] 31[December] 2020 3. CHARITABLE ACTIVITIES COSTS
| 3. | CHARITABLE ACTIVITIESACTIVITIES COSTS | |||
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| Grant | ||||
| fundingof activities |
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| (seenote | ||||
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| Grantsand donations | 66,327 | |||
| 4. | GRANTSPAYABLE | |||
| 31.12.20 | 31.12.19 | |||
| Grants and donations | 66,327 | 84,157 | ||
| The total grantspaid to institutionsduringtheyearwas as follows: | ||||
| General Educations&training Medical, health& sickness |
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| Disability | 4,000 | 11,550 | ||
| Overseas andfamine relief Religion |
(2,000) 10,000 |
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| Art& culture | 8,905 | 8,900 | ||
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| 5. | SUPPORT COSTS | |||
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Otherresources expended 2,400 |
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| 6. | TRUSTEES'REMUNERATIONAND BENEFITS | |||
| Therewere no trustces' remuneration orotherbenefits for theyearended 31 December2020nor fortheyear ended 31 December 2019. |
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| Trustees’expenses | ||||
| Therewereno trustees’expensespaidfortheyearended31December2020norfortheyearended |
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There were no trustees’ expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
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Wise Music[Foundation] previously knownas[The][Music][Sale][Charitable] Trust Notes to the Financial Statements - continued _ for the Year Ended 3] December 2020
| % | COMPARATIVES FORTHESTATEMENT OFFINANCIALACTIVITIES | COMPARATIVES FORTHESTATEMENT OFFINANCIALACTIVITIES | ||
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| Unrestricted | Restricted | Total | ||
| fund | fund | funds | ||
| £ | £ | £ | ||
| INCOME ANDENDOWMENTS FROM | ||||
| Donations and legacies | 75,000 | - | 75,000 | |
| Investment income | 49,158 | - | 49,158 | |
| Total | 124,158 | - | 124,158 | |
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Grants and donations | 84,157 | - | 84,157 | |
| Other | 2,400 | ” | 2,400 | |
| Total | 86,557 | - | 86,557 | |
| NETINCOME | 37,601 | - | 37,601 | |
| RECONCILIATION OFFUNDS | ||||
| Total funds brought forward | (23,106) | 249,000 | 225,894 | |
| TOTALFUNDS CARRIEDFORWARD | 14,495 | 249,000 | 263,495 | |
| 8. | SOCIAL INVESTMENTS | |||
| Other | ||||
| investments | ||||
| £ | ||||
| MARKET VALUE | ||||
| At 1 January2020 and 31 December2020 | 249,000 | |||
| NETBOOK VALUE | ||||
| At 31 December 2020 | 249,000 | |||
| At31December2019 | 249,000 |
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| Wise Music Foundation | Wise Music Foundation | ||||
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| previouslyknown as TheMusic | Sale CharitableTrust | ||||
| Notes to theFinancialStatements -continued for the Year Ended 31December 2020 |
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| 9. | DEBTORS;AMOUNTSFALLINGDUEWITHINONE YEAR | ||||
| 31.12.20 | 31.12.19 | ||||
| Other debtors | - | 7,500 | |||
| 10. | CREDITORS:AMOUNTSFALLINGDUEWITHINONE YEAR | 31,12,.20 | 31.12.19 | ||
| £ | £ | ||||
| Trade creditors | - | 3,600 | |||
| Othercreditors | 30,600 | 30,600 | |||
| 11. | MOVEMENTINFUNDS | Net | |||
| movement | At | ||||
| At | 1.1.20 | in funds | 31.12.20 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 14,495 | 24,663 | 39,158 | ||
| Restricted funds | |||||
| Restricted fund | 249,000 | 249,000 | |||
| TOTALFUNDS | 263,495 | 24,663 | 288,158 | ||
| Netmovementinfunds, includedin theabove areasfollows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds Genera] fund |
93,390 | (68,727) | 24,663 | ||
| TOTALFUNDS | 93,390 | (68,727) | 24,663 | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1.1.19 | in funds | 31.12.19 | |||
| Unrestricted funds | |||||
| General] fund | (23,106) | 37,601 | 14,495 | ||
| Restricted funds | |||||
| Restricted fund | 249,000 | - | 249,000 | ||
| TOTALFUNDS | 225,894 | 37,601 | 263,495 | ||
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Wise Music Foundation previously known as The Music Sale Charitable Trust
Notesto the Financial[Statements] - continued fortheYear Ended 31 December[2020]
11. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows:
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|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General fund|124,158|(86,557)|37,601|
|———__|————|————|
|TOTAL FUNDS|124,158|(86,557)|37,601|
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A current year 12 months and prior year 12 months combined position is as follows:
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|Net|
|movement|At|
|At|1.1.19|in|funds|31.12.20|
|Unrestricted|funds|
|General fund|(23,106)|62,264|39,158|
|Restricted funds|
|Restricted|fund|249,000|-|249,000|
|TOTAL FUNDS|225,894|62,264|288,158|
|A|current|year|12 months and months and and|prior year year|12 months combined net movement months combined net movement combined net movement net movement movement|in|funds,|included|in the above the above above|
|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|Unrestricted|funds|
|General fund|217,548|(155,284)|62,264|
|TOTAL FUNDS|217,548|(155,284)|62,264|
|12.|RELATED PARTY|DISCLOSURES|
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A current year 12 months and months and and prior year year 12 months combined net movement months combined net movement combined net movement net movement movement in funds, included in the above the above above are as follows:
There were no related party transactions for the year ended 31 December 2020.
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Wise Music Foundation previously known as The Music Sale Charitable Trust
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|Detailed|Statement of Financial Activities|
|for the Year the Year Year|Ended 31 December 2020 31 December 2020 December 2020 2020|
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|for the Year the Year Year|Ended 31 December 2020 31 December 2020 December 2020 2020|31.12.20£|31.12.19£|
|INCOME AND ENDOWMENTS|
|Donations|and|legacies|
|Donations|93,390|75,000|
|Investment|income|
|Other|fixed|asset inv|-|UnFII|-|49,158|
|Total incoming resources|93,390|——-124,158|
|EXPENDITURE|
|Charitable|activities|
|Grants to|institutions|66,327|84,157|
|Governance|costs|
|Support costs|
|Accountancy and|legal|fees|2,400|2,400|
|Total|resources|expended|_—68,727ane|aaaeas86,557|
|Net income|24,663|37,601|
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This page does not form part of the statutory financial statements
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