REGISTERED CHARITY NIJM8ER: 1014942 rt oftheTrustees and Unaudited Flnanclal 5tstements for the Year Ended 51 December Z023 W15e Muslc Foundation MUS Chartered Certified Accountants 268 Bath Road Re8U5. Office 146 Slough SLI 4DX
Wise Musk Foundation Contents of the Ftnanclal Statemen1$ for the Year En d 31 December 2023 Rewt ot the Trustees I to 2 Independent Examlnerfs Report Statement of FlnanclalActlvftles statement of Flnan¢tal P¢>sttlon Notes to the Flnanclal Statements 6 to 10 Detalled Ststernent of Flnanci81 Arti4rytles li
W15e Musk Foundallon Report ofthe Trustees for the Year Ended 31 December 2023 Wise Music F¢)undation IPreviously known as The Music Sales Charitable Trust), which wa5 set up In 1992 by Deed dated 20th October 1992 with clause 8 as amended by Deed dated 8th April 2009 has contlnued to operate within its objects as lald down in clause 5 ofthe 2rth ortober 1992 Deed. OBJECTIVESANO ACTIVITIES Objèctives and aims Foll¢)win8 are the main alms and oblertlves of the Wlse Muslc Foundatlon (Prevlously known as The Music Sales CharltableTrustl: To relieve in cases of need hard5hipi di5tre5s, or illness or infirmity Ihowsoeverl of persons resldent In the United Kingdom and particularly person5 resident in London, Bury St Edmunds and wheresoever the Trustees in their di5cretlon shall declde. To fvrther the educatlon Ilncludlng soclal and physlcal tralnlngl of chlldren attendln8 schools In the United Kingdom and partknjlarly persons resident in London, Bury St Edmunds and wheresoever the Trustees in their discretion shall declde. Any charitable purposes for the benefit of the Inhabitants of London, Bury St Edmunds and wheresoever the Trustees In their discretlon shall declde. 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 fvnding effectlvèly. ACHIEVEMENT AND PERFORMANCE The effectNeness of the Trust's work can be gauged by the continued sequence of appeals it recelves and growth of those they assist. FINANaAL REVIEW The Trust maintains a stable financial Positn. During the year, it received 3 unrestrirted voluntary donatlons totalling £88,125 12022- £104,800). Total payments of £90,180 12022.. £108,622) were made in respert of 77 grants and donation512022: 601. Grants to institutions in excess of £5,000 were made as follows: Instltutlon EACH MSF St. Nlcholas Hosplte Care P40 of donatlons 5,OCYJ 5,000 5,000 Westminstersynagogue Other under £S,CKJO T<xal 15,CK)O 60,180 90,180 72 77 srRuclliR¢ GOVERNANCE AND MANAGEMENT Governing document The Trust 1$ governed by Deed and Trustees are elected by Company wlde requests for appllcatlon5 to fill vacancies as they arlse. REFERENCE AND ADMINISTrATIVE DrrAILS Registtted Chath number 1014942 Prlncipal addrèss 14-15 Berners Street London WIT3U Trustees C M Butler I C Morgan Rwise M Wlse M Wlse D Sto¢k NJMKemp Page I
Wlse Muslc Foundatlon Re ofth Trustees forthe Year Ended 31 Dec•mber 2023 REFERENCE AND ADMINISTRATIVE DEfAILS Independent Examlner MUS Chartered Certbfied Accountants 268 Bath Road Regus. Office 146 Slough SLI 4DX Approved by order of the board of trustees on 22 October 2024 and slgned on its behalf by.. D Stock- Tru Page 2
Independent Examinerfs Report to the Trustees of Wlse Musk Foundadon Independentemamknees report tothe tru$te•s of Wlse Muslc Foundatlon I report to the charity trustees on my examination of the accounts of Wise Music Foundation {the Trustl for the year ended 31 Dember 2023. Responsibilitie5 and basis of report As the d)arity trustees of the Tmst you a spOnSible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respert of my examination of the Trust's accounts carried OLrt under Section 145 of the Art and In carryln8 Out my examination I have followed all applicable Direction5 given by the Charity Commi55ion under Section 1451Sllbl of the Act. Independent examlnerfs statement I have completed my examlnation. I confinn that no materlal matters have come to my attentlon In connectlon with the examlnation gThiing me cause to believe that in any material respecL' accounting record5 were not kept in respect of the Trust as required by Section 130 of the Act: or the accounts do not accord wh those records: or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charities (Accounts and Reportsl 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 Èxamination. I have no concerns and have come acros5 other matters In connectlon wlth the examlnatlon to whKh attention should LE drawn in this report In order to enable a proper understarhding of the accounts to be reached. Muhammad Usman FCCA MUS Chartered Certified Accountants 268 Bath Road Regus. Office 146 Slough 5L14DX 22 October 2024 Page 3
Wise Mu4¢ Foundatlon Statement of Financlal Actlvltles for the Year Ended 31 December 2023 2023 Total fund5 2022 Total funds Unrestrirted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacles 88,125 88,125 105,540 Investment income 1,493 1.493 14,398 Total 89,618 89,618 119,938 EXpENuRE ON Charitable activities Grants and donations Raising fund5 90.180 90,180 108,622 740 Other 2,400 2.400 2,400 Tt)tal 92.580 92,580 111,762 NET INCOME/(EXPENDITURE} 12.9621 12.9621 8,176 RECONCILIATION OF FUNDS Total funds brou8ht forward 117.7451 249,O¢J) 231.255 223.079 TOTAL FUNDS CARRIED FORWARD 120,7071 249.000 228,293 231,255 The notes fonn part of these linancial ststements Page 4
Wise Muslc Foundatlon Statement of Flnandal Posltlon 31 December 2023 2023 Total funds 2022 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Social Investments 249,( 249.thX) 249,000 CURRENT ASSETS Cash at bank 1133071 113.3071 11,055 CREDITORS Amounts falling due within one year (7,4001 128.8001 NET CURRENT ASSEfsiiLIABILITIESI 120,7071 120,7071 117.7451 TOTALASSETS LESS CURRENT LIABILITIES 120,7071 249.000 228,293 231.255 NET ASSErs 120,7071 249.000 228,293 231,255 FUNOS Unrestrirted funds- General fund Restricted funds: Restricted fund io 120.7071 117,7451 249,C¥JO 249,000 TOTAL FUNDS 228,293 231,255 The financlal statements were approved by the Board of Trustees and authorised for issue on 22 October 2024 and were 51Bned on Its behalf by: D Stock-TNstee The notes fomi part of these flnan¢ial statements Page 5
$1¢ Foundatlon Notes to the Flnan¢lal Stalements fortheyear Ended 31 December 2023 ACCOUNTING POLICIES Basls of preparlni the finandal statemÈnts The linancial statements of the charity, which is a public benefft entity under FRS 102, have been prepared in accordarKe with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinE their accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,. Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable tn the UK and Republic o* Ireland, and the Charities Act 2011. The financial statements have been prepared under the hlstorical c05t convention. Income All income is recognised In the Statement of Financial Actlvltles once the charity h35 entitlement to the funds, it Is probable that the income will be received and the arnount can be Measu rellably. Expendlture Liabilitie5 Ire recognlsed as expenditure as soon as there is a legal or constructive obligation committing the charlty to that expenditure, it Is probable that a transfer of economic benefits will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classtfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grdnts offered 5ubjett to conditions which have not been met at the year end date are noted as a commitment bLrt not acL¥ued as expenditure. Taxation The charity is exempt from tax on it5 charitable activities. Fund accounting Unresiricted funds can be used In accordance with the chaiitable objective5 at the discretion of the trustees. Restricted fund5 can only be used for particular restricted purposes wlthin the oblects of the charity. Re5trirtions arise when specified by the donor or when funds are ralsed for partlcular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. INVEsfMENT INCOME 2023 2022 Other fixed asset inv- UnFII 1.493 14.398 CHARITABiE ACTIVITIES COSt5 Grant funding of artivities Isee note 41 Grants and donations 90,180 Page 6 continued...
Wlse Musk Foundatlon Notesto the Flnandal Statements- contlnued for the Year Ended 31 December 2023 GRANTS PAYABLE 2023 2022 Grants and donatlons 90,180 108,622 The total grants pald to Instltutlons dvrlngthe year was as follows.. 2023 2022 General Educations & trainin8 Medical, health & sickness Disability Cfverseas and famine relief Religion Art & culture 33,800 6,962 14,720 21,340 5,0 2.400 52.530 27XIO 7.750 19,800 90,0 108.622 SUPPORT COSTS Governance costs Other resources expended TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees. expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor forthe year ended 31 December 2022. COMPARATIVE5 FOR THE STATEMEMf OF FINANCIALACTIVITIES Unrestricted fund Restricted fund Total funds INCOMEAND ENDOWMENTS FROM DonatSons and le8acles 105,540 105.540 Investment income 14.398 14.398 Total 119,938 119,938 EXPENDITURE ON Charitsble a¢tlvltle$ Grants and donations Raising funds 108,622 740 108,622 740 Other 2,4(K) 2,400 Total 111,762 111,762 NET INCOME 8,176 8,176 RECONauATION OF FUNDS Total funds brought forward 125.9211 249.000 223,079 Page 7 continued...
Wise Music Foundatlon Note5 to the Financial Statements. contlnued for the Year Ended 31 December 2023 COMPARATIVES FOR THE sfATEMENTOF FINANCIAL ACTivrriES- ¢ontinwed Unrestrirted fvnd Restricted fund Totsl funds TOTAL FUNDS CARRIED FORWARD 117,7451 249.( 231,255 SOCIAL INVESThfjENTS Other investments MARKET VALUE At ljanuary 2023 and 31 Dember2o23 249,000 NET BOOK VALUE At 31 Decembèr 2023 249,LN)O At 31 December 2022 249,1 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YUR 2023 2022 Other creditors 7.400 28,8 io. MOVEMENT IN FUNOS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted tunds General fund 117,7451 12,9621 120,7071 Restrlrted funds Restricted fund 249,000 249.000 TOTAL FUNDS 231.255 12,962 228,293 Net movement in funds, included in the above are as follow5: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 89,618 192,5801 12,9621 TOTAL FUNDS 89.618 192,5801 12,9621 Page 8 continued...
Wi* Musit Foundation Notes to the Financial Ststements- continued for the Year Ended 31 December 2023 io. MOVEMENT IN FUNDS- contlnued Comparatlves for m¢)vemeM In ftinds Net movement In funds At 31.12.22 At 1.1.22 Unrestricted funds General fijrtd 125.9211 8.176 117,7451 Rertrlcted fvnd5 Restricted fund 249,IXtI 249,C TOTAL FUND5 223.079 8,176 231,255 Comparative net movement in funds, induded in the above are a5 follows.. Incoming resources Resources expended Movement In funds Unrestricted funds General fund 119,938 1111,7621 8,176 TOTAL FUNDS 119,938 1111,7621 8,176 A current year 12 rnonth5 and prior year 12 months combined posltlon Is a5 follow5: Net movement In funds At 31.12.23 At 1.1.22 Unrestrirted funds General fund 125,9211 5,214 120,7071 Restrfthd fullds Restricted fund 249,C 249,IXK) TOTAL FUNDS 223,079 5,214 228.293 A currentyear 12 months and prioryear 12 months combined net movement in fund5, included in the above are as follows: Incoming resourtes Resources expended Movèment in funds Unrestrkted fund5 General fund 209,556 1204.3421 5,214 TOTAL FUNDS 209,556 1204.3421 5,214 Page 9 continued...
Wtse Muslc Foundation Notesto the Fin nclal Statements- continued forthe Year Ended 31 De¢ember 2023 ii. RELATED PARTY D15CLOSURES The were no related party transactlons for the year ended 31 December 2023. Page 10
Wlse Music Foundatlon Detslled Statementof Flnanclal Actlvltles forthe Ye Ended 31 December 2023 2023 2022 INCOME AND ENDOWMENTS Donlons and legades Donatlons 88.125 105.540 Investmert Inme Other fixed asset Inv- UnFII 1,493 14,398 Totsl Incomk)8 resources 89,618 119,938 EXPENDrruRE Charltsble artlvltles Advertlsing Grants to Institutions 740 108.622 90,180 90.180 109,362 Support costs Governance costs Accountancy and legal fee5 2,400 2.400 Total resOUe$ expended 92,580 111,762 Net {expeJMllturel/lncome 12.9621 8.176 This page does not form part of the ststutory financial statements Page 11