ANNUAL REPORT = 2) det . Papa AND ACCOUNTS - 2023-24
(A company limited by guarantee) i Be
Charity number: 1050520 *
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
Registered number: 03118155 Charity number: 1050520
HMDT MUSIC
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC (A company limited by guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 9 |
| Independent examiner's report | 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 - 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 - 33 |
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
| Trustees | Michele Margaret Pullan, Chair |
|---|---|
| Isabelle Beatrice Cadignan, Treasurer | |
| Tony Clark (deceased 27 February 2024) | |
| Farquhar McKay (resigned 14 March 2024) | |
| Raphaelle Catherine Madeleine Moysan | |
| Krishna Raman | |
| Lubia Begum-Rob | |
| Company registered number 03118155 Charity registered number 1050520 Registered office 21 - 27 Lamb's Conduit Street London WC1N 3GS Company secretaries Tertia Sefton-Green Adam Scott Eisenberg Chief executive officer Tertia Sefton-Green Accountants Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS |
Page 1
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual report together with the financial statements of the Company for the 1 September 2023 to 31 August 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The company is limited by guarantee and has charitable status. The charity is governed by its memorandum and articles of association dated 14 December 2022.
b. Methods of appointment or election of Trustees
Oversight of the management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Trustees have an ongoing brief to recruit individuals with the appropriate experience or qualifications to join the Board of Trustees. Such individuals are initially identified both through personal contacts and via more formal routes, and are all subject to an interview process before appointment.
c. Organisational structure and decision-making policies
The Board, which meets regularly, administers the charity. The Board decides key strategic and operational issues while responsibility for the day-to-day management of the charity is delegated to the Chief executive officer.
d. Policies adopted for the induction and training of Trustees
New trustees are briefed on their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the future plans and financial performance of the charity.
e. Pay policy for key management personnel
The Board Finance Sub-Committee reviews staff pay from time to time.
Page 2
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
OBJECTIVES AND ACTIVITIES
a. Policies and objectives
The Charity's objects are restricted specifically for the public benefit:
-
(a) to advance education in music and the arts, and
-
(b) to promote music and the arts,
in particular but not exclusively by the creation, development and provision of workshops, programmes and music-related projects for people, including young people and young offenders and particularly without limitation those who are disadvantaged due to financial and/or other circumstances.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The Company's main strategy for the year was to ensure income generation and activity whilst negotiating through the cost-of-living crisis. This was achieved through securing funds to expand our One Spirit project and to secure sustainability for Music Treehouse with a 5 year grant, continue to expand our income-generating schools’ workshops and recruiting to increase numbers on our Saturday Programme which have remained consistent despite the financial difficulties families are facing.
c. Activities undertaken to achieve objectives
In order to achieve the Company's objectives there have been two main focuses: an increase in fundraising which has resulted in a significantly higher level of grants than last year, and a continuance of focus on quality delivery.
The increase in grant funding has allowed the Company to expand its delivery to One Spirit, sustain its Music Treehouse SEND project and continue delivery in all three main areas of activity - the Saturday Programme performing arts school, In-School projects (E Project, Shakespeare project and STEM Sisters workshops,) and in One Spirit Community Outreach projects.
d. Main activities undertaken to further the Company's purposes for the public benefit
The Company has furthered public benefit this year through the projects noted in this report.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
ACHIEVEMENTS AND PERFORMANCE
a. Main achievements of the Company
2023-24 was a successful year in sustaining, developing and expanding our activities in a range of ways.
Page 3
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
ACHIEVEMENTS AND PERFORMANCE (continued)
THE SATURDAY PROGRAMME
The Saturday Programme , a music school based at Bridge Academy in Hackney, serves close to 300 students aged 6 months – 25 years on Saturdays during term time each academic year. It offers exciting, high-quality and accessible opportunities for children of all ages to develop their musical interests and abilities by providing a spectrum of individual projects involving guest visits and work with leading artists, alongside the continually expanding regular classes and programmes designed to enrich the lives of young people through music-making.
The Programme comprises:
The Music Box Early Years family programme Fledglings Foundation for Reception age; I Can Sing! music theatre; CYMH instrumental; Julian Joseph Jazz Academy and Music Treehouse for children with SEND.
Highlights included:
JJJA
A half term big band course exploring the music of Duke Ellington, one of America’s greatest composers culminating in a performance at partner World Heart Beat Embassy Gardens; JJJA students performing at the 606 Club and the Clore Ballroom at London's Southbank Centre as part of EFG London Jazz Festival, the capital’s biggest pan-city music festival and a visit from partner Trinity Laban’s big band performing Duke Ellington’s seminal Black, White, and Beige Suite.
Much Ado About Shakespeare
Showcasing HMDT Music’s methodology of using the arts across all learning, we created a new show Much Ado About Shakespeare, for our I Can Sing to celebrate the 400th anniversary of the first Folio which included a scene from our first opera commission; The Hackney Chronicles by Jonathan Dove and Alasdair Middleton.
As part of a fundraising drive for our SEND creative music making project Music Treehouse, the Saturday Programme Tutors gave a concert which included a Fanfare written for them by composer Vahan Salorian.
IN SCHOOLS
Music Treehouse in Schools
A new strand of Music Treehouse was developed to deliver in schools. Working in partnership with Reading University and Royal Holloway, University of London we brought our methodology of interactive storytelling and music to two specialist SEND schools in Reading and Virginia Water. Following working training, university students worked with expert practitioner Tim Yealland to develop their skills in supporting SEND workshops delivered to 10 classes of children.
The E Project aims to enrich, equalise, expand, embed, evaluate, engage primary schools through underpinning the themes of diversity, anti-racist practice, equity and equality through the curriculum using the arts. During 2023-4, working with schools in Luton, Stoke-on-Trent, Lytham and Hackney we delivered termly workshops to each school in music, drama and art working with 2-3 classes in each school across different year groups. The Art of Inclusion Training Scheme was consolidated with a new cohort of creative practitioners offering 2 days of intensive training followed by opportunities for each trainee to deliver an in-school workshop to put their learning into practice.
Our STEM Sisters project continued with workshops exploring the life and work of Mary Anning and was delivered nationally. Our celebration of Shakespeare continued with 11 performances of half hour versions of his plays working with 11 schools in the Midlands and Great Yarmouth in partnership with Creative Education Trust.
The Music & Drama Expo 2024
In February, HMDT Music exhibited at the Music & Drama Expo at the Business Design Centre in Islington. At the Expo our CEO Tertia Sefton-Green, along with Composer, Music Educator and Saturday Programme tutor, Vahan Salorian, gave an introduction and practical demonstration of the E Project; our inclusive education initiative using the arts to embed diversity across the primary school curriculum.
Page 4
ee open the show, was a unique starting point to explore ! the breadth of the great Bard’s legacy. It enabled us to
That was a = sensational show
wealth of repertoire inspired by and adapted from his plays from tongue in cheek satire to setting his words to old musical favourites. Our students of all ages responded »
That was astonishing – full of 7 \ AS surprises, really coherent with great choreography and very witty. The children were remarkably well rehearsed and rightly, very proud of Wey themselves. Congratulations!
This practical training gave me more insight of how to create an inclusive environment for students from a student-centred approach, leading to improved interest and confidence.
ROYAL HOLLOWAY UNIVERSITY STUDENT
With funding from Arts Council England, we began a new strand of Music Treehouse in schools working in partnership with Reading University and Royal Holloway, University of London to bring our methodology of interactive storytelling and music to two specialist SEND schools in Reading and Virginia Water. Following working training, university students worked with expert practitioner Tim Yealland to develop their skills and ’ x4 support his work with the children in what proved to be a hugely successful collaboration. The autumn will see the project progress with new students and children.
Rowan Class loved the songs that were taught to us in the sessions. The repetitive nature allowed the children to feel comfortable, learn the songs and y | eventually have a go if they were initially nervous. One of the favourite sessions was the shadow puppets – the children thoroughly enjoyed the shadows and watching the effect of the objects they held. a MANOR MEAD TEACHER
Having the training and then going and participating in sessions with children was great in giving the Pas i opportunity to see Tim’s techniques applied and how the children reacted to him. READING UNIVERSITY STUDENT
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
ACHIEVEMENTS AND PERFORMANCE (continued)
I N THE COMMUNITY
One Spirit continued to expand its work with young offenders in custody in Oakhill STC, HMYOIs Feltham and Cookham Wood (before the latter’s closure) and HMP Aylesbury and those on release in the community. It uses music and the arts as a resettlement and intervention tool to improve confidence, self-esteem, self-efficacy and mental health; engagement with learning and reduced involvement with risky and harmful behaviour and reoffending. Thanks to a new grant from The London Mayor, we have expanded our work into more custodial settings working with young people at risk of offending in Pupil Referral Units or SEMH settings with projects in Roundwood PRU, Beckmead College and New Rush Hall SEMH. In addition to partnerships with education, resettlement, and wellbeing teams in custody, we work in the community with statutory services including YOTs, Community Engagement Teams and referral partners such as Sports Connect, REED, Urban Radio Network, Young People Matter. We have continued to reach our exemplary record of 86% of participants not reoffending (the national average being 31%) delivering 1:1 or small group mentoring sessions using our alternative curriculum based around creative arts and entrepreneurial activities.
Plans for future periods
Music Treehouse
Our creative music-making project for children with SEND will continue expansion into Special Schools in new geographical areas including a training programme to support music students’ workshop skills working with SEND.
30th Anniversary Performances
Our 30th Anniversary will be celebrated with a performance of I’ll Be Seeing You by I Can Sing! students to commemorate the 80th anniversary of VE Day comprising a compilation of our new commissions over the year. Building on our award-winning achievements of the past 30 years, we are proud to be celebrating our 30th Anniversary by showcasing some of our past commissions, building our reach and partnerships and continuing to expand engagement take our vibrant and ambitious programmes to the next level and the next 30 years!
Saturday Programme students will come together to revive the cello concerto Odyssean Variations for orchestra and choir to be performed with internationally acclaimed cellist Natalie Clein for whom it was written. The programme will include a new dance commission with instrumental forces.
Tony Clark
We were deeply saddened by the loss of Tony Clark (1946 – 2024), HMDT Music Trustee since 2003. Tony was a recording engineer and producer who started his career at Abbey Road Studios and worked with The Beatles, Yehudi Menuhin, Stevie Wonder, David Bowie and with Sir Paul McCartney on Wings, amongst others. He was also a founding member of The Brit School.
Tony was a key part of our working lives at HMDT for over 20 years and contributed hugely to all our productions and projects, recording all our large-scale theatre productions and storybook. His belief in our work and his boundless enthusiasm always helped us ride the tide of all difficulties and he is sorely missed.
Thanks to donations raised in his name, we have now launched a Tony Clarke Scholarship for a talented and committed student to receive Financial Aid support from the Saturday Programme to support their learning.
Page 5
The E Project is working with 4 primaries to explore sustainable ways of embedding equality, diversity and inclusion across the curriculum through the arts through a programme of workshops and CPD sessions. Its second year included an exploration of a range of topics for different year groups including: extreme earth and climate change, the Rainforest and Amazon tribes; deserts and Bedouin lifestyles, Ancient Egyptian Storytelling and Myth, LGBTQIA representation during Pride Month, children in the Holocaust, the rise and fall of the Kingdom of Benin, historical STEM women and the Indo-European language tree.
As part of our E Project aim to develop new resources and workshops for long term use we introduced our new Schools’ Workshop Offer bringing together activities from our past large-scale projects. These include: a meeting with palaeontologist Mary Anning (STEM Sisters); bringing WW1 to life through stories of ethnic minority soldiers (Trench Brothers); an accessible introduction to themes of persecution and prejudice through children’s holocaust diaries, letters, and poetry (Hear Our Voice), Faces of Diversity exploring black role models (Shadowball and The Brown Bomber) and a cultural musical tour by our fruit characters (An Invite from the Queen).
il “s Ag I thought the workshop was a fantastic way for the children to discover more about WW2, particularly in how J 2 people would have felt at that time. It was accessible to all students within the class, and I liked the way we incorporated soundscapes from the poem into the drama. YEAR 6 TEACHER
introduce our curriculum by embedding ‘a — ' so much in one go. Instead of piling our energies into events such a black history month, we can ensure these crucial themes underpin all our learning rere all the time, which means the impact is both profound and sustainable. ms‘ ‘. - \ =. j r
The Art of Inclusion Training Scheme
I have a new confidence in how my work can be applied and diversified amongst all ages. I have some foundation now in engaging young classrooms. TRAINEE
12 young artists received a two-day training course with E project practitioners Jo Carey and Sophie Gresswell, before delivering workshops tailored to the curriculum to develop their own practitioner skills, specifically focused on both how to deliver cross-curricular sessions and on how to embed EDI. Individual skills included storytelling through film, poetry & theatre, photography, oral storytelling inspired by folk and mythology, drawing, film-making, performance arts and using pattern, shape and colour to explore black history.
I had a fantastic time during the workshops; they’ve provided me with a deeper understanding and expertise in crafting inclusive creative workshops. TRAINEE
- = sat e=3 Z oe h Baie heer a Baga 2 004 ape eae
This training was rich with insight, provocation and challenge – not only providing practical insights on how to be a strong artistic practitioner in a primary school setting – but also provided a safe space to loosely discover how to be authentic to your artistic practice before marrying it with the primary school curriculum.
==> picture [34 x 17] intentionally omitted <==
----- Start of picture text -----
TRAINEE Pr
----- End of picture text -----
As far as I know you’re the only organisation working like this … meeting in custody and working through and after release. It’s a brilliant service for the boys and I wanted to tell you how valuable it is for us at Probation.
LUTON PROBATION
Since 2010, One Spirit has been working with young offenders in custody and, since 2013, also on release, using music and the arts as a resettlement and intervention tool to improve confidence, self-esteem, self-efficacy and mental health; engagement with learning and reduced involvement with risky and harmful behaviour and reoffending.
Thanks to a new grant from The London Mayor, we are now part of his New Deal for Young People Scheme which aims to offer mentoring to 100,000 young people, enabling us to expand our work into more custodial settings and to work with young people at risk of offending in Pupil Referral Units (Roundwood School) and SEMH settings (Becksmead College and New Rush Hall School). This completes the project’s circle of 360[0] delivery from community to mainstream and alternative provision, to custody and back to the community and supports One Spirit’s crucial role in intervention helping to divert young people away from criminality and towards positive pathways, alongside our work with young offenders in custody and on release.
Working in partnership with education, resettlement, and wellbeing teams in Oakhill STC, HMYOIs Cookham Wood, Feltham and HMP Aylesbury and in the community with statutory services including YOTs, Community Engagement Teams and referral partners such as Sports Connect, REED, Urban Radio Network, Young People Matter, we aim to continue our exemplary record of 86% of participants not reoffending (the national average being 31%). This new funding enables us to broaden our reach to work with over 260 young people annually in 1:1 or small group mentoring sessions using our alternative curriculum based around creative arts and entrepreneurial activities.
I know you can help me with my music career, but you know, mostly I come here because writing lyrics and recording really helps me to get things off my chest, especially when we discuss them too. It’s kind of like therapy.
I’ve been waiting for ages to get on this. Hopefully I can keep doing the sessions til I go home, they really help. I know I’m ." not much good at music like some of these other guys, but just getting it all off my chest in music really helps. Thanks
PARTICIPANT
Everyone’s on my case to ‘pattern up’ [start behaving], but no one has really put it to me like you just did. I appreciate that; you really made me think about this differently.
PARTICIPANT
PARTICIPANT
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
ACHIEVEMENTS AND PERFORMANCE (continued)
b. Key performance indicators
OUTCOMES 2023-24
-
Our creative music-making project for children with SEND expanded into schools in partnerships with
-
universities, to train students’ workshop skills;
-
Our Art of Inclusion training scheme for creative practitioners exploring diversity in the classroom was
-
expanded to offer workshop experience in how to embed Equality Diversity and Inclusion (EDI) across the curriculum;
-
One Spirit expanded into Pupil Referral Units working with young people at risk of offending as a new
-
model of intervention;
-
We increased our individual donations by 90% over the previous year, through schemes such as the Big
-
Give;
-
We secured 5 years of funding for Music Treehouse securing its future.
GOALS 2024-25
-
To consolidate our output of new commissions with revivals of existing works and a new work to celebrate
-
HMDT Music’s 30th Anniversary;
-
To expand Music Treehouse in Schools with further projects in new schools;
-
To bring together different strands of the Saturday Programme to work together for the first time; and
-
To develop a new website to improve user interface and clarity and accessibility.
c. Review of activities
2023-24 saw the continuation of the Saturday Programme with an increase of numbers in our Fledglings and Minis programme and a development of Music Treehouse creative music making for SEND children, into schools. Our work In Schools included the continuation of the E Project working with 4 schools nationally to develop an anti-racism curriculum and a training scheme for creative practitioners. The year saw the expansion of One Spirit into mental health provision in custody and in PRUs working with young people excluded from school and at risk of offending thanks to an increase in funding.
| Participants | 2,289 |
|---|---|
| Artists | 99 |
| Trainees | 28 |
| Audience | 3,269 |
| Mentoring | 1,321 |
| Group sessions | 1,575 |
| Workshops | 142 |
| Lessons | 3,120 |
| Performances | 40 |
| Schools | 24 |
| Sets of new learning | |
| resources | 1 |
d. Fundraising activities and income generation
Over half of our income has come from Grant applications with the rest coming from income generation in the form of fees for the Saturday Programme and for community and in-school project activities, and from individual donations.
Page 6
AGE GROUPS OF PARTICIPANTS
Outreach totals 2023-24
PARTICIPANTS AND AUDIENCE
==> picture [50 x 67] intentionally omitted <==
----- Start of picture text -----
o 19+
o 16 to 18
o 12 to 15
o 6 to 11
o Under 5
----- End of picture text -----
==> picture [194 x 119] intentionally omitted <==
----- Start of picture text -----
ETHNIC MAKE UP OF PARTICIPANTS
o White UK
o White Other
o Asian
o Black UK
o Black Other
o Mixed
o Other
----- End of picture text -----
==> picture [226 x 297] intentionally omitted <==
----- Start of picture text -----
o Number of participants
o Audience
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2020-21
2021-22
2022-23
2023-24
0 1 2 3 4 5 6 7
Thousands
----- End of picture text -----
Activities
Participants 2,289 Artists 99 Trainees 28 Audience 3,269 Mentoring 1,321 Group Sessions 1,575 Workshops 142 Lessons 3,120 Performances 40 Schools 24 Sets of new Resources 1
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
a. Going concern
During the year the charitable Company received donations and grants of £383,155, income from charitable activities of £234,818 and income from investments of £262. Total income amounted to £618,235. Expenditure incurred totalled £549,326 of which £535,657 related to charitable activities.
Net movement in funds for the year amounted to £68,909 and the total funds carried forward as of 31 August 2024 were £199,369.
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees’ objective is to achieve a 3 month of running costs in unrestricted reserves each year. We have made a significant increase in unrestricted reserves in the past couple of years with an increase from £14,261 in FY22 to £57,661 in FY23. This year is slightly lower at £47,683 as was expected because of deferred income of fees for activities which crossed the financial year.
c. Principal risks and uncertainties
The trustees and staff maintain a register of Risks and Mitigation sorted by business area. These include Finance and Fundraising, Human Resources, Stakeholder Management, Communications and PR, Management and Governance, Operations and Safeguarding. Sub-committees of the Board of Trustees monitor performance and others are created on an ad-hoc basis when required.
d. Financial risk management objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments.
Credit risk
The Charity’s principal financial assets are bank balances and other debtors.
The Charity’s credit risk is primarily attributable to its other debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Page 7
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
e. Principal funding
Arts Council England Awards for All The Big Give The Chamifealion Trust The City Bridge Foundation The Henry Smith Charity Mayor of London – Young Londoner’s Fund New Deal for Young People Paul Hamlyn Foundation Hackney Council The Persula Foundation Richer Sounds Youth Music
Page 8
With thanks to our Funders
theBigGive THE CHAMIFEALION TRUST * *
YOUNG LONDONER’S FUND NEW DEAL FOR YOUNG PEOPLE
HACKNEY COUNCIL
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 14 March 2025 and signed on their behalf by:
................................................
Michele Margaret Pullan Chair
Page 9
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024
Independent examiner's report to the Trustees of HMDT Music ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a 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 matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 14 March 2025 Reema Mistry, ACA
Griffin Stone Moscrop & Co
Chartered Accountants
Page 10
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 24,760 232,918 262 257,940 13,669 254,249 267,918 (9,978) 57,661 (9,978) 47,683 |
Restricted funds 2024 £ 358,395 1,900 - 360,295 - 281,408 281,408 78,887 72,799 78,887 151,686 |
Total funds 2024 £ 383,155 234,818 262 618,235 13,669 535,657 549,326 68,909 130,460 68,909 199,369 |
Total funds 2023 £ 257,955 257,177 182 515,314 14,584 544,013 558,597 (43,283) 173,743 (43,283) 130,460 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 33 form part of these financial statements.
Page 11
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC (A company limited by guarantee) REGISTERED NUMBER: 03118155
BALANCE SHEET AS AT 31 AUGUST 2024
| Note Fixed assets Tangible assets 13 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
295 14,798 242,784 257,877 (62,859) |
2024 £ 4,351 4,351 195,018 199,369 199,369 151,686 47,683 199,369 |
246 20,284 137,566 158,096 (30,499) |
2023 £ 2,863 |
|---|---|---|---|---|
| 2,863 127,597 |
||||
| 130,460 | ||||
| 130,460 | ||||
| 72,799 57,661 |
||||
| 130,460 |
Page 12
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 14 March 2025 and signed on their behalf by:
................................................
Michele Margaret Pullan
Chair
The notes on pages 15 to 33 form part of these financial statements.
Page 13
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 15 to 33 form part of these financial statements |
2024 £ 110,183 262 (5,227) (4,965) - 105,218 137,566 242,784 |
2023 £ (22,560) 182 (859) (677) - (23,237) 160,803 137,566 |
|---|---|---|
Page 14
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. General information
HMDT Music is a charity limited by guarantee and consequently does not have share capital, registered in England and Wales. Its registered office address is shown on the company information page. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
HMDT Music meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The cost of living crisis continues to impact beneficiaries and artists but the trustees have overseen the conservation of sufficient cash to ensure the charitable company has continued to serve beneficiaries and customers, and to act responsibly with suppliers.
The trustees have continued to prepare the financial statements on a going concern basis and deem this appropriate. The trustees do not consider that a material uncertainty about the going concern status exists. In making this assessment the trustees have considered the likely operating and trading conditions for a period of twelve months from the date of approving these financial statements.
Page 15
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on the following basis:
The Saturday Programme - 65.00% (2023 - 69.00%) In School Projects - 15.00% (2023 - 18.00%) Community Projects - 20.00% (2023 - 13.00%)
Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 16
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following bases:
Office equipment - 25% reducing balance Computer equipment - 25% straight line
2.8 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 17
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs 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.
Investment income, gains and losses are allocated to the appropriate fund.
2.13 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.14 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
2.15 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
Page 18
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
3. Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. However, there are no judgements or assumptions that have a significant risk of causing material adjustment.
4. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 5,760 Grants 19,000 24,760 Unrestricted funds 2023 £ Donations 1,427 Grants 94,600 Government grants 1,890 97,917 |
Restricted funds 2024 £ 10,000 348,395 358,395 Restricted funds 2023 £ - 160,038 - 160,038 |
Total funds 2024 £ 15,760 367,395 |
|---|---|---|
| 383,155 | ||
| Total funds 2023 £ 1,427 254,638 1,890 |
||
| 257,955 |
Page 19
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
5. Income from charitable activities
| Unrestricted funds 2024 £ The Saturday Programme 152,883 In School Projects 34,485 Community Projects 45,550 232,918 Unrestricted funds 2023 £ The Saturday Programme 181,817 In School Projects 31,979 Community Projects 31,000 244,796 Investment income Unrestricted funds 2024 £ Investment income 262 |
Restricted funds 2024 £ - 1,000 900 1,900 Restricted funds 2023 £ 238 12,108 35 12,381 Total funds 2024 £ 262 |
Total funds 2024 £ 152,883 35,485 46,450 |
|---|---|---|
| 234,818 | ||
| Total funds 2023 £ 182,055 44,087 31,035 |
||
| 257,177 | ||
| Total funds 2023 £ 182 |
6. Investment income
Page 20
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
7. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2024 £ Wages and salaries 12,000 Social security costs 1,405 Contribution to defined contribution pension schemes 264 13,669 |
Total funds 2024 £ 12,000 1,405 264 13,669 |
Total funds 2023 £ 12,800 1,530 254 |
|---|---|---|
| 14,584 |
Costs of raising voluntary income relate to staff costs which are allocated on the basis of time each member of staff contributes to raising funds which includes grant applications.
There were no restricted costs of raising voluntary income in the year ended 31 August 2023.
8. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ The Saturday Programme 224,576 In School Projects 20,608 Community Projects 9,065 254,249 |
Restricted funds 2024 £ 36,411 84,236 160,761 281,408 |
Total 2024 £ 260,987 104,844 169,826 |
|---|---|---|
| 535,657 |
Page 21
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
8. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| The Saturday Programme In School Projects Community Projects |
Unrestricted funds 2023 £ 246,834 28,905 10,052 285,791 |
Restricted funds 2023 £ 28,519 72,186 157,517 258,222 |
Total 2023 £ 275,353 101,091 167,569 |
|---|---|---|---|
| 544,013 |
9. Analysis of expenditure by activities
| The Saturday Programme In School Projects Community Projects The Saturday Programme In School Projects Community Projects |
Activities undertaken directly 2024 £ 163,983 59,085 107,954 331,022 Activities undertaken directly 2023 £ 165,608 60,008 97,449 323,065 |
Support costs 2024 £ 97,004 45,759 61,872 204,635 Support costs 2023 £ 109,745 41,083 70,120 220,948 |
Total funds 2024 £ 260,987 104,844 169,826 |
|---|---|---|---|
| 535,657 | |||
| Total funds 2023 £ 275,353 101,091 167,569 |
|||
| 544,013 |
Page 22
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Project costs Application of bursaries and discounts Depreciation Project costs Application of bursaries and discounts |
The Saturday Programme 2024 £ 3,737 143,562 16,684 163,983 The Saturday Programme 2023 £ 2,432 145,456 17,720 165,608 |
In School Projects 2024 £ - 59,085 - 59,085 In School Projects 2023 £ - 60,008 - 60,008 |
Community Projects 2024 £ - 107,954 - 107,954 Community Projects 2023 £ - 97,449 - 97,449 |
Total funds 2024 £ 3,737 310,601 16,684 |
|---|---|---|---|---|
| 331,022 | ||||
| Total funds 2023 £ 2,432 302,913 17,720 |
||||
| 323,065 |
Page 23
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
(A company limited by guarantee)
HMDT MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Governance costs Finance costs Information technology Administration costs Premises costs Other support costs Loss on disposal of fixed assets Staff costs Governance costs Finance costs Information technology Administration costs Premises costs Other support costs |
The Saturday Programme 2024 £ 39,462 9,149 1,562 3,773 7,631 26,944 8,481 2 97,004 The Saturday Programme 2023 £ 44,991 12,695 1,785 8,263 11,143 24,681 6,187 109,745 |
In School Projects 2024 £ 32,678 2,111 261 595 1,644 1,474 6,996 - 45,759 In School Projects 2023 £ 22,070 3,312 328 1,785 2,698 1,521 9,369 41,083 |
Community Projects 2024 £ 40,858 2,815 348 3,557 3,561 1,634 9,099 - 61,872 Community Projects 2023 £ 48,852 2,392 237 2,261 3,561 834 11,983 70,120 |
Total funds 2024 £ 112,998 14,075 2,171 7,925 12,836 30,052 24,576 2 |
|---|---|---|---|---|
| 204,635 | ||||
| Total funds 2023 £ 115,913 18,399 2,350 12,309 17,402 27,036 27,539 |
||||
| 220,948 |
Page 24
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
10. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 3,844 | 3,101 |
| Fees payable to the Company's independent examiner in respect of: | ||
| All other services including preparation of accounts, payroll and | ||
| bookkeeping | 10,195 | 15,493 |
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 116,986 7,308 2,374 126,668 |
2023 £ 119,917 8,171 2,409 |
|---|---|---|
| 130,497 |
The average number of persons employed by the Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Charitable activities | 4 | 3 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 1 | 1 |
Key management personnel of the charity consists solely of the Chief executive officer. The total amount of employee benefits paid to key management personnel was £67,257 (2023 - £73,263).
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL).
Page 25
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
13. Tangible fixed assets
| Cost or valuation At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year On disposals At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 14. Stocks Instruments and books |
Office equipment £ 1,050 - - 1,050 1,050 - - 1,050 - - |
Computer equipment £ 25,198 5,227 (10,123) 20,302 22,335 3,737 (10,121) 15,951 4,351 2,863 2024 £ 295 |
Total £ 26,248 5,227 (10,123) 21,352 23,385 3,737 (10,121) 17,001 4,351 2,863 2023 £ 246 |
|---|---|---|---|
Page 26
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
15. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2024 £ 14,752 46 - 14,798 |
2023 £ 10,426 2,564 7,294 |
|---|---|---|
| 20,284 |
16. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 9,891 2,075 658 50,235 62,859 |
2023 £ 8,620 2,048 9,309 10,522 |
|---|---|---|
| 30,499 |
At the balance sheet date deferred income included above was £39,467 of which £nil is restricted (2023 - £nil).
17. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 242,784 | 137,566 |
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Page 27
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
18. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Restricted funds One Spirit Music Tree House HMDT Music Trust Account The E Project Total of funds |
Balance at 1 September 2023 £ 57,661 31,938 1,994 2,674 36,193 72,799 130,460 |
Income £ 257,940 198,725 84,370 - 77,200 360,295 618,235 |
Expenditure £ (267,918) (187,626) (42,094) - (51,688) (281,408) (549,326) |
Balance at 31 August 2024 £ 47,683 |
|---|---|---|---|---|
| 43,037 44,270 2,674 61,705 |
||||
| 151,686 | ||||
| 199,369 |
Page 28
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
18. Statement of funds (continued)
| Statement of funds (continued) | ||||
|---|---|---|---|---|
| Statement of funds - prior year Balance at 1 September 2022 £ Unrestricted funds General funds 14,261 Restricted funds One Spirit 90,241 Music Tree House 22,049 STEM Sisters - HMDT Music Trust Account 3,280 The E Project 43,912 159,482 Total of funds 173,743 |
Income £ 325,195 113,063 8,464 19,583 254 31,035 172,399 497,594 |
Expenditure £ (282,655) (171,366) (28,519) (19,583) - (38,754) (258,222) (540,877) |
Transfers in/out £ 860 - - - (860) - (860) - |
Balance at 31 August 2023 £ 57,661 |
| Unrestricted funds General funds Restricted funds One Spirit Music Tree House STEM Sisters HMDT Music Trust Account The E Project Total of funds |
||||
| 31,938 1,994 - 2,674 36,193 |
||||
| 72,799 | ||||
| 130,460 |
Page 29
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
18. Statement of funds (continued)
General funds
The general funds represent the Company's free reserves.
One Spirit
Music projects for young offenders in HMYOIs and on release and young people at risk of criminal activity in PRUs.
Music Treehouse
A programme providing one to one support for students with a variety of SEN/D needs as part of the mainstream Saturday Programme, as well as a more specialised programme for students with more profound needs.
STEM Sisters
A programme drawing together a science outreach project and theatrical performance to inspire and engage Primary School students, especially girls, in science by exploring the achievements, contributions and impact of historical STEM women, whose pioneering work was so often unrecognised.
HMDT Music Trust Account
Funds held on behalf of our partners, designated for periodic payments for projects, or for payment directly to artists on behalf of partners on an as needed basis. During the year a partner permitted the transfer of £860 from this fund to unrestricted funds.
The E Project
A project which involves working with primary schools in Luton, Stoke-on-Trent, Fylde and Hackney for 3 years to develop an arts-embedded curriculum focused on anti-racism, diversity, inclusion and equity.
Page 30
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
19. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 September 2022 £ 14,261 159,482 173,743 |
Balance at 1 September 2023 £ 57,661 72,799 130,460 Income £ 325,195 172,399 497,594 |
Income £ 257,940 360,295 618,235 Expenditure £ (282,655) (258,222) (540,877) |
Expenditure £ (267,918) (281,408) (549,326) Transfers in/out £ 860 (860) - |
Balance at 31 August 2024 £ 47,683 151,686 |
|---|---|---|---|---|---|
| 199,369 | |||||
| Balance at 31 August 2023 £ 57,661 72,799 |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
|||||
| 130,460 |
20. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 430 Current assets 96,531 Creditors due within one year (49,278) Total 47,683 |
Restricted funds 2024 £ 3,921 161,346 (13,581) 151,686 |
Total funds 2024 £ 4,351 257,877 (62,859) |
|---|---|---|
| 199,369 |
Page 31
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
20. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 2,863 74,183 (19,385) 57,661 |
Restricted funds 2023 £ - 83,913 (11,114) 72,799 |
Total funds 2023 £ 2,863 158,096 (30,499) |
|---|---|---|---|
| 130,460 |
21. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on the disposal of fixed assets Decrease/(increase) in stocks Decrease in debtors Increase in creditors Net cash provided by/(used in) operating activities 22. Analysis of cash and cash equivalents |
2024 £ 68,909 3,737 (262) 2 (49) 5,486 32,360 110,183 |
2023 £ (43,283) |
|---|---|---|
| 2,432 (182) - 427 4,761 13,285 |
||
| (22,560) | ||
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash in hand | 242,784 | 137,566 |
Page 32
Docusign Envelope ID: A75EAC41-B877-43F5-A71D-F764F6522FE5
HMDT MUSIC
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
23. Analysis of changes in net debt
| Cash at bank and in hand | At 1 September 2023 £ 137,566 137,566 |
Cash flows At 31 August 2024 £ £ 105,218 242,784 105,218 242,784 |
Cash flows At 31 August 2024 £ £ 105,218 242,784 105,218 242,784 |
|---|---|---|---|
| 242,784 |
24. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £2,374 (2023 - £2,409). Contributions totalling £462 (2023 - same) remained outstanding at the balance sheet date.
25. Related party transactions
During the year donations totalling £3,000 (2023 - £NIL) were received from 5 trustees.
Page 33
2023-24 rt
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ad : “ ? 1