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2024-03-31-accounts

Music For All

(A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 31 March 2024

Company Number: 03193551 Charity Registered in England and Wales Number: 1055371

Music for All Contents For the Year Ended 31 March 2024

Page
Reference and Administrative Details 2
Trustee Directors’ Report 3 – 9
Independent Examiner’s Report to the Trustees 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 – 21

Page 1

Music for All Reference and Administrative Details For the Year Ended 31 March 2024

Charity Name Music for All
Trustee Directors G Booth
I Cullen
L Eberhart
G Ellinor
A Followell
R Kellaway
L Ladbrook
R Morley
I O’Connor
S Saunders
J Shevlin
Registered Office Albert Goodman
Lupin Way
Yeovil
BA22 8WW
Independent Examiner Michelle Ferris BSc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
Bankers HSBC
PO Box 160
12A North Street
Guildford
GU14 1AF

Page 2

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

The Trustees (who are also the Directors for the purpose of Company Law) have pleasure in presenting their annual report and the financial statements for the year ended 31 March 2024. The provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP FRS 102implemented 1 January 2019) have been adopted in preparing the annual report and financial statements of the charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Music for All is a registered charity, charity number 1055371, and a company limited by guarantee, company number 03193551. The charity’s registered office is Lupin Way, Yeovil, BA22 8WW

Music for All was incorporated as a company limited by guarantee on 1[st] May 1996.

The following people were directors/trustees of the charity during the year and post year end:

G Booth I Cullen L Eberhart (appointed 09 September 2024) G Ellinor (appointed 06 November 2024) A Followell R Kellaway L Ladbrook F McGuinness (resigned 17 July 2024) R Morley (appointed 09 September 2024) I O’Connor S Saunders J Shevlin

Recruitment, Appointment of Trustees

The Charity may by Ordinary Resolution in General Meeting appoint any person who is willing to act to be a Trustee, either to fill a vacancy or as an additional Trustee. Trustees are recruited personally by existing members for their knowledge, experience of and interest in the charity’s work.

The Board of Trustees is responsible for setting and overseeing the overall direction, policies and finances of the charity.

The directors of Music for All are also charity trustees for the purpose of charity law.

The directors may from time to time co-opt a director, either to fill a vacancy or as an additional director, until they are formally appointed, or otherwise, at a general meeting. In addition, the directors shall retire by rotation at each AGM. They shall, if willing to act, be deemed to be reappointed unless at the meeting it is resolved not to fill their vacancy, or unless a resolution for the reappointment of the director is put to the meeting and lost.

Page 3

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

Management and oversight

The Board of Trustees provides governance for the charity and the Trustees are also Directors of the company and are supported by a hard-working office team which includes a part-time General Manager and a part-time Projects Coordinator. In addition, it uses additional specialist freelancers when required (for administration, communications, PR and fundraising).

The charity carries out annual pay reviews for salaried staff as outlined in the pay policy. This is single percentage figure awarded based on performance, cost of living, market data and budgetary requirements. The review is managed by three people (including at least two trustees).

The Trustees continue to ensure the charity has the appropriate level of available resources to be managed effectively for all stakeholders. The charity has in place:

These sub-committees enhance governance in these crucial areas and report to the main board.

The Income sub-committee oversees the fundraising strategy and instrument donation pipeline.

The Awards sub-committee oversees the awarding of instruments/funds and future award categories according to parameters set by the main board and our developing need analysis.

The Finance & Risk sub-committee provides support and advice to the board on financial policies and procedures, compliance and risk matters.

Public benefit

Music for All's charitable purpose is to advance the public participation in making music and music education in all its forms, including the promotion of understanding, and advocating for, the benefits of making music. The benefits of making music are proven and wide-ranging and apply equally to both individuals and groups. They include enhanced health and mental well-being, educational attainment, development of social skills, creativity, confidence and self-esteem, reduced stress and anxiety and the alleviation of degenerative conditions. These outcomes also potentially benefit not just those experiencing music making, but also their families, friends and wider circle of contacts, spreading out into the community to contribute to the national social good.

Page 4

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

Objectives and activities

Music for All's mission is to enable and inspire everyone, regardless of circumstances, to discover the mental, social and physical benefits of making music.

To achieve this mission Music for All:

The activity of Music for All is chiefly focused on supporting disadvantaged communities and individuals who are unable to access music making due to financial, health, social or cultural circumstances. All the activities of Music for All are carried out with careful consideration to the Charity Commission’s guidance on public benefit.

Through Music for All’s regular awards programme the charity has been able to target specific and previously identified areas of need such as support for those with mental health issues, degenerative conditions and limited mobility, as well as providing additional support to educational establishments with limited budgets for music education.

The continual decrease in funding for music education in state schools has contributed to Music for All’s increasing support for this sector so the incredible work being carried out by music teachers across the UK can be continued and enhanced through grants awarded by Music for All.

Through this focus on disadvantaged communities and individuals and by providing direct support to music education in schools, Music for All can continue to work towards providing equality of access to music making for those most in need.

With the above in mind and to allow the charity to help and support a wider audience, during 2023/24 Music for All:

Whilst the charity’s awards programme is reviewed and developed each year, projects such as the Music Makers’ Charter campaign and the Power of Music fund require a longer view. The Music Makers Charter campaign will be supported for at least three years and to this end the charity has awarded a budget of over £10,000 to support the campaign, to allow the provision of specialist PR and social media support.

Page 5

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

Achievements and performance

With the increased awards budget, Music for All was able to distribute a significant number of cash grants and donated instruments. The highlights of the 2023/24 awards programme include:

Our flagship event Learn to Play also made great strides forward during the year. Held in early October the event was able to:

During the year we were also able to launch a unique new project that required the charity to work in partnership with a number of organisations. The Power of Music Fund was launched by the National Academy for Social Prescribing, with UK Music, Music for Dementia and Arts Council England to provide more than £2.6 million to transform the care and support for people with dementia through music.

With nearly a million people in the UK already affected by dementia, demand for support has never been greater and Music for All joined as a partner of the fund to provide grants supporting the cost of specialised music therapy and/or the cost of hosting such events. Research has shown that music engages the brain in a unique way, with demonstrable benefits for people living with dementia including increased engagement, joy and wellbeing, and a reduction in anxiety, medication and feelings of isolation.

After launching this new fund in November 2023, Music for All was able to award grants in August 2024 of up to £2,000 to 32 groups, benefiting nearly 7,000 people living with dementia and their families.

This partnership has brought considerable benefits to Music for All, connecting the charity to numerous organisations in the health and music sectors, thereby reaching a broader audience of potential award recipients and supporters. Given the strong alignment with our charitable objectives and the tangible benefits these awards provide to those living with dementia, the charity is delighted to be continuing our work as part of the Power of Music Consortium for a further two years.

Page 6

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

Fundraising

The charity’s fundraising activity is overseen by the Income Committee, a Trustee led group that requires at least three Trustees to be present at each meeting. Supported by the office team, this group is working towards a Board approved Income Plan which is focused on increasing the income of the charity and achieving higher income for each of the coming three years.

The income plan is focused on:

As ever the charity was supported by the kind donations of our supporters and fundraisers who allowed the charity to report a substantial increase in individual donations. The general donations the charity receives are an essential part of our income story, many of them facilitated by a number of intermediary sites. The enterprise and enthusiasm of our donors and fundraisers for the work of the charity is incredible and our thanks goes to them for their energy, creativity and commitment.

All fundraising efforts are overseen by our office team who provide advice and guidance and ensure due diligence is applied to large and significant donations from whatever source.

Financial review

During the year the charity generated income of £210,973 (2023: £145,544), of which £71,424 was restricted and £139,549 unrestricted (2023: £55,000 restricted and £90,544 unrestricted). Expenditure for the year was £288,280 (2023: £191,534), of which £37,272 was restricted and £251,008 unrestricted (2023: £5,603 restricted and £185,931 unrestricted). This therefore meant that the charity generated a deficit of £77,307 for the year (2023: £45,990 deficit), which after transfers is split between a surplus of £25,013 on restricted funds and a deficit of £102,320 on unrestricted funds (2023: surplus of £49,397 on restricted funds and a deficit of £95,387 on unrestricted funds).

Fund carried forward as at 31 March 2024 were £221,290, £92,621 restricted and £128,669 unrestricted (2023: £298,597, £67,608 restricted and £230,989 unrestricted).

Principal funding sources

As ever the charity was supported by the kind donations of our supporters and the hard work of our office team. During this period we saw a substantial increase in individual donors and giving through purchases. In addition, the charity did manage to increase its donations from funds and trusts by a substantial 31%. In addition to donations of instruments made directly to the charity, the Trustees are grateful to several thirdparty suppliers who kindly made donations on behalf of the charity, direct to recipients selected by the charity. These totalled £17,430.

Third-party direct donations have become an increasing part of our operation, enabling us to reduce our operating costs, and aid our sustainability ambitions by eliminating unnecessary transportation.

Page 7

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

Reserves policy

Unrestricted reserves

Unrestricted reserves are funds that the trustees are able to use for any of the charity's purposes. These reserves are maintained at a level that enables the trustees to manage financial risk and short-term income volatility.

Restricted reserves

Restricted reserves are those where the donor has specified the purposes for which those funds can be used.

Policy

The trustees aim to maintain free unrestricted funds at a level which equates to approximately six to nine months of expenditure; for the year 2023-2024 this equates to a mid-point of £130K. This includes all direct and indirect costs (including staff salaries and committed campaign costs and grants).

The trustees consider that this level provides sufficient funds to respond to applications for grants, and ensure that support and governance costs are covered and ensure a timely solvent wind down of the charity should there be a need to do so. Reserves in excess of this level are available for charitable purposes.

Reserves are maintained in a mixture of current accounts and high interest bearing bank accounts.

The balance held as unrestricted reserves as at 31 March 2024 was £128,669 (2023: £230,989) which represents a shortfall of £1,331 below our ideal reserve midpoint. Over the last year we have purposefully reduced our surplus reserve in pursuit of our charitable objectives. While reserves currently fall slightly below the midpoint, they sit comfortably above our 6 month minimum threshold. We continue to closely monitor expenditure and income to maintain reserves within the policy's outlined range. The balance held in restricted funds as at 31 March 2024 was £92,621 (2023: £67,608).

The trustees review the reserves policy on an annual basis to ensure that as the charity develops sufficient reserves are held to cover estimated future running costs and grants.

Future plans

The year covered by this report has seen a substantial increase in the income and charitable activity of the charity and we hope to continue this growth over the coming year using our five year Business Plan as a basis for our plans.

This includes:

Page 8

Music for All Trustee Directors’ Report For the Year Ended 31 March 2024

With this approach, the Trustees hope to not only ensure the future of the charity and its ability to meet its charitable aims, but also to evolve Music for All into a more widely known force for good by encouraging a greater understanding of the power of music making and its unique ability to change lives, enhance wellbeing and health, and the education of everyone.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Music for All for the purposes of company law) are responsible for preparing the Trustees Directors’ Report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The directors are also responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Acts 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the Statement of Recommended Practice – Accounting and reporting by Charities and in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board and signed on their behalf by:

Date: 09/12/2024

Page 9

Music for All Independent Examiner’s Report to the Trustees For the Year Ended 31 March 2024

Independent examiners report to the Trustees of Music for All

I report to the charity trustees on my examination of the accounts of Music for All (“the Company”) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also 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 your charity’s accounts as 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

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not comply with these records; or

  3. 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

  4. 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.

Michelle Ferris BSc (Hons) FCA DChA Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Date: 12 December 2024

Page 10

Music for All

Statement of Financial Activities (including an Income and Expenditure account) For the Year Ended 31 March 2024

Unrest-
ricted
Notes
Funds
£
Income from:
Donations and legacies
2
133,253
Other trading activities
3
6,296
Total income
139,549
Expenditure on:
Charitable expenditure
4
251,008
Total expenditure
251,008
Net income/(expenditure) before
transfers
(111,459)
Transfers
10
9,139
Net movement in funds
(102,320)
Reconciliation of funds
Fund balances at 01 April 2023
230,989
Fund balances at 31 March 2024
10
128,669		 Unrest-
ricted
Notes
Funds
£
Income from:
Donations and legacies
2
133,253
Other trading activities
3
6,296
Total income
139,549
Expenditure on:
Charitable expenditure
4
251,008
Total expenditure
251,008
Net income/(expenditure) before
transfers
(111,459)
Transfers
10
9,139
Net movement in funds
(102,320)
Reconciliation of funds
Fund balances at 01 April 2023
230,989
Fund balances at 31 March 2024
10
128,669		 Rest-
ricted
Funds
£
71,424
-		 Total
2024
£
204,677
6,296		 Unrest-
ricted
Funds
£
89,171
1,373		 Rest-
ricted
Funds

£
55,000
-		 Total
2023

£
144,171
1,373
139,549 71,424 210,973 90,544 55,000 145,544
251,008 37,272 288,280 185,931 5,603 191,534
251,008 37,272 288,280 185,931 5,603 191,534
(111,459)
9,139		 34,152
(9,139)		 (77,307)
-		 (95,387)
-		 49,397
-		 (45,990)
-
(102,320) 25,013 (77,307) (95,387) 49,397 (45,990)
230,989 67,608 298,597 326,376 18,211 344,587
128,669 92,621 221,290 230,989 67,608 298,597

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Page 11

Music for All - Company Registration Number: 03193551

Balance Sheet As at 31 March 2024

Notes 2024 2023
£ £
Current assets
Stock 6 6,882 46,009
Debtors 7 833 -
Cash at bank and in hand 8 221,563 254,171
229,278 300,180
Creditors
Amounts falling due within one year 9 (7,988) (1,583)
Net current assets 221,290 298,597
Net assets 221,290 298,597
Funds
Unrestricted funds
General funds 10 128,669 230,989
Restricted funds 10 92,621 67,608
Total charity funds 221,290 298,597

These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the year in question, the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the Board of Trustees for issue on 25 November 2024 and signed on their behalf by:

Page 12

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

1 Accounting Policies

1.1

General information and basis of accounting

Music for All is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. The maximum liability of each member is limited to £1. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 3-9.

The financial statements have been prepared in £ sterling on the historical cost basis and in accordance with 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)- (Charities SORP (FRS 102)) and the Companies Act 2006.

The charity 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.

1.2 Income

All income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

1.3 Government grants

Page 13

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

1.4 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that activity. Expenditure includes attributable VAT which cannot be recovered.

Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of the resource.

1.5 Stock

In accordance with FRS102 and the SORP, new donated instruments in stock are valued at retail selling price, and pre-owned donated instruments are valued at £nil .

Accrued income comprises amounts due from funders and is recognised when the charity is entitled to the grant, receipt is probable and the amount can be measured reliably. Prepayments are valued at the amount prepaid.

Cash at bank and in hand comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.8 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

1.9 Taxation

The company is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied to the charitable objectives of the charity.

1.10 Pension contributions

The Charity operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. Contributions are recognised in the Statement of Financial Activities in the period in which they become payable in accordance with the rules of the scheme.

1.11 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the Charity without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

Page 14

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

1.12 VAT

The Charity is not VAT registered and therefore all costs are inclusive of VAT.

1.13 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2 Donations and general grants

Donations and legacies
Donations & gifts
(including instruments)
Grants		 Unre-
stricted
funds
132,085
1,168		 Rest-
ricted
funds
55,870
15,554		 Total
2024
187,955
16,722
204,677		 Unre-
stricted
funds
69,587
19,584
Rest-
ricted
funds
55,000
-		 Total
2023
124,587
19,584
133,253 71,424 89,171 55,000 144,171

3 Other trading activities

Investment Income Unre-
stricted
funds
£
6,296		 Rest-
ricted
funds
£
-		 Total
2024
£
6,296		 Unre-
stricted
funds
£
1,373
Rest-
ricted
funds
£
-		 Total
2023
£
1,373

Page 15

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

4 Charitable activities

4
Charitable activities
Charitable activities
Consultancy
Travel
Learn to Play
Subscriptions
Computer and software
Marketing and advertising
Cost of donations
Warehousing and distribution
Stock expense
Grants to individuals
Grants to institutions
Support costs (breakdown below)
Governance costs (breakdown
below)		 Unre-
stricted
funds
£
3,006
1,636
12,144
3,760
5,995
2,374
-
7,035
39,127
-
94,236		 Rest-
ricted
funds
£
-
-
-
-
-
-
-
-
-
-
37,272		 Total
2024
£
3,006
1,636
12,144
3,760
5,995
2,374
-
7,035
39,127
-
131,508
206,585
74,782
6,912
288,280		 Unre-
stricted
funds
£
-
680
22,952
1,276
10,379
-
2,634
5,451
-
43,628
47,723
Rest-
ricted
funds
£
-
-
-
-
-
-
-
-
-
2,603
3,000		 Total
2023
£
-
680
22,952
1,276
10,379
-
2,634
5,451
-
46,231
50,723
169,313
74,782
6,912		 37,272
-
-		 134,723
47,115
4,093		 5,603
-
-		 140,326
47,115
4,093
251,008 37,272 185,931 5,603 191,534

Page 16

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

4 Charitable activities (continued)

Support and governance cost
Staff costs
Insurance
Telephone
Postage and stationery
Bank charges
Total support costs
Independent Examination fees:
- current examiner
Accountancy:
- current examiner
- previous examiner
Total governance costs		 Unre-
stricted
funds
£
65,861
1,483
675
5,266
1,497		 Rest-
ricted
funds
£
-
-
-
-
-		 Total
2024
£
65,861
1,483
675
5,266
1,497		 Unre-
stricted
funds
£
39,494
1,056
349
5,305
911
Rest-
ricted
funds
£
-
-
-
-		 Total
2023
£
39,494
1,056
349
5,305
911
47,115
-
-
4,093
4,093
51,208
74,782
1,080
2,160
3,672		 -
-		 74,782
1,080
2,160
3,672		 47,115
-
-
4,093		 -
-
-
-
6,912 - 6,912 4,093 -
81,694 - 81,694 51,208 -

5 Employees and employment costs

Wages and salaries
Social security costs
Pension contributions		 2024
£
54,328
9,766
1,767
65,861		 2023
£
38,627
-
867
39,494
Average monthly number of employees during the year:
Support		 2024
3
3		 2023
2
2

Page 17

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £1,767 (2023: £867)

No individual employee was paid over £60,000 (2023: none).

The key management personnel of the charity are considered to be the general manager. The total costs to the charity of remuneration (including employers NI & pension) to the key management was £31,100 (2023: £16,324).

6 Stock

Musical instruments 2024
£
6,882
6,882		 2023
£
46,009
46,009
7
Debtor
Prepayments and accrued income 2024
£
833
833		 2023
£
-
-
8
Cash at bank and in hand
Bank balances 2024
£
221,563		 2023
£
254,171

Page 18

Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

9
Creditors: Amounts falling due within one year		 9
Creditors: Amounts falling due within one year		 9
Creditors: Amounts falling due within one year
Trade creditors
Accruals		 2024
£
4,748
3,240
7,988		 2023
£
383
1,200
1,583
10
Statement of funds
General unrestricted funds
Total unrestricted funds
Restricted funds
Hughes Piano Award
BBB Trust
NAMM Foundation
Harris Foundation
Morgan Wallen Foundation
The D'Oyly Carte Charitable Trust
Restricted fund
Total restricted funds
Total funds		 Balance
01.04.23
£
230,989		 Income
£
139,549
139,549
-
-
15,554
25,000
26,870
4,000
-
71,424
210,973		 Expenditure
£
(251,008)		 Transfers
£
9,139		 Balance
31.03.24
£
128,669
128,669
13,897
32,300
15,554
-
26,870
4,000
-
92,621
221,290
230,989 (251,008) 9,139
15,897
42,000
-
-
-
-
9,711		 (2,000)
(9,700)
-
(25,572)
-
-
-		 -
-
-
572
-
-
(9,711)
67,608 (37,272) (9,139)
298,597 (288,280) -

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Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

Statement of funds – prior year

General unrestricted funds
Total unrestricted funds
Restricted funds
Hughes Piano Award
BBB Trust
Restricted fund
Total restricted funds
Total funds		 General unrestricted funds
Total unrestricted funds
Restricted funds
Hughes Piano Award
BBB Trust
Restricted fund
Total restricted funds
Total funds		 Balance
01.04.22
£
326,376		 Balance
01.04.22
£
326,376		 Income
£
90,544		 Income
£
90,544		 Expenditure
£
(185,931)		 Expenditure
£
(185,931)		 Transfers
£
-
-
-
-
-
-
-		 Transfers
£
-
-
-
-
-
-
-		 Balance
31.03.23
£
230,989
326,376 90,544 (185,931) 230,989
8,500
-
9,711		 10,000
45,000
-		 (2,603)
(3,000)
-		 15,897
42,000
9,711
18,211 55,000 (5,603) 67,608
344,587 145,544 (191,534) 298,597
All of the restricted funds as listed have been provided by funders to make specific grants in areas of
focus.
The general “restricted fund” is certain funds originally deemed to be restricted. It has been identified
during the year that these are unrestricted and have therefore been reclassified.
11
Analysis of net assets between funds
Unre-
stricted
Rest-
ricted
Total
Unre-
stricted
Rest-
ricted
Total
funds
funds
2024
funds
funds
2023
£
£
£
£
£
£
Current assets
136,657
92,621
229,278
232,572
67,608
300,180
Current liabilities
(7,988)
-
(7,988)
(1,583)
-
(1,583)
128,669
92,621
221,290
230,989
67,608
298,597
Current assets
Current liabilities		 Unre-
stricted
funds
£
136,657
(7,988)		 Rest-
ricted
funds
£
92,621
-		 Total
2024
£
229,278
(7,988)
221,290		 Unre-
stricted
funds
£
232,572
(1,583)
Rest-
ricted
funds
£
67,608
-
128,669 92,621 230,989 67,608

11 Analysis of net assets between funds

12 Related parties

There have been no related party transactions during the year (2023: none).

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Music for All Notes to the Financial Statements For the Year Ended 31 March 2024

13 Members’ liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1, for the debt and liabilities contracted before they ceased to be a member.

Page 21