Company number 3258356 Charftynumhr 1059205 The Premises Music Education Programme (A Charlty Company Llmlted by Guarantee, company number 3258356} Audited Financial Ststements and Trustees, Report for the year ended 31 March 2024
The Premises Music Education Programme (A Charlty Company Llmftad by Guarantee, company number 3258356) Index to the Financial Statements for the ear ended 31 Pdlarch 2024 P•go Index to the Flnanclal Ststemenls Charltabl• company Inforniatlon Tru•t•M' R•port Statsment of Tru8teu' Re•pon8lblllU•A Indep•nd•nt AudltoV• R•port 31at•m•nt of Flnanclal Actlvltl•• 10 Stsl•ment ol Flnanclal Po•ltlon 11 St4tement of Ca•h Flo 12 Accounllng Pollel 13.14 Not•• to th• Accounts 10-19 Page 2
The Premises Muslc Education Programme (A Charlty Company Llmltsd by Guarantse, compary number 3258368) Charitable company Infonnation for the ear ended 31 March 2024 ststU8: The Premises Music Education Programme Is a Company Ilmltad by guarantee and a Tegistsred charity govemed by Its memorandum and articles of association The directors of Ihe charity arg trustees for the pu038S of charity law and throughout thi5 report are collectively f8f8rred to as the truste8S Charlty nama: The Premlseg Music Educallon Programme Company rnglltratlon numbof: 3258356 England & Wales Charlty reglatrallon number: 1059205 R•ghl•r•d offlc•: 209 Hackn•y Road London E2 8JL Op•MtJon8 addr••8: 209 Hackney Road London E2 8JL Tru•to•• who h•ld offlc• durlng the y•ar: Janlne Irons OBE Nicola Colllns Nimi Furtado Ted Bames S•nlor Statutory Audltor: Anthony Arnigtrong FCA Armstrong & Co Charter9d Accountants & Slalulory Audltor 4a Printlng House Yard Hackney Road London E2 7PR Bankord: Bank of S¢olland 33 Old Broad Street LorKl¢n EC2N 1Hz Trlodoj Bank Deanery Road Bri5101 BS1 SAS Page 3
The Premises Music Educatlon Programme (A Charlty Company Llmltod by Guarantse, company number 3258366) Truste8s' Repor( incorporating the Directors, Report for the year ended 31 March 2024 The trustees (who are also directo ofthe charity for th8 puoSe5 of cornpany law) submit their annual report 8j audited financial statement for the y8ar ended 31 March 2024. Th8 trustaes nfiffl that the Annual Report and Financial Ststarnents ofthe charity comply with current statutory requlrements. the requirements of the charity's goveming document arKJ the provislons of the Statement ol Recommended Practice {CharlI8 SORP FRS102) "Accounllng and Reporting by Charilles" Issued in 2015. GOVERNANCE AN NA EMEN Govamlng Document The Premlses Musk Education Programme Is a company Ilmited by guarantee, incorporated on 2 October 1998 and reg55t8red as charity on 13 November 1996. The company VMS estsb115hed under 8 MemoraThlum DfAssocSabon whith estsblished the objects and powers of th8 company and Is govemèd under its Articles ofAsso¢laUon. In the event of the Gompany being wound up mefflb8r5 are requlrad to contribute an amount not exceeding £1 oach, Tru•toe• The Trustees of th& charlty whg hefvj office dung the year arn dlsclos•d on page 3. CTIV Charltabl? Oblects The charity Is govemed by its Memornndum and Artides of Asso¢lation The state the charfty's maln oblecllves, whSch ar6 to a(fvanc• th• musical educatlon of the public arKI In particular, but not exclu¥lvgty, that of children and young people. Activltles during the yaar 23r24: 1) RunniTrJ free Volce Jam ¢ournos durlng hall teffli and Easter for young people ol secondary school ay. These provlde free a¢¢e8810 Slnglng and rocording In a prol8sslonal •nvironrnent. breaklng down down barrlers for those Vdho would not nonnally have access to recordlng, Includlng young people In caro 2} EstBbllshlng a coum with Yolanda Chartes, for bass play¢r3 and dnllrmer31o develop muslclanship skill¥. 3) Runnlng a Ilve perfomianca course for planists to play Ilve wlth a prof855Sonal band. 41 Running our 25th annual Plano Jumrner school. 51 Runnlng a Gospel song racordlng Course In partnerjhlp with the Gospel Muslc Indu¥ty AlllanGo, whlch allowed Gospd singers tolgam th•ir craft Viith profe5slonal teachers and f•cord their songs vlth the be$t mu$lc•l and technlcal support. 61 Partnoflng with Lurine Cato lo run sl)ort courses In backirvJ vocals. 71 Partn•rlng wtth Dayllght Studlo$ to prgvide a leamlng Space for neur(Hliveoent tralnee producers to wort( wlth neurfynormativa artlsts to create music together wllh a view to rolllng thls out as a largar. annual programme. 81 Partnerlng wlth Hackney Music Ser41ces to provlde seIce5, courses and Industry advice, and to establlsh good worklng rela15onship5 with the heads of music In Hackney Secondary Schools. gl Establlshing a training schema for young musklans and recordlng englneers. 101 Partnerlng Music Educator Cath March, who runs InnovatiN* performance courses In Ha¢kney schools with Blue Sky Thlnklng. 111 Providing practical and financial support to 81g Creative Educatlon, The Irene Taylor Trust, Women In Jazz, Grand Unlon Orchestra, Help 1clan5, and The Altomative Conservalolffj. 121 Invasting In mu51cal equlpmenl to ensure quallty delivery of our COUfse$. 13) Malntsining and managSng th8 property at 209 Hackney Road. 14) Working In conjunclion with educational developer DenS98 Slanlay to provkle space and support to develop a measurable mujlc Industry related skiifs programme called CLOCK. 151 Supportlng woducer Hannah V, to d8velop a successlul programme to help youn9 rnuslc artlsts In South Afrira. FINANCIAL R Results for tho year The results of the period and financial posib'on ol the charfty ar• shown In the annexed financlal slalements. The Statement of Flnancial Activitie5 showg net incgme for the year of£34,139, and reserves of £1,134.632. Tanglble fixed a8th for use by thè eharlty. Fixed assets are set out in Nola 8 to th? accounts. Pagè 4
The Premlses Music Education Programme (A Charlty Company Llmltsd by Guaranteo, company number 3268366) Trustees, Report, Incorporatlng the Directors. Report for the year ended 31 March 2024 Reserva8 Pollcv The trustse$ consider that a policy of holdlng a mlnimum of slx months Income a5 a general re$ernp i¥ appropriate for the charity. S•nloT Staiutory Audltor The statutory auditor, Anthony AmislrorKJ FCA ofArmstrong & Co, has indicated hls willingne55 lo b8 proposed for re-appolntment In accordance wlth Seclion 485 of the Compani85 Act 2006. Although not requlr8d, the Irusleas have d8t8miined that the charitable Ccwpany be audlted under the Companlas Acl 2006 for the year ended 31 March 2024. The ¢haritsbl8 company is not requlrad to be auditèd under chari16es legislation for the year eThJed 31 March 2024. This report has been prepared in accordance wllh the special provislons of Part 15 of the Companlas Act 2IyJ6 ralating to small compani. The trusleeg acknowledge and confimi thelr r85ponslbllities for prepaflng the financial slatem8nts and providlng approprfat• InfOallOn lo the auditor5 85 detailed In Ihe Statement of Trustees, Responsibllilies set oui on page 6. Th• flnanclal statements w•rn approv•d by th• Board of Truitoe• on 23 Octobfjr 2024 and slgnod on h8 h&ll by: cola Coll 8. Tru¥to• Page 5
The Premises Music Education Programme (A Charlty Company Llmlt•d by Guarantea, company number 3258356) Statement of Trustees, Responslbllities for the ear ended 31 March 2024 The trustees Ivtho af8 th8 dlrectors ofThe Prembes Music Education Programme for the purpose of company lawl are responsible for preparing the Trustees Annual Report and the financial statements in accordance wllh appll¢abla law and United lfjngdom Accounting Standas {United Kingdom Genwally Accepted Accounting Practice). Company law requlres the tntslees to prepare finanGial stat8m8nts for each finandal year whlch glve 8 arKI falr vl8w of thg state ol affairs of the charit8ble company and of Its Incoming resources and applicats'on of resources, Includln9 the income and 8xpondiiura, of the charttable company for that perlod. In preparing these financial ststements. th8 Iru$to85 are raquired to: a} Selèct suitable accoun15ng policies and apply Ihem conslstently; b) Observe the melhads and prlnciples in th8 Charltles SORP,. c) Make ludgaments and estimats$ that are weasonabla and prudent, d) Follow applicable accounliiwJ Standards and statem8nts of recommended pradce, Su9¢1 to any rnaterial departur89 d18closed and explained in the accountg; e) Prepare the financlal statements on Ihe going concam b8$1s unless il Is Inapproprlate to 85gUrne that the charftable ¢ompany will contlnue Sn operatlon. The truslegs are respSIble lor k8eping adequate accounting records whlch dlsclose vlth reasonable accuracy at any time th8 ffinanclal posltlon of the charitable company and enable them to ensur8 that thè flnanclal statements comply wlth tha Companles Act 2008 and charity leglslation They ar8 al$0 fespon8lble fol saleguardin9 the assets of the charliable company and henca for taking reasonabl& stepg for tho preventlon and delectson of fraud and Otr irregularieS. So far as trustees are aware, there Is no relevant audit Infoallon ofwhlch the ch8ritabl8 company's £udllor Is unaware, and the tnjstees have taken all steps thal they ought to have tsken to make Ihemselves awa of any relevant audit Infomiatlon and to e$labllsh that th8 a{tor Is aware of that Infomiation. Page 6
The Premises Music Education Programme (A Charlty Company Llmltsd by Guarant•e, company number 3258356 Independent Auditor's Report to the Member3 of The Premises Music Educatlon Pro ramme We have audited tha financlal statements ofThe Premises Muslc Education Programme for the year erKJed 31 March 2024 whkh comprlse the Slalement of Flnanclal Activities. Statement of Flnancial Position, Statement of Cash Flows and the Notes lo Ihe AGGounts to the Financlal Statements. induding sSgnifi¢anl accounting polkles. The financial reporting framework that has be8n applied in thelr prèparation is applicable law and United Kingdom Accounting St8ndardg. including FRS 102 'The Financlal Reporting Standard applicabl8 in the UK and Republlc of Iland, {United Kingd¢m Generally Accepted Accountsng Practice). In our opinitM Ihe financlal statements: give a true and falr vlew of the stale of the charilable company's affalrs as at 31 March 2024 and ol tts Incoming resources and applicatlon of resources. including Its Incom• and exparKllturn, for year then ended; have been prop8rly prepared in accordance with Unlted Klngdom Generally Acceptad Accounting Practlce: and have been prepaied in accordance wlth Ihe roqulrements of the Ctxnpanie5 Act 2006. Ba•18 for oplnlon We corKlucled our audit In acco(danc8 wlth Int8rnallon•l StaThJards on Auditing (UK) (ISAS (UKII and appllcable law. Our responslblli118s under tho88 Standards are fijrther dexribod In the aud¢tors' r8sponsibillt18s for the audit ol the finandal gtalementS s•ction ol our reporL We are independent of the chadtabl8 company In accordance with the ethlcal requlrement5 that are relevant to our audit of the ff nancial statements in the UK, Includlng the FRC'5 Ethlcal Siandard, and the provlslony available for small enlllt8s, In th• clrcumstance$ sel out In Note 210 the finanGl81 statements, and we have fulfilled our olh8r ethlcal respon>ibllities In accotdance wlth the$0 rpqulTrments. Wa be118V8 that the audit evldenca we obtslned15 sufficlent and 8pproprlate to prowde a basls lor our oplnion. Conelu•lon8 rnlatlng to golng conc•m In audltlng th8 financial stalemants, w• conduded that the tnJstse$' usa ol the golng concem ba$1$ of accauntlng In the preparatlon of Iho Ilnanclal 51alements Is aprrfoprlats. 8a$•d on the WO we have perfomied. we have not ¥Jenllfied any matertal uncertaSnUo$ rnlating to events or condition5 that Indlvldually or collectively, may cast slgnlficant doubt on the charitys ability to contlnue as a golng concem for a perlod of at least tsvelva months from when the financial statements are aulhortsed for Issue, Our responsibilille5 and the responslblllttès of tha trustees th f•Jpect to golng canrn are d•8cribBd In the rnlevant ¥eGtlons of thls report. Oth•r Inlomwllon Tho other Infomiatlon Gomprfses the Infomatlon Included In lh• annual report, oth•r than the financlal statefflenis and our audll r•port thern. Tho Irustaes are responsible lor the other Inlomiation. Our opinion on the Ilnanclal slaiements doos not cr the othor Informalon and, except lo the extent otherthse expl1• stated In our report we do nol express any forrn of assurance ¢onclu51on thereon. In connectlon wllh our 8udlt of the financial Statements. our responslblllty Is io read th• other Infomatlon and, In doing so, conslder whether the other Infonnatlon Is materially inconslstent th the finandal ststements or our knoyledge obtained In the a111 or otherwtse appears to be matwialty mlsstated. If we idenlify such material Inconslstencl89 or apparent mal8rlal mlsstatsments. we are required lo detemilng whether Ihere Is a material mlsstalemenl In the financlal statemonts or a maierlal mlsstaiement of other Inft>matlon. If, based on the work we have perfomied. we condude that there 15 a materlal mlsslaiement of thls other Infomation. we are requlrnd to roport that fact. Wa have nothlng to report in thls regard. Oplnlon on other matter pro8crlbod by th• Companle8 Act 21K16 In our oplnlon, bawl on lh8 work undertaken In course of the audlL' the infonnatlon given In the t(ust8es' report, vthlch Indudes the dlreclors. report prepared for the Pufposes of company law, lor the financlal year for which the financlal siatement5 are prepared is conslstenl with tha financial stslements; and the directot5' Teport induded bthin th• Iru$t•es' rnport ha$ been prepared In a1rdance with appllcable legal reqvirements. Page 7
The Premises Music Education Programme (A Charlty Company Llmlted by Guarnntoo. company number 3258356) Independent Auditorfs Report to the Members of The Premises Music Education Pro ramme Mattorn on whlch wo ar• raqulr•d to report by ex¢8ptlon In the Itghl of the knowledge and understsnding of the charitable company and its envlronment obtained in th8 course of the audit. we have not identified material misstatements in the dlreclors, report included wthin the trustees, port. We have nothing to r8POrt In respect of the followlng rnatters the Compani85 Act 2006 requlres us lo report to you if, in our opinlon adequate and proper accountlng records hav• not been kept, or retum5 adequate for our audit have not been recelved Irom branches not vlslted by us., ¢r the financi81 st8t8menis ar8 not In agTrem•nt with Ihe accounting records and retums: or certaln dlsclosures oftrustees. remuneration specified by law aro not made, or we have nol received all the Infonnation and 8xp18nations we r8qulr& for our audit,. or the Irustees were not entided to prepare th8 financlal statements In accordanc8 wlth the small companies reglme and tske ad¥8ntage ofthe small companl8$' exemptions In preparing the tnjstees, report and from the requirem8nt io preparn a strntegic reporL RMpon8lbllltle8 ol trustsoj As 8xpl8inod more lully in the trustees, respon$iblltti88 ststement set out on pa99 6. the trustee$ (who arg 31so the dlreciorn of the charitable company for the purposes of company law) are responslble lor the preparation ol th8 financlal slatamanis and for belng sabsfied that they gfve a true and falr viaw, and for such intemal control a$ th? Iruslees detemine necessary to enable th8 preparation ol financlal ststem8nts that are free from material mlsstatement. whether due to fraud or error. In preparfng the financial statements. Ihe trustoes are responsibl8 far ass85slng th8 chaflt8bl8 ¢ompanVs ablllty to contlnu8 85 golng concem, disclosing, as appllcaEAo, matters felat8d going concem and uslng the golng cDn¢ern bas55 of accountlng unless the trustees elther Intend to liquidate the charltabl• Company or to cease operations, or have no reallstlc 8liemativ8 but lo do so. Audltovs rg•pon8lbllllle• for tho audlt of th• Ilnanclal •tAt•m•nl* Qur objectives ara to obtaln raasonable assurdnce about whether the financlal ststements as a whole are free from material mlsstatomanL whether due to fraud or error, and to 555ue an auditorfs report that Includes our opinion. Reasonable assuran¢• is a hlgh level of avJurar4ce, but is not a guarantee that an audlt conducted In accordance vlth ISAS IUKI wlll always detect a malerlal mlsstatemant when It exists. Misstatements can ari8• from fraud or orror and are con8ldered mateflal If, Individually or in the aggrggate, they could reasonabty be expected to Influenca the econornlc decS9lon$ Of u$•rs tsken on the b£818 of thew financial statements. Irregularftles, IlUdIng fraud, are Instsnces of nonrycompllanc8 wllh laws and r•gulations We deslgn pro¢edums in line with our responslbllltl8$. outlined above, to detect maierlal misstatements In respecl of Irregularities, Including fraud. The extent to whlch our procedures are capable of d•l•cling lllegularltle$, In¢ludlng fraud Is det8llad 10. W• Identified the legal and f8gulo10ry frameworks th4t ar• applicable lo Ihe entty and determlned that the most slonlficont ara those that rglate to the Bpecific buslness environment In whlch they operate, th8 reportlng requlrem•nts th•y 4r• obllged to adhere to and other legal and ragtslalory requlrom•n15 appllcable to owralSng entitie$ In general, These Include the Companles Act 2006, thè Charities Acl 2011, FRS 102, the Chaiitiès SORP and GDPR leglslatlon, The charitable company oporatos l¢rAlly and Is nol slgnificantly Impacled by Iniemational law or regulalons. Taxation law and regulatlons appll¢able to charltles also apply lo the chafltAbla company bul it18 not Involved In any comphx matters that increase the rlsk of nOn-Cp1lanCa. Each area of audit review indudes In the audlt documentatlon referenc4 to potential non•cornpllance and awareness of potential nonacompllance Is embedded In our audlt procedures. Wa agsessed th8 rlsks ol materfal misstatement In respect of fraud by enqulry of management, revi8w of th8 charity's operations and dlreci revlew of signlficant and material transactions, InCIlIng all n)n-$tandard or Irregularjoumal adlu$lments Our und8rstandlng of the organlsatlon enables us lo undef5tand and Identlfy transactlons or areas that appear to pr8senl a rlsk of fraud. None were detected. Our pre-audit quesllonnalre specifically m8kes enquires about fraud and thls Is supported by audit documentatlon. We 0150 review Boafd mlnute$ to kianlify any matters of concern or tsk. None was Identlfied. Th8 audit was corKlucted by A very experienced audlior who has a good knovAedge of the cllent and no other 855iStance or support was requlred. The charity is small, Its acbvitias 8re regular and ¢Msistent and are not complex and no speGi31 audit considerntions apply, nor is extemal 5peclallst a$¥lstan¢e required. A further descriptlon af our responsibllitie5 for the audrt of the financial statements Is located on the Financlal R8POrting Coun¢il'8 website at www.frc.org.uklaudltorsresponslbllld•$. This descriptlon fomis part ol our auditols reporL Page 8
The Premises Muslc Education Programme (A Charlty Company Llmltod by Guarnnlee, comp•ny number 3258356) Independent Auditorfs Report to the Members of The Premises Music Education Pro ramme Use of our raport This report18 made 8018ly to the Charilable companys mern as a tx)dy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been und8rtaken so that We mlght state to thè charitable company's members those matters we are requlr8d to 51ale to them In an audltors report and for no other purpose. To the fullest exlenl pennitted by law, wa do not accept or a55ume responslbllity to anyone other than Ihe charitable company and the chaiitable companls members as a l)ody. for our audlt work, for this report, or for the oplnions w8 have lornad. nthon Ami nlor ststu ftirand on bèhalf of Amistrong & Co Chart•r•dAecount•nts & Statutory Audl¢or Datod: 23 Octob•r 2024 4a Prfntlng Hou8• Y•rd Hacknèy Road London E2 7PR Page g
The Premises Music Educatlon Programme IA Charfty Cornpany Llmlted by Guarnnlge, company numbor 32S83S6) Statement of Flnanclal Activities Incorporadng the Ineomg and expendlturn 8c¢ourt for the ear ended 31 March 2024 2024 Toial Funds 2023 Total Funds Unrnstrl¢tod Fund• R•strlctod Funds Note8 Income from: Donations and legaaes Charitable 8ctiwtie8 Investsmenls 7.533 139.942 1,578 7,533 139,942 1,578 1.350 147.255 453 Total Incom• 149,053 149,053 149,058 Exp•ndltur• on: Ra151ng lunds Charitable actlvllles 2,500 112,414 1,500 99.286 109,753 2,681 Total •xp•ndltur• 112,253 2,661 114,914 100.766 N•t In¢om•l(•xp•ndltur•l and mov•mont In funds (2,661 } 34,139 48,292 RKonclllatlon ol lund•: Totsl funds brought forward 14 761.225 339,268 1,100.493 1,052,201 Tolal funds carrf•d forward 14 798,026 336,607 1.134,632 1,100.493 All Incomlng r•3ourc•J and resourcas expended are deflved from continuing activitsos. Thè statement of flnanclal activiti•s Incorporates an Incorne and experKlllure account The a¢¢ompanyin9 accountlng poll¢ie$ and notes fmn an Integral part of these flngnclal ststemant$ Pag810
The Premises Music Education Programme IA Charlty Company Llmltod by Guaranta•. company number 3268356) Statement of Financial Posltlon as at 31 March 2024 31 Mareh 2024 31 March 2023 Not•8 Flxod •88et8: Tanglble assels Total Ilx8d a88ets 926.953 932.959 Currnnta•uts: Debtofs Cash al bank and In hand Total cuffent 4S8•t• 3,465 348.751 10 6.044 329,152 Cr•dltorn'. amounts falllng du• wlthln one ar Net curr•nt a8s•lsl(IlabllltlM) 112,197 109,829 240,019 225,367 Tolal •i•et•1••8 curr•nt Ilabllltl•• Cr•dltOrn: amounts lalllng du• after mor• than on• y•ar 1,186.972 1,158,326 12 32,340 57,833 Total n•t a•MI• 1.134,632 1.100,493 The funds ol th• charlty: Genernl funds Deslgnatod fundg Re$lrfct•d funds 14 16 18 484,403 313,822 338,807 447,803 313.822 339,288 Total charfty fund• 20 1,134,632 1,100,493 The$e flnanclal statements have baen prepar8d In occordance with the $pedal prO810n8 ol Part 15 01 the Cornpanlès kt 2008 relatlng to small companies and vlth the Flnandal Reporting Standard 102. Th• flnanclal •t•t•m•nts approv•d by the Board of Tru•tee• on 23 October 2024 Ind Jlgn•d on Its behall by: cola Colll Th• notes on pages 13 (0 19 lomi part of th0 aceounts. Page11
The Premises Muslc Education Programme (A Charlty Company Urnlted by Guaranteg, company nurnber 3258356) Statement of Cash Flows for the ear ended 31 March 2024 Notes 2024 2023 Cash IIow8 from operallng actlvltJe8: Net cash provided byl(used in) oparatlng activitses 19.771 16,659 Cash flow8 from Inve¥tlng actlvltles: Dlwdends, Interest and rents from Investrnents PuKhase of propety, plant arKI equipment 1,578 (1,750) 453 Net ea•h provlded byl(uMd Inl Inv•stlng acilvltla8 Change In ca•h and cash equlvalents In th• r•portlng parlod Cash and cash aqulval•nt8 at tho boglnnlng of th• r•portln9 perfod Cash and eaih oqulval•nts at the •nd ol th• reportlng perlod 19,599 17,112 329,152 348,751 312.040 329,152 2024 2023 1) R•conclllatlon of n•t Incom•ll•xp•ndlture) to net cash Ilow froffl op8r4tlng actlvJUe• Net Incomel(oxp•nditure) for Ihe reportlna pèriod las per th• stal8menl of ftn•ncial actlvitiej) 34,139 48,292 AdJuslm•nts for. Deprncialion charga$ Dfvldends, Interest and rents Irom Inw$tments Ilncreaselldecrease In debtors Increasel{d8creas8) In cr•ditor8 7,756 11,5781 2,579 (23,125) 7,298 (453 {519 (37,958 N•1 ¢aBh provlded byl{u••d In) operatlng acllvltl•s 19,771 16,659 2024 2023 2) AMty•l• ol caih and ea•h •qulvalents Cash In hand 348,751 329.152 Total ca•h and ci•h equlv•lents 348,751 329,162 Page 12
The Premlses Music Education Programme (A Charlty Company Llmlted by Guarnntea, company numb•r 3268366) Accountlng Policles for the ear ended 31 March 2024 Baxl• of pr•paratlon The financoal slalements have been prepared in accordance Mrylh.. a) Applicable UK accounting standards. in¢llIng Financlal Reporting StarKlard 102 Th Flnancial Reportlng Slandafd appllcable in the UK and RepublK of Ireland IFRS 102),. b) Accounung and Reporting by Charltlas Stalernent of Recommended Practice applicable to charltl8s prepariTrJ their accounts in accnrdance with the Financial Reportlng Standard applicabl8 In th8 UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - {Charitles SORP FRS 102)., c) thè Companles Act 2006, d} the Charities Act 2011. Publlc b•n•llt •nllty Thè charilabl8 company moets the definatlon of a publlc b8n8fit entity under FRS 102. Golng concern The charitys income15 malnly derived from 8èlf4•n8rat8d sources. such a5 rental 5ncome and course lpgs. The tnjstees cansider that th8re are no maiarfal uncartainlies about the likelihood that this support will contlnue, 8nd accordingly, the acefjunts have been prepared on a golng concem basls. Incom• r•cognltlon Income Is recognl$8d when the charity has 8 contraclual or other rfght lo Ils rec8ipt, it 15 probable that the Income S11 be recelwd and that th8 amnI can be meagurod reliably. Income with condillons attached to ts rec&lpt Is r8cognlsed when those condltlons have been fulfilled, Interest on fund$ held on depo$lt Is included when recelvable and th8 amount can be measured rellably by the charlty; thlj Is nomialty upon notificatlon ol the Interest pald or payable by the bank. Exp•ndltur• r•cognltlon Expenditure Is accru as soon as a Ilablllty Is consldered probable, and the amount ol obligation can b8 m8asur•d rellabty, The charity Is feglstered for VAT and accordingly 8XP8nditure éxcludes VAT where appropriate. £xpendilur• included In Rablng Funds Includes amounts Incurrad In obtainiry grants and other donati¢nJ. Charltablé expenditure Indudes tho$• costs expended In lulfilllng the charlty's principal oblects, as oulllned In th• Report of th• Trustees. Th999 In¢1Je grants payable, govemanct costs and an apporuonment of support Costs. Grants payable are payments made to third parties In lurtherance of the charity's owcts. In the case of an uncondlilonal grant offer thls Is accrued onc8 the raclpiant has been nollfied Of the grnnt award. The notification glves th8 r8¢ipl•nt a reasonable axpg¢t31ion thal they wlll receive the grant. Grant awafds that are 8ubl8Ct to tha raciplent fulfilllng perfomance condltlons are only accfued vthèn tho raclplent ha5 been nollfied of the grant and any remainin9 unlulfilled cOndIOn attaching to that grant Is Outside of the control of the rharlty. Govemance cosis Comprise all costs involving the publ1¢ a¢untabl1bty ol the charlty and its compllance wlth regulation and good practice. These costs Include costs r818t8d to the audit and legal fees. R8ntals undor operatlng l¢as95 are charged as Incurred over the lenn of the lease. Costs are allocated dlrectly to projects where thay can be identified a8 relatlng SOlY lo thai prglect. Other costs are allocated b8twe8n the funds based on staff Ilme spent on the fund activiti or other approprlate uiteria. D•f•rrnd Incomo Income recelved bthich 15 contraclualty or othevwlse not expendabl8 undl a luture poriod Is d•lerred to the pedod In whlch it meets the ciiterla for Inc(xne recognltlon. Endowm•nt fund¥ EndowTnenl funds are ftstrkted fvnds which are capital In nalure. Pernanenl endowments exist wher8 there is no power to convert the capltal Inlo income. Th8 fvnds can reduce whem there are decreases In value, either by losses or depreciation, of assets opresented by th¢ furKIs, RllIcted Fund8 Restricted funds ar• only to be used for specified purpo8es as laid do¥w by Ihe funder Diract arKI support expenditure which meets these criteria are identifiad lo fund together with a lalr allocatlon of other costs Page 13
The Premises Muslc Education Programme (A Charfty Company Llmltsd by Guarantso, ComnY numbar 3258356) Accounting Pollcles for the ear ended 31 March 2024 Unre8trlctsd Fund• Unrestricted fvnds are fujS re¢elved which have no restrictlons placed on t1¢ use and ar• available as general fvnd5. Dé•lgnat•d Funds Dasignated funds are unreslrici•d funds eamiarked by the trustee5 for parth¢ular purposes. Hlr• purcha•e and lea8lng commltments Rentals pald under operating leases are charged to the Siatement of Financlal Actfvitlas on a stralght line basis over tha perlod ofth8 lease. P•n8lon8 The Charity operates defined contribution sch8mo$ which are admlnlstared by outslde independent penslong provider5. Contnbulions payable for tho yoar aro charged lo the Statement of Flnandal Al¥ll188. Tanglbl• Flxed Auets Tanglble fixed asset5 are stated at cost less deprnclation. Depreclatlon Is provided at lh• followlng annual rales In order to V4TIt8 off each 89Sat over its esllmated us0fv1 life. Th8 fro•hold propgrty18 malntalned lo a high starKlard and15 expected lo have a Ilfe exceeding SO years and a hlgh resldu81 value. The remaSnlng deproctable amount Is b•ng written off over 50 years. Land & bulldlng5 Funiture & fixtures Office equlpmenl 2% on c05t to resldual VAIu• - 25% on cost - 25% on cost Items ol equlpmenl are only capiialisad where th• purchase prke exceeds £500, Page 14
The Premises Music Educatlon Programme IA Charlty Company Llmlted by Guarantee, company numbor 32583661 Notes to the Accounts for the ear ended 31 March 2024 1 Incemlng rèsour$ The IncomlThJ resources and surplus are attributable to the prfnopal aclivilies of the charity. 2 Net Incomlng r•8ourc08 Net incoining resou85 8r8 Statad aftwcharging.. Audltors fees- audit seNIc8S Auditor5 fees- othgr sefwces Depreciation- owned a55ets 2024 2023 1,350 1,400 7,756 1,350 1,10 7,298 Tru•ts•8' •molum•nts Emoluments Includ8 salaries. fee5, bonuseg, expense allowances and estimat8d non-cash b8n8fits rtt•ivabla. All Irusiees serle In a voluntsry capaclty and do not r8celv8 payment for thelr s8Thlca8 FRC EthIc81 Standard - Provl8lons avalliblg for small entltlos In common with many oih&r charities of our slze and naturg we use our audilor3 to assist with the preparallon of lh8 financlal staternenis and to prowde advlce relallng ¢0 Btatutory and regulatory compllanc8. 2024 Tolal 2023 Totsl 3 0onatlon• and legacle8 Unmtrlct•d RMtrlct•d DonationB 7,533 7,533 1,350 2024 Total 2023 Total 4 Incorn• from charftable •ctlvltl•• Unr•strlctod R•8trl¢t•d Renlal In¢ome Jazz Plano fe89 Course fee$ 127,202 2,980 9,760 139,942 127,2Q2 2,980 9,760 139,942 144,905 2,350 147.255 2024 Totsl 2023 Total 6 Incom• Irom In¥tments Unmtrlct•d fttr1¢t•d Bank Inier•3t reiVed 1,578 1.578 1,578 1,578 453 453 2024 Tol•l 2023 Total 6 Expendlturn on ral•lng fund• Unr••trlctod RMtrlct•d Fundraising foe5 2.500 2,500 1,500 Page 15
The Premises Music Education Programme (A Charlty Company Llmltsd by Guarantee, company numbor 32683561 Notès to the Accounts for the ear ended 31 March 2024 7 Expendlturn on charltsble actlvltles 2024 Total 2023 Tolal Unr08trfct•d R•strl¢tsd t)onations rnade Charity adminSstration Charity managèment Musician5 and cours• tutors Hir8 & equlpment Adverting Repalr5 & malntenanca Legal & prolessional fees Bad debis Bank chargoj Loan int8f8St A{torS fees- audit seNices Audllors fe8s - other seryices Depr¢ciatton Charge 15,364 22,690 19.902 11.533 2,275 1,825 14,695 9.397 15,364 22,690 19,902 11,533 2,275 1,825 14,695 9,397 4,300 19,242 16,419 10.948 10,169 2.200 18,158 2,164 870 211 4,037 1,350 1,900 7,298 99,266 218 4,010 1,350 1,400 5,094 109,753 218 4.010 1.350 1,400 7,755 112.414 2,681 2,661 8 Tanglbl• flx•d aM•l• Land & bulldlngs Funliur• & Ilx¢urn8 Offlco •gulpm•nt Total Cost As at 1 Aprll 2023 alditK*n8 1,014,888 25,922 6,065 1,750 1,048.875 1,750 As at 31 March 2024 1,014,888 25.922 7,815 1.048.825 Doprnclallon As at 1 Aprfl 2023 Charge for the year 81,929 7,318 25.922 0,065 438 113,918 7.7S6 As Al 31 March 2024 89,247 25,922 6,503 121,672 Net book valuo As at 31 March 2024 925.641 928,953 As at 31 March 2023 932.959 932,959 The fixed assets held by the charfty h8ve been purchased uslng funds from a vartaty of sources. Some of liiese sources place a restrlclion on the ablllty ol the charity lo dlsposo of a$$ets bought wllh Ih8lr funds Thls regtrlct6on usually r•qulres the charfty lo galn approv81 for any disposalg. 9 Dobtorn: amounts falllng duo wlthln ono y•Ar Operating debto 2024 2023 3,485 3,465 6,044 10 Bank and cash In hand 2024 2023 Bank current account 2 Bank current account 4 Bank current accounl 7 Bank current account 8 Cash account 8,127 302,914 850 38.860 30,SYJ9 265,882 1,052 30,964 345 329,152 348,751 Page 16
The Premises Music Education Programme (A Charlty Company Llmltsd by Guarantse, company number 3258356) Notes to the Accounts for the ear ended 31 March 2024 11 Cr•dltorn: amounts falllng duè wlthln ono year 2024 2023 Rent deposits VAT liability Accruals Deferred income Premises Studios Llmited loan Trfodos bank loans Bounce Back loan 5,600 15,855 3,747 s,000 56,486 20,509 s,000 112,197 5.575 14.109 3.747 5,317 58.486 19.595 109,829 The loan froffl Prernlses Studlos Llmlted Is unsecured, Interesl free and there are no fornial repayment tems. Premig05 Stud105 i Llmlt8d has Indicatsd that it would not seek repayment if it were to be detrimental to Ihe chari 's finandal clrcumslances. 12 Cradltorl: amoun1• falllng du• aft•r on• y••r 2024 2023 Triodos bank loans B¢JuncA Back loan 26,507 5,833 47.000 10.833 Th8r8 are two Trfodos Bank loans. One was ropakl In fijll In December 2022 and was charged at 4% over Royal Bank of Scotlands base rate. The other loan 15 payabl0 by May 2026 and18 charged at 1.4% over Royal Bank of ScoU8nd's base rnte. Both th8 loans ar8 38cur8d on tha cofflpany's freehold premises The charity applied for the Bank of Scotland Bounco Back loan In previous yeaws There was a 12 month payment hollday on thé repayment of the loan. The loan13 payable by June 2026 and the Interest Is char98d at 2.5%. The loan In uns8cur8d, 13 Maturfty of debt 2024 2023 Amount tallSng due In one year or le45S 8ots•Men one and five years 81,995 32,340 81.081 57.833 Op•nlng b•lanc• R••ourc arlxlng A•Bour¢ uUll••d Closlng balanc• 14 The fund• of the charlty: currnnt 41 mov•m•nt• Restrlcted Income lund$ 339,268 12,881) 336.607 D8$ignsled lurKIs General fvnds Tolal unrnstrtGled funds 313,622 447,603 761,225 313.622 484.403 798,025 149.053 149,053 112,253 (112.2531 1,100,493 149.053 114,914 1,134,632 Op•nlnq b•lAnc• R••ourc arlllng R•sourcos utlllud Oth?r mo¥om•nts Clo•lng b•lanc• 15 The fund8 of th• ch4TIty. prlor yur Restrlcted income funds 341.922 (2,654) 339,288 Designated funds General fvTrJs Tolal unrnslnctod lunds 313,622 396,857 710.279 313,622 447,603 761.225 557,680 557,680 198,112) 198,112) 408,622 (408.622 1,052.201 557,680 1.100,493 100.766 408.622 Paoe 17
The Premises Music Educatlon Programme (A Charlty Company Llmllod by Guardntsg. company numbor 3258356 Notes to the Accounts for the ear ended 31 March 2024 Op•nlng balanc• R•8ourc•s arknlng RHourc utllls•d Transf•rs & affju•lm•nts C11n9 b4lanc• 16 De8lgnated funds: eurront ygar Operating Int8mipll¢Jn costs Building malntenancè Lift replacemant Loan repayments Pfovlslon 65,000 80,000 90,000 78,622 313,622 85.0 80,000 90,CKK) 78,622 313,622 Op•nlng balknc• Ruourcos Rwourc•8 ullll••d TrMslor• & •dJuslm•nl• Closlng lanc• 17 De8lgnatsd fund8: prlor year Operating inlemjpllon costs Bulldiw malntenance Llft replacement Loan repayments provi$iixi 65.000 80,000 gD,000 78.622 313,622 85,000 80.000 90,WO 78,822 313 622 Operatlng Inl•miptlon eoitA Bulldlng malnt•n•n¢• Llft roplac•m•nt Loan repayments provl•lon Sufficlent running ¢o$ts lo cover an Intemipllon pgdod ol up to 6 monlhs Cost of essential bulldlng malntenance works Cost of Ilft replacement Six months loan repayments relatlng lo the &iurchase of a property Op•nlng balanc• In¢omlng rn•our¢o• RKour¢•8 TMnsl•rn & •xp•ndod galn•l(lo••••) Clo8lng balanc• 18 Re•trlct•d fund8: eurr•nt p•Tlod Freehold premlses & Btudlo Digital Bridge 340,657 1,265 341,922 2,681 337,996 1.265 339,261 2,661 Op•nlng b•l•nc• Incomlng rnsourc•s R••ourc8• Trnn•f•rn & •xp•nd•d gaIn{la•1•$I ¢11n9 bahnc• 19 R••trlclgd fund•: prfor p•rlod Fr••hold wemlges & Btudlo Dlgit41 Brfdge 340,657 1,285 341,922 338,IX13 1,285 339,268 2,654 Rutrlct•d fund• {contlnu•d) Projects financad by reslricted funds are BUPPQrted by unrestrlcted fijndlng where necessary. This OCCUTS wh8r8 th8 fundlnll is In arrear5 or the Incldence of expenditure on the project occurn dlsproportionalely at the beginning of the prolect compared to the income Ilows. Wh8r8 Testrlcted projects end Ihe year with a deficit, thls Is met by after yearaend resldcled InGome or transfers from unrestTlcted funds. Fund o*m• Fr•ehold pr•mlgM & •tudlo PuryM• of r••trlet•d fund• Funds represent part of the c05t of purchaslng and reftjrblshlng the propety at 209 Hackney Road, Including building a recording studio. Tha balanc8 of the costs arn mat by loans. Th8 expendlture relates to the depreclation applied lo Ihe bulldlng Funding to develop a bespoke e-commerce studlo b(>ciklng system. Dlgllal Brldg• G•neral lund• Dwl9nat fund¥ R•¥trlGt•d nd8 Endowmgnt fund• 20 Net a85•ts attrlbutabl? to funds: currnnt perfod Tanglble fixed assets Current assets Current liabllltles Long temi Ilabllitles Net assets represented by lund5 587,645 41,295 (112,197) 32.340) 484,403 339,308 (2,701) 926,953 352,216 1112.197) 132,340 1.134.632 313.622 313.622 336.607 Paga 18
The Premises Music Educatlon Programme (A Charlty Company Umllod by Guarantee, company numbor 3268366) Notes to the Accounts forth8 ear ended 31 March 2024 G•ngral lund• Doslgnat•d nds R•trlcl•d fvnds Endowmenl fund• 21 N•t a888ts altrlbutabla to fund8.' prlor perlod Totsl Tanglble rd assets Currenl asseis Current liabille3 Long term liabilities Nel assets repre88nt8d by funds 594,956 20,309 (109,829) 57.833 447,603 338.003 1.265 932,959 335,196 (109,829) 57,833) 1,100.493 313,622 313,622 339,268 22 Taxatlon The company Is a registered charfty. Accordingly, it Is exempt from taxatlon In respe of Sncoma and capltal gains to the extent thal thes8 8re applied to its charitable obJ8ct$. 23 Po•t balanco •ho•1 •v•nts There ¥vara no signifficanl post balance sheet events. 24 Contlngènt IlablllUo• The charltabte company had no rnalerlal conllngent Ilabllities al 31 March 2024 nor at 31 March 2023. 25 R•lat•d partl•• Of the charity'8 tw$toe8 Ms N Colllnj l¥ a Close fgmlly member of Mr V Broughton, a dir•Glor and lo shareholder of Premlse3 Studi08 Llrni18d. The charity and Pr•mi$•s StudloB Llmlted ha entered Into the followiThJ tran8aCtlons wlth •ach other during th8 y88r undar review.. Premlses Stud1 Llmiled made net loans to the charfty during the year of £NII (2023: £Nil> The laan outstsnding at the balance sheet date was £56,48612023: £56,488). Th• loan18 Inlernsl and there are no fornial repayment tenns Premlses Studlos Llmiiod has indicated thot It would not seek repayrnent If it Vre lo bo detrimental to the chaflty's posltlon The charfty rents office and studlo space to PmISeS Studlos Llmlted. During the year It record8d r8nl of £37,820 (2023. £43.350) and the balan due at the end ol the year was £Nil12023: £NII). The Charity rent5 room sparA trom PremSse$ st1105 Llmlted. the year It recorded rant paid of £NII {2023: £NII) and the balance due at the end of the year was £1,¢)0012023: £1,000). 26 Glft• In klnd and volunts•rn During the year lh• charitab company benefited fffjm unpald work perfomied by volunt••rn. 27 Company 6tatU8 The company is Ilmlted by guarantee and accordingly d08s not havo a share capital. Every member of Ihe company undertakes lo contrlbuie such amount 8$ may ba requlred nol exc8edlng £1 to ?55ets of the charitable company In the event of11 b8ing wourKI up vthll• h• or she Is a member, or withln one 5af after he or she ceases lo ba a member. Page 19