Registered number.. 03466442 Charity number= 1067859 The Muslc For Schools FoundatÉon Trustees, Rsport and Financial Statemènts For the Year Ended 31 August 2023 dJDAINS ACCOVNThNTS
The Music For Schools Foundation IA Company Limlted by Guaranta81 Cont8nts Page Reference aiid Administrative Dètails of the Charity, its TN]stees and Advisers Trustees, Report lrtdèpendent Examiner's Report Statemènt of FinanGial Activities 8a5ance Sheet Note5 to the Financial Statements S-17
The Music For Schools Foundation IA Company LimitÈd by Guarantee) Rèfèrence and Administratlve Details of thè Charity, Its Trustees and Advisers For thè Year Ended 31 August 2022 Trusle8s M Byrne S Mercer A Padbury Company registered nuft)ber 03466442 Charlty registered number 1067859 Reglstered offlce Unil 3 Ryknild Trading Estate Derby Road 8urton-on-Trent SlafforLlshire DE14 1R2 Company secretary S Mercer Senior mar7agem8iit team A Wooding. Head of Service K Robinson, Education Advisor T Preece, Enrolmenl Manager B Prankard, Teachér Support A Garland, Teacher Suppc)rt E Ja¢ques, Teacher Support P Maddox, Teacher Support Independent Examiner Dains Audit Limited 15 Colmore Row Birmingham B3 2BH Bankérs Royal Bank of Scc>lland Pk 3841 Station Streel Burton-on-Tienl DE14 1AX Page 1
The Music For Schools Foundatlon IA Company Limited by GuaranteBI TrustéÈs' Report For the Year Ended 34 AugLtst 2023 The Triislees present their annual report together with the financial statements of thè Charity for the year 1 September 2022 10 31 August 2023. The Trustees confirw that th8 Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the eompany'5 goveining document and the piovisions of the Slalement of Recommended Practice ISORPI. applicable to charitie6 prepartng their 8ccounls in a¢¢ordan¢e with the Financial Reporiin9 Standard applicable in the UK and Rèpublic of Ireland (FRS 1Q2} leffeclwe 1 January 20191. Since the Charity qualifies ay small under section 383, the Strat[¢ report réquired of medium and large Companies under The Companies Act 2006 Islrategic Report and Direciofs Report) Regulalions 2013 is not required. Objèctives and act5vities Policies and objectivè The objectives of the Charity are.. The 8dvancemenl of musical education., To provide 8n opportunity for children of all ages to learn lo pl8y a musical instrurn8pl by increasing access lo musical instruments in school., end by arranging musical conrtS and mLJsical workshops al 811 times duririo the school year 2nd during schotsl holidays," and by offering free luilion to children whose means prevent P3ymenl'. To promote. encouwge and organise school Gommunity bands., To do all other things and all athar acts deemed by the Trustees lo be in the a(fvancement ol musical education. The Charity's main objective Is to make instrument leachin9 In primary schools accessible to Ss many children a5 possible. The princip81 aim for Ihe year was to continue to increase pupil numbers through visits lo schools to deliver musical assemblies, whilst working lo reduce operating costs. A¢tlvities undèrtaken to achieve objectives The Gharity teaches approximalely 2,200 pupils in 200 schools throughout the ¢ounlry, giving a wide range of Children the opportunity to play musical instruments that they may OtheIse not have had. The Charity actively works to increase interest in music IhTough the use of musical assemblies in schools and to introduce children to the idea of playing e musical instrument. The Ch8Tily charges for luilion, bul proVdeS assistance to pupils in need of financial suppoit. Al présenl Épproximately 60 pupils take advantage of subsidised tuilioii. The Truslees are COnl0S ol the need to make the tuition available to as many pupils as possible. The tuition fees are set at a level which is genera15y affordable bul whicli also provides sufficient funds for the Charity to support those who are ungblè lo pay the lee5. The Charity uses gpproxim81ely 50 teachers throughout the coiinlry, and ensures that teaching standards are maintained by a continuous training and development piogramme. Teachers are also encouraged to promote the plawng of musical in$irumenls outside lessons via school ensembles and bands, and also lo guide pupils lowards iaking extemally recogni5ed examin8tions. When planning the aclivities for the year thè Trustees have considered the Charity Commission's guid8n¢É on public benefit. Page 2
The Music For Schools Foundation IA Company Limited by Guarantee) Trustees, Report Icontlniiedl For the Year Ended 31 August 2023 Objectlvès and activities Icontinuedl Main activFties uiidertaken to lurther the Charity's purposes for the public benefit In setting objectives and planning for activities, the TFUStees h8ve given due consider8lion to general guidance published by the Chgrity Commission relating lo public benefit. The primary acti%qly undertaken by Ihe charily is that of instrumenl le8¢hing. The main objective of Ihe Charity Is to make instrument teaching in primary schools accessible to as many children as possible. Achievements and performance Revlew of acllvilies Pupil Nlimbers Pupil numbers continued lo Ihfoughout the year as anticipated, as a re5uII of school 'Mvsic Man. assemblies. 134 s¢hwls kvère visited and 1200 new pupils recwited in the year. Exams 202212023 50 candidates were entered for ABRSM PTaclical Grade Exams, and 46 candldates entered for ABRSM Performance Grade Ex8rn5. 98°/o of pupils were successful. MfSF continue to encourage lulors lo recommend the type of examination that best suits the educational needs of the pupils, and a lower number of entries than prè-covid can be altribuled to the pupils being 31 an ear5y stage ol their musical development. MfSF Tutors Over 10 new tutors were ¢ruItecf during the year. several ol which were In new areas for the Foundation. A system is in place lor the Enrolment Manager to research and approach new schodls lor Ihose tutors, to further increas8 the nurnber of new pupils enrolling lor lessons. Promotion The Enrolmènt Manager and Head of Service exhibited al the Music and Drama Exhibition in London lor the first tirlle in February 2023, the aim being lo increase awsreness ol the Charil¥5 activities, and make contact with potential new scliools and tutors. The experiellce was félt to be beneficial. and il wias decided that the Chaiily would exhibit again in future years to m8ximise the 5u¢cèss ol the ventuie. Head Offlce Staff A new membei of staff was appointed in December 2022, however il was fell that aller 6 months of service, the employée was not able lo progress or develop wilhin the role. The member ol staff was given notice and another ream member recruited in June 2023. Invèstment policy and performance The Truslee and management team havp again considered the most 8ppropriale policy for invesling temporary surplus funds and havé concluded thal the most suilGible investment funds currently svailable are a deposit aCcont and two fixed rale bonds with the Chanly's bankers whi¢h provide necessary access to funds whilst giving a salislactory ratè ol interest in the present financial market. Page 3
The Music For Schools FDundation IA Company Limited by Guarantee) Trustees. Report Icontinuedl For the Yèar Ended 31 August 2023 Financial review Going concern Aftèr making appropriate enquiries, Ihe Trustees have a reasonable expectation that the Charily has adequate resourcès to continue in operational existence for the fore5*able future. For this reason they continue lu adopl the going concern basis in preparing the financial slatemenls. Further details Tegarding the 8doplion of the going concern basis can be found in the Accounting Policies. Details of incoming resources and resources expended are sel out in the St2teménl of Financial Activities on page 7 of the Iin8naal slatemenls. Nel incoming resources for the year ended 31 August 2023 were £28,066 12022 - net outgoing resources of £92,755). Reserves policy The Charity intends to relain and build funds over tho MIng years lo reach a largel of £85,000- £100,000. The policy of retaining signilicai)I funds within the Charity has ensured the ¢ontinualion ol the Charity over the pasl 3 y88rs, which have been si9nilicanlly disrupted by the COVID-19 pandem. Structure, governanc8 and management Constitutlon The Music For Schools Four)dalion was incorF()rated on 17 NovembeT 1997 under the Comp8nies Acl 1985. Bèing a Company Iimiled by guarantéè it is goveined by Ils Mèmorandum and ArtleS of Association. The Company is also a registered Ch8rily with the Charity Commission. In the evenl of th8 Company being wound up members are required lo contribute an a¥nounl not exceeding £10. IAethods of appointm8nt or election of Trusteès The managemenl ol Ihe Ch8rity is the TÉsponsibilily ol the Triistèes who are elected and Co-opted under the terms of the Articles of Association All TrusleÈs are eleGled lo seNe lor a period of three years al which point their position is reviewed. Organisational stru¢turè aild decIson.akIng policies ThÈ Trustees elm to meet on a twice yearly basis and are responsible for the 5tTategic direction and policy ol the Charity. A scheme ol delegation is in place and day-to-day responsiblllly of the scheme rests with Ihe Head of Service. Poll¢les adopted for the inductloii and training of Trustees New Truslees wll under90 an orientation meeting lo brEI them on their legal obligklions under Charily and Company law, the conlenl ol tl)e Memorandum and Artides of Association, the working of the scheme and rocenl financial performance of the Charity. A comprehensive information pack has also been prepared with rèlevant Irformation about Ihe Charity and ils prtsjecls, which 18 distributed to each Tru51ee. Pay poll¢y for key management personnel The pay and remuneration of tli8 Charity's key PErsonnel Ère reviewed periodically by Ihe Trusl8es lo ensure these are appropriate ar)d in line with rn8rket condilions. Page 4
Tlie Music For Schools Foundation IA Company Llmited by Guarantee) Trustees. Report Icontinuedl For the Year Ended 31 August 2023 Structure, governante and management Icontinuedl Related party relationships None of the Trustees held any interest in the funds Of the Charity, There were no related party transactions in the year12022 - £Nill. Plans for future periods A review of the Head Office staffing has been completed, which determined that due lo the increase in the number ol pupils enrolled and the Incr28sed workload. and the inlenlii)n lo continue lo develop the scheme overall, an addition81 adminislralor was required. Recruitment will lake place in the a¢3demic year 2023-24. Approved by order of the members ol the board of Trustees on 25 April 2024 and svJnÈd on their behalf by.. M Byrne Trustee S Mercer Trustee Page 5
The Music For Schoo15 Foundation IA Company Limited by Guarantee) Independent Examtner's Report For the Yèar Ended 31 August 2023 Ii)dependent Examinèr's Report to the Truslees of The Music For Schools Foundation I'lhe Charily'l I report to the charily Trusteès on my examination of the accounts of the Chatity fo¥ the year ended 31 August 2Q23. Responsibllltlès and Basis of R$port As the Trustees ol the Charity land ils directors lor the purposes of company Saw) you are responsible for the preparation of the accounts ill accordance with the requirements of the Companies Act 2008 {'Ihe 2006 ACYI. H8ving satisfied myself that the accounts ol the ChatY are not required to be audited under Pèrt 16 of the 2006 Act and are eligible for independent examination, I report in respe¢l of my examination of the Charity's accounts carried out under section 145 01 the Cliarilies Act 2011 I'lhe 2011 Acl'l. In carrwng out my examination I have followed the Dire¢lions given by the Charity Comrnis5ion under section 14515)Ibl of the 2011 Acl. Independent Examiner's Statement Since the Charity's gross income exceeded £250,000 yoiir examiner must be a m&rnbÈr of a body listed in section 145 of the 2011 A¢t. l ¢onfinn that l am qualified to undertake the examination because l arn 8 mèmber ol the Institute of Chartered Accounlanls in England and Wales, which is one of the lisled bodies. I have completed my examinalK)n I confirm Ihal no matters have come lo my atlenlion in connection with the examination giving me cause lo believe.. accountino records We not kept in respect ol the Charity as qUired by sedion 386 of the 2006 Aet,. or the accounts do not accord with those récords., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the 8¢countS 9ive a 'true and fail view which is not 8 matter considered as parl of an independent examinalion., or the accounts have nol been prepared in accordancÉ with the method5 ancl principles of the Statement ol Recommended Practice for accountlllg and reporting by charilies applicable to eharilies preparing Iheir accounts in aecordance wlh Ihe FinancEI Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1Q21. I have no ¢oy)cerns and liave come across no other m8lter5 in connection with the examination lo which attèntion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Tl)is repoti is made solely lo the Cliarity's TrSleeS. as a body, in accordance with Part 4 01 the Charities (Accounts and Reportsl Regulations 2008. My work has been undertaken so that I might state lo the Charity's Trustèes those matlcrs l am required to state to them an Independent Examiner's Report and for no olher purpose. To the fullest extenl permitted by law. I do not acp1 or assume responsibility lo anyone other than the Charity and the Charily's Trustees as a body. for my work or lor this T8POrt. Signed.. Dated.. 25 April 2024 Mark Gurney FCCA Dains Audit Limited Birmingham Page 6
The Muslc For Schools Foundatlon IA Company Limited by Guarantèe) Statement of financial activities Ilncoyporating income and expÈt)dlture accounti For the Yea¥ Ended 31 August 2023 Unrestricted funds 2023 Tota fuiids 2023 Total funds 2022 14ote Income from". Donations and legacies Charitable activities Investments 7,158 510.829 950 7.158 510,829 950 830 296,632 39 Total income 548,937 518,937 297,501 Expenditure on.. Charitsbl& activities 490,871 490,871 390,256 Total expenditure 490,87 490,871 390,256 NÈt movement In funds 28,Q66 28,066 192,7551 Reconclllation of funds: Total funds brought loThvard Net movement in funds 46,344 28.066 46,344 28.066 139,099 192,7J51 Total funds carrled forward 74,410 74,410 46,344 The notas on pages 9 to 17 form part ol these financial slal6m¢nts. Page 7
The Music For S¢hools Foundation IA Company Limiled by Guarantee) R8gistered number: 03466442 Balance Sheet As at 31 August 2023 2023 2022 Note Currenl assets Debtors Cash at bank and in hand 1,877 79,111 25 62.687 80,9É8 62,712 Creditors". amounts falling due within one year 12 16,5781 116,3681 Net current assets 74,410 46,344 Total not assets 74,410 46,344 Charlty funds Unre5trLted funds 13 74,410 46.344 Total fLsnds 74,410 46,344 Th8 Charrty was enlilled to exemption from audit under section 477 of the Companies Act 2008. The members have not rèquired the cotnpany to oblain an audFI for the year in question in accordance with section 476 01 Companies Act 2006. The Trustees acknowledge their respon5ibililies lor oomplying with the requirements of the Act with respect to accounting records and preparation of financial slalements. The financial statemants have been prepared in accordance with the provisions applicable lo entitiès subjeGI to the small companies regime. Thè financial statements wore approved and aulhor15ed lor issuÈ hy the Tru8tees on 25 April 2024 and signed on their behalf by.. M Byrne Trustee S Mercer Trustee The notes on pages 9 10 17 form part ol these financial slalements. Page 8
The Music Fo¥ Schools Foundatio IA Company Limited by Guaranteel Notes to the Financial Statèments For the Year Ended 31 August 2023 General Information The Musi¢ lor Schools Foundation fs 8 charilable company incorporated in England and Wales under the Companies Acl and reoistered Mqth Ihe Charity Commission in England £ind Wales. The address of the registèred office is given In the reference and adminislralive Infomialion of these financi£l stalemcnls, The nature ol the charity's operations and principal activities 8ie given lrt the Trustetss, Report. Accounting policies 2.1 Basis ol preparatlon of financial statamenls Tlie financial Statements have been prepared in a¢coréance with the Charities SORP IFRS 1021 Accountin9 and Reporting by Charities.. Slalement of Récommended Practice applicable to charities préparing their accounts in accoiQance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffèdive 1 January 20191, Ihe Finan¢ial Reporting Standard applicatsle in the UK and Rèpublic of tlnd IFRS 102) and th& Companies Act 2006. The Music For Schi)ols Foundation meets tlie delinrtion ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical st or transaclion value unless otherwise stated in the relevant aocounting polioy. 2.2 Income All income is recognised once th8 Charity has entitlement to th8 income, il is probable that the income will be received and the amount ol incorre receivable Can be measured reliably. Grants are included in the S*atement of Financial Aclivities on 2 receivable basis. The balance of income received lor specific purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where Iome is roceived in advance of enlillement ol receipt. its re¢ognition is deferred and inclvded in creditors as deferred income. whe entitlement occurs before income is received, the income is accrued. Income lax YÈcoverable in relation lo donaliong received under Gitt Aid or deeds of covenant is recognised at the time ol the donation. Income tax recoverable in relation to investment in¢ome is reG(yJnised at the lime the Investment income is receivable. Olh6r income is recognised in the period in which il is rèceivable and to the èxlenl the good5 have been provided or on completion ol the séNice. 2.3 Exp8nditure Expenditure is recognised once there is a legal 01 constrvclive Dbligation to Iransler economic bEnefil lo a third party, il 15 piobable tl)al a transfer of economic benefits will be Tequired in settlement and the amount of the obligation can be measured reliably, Expendit(JFe is classrfied by 3¢1ivity. The cos15 of each activily are made up of the lotaj ol dirèct cosls and shared cosls, including suppott costs involved in undertaking eath aclivily. Direct costs atlribulable to a sinole activity are ¥llocÉled direGtIy Its that activity. Shared costs which contribute to more than one a¢tivity and support costs which are not altributahlè to a singk activity are appoitioned belween those activilies on a basis consislenl wi(h the use Jl resoLJrces. Central staff costs ale allocated on the basis of time spent, and depreciation charges allocated on Ihe portion ot the Bssel's use. Expendiluie on charitable aclivilies is incurred on directly Iindertaking the 8Ctivilies which furthèr the Charity's objectives, as well as any associated SUPF>Ort C051s. P8ge 9
The Music For Schools Foundatio IA Company Limitèd by Guarantee) Notes to the FÉnancial Statements For the Year Ended 31 Auuusl 2023 Accounti1?9 policies Icontlnuèdl 2.3 Expenditure Icontinued} All expenditure is inclusive ol irr8¢overable VAT. 2.4 Inter8st receivable Inleiest 01) funds held or) deposit is Included when receivable and th£ 8mounl can be measured reliably by Ihe Chaiity. this is normally upon notification ol the Interest paid or payable by the institution with whom the funds are deposited. 2.5 Debtors Trade and other debtors are recognised al the selllemenl 8mount after any trade discount offered. Prepayments are valued al the amount prepaid nel ol any trade discounts due. 2.8 Cash at bank and in hand Cash al bank ar)d in hand includes cash and short-lerm highly liquid investmÈnts with a short malurily of three months or less from the date ol acquisition or opening of the dep¢sil or similar accounl. 2.7 Liabi1Sties and provisions Liabilities 8re recognised when there is an obligation al the Balance Sheet dale as a result ol a pasl event, it is probablé that a transfer ol economic benefit will be required in selllemenl, and the amounl of the settlement can be eslimaled reliably. Liabilitie5 are recognised al Ilie amount that the Charity anticipates il will pay lo settle thé debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate ol the 8mounts required la Sett the obligation. Where th¢ eflecl of the time value ol money is material, the provision is based on the present value of those amounts, di5eounted al the pre-la% discounl rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financi81 Activities as a fingnce cost. 2.8 FlnanGlal instrumènts The Charity only has financial assels and financial li8bililies of a kind that qualify as basic financial instruments. Basi¢ financial Iiistruments are initially recoJnised at transaction value and svbsequeTrtly measured al their settlement valuè with the excéption of bank 103ns which are subsequently measured at amortised cost using the effective interesi method. 2.9 Pensions The Charity operales a dèfined Golltributton pension scheme and the pension charge represents the 8mounlA payable by the Cliafily lo the fund in respect of the Year. 2.10 Fund accounting Geneial funds are unrestricted funds which are available lor use al the discretion of the Triislees in furtherance of the genera5 objectives ol the Charity and which have nol bèen de5ign8led for other purposes. Inveslment income, uains and losses are a15ocaled lo the appropriate fund. Page 10
The Music For Schools Foundation IA Colnpany Limitsd hy Guarantee) Notes to the Financial Statements For the Year Ended 31 August 2023 Income from donations and legacies Uiirestr&ctèd funds 2023 Total funds 2023 Total runds 2022 Donations 7,158 7,158 830 Income fiom charitable activlties Unrestrictsd funds 2023 Total funds 2023 Total funds 2022 Teaching incomè Examination fees 505,034 5.795 505,034 5,795 293,727 2.905 510,829 510,829 298,632 Inveslrnant income Unrestricted funds 2023 Total funds 2023 Totsl fuiids 2022 Bank interest receivabl¢ 950 950 39 P8ge11
The Music For Scliools Foundation IA Company Limited by Gvaranteel Notes to the Financial Statemenls For thè Year Ended 31 August 2023 Analysis of exp8nditure on charltable activities Summary by fund type UnrèstriGted funds 2023 Total 2023 Total 2022 TeaEhing related costs Ex8m fees 485,556 5.315 485.556 5,315 388,314 3,942 490,871 490,871 390.256 Analysls of expenditure by activitles A¢tlvltles undertaken directly 2023 Support ¢osts 2023 Total funds 2023 TeaGhing relaled Costs Exaniin81ion fees 365,226 5,315 120,330 485,556 5,315 370,541 120,330 490,871 Activities undertaken directly 2022 Support Gosts 2022 Total funds 2022 Te8¢hin9 related ¢osls Examination lees 264,951 3,942 121,363 386,314 3.942 268.893 121,363 390,256 P8ge 12
The MLiSiC For Schools Foundation IA Company Limited by Guarantee) Notes to Ihe FinAncial Statements For the Year Ended 31 August 2023 Analysis of expendlture by activitlés Icontinuedl Analy$ls of direct costs Teaching related costs 2023 Total fund5 2023 Exam fees 2023 Staff costs 75,338 263,980 352 432 2,401 12,805 528 75,338 269,295 352 432 Tea¢liing expenses Postage and slalionery Sundry expensES Advertising Trav81 expensgs Bank ¢harges Credit card Charges Repairs and mainlenance Exhibilion expenses 5,315 2.401 12.805 528 8,097 310 983 8.097 310 983 365,226 5,315 370,541 Teachlng related costs 2022 Total funds 2022 Exam fees 2022 Staff costs Teaching expenses Pos18ge and sl8tionery Sundry expenses Advertising Travel expenses Bank char9es cdi1 card charg&s Repairs and maintenance Exhibition expenses 77,524 159,327 255 672 3,078 18,038 488 77,524 163,269 255 672 3,942 3.078 18,038 488 4,473 356 740 4,473 356 740 264,951 3,942 268,893 Page 13
The Music For SGhoo15 Foundation IA Company Limited by Guarknteel Notes to the FinanGial Statements For thè Year Ended 31 August 2023 Analysls of expenditure by activitlès {continuedl Analysls of support costs Teaching related costs 2023 Total fLÈnds 2023 Total fund5 2022 Staff costs Professional charge5 General adminislralion Goveinance costs 33,461 33,461 17,552 16,125 83.996 3,690 82,894 3,975 82,894 3.975 120.330 120,330 121,363 Ind¢pendeiit examinerfs rémuneyatlon 2023 2022 Fee5 payable to the Charitls independent examin8r Inclu8ive ol irrecoverable VAT 3,975 3.690 Staff ¢osts 2023 2022 Wages and salaries So¢i81 security cosls Pension costs 104,564 2,358 1.877 91,186 2,072 1,818 108.799 S5,076 The average number ol persons Èniployed by the Charity duriro the year was 8$ follows.. 2023 No. 2022 Average employees No employee received reniuner81ion amounting lo more than £60,000 in either ar. The lolal amolinl 91 employee benefrts received by key management personnel for their seNices was £108,79912022 - £95,076). P8ge 14
The Music For Schools Foundation IA Company Limited by GuaTantè81 Notes to tlie Finar)cial Statements For thè Year Ended 31 August 2023 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits12Q22- £NILI. During IhE year ended 31 August 2023, no Trustee expenses have been Incuri&d12022- £NIL). 11. Debtors 2023 2022 Due wSthSn one year Trade débtors Prepayments and 8CGrued inwne 56 25 1,821 1,877 25 12. Creditors: Amounts falling due wlthln onè year 2023 2022 Trade creditors Accruals and deferred income 237 6.341 16,368 6,578 16,368 2023 2022 Del8rred income at 1 S6plember 2022 Resources deleried during the year Amounts released from previous pèri(Kls 12,093 32,041 12,093 132,0411 12,0931 12,093 DefÈThed income consisted of lessons paid for In advance of delivery. Page 15
The Music For Schools Foundation IA Company Limited by Guarantee) Notes to Ihe Financial Statem211ts For the Year Ended 31 August 2023 13. Statement of funds ststement of funds - current year Balar7¢e at I Septemljer 2022 Balance at 31 August 2023 Income Expenditure Unrestricted fuiids General funds 46,344 518,937 1490,8711 74.410 Statement of funds - prlor year Balance at Balance at 31 August 2022 September 2021 Income Expenditure Unrestricted funds General Funds 139,099 2Q7,501 1390,2561 46,344 Pa9e 16
The Music For Schools Foundation IA Company Limited by GLFaranteel Notès to tha Flnai)cial Statèmants For the Year Ended 31 August 2023 14. Pension commitments The Charity operates a definecf conlributic)n pension scheme. The assets ol the scheme are he separately from those ol the Charity in an Independently administered fund The pension c051s charge represents contributions payable by the Charity lo the fund and amounled lo £1,877 12022 £1,818). There was no balance outstanding al Ihe ba18nce sheet dale12022- £NIII. 15. Members. liability Each member ol the charitable company undertakes to contribute lo the assets of the company in the event ol il being wound up while helshc is a member, OT within one year after helshe ceases to be a rnember, such amounl as may be required, not exceedin9 £10 for the debts and liabilities conlracled before helshe ceases lo be a member. 16. Related party transactions The Charity has not entered inlo any lated patly transactions during Ihe year, nor 3re there any outstanding balances owing behween related parties and the Charity al 31 August 2023. 17. Controlling Party Al 31 August 2023, the Truslees ¢onsidered there lo be no ultimate Controlli party. Page 17