Registered number: 03466442 Charity number: 1067859 The Music For Schools Foundation Trustees, Report and Financial Statements For the Year Ended 31 August 2024 rfADAINS
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The Muslc For Schools Foundation (A Company Limited by Guorantee) Contents Page Reference and Admlnlstrative Details of the Charity, its Trustees and Advisers Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-18
The Music For Schools Foundutlon (A Company Limited by Guarantee) Reference and Administrotive Details of the Charity. its Trustees and Advisers For the Year Ended 31 August 2024 Trustees Byrne S Mercer A Padburu Company registered number 05466442 Charity registered number 1067859 Registered office Unit 3 Ryknild Troding Eslote Derby Rood Burton-on-Trent Staffordshire DE14 IRZ Company secretary S Mercer Senior management team A Wooding. Head of Service K Roblnson, Educotion Advlsor T Preece, Enrolment Nanager 8 Pronkord. Teacher Support A Gorland, Teocher Support E Jocques, Teacher Support P Naddox, Teocher Support Independent Examiner Dains Audit Llmited 2 Chomberlain Square Paradise Circus Blrminghom B3 3AX Bonkers Royal Bank of Scotland PIC 38-41 station Street Burlon-on-Trent DE14 1AX Poge 1
The Mvsic For Schools Foundation (A Compony Limited by Gvarantee) Trustees, Report For the Year Ended 31 August 2024 The Trustees present their onnuol report together with ihe finoncial stotements of the Chority for the year 1 September 2023 10 31 August 2024, The Trustees confirm thot the Annual Report and financial stotements of the company comply wlth the current stotutory requlrements. the requirements of the company's governing document and the provlsions of the Statement of Recommended Proctlce (SORP), applicable to chorities preporlng thelr accounts in occordance with the Finonciol Reporting Stondord applicable in the UK ond Republic of Ireland (FRS 102) (effective 1 Jonuory 2019). Since the Charlly qualifies 0$ small under section 383, the stroteglc report required of medium ond lorge companies under The Componies Act 2006 (Slrotegic Report ond Dlrector's Report) Regulotions 2013 is not required. Objectlves and activities Policies and objectives The objectives of the Charity ore.. The odvancement of musicol educotion. To provide on opportunlty for children of oll ages to leorn to play a musicol instrument by Increaslng access lo musical instruments In school.. and by arronging musicol concerts ond musicol workshops al oll times during the school yeor ond during school holidays,. ond by offering free tuitlon to children whose meons prevent poyment. To promote, encouroge ond oroanise school community bonds,. To do oll other things ond 015 other octs deemed by the Trustees to be in the odvancement of musicol educotion. The Chorlty's main objectlve is to moke instrument teachlng In prlmory schools occessible to os many chlldren as possible. The principol olm for the year was to contlnue to Increase pupil numbers IhroLJgh vlslts to schools to deliver muslcol ossemblies. whilst working to reduce operoting costs. Activities undertaken to achieve oblectlves The Chority teaches opproximotely 2.300 pupils in 220 schools throughoLSt the country. giving o wide range of children the opportunity to play musical instrumenls thot they moy otherwise not have hod. The Charity octlvely works to Increase Interest in music through the use of musicol ossemblies in schools and to introduce chlldren to the idea of playino a musicol instrument. The Charity chorges for tuition. but provides ossistonce to puplls In need of financlal support. At present approximately 70 pupils take odvantage of subsidised tuitlon. The Trustees are conscious of the need to moke the tuition ovoiloble to os many puplls os possible. The luition fees ore set at a level which Is generally olfordoble bul whlch olso provides sufficient funds for the Chority lo support those who are unable lo poy the fees. The Charlty uses approximotely 55 teachers throughout the country. ond ensures thot teoching standards are molntained by o continuous tralnlng ond development progromme. Teachers are also encouraged to promote the ployino of musicol Instruments outside lessons vio school ensembles ond bonds. ond also to guide pupils towards taking exlernolly recognised examinotion5. When plonning the activlties for the year the Trustees hove considered the Chorlty Commission's guidance on public benefit. Poge 2
The Music For Schools Foundation (A Company Limited by Guarantee) Trustees, Report (continued) For the Year Ended 31 ALtgust 2024 Objectives and activitles (continued) Main activities undertaken to further the Charity's purposes for the public benefit In setting objectives ond plannlng for octivilies, the Trustees have given due consideration to general guidance published by the Chority Commlsslon reloting to publlc benefit. The primory octivlty undertaken by the charity is Ihol of Instrurnent leoching, The moin objectlve of the Charity is to moke Instrument leaching in prlmary schools occessible to os many children os possible. Achievements and performance Review of activities Pupll Numbers Pupil numbers rose conslstently compored lo previous years 1051owing the demonstrallon/ossemblies given in schools by The Music for Schools Foundotion ('MfSF') 'Nusic Mon.. 122 schools were visited, which was slightly fewer than in 2022/23. however 1131 new pupils were still recruited during the year. Due to the introduction of o new instrument (the 'r41ni' Soxophone) there hos been o significont increose In the number of younger pupils enrolling lor le550ns. Exams 2023/2024 Nearly 100 condidotes were entered for ABRSM Exams. wlth 75% pupils toking troditionol foce to face exams. whlch Is o move bock owoy from the olternotive remote exam style fovoured during and post-covid. 980A of pupils were successful. There is o slgnlficant increose in the overall number of enlrles. which shows Ihot PLJpils ore continuing to progress beyond the 'beginner' stoge of leorning. MfSF Tutors Dui'ing the yeor. the selection and troining of new tutors was reviewed. It contlnues to be challenging lo recruit high quolity tutors but at 31 August 2024 there wos a net increase in the overall number of registered tutors. We continue to explore alternative methods for recruiting tutors. Including the use of social medla odvertlslng. Promotlon In February 2024, the Enrolment Manager and Head of Servlce exhibited at the Music ond Dromo Exhlbition in London. Thls wos the second time of exhlbiting for the Charity and on this occasion, a new school expressed on interest In the scheme. resulting In o successful assembly performonce ond new pupils enrolled. We hove booked again to exhibit at next year's event. Head Offlce Staff Followlng the deporture of o staff member in December 2022, two new full-time employees were oppointed in eorly 2024. This hos allowed beller monogement of the doily tasks required due to the increosed number of pupils learnlng ond os o result further capocity to investigote other projects. Page 3
The Music For Schools Foundatlon (A Companu Limited by Guorontee) Trustees, Report (continued) For the Year Ended 31 August 2024 Achievements ond performance (continued) Investment policy and performance The Trustee and management team hove ogoln considered the most appropriole pollcy for invesllng temporary surplus funds and hove concluded that the most suitable investment funds currently avoiloble ore o deposit occount ond two fixed rote bonds with the Charity's bonkers which provide necessary access to funds whilst giving o sotisfactory rote of interest in the present financlal market. Financlal review Going concern After moking opproprlote enquiries. the Trustees hove a reasonable expectatlon thot the Chority hos odequate resources to contlnue in operotionol existence for the foreseeable future. For thls reoson they contlnue lo odopt the going concern basis in preparing the financlal stolements. Further detalls regording the odoplion of the going concern basls con be found in the Accountlng Policies. Detoils of incomlng resources ond resources expended are set out in the Statement of Finonciol Activities on poge 7 of the flnoncial statements. Net incoming resources for the year ended 31 August 2024 were £45.303 (2023 - £28,066) Reserves pollcy The Charlty intends to retoin ond build funds over the coming yeors over and obove £100,000. The policy of retoining significont funds within the Charity has ensured the continuation of the Charity over the past 2 years, which hove been significontly disrupted bu the COVID-19 pondemic. structure, governance and monagement Constitution The Music For Schools Foundotion was Incorporated on 17 November 1997 under the Companles Act 1985. 8eing o Company Ilmlted by guarantee it is governed by ils Memorandum ond Articles of Agsoclatlon. The Company Is olso o registered Chority with the Chority Commission. In the event of the Cornpony being wound up members ore required to contrlbute an amount not exceeding £10. Methods of appointment or election of Trustees The monogement of the Charity Is the responslbllity of the Trustees who ore elected ond co-opted under the terms of the Articles of Associotion. All Trustees are elected lo serve for a period of three yeors al whlch point their position is reviewed. Organisotional structure and decision-maklng policies The Trustees aim to meet on o twice yeorly basis and ore responsible for the strateglc direction and policy of the Chority. A scheme of delegation Is in ploce and doy-to-doy responsibility of the scheme rests with the Head of Service. Page 4
The Muslc For Schools Foundation (A Company Limited by Guorantee) Trustees, Report {continved) For the Year Ended 51 August 2024 Structure. governance and management (continved) Policies adopted for the Induction and training of Trustees New Trustees wlll undergo on oi"ientotion meetlng to brief them on their legol obligations under Chority ond Compony low, the content of the Memoi"ondum and Articles of Associotion. the working of the scheme and recent financial performance of the Charity. A comprehensive information pock hos olso been prepored with relevant informotion obout the Charity ond its projects. whlch Is distributed to eoch Trustee. Pay policy for key management personnel The poy and remunerotion of the Charity's key personnel ore reviewed periodicolly by the Trustees to ensure these are oppropriote and in Sine wlth market conditions, Related party relationships None of the Trustees held any interest In the funds of the Charity. There were no reloted porty tronsacllons Sn the year (2023 - £Nil). Plans for f uture periods Wlth new Heod Office stoff in place. ottention will be turned to the development of the scheme in other oreos. such os the sourcing of externol fundSng. svch as grant applications and prlvate donations, It is 0150 hoped thot there will be more opportunity lo invest lime in developing more comprehensive Iroining, support and resources for the tutors engaged with MfSF. Approved by order of the members of the boord of Trustees on 19 February 2025 and Signed on their behalf by.. M Byrne Trustee S Mercer Trustee Poge 5
The Music For Schools Fovndation (A Company Limited by Guarantee) Independent Examiner's Report For the Yeor Ended 31 August 2024 Independent Examiner's Report to the Trvstees of The Music For Schools Foundotlon ('the Chorlty,) I report to the chorily Trustees on my examlnatlon of the accounts of the Chorlty for the yeor ended 51 August 2024. Responslbllitles and Basis of Report As the Trustees of the Chority (and Its directors for the purposes of compony law) you ore responsible for the preporotlon of the accounts In accordance with the requlrements of the Companies Act 2006 ('the 2006 Act,). Having sotisfied myself that the accounts of the Charitu ore not requlred to be audited under Part 16 of the 2006 Act ond are eligible for independent examination, I report in respect of my examlnalion of the Charity's accounts carried out under sectlon 145 of the Chorities Act 2011 ('the 2011 Act,). In carrying out my exominotion I have followed the Dlreclions given by the Charity Commission under sectlon 145(5)(b) of the 2011 Act. Independent Exominer's Stotement Since the Chority's gross income exceeded £250,000 your exominer must be a member of o body listed in section 145 of the 2011 Act. I confirm thot l am qualified to undertoke the examinotlon because l om a member of the Institute of Chorlered AccoLSntonts In Englond and Wales. which is one of the listed bodies. I hove completed my examinotion. I conflrm thot no mollers hove come to my attention In connectlon with the examination glving me couse to believe.. occountlng records were not kept in respect of the Charity as required by section 386 of the 2006 Act: or the occounts do not occord with those records.. or the accounts do not comply with the accounting requlrements of sectlon 396 of the 2006 Act other thon any requirement that the accounts give o 'true and fair. view which is not o molter consldered os part of an Independent examinotion., or the accounts hove not been prepored in occordonce with the methods and principles of the Stotement of Recommended Practice for occounting ond repoi'ting by charities opplicoble to charities preparing Ihelr accounts occordonce with the Financiol Reportlng Slondord opplicable in the UK ond Republic of Irelond (FRS 102). I have no concerns and hove come ocross no other motlers in connection with the exomlnotion to which attention should be drown In this report in order to enable o proper understonding of the accounts to be reoched. This report is mode solelg lo the Charity'5 Trustees. os o body. in occordonce with Part 4 of the Chai'ltles {Accounls and Reports) Regulations 2008. My work has been undertoken so thot I might state to the Charity's Trustees those motter51 am required to state to them in an Independent Examlner's Report and for no other purpose. To the fullest extent per'mitted by low. I do not accept or assume responslbililu to anyone other than the Charlty ond the Chority's Trustees 05 o body, for my work or for this report. Signed.. Dated.. 19 Februory 2025 Nark Gurney FCCA Dains Audlt Limited Birmlnghom Page 6
The Music For Schools Foundatlon (A Company Limited by Guarantee) Statement of financial activities (incorporating income and expendlture account) For the Year Ended 31 August 2024 Unrestricted funds 2024 Total funds Totol funds 2024 2023 Note Income from: Donations and legocies Charitable octivitie5 5,643 5.843 7.158 561,399 561.399 510,829 Investments 2.179 2.179 950 Total income 569.421 569.421 518,937 Expenditure on.. Choritable oclivllies 524.118 524.118 490.871 Total expenditure 524,118 524,118 490,871 Net movement in funds 45.303 45.303 28.066 Reconcillation of funds: Totol funds brought forward Net movement in funds 74,410 74.410 46.344 45.303 45.303 28,066 Total funds carried forward 119.713 119,713 74,410 The notes on pages 9 10 18 form port of these financiol stotements. Poge 7
The Mvsic For Schools Foundation (A Company Limited by Guarantee) Registered nvmber: 03466442 Balance Sheet As at 31 August 2024 2024 2023 Note Current assets Debtors 11 56 1.877 Cosh at bonk and In hond 124.354 79,111 124,410 80,988 Credltors.. amounts folling due within one yeor 12 (4.697) (6,578) Net current assets 119.713 74,410 Total net assets 119.713 74.410 Charity funds Unrestricted funds 13 119.713 74,410 Total f unds 119,713 74,410 The Chority wos entitled to exemptlon from audit under sectlon 477 of the Componies Act 2006. The members have not requlred the company to obtoin on audit for the year in questlon in occordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act wlth respect lo occounting records ond preporotlon of linoncial 51otements. The flnoncial slotements hove been prepared in accordance with the provisions opplicoble lo entities subject to the small componies regime. The financial statements were approved and authorlsed for issue by the Trustees on 19 February 2025 and signed on their behalf by.. M Byrne Trustee S Mercer Trustee The notes on poges 9 to 18 form port of these financial stotements. Poge 8
The Mvsic For Schools Foundatlon (A Compony Limited by Guarantee) Notes to the Finoncial Statements For the Year Ended 31 August 2024 Generol information The Music foi- Schools Foundotion is a choritable company, incorporoted in the United Kingdom and registered in England ond Woles under the Componie5 Act and registered with the Charity Commission In Englond ond Woles. The oddress of the registered office Is given in the reference and odminisli-ative information of these financlol stotemenls. The nature of the chorlty's operotions and princlpol oclivilies are glven in the Truslee5' Report. Accounting policies 2.1 Basls of preparation of financial statements The flnanclol stotements have been pi"epared in accordonce wlth the Charities SORP (FFIS 102) - Accounting and Reporting by Charities., Statement of Recommended Practice applicoble to chorities preparing their accounts in occordance with the Financiol Reportin9 Stondard opplicoble In the UK ond Republic of Irelond (FRS 102) (effective l Januory 2019). the Finonclol Repor'ting Stondord oppllcable in the UK and Republic of Irelond (FRS 102) ond the Companies Act 2006. The Nuslc For Schools Foundation meets the definition of a public benefit entitu under FRS 102. Assets ond liobilities ore initlally recognlsed ot historical c05t or transaction value unless Otherwise stoted iri the relevont occounting policy, 2.2 Income All income is recognlsed once the Chorlty hos entitlememt to the income, it is probable that the income wi11 be received and the amount of income receivoble can be meosured reliably. Grants ore inclLJded in the Stotement of Flnanciol Activitles on a receivoble bosis. The balance of Income received for specific purposes but not expended during the period is shown in the relevant funds on the Balonce Sheet. Where Income is received in advance of entitlement of receipt, its recognitlon is defer.red ond included In creditors as deferred Income. Where entitlement occurs before income is received, the income is occrued. Income tox recoveroble in relation to donations recelved under Gift Aid or deeds of covenant Is recognised at the Ilme of the donotlon. Income tox recoveroble in relolion to investment income is recognlsed al the time the investment income Is receivoble. Other income is recognised in the period in which it Is receivoble ond to the extent the goods hove been provided or on completion of the service. Page 9
The Music For Schools Foundation (A Company Limited by Gvarontee) Notes to the Financial Statements For the Yeor Ended 51 August 2024 Accountlng policles (continued) 2.5 Expenditure Expenditure Is recognised once there is o legal or constructive obligatlon lo Ironsfer economic benefit to o third porty. it is proboble that a transfer of economlc benefits will be required in settlement and the omount of the obllgation con be meosured reliobly. Expenditure is classified by octivity. The costs of each actlvity ore made up of the total of dlrect costs and shored costs, including support costs involved In undertoking eoch oclivitu. Dlrect costs ottributable lo o single activity ore ollocoted directly to that activlty. Shared costs which conli'ibute to more thon one octivity ond support Costs whlch are not attrlbutable lo a single octivlty ore apportioned between those activities on a basis consistent wlth the use of resources. Centrol staff costs ore allocoted on the bosis of tlme spent. and depreclatlon chai'ges allocoled on the portion of the asset's use. Expenditure on charitoble activities is incurred on direcilu underloking the octivities which further the Chority's objectives. os well as ony associated support costs. All expenditure 15 Incluslve of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposlt Is included when recelvable ond the amount con be measured rellobly by the Charity." this is normally upon notification of the interest poid or payable by the institution with whom the funds ore deposited. 2.5 Debtors Trade and other debtors ore recognlsed at the settlement omount after any trade discount offered. Prepoyments are volued at the omount prepoid net of any trode discounts due. 2.6 Cash at bank and in hand Cosh ot bonk and In hond includes cash and short-term highly Ilquid investments wlth o short moturity of three months or less from the date of ocquisition or openlng of the deposlt or slmilar account. 2.7 Liabilities ond provisions Liabilitie5 ore recognised when there is on obllgatlon ot the 8olonce Sheet dole as o result of o past event, it is probable thot a transfer of ecoriomic benefit will be requlred in settlement. and the amount of the settlement con be estimated rellobly. Liabilities are recognised ot the amount that the Charity anticipates It wi11 pou to settle the debt or the omount it has received as advanced poymenls for the goods or sei'vices it must provlde. Provisions ore meosured at the best estimote of the amounts required to settle the obligolion. Where the effect of the time volue of money is materiol, the provlsion is bosed on the present volue of those omounts. discounted at the pre-tax discount rate that reflects the risks speciflc lo the liobility. The unwinding of the discount Is recognised in the Statement of Finoncial Activitles as a finance cost. Poge 10
The Music For Schools Foundatlon (A Company Llmlted by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 Avgust 2024 Accounting policies {contlnued) 2.8 Financial instruments The Chority only hos finonciol ossets and flnanciol liobilities of o klnd Ihot quallfy os bosic financial instrument5, Bosic financiol instruments ore Inltially recognised ot Ironsoclion volue and subsequently meosured ot their settlement volue with the exception of bank loans which ore subsequently measured at amoi"tlsed cost using the effective interest method. 2.9 Pensions The Charity operotes a deflned contributlon pension scheme and the pension chorge represents the omounls poyable bu the Chor11y to the fulld in respect of the Yeor. 2.10 Fund accounting General funds are unrestricted funds which are avoiloble for use ot the discretion of the Trustees in furtheronce of the general objectives of the Chority ond which hove not been deslgnoted for other purposes, Investment Income, gains ond losses are allocated lo the opproprlate fund. Income from donations and legacies Unrestricted funds Totol funds 2024 Total funds 2023 2024 Donations 5.843 5,843 7.158 Page 11
The Music For Schools Foundation (A Company Llmited bu Guarantee) Notes to the Flnanciol Statements For the Year Ended 31 August 2024 Income from charltable activities Unrestricted funds 2024 Total funds 2024 Totol funds 2023 Teochlng income Exominotion fees 552.553 552.353 505,034 6.616 6,616 5,795 Workshop Income 2,430 2.430 561.399 561,399 510,829 Investment income Unrestricted funds Total funds 2024 Tolol funds 2023 2024 Bonk interest receivoble 2,179 2.179 950 Analysis of expenditure on charltable activities Summary by fund type Unrestricted funds 2024 Total 2024 Totol 2023 Teochlng related costs Exam fees 516.645 516,645 485.556 7,473 7,473 5.315 524.118 524,118 490.871 Poge 12
The Music For Schools Foundation (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 August 2024 Anolysls of expenditure by octlvlties Activities undertaken directly 2024 Support costs Totol funds 2024 2024 Teaching reloted costs Exominotion fees 375,343 141,302 516.645 7.473 7.473 382,816 141,302 524.118 Actlvltles underloken directly Support costs 2025 2025 Totol funds 2023 Teaching reloted costs Exominotion fees 565,226 120.330 485.556 5.315 5,315 370.541 120,330 490,871 Poge 13
The Mvslc For Schools Foundation (A Company Limited bu Guarantee) Notes to the Flnancial Statements For the Year Ended 31 August 2024 Analysis of expendlture bu octlvities (contlnijed) Analysis of direct costs Teaching related costs 2024 Total funds 2024 Exam fees 2024 Staff costs 64.683 64,683 Teaching expenses Postoge and slotionery Sundry expenses 276.161 7.473 283,634 171 171 1.121 1,121 Advertising 8.194 8.194 Travel expenses Bank charges Credit card chorge5 13,698 13.698 462 462 9.516 9.516 Repoirs and mointenonce 23 23 Exhibitbon expenses 1,314 1.314 375,343 7,473 382.816 Teochlng related costs 2023 Total fLJnds 2023 Exam fees 2023 Sloff costs 75,338 75.338 Teoching expenses P05toge ond stotionery Sundry expenses 263,980 5.515 269,295 352 352 432 432 Advertlsing 2.401 2,401 Travel expenses Bonk chorges Credit cord charges 12.805 12,805 528 528 8.097 8.097 Repair5 ond maintenonce Exhibition expenses 310 310 985 983 365,226 5,315 370,541 Page 14
The Muslc For Schools Foundation (A Company Llmlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 August 2024 Analysis of expenditure by activities (continued) Analysis of dlrect costs (contlnued) Anolysls of support costs Teaching related costs 2024 Total funds 2024 Totol funds 2023 Staff costs 50,248 50,248 33,461 Professional charges General odmlnlstration 13,003 13,003 73.506 73.506 82,894 Governonce costs 4,545 4.545 3,975 141,502 141,302 120.330 Independent examiner's remvnerotlon 2024 2023 Fee5 poyoble to the Charity's Independent examiner Inclusive of Srrecoverable VAT 4,545 3,975 Staff costs 2024 2023 Woges and salarles Sociol security costs 109,607 104,564 2.924 2.358 Pension costs 2,400 1.877 114,931 108.799 Poge 15
The Music For Schools Foundation (A Company Limlted by Guarontee) Notes to the Financial Statements For the Year Ended 31 August 2024 Staff costs (contlnued) The overage number of pei-sons employed by the Chorily during the year wos os follows.. 2024 2023 No. No. Averoge employees No employee received remunerolion omounting to more than £60.000 in either yeor. The totol omount of employee beneflts recelved by key monagemenl personnel for thelr services was £114,931 (2023 £108,799). 10. Trustees, remuneration ond expenses During the yeor ended 31 August 2024. no Trustees received ony remuneration or other benefits (2023 - £NIL). During the yeor ended 31 August 2024, no Trustee expenses hove been incurred (2023 - £NIL). 11. Debtors 2024 2023 Due wlthln one yeor Trade debtors 56 56 Prepoyments and occrued Income 1.821 56 1,877 12. Creditors.. Amounts falling due within one year 2024 2023 Trade creditors 194 237 Other credltors 526 Accrua15 ond deferred Income 3,977 6,341 4,697 6.578 Poge 16
The Muslc For Schools Foundutlon (A Company Limited by Gvorontee) Notes to the Financial Statements For the Yeur Ended 31 August 2024 13. Statement of funds statement of funds- current uear Balance at 1 September 2023 Balance at 31 Expenditure Avgvst 2024 Income Unrestricted funds Genera1 funds 74,410 569.421 (524,118) 119.713 Statement of funds- prior year Balonce al 1 September 2022 Bolonce ot 31 August 2023 Income Expenditure Unrestricted funds General funds 46.544 518.937 (490.871) 74,410 Poge 17
The Music For Schools Foundation (A Company Limlted by Guarantee) Notes to the Financial Statements For the Year Ended 31 August 2024 14. Pension commitments The Chority operates a deflned contribullon penslon scheme. The ossels of the scheme ore held seporotely from those of the Charlty in an independentlu administered fund. The pension costs charge represents contributions payable by the Chority to the fund and omounted to £2.400 (2023 £1.877), There wos no bolonce outstanding at the bolonce sheet dote (?023 - £Nil). 15. Members, liability Eoch member of the charltable company undertakes to contribute to the assets of the company In the event of il belng wound up while he/she is o member. or within one yeor after helshe ceases to be o member. such omount as may be requlred. not exceeding £10 for the debts ond liablllties conlrocted before he/she ce05es to be a member. 16. Related party transactions The Chority hos not entered into ony related party Ironsoctions durlng the year. nor ore there any outstanding balonces owlng between reloted parties and the Chorlty ot 31 August 2024, 17. Controlllng Party At 31 August 2024. the Trustees consldered there to be no ultlmate controlling porty. Page 18