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2023-03-31-accounts

Company number: 3637201 Charity number: 1073105

The Irene Taylor Trust

Report and financial statements For the year ended 31 March 2023

The Irene Taylor Trust

Contents

For the year ended 31 March 2023

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Chair’s annual report ................................................................................................................... 16 Artistic Director’s annual report ................................................................................................... 17 Major Donor list ........................................................................................................................... 18 Project reports ............................................................................................................................. 19 Independent auditor’s report ....................................................................................................... 22 Statement of financial activities (incorporating an income and expenditure account) ................... 26 Balance sheet ............................................................................................................................... 27 Statement of cash flows ................................................................................................................ 28 Notes to the financial statements ................................................................................................. 30

The Irene Taylor Trust

Reference and administrative information

For the year ended 31 March 2023

Company number 3637201
Country of incorporation United Kingdom
Charity number 1073105
Country of registration England & Wales
Registered office 35-47 Bethnal Green Road
London, E1 6LA
Honorary President Louis Taylor MA
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
Jane Anderson Chair
Kimberley Godley-Hendon Treasurer
Jonathan Adams Vice Chair
Sarah Davis
Alice Knox (née Beal) (resigned February 2023)
James Maloney
Peter Renshaw
Dr Rosie Reynolds
Carolyn Taylor
Advisory Group Lucine Bassa
Darren Clugston
Eileen Eastaugh-Mascoll
Reggie Fowell-Boston
Lisa Majithia
Montell Reid
Helen Sychta
Benjamin Yacoub
Patrons Mark Knopfler OBE
Stephen Hough
The Rt. Hon. The Lord Judge
Murray Perahia
The Rt. Hon. The Lord Phillips of Worth Matravers
Jon Snow
The Rt. Hon. The Lord Woolf
Principal staff Sara Lee Artistic Director
Luke Bowyer Funding & Communications Director
Jake Tily Creative Programmes Director

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The Irene Taylor Trust

Reference and administrative information

For the year ended 31 March 2023

Bankers HSBC Bank PLC
5 Wimbledon Hill Road
London
SW19 7NF
Lawyers Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Insurers Ageas Insurance Ltd
Ageas House
Hampshire Corporate Park
Templars Way
Eastleigh
SO53 3YA
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
Invicta House
108-114 Golden Lane
London
EC1Y 0TL

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

The Trustees present their report and the audited financial statements for the year ended 31 March 2023.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP 2015 applicable to charities preparing their accounts in accordance with FRS 102.

Structure, governance & management

The Irene Taylor Trust (trading as Music in Prisons) was formed in 1995 in memory of Irene Taylor, the wife of the late Lord Chief Justice Peter Taylor. It became a company limited by guarantee (No. 3637201), incorporated on 23 September 1998 and registered with the Charity Commissioners (No. 1073105) on 23 December 1998. The charitable company was established under a Memorandum of Association, which established its objects and powers and it is governed under its Articles of Association. The charity is administered by a Board of Trustees who are also its directors for the purposes of company law.

Trustees are kept up to date on their relevant legal responsibilities through a variety of methods and formats. Individual Trustees share their knowledge and expertise through informal workshops on various areas of charity law and practice. In addition, many of the Trustees on the Board receive wider training through their professional and other charitable responsibilities within other organisations.

The Trustees meet on a quarterly basis and are responsible for overseeing the overall strategic direction of the Trust and ensuring that work of the Trust remains within its objectives.

The day-to-day management of the Trust is the responsibility of the Artistic Director, who is supported in its running by the Operations Director, Business Development Director and Creative Programmes Director.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

Appointment of trustees

The Trust aims to maintain a Board of around eight to ten active Trustees/Directors, reflecting a broad range of skills and knowledge appropriate to running the Trust.

The Board recognises that it needs trustees with the appropriate skills, knowledge and experience to manage the Trust. The Board regularly reviews any skills gaps and looks to address these through recruitment of additional trustees.

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

The articles of association allow the board to appoint further trustees at its discretion. Trustee recruitment is usually led by the Chair who is supported by at least one other trustee.

Trustee induction and training

New trustees are provided with an informal induction and are able to attend external training events run by professional advisers. The Board has recently reviewed its trustee induction procedures to ensure that these remain appropriate in light of the Trust’s activities and the current law and good practice.

Objectives and activities

The objects of the Trust are to promote the creative arts, particularly amongst prisoners, probationers, the sick, including those with physical and learning difficulties, the poor and those in need of rehabilitation or reintegration into the community. The Trust advances its objectives by delivering high quality creative music programmes which facilitate the creation and performance of original music with men, women and young people in prisons nationwide, and in the community with former prisoners and with young people in challenging circumstances. The objectives are further advanced through advocacy of the benefits of arts education in reintegrating to society those who have suffered social exclusion of many sorts.

In addition to special one-off and collaborative projects, the Trust aims to deliver and evolve the following core programmes:

The Trust’s strategic objectives for 2021-2024 are to:

  1. Meet the needs of more adults and young people in and on the fringes of the Criminal Justice System

  2. Strengthen our profile (locally, nationally and internationally)

  3. Develop and share our experience, knowledge, and evidence to promote the wider use of music in prevention and rehabilitation

  4. Innovate and collaborate artistically, developing our projects, approach and team

  5. Diversify our funding model and grow our activities sustainably

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

  1. Develop and establish online and face to face working practices initiated during covid19 restrictions as part of our offer

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work within the last twelve months. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

Review of activities

Despite ongoing challenges for prisons following the pandemic, the Trust was largely able to return to in-person delivery: inside prisons, 12 in-person Music in Prisons intensives took place, as well as a Lullaby Project and a special project with Kestrel Theatre; seven Musician in Residence prison placements were able to resume their sessions at various points; two more prisons signed up for the ‘In Cell Learning’ resource created the previous year. In the community, the Sounding Out programme for former prisoner musicians provided a range of online and in-person activity, including special collaborative projects to celebrate a decade of the project along with the Making Tracks programme; four Making Tracks projects included our first in-person project in Bristol, and we were able to offer a range of progression projects to the young people.

The Trust was commissioned by the Chicago Symphony Orchestra Association for two projects to train young musicians from the Civic Orchestra of Chicago, including to work in juvenile detention settings and on the Notes for Peace project to write songs with bereaved parents in tribute to children lost to gun crime, and by Bergen Prison.

Over the year these projects involved 627 participants (exceeding our target for the year of 600), demonstrating the Trust’s commitment to working with people of all ages across the secure estate and in the community.

Meeting the needs of those in and on the fringes of the criminal

justice system

Music in Prisons

Over the year staff numbers in prisons continued to be an issue, leading to some projects being postponed and rescheduled. Despite this, by taking a flexible approach and making adaptations to project formats when necessary (such as delivering over four days if a prison was not able to facilitate a full five-day project), the Trust was able to run 14 projects (including two special collaborative projects, more below), meeting our target for the year.

The Trust’s well-established intensive-model prison projects were accessible to all regardless of musical ability or experience, often attended by individuals not already engaged in meaningful prison activities. For all participants, projects provided a range of positive outcomes such as

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

increased self-esteem and confidence, improved ability to listen and engage effectively with others, and greater motivation to access further educational opportunities. Projects also gave individuals with previous musical experience the opportunity to work alongside professional musicians to share and hone their musical skills.

During each project, the Trust’s experienced team of project leaders worked in teams of three, using a plethora of musical and interpersonal skills to enable and support the participants to come together as a band to write their own original music, which was also performed live and recorded and professionally mixed for CD, complete with bespoke artwork. These CDs provided a lasting record for participants, also helping to generate positive links between the participants and their family and friends by promoting a sense of shared pride in their achievements.

The positive influences of the projects was also noted in feedback received from prison staff: On a scale of 1-5 with 5 indicating a high level of impact, 100% rated the increase to participants’ selfesteem as 5; 73% indicated 5 when asked how much prisoners’ motivation and aspiration had increased; 82% indicated 5 when asked how much prisoners’ team-working skills had improved as a result of the project; 100% indicated 5 when asked how successful the projects had been overall.

Prison Musicians in Residence

The Trust also runs Musician in Residence placements in key prisons to complement and sustain the impact of its intensive projects, through the delivery of weekly music sessions. At various points over the year the Trust was able to recommence in-person delivery for seven prison Musician in Residence placements. The positive impact of the placements was demonstrated in feedback received from the participants: 90% reported increased self-confidence; 78% felt more motivated to take part in other education or training opportunities, and 79% reported increased hope for the future.

Sounding Out

Sounding Out provides former prisoners who have previously taken part in Music in Prisons projects with ‘through the gate’ support, giving them the opportunity to continue musical activity and engage with tailored progression support for a period of up to two years after their release. Throughout the year the Trust offered a mixed programme of online and in-person projects. Highlights from the year included special projects collaborative projects with Making Tracks to celebrate a decade of both programmes and with Trinity Laban for the CoLab Festival (more on both below).

Previously trained Sounding Out participants took on Support Musician roles projects with young people throughout the year. Sounding Out participants also took on ambassadorial roles, such as speaking on National Prison Radio’s Life After Prison podcast about the impact of the project on their rehabilitation, performing at the Centre for Homelessness Impact Forum, at St Columba’s Church and at the book launch for ‘Criminal’ by Angela Kirwin.

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

Making Tracks

Making Tracks targets young people aged 16-25 experiencing challenging circumstances, including those at risk of offending, or not in education, employment or training. Over the year the Trust delivered three projects in London with Newham YOT and The Prince’s Trust. Following the success of an online project the previous year, the Trust worked in-person with the Prince’s Trust team in Bristol for the first time. Feedback from the young people taking part showed that 94% felt more confident as a result of the projects; 87% felt their team-working skills had improved; 100% reported an increase in their musical skills.

As well as being guided to create original music, the young people were supported to achieve a Bronze Arts Award accreditation and offered further support from our Projects & Progression Coordinator, including referrals to our own Young Producers and Young Workshop Leader Training schemes, taking part in specially organised personal development workshops, or applying for a Musical Development Grant.

Strengthening profile

Celebrating 10 years of Sounding Out and Making Tracks

In the summer the Trust began collaborative projects to mark the joint 10-year anniversaries of its community programmes, which included showcase films by Inside Job Productions and former participants from both programmes writing new music together, culminating in a special live show at Rich Mix in September, which was made available to all via livestream. The short films and a recording of the livestream are available to view on the Trust’s Youtube channel.

BBC Radio 3 Music Matters

In March 2023 the Trust’s Artistic Director Sara Lee was featured in a special edition of BBC Radio 3’s Music Matters celebrating International Women’s Day as one of ten inspirational women in music.

Sharing experience

International work sharing expertise

The Trust’s successful partnership with the Chicago Symphony Orchestra continued, with two further commissions during the year. The commissions involved training CSO’s Civic Fellows in both custodial and community settings, including collaborating on Notes for Peace, a project to create musical tributes to loved ones lost through gun violence in Chicago. Further projects are planned for 2023-24. The Trust was also commission to deliver a Music in Prisons project at Bergen Prison in Norway.

“It’s good to be in a creative environment, getting new input and perspectives,” Participant, Bergen prison

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

Inspiring Futures research

The Trust’s work is included in the National Criminal Justice Arts Alliance’s ‘Inspiring Futures’ research commission, conducted by University of Cambridge’s Institute of Criminology, due to be published soon. In February the Trust took part in the ‘Inspire’ showcase event at Rich Mix.

Trinity Laban collaboration for CoLab Festival

In February five former prisoner musicians from Sounding Out joined forces with a group of creative arts students for a special five-day project to create a unique performance piece for the closing night of Trinity Laban's CoLab Festival at Blackheath Halls. Bringing together all the skills of the group, the final performance was a stunning cross-arts mix, including rap and tap dance.

“This project was really unifying and it changed a lot of perspectives about a lot of people. Everyone talked about their experiences and that changed my perspectives on people who have been to prison, so that’s been really important for me,” Trinity Laban music student

Developing projects, approach and team

Youth Music Recharge Fund

In May the Trust secured a three-year grant from the Youth Music Recharge Fund to support us to trial new wellbeing practices to enhance our resilience. The Fund aims to recharge music organisations from the impact of the pandemic and support people to make, learn or earn in music. Projects made possible by this funding over the next three years include running an annual ‘RnD Lab’ CPD training opportunity for our musicians, sourcing expert facilitators in areas they identify as wishing to have further support in. We will also be able to offer external supervision support to those in the team at risk of experiencing secondary trauma from delivering our work.

The Lullaby Project

The Lullaby Project is run in partnership with the Royal Philharmonic Orchestra, delivering musical experiences to strengthen the bond between parents and children, working with disadvantaged parents or those who have been separated from their children by circumstances or incarceration. In June the Trust ran the final prison project of the second phase with dads in prison, and planning began for a third phase of the programme.

Christmas Pantomime project

In December the Trust was thrilled to reignite its partnership with Kestrel Theatre Company for the first time since 2019, creating a new pantomime with live original music with dads in prison; a truly joyful event, with four performances to audiences including families.

“It was, in all honesty, one of the funniest and most uplifting hour or so any of us has ever seen, with non-stop cheering, applauding, singing, audience participation and hilarity,” audience feedback

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

Emerging Artists programme in collaboration with Drake Music

Work began on a two-year pilot scheme supported by Arts Council England to give four exceptionally talented former participants the opportunity to train as Emerging Artists, including mentoring from the Trust’s musicians, supporting them to develop facilitation skills and professionally record and release their own music. The programme is also an opportunity for the Trust to collaborate and share learning with Drake Music.

Musical Development Grants

Thanks to a kind and generous individual donor, the Trust was able to continue a scheme started the previous year to make small but very significant grants to our former project participants to support their further musical development, including buying them additional external music tuition, instruments or recording equipment.

Advisory Group of former participants

The Trust continued to benefit from the input of an Advisory Group, created the previous year, ensuring that user-voice is heard directly by the Board, providing invaluable feedback and influencing the Trust’s strategic direction. The Advisory Group meet prior to the Trustees’ quarterly meetings and discuss their thoughts with a Trustee, who then reports to the Board on their discussions and recommendations.

Diversifying income streams

Earned income

The Trust’s earned income was greatly impacted in 2020-21 by restrictions to physical delivery, falling to 11% of income, rising to 18.5% in 2021-22 as delivery levels increased. In 2022-23 it rose dramatically to 34%, well above the target range of around 20%.

Corporate support

The Trust was delighted to receive corporate support from Sony Music’s Social Justice Fund, which included useful in-kind support as well as financial support, and from Universal Music Group.

Develop and establish working practices initiated during covid-19 restrictions

In-cell Learning Resource

The previous year, as restrictions to in-person prison delivery remained, the Trust created a new in-cell learning resource. Over 25 filmed music lessons with accompanying handbooks curated and presented by seven of the Trust’s highly experiences musicians, the resource covers music theory, song-writing, guitar, keyboard, and soloing and improvisation. The lessons give learners the chance to go at their own pace and benefit from the Trust’s considerable experience in teaching and facilitating at all levels of ability. During the year, as well as being a useful continuation tool for current prison partners, two additional prisons purchased the resource.

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

Learning from project adaptations

Although the Trust adapted project delivery though necessity during lockdown restrictions, the process has provided much valuable learning and there have been elements that have proved unexpectedly successful, some of which are being incorporated into regular delivery; Making Tracks now uses a mixed model, with the taster session and follow-on sessions taking place online. The Trust is currently developing plans to use online delivery to expand the reach of Sounding Out.

Public benefit

In overseeing the activities of the charity during the year, the Trustees have had regard to the Charity Commission guidance on public benefit, and are satisfied that the activities of the charity have suitably met the criteria regarding public benefit as set out in that guidance.

Plans for the Future

In 2023-24 the Trust will continue to:

Reserves Policy

It is the policy of the Trust to maintain free unrestricted funds at a level that equates to between five and eight months’ running costs (i.e. non-project costs) based on projected figures for future spending. Reserves are held in such a way that the organisation can fulfil its financial obligations on a timely basis to its staff and creditors, in the event of a cessation of activity. At the year end the Trust held unrestricted funds of £98,696, which included Designated Funds of £4,110 (for rent liability), and free reserves excluding fixed assets of £90,435, which is equivalent to

approximately 5 months’ running costs, falling just within the target range. The Trustees therefore consider the Trust to be a viable going concern.

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

Risks Policy

The risks to which the charity is exposed are monitored on a quarterly basis by the Board and appropriate action is taken to mitigate and manage those risks, and to minimise any possible disruption to the effectiveness of the Trust's work from them. The current principal organisational risks and the strategies in place to mitigate them are:

Organisational risk Mitigation plan
Serious reduction in funding
Risk to ITT of impacting ability to
fund projects and overheads, support
staffing levels and infrastructure;
threat to maintain status as a going
concern		 Conducting an attainable funding strategy supported
by a robust strategic plan to achieve income targets
through a diverse range of sources (trusts and
foundations, earned income, individual giving),
nurturing relationships with existing funders and
constantly sourcing new opportunities. In addition to
a financial review at quarterly trustee meetings, a
Finance & Funding sub-committee convene between
trustee meetings to closely monitor the financial
situation and alert the board to any emerging
issues/ concerns. If necessary, the board will
consider cost-saving options, such as a reduction of
staff hours.
Safeguarding young people
The Trust runs various projects for
young people – it is essential that they
are protected		 - All staff and project leaders working directly with
young people will complete an enhanced DBS check
- One-on-one working will be avoided but in
exceptional circumstances where this isn’t possible,
activities will take place in a public place or with the
door open
- Staff will follow the trust’s Child Protection and
Safeguarding Policy and respond to disclosures and
concerns as laid out in the policy
- There will be a designated Child Protection Officer
(or Deputy Child Protection Officers in his absence,)
who will respond to any safeguarding concerns. Both
Officers will have completed the relevant
Safeguarding training
- In circumstances where the Officers are unsure of
how to respond to a concern they will seek advice
from the London Safeguarding Children Board
- Safeguarding Lead on Board of Trustees. Regular
Board review process to examine safeguarding
issues including minor ones which did not require
immediate escalation

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

- All staff adhering to the code of conduct in the
Child Protection and Safeguarding Policy and Safety
Policy
Rise in costs and overheads
Risk of rising costs meaning that
budgets are no longer accurate and
pledged funds do not cover planned
activity		 - Regular review of project budgets vs actual spend
- Monitor changes in cost levels of key expense
areas
- Explore possibility of renegotiating restricted
funding agreements or repurposing funding streams
to core funds, or for uplifts in key areas (higher
proportion of management costs)
- Seek emergency funds if possible
- Maintain a list of 'longer-shot' funders who can be
approached if needed, and past funders who could
be reapproached for short term aid
Loss of key staff
Short-term inability to carry out key
functions; loss of expertise and
relationships necessary to long-term
maintenance and development of
organisation		 Sharing of key knowledge areas amongst core
members of staff; key documentation made available
in centralised location; clear and concise instructions
on working practices made available; broadening
range of people involved in key relationships;
regular team check-ins to ensure colleagues are
aware of the status of key projects and initiatives
Loss of equipment
Needed for project delivery		 Maintaining sufficient reserves and insurance cover
to ensure that replacements can quickly be procured
without adversely affecting the work plan.
Loss of reputation
Damage to reputation as a trusted
organisation known for artistic
excellence could lead to reduced
ability to form new partnerships or
secure earned and donation income		 Keeping professional relationships strong,
maintaining the high quality of the projects and
ensuring through work ethics, policies and practices
that the Trust continues to be highly regarded by all
who work for and come into contact with it.
Negative press and public opinion
See above		 Only engaging with carefully selected media
opportunities, undertaking monitoring and
evaluation which demonstrate the positive benefits
of the work to counteract any negative stories,
ensuring all staff adhere to the Trust’s social media
policy.

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

Financial Review

During the year the Trust continued to work hard to rebuild momentum following the impact of the pandemic; though prison projects remained subject to last-minute rescheduling, in-person delivery levels moved much closer to pre-Covid, with a corresponding increase in project delivery costs. Total income was £3,603 lower than in 2021-22 (£410,913, compared to £414,416 the previous year) and there was an increase in expenditure of £75,213 (£521,289 compared to £446,076 the previous year), with a deficit for the year of £110,376.

The Trust maintained a reasonable level of unrestricted income, up on the previous year by £91,926, at £251,554, compared to £159,628 in 2021-22, largely due to an increase in earned income of £63,717, at £140,603 compared to £76,886 the previous year. Unrestricted expenditure increased by £13,777, at £129,383 compared to £115,606 in 2021-22.

There was a significant decrease in restricted income of £95,529, totalling £159,359 in 2022-23, compared to £254,888 in 2021-22, due to needing to spend down the high restricted funds balances carried over from the previous year before new restricted funding grants could be applied for. Accordingly, restricted expenditure increased by £61,436, from £330,470 in 2021-22 to £391,906 in 2022-23.

Overall expenditure on charitable activities increased by £70,491, at £454,847, compared to £384,357 in 2021-22.

Having continued to successfully weather the storm of another challenging year, the Trust will continue to look to the future by seeking to secure multi-year continuation funding for its regular programmes, to further diversify income sources and to maintain a heathy balance of unrestricted funds.

While the Trustees are cautiously comfortable with the current situation, they remain alert to possible indicators of change, and are aware that charities are likely to face continued challenges around fundraising in the next 12 months. The Trustees remain committed to assisting the Trust to achieve continued success in 2023-24 and beyond

Remuneration policy

The appointment and remuneration of staff is agreed by the Chair and the Treasurer. Salaries are set by reference to similar roles in London-based charities and arts organisations of a similar size.

Approach to Fundraising

The Trust adheres to the Code of Fundraising Practice, data protection legislation (including the new GDPR) and other relevant law and good practice guidance.

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

The Trust does not employ the services of any fundraising agencies or third parties, nor has it run a telephone or door-to-door fundraising campaign. Maintaining a long-term relationship with supporters is very important. The Trust does not engage in any fundraising which could be an unreasonable intrusion on a person’s privacy or unreasonably persistent, or which places undue pressure on a person to give money or other property to the Trust.

There were no complaints relating to the Trust’s fundraising in the past year and the Trustees have no reason to believe there was any non-compliance of fundraising law and regulation during the year.

Statement of responsibilities of the Trustees

The Trustees (who are also directors of the Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

In so far as the Trustees are aware:

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The Irene Taylor Trust

Trustees’ annual report

For the year ended 31 March 2023

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Auditor

Sayer Vincent was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

Approved by the Trustees on 24[th] October 2023 and signed on their behalf by

Jane Anderson Chair of Trustees

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The Irene Taylor Trust

Chair’s annual report

For the year ended 31 March 2023

There has been much to celebrate this year, including a significant increase to our in-person prison work and marking a decade of extending our projects into the community via through-thegate programme Sounding Out and Making Tracks for young people experiencing challenging circumstances. These projects show our commitment to providing a meaningful creative engagement with people and to supporting their development over the long-term, with opportunities including guidance from our Projects & Progression Coordinator, training to become Support Musicians, applying for a Musical Development Grant, or joining our Advisory Group, which provides such valuable insight to the Board.

It has also been a challenging year, as we continued to navigate the impact of the pandemic and the emerging cost of living crisis. The commitment of the whole team at the Trust has helped us to work through these difficulties and towards further future success.

Overall, our projects reached 627 people, including 495 people in prison. Despite ongoing difficulties for prisons with staffing levels, over the year we ran seven Musician In Residence placements and 14 intensive Music in Prisons projects, including a special collaboration with Kestrel Theatre to create a Christmas Pantomime with dads for their families and a Lullaby Project in partnership with the Royal Philharmonic Orchestra.

Near the end of the year Alice Beal decided to step down from the Board due to other commitments; we would like to thank her for the very valuable contribution she made to the Trust during her time as a Trustee.

Sincere thanks to all our project participants, musicians, office staff, Advisory Group, Trustees, prison and community partners. As always, we are especially grateful to all the funders and individuals who have supported us and made it possible for us to provide this valuable work in prisons and the community this year.

Jane Anderson Chair of Trustees

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The Irene Taylor Trust

Artistic Director’s annual report

For the year ended 31 March 2023

It was a huge relief to have almost all our pre-pandemic projects reinstated and up and running again this year. Over 90% of our projects and residencies happened in person, which was a 75% increase on the previous year. The work we do is most effective when we’re all in the same room together, so it was incredibly satisfying for everyone across all our projects to get back to playing music together in the same space, sharing conversations and planning events. The work in prisons still feels challenging due to the unpredictability of whether projects can be staffed or whether there is space to hold them, but thanks to some incredible prison staff support, we saw a significant increase in delivery of our intensive projects compared to the previous year. During the lockdown, one of the first online projects we delivered as part of our Making Tracks project was with a new partner in Bristol and this year, we were fortunate enough to return in person to build on the work we’d started online. Our partnership with the Prince’s Trust has been running for a decade now and with the support and commitment of their regional teams, we’ve been able to expand our reach to other parts of the country to complement the long-standing work we’ve delivered for them in London.

One of the highlights of the year was undoubtedly the 10-Year celebration of our two community programmes, Sounding Out and Making Tracks. It was an evening overflowing with positive vibes alongside some extraordinary performances from all those we work with. The final two numbers saw almost 20 musicians crammed on the stage at Rich Mix, presenting their new songs to an audience who remained on their feet throughout, dancing and cheering-on the performers as they shared their enthusiasm, skills and talents.

After a break of two years, we were excited to meet up with two of our less frequent freelancers, namely the miniature donkeys that regularly join us for our family Christmas shows at HMP Spring Hill in partnership with Kestrel Theatre. It was great to see the prisoners’ children so excited to see them as they all arrived to watch the show their dads had written and were performing for them.

It’s wonderful to be able to say that the future looks bright, and whilst we won’t take our eye off the ball, there is plenty of opportunity for optimism. Our programmes are well established and the chance to expand our work to reach more people is there. As always, this would not be possible without the dedication of everyone we work with, the staff team who work behind the scenes to fundraise, curate and manage, the professional musicians who bring all the ideas to life and of course all the inspirational people for whom we do it all, and who are able to experience our projects whether in prisons or in the community. A huge and heartfelt thanks to everyone.

Sara Lee Artistic Director

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The Irene Taylor Trust

Major Donor list

For the year ended 31 March 2023

Donations over £1,000 were gratefully received from those listed below. These donations were either used for their specified purpose within the financial year or held over into the next financial year for their specified use in the near future.

Restricted Donations Arts Council England BBC Children in Need Charles Hayward Foundation D’Oyly Carte Foundation Hedley Foundation Manchester Guardian Society Charitable Trust National Foundation for Youth Music Sony Music Entertainment St James Place Foundation Swire Trust Three Monkies Trust Universal Music Group Young Londoners Fund And two donors who wished to remain anonymous

Unrestricted Donations 29[th] May 1961 Charitable Trust Bromley Trust CHK Foundation Hanley Trust Henry Smith Charity John Armitage Foundation Lambert Charitable Trust Postcode Society Trust

The Trust would also like to thank everyone else who made a donation to support our work, especially all the ‘Friends’ of the Trust.

18

The Irene Taylor Trust

Project reports

For the year ended 31 March 2023

PARTICIPANTS
PROGRAMME/ PROJECT DESCRIPTION
Music in Prisons, Musicians in Weekly music sessions with people in 299
Residence prisons
Music in Prisons, intensive projects Collaborative song-writing projects 132
Music in Prisons, ‘In Cell Learning Prisoners using new ‘In Cell Learning’ DVD 50
Resource’ & handbook series
Sounding Out Training programme for adult former 13
prisoners in London
Making Tracks & progression projects Community programmes for young people 60
experiencing challenging circumstances
Musical Development Grants Fund to support community-based 13
participants development via external
music lessons, purchasing instruments or
musical equipment
International Training Projects Commissions from Chicago Symphony 48
Orchestra to train Civic Fellows and work
with juveniles in detention and bereaved
parents, and Bergen prison, Norway
Emerging Artists Project Artist development project for 4 talented 4
former community-based participants
Lullaby Project Partnership project reaching participants 8
in both community and prison settings
627

Total

The following excerpts are taken from feedback from participants and prison staff. You can listen to the original music created on projects on our website www.irenetaylortrust.com.

Music in Prisons

“The best, most life-changing experience run by such wonderful, genuine people,” Music in Prisons participant

“Projects like these bring a vital creative spirit into the prison,” Prison Staff

“A great experience and a huge motivation and confidence booster,” Music in Prisons participant

“The confidence these projects give the prisoners is great – it takes them out of their comfort zone, which helps them progress,” Prison Staff

19

The Irene Taylor Trust

For the year ended 31 March 2023

Project reports

"The teacher is fantastic! He's patient and really good at giving tailor-made guiding comments to all of us. There are some who have more experience and he keeps them interested too,” Feedback on Musician in Residence

"I'm more motivated to try out new things as I have been able to learn about something I thought was too difficult and I'd not have succeeded in,” participant on Musician in Residence sessions

Sounding Out

“During the last 12 months of Sounding Out I have been a part of some extraordinary performances, all of which have helped me develop as an artist and person. I have also had the pleasure of participating in multiple workshops led by ITT which have had an enormous impact on me and refining my own craft. There really are not enough words that can help me conclude what the Sounding Out project and ITT have meant to me. My highlight of all the work we have done together has been Making Tracks, where we held workshops to support younger artists write and create new original music over the span of a week, which ended with a very moving performance of all songs on the last day. This in particular gave me a sense of purpose and reward by being a part of something larger than myself,” Sounding Out participant

“Music was something I got involved in late in life. It’s been in more ways than one a life saver for me, especially working with ITT. They do so much for people in my situation - creating music and doing something we love with a passion with great musicians that love working with us and don’t judge where we’re from or where we have been,” Sounding Out participant

Making Tracks

“I learned more collaborative skills when working with other artists,” Making Tracks participant

“The teachers were amazing - picking up on the cool ideas, believing in us when we didn't yet believe in ourselves, encouraging us, not minding our mistakes, and guiding us along the way, getting us to where we got in the end,” Making Tracks participant

“I became more confident with sharing my ideas and I felt more comfortable communicating to a bigger group,” Making Tracks participant

Musical Development Grants

“Since receiving the development grant and buying the amp I have begun to learn how to use a mic and amplified guitar. I have also been practicing singing with my family and have done two small performances. It has helped me improve my musicality and encouraged me to perform,” Musical Development Grant recipient

20

The Irene Taylor Trust

Project reports

For the year ended 31 March 2023

“The importance of having this instrument is unfathomably life changing… since receiving the Clarinet I have developed a stronger love for music. I have been jamming with it to songs I already know and familiarising myself with the technique again… I could not have restarted this journey without you,” Musical Development Grant recipient

“It has given me the opportunity to put my emotions to sound and express myself. It has really benefited me and provided a platform to express myself - rapping over my own hip hop beats. I’m getting good feedback from everyone that listens to my instrumentals and I’ve even started recording over some of them,” Musical Development Grant recipient

Lullaby Project

“The privilege of working with all these amazing people is overwhelming. I am so proud of myself having the confidence to do this for my child,” Lullaby Project participant

“It gave me a sense of achievement, a major boast in confidence and the chance to feel normal again - because after spending so much time in here, you feel you forget yourself,” Lullaby Project participant

“This Lullaby Project means the world to me. It is once in a lifetime opportunity,” Lullaby Project participant

"We were overwhelmed by the project. I believe it is one of the most amazing things I’ve seen take place in a prison,” Prison staff feedback

Notes for Peace project with Chicago Civic Orchestra

“I have never been touched so deeply before. My heart is full of love. I know the hearts of everyone in this room and I know they are filled with love too," Notes for Peace participant addressing the audience

“I can’t believe I have this thing that will make him live forever,” Notes for Peace participant

21

Independent auditor’s report

To the members of

The Irene Taylor Trust

Opinion

We have audited the financial statements of The Irene Taylor Trust (the ‘charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Irene Taylor Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

22

Independent auditor’s report

To the members of

The Irene Taylor Trust

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of

23

Independent auditor’s report

To the members of

The Irene Taylor Trust

company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

24

Independent auditor’s report

To the members of

The Irene Taylor Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fleur Holden (Senior statutory auditor) 7 November 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

25

The Irene Taylor Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2023

Unrestricted
Note
£
Income from:
2
109,924
3
140,603
4
1,027
251,554
66,442
62,941
5
129,383
(134,777)
(12,606)
Reconciliation of funds:
111,304
14
98,698
Total expenditure
Net income / (expenditure)
before transfers
Investments
Total income
Expenditure on:
Donations
Raising funds
Charitable activities
122,171
6
Charitable activities
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward		 Unrestricted
Note
£
Income from:
2
109,924
3
140,603
4
1,027
251,554
66,442
62,941
5
129,383
(134,777)
(12,606)
Reconciliation of funds:
111,304
14
98,698
Total expenditure
Net income / (expenditure)
before transfers
Investments
Total income
Expenditure on:
Donations
Raising funds
Charitable activities
122,171
6
Charitable activities
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward		 Restricted
£
12,263
147,096
-		 2023
Total
£
122,187
287,699
1,027
410,913
66,442
454,847
521,289
-
(110,376)
363,695
253,319
(110,376)		 Unrestricted
£
82,711
76,886
31		 Restricted
£
13,750
241,138
-		 2022
Total
£
96,461
318,024
31
251,554 159,359 159,628 254,888 414,516
66,442
62,941		 -
391,906		 61,719
53,887		 -
330,470		 61,719
384,357
129,383 391,906 115,606 330,470 446,076
(134,777)
122,171		 134,777
(232,547)		 (83,236)
44,022		 83,236
(75,582)		 -
(31,560)
(12,606)
111,304		 (97,770)
252,391		 (39,214)
150,518		 7,654
244,737		 (31,560)
395,255
98,698 154,621 111,304 252,391 363,695

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14 to the financial statements.

26

The Irene Taylor Trust

Balance sheet

Balance sheet
As at 31 March 2023 Company no. 3637201
Note
Fixed assets:
10
Current assets:
11
Liabilities:
12
14
Total unrestricted funds
Designated
Cash at bank and in hand
Tangible assets
Restricted income funds
Unrestricted income funds:
The funds of the charity:
Total net assets
General funds
Total charity funds
Debtors
Creditors: amounts falling due within one year
Net current assets		 2023
£
70,788
203,444		 2023
2022
£
£
4,163
4,163
67,874
329,520
397,394
(39,753)
249,156
253,319
154,621
4,110
107,194
98,698
253,319		 2022
£
6,054
6,054
357,641
274,232
(25,076)
4,100
94,598
363,695
252,391
111,304
363,695

Approved by the trustees on 24 October 2023 and signed on their behalf by

Jane Anderson Chair of Trustees

27

The Irene Taylor Trust

Statement of cash flows

For the year ended 31 March 2023

Cash flows from operating activities
Cash at bank and in hand
Total cash and cash equivalents
Analysis of cash and cash equivalents
Net (expenditure) / income for the reporting period
(as per the statement of financial activities)
(Decrease) in creditors
Depreciation charges
(Increase) in debtors
Net cash (used in) operating activities
Cash flows from investing activities:
Interest receivable
Net cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Net cash (used in) in operating activities
Purchase of fixed assets
Cash flows from operating activities
Investment income		 £
£
(110,376)
1,891
(1,027)
(2,914)
(14,677)
(127,103)
(127,103)
1,027
-
1,027
(126,076)
329,520
203,444
At 1 April
2022
Cash flows
£
£
329,520
(126,076)
329,520
(126,076)
2023		 £
£
(110,376)
1,891
(1,027)
(2,914)
(14,677)
(127,103)
(127,103)
1,027
-
1,027
(126,076)
329,520
203,444
At 1 April
2022
Cash flows
£
£
329,520
(126,076)
329,520
(126,076)
2023		 £
£
(31,560)
2,295
(31)
(42,662)
(16,013)
(87,971)
(87,971)
31
(1,204)
(1,174)
(89,145)
418,665
329,520
Other non-
cash
changes
At 31
March
2023
£
£
-
203,444
-
203,444
2022		 £
£
(31,560)
2,295
(31)
(42,662)
(16,013)
(87,971)
(87,971)
31
(1,204)
(1,174)
(89,145)
418,665
329,520
Other non-
cash
changes
At 31
March
2023
£
£
-
203,444
-
203,444
2022
1,027
-		 31
(1,204)
(127,103)
1,027		 (87,971)
(1,174)
At 1 April
2022
£
329,520		 Other non-
cash
changes
£
-
(126,076)
329,520		 (89,145)
418,665
203,444 329,520
Cash flows
£
(126,076)		 At 31
March
2023
£
203,444
329,520 (126,076) - 203,444

28

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies

Statutory information

The Irene Taylor Trust is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address and principal place of business is 35-47 Bethnal Green Road, London, E1 6LA.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

29

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:

Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

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

30

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

1 Accounting policies (continued)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pensions

All staff are enrolled in a work place defined contribution pension scheme.

2 Income from donations

Henry Smith Charity
The Bromley Trust
CHK Foundation
Swire 2765 Charitable Trust
29th May 1961 Charitable Trust
The Rowland Trust
BBC Children in Need
Lambert Charitable Trust
The Hanley Trust
P & M Lovell Charitable Trust
John Armitage Charitable Trust
Postcode Society Trust
Donations from individuals
Total
Gift Aid reclaimed(HMRC)
Donations from Charitable Trusts:
Gifts in kind		 Unrestricted
£
30,000
10,000
10,000
-
5,000
600
500
-
3,000
-
20,000
12,000
15,452
-
3,372		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
12,263
-		 2023
Total
£
30,000
10,000
10,000
-
5,000
600
500
-
3,000
-
20,000
12,000
15,452
12,263
3,372		 Unrestricted
£
30,000
10,000
-
15,000
5,000
-
-
2,500
3,000
1,000
-
-
13,840
-
2,371		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
13,750
-		 2022
Total
£
30,000
10,000
-
15,000
5,000
-
-
2,500
3,000
1,000
-
-
13,840
13,750
2,371
109,924 12,263 122,187 82,711 13,750 96,461

31

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

3 Income from charitable activities

Income from charitable activities
Projects in the community
Bedford Memorial Trust
Beating Time
PRS for Music Foundation
BBC Children in Need
Sony Music Entertainment
The Princes Trust
Charles Hayward Foundation
Young Londoners Fund
St Jame's Place Foundation
Swire Trust
Hedley Foundation
National Foundation for Youth Music
Arts Council England
Manchester Guardian Society
Anonymous
Fishmongers’ Company’s Charitable Trust’
Three Monkies Trust
Anonymous
Universal Music Group
D’Oyly Carte Foundation
Other
Gift Aid reclaimed(HMRC)
Earned income
Legacy donation of behalf of the
Wardman Estate
Total		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
140,603		 £
-
-
-
23,441
8,483
1,100
25,000
1,330
10,000
15,000
1,000
14,928
20,114
2,000
3,000
-
5,000
7,500
2,700
4,000
-
2,500
-
-
Restricted		 2023
Total
£
-
-
-
23,441
8,483
1,100
25,000
1,330
10,000
15,000
1,000
14,928
20,114
2,000
3,000
-
5,000
7,500
2,700
4,000
-
2,500
-
140,603		 Unrestricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
76,886		 £
21,000
1,800
700
11,721
25,000
-
-
-
-
-
-
13,500
105,142
-
3,000
25,000
-
-
9,775
-
22,000
2,000
500
-
Restricted		 2022
Total
£
21,000
1,800
700
11,721
25,000
-
-
-
-
-
-
13,500
105,142
-
3,000
25,000
-
-
9,775
-
22,000
2,000
500
76,886
140,603 147,096 287,699 76,886 241,138 318,024

4 Income from investments

Income from investments
Bank interest Unrestricted
£
1,027		 £
-
Restricted		 2023
Total
£
1,027		 Unrestricted
£
31		 £
-
Restricted		 2022
Total
£
31
1,027 - 1,027 31 - 31

32

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

5 Analysis of expenditure (current year)

Staff costs (Note 7)
Other staff costs
Project costs
Office running and other costs
Rent, rates and utilities
Insurance
Professional services
Depreciation
Audit
Gifts in kind
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022
Analysis of expenditure (prior year)
Staff costs (Note 7)
Other staff costs
Fundraising costs
Project costs
Office running and other costs
Rent, rates and utilities
Repairs and maintenance
Insurance
Professional services
Depreciation
Audit
Gifts in kind
Support costs
Governance costs
Total expenditure 2022		 Raising
funds
£
46,986
-
-
-
-
-
-
-
-
-		 Charitable
activities
£
156,979
-
220,604
-
-
-
-
-
-
12,263
389,846
58,490
6,511
454,848
384,357
Charitable
activities
£
126,422
-
-
165,305
-
-
-
-
-
-
-
13,750
305,477
72,375
6,505
384,357		 Support
costs
£
18,184
7,060
-
11,075
23,582
4,427
9,778
1,891
-
-		 Governance
costs
-
-
-
-
-
-
-
-
8,460
-		 2023 Total
£
222,149
7,060
220,604
11,075
23,582
4,427
9,778
1,891
8,460
12,263		 2022
Total
£
207,657
3,714
165,305
9,859
22,450
4,287
8,299
2,295
8,460
13,750
46,986
17,507
1,949		 75,997
(75,997)
-		 8,460
-
(8,460)		 521,289
-
-		 446,076
-
-
66,442 - - 521,289 446,076
61,719 - - -
Raising
funds
£
38,006
-
-
-
-
-
-
-
-
-
-
-		 Support
costs
£
43,229
3,714
-
-
9,859
22,450
-
4,287
8,299
2,295
-
-		 Governance
costs
-
-
-
-
-
-
-
-
-
8,460
-		 2022
Total
£
207,657
3,714
-
165,305
9,859
22,450
-
4,287
8,299
2,295
8,460
13,750
38,006
21,758
1,955		 94,133
(94,133)
-		 8,460
-
(8,460)		 446,076
-
-
61,719 - - 446,076

33

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

6 Net income / (expenditure) for the year

This is stated after charging:

This is stated after charging:
2023 2022
£ £
Depreciation 1,891 2,295
Auditor's remuneration (excluding VAT):
Audit 7,750 7,050
Operating leases 22,614 22,450

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Pension cost		 2023
£
201,206
16,850
4,093		 2022
£
188,058
15,952
3,647
222,149 207,657

No member of staff received emoluments of more than £60,000 in this year (2022: £nil).

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £111,174 (2022: £ 104,484).

The charity trustees were not paid nor received any other benefits from employment with the charity in the year (2022: £nil). No trustee was reimbursed travel expenses during the year(2022: 1 trustee £18). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

2023 2022
No. No.
Total 6 6

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

34

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

10 Tangible fixed assets

Tangible fixed assets
Cost
At the start of the year
Depreciation
At the end of the year
Net book value
At the end of the year
At the start of the year
Additions in year
At the end of the year
At the start of the year
Charge for the year		 Office
equipment,
fixtures
and fittings
£
5,081
-		 Musical
Instruments
£
18,559
-		 Motor
vehicles
£
15,000
-		 Total
£
38,640
-
5,081 18,559 15,000 38,640
3,774
704		 18,559
-		 10,253
1,187		 32,586
1,891
4,478 18,559 11,440 34,477
603 - 3,560 4,163
1,307 - 4,747 6,054

All of the above assets are used for charitable purposes.

11 Debtors

Prepayments
Rent deposit
Accrued income		 2023
£
4,677
-
66,111		 2022
£
4,677
299
62,898
70,788 67,874

12 Creditors: amounts falling due within one year

Taxation and social security
Accounts Payable
Accruals
Deferred income		 2023
£
984
6,475
17,617
-		 2022
£
534
4,722
10,620
23,877
25,076 39,753

35

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

13 Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Net assets
Net current assets
Tangible fixed assets
Analysis of net assets between funds (prior year)
Tangible fixed assets
Net current assets
Net assets		 General
unrestricted
£
4,163
90,434		 Designated
Funds
-
4,100		 Restricted
£
-
154,621		 Total
funds
£
4,163
249,155
94,598 4,100 154,621 253,319
General
unrestricted
6,054
101,140		 Designated
Funds
£
-
4,110		 Restricted
£
-
252,391		 Total
funds
£
6,054
357,641
107,194 4,110 252,391 363,695

36

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

14 Movements in funds (current year)

Restricted funds:
Adult male prisoners
Adult female prisoners
Children in prison
Community
Emerging Artists Project
Lullaby Project
Making Tracks & Progression Projects
Making Tracks North West
Musical Development Fund
Playlist TV Projects
Ridgeway Secure Unit
Sounding Out
Youth Music Recharge Fund projects
Community - Total
Music Projects – General
Total restricted funds
General funds
Total unrestricted funds
Unrestricted funds
Total funds
Designated funds - other		 At start of
the year
£
44,122
-
26,637
29,142
15,488
35,537
-
1,767
(9)
-
39,250
-
121,175
60,457		 Income &
gains
£
4,420
-
23,441
20,315
6,458
75,035
-
2,500
-
-
14,183
5,508
123,998
7,500		 Expenditure
& losses
£
138,704
990
20,181
21,566
24,585
85,041
-
3,133
-
7,151
49,574
5,508
196,558
35,473		 Transfers
£
96,822
990
1,602
7,671
3,639
15,393
-
-
9
7,765
-
-
34,478
885		 At end of
the year
£
6,662
-
31,499
35,562
1,000
40,924
-
1,134
-
614
3,859
-
83,093
33,368
252,391 159,359 391,906 134,777 154,621
4,110
107,194		 -
251,554		 -
129,383		 (10)
(134,767)		 4,100
94,598
111,304 251,554 129,383 (134,777) 98,698
363,695 410,913 521,289 - 253,319

The narrative to explain the purpose of each fund is given at the foot of the note below.

37

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

Movements in funds (prior year)

Restricted funds:
Emerging Artists Project
Lullaby Project
Making Tracks & Progression Projects
Musical Development Fund
Playlist TV Projects
Ridgeway Secure Unit
Sounding Out
Total restricted funds
General funds
Unrestricted funds
Total unrestricted funds
Total funds
Designated funds - other
Designated project funds
Adult Female Prisoners
Children in Prison
Community - Total
Arts Council England - other
Music Projects – General
Community
Adult Male Prisoners		 At start of
the year
£
44,595
8,114
32,358
-
34,283
77,966
-
-
-
33,077
145,326
-
14,344		 Income &
gains
£
10,500
-
11,721
25,142
11,185
33,065
2,500
21,000
-
28,000
120,892
55,000
56,775		 Expenditure
& losses
£
81,945
9,007
11,055
-
35,080
82,183
733
21,009
412
21,850
161,266
55,000
12,198		 Transfers
£
70,972
893
(6,387)
4,000
5,100
6,689
-
-
412
23
16,223
-
1,535		 At end of the
year
£
44,122
26,637
29,142
15,488
35,537
1,767
(9)
-
39,250
121,175
-
60,457
244,737 254,888 330,470 83,236 252,391
20,550
9,901
120,067		 -
-
159,628		 -
-
115,606		 - 16,440
- 9,901
(56,895)		 4,110
-
107,194
150,518 159,628 115,606 (83,236) 111,304
395,255 414,516 446,076 - 363,695

38

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

14 Movements in funds (continued)

Purposes of restricted funds

Adult Male Prisoners

Funding received to conduct music projects with men in prison aged 18 years and over.

Adult Female Prisoners

Funding received to conduct music projects with women in prison aged 18 years and over.

Children in Prison

Funding received to conduct music projects with prisoners aged under 18.

Community

Funding received to conduct music projects in the community with adult ex-prisoners ( the 'Sounding Out' programme), young people aged between 14-25 at risk of offending (the 'Making Tracks' programme in London and the North-West, and progression projects 'Making Tracks Training' and 'Young Producers'), mothers and fathers in challenging circumstances (the 'Lullaby Project').

Music Projects - General

Funding received for programmes that has yet to be allocated to specific projects; funding received to deliver international commissions.

Arts Council England - other

Funding relates to salaries and overhead cost.

Purposes of designated funds

Designated funds - other

Funds to cover the Trust's rent liability in the instance of needing to terminate the agreement early.

Designated project funds

Earned income earmarked for future project delivery.

Transfers between funds

Unrestricted funds and general restricted funds have been transferred to specific restricted funds where there has been a shortfall in funding for particular projects or to use unrestricted funds or general restricted funds for those projects.

15 Operating lease commitments payable as a lessee

Amounts payable under non-cancellable operating leases are as follows for each of the following periods

Less than one year
One to five years		 2023
2022
£
£
16,442
16,442
26,463
-
42,905
16,442
Property		 2023
2022
£
£
16,442
16,442
26,463
-
42,905
16,442
Property
42,905 16,442

39

The Irene Taylor Trust

Notes to the financial statements

For the year ended 31 March 2023

16 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

17 Related party transactions

Aggregate unrestricted donations from trustees were £3,630 (2022: £570). There are no other related party transactions to disclose for 2023 (2022: none).

40