Charity registration number 1090556 (England and Wales) Company registration number 04202335 MUSIC FOR LIFE ACADEMY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MUSIC FOR LIFE ACADEMY LEGALAND ADMINISTRATIVE INFORMATION Trustees Ms S Nelson Mr R Hunter Ms S France (Appointed 15 September 2025) Secretary Miss O Meekin Charity number {England and Wales 1090556 Company number 04202335 Prlnclpal address Blaris Industrial Estate Unit 2 24 Altona Road Lisburn Antrim BT27 5QB Registered offlce 59-60 Russell Square London England WCIB 4HP Auditor GMCG LISBURN Century House 40 Crescenl Business Park Lisburn BT28 2GN Bankers Danske Bank Donegall Square West Belfast BT16JS Solicitors Bishop & Sewell LLP Solicitors 59-60 Russell Square London WC1B 4HB
MUSIC FOR LIFE ACADEMY CONTENTS Page Directorfs report Independent auditorfs report 5-10 Statement of financial activities 11 ststement of financial position 12 Notes to the financial statements 13-24
MUSIC FOR LIFE ACADEMY DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statemenls and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and °Accounting and Reporting by Charities.. Slatement 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). (as amended for accounting periods commencing from 1 January 2019) ObJe¢tlves and activities The charity's objects are.. al to provide, arran9e and pay for the education and training of persons with an emphasis towards musical composition performan and dance as an expression of life and culture., b) to develop, fund, administer, facilitale, promote, operate and carry on activities and facilities which will provide relief andlor education to persons in needy circuMstanS,. and c) to pursue in any part of the world other charitable purposes benefiting peoples or communities as the trustees of the charrty may determine. We will do this by.. al Providing for their long term well being and educational needs to become leading contributors to the 'New Africa,; bl Instilling ethical and moral principles through teaching and leading example., and c) Serving as an advocate of the beauty and dignity of the African child around the world. We have supported our objectives by.. al Supporting our Field programmes in South Africa, Kenya, Rwanda and Uganda through Direct Granls and field expenses paid direclly by the UK Office. The various African Offices provide monthly budgets and this is funded by our restricted sponsorship and appeal revenue and any surplus from our concert revenue from the Afan Children's Choir tours. b) Supporting our Choir programme which meet the Costs of Choir selection and training in Africa, travel costs, medical, educational and living costs for the Choir children touring in the UK and Europe. c} Supporting Choir Chaperones through their BPS {Building Personal Support) Funds. d) Providing Office Support Costs of our Choir and African Operations. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance Significant activities and achievements against objectives CHOIR ACTIVITIES Ubuntu-Anniversary Tour preparations were finalised for separate tours.. - UK- March to May 2025 Australia- May to June 2025 Two separate groups meant that more of our senior students from both Kenya and Uganda were given the opportunity to travel again. The UK tour has given us an opportunity to reconnect with churches who have hosted the African Children's Choir in the past as well as reach out to new contacts. We are delighted our goal of increasing the number of sponsors was realized. Choir Training at our African Children's Choir Primary School in Uganda continued wilh students preparing for tours in Canada and the USA. Fundraising efforts included regular social media campaigns, electronic and physical mailings and funding from music royalties.
MUSIC FOR LIFE ACADEMY DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 AFRICA FIELD ACTIVITIES South Africa At this time there are nine students in our programme, with five completing their university or college courses. We are in regular contact with all these students providing food assistance, transport and guidance regarding university applications, Cvs and leadership opportunities. In April 2024 a further three students graduated their studies in Tourism Management, IT and PublicAffairs. There is a propety we are actively trying to sell which will help with ongoing expenses. Kenya Kindergartens run by Music For Life have continued to flourish wsth new children enrolled each school year. We have three Kindergartens, are in Kibera slum, Nairobi and one in a rural setting in Maasai land. Each year 20 students are selected from those children graduating from the Kindergarten programme for further sponsorship. To date we have 121 sponsored students in primary and 32 in Junior High. Music for Life Centres have continued in three under resourced partner primary schools led by ACC alumni offering music. life skills, bible lessons, games and food. African Odyssey has expanded into local schools, greatly increasing the number of lives impacted by Music For Life in Kenya. Uganda African Children's Choir Primary School - A new Head of School has been appointed as the former head retired at the end of 2024. Empower International Academy - The first set of students who sat their IGCSE exams at the end 2024 achieved very good results. They embarked on their A levels studies at the beginning of 2025 meaning that the school now has five year groups. Music for Life Centres led by African Children's Choir university students continue in five partner schools offering bible lessons, life skills, music, games, and food. Mentorship programme continues to flourish with Afrtcan Children's Choir university students supporting our secondary level students through school and home visits. It was a pleasure to host a team from Poulner Baptist Church which visited Uganda in August 2024. They led bible camps at both the African Children's Choir Primary School and Empower International Academy as well as visiting one of the Music For Lrfe Centres, visiting homes and ministering to our university students and staff. Financial review The charity's trading subsidiary, Music for Lrfe Records Limited reported a turnover of £5,794 (2024 - £7.151). The results for the year are set out on 11 to 24. The charity returned net outgoing resources of £121,932 (2024 - £170,620). Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
MUSIC FOR LIFE ACADEMY DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Major risks The trustees have assessed the major risks lo which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for future perfods The charity has the following plans for future periods.. Continuation of replacing and adding to the Music for Life Academy Board of Directors. We hope to build on the momentum gained by the Ubuntu Anniversary Tour of the UK to develop our church relationships and increase our donor base. Structure, governance and management The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were- Ms S Nelson Mr R Hunter MrA Palmer Ms S France (Resigned 15 September 2025) (Appoinled 15 September 2025} Recruitment and appointment of tnjstees The directors are appointed al the annual general meeting of the company's members and retire by rotation. The directors may at any time co-opt any person as an additional director until the next annual general meeting. Day-to-day management decisions are made by the International Executive Team. Being an organisation with a presence in the UK, Canada, USA, Uganda, Kenya, Sudan and South Africa, the team is made up of a leadership team overseeing the Choir, African and Administrative operations. This team of people meets weekly by conference call or Skype and also face-to-face annually or biannually for more in-depth planning and strategy. This same group prepares policies and procedures that are used throughout the organisation and present them to the Board for approval before implementation. The trustees are responsible for approving general budgets, approving policies and procedures, major purchases and major new directions in the organisation. Relationship with related parties Related parties of the charity include ils trustees and a number of other companies under common control with Music for Life Academy.. Music for Life Institute, Music for Life Records Limited.
MUSIC FOR LIFE ACADEMY DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of directors pOnsibIlitieS The trustees, who are also the directors of Music for Life Academy for the purpose of company law, are responsible for preparing the Directorfs Report and the financial statements in accordance with applicable law d United Ffjngdom Accounting Standards (Untted 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In prepartng these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., - observe the methods and principles in the Charities SORP 2019 (FRS 1021.. - make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Stsndards have been followed, subject to any material departures disdosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolution proposing that GMCG LISBURN be reappointed as auditor of the company will be put at a General Meeting. Disclosure of inforniation to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. This report has been prepared in accordance with the provision applicable to companies entitled to the small companies exemption. The irectorfs report was approved by the Board of Trustees. Director Date: .
MUSIC FOR LIFE ACADEMY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MUSIC FOR LIFEACADEMY Opinlon We have audited the financial statements of Music for Life Academy (the 'charity') for the year eThled 31 March 2025 which Comprise the statement of financial activities, the statement of financial position 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdorn Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practits., and have been prepared in accordance with the requirements of the Companies Act 2006. 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 fijrther described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the director's use of the going conrn 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 colleclively, may cast significant doubt on the charity's ability to continue as a going con¢em for a period of at least e1ve 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.
MUSIC FOR LIFE ACADEMY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC FOR LIFE ACADEMY Other infonnation The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise 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 othewise 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 perfomied, 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 our audit.. the information given in the director's report, prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wtth the financial statements., and the directors. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the directors, report included within the directorfs 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: adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums- or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audtt- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the director's report and from the requirement to prepare a strategic report.
MUSIC FOR LIFE ACADEMY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC FOR LIFE ACADEMY Responslbilities of trustees As explained more fully in the statement of dire¢torfs responsibilities, the trustees, who are also the directors of the charity for the purpose of 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Audltor'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 lo 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, is detailed below.
MUSIC FOR LIFE ACADEMY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC FOR LIFE ACADEMY Extent to which the audit was considered capable of detecting irregularites, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-complian$ with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business perfomiance, including the charitable company's remuneration policies for directors, bonus levels and performan targets, rf any,. Results of our enquiries of management about their own identification and assessment of the risks of irregularities., Any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The intemal controls established to mitigate risks of fraud or non-compliance wth laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination d material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effErt on the financial statements but compliance with whiGh may be fundamental to the charitable company's ability to operate or to avoid a material penalty.
MUSIC FOR LIFE ACADEMY INDEPENDENT AUDITOR'S REPORT (CONTINUED} TO THE MEMBERS OF MUSIC FOR LIFE ACADEMY Audlt response to risks identified Our procedures to respond to the risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; Enquiring of management concerning actual and potential litigation and claims; Perfoming analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; Reading minutes of meetings of those charged with govemance and reviewing correspondence with tax authorities., and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significt transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fpud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregulartties, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-complian and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
MUSIC FOR LIFE ACADEMY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MUSIC FOR LIFEACADEMY 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 CompaniesAct 2006. Our audit work has been undertaken so that we might state to the charitat4e 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 perniitted 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 forthe opinions we have formed. Mr Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMCG LISBURN Chartered Accountants Statutory Auditor Century House 40 CreSnt Business Park Lisbum BT28 2GN Date: 10-
MUSIC FOR LIFE ACADEMY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restrlcted funds funds 2024 2024 Total 2025 2024 Notes Incorne from: Charitable activities Investments 93,583 5,367 80,920 174,503 5,367 60,137 11,546 74,745 134,882 11,546 Total income 98,950 80,920 179,870 71,683 74,745 146,428 Expendtture on: Charitable activities 76,134 225,668 301,802 50,445 266,603 317,048 Total expendlture 76,134 225,668 301,802 50,445 266,603 317,048 Net incomel{expendlture) 22,816 (144,748) (121,S32) 21,238 {191,858) 1170,620) Transfers beeen funds (144,748) 144,748 (191,858) 191,858 Net movement In funds (121,932) (121,932) (170,620) (170,620) Reconclllation of funds: Fund balances at 1 April 2024 367,418 367,418 538,038 538,038 Fund balances at 31 March 2025 245,486 245,486 367,418 367,418 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivities. 11
MUSIC FOR LIFE ACADEMY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 13 14 1.266 1,497 1,267 1,498 Current assets Debtors Cash at bank and in hand 15 50,093 258,468 23,948 400,671 308,561 424,619 Creditors: amounts falling due within one year 16 (64,342) (58,699) Net current assets 244,219 365,920 Total assets less Cuent liabilities 245,486 367,418 The funds of the charity Unrestricted funds 19 245,486 367,418 245,486 367,418 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. and signed on their behalf by MsSNel Director Company registration number 04202335 (England and Wales) 12-
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charlty Informatlon Music for Life Academy is a private company limited by guarantee incorporated in England and Wales. The registered Offi is 59-60 Russell Square, London, WCIB 4HP, England. The business address is Blaris Industrial Estate, Unit 2, 24 Altona Road, Lisburn, Co Antrim, BT27 5QB. 1.1 Basis of preparation The financial statements have been prepared in accordance with the charity's governing document, tre Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a statanent of cash flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These financial statement contain information about the individual charitable company, Music for Life Academy only. Music for Life Academy and its subsidiary company, Music for Life Records Limited. comprise a small group and as such Music for Life Academy is exempt from preparing consolidated accounts under Company legislation. The directors have taken advantage of the provisions with SORP FRS 102 and UK Generally Accepted Accounting Practice not to prepare Consolidated accounts on the basis that the only subsidiary undertaking of Ihe charitable company is not considered to be material for the purpose of the financial statements giving a true and fair view. 1.2 Golng concern At the lime of approving the financial statements, Ihe truslees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trLk8tees Continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when Ihe charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gifi Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingent asset. 13-
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for Èts beneficiaries. It includes both costs that can allocated directly to such activities and those costs of an indired nature necessary to support them. Support and governance costs includes those costs associated with meeting the constitutional and ststutory requirement of the charity and include the audtt fees and any other fees linked to the strategi¢ management of the charity. Support and g0Veman costs have been allocated to charitable activities based on a percentage of restricted income. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computer equipment Fixtures and fittings 33 % straight line 15 % reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Flxed asset investments Fixed asset investments are initially measured at transaction price exduding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charity- Control is the power to govem the financial and operating policies of the entity so as to obtain benefits from its activities. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within bOowingS in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enfOrab]e right to set off the recognised amounts and there is an intention to settie on a net basis or to realise the asset and setue the liability simultaneously. 14-
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interesl method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including Creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised Cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or serVIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognitlon of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Ernployee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Foreign exchange Transactions in currencies other Ihan pounds sterling are recorded at the rates of exchange prevailing at the dales of the transactions. At each reporting end dale, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. 15
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects (lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements Fixed Assets The annual depreciation charge on fixed a55ets depends primarily on the estimated lives of each type of assets ad estimates of residual values. The directors regularly review these assets lives and change them as necessary to reflect the current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policles. Restricted and unrestricted funds Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The directors consider it appropriate to allocate these funds based on donations received. 16-
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Other income Interest receivable 1,279 4,088 6,320 5,226 5,367 11,546 18-
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MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Description of charitable activities dPr The funding of various programmes in South Africa, Kenya and Uganda. hoirTo Supporting the choir programme which includes choir selection and training in Africa, travel costs, medical. educational and living costs for the choir children touring in the UK and Europe. BP Supporting Choir Chaperones. Providing Offi support costs for choir and African operations. Support costs allocated to activities 2025 2024 Rent Insurance Light and heat Repairs Postage and stationery Telephone and IT Travelling expenses Sundry expenses Subscriptions Bank charges Governan costs 7,884 1,141 967 1,412 8,322 1,181 1,028 444 i i 4,602 5,659 681 598 1,069 465 8,214 3,123 5,951 1,153 953 520 1,443 15,866 32,692 39,984 Analysed between: Field Programmes Choir Tour & Concerts 29,382 3,310 39,984 32,692 39,984 2025 2024 Governance costs comprise: Audit and accountancy fees Legal and professional 6,600 1,614 7,740 8,126 8,214 15,866 -20-
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Transfers Transfers made from unrestricted fund to the restricted funds were to cover resources expended in excess of funds received in relation to some projects. Net movement In funds 2025 2024 The net movernent in funds is stated after chargingl{crediting}- Fees payable for the audit of the charity's financial statements Depreciation of owned tsngible fixed assets 6,600 231 7,740 533 10 Trustees None of the trustees who held office during the year (or any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Administration Sponsorship Total Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 86,053 2,276 2,866 86,484 3,249 3,409 91,195 93,142 The total employment benefits including employer pension contributions of the key management personnel were £37,048 (2024 - £48,611). There were no employees whose annual remuneration was more than £80,000. 12 Taxatlon The charity is exempt from tax on incorne and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 21
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixed assets Computer Fixtures and equipment rjttings Totsl Cost At 1 April 2024 1,937 15,866 17,803 At 31 March 2025 1,937 15,866 17,803 Depreciation and impaimient At 1 April 2024 Depreciation charged in the year 1,929 14,377 223 16,306 231 At 31 March 2025 1,937 14,600 16,537 Carrying amount At 31 March 2025 1,266 1,268 At 31 March 2024 1,489 1,497 14 Fixed asset investments Other Investrnents Cost or valuation At 1 April 2024 & 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 2025 2024 Other investments comprise.. Notes Investments in subsidiaries 21 15 Debtors 2025 2024 Amounts falling due within one year: Amounts owed by subsidiary undertakings Other debtors Prepayments and accrued income 7,455 17,387 25,251 3,546 18,490 1,912 50,093 23,948
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Credltors: amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 2,243 15,301 31,373 15,425 3,385 12,621 27,270 15,423 64,342 58,699 17 Retirement beneflt schemes 2025 2024 Deflned contrlbution schemes Charge to profit or loss in respect of defined contribution schemes 2,866 3,409 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 18 Restricted funds The restricted funds of the charity Comprise the unexpended balances of donations and grants held on twst subject to specific conditions by donors as to how they may be used. At 1 Aprll 2024 Incoming resources Resources expended Transfers At 31 March 202S Field Programmes BPS GB Appeals and General 76,686 500 3,734 (222,401) (10) (3,257) 145,715 (490) (477) 80,920 (225,668) 144,748 Prevlous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Field Programmes BPS GB Appeals and General 64,020 562 10,163 {264,642) {10) {1,951) 200,622 (552) (8,212) 74,745 (266,603) 191,858 The above projects represent donations received from individuals who have specified that the funds be used for a specific project. Note 6 details description of the various charitable activities undertaken. -23-
MUSIC FOR LIFE ACADEMY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestricted funds The unrestrrcted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources expended Transfers At 31 March 2025 General funds 367.418 98,950 (76,134) (144,748) 245,486 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 538,038 71,683 (50,445) (191,858) 367.418 20 Related party transactions Subsidiary During the year the charity recognised donations of £1,279 (2024 £6,320) from its subsidiary. Music for Life Records Limited. At the balance sheet date an amount of £7,455 (2024 - £3,546) was due from Music for Life Records Limited. 21 Subsidiaries Detsils of the charity's subsidiaries at 31 March 2025 are as follows: Name of undertaking Registered office Nature of business Class of 'A Held shares held Direct Indirect Music for Lrfe Records Limited England Retail of African Children's Choir merchandise Ordinary 100.00 The aggregate Capital and reserves and the result for the year of subsidiaries excluded from Cons0datiOn was as follows: Name of undertaking ProfiU(Loss) Capital and Reserves Music for Lrfe Records Limited -24-