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Charity registration number 1099385
Company registration number 04793062 (England and Wales)
## **AMENDED**
## **LOST CHORD UK**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
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## **LOST CHORD UK**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mrs K J Bottomley|(Appointed 12 May 2022)|
|---|---|---|
||Mr B W Frith||
||Ms S Glennon||
||Mr E A Holmes||
||Dr M Venables||
||Mr M E Procter||
||Ms D Stone|(Appointed 21 September|
|||2022)|
|**Charity number**|1099385||
|**Company number**|04793062||
|**Registered office**|The Wesley Centre||
||Blyth Road||
||Maltby||
||Rotherham||
||S66 8JD||
|**Independent examiner**|Knowles Warwick Audit Services Limited||
||Charlotte House||
||500 Charlotte Road||
||Sheffield||
||S2 4ER||
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## **LOST CHORD UK**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 14|
|**These accounts:**||
|**- replace the original accounts**||
|**- are now the statutory accounts**||
|**- are prepared as they were at the date of the original accounts**||
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## **LOST CHORD UK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023**
The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of 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) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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)" (effective 1 January 2019).
## **Objectives and activities**
The objective of the charitable company is to improve the well-being and self-esteem of persons living with dementia by the organisation and playing of interactive musical concerts.
The Trustees confirm that they have complied with the duty under Section 4 of the Charities Act 2006 by referring to the charity commission's general guidance on public benefit when reviewing the aim and objectives of the charity and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
## **Achievements and performance**
2022/23 was a year during which Lost Chord found its feet again, following the pandemic. Under the Leadership of CEO Ms Clare Langan, normal service was steadily resumed with increasing numbers of concerts in care homes and services expanded to provide community interactive music sessions and community singalong sessions. Bedside 1-2-1s also continued.
Plans to resume grant applications did not materialize in 2022/23 due to the CEO being immersed in operational and charity modernisation activities. Despite this, Lost Chord emerges from the year in a strong financial position due to its significant reserves but it should be noted that increased fund-raising activities will be needed to avoid further operational losses in 2023-24.
The Memorandum and Articles of Association were completely revised to reflect the modern, forward looking and renamed Lost Chord UK.
The charity is fortunate and very proud to have a group of talented, compassionate and professional musicians eager to provide a range of musical sessions alongside our dedicated volunteers and supportive Patrons.
The CEO, working with the Trustees, have an excellent and exciting opportunity in 2023-24 to ensure the charity goes from strength to strength.
Our vision is to be the ‘go-to’ outreach session provider for care homes, day centres and memory cafés and to also run our own community events, eventually to have sessions running in every county in England and be operational in Wales, Northern Ireland and Scotland.
1
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## **LOST CHORD UK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Financial review**
The accounts for the year to 31st March 2023 show a loss of £35,016 in comparison with the year ending 31st March 2022 which showed a profit of £7,489. However Lost Chord UK is still in a strong position to support the work of the charity into 2023/24 with fund balances at 31[st] March 2023 standing at £362,163.
Operational Income increased from £11,130 in 2022 to £39,676 in 2023, reflecting the post pandemic renewal of services.
Donations and grant applications reduced from £116,129 in 2022 to £84,958 in 2023. There was plenty of successful but relatively small scale fundraising activity and the lack of grant applications made was apparent.
Costs were well controlled and in line with the increased activity of the charity.
The legacy from the Jenny Gregorian Estate has not yet been received. This legacy is reflected in the 2022 accounts as ‘legacies receivable £75,000’. It should be noted that this is the anticipated amount we will receive from the sale of the property and other assets based on correspondence from the solicitor of the estate. The house is yet to be sold and this amount is by no means guaranteed to be received given the current economic climate. The Trustees are extremely grateful to receive such a significant legacy.
Surplus funds are currently invested on a basis that is considered to be relatively risk free.
## Reserves policy
The Charity Commission for England and Wales requires charities to have a policy on the level of reserves held by the charity. This is to ensure that charities spend money on the purposes for which the charity was set up rather than simply accumulating cash. The policy of Lost Chord is to ensure that should funding materially deteriorate, for whatever reason, then it would have time to consider alternative funding options and, in the worst scenario, be able to manage the closure of its operations and obligations in an orderly fashion, both of which combined would take in the order of six months. Such obligations would include staging concerts already committed to, terminating its contractual commitments and the payment of salaries. In ordinary times, Lost Chord aimed to maintain reserves of at least six months but no more than nine months of annualised operating expenditure but due to the pandemic this has not been possible.
Funding has traditionally been applied for on a three-year basis which could mean that funds received in year one may not be used until year three so that the charity can periodically accumulate significant funds. However, the grants that are received in advance are treated as deferred income to be utilised for the payment of future expenses.
## **Plans for future periods**
The charity plans to continue the activities outlined above for the forthcoming years, subject to satisfactory funding and donations and intends to implement a strategic plan which may involve some consolidation of services around our core offerings where we can most effectively leverage the charities resources.
To support the growth of the charity it is imperative that the charity recruits operational support to allow the CEO to resume grant applications and focus on the promotion of the charity and its fundraising.
Lost Chord must continue to innovate and evolve in order to survive in the highly competitive market. We must also continue to respond to the rapidly increasing numbers of dementia diagnoses which sees people living with the disease in community.
2
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## **LOST CHORD UK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Structure, governance and management**
The Charity is a company limited by guarantee and was incorporated on 10 June 2003. The Memorandum of Association established the objects and powers of the charity and it is governed under its Articles of Association. The Charity was registered as a charity on 11 September 2003. Prior to 10 June 2003 Lost Chord was a project run under the auspices of Voluntary Action Rotherham and has been delivering services since 1999.
The Trustees, who are also directors and members of the charity, are recruited by networking and are selected following a skills need analysis by the Trustees. Any appointment of a Trustee is made by a resolution of the board of Trustees and is formally minuted.
The Trustees retain overall responsibility for the charity's strategies and policies and delegate the operational management to the chief executive. The Trustees continue to review corporate governance including contracts, employment policies and management practices to ensure continued compliance.
The charity works independently though seeks to fulfil its objects by working collaboratively with other organisations such as Making Space performing concerts in their day centres in South Yorkshire. Lost Chord is a member of the National Dementia Action Alliance working alongside member groups such as Age UK, Alzheimer's Society and Dementia UK.
## **Statement Regarding Trustees Remuneration Approval Process:**
Lost Chord UK ensures transparency and accountability in all financial matters, including payments made to trustees for non-related activities. We adhere to Charity Commission regulations and Companies House requirements to ensure that all payments are made in accordance with charity law and the charity’s governing document, and are in the best interests of the charity and its beneficiaries.
## **Key Points of Lost Chord UK’s Trustee Remuneration Approval Process:**
1. **Trustee Approval:** Any payments made to trustees for non-trustee relates services are subject to approval by the charity’s Board of Trustees.
2. **Documented Approval Process:** The approval process for payments to trustees is documented in the Trustees’ Annual Report, ensuring transparency and accountability.
3. **Fair Market price:** Payments for non-trustee related services are made at a fair market value, as determined by relevant industry standards and in accordance with the charity’s procurement policy.
4. **Conflict of Interest Declaration:** Trustees involved in providing services to the charity must declare any conflicts of interest and refrain from participating in decisions regarding their own remuneration.
5. **Disclosure in Annual Report:** Payments for non-trustee related services are disclosed in Lost Chord UK’s annual report and accounts, as required by Charity Commission regulations.
By following these procedures, Lost Chord UK ensures that all payments to trustees for non-related activities are made transparently, responsibly, and in the best interests of the charity and its beneficiaries.
## **Risk Management**
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
As a matter of best practice, the directors are conscious of the need to consider risk management. The charity has initiated standard accounting systems to mitigate financial risk, whilst holding regular meetings involving strategic planning and review to mitigate risk generally.
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## **LOST CHORD UK**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Trustees**
Mrs K J Bottomley (Appointed 12 May 2022) Mr B W Frith Ms S Glennon Mr E A Holmes Dr M Venables Mr M E Procter Ms D Stone (Appointed 21 September 2022)
The trustees' report was approved by the Board of Trustees.
F391179BC22F 446... Mr B W Frith
## **Chair of Trustees**
30 January 2024
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## **LOST CHORD UK**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF LOST CHORD UK**
I report to the trustees on my examination of the financial statements of Lost Chord UK (the charity) for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Knowles Warwick Audit Services Limited**
Charlotte House 500 Charlotte Road Sheffield S2 4ER Dated: 31 January 2024
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## **LOST CHORD UK**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
81,843
3,115
Charitable activities
**3**
39,676
-
Investments
**4**
1,442
-
**Total income**
122,961
3,115
**Expenditure on:**
Raising funds
**5**
6,225
-
Charitable activities
**6**
151,752
3,115
Total expenditure
157,977
3,115
**Net income/(expenditure) and movement in**
**funds**
(35,016)
-
**Reconciliation of funds:**
Fund balances at 1 April 2022
397,179
-
**Fund balances at 31 March 2023**
362,163
-|**Total**
**Unrestricted**
**funds**
**2023**
**2022**
**£**
**£**
84,958
116,129
39,676
11,130
1,442
129
126,076
127,388
6,225
7,504
154,867
112,395
161,092
119,899
(35,016)
7,489
397,179
389,690
362,163
397,179|**Total**
**Unrestricted**
**funds**
**2023**
**2022**
**£**
**£**
84,958
116,129
39,676
11,130
1,442
129
126,076
127,388
6,225
7,504
154,867
112,395
161,092
119,899
(35,016)
7,489
397,179
389,690
362,163
397,179|
|---|---|---|
|||127,388|
|||7,504
112,395|
|||119,899|
|||7,489
389,690|
|||397,179|
The notes on pages 8 to 14 form part of these financial statements.
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## **LOST CHORD UK**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2023**
||||**2023**|||**2022**||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**Fixed assets**||||||||
|Tangible assets|**11**|||-|||606|
|**Current assets**||||||||
|Debtors|**12**|77,843|||77,150|||
|Cash at bank and in hand||293,142|||326,632|||
|||370,985|||403,782|||
|**Creditors: amounts falling due within**|**13**|||||||
|**one year**||8,822|||7,209|||
|Net current assets||||362,163|||396,573|
|**Total assets less current liabilities**||||362,163|||397,179|
|**The funds of the charity**||||||||
|Unrestricted funds||||362,163|||397,179|
|||||362,163|||397,179|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 30 January 2024
F391179BC22F 446... Mr B W Frith **Trustee**
Company registration number 04793062 (England and Wales)
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## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies**
## **Charity information**
Lost Chord UK is a private company limited by guarantee incorporated in England and Wales. The registered office is The Wesley Centre, Blyth Road, Maltby, Rotherham, S66 8JD.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). 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 Statement 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.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted 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 to 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 the 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 Gift 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, evidence is available to support an estimate, and receipt is expected.
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## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **1 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.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **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:
Computers
33% straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings 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 enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the 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.
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## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies**
**(Continued)**
## _**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 services 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.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
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 benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
68,013
-
Legacies receivable
-
-
Grants
13,830
3,115
81,843
3,115
**Grants receivable for core activities**
National Lottery
-
-
Dinnington Parish Council
-
465
Maltby and Hellaby
Parish Councils
-
650
Voluntary Action
Rotherham
13,830
-
Marjorie Coote Old
Peoples Charity Fund
-
2,000
13,830
3,115|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
68,013
36,149
-
-
75,000
-
16,945
4,980
-
84,958
116,129
-
-
4,500
-
465
-
-
650
480
-
13,830
-
-
2,000
-
-
16,945
4,980
-|**Total**
**2022**
**£**
36,149
75,000
4,980|
|---|---|---|
|||116,129|
|||4,500
-
480
-
-|
|||4,980|
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## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
|**2**|**Income from donations and legacies**||**(Continued)**|
|---|---|---|---|
|**3**|**Income from charitable activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Interactive musical concerts|39,676|11,130|
|**4**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||Interest receivable|1,442|129|
|**5**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Advertising|6,225|7,504|
11
DocuSign Envelope ID: 9FF3136A-198C-42A4-9FAB-E6CE0C7054F1DocuSign Envelope ID: DE08D74E-0B70-401D-936E-FD3715520095DocuSign Envelope ID: 59DB0B62-9A3F-4B35-9638-1BCD9F9176C8
## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **6 Charitable activities**
|Staff costs
Depreciation and impairment
Interactive musical concerts
Rent and rates
Insurance
Legal and professional
Telephone
Travel
Printing and stationery
Hire of equipment
Computer running costs
Bank charges
Sundry expenses
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds
**7**
**Support costs allocated to activities**
Governance costs
**Analysed between:**
Charitable activities|**2023**
**£**
49,905
606
77,617
1,420
1,433
676
439
3,239
128
-
2,186
1,673
2,809
142,131
12,736
154,867
151,752
3,115
154,867
**2023**
**£**
12,736
12,736|**2022**
**£**
53,631
618
27,610
6,227
1,339
1,515
565
5,072
715
5,578
2,166
1,444
971|
|---|---|---|
|||107,451
4,944|
|||112,395|
|||112,395
-|
|||112,395|
|||**2022**
**£**
4,944|
|||4,944|
## **8 Trustees**
During the year a Trustee, Sally Glennon received £5,579 for providing musician services and a further £143 for the reimbursement of non-trustee related expenses.
12
DocuSign Envelope ID: 9FF3136A-198C-42A4-9FAB-E6CE0C7054F1DocuSign Envelope ID: DE08D74E-0B70-401D-936E-FD3715520095DocuSign Envelope ID: 59DB0B62-9A3F-4B35-9638-1BCD9F9176C8
## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **9 Employees**
The average monthly number of employees during the year was:
||**2023**|**2022**|
|---|---|---|
||**Number**|**Number**|
|Chief executive|1|1|
|Musical director|-|1|
|Total|1|2|
|**Employment costs**|**2023**|**2022**|
||**£**|**£**|
|Wages and salaries|48,000|52,369|
|Social security costs|652|-|
|Other pension costs|1,253|1,262|
||49,905|53,631|
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
## **10 Taxation**
The charity is exempt from tax on income 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.
## **11 Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
||**Computers**|
||**£**|
|**Cost**||
|At 1 April 2022|4,384|
|At 31 March 2023|4,384|
|**Depreciation and impairment**||
|At 1 April 2022|3,778|
|Depreciation charged in the year|606|
|At 31 March 2023|4,384|
|**Carrying amount**||
|At 31 March 2023|-|
|At 31 March 2022|606|
13
DocuSign Envelope ID: 9FF3136A-198C-42A4-9FAB-E6CE0C7054F1DocuSign Envelope ID: DE08D74E-0B70-401D-936E-FD3715520095DocuSign Envelope ID: 59DB0B62-9A3F-4B35-9638-1BCD9F9176C8
## **LOST CHORD UK**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **12 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
2,569
75,000
274
77,843|**2022**
**£**
1,410
75,114
626|
|---|---|---|
|||77,150|
## **13 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2023**
**£**
2,381
-
3,160
3,281
8,822|**2022**
**£**
-
1,277
256
5,676|
|||7,209|
## **14 Unrestricted funds**
The unrestricted 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**|**Incoming**|**Resources**|**At 31 March**|
|---|---|---|---|---|
||**2022**|**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|General funds|397,179|122,961|(157,977)|362,163|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**At 31 March**|
||**2021**|**resources**|**expended**|**2022**|
||**£**|**£**|**£**|**£**|
|General funds|389,690|127,388|(119,899)|397,179|
14