**Charity registration number 1099508** **Company registration number 04373867 (England and Wales)** ## **MUSIKO MUSIKA** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **MUSIKO MUSIKA** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr DJ Ayres|| |---|---|---| ||Ms NE Broderick|| ||Ms K Collins|| ||Mr MS Hirani|(Appointed 8 November| |||2021)| ||Ms J Skinner|| ||Ms MT Vernon|| ||Ms EJ P Warwick|| |**Secretary**|Ms RK Pantin|| |**Charity number**|1099508|| |**Company number**|04373867|| |**Registered office**|8 Red Square|| ||Piano Lane|| ||Carysfort Road|| ||London|| ||N16 9AW|| |**Independent examiner**|Bright Grahame Murray|| ||Emperor's Gate|| ||114a Cromwell Road|| ||Kensington|| ||London|| ||SW7 4AG|| ## **MUSIKO MUSIKA** ## **CONTENTS** ||**Page**| |---|---| |Trustees report|1 - 9| |Statement of trustees responsibilities|10| |Independent examiner's report|11| |Statement of financial activities|12| |Balance sheet|13| |Notes to the financial statements|14 - 23| ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ **Our vision is the cultures and music of different communities contribute to the future of a society that respects the right of everybody to live in a peaceful world in a sustainable and equitable manner.** ## **Our Mission is to generate happy, safe and trusting environments for people of all ages and origins to share, learn and engage with music, culture, and creativity as continuous life-long processes.** _“I feel so grateful to have had the opportunity to work with such incredible musicians, who are also inspirational human beings. Working on this project helped get me through lock down…Testimony to the positive power of Music to enhance well-being and happiness.”_ _Choir participant Voces Festival 2021_ The trustees are pleased to present their report together with the financial statements of the charity Musiko Musika (Charity Commission registered number 1099508 principal address 8 Red Square, 3 Piano Lane, Carysfort Road London N16 9AW) for the year beginning 1 April 2021 and ended 31 March 2022. 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). ## **Section 1 Legal and administrative information** The charity is a company limited by guarantee, and is governed by its Memorandum and Articles of Association, which were incorporated on 14 February 2002, as amended by special resolutions dated 1 August 2003 and 28 August 2003, as amended 5 December 2019. ## **Objectives and activities** The objects for which Musiko Musika is registered are: - to promote, maintain, improve and advance cultural and musical education in the community, particularly education of students attending schools or other educational establishments and other young people particularly by the encouragement of the Art of Music with special reference to the education and training of young musicians, pupils who have or may discover musical gifts or aptitude and other persons likely to benefit therefrom, the practice and provision of music and musical studies; and - the creation, encouragement, teaching and performance of music including, without limitation, the acquisition and provision of facilities, instruments, scores and other means of performance and study and places for such purposes and any other matters which can be achieved by charitable means for charitable objects. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Section 2 Trustees and Governance** ## **Organisation** 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: |Mr DJ Ayres|| |---|---| |Ms NE Broderick|| |Ms K Collins|| |Mr MS Hirani|(Appointed 8 November 2021)| |Ms J Skinner|| |Ms MT Vernon|| |Ms EJ P Warwick|| All trustees are appointed by resolution of the existing trustee body. There are no custodian trustees. - 1 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Section 3 Activities and Achievements** ## **A report from the Joint Artistic Directors consisting of a review of the activities and progress on our Key Performance Indicators during the period 2021 / 2022 and an overview of future developments** Musiko Musika continues to be artistically directed and managed by Mauricio Venegas-Astorga and Rachel Pantin, founders of the organisation, and is an Arts Council England National Portfolio Organisation, with a funding agreement in place for the period 2018-22, extended for 2022-23. Since April 2015 the organisation has had a base for its work at the Lyric Hammersmith and is one of a group of 9 partner organisations working with the Lyric, creating the biggest cultural hub for children and young people in West London. Our patrons are Baroness Christine Crawley, Baroness Gabrielle Bertin, Martin Morales and Richard Harvey. The roots of the organisation are in Quimantu, the Anglo-Chilean band that was founded by Mauricio VenegasAstorga in 1981. Quimantu has always had a social and cultural mission that extends beyond the band’s work in creating, performing, and recording music. In 1998 that mission took shape as a new organisation – Musiko Musika – an organisation that could work in parallel to Quimantu, reaching further than the band could alone, engaging children, young people, families and the community with music as a powerful agent for social change, as a tool for increasing our understanding of each other, and as means of giving creative and cultural expression to our lives. ## **Headline achievements** - A major project for 2021/22 was the Voces Festival 2021 which centred on a large-scale collaboration, the Surtierra Project involving community performers alongside established musicians from Latin America, the UK and Europe and a new generation of rising talent who are setting out on their careers as musicians. A series of workshops enabled the Andover Museum Loft Singers and a group from the Cecil Sharp House Choir to learn, rehearse and perform the Misa de los Mineros in concerts in London and Whitchurch, Hampshire. - We released a new album of recordings for commercial digital platforms (Songo’s World of Music) with video content for the Sing Songo app and will shortly be releasing a new dedicated app and webpage for early years practitioners. - The ECCO Young Leaders programme has become a strategic progression route and career pathway for young musicians from diverse social and cultural backgrounds. The practical steps that we took during 2020/21 including the distribution of equipment to the Young Leaders, established greater equity in access to technology by repurposing, reassigning and redistributing our resources. The result is a team of young musicians that are creatively flourishing and acquiring substantial skills and experience as young cultural leaders. - It is very exciting to witness the formation of a new younger generation of tutors for the ECCO with skills that are culturally relevant to the inter-cultural vision of the organisation. The three of them, David Agcaoili, Lakshmikanthan Thiyagarajan and Aanu Sodipe, are each from distinct cultural backgrounds (Filipino, Sri Lankan and Nigerian) and have longstanding connections with our work. This development encapsulates our approach to the progression routes and pathways we can create, but we want to increase and expand the opportunities further still over the next period of our organisational development. - 2 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **From our Business Plan for the period April 2022 to March 2027:** ## **High-level strategy for 2022-27** - Consolidate our activities and brand identity around two strands: WMA and Sing & Learn - Maintain our focus on work, projects and partnerships that are effective and strongly align with our vision, mission and values - Ensure our work supports and is relevant to the social and cultural needs of the people and communities we work with in the post-pandemic era - Provide a deeper musical and cultural experience to more people - Create a supportive inter-generational, inter-cultural community in the organisation and our work - Embed digital development, youth leadership and environmental sustainability in our organisational development, programme delivery and artistic development ## **Aims** 1) Create opportunities for the diversity of cultures and talent in our communities to be valued and respected - 2) Improve the social and educational outcomes for the children, young people and families we work with - 3) Improve the wellbeing and mental health of our participants, audiences and team - 4) Improve and extend/ strengthen equality of access and opportunities to participate in, perform and experience high quality music, particularly for people from underrepresented backgrounds - 5) Scale up our reach and deepen our impact through our work in digital & content production - 6) Create pathways for young people to access high quality music education with progression routes into the music industry - 7) Reduce the environmental impact across all our activities ## Activity strands: There are two main strands to Musiko Musika's programme of work: The **World Music Academy** strand provides world music programmes through participatory projects, the Voces Festival, performances, residencies, training and touring projects and the ECCO (Ethnic Contemporary Classical Orchestra) ensembles for young people. The **Sing and Learn** projects work in the UK and in Chile with children at early years, primary and secondary level as well as with families and teachers, using music to support the development of strong speech and language skills and other areas of the curriculum including personal, social and emotional development. Our Songo publications were finalists in the International Book Awards, children’s educational category. **Digital:** Both strands are supported by an extensive digital resource of videos, audio, publications and our two apps available for Apple and Android devices (Sing Songo and World Music Academy). ## **2021/22 Review of Key Performance Indicators and activities** ## **KPI 1 – Reach** _Are we reaching the people and communities that we aim to reach? (who and where)_ 2018-22: We aim to reach children and young people and families, and the organisations, practitioners and musicians that work with them in London (particularly in Hammersmith and Fulham), and other areas in London, regionally in the UK and internationally (particularly Chile). We have a focus on children and young people from culturally diverse and socially & economically marginalised communities who face barriers to accessing music education and cultural opportunities. - 3 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Assessment of progress** Our work in 2021/22 has successfully reached large numbers of children and young people, their families and communities in London with a particular focus on Hammersmith and Fulham and Hampshire and we have also managed to engage with schools and partners in Chile through digital collaboration. We have targeted work in London with children and young people from culturally diverse backgrounds and experiencing socio-economic deprivation, with around 85% of the ECCO young musicians being from Global Majority backgrounds. We have also continued to work with and support a wide network of freelance musicians and other artists who represent socially and culturally diverse backgrounds. Through our digital activities (online performances, resources, videos and our Sing Songo and World Music Academy apps) we are able to extend our reach much further. The Voces Festival 2022 was a wonderful example of the organisation’s ability to bring together a very wide cross-section of society both for in-person performances and the online festival. ## **Looking ahead** Although the impact of the Covid-19 Pandemic continues we have strengthened our network of partnerships at community, local authority and national levels and as a result are looking forward to some exciting new projects in London, Hampshire and Chile. ## **KPI 2 – Scale** ## _How many?_ 2018-22: We aim to grow the organisation to increase attendances by 52% over the four-year period, with performances reaching audiences of 5,500 each year and to grow the audience for our digital output to reach an annual number of views and plays of 2,000 by 2022 ## **Assessment of progress** With most of the Covid restrictions being lifted by the autumn term we were able to rebuild the number of in-person sessions and attendances for our participatory activity this year and delivered 208 sessions with attendances of just under 4,000. Audience figures for live concerts also recovered with just over 1,500 attending performances in person. The increased number of views and plays of our digital output per year has been maintained, reaching over 9,700 views/ plays, with 281 hours of view time across our channels. We produced 86 new videos during the year from short clips to support the ECCO players rehearse at home to 45-minute episodes for the Voces Festival. The Sing Songo and World Music Academy apps have reached 371 users/ installations. ## **Looking Ahead** As outlined in last year’s Annual Report we reviewed our approach to KPIs, in particular how we measure the scale and reach of our work and these have been reflected in the updated aims and KPIs for our Business Plan 2022-27 ensuring we remain relevant to the communities we work with and consistent with our vision and mission. - 4 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **KPI 3 – Quality** _Is excellence present in our work and achieved by those we work with?_ 2018-22: We aim to continue to deliver excellence across the range of our work, using ACE Quality Principles, Quality Framework and other self-evaluation tools as well as external feedback and commentary to evaluate the quality of the artistic ambition, musical skills, educational and cultural content of participatory work and performances. We will promote the ECCO as a beacon of excellence and flagship for the artistic and creative achievements of the organisation. ## **Assessment of progress** With the use of the Impact and Insight Toolkit we were able to gather more concrete evidence of the presence of quality and excellence in our work. For the Voces Festival 2021 our overall scores for the Arts Council standardised dimensions (relevance, challenge, distinctiveness, rigour, captivation, concept) were very high, mostly in the top 9099 percentile compared to other funded organisations. This was supported by the feedback we gathered from audience members and a peer reviewer: _“The musicianship was world class. The atmosphere was intimate. A rare combination. Bringing together local amateur music makers with world class professionals leads to a truly special experience for performers and audience alike.”_ Audience member _“The performance at Covent Garden provided an eclectic range of music and a programme full of interest. The vocal and instrumental performances were of a consistently high standard. This was a well planned and rehearsed programme which resulted in an excellent performance.”_ Peer reviewer (Annie Cartwright) We also used the Toolkit for evaluation of Songo’s Wellbeing Project for Young Children and received similarly positive feedback on the quality of the project’s sessions and delivery. And were delighted with the response to the concerts that took place at the Lyric: _“Thank you Musiko Musika for organising concerts like the World of Music and for giving the opportunity to listen to live music to so many children. It was a beautiful day and everyone enjoyed not only the music but the whole experience.”_ _“The concerts at the Lyric were a huge success, highly engaging and so much fun for all the children and the adults.”_ ## **Looking Ahead** The ECCO and the Voces Festival will continue to be at the heart of our intentions for the quality of our artistic and creative programming and as always this will go hand in hand with the social, cultural and educational quality that we strive for across our participatory work, performances and content development. We are embedding Arts Council England’s Investment Principles into the organisation’s development and delivery. Our 3-year ambition for the Ambition and Quality Investment Principle is for Musiko Musika to have: “An established framework of principles and map of dimensions describing how we identify and measure quality across the varied range of our work, with better developed understanding in our team and board of what quality means in the context of our work and tools to articulate/ communicate it.” ## **KPI 4 – Depth** _What are our aspirations for artistic & cultural development in and through our work?_ 2018-22: We aim to increase the artistic ambition and scope of the ECCO and WMA projects through empowering the leadership of the young musicians, providing new opportunities for internships, developing the creative use of technology and digital media and engaging with inspirational professional musicians. We will continue to develop the range of repertoire and cultural content and develop creative innovation across all our work, and provide increased depth in the content of Sing and Learn and the WMA through the production of new digital resources and materials. - 5 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Assessment of progress** The Voces Festival 2021 presented a showcase of our ambitions for the development of depth in our work, with amateur singers and the ECCO performing alongside professional musicians of national and international standards and successfully bringing together work that explores the territory between Folk, Western Classical, Latin and Contemporary music. Building on the work last year with the instrument maker Luis Richard in the Canary Islands to make some special cajitas (a hand-held wooden box percussion instrument) for use on ECCO and WMA projects we have integrated the instrument into the project repertoire. This also featured in a video created for the Voces Online Festival with a special collaboration with the master Sabar player Musa Mboob from The Gambia. The participation of the ECCO in the brilliantly imaginative and culturally innovative project “Victor Canta y Cuenta” led by the theatre director Walter Blas and the Teatro Biobío in Chile culminated in a live link-up and performance with Chile in December 2021. There is also increased depth in the provision for the young musicians of the ECCO. From January 2021 the ECCO Young Leaders have been participating in weekly music production workshops in Logic led by a new member of the Musiko Musika team, Juan Contento, who is a music producer, composer and guitarist of Colombian background. With the laptops, computers and audio equipment loaned to the Young Leaders for use at home they are now creating a new body of work, some of which is being integrated into the ECCO ensemble repertoire. ## **Looking Ahead** The new partnership we are establishing with the environmental organisation Andover Trees United has offered us the opportunity to work with them on a community project to make cajitas and cajones from locally sourced and recycled wood. Local people in Andover will work with local craftspeople to make the cajitas and cajones which will then be used in a performance to celebrate the 10[th] anniversary of the founding of the Diamond Woods. With our growing understanding of the deep-rooted connections between rhythmic styles and dance in many of the musical cultures we work with we will be bringing a new pilot project to our programme for 2022/23 – the Global Ceilidh. This will work with musicians and dancers from around the world to explore and investigate the relationships between rhythm and dance through professional development workshops, public participatory workshops and performance. ## **KPI 5 – Impact** _What are the changes that take place as a result of our work?_ 2018-22: We aim to improve the social and educational outcomes for the children and families that we work with, and enable progression where relevant into professional work in areas related to music and the cultural industries; and to influence attitudes in education and improve skills in the workforce by sharing our knowledge and expertise and disseminating our resources ## **Assessment of progress** The impact of our work continues to be well evidenced across a wide range of social, educational, cultural and artistic outcomes. Songo’s Wellbeing Project supported recovery of young chidlren in areas of their learning and development that were deeply affected by the pandemic. The project evaluation showed 100% agreement from practitioners to both these statements: _“Being part of this project makes me more confident in our ability as a nursery to support the children in recovering from the impacts of Covid-19 on their learning and development”_ _“This project has helped the nurseries to support the children in recovering from the impacts of Covid-19 on their learning and development.”_ And practitioners also provided really clear recognition of the value of the work: _“We would like to thank Musiko Musika for the opportunity to take part in this project. Our children and families really benefit from it. The sessions are a great opportunity for all the children to express themselves through music, grow in confidence and develop their language and listening skills. Even if Covid-19 makes things a bit different, the online sessions are still a great opportunity to get to know different instruments and to build great relations with all Musiko Musika staff and Songo.”_ _“Since we have been having live sessions with Margarita and Yemisi we have noticed a marked improvement in interactions with the children. The Lyric theatre trip was a huge success and particularly enjoyed by our children with additional needs.”_ - 6 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ The difficulties and challenges of the pandemic were experienced by adults as well, as this feedback from a choir participant in the Voces Festival Surtierra Project observed: _“I feel so grateful to have had the opportunity to work with such incredible musicians, who are also inspirational human beings. Working on this project helped get me through lock down. As well as the benefits musically of learning music in a different language and from a different culture, the feeling of well-being and positivity resulting from this collaboration with the Musiko Musika team stays with me, and with everyone I know who took part or attended the concerts. Testimony to the positive power of Music to enhance well-being and happiness.”_ Our work to provide progression routes and development for young musicians to progress into the music career has taken another step forward with the regular provision of paid work placements for ECCO Young Leaders. There are now two ECCO Young Leaders delivering regular weekly instrumental coaching in charango and percussion for younger members of the ECCO project. We are absolutely delighted that one of these young musicians has been offered a place to study Theatre Production at the Guildhall School of Music and Drama from September 2022. ## **Looking Ahead** We remain deeply concerned about the longer-term effects of the pandemic on the mental health, wellbeing and educational development of children and young people, and more widely on the country’s social and cultural infrastructure. We are focussing our programme and objectives to mitigate these effects and this is supported by the stronger evidence base we have for the social, educational and cultural impact of Musiko Musika’s work and the transformative impact we can achieve in the lives and musical and cultural education of children, young people and their families. A new partnership that is in development with London Metropolitan University through our work with Dr Mabel Encinas Senior Lecturer - Early Childhood Studies and Education at the university looks set to provide greater collaborative opportunities and an increased evidence base to support the development of our work. ## **KPI 6 – Organisational change** ## _How has Musiko Musika developed?_ 2018-22: We aim to increase the size and diversity of cultures in our team and ensure they are better trained to deliver across the range of MM projects, increase our revenue and improve our financial resilience ## **Assessment of progress** As we continue to embed environmental sustainability and addressing climate change as a core driver of our artistic programming and organisational development we have been really excited to connect with a new partner Andover Trees United. This inspirational community organisation shares a vision with Musiko Musika for engagement of the community with cultural activity as a means to connect and educate people about sustainability and climate change. The other developing partnership referred to earlier in this report is with London Metropolitan University and their London Labs initiative. We believe these two partnerships offer really important and significant opportunities for the organisation over the next few years, and will support us in fulfilling the ambitions of our new Business Plan for 2022-27. We have been continuing to consolidate and strengthen our freelance team and their capacity to deliver key parts of our regular programme and managed to successfully deliver in-house training and development during the year to enable that. We increased the size of our freelance team and engaged 30 freelance musicians, poets and artists in our work in 2021/22. Through the ECCO Young Leaders programme we have the pathways in place for young musicians emerging from the ECCO to have internship and work opportunities in the organisation. We worked during the year with the arts business consultant Philip Deverell to look at the organisational and infrastructure changes we need to be making to ensure that the potential for growth and development over the next five to ten years is fully realised and are very excited about the next phase of the organisation’s development. - 7 - ## **MUSIKO MUSIKA** ## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Looking Ahead** As noted elsewhere we are embedding Arts Council England’s Investment Principles into the organisation’s development and delivery. Our 3-year ambition for the Dynamism Investment Principle is for Musiko Musika to have: “Developed our business model, partnerships, team and board to enable the diversification of our income model for significant growth in earned revenue streams that capitalise on the digital capabilities and strength, innovation and creativity of the cultural/ educational resources in MM.” ## **Equality, diversity and inclusion** Musiko Musika is committed to the principle that equality of opportunity and access, diversity of representation, provision and participation and inclusion are a continuous process of development and understanding for the organisation. We undertook a substantial review and update of Equality, Diversity and Inclusion Policy and Action Plan in 2020. In response to the evolution of the social, political and cultural environment in which we live and work we have identified three key themes with actions that Musiko Musika can undertake that will have an impact on equality, diversity and inclusion in the work of the organisation and music, culture and education in the wider world. These are: Theme 1: Accessibility Theme 2: Inclusion beyond cultural diversity Theme 3: Youth leadership & youth representation We report on the EDI Action Plan and the contribution we are making to the Creative Case for Diversity at each trustee meeting and have made progress on all these areas during the year. In 2021/22 our staff and freelance artists extended to 33 people, of whom 58% are from backgrounds other than white European. We continue to strive to address through the provision of technology and support as well as in the design and production of our apps and digital content the barriers to inclusion that became starkly apparent during the pandemic. We will carry that experience forward as we engage more deeply on the theme of accessibility in the coming year. As we embed Arts Council England’s Investment Principles into the organisation’s development and delivery our 3- year ambition for the Inclusivity and Relevance Investment Principle is as follows: We have a deeply embedded sense of inclusion in our work and practises and will have codified our approach and systems in EDI that keep our work relevant so we can maintain and replicate these as MM grows and develops; we will share them externally as a leader on inclusive practice in our sector. ## **Environmental statement** Musiko Musika’s Environmental Policy is a statement of our commitment to help reduce the impact of our activities on the environment based upon the following principles of: - integrating sustainability considerations into all our business decisions; - minimising the impact on sustainability of all office and transportation activities; - reviewing, annually reporting, and to continually strive to improve our sustainability performance. - The policy is supported by an Environmental Action Plan. Our annual environmental report for 2021/22 (from data submitted to Julie’s Bicycle’s Creative IG Tools) shows emissions of 5.78 tonnes CO2 (emissions in 2020/21 were 3 tonnes). This has increased again from 2020/21 with the resumption of face-to-face delivery again and more travel, however the experience of the pandemic has shown the potential for the creative use of technology to reduce travel and the replacement of the vehicle currently used with one that has lower emissions is a high priority. Energy for the office (electricity) is supplied by a 100% renewable energy provider. We note that we have been informed by Julie’s Bicycle that due to the way in which data on electricity is currently collected and measured (across the country) and then reported elsewhere it is not possible for the reduced emissions from using a 100% renewable energy provider to be reflected in our carbon footprint. Our 3-year ambition for Arts Council England’s Environmental Responsibility Investment Principle is as follows: “Our significant artistic and organisational development ambitions around environmental sustainability will be supported by the skills, knowledge and capabilities in the organisation (team and board) and external partnerships to inform the development of our programming and new business models.” - 8 - MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Sectlon 4 Policies Reserves pollcy and rl#k managern8nt (Grant making policy. and in¥￿trn￿nI 8electlng pollcy af• not appllcablel The finanaal posrtkjn ol Musiko Musika during 2021r22 was secU￿d through careful risk management by the Joint Artistic D1￿ctors IJAD51 and tsuslees and support from DCMS Culture Recovery Fund grants. Prudent d8cSsign making has enabled the organisat￿n to continue to grow and flouiish Ihis year desprte the challenging external environrnenl and continued uncertaintiès dua to thè pandemic. Th¥ trustees aim to hold reserves at yearond equivalent to bety￿en 2 and 3 monlhs ol the budgel lor annual operational c05t5 lo en$￿￿ stability ol the organis81ion by providing a su¢table buffer against proj.ect income and lunding strèams fluctuating during the subsequent year. We have now managed to achieve a reserves figure within Ihat target, h¢)wevar we not8 that 85 tho organlsallon grow$, 80 by necessity will Ihe lolal of the TeseThes larget. Risk rnanagemenl is undertaken through regular reviews of the finanual posrtion of the org8nisats.on with steps to Klentity and mitigate risks induded in a comprehensNe Risk Registef. Thèsa proeèdures are now well-established and alongside the organisation's strong project management skills we can ensure that wè deliver high quality educational and ¢ullural experiences whil81 potential risks are mitigated. and new busin•ss av8nuo$ ar& ¢ort$tsnlly being explored. The work undertaken during the yaar to r•vl•w our finarrial and budgtrt management processes wth an org8nis8lional development consuttant has bfren very effective in bulldlng and $trengthening the organisational Infraslructurt and with a new Business Plan for 2022-27 we are In an exce#enl po$ttion lo build on tho unique cultural, dl9ltal and educational &ch￿vernents of Musiko Musika. Th• Iru$l*•$ loport was approved by the Board of Trustees. Ms NE Broderic* Tru8t•• Date., ..1.￿l2.Q.2.?....... ## **MUSIKO MUSIKA** ## **STATEMENT OF TRUSTEES RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ The trustees, who are also the directors of Musiko Musika for the purpose of company law, are responsible for preparing the Trustees Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing 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; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern 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. - 10 - MUSIKO MUSIKA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIKO MUSIKA I report lo the Iruslees on my examination of Ihe finan(ial stalemenls of Musiko Mu5ika Ithe charity) for the year ended 31 March 2022. Respon8lb115tles and bas58 of rnport As the trustees of the charity (and also its directors for the purpose$ of company lawl you are responsible for the preparation of the finanaal statements in accordance w¢th the requiremen15 of the Companies Act 2006 Ithe 2006 Act). Having satisfied myself that the finanual statements of Ihe charity are nol required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in Tespect of my examination ol the charity's financial slalements carried out under section 145 01 the Charities Act 2011 Ilhe 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Chaiity Commission under section 14515llbl of the 2011 Act. Indep*ndtnt ¢x4mln*e• $tstem•nt I have completed my examination. I confimi that no matters have come lo ffly attention in conne¢lion with the examination giving me cause lo believe that in any material respeci.. accounting records were not kept in respect of Ihe c*8r¢ty 85 required by se¢￿'0n 386 01 the 2006 Ad,. or the financial statements do not accord with those ￿e0rd$". or thè financial statements do not comply with the accounting requirements of section 396 01 the 2006 Act other than any requirement th81 lh8 accounts 9ive a Irue and lair view which is not a matter considered as part of an independent exarninalion. or the financi81 slalemenls have not been prepared in accordance wrth Ihe methods and principles of the Slalemenl ol Recommended Practice for accounting and reportin9 by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. I have no con￿m$ and have come 8uos8 no olher matters in connection with the examination lo which attenllon Should be drawn in this report in order lo et)able 8 proper understanding ol the financial slaternenls lo be reached. Brlan Cllfford FCA Independent Examlner Bright Grahame Murray Emperorfs Gale 1148 Cromwell Road Kensington London SW7 4AG 2 August 2022 11 ## **MUSIKO MUSIKA** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**Unrestricted**
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**Notes**
**£**
**£**|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**|**Total**
**Unrestricted**
**Restricted**|**Total**
**Unrestricted**
**Restricted**|**Total**
**Unrestricted**
**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| ||**2022**|**2022**|**2022**|**2021**|**2021**|**2021**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Income and endowments from:**||||||| |Donations and legacies
**3**|1,538|215,864|217,402|12,783|190,840|203,623| |Charitable activities
**2**|5,045|-|5,045|2,129|-|2,129| |Investment Income
**4**|4|-|4|5|-|5| |Other income
**5**|246|-|246|394|-|394| |||||||| |||||||| |**Total income**|6,833|215,864|222,697|15,311|190,840|206,151| |**Expenditure on:**|||222,711|||| |||||||| |Charitable activities
**6**|16,880|205,831||(6,716)|173,777|167,061| |Other||||||| |||||||| ||2,027|-|2,027|542|-|542| ||||224,738|||| |||||||| |**Total expenditure**|18,907|205,831||(6,174)|173,777|167,603| |**Net (outgoing)/incoming**
**resources before transfers**
Gross transfers between
funds
**Net income/(expenditure) for**
**the year/**||10,033||||| |||||||| ||(12,074)||(2,041)|21,485|17,063|38,548| ||27,326
15,252|||||| |||(27,326)|-|-|-|-| |||||||| |||||||| |**Net movement in funds**||(17,293)|(2,041)|21,485|17,063|38,548| |||||||| |Fund balances at 1 April 2021|23,000|17,293|40,293|1,515|230|1,745| |**Fund balances at 31 March**
**2022**||||||| |||||||| ||38,252|-|38,252|23,000|17,293|40,293| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 12 - MUSIKO MUSIKA BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Not•s Flxed a¥89ts Tangible assets 10 14,477 15.087 Currnnt a$$•ts Stocks Dèblors Cash at bank and In hand 11 12 519 3.570 60,923 198 3.076 67.187 65,012 70.461 Cr•dltor8: amounts falllng Tknln on• y•ar 14 (7,9331 {5.2351 Nel current asset5 57.079 65.226 Totsl •$$et¥ le•• curr•nt Ilabllltb 71.556 80,293 Cr•dltorn: amount8 lalllng du• •ft•r mor• than on• y•ar 15 133,3041 140.0001 Nèt a•s•t• 38.252 40.293 Incom• fund$ Restricted funds Unrestrlcted fund$ 18 17,293 23.000 38.252 38.252 40.293 The company Is •ntitJ•d to lh• •x¢mpb'on from Ihtr audit r¢qu1￿Ment ¢ontsined in sect*)n 477 of ihe Companies Act 2008. for the year ended 31 March 2022. The direclors acknovledge their responsibilth.es lor comptying wrth the requiiemènts of the Companies Act 2006 wrth respect lo accountsng records and Ihe preparation of finandal statements. The members have not required the company lo obtain an audit of ils finanaal statements for the ye8r In que$tion In accordance wilh $8dion 476. These financial statèments have bsen prepared in a¢¢ordanrA the Provisions appl￿ble to companies subject to the small companies regime. The financial statements were approved by the Tru51ees on . 11712022 Ms NE Broderick Trust•• Company reglstfdtlon number 04373867 13- ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** ## **Charity information** Musiko Musika is a private company limited by guarantee incorporated in England and Wales. The registered office is 8 Red Square, Piano Lane, Carysfort Road, London, N16 9AW, UK. ## **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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 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. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **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, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 14 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **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: |Plant and equipment|33% Reducing balance basis| |---|---| |Fixtures and fittings|25% Reducing balance basis| |Office Equipment|33% Straight line basis| |Motor vehicles|33% Straight line basis| 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 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.9 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. - 15 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ **1 Accounting policies (Continued)** ## **1.10 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. ## _**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. ## **1.11 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. ## **1.12 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. - 16 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **2 Charitable activities** ||**Music Workshop**|**Sale of**|**Performances**|**Total 2022**|**Music**|**Sale of**|**Performances**|**Total 2021**| |---|---|---|---|---|---|---|---|---| ||**Fees**|**Musical**|||**Workshop**|**Musical**||| |||**Goods**|||**Fees**|**Goods**||| ||**2022**|**2022**|**2022**||**2021**|**2021**|**2021**|| ||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**| |Income|1,618|36|3,391|5,045|1,064|80|985|2,129| - 17 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**3**
**Donations and legacies**|**3**
**Donations and legacies**|**3**
**Donations and legacies**||||| |---|---|---|---|---|---|---| |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Donations and gifts
1,538
-
Grants
-
215,864
1,538
215,864||||||| ||||**Total**
Unrestricted
Restricted|||Total| ||**funds**|**funds**||funds|funds|| |||||||| ||**2022**|**2022**|**2022**|2021|2021|2021| ||**£**|**£**|**£**|£|£|£| |||||||| ||1,538|-|1,538|12,783|-|12,783| ||-|215,864|215,864|-|190,840|190,840| |||||||| |||||||| ||1,538|215,864|217,402|12,783|190,840|203,623| |||||||| |||||||| |**4**
**Investment Income**||||||| |**Unrestricted**
Unrestricted
**funds**
funds
**2022**
2021
**£**
£
Bank interest receivable
4
5|**Unrestricted**
Unrestricted
**funds**
funds
**2022**
2021
**£**
£
Bank interest receivable
4
5|**Unrestricted**
Unrestricted
**funds**
funds
**2022**
2021
**£**
£
Bank interest receivable
4
5| |---|---|---| ||**funds**|funds| |||| ||**2022**|2021| ||**£**|£| |||| ||4|5| |||| |||| |**5**
**Other income**||| |**Unrestricted**
Unrestricted
**funds**
funds
**2022**
2021
**£**
£
Other income
246
394||| - 18 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **6 Charitable activities** |Staff costs
Depreciation and impairment
Website costs
Project costs
Travelling
Insurance
Repairs and renewals
Communication and stationery
DBS Checks
Payroll costs
Bank charges
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds|Staff costs
Depreciation and impairment
Website costs
Project costs
Travelling
Insurance
Repairs and renewals
Communication and stationery
DBS Checks
Payroll costs
Bank charges
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds|Staff costs
Depreciation and impairment
Website costs
Project costs
Travelling
Insurance
Repairs and renewals
Communication and stationery
DBS Checks
Payroll costs
Bank charges
Share of governance costs (see note 7)
**Analysis by fund**
Unrestricted funds
Restricted funds|**Charitable**
**Activites**
**Charitable**
**Activites**
**2022**
**2021**
**£**
**£**
123,656
116,757
7,954
8,326
10,346
5,766
71,248
25,455
1,996
229
1,897
1,874
-
3,682
2,138
2,071
420
13
511
636
192
122
220,358
164,931
2,353
2,130
222,711
167,061
16,880
(6,716)|**Charitable**
**Activites**
**Charitable**
**Activites**
**2022**
**2021**
**£**
**£**
123,656
116,757
7,954
8,326
10,346
5,766
71,248
25,455
1,996
229
1,897
1,874
-
3,682
2,138
2,071
420
13
511
636
192
122
220,358
164,931
2,353
2,130
222,711
167,061
16,880
(6,716)|**Charitable**
**Activites**
**Charitable**
**Activites**
**2022**
**2021**
**£**
**£**
123,656
116,757
7,954
8,326
10,346
5,766
71,248
25,455
1,996
229
1,897
1,874
-
3,682
2,138
2,071
420
13
511
636
192
122
220,358
164,931
2,353
2,130
222,711
167,061
16,880
(6,716)|**Charitable**
**Activites**
**Charitable**
**Activites**
**2022**
**2021**
**£**
**£**
123,656
116,757
7,954
8,326
10,346
5,766
71,248
25,455
1,996
229
1,897
1,874
-
3,682
2,138
2,071
420
13
511
636
192
122
220,358
164,931
2,353
2,130
222,711
167,061
16,880
(6,716)| |---|---|---|---|---|---|---| ||||||**2022**|| ||||||**£**|| |||||||| ||||||123,656|| ||||||7,954|| ||||||10,346|| ||||||71,248|| ||||||1,996|| ||||||1,897|| ||||||-|| ||||||2,138|| ||||||420|| ||||||511|| ||||||192|| |||||||| ||||||220,358|| |||||||| ||||||2,353|| |||||||| ||||||222,711|| ||||||16,880|| |||||||(6,716)| ||||||205,831|173,777
167,061
2021
£
1,860
270
2,130
-
-
2,130
2,130| |||||||| ||||||222,711|| |||||||| |**7**
**Support and governance costs**||||||| |Independent examiner
fees
Other governance costs
Analysed between activities
Fundraising
Trading
Charitable activities|**Support**
**costs**
**Governance**
**costs**||**2022**
Support costs
Governance
costs|||| |||||||| ||**£**|**£**|**£**|£|£|| |||||||| ||-|1,799|1,799|-|1,860|| ||-|554|554|-|270|| |||||||| ||-|2,353|2,353|-|2,130|| |||||||| |||||||| ||-|-|-|-|-|| ||-|-|-|-|-|| ||-|2,353|2,353|-|2,130|| |||||||| ||-|2,353|2,353|-|2,130|| - 19 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **9 Employees** The average monthly number of employees during the year was: ||**2022**|**2021**| |---|---|---| ||**Number**|**Number**| |||| ||3|3| |||| |||| |**Employment costs**|**2022**|**2021**| ||**£**|**£**| |||| |Wages and salaries|121,728|114,875| |Other pension costs|1,928|1,882| |||| |||| ||123,656|116,757| There were no employees whose annual remuneration was more than £60,000. ## **10 Tangible fixed assets** |**Tangible fixed assets**|**Tangible fixed assets**|**Tangible fixed assets**|**Tangible fixed assets**|**Tangible fixed assets**|| |---|---|---|---|---|---| |**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Office**
**Equipment**
**Motor vehicles**
**£**
**£**
**£**
**£**|||||**Total**| ||||||| ||**£**|**£**|**£**|**£**|**£**| |**Cost**|||||| |At 1 April 2021|3,586|227|25,987|-|29,800| |Additions|1,285|-|5,579|500|7,364| ||||||| ||||||| |At 31 March 2022|4,871|227|31,566|500|37,164| |**Depreciation and impairment**|||||| ||||||| |At 1 April 2021|1,456|227|13,050|-|14,733| |Depreciation charged in the year|1,195|-|6,759|-|7,954| ||||||| ||||||| |At 31 March 2022|2,651|227|19,809|-|22,687| ||||||| ||||||| |**Carrying amount**|||||| |At 31 March 2022|2,220|-|11,757|500|14,477| ||||||| ||||||| |At 31 March 2021|2,130|-|12,937|-|15,067| - 20 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**11**
**Stocks**||| |---|---|---| |Stocks
**12**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**13**
**Loans and overdrafts**|**2022**|**2021**| ||**£**|**£**| |||| ||519|198| |||| |||| ||**2022**|**2021**| ||**£**|**£**| |||| ||3,570|3,076| |||| |||| |Bank loans
**14**
**Creditors: amounts falling due within one year**|**2022**|**2021**| ||**£**|**£**| |||| ||33,304|40,000| |||| |||| |Other taxation and social security
Other creditors
Accruals and deferred income
**15**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**13**|**2022**|**2021**| ||**£**|**£**| |||| ||2,871|2,875| ||606|372| ||4,456|1,988| |||| |||| ||7,933|5,235| |||| |||| ||**2022**|**2021**| ||**£**|**£**| |||| ||33,304|40,000| |||| |||| |**16**
**Related party transactions**||| There were no disclosable related party transactions during the year (2021 - none). - 21 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**17**
**Analysis of net assets between funds**|**17**
**Analysis of net assets between funds**|**17**
**Analysis of net assets between funds**|**17**
**Analysis of net assets between funds**|||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Unrestricted**||**Restricted**||**Total**|Unrestricted|
Restricted|||Total|| |||**funds**||**funds**|||funds||funds|||| |||**2022**||**2022**||**2022**|2021||2021||2021|| |||**£**||**£**||**£**|£||£||£|| |Fund balances at 31||||||||||||| |March 2022 are||||||||||||| |represented by:||||||||||||| |Tangible assets||14,477||-||14,477|15,067||-||15,067|| |Current assets/(liabilities)||57,079||-||57,079|47,933||17,293||65,226|| |Long term liabilities||(33,304)||-||(33,304)|(40,000)||-||(40,000)|| |||38,252||-||38,252|23,000||17,293||40,293|| |**18**
**Restricted funds**||||||||||||| |The income funds of|the|charity include||restricted funds comprising the following unexpended|||||||balances of|| |donations and grants held on trust for specific purposes:||||||||||||| |||**Movement**||||**Movement in funds**||||||| |||**in funds**||||||||||| |||**Incoming**||
**Balance at 1**||
**Incoming**|**Resources**||**Transfers**
**Balance at 31**|||| |||**resources**||**April 2021**||**resources**|**expended**||||**March 2022**|| ||||**£**||**£**|**£**|**£**||**£**||**£**|| |ACE NPO Funding|||-||-|109,900|(109,900)||-||-|| |Postcode Neighbourhood||||||||||||| |Trust|||-|14,807||-|(14,807)||-||-|| |Dr Edwards and Bishop||||||||||||| |King's Fulham Charity||||||||||||| |(Songo's Wellbeing Project)|||-|2,486||-|(2,486)||-||-|| |Culture Recovery Fund (1)|||-||-|54,760|(30,324)||(24,436)||-|| |Culture Recovery Fund (2)|||-||-|35,704|(32,814)||(2,890)||-|| |Momentum|||-||-|15,000|(15,000)||-||-|| |Belgae Trust (Voces||||||||||||| |Festival)|||-||-|500|(500)||-||-|| ||||-|17,293||215,864|(205,831)||(27,326)||-|| - 22 - ## **MUSIKO MUSIKA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **18 Restricted funds** ## **(Continued)** ## ACE NPO funding (April 2018 – March 2023) The four-year programme of work includes Musiko Musika’s programme of work based at the Lyric Hammersmith, a touring programme of mini-projects and concerts The World Music Academy On The Road, training and development for global majority and other underrepresented musicians, infrastructure and running costs for the ECCO project and core costs. Other activities are training, conferences and the development and publication of education materials. ## The Postcode Neighbourhood Trust (Songo’s Wellbeing Project) Songo’s Wellbeing Project for Young Children is a recovery programme for children in nurseries devised in response to the Covid-19 pandemic and its impact on young children and families. Working with children and families in four Fulham nurseries it aims to improve the social and emotional wellbeing of children aged 2-5 in nurseries and ensure they make a full recovery of their developmental milestones and get back on track with their learning, particularly in the critical areas of speech and language and soft skills including behavioural, auditory memory and listening. ## Dr Edwards & Bishop King’s Fulham Charity (Songo’s Wellbeing Project) Songo’s Wellbeing Project for Young Children is a recovery programme for children in nurseries devised in response to the Covid-19 pandemic and its impact on young children and families. Working with children and families in four Fulham nurseries it aims to improve the social and emotional wellbeing of children aged 2-5 in nurseries and ensure they make a full recovery of their developmental milestones and get back on track with their learning, particularly in the critical areas of speech and language and soft skills including behavioural, auditory memory and listening. ## Culture Recovery Fund Under the very challenging circumstances of the Covid-19 pandemic these two grants enabled Musiko Musika to remain financially viable during 2021/22, sustaining the core creative, cultural and social functions of Musiko Musika, maintaining the organisational infrastructure of our core staff and providing crucial income and support for our freelance team. ## Momentum Funding The Momentum funding enabled Musiko Musika to continue working with our digital partner Piota to develop new features and functionality for our Songo App and undertake activity to increase the engagement of parents/ carers with using the app at home. The Sing Songo app is a digital tool providing access to our songs, videos and resources with the objective of tackling the disparity of developmental achievement on school entry between children with access to a lot of support and resources in the home and those families where this is lacking. ## Belgae Trust Funding from the Belgae Trust contributed towards the costs of the Voces Festival performance in Whitchurch, Hampshire of the Misa de los Mineros with Quimantu, the Andover Museum Loft Singers and the Alkyona Quartet. - 23 -