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 2024 MUSIKO MUSIKA LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr OJ Ayres Ms NE Broderick Mr MS Hirani Ms J Skinner Ms MT Vemon Ms EJ P Warwick Ms JD ONner Ms IC Ros Lopez S•crètsry Ms RK Pantin Charity numbgr 1099508 Company number 04373867 Reglst•red office 8 Red Square Piano Lane Carysfort Road London N169AW Independent examlner Brighl Grahame Murray Emperorfs Gale 114a Cromwell Road Kensington London UK SW7 4AG MUSIKO MUSIKA CONTENTS Page Trustees report Slalement of trustees ￿SponsIbl11bes 20 Independent examinerfs report 21 Slalement of financial aclivilies 22 Balanee sheet 23 Not8S to tho financial $talgmgnts 24-34 MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Musiko Muslka Our vision is the cultures and music of different communities contribute to the future of a society that respects the right of everybody to live in a peaceful world in a sustainable and equitable manner. Our Mission is to genèrate happy, saf• and trusting environments for people of all ages and origins to sharo, learn and angage with music, culture. and creativity as continuous 1lfe.long processes. "The perfom7ance and workshop were fanlastK, pupils experienced live Labn music for the first time and leamt to play pan pipes for the first timel Pupils were engaged Ihttvughout. pu￿.1$ were dancing and having a great timel. music teacher Ickburgh School, Hackney (SEND) Roport of th8 trust•as for tha yaar ond•d 31st March 2024 The Irustees 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 9AWI for the year beginning 1 April 2023 and ende(131 March 2024. The financial slalements have bèen prepare(J in accordance with the accounting policies sel out in note 1 to the financial slalemenls and comply with the charit￿$ Igoveming documenll. the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financi81 Rep￿)rtIng Standard applicable in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 2019}. S•ctlon 1 L•gal and admlnlstratlv• Inforniatlon The objects lor which Musiko Musika is registered are.. lo promote, maintain. improve and advance (yjllural and musical education in thè community, particularly education of students aitending schools or other educational establishments and other young people particularfy by the encouragement of the Art of Music wilh speaal 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 sludies., and the crealion, encouragement, leaching and perforniance ol music induding, wilhoul limitation, the acquisition and provision ol facilities, instrumenis. scores and olher means of performan￿ and study and places for such purposes and any other matters which can be achieved by charitable means for charitable objects. Investment powers Under the artides of assoaalion. the charity has the power lo make any invesiment. which the trustees see fil. Professlonal advlsers Accountant and Independent Examiner Brian cirfford. Bright Grahame Murray, Emperorfs Gate, 114a Cromwell Road, Kensington. London, SW7 4AG. Bank.. Lloyds Bank. Public benfjfil The trustees have paid due regard to guidance issued by Ihe Charity Commi&8ion in deading what activities the charity should undertake. MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Section 2 Trust88s and Gov8manco Organisation A board of trustees who meet quarterly. administers the charity- Al trustees are appointed by resolution of the existing trustee trx)dy. There are no custodian truslees. Name of Trustèo Nam• of pèrson lor body ntitlèd to appolnl an harit twst&¢ rustee resolution njslee resolution ruslee Resolubon ruslee resolution ruslee resolution ruslee resolution ruslee resolution ruslee resolution David A res Niamh Broderi¢k Mansukhlal Hirani Juliet Offner Isabel ROS-LO Judith Skinner Martina Vernon Elanor Warwick ez Chair Soctlon 3 ActlvStl•s and Achlovements A report from the Jolnt Artlstlc Dlrectors conslstlng of a revlew of the actlv5tles and progress on our Key P8rformance Indlcators durlng the perlod 2023 12024 and an overvlew of future developments Musiko Musika continues lo be artistically directed and managed by Mauricio Venegas.Aslorga and Rachel Panlin, founders of the organisation, and has been an Arts Council England Nalional Portfolio Or9anisation since April 2012 with a new funding agreement in place for the NPO period 202&26. Since April 2015 the organisation has had base for its work al the Lyric Hammersmilh 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 Wesl London. We also have a partnership with London Melropolilan University for an initial five•year period 2022-27 as part of the university's London Met Labs. Our patrons are Baroness Christine Crawley. Baroness Gabrielle Bertin, Martin Morales and Richard Harvey. The roots of the organisation are in Quimantu. the Anglowchilean band that was founded by Mauricio Venegas- Astorga in 1981. Quimantu has always had a social and cultural mission that extends beyond the band's work in creating, perfomiing, and recording music. In 1998 that mission look 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, lamilies and the community with music as a powerful agent for social change, as a tool for increasing our undersianding of each other, and as means of giving creative and cultural expression lo our lives. MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Headline achievements 2023-24 + Mu5ika was funded by the Ethxathjn Endowmerrt Foundatlon to delibyr Slr¥ & Leam.. Trakn and Lead 05 part ol ihe EEF'S Eafty Si¥e Prrqraffffit De4elosxnem 2023. We developed and delivered the woiert in collotorat*in with Dr Mabel Encina5 Ilead ￿ar£hell. London Metrcyolitsn Uni%*rsity and recruited 12 nurseries in 1p￿ch and knefbw8h to porticwie in tho deli4try agt. The proFa was designed ￿ focu5 on re5tor(hl￿ h¢M 5uc£es5fully were able to ach￿¥¢ fklelity of deli¥try by nursery p￿tr￿lS and the acceptobilFty ofthe pruyomme lorthe pr¥iitioner5. There is a huy nood fof this ￿"fid ol initian¥o posi-pandernic and the high quallty of our programr￿ resources arnl ihe exFffl deli%w of w team underWnr￿d the wojea's success. £mw*ern*nt and (*¥th￿nI of confidence ￿￿rreN the￿ in ihe fee¢#)xk. Thefe w•s siron8 e￿der￿￿ ihat prnctitKM*rs lilod ihe pwomrne and re•ly onJry•rd implementing tt. adapll it creatiwty aTrJ expertise io address ihe needs of ihew thildfen and the specilic contexts of th•"r settltys. + The VrKes FesthT* 2023 Tm our ￿Xth edrtknn of the FesD¥41 •nd cth.nmed T*lth • corKert fe•wfl spec41 iue5ts Ste¥t KnithI￿V and Phil eeer. knowm K Shty4T of H•nds. •r*d tyie of the le•dlrq ftyces In 8dtr5h f￿k rrrttyc. Kni8ht* ￿ Beer had (￿l•b￿e￿ soff* ihbrty yt4fS •eO With M4uric￿ on ihe AnRbChSle•n b•nd ￿1•￿•, and wilh membws of ihe ECCO Jty"nfft¢ Quimmtu ¢)n4ta8e ai the end ol the concen ihe wonderfvl reP￿ental￿n of the prnere5￿ c4 Mus￿1 ￿nerat￿lS In MU￿kO Musik•'s + In June 2023 ihe ECCO wok io ttr* swe ol the Sttllio Theatre M the Lyric HammeryDlth x part af ouv Wodd of Musi£ D* 2023. Entompassww Europe. Afriu. Asia and L•ttn AmerK•. (t￿broted the di¥ttyty ol our ctyMwniJes thrtyJ8h MUSK. weltomin¢ Wren MLtsiC'S ￿Uth Fdk Ensemtdt who ¢ue5ted. perfomiin8 their nw5it lffjm the ￿5t C4)urtry. + 2023 w•s • year IDr the Chikn conThJnity, mwkirrf the Soth •Ml¥tN•ry ofthe miltary coup whKh bro￿ht in the dictatorship of thE Flnochet rewe. Wrth Mwko Mu5ikn'5 5troni tonnerthM5 With Chi￿. not le•st thn>uih Mauiic*J lled Chile to fmd ￿n(tUary in the UK a5 a iefuFe, the 4nnTrbYr5ary was an oppNtunrty to ￿e(t on the hope. 5trerwh and resilience In music. Th15 Incl￿ our pErforTllI￿ and partKiPkn.￿ in e%tnts at the LorxkJn 5th001 of Economits. Oristol Unréenity and the Chilean Ernbw in + The rerordirv4 of the neaT ¥er5ion of the Mi5a de105 MiF)Er05 released in Septrnthr 2023. A prod￿[ of Ouf produc￿￿ arti51ic and culturnl parrnership with the And0￿r Museum Loft Sryer5 ￿ completed the reco￿•￿% ol choral parts at Cecil Sharp House in LorKlon at the end of ma￿ 2023. MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Partners and funders for 2023124 We ère Very £fatefvl for the hnanci•l •nd other $￿pOrt *t h•rt recefv*d fr(*n our 1uftde￿ and the Wbde ranRe of partners we h•rt W￿￿￿e0 with dufirgihe yeaf MKludin¢.' Art5 CouncA Ewl•r•J M•mmerynith United Charities Di E￿ardS and &'shop W's Fulh•m Ch•rftv Comic Rel￿f Educ•tKM En+$)Wm￿t F•Jrd•tson London Bofouth of HaMMeM￿h & Fulh•m A Ne¥Y ￿"￿t(lion And a nuth of eenerous Inth¥rydual dono London Metropolitan Unibtfslty The Lyfic H•mmeM A New Di￿n H•mmersmith & Fulham SeThke *)d E*ty Ye•rn 5erbice Piota Wren Music Easi of En¢land E•th Ye•rn Prnctke H￿+ Peterb0ro￿h CC Eorly Year5 Childt*t StTh*t Ando¥er Museurn Loft St'nyr5 Pnrnary Art5 Pikjt In S(hoo15 TounnK MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 From our Busln•s$ Plan for the perl¢d Aprll 2022 lo Mar¢h 2027: We undertook a major review and urKYate of our Business Plan and planning documents in 2022. These have begn designed lo integrate with Arts Council England's planning and monitoring tools and structures IAclivitylOul¢om8s Plan and Investment Principles) and reflect our commitmenl to the Let's Create agenda. This report considers out progress and achievements against KPIS measuring delivery of our organisatsonal mission, vision and aims. Hlgh-l•v•l $tr8togy for 2022-27 Consolidate our activities and brand id8nlity around strands.- WMA and Sing Songo Maintain our focus on work. projects and partnerships that are effective and strongly align with our vision, mission and values Ensure our work supports 8nd is relevant to the social and cultural needs of the people and communities we work with in the posl-p8ndemic era Provide a deeper musical and cultural experience to more people Create a supportive inler-generalional, inter-cullural community in the organisation and our work Embed digital development. youth leadership and environmental sustainability in our organlsalional development, programm& d6livery and artistic developmenl Alm8 11 Create opportunities for the diversity ol cultures and tslenl in our communities lo be valued and respected 21 Improve the social and educational outcomes for the Children. young people and families we work with 31 Improve the wellbeing and mental health of our participants. audiences antl team 41 Improve and exlendl slrenglhen equalily of access and opportunits.es lo partl¢lP8te in, perform and experience high quality music, parlicularfy lor people from un¢JerTepresenled backgrounds 51 Scale up our reach and deepen our impact through our work in digital & conlenl production 61 Create pathways for young people lo access high quality music educatson with progression routes into the music industy 71 Reduce the environmental impact across all our 8ctivib.es Aclivil strands.. The￿ are two main strands lo Musiko Musika's prc4Jramme of work.. The World Music Acadèmy slran(J provides workl music programmes through participatory projects, the Voces Festival, perforMan￿S, residencie5. training an(J tLNJring projects and the ECCO (Ethnic Contemporary Classical Orchestral ensembles for young people. The Sing Songo 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 lo support the development of strong speech and language skills and other areas of the curriculum including pèrsonal. social and emotional development. Digital- Both strands are supported by an extensive dwitsl resource of videos. audio, publications and our two apps available forApple and Android devi￿5 (Sing Songo and Worfd Music Academyl. MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Key Performance Indicators- Review 2023-24 Our vision is....... the cultures ond mu&c of different communities contribute to the future ofo society thot respects the right of everybody to live in o peoceful world in o sustoinoble ond equitoble monner. Our mlsslon Is..... to genen7te hoppy. soft and trusting enwronmentsfvr people of oll Oges ond origins to shore. leom ond enqoqe with music. culture. and creotivity OS continuous lift-lonq processes. Croate opportunitles for the di*r5ity ol culture5 and talEnt In ow comrnuniDQS io be valued nd respected edu(ath)Nl outson￿ for the chldren, people and famil*s we Y*rth Imsyove the wellbeiw and mentsl health ol our rtkbpanis. •i¥liences Jnd teom ale up our wch s*epen our thrO￿h our work. dytsl & cortent Vod￿tt.0￿ Irnprtr￿ and extendl nohen equalrty ofauess and opportuThties to participate in. pwlorm and exFerience h￿h quality MUSK. panicularfy frjr Cre*e for people to xces5 high quality MUSK educafjon with e55￿• routes into the rnU5ic industry bKk4rounds Ileduce the envIronTr￿￿l MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Aiml Create opportvniDes for the di*ryty of cultwes •)d talert in our communities to be valued and rt5perted .. the c¥ifufes Depth and qualty of the Pfo8rammes and events we develop and ddiver as set out in Ath'vity Plan t4umbers ol sessions, e¥tnts. part*ciparrts and audience: dem4Taphlcs of partt'cipants and audiences. as set out In proc*sws. Evldence, commentary and wogress We deltrvered portycyalory aCDvitre5 ond concert5. twairb1￿ and de5*kn￿nI •cms% our two m•in str•nOs Woffld A¢•d¢my •nd Skne Ilormeth & L¢arnl. • Exce*wrt • lknd •T•rt Excell* 91% 75% How would you r•te your experIe￿e thwall? How dld th• •¥*n¢ ¢omp•r• lo MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Aiml createopp￿tunIIieS for the dileryrty ot cultwes and tslent in our communitses to be Vam￿ and re¥Je(ted Acow"ty reachirq communiti.es from our base at the Lbyk Hwnmerynlth." wiihin the surroundi •rea of H•mmeryn*th •nd Fyth•m. locussing ¢)n ¥eas of S￿l0￿Con0n* disadvant42e' unibtryties trn Orlstol. and London (London ￿1￿1 Evldence. commentsry and progress cont'd. Unl¥ethl' taf¢eted proetamme reachin¢ we•$ of hiih need in Ipswkh and pelefb0ro￿h. community wwk5hops IN 5outh*npton. Whiithwth Ando¥e¢.' your4 instrumentalists 326 partlcipatory sessions 2,085 audience for concerts 13 concerts 6,211 attendances at partlcipatory artlvitles In addltbon to children. ￿ung people and farnilies we worked with refugee group5. university 5tudent5 and community 5in8ers. "* ￿*￿ty20 f￿beeft *v*knqatlknn Nrte. Quimontuwod￿edDTre ol the m05t nroqKde4tnings I con nember. fpeir Swth AmerK0n ththms oftdin5trumento ond dos5icoI orronpements t7refvostfvr the eors ond nourishmentlorrhe soul. l #lmost lost ftNots"lrty toftack on th2 VoEe5 Festpial 2023 MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Aim4 Impro¥e and extendl strefiglhen oqualiry of Kcess •rnY opportunitbe5 to partkipate In, perfomi and expeiieKe h*h qualily music. partKularly lor people fri)m underrepresented back4rour￿5 $•t4￿0*Y Oepth and qualFty of the s¥￿Tan￿r*S and ebtnts dthtlop •nd ddibtf •S DeYwrnphKs ol porhcipams and •udiences.' numbersol Sessic￿S. participarfs and 4udience; as Set Athity EvIden￿, commentary and progress 234 workshops/ partlclpatory sessions 76 Creatlve Skllls sesslons for ECCO and ECCO Youn8 Leaders 16 Learnlng/ unlverslty panel/ tralnlng sesslons MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Alm4 Improbt ond extendl 5trengrhen equality ol aEce55 aThl opportunM to panicip•te in. perfomi and experieKe hvah qualrty music. porticulady for peopk from ut)defrepre5ented back4rounds Evidence, commentsry and progress cont'd. .)UIiIANIU .t¥A•Y Who we ￿￿chI￿7 The yofile ofp•rtk*nts 80X approx. of ECCO partKiponts •re froffl boctr4rounds rther than'V4hite Brrtlsh.. The socitreconomic wolhle of ECCO shm 41% are In Intern*diate￿CUp•knsI full t¥ne educat￿. 71% of ECCO families e¥4)fessed that the inw of the Cost ol INlni Cfisis meJnt'thinD are mNe thlrq5 ￿t more difficult. were Irom ￿(kIrav￿o5 Other th•n Whrte Britt5h'. Voces F0Str¥￿ C￿￿ert 2023 (￿lm￿lU ￿th 8uest ECCO wun8 ￿￿1n5 Photo (redit.. MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Aims Stale ￿P￿r ￿ach *xl deepen thwhow in th"gitsl & (ontent prod￿l￿)n contrkn ro thefytwtoff OJ0(￿ rtWtt5 lfve rw olewn*o•triolJ¥rin o Ranie. tw•ntity and qualrty of dwAital conient ry0d￿ed. numbers reached,. as Set out in Aamty Plan Evidence, commentary and progress 9,103 plays of audlo and vldeo on our channels 11 new audlo tracks released 26 videos produced and released New verslon Sln8 Son80 app produced and released I new album: Misa de los Mineros -Qutmontu s olbuffl 'Mso * los Miiier05' is o coOh17dnq mOsterp￿re thoi we¢7kt5 rly tmth"tionol ￿th contempLYtwy throLyh thebeoutyrfheortfrtt NLU Froffl Ihe emoti￿onddiS1lnrt￿e Lyenw m0￿ment fvoturing Muvficio's sonLYOUS ¥Ctats onLI thnllww tlkvol 5inwnq on ttje refr0￿$ *vrrtIerf￿ delfveredby li nger5 (l￿1T. to the enclrontinq rneloLlies crtutedly fvsion olAnL*on thstwments ond clo5sKoIEwowon stnngs. tlk• olbum 15 a tsstoment to the twtisty." Mi50 delos Mineros MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Alm6 Create pattr￿￿ for yovni peopbe to access hi£h quality rnusic ed￿allOn wilh progress￿ rnu￿ into the MUSK In￿stry to ola S￿11ty1hot Provision ol tar8eied •ttiwDes and proje￿ set out in knvrty Plan Outcomes lor w)un8 Evldence. commentary and progress 7 young muslclans partlclpatlng In the ECCO Young Leaders programme l young musician employed In the Muslko Musika team for a tourlng project of concerts and workshops for 5 pr5mary schools 4 young muslclans undertakln8 pald work experlence as Instrumental tutors The arti¥itie5 def￿￿red for ow ECCO Young Le•Jef5 p￿ramMe pro¥￿$t￿ skilb de¥elopmerf in nwsic ttthnob ar¥J mus4( woduction and paid **irk eMpefIe￿e. Fw most of the yo￿1 rnusician5 in¥tythtd thi5 15 their lir5t experIe￿e of paid employment in rnusic related role. Thry are tTrin¢d 5UPPWted to delr¥Er se55wJn5 a5 In￿r￿Men1a1 t￿Or5, coachinl you rnember5 01 the ECCO in sxrcu5 (￿rary. cu*ro and bass. Primary Arts Pihjt In Schools Tourirq PhoTr C￿￿rt.. Andy Poroth"5elorA Plew Trre(I MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 KPI Review 2023-24 Aim7 Ileduce iheen¥tronmental imwt atross all our Pthxy KPI As sei OUL ￿ Mm's E￿￿rtMents1 Po￿V and AciM>n Plèn Evldence, commentsry and progress Tt￿meMberS of our team complered Carljon tstew TrainiThA pm%ryded by the C•rbon LiierxyTmA. byjulie's B￿￿le was 4 tonnes of C02e lof 2023-2419 11)nnes C02e for 2022.231. Thi5 equate5 10 Just I?￿ of Cole for exh partKipatLVV sew4)n delrrtred in 2023.24. Musiko Mus•k• xu3.34 T<*•1 c•dxm footpriftt". 4 tonnesC02 S¢x•rcosof •mlsskJns Use the traininq and rarL￿ lrterxy tt￿5 to Klentify whot we capacity to cO￿t and what w2 ore comparin8 wrth. baseline ow scope l and scope 2 cartwy) footpnnt. enlatr our board teèm with updats.ne our Acts"on Pl*) and setting a redvctb)n txyt: erya&t and update ECCO parncipants with the iSSUe MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and managgmont uali diversi and inclusion The core principle at the heart of Musiko Musika's EDI approach is that human beings are all equal, with empathy being the baseline for ensuring that our EDI policy is implemented across our work and throughout the organisalion. Our EDI Policy and Action Plan set out our commitment 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. Our guiding values.. Acceptance of difference Communication Connection In response to the evolution of the social, political and ojltural environment in which we live and work we continue to work lo three key themes in our Action Plan that will have an impact on equality. diversity and indusion in the work of the organisation and music, culture and education in the wider wodd. These are.. Theme 1.. Accessibility Theme 2.. Indusion beyond cultural diversity Theme 3.. Youth leadership & youth representation Our EDI Action Plan is supported by and works in parallel with the Inclusivity and Relevance strand of our Arts Council Investrnenl Principles Plan. Our &year amkn'li¢)n 12023-261 for thg Indu$ivity and Relevance Investment Principle is as follows.. 'We have a deeply embedded sense ol inclusion in our work and pracb'ses and will have codified our approach and systems in EDI Ihat keep our work relevant so we can mainiain and replicate these as MM grows and develops., we will share them exlemally as a leader on indusive praclice in our sector.. In 2023124 our $laff and freelance arlisl$ exlendgd to 29 people, ol whom 69•h arg from backgrounds other than while European. We continue to strive to address Ihrough the provision ol technology and support as well as in the design and production of our apps and digilal conlenl the barriers to inclusion that are embedded in society. With our partners we are also addressing equality of opportunity and access in the SOCiO&economic diversity of the communities that we reach MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Environmental statement Musiko Musika's Environmenlal Policy is a statemenl of commitment to help reduce the impact of our acb'vities on the environment based uwn the following principles of.. integrating sustainabilily consideratsons into all our business decisions., minimising the impact on sustainability of all office and transportation activities- reviewing. annually reporting. and to contsnually strive to improve our sustainability perfomiance. The policy is supported by an Environmental Action Plan. Our annual environmenial report for 202￿24 {from data submitted to Julie's Bicycle's Creative IG Toolsl shows emissions of 4 tonnes C02 (emissions in 2022123 were 9 tonnesl. Last year's emissions were higher due to the inclusion of an inlemational artist from Chile in our v(￿eS Festival. The use of a hybrid car with average fuel consumption of 148 mpg and 11 Kwhl 100km has also had a w)sitive effect on our emi$$ions. Energy for the office lelectricityl continues to be 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 currenuy collected and measLJred lacross the country) and then reported elsewhere il is not possible for the reduced emissions from using a 100% renewable gnergy prowder lo be reflecled in our carts)n footprint. Our 3-year ambition 2023-26 for Arts Council Er4Jland's Environmental Responsibility Inveslmont Principle is as follows.. 'Our significant artistic and organisalional development ambitions around environmentsl suslainabilily will be supported by the skills. knowledge and capabilities in Ihe organisaknon (team and board) and exlemal partnerships lo inform Ihe development of our programming and new business models." MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Section 4 Policies Reserves policy and risk management (Grant making policy, and investment selecting policy are not applicable) Musiko Musika rnaintsined a robust financial position during 2023124 through careful risk management by the Joint Artistic Directors IJADS) under the oversight of the trustees. The challenging environment of the cost-of-living crisis continues lo impact on many of the vulnerable groups that Musiko Musika work with, exposing Inherent inequality across society as much as the wider cultural sector. Musiko Musika's long-lerni commitment lo equality, diversity and inclusion are needed now more than ever lo provide SuStair￿ acLess to the life affirniing musical experiences increasingly unavailable elsewhere. Arts Council England National Portfolio Organisalion funding for the period 2023-26 gives a base of stability for core costs and in the last year the range of external funding successfully brought in facilitated several new strands of work giving a balanced mix of new and ongoing funding sources. This Is echoed in the diverse range of practical partnerships, which continue lo introduce new connections into the family of longer-lerrn collaborators. All of which enrich Musiko Musika's impact and activities beyond ffinancAal benefit, through effective collaborations and supportive alliances. We achieved last year's reserves largel of holdin9 al least fv40 months operational budget as a financial buffer which provides current projects with stability over the coming year againsl any unforeseen fluctuations in a difficult fundraising environment. Risk management is undertaken through regular reviews of the financial posrtion of th8 organisalion and monitoring the comprehensive Risk Register alongside ACE'S approach lo risk assessments. These are an important opportunity lo review and ensure Ihal the appropriate miligaling actions are in place lo strengthen Musiko Musika and secure ils successful operats'on and delivery of ils mission. These procedures are now well•eslablished and alongside the organisation's strong project management skills we can ensure that we deliver high quality educational and cultural experiences whilst polenbal risks are mitigated, and new business avenues are constantly being explored. Trusto8s' rosponslbllitle8 In r8latlon to the financial statomonts Company law requires the trustees lo prepare financial slatemenis that give a true and fair view of the state of affairs ol the charity at the end of the financial year and ol its surplus or deficit for the financial year. In doing so the trustees are required lo.. . select suitable accounts'ng policies and then apply them consistsnUy- • make judgemenis and eslimales that are reasonable and prudenl.. and prepare ihe financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them lo ensure that Ihe financial stalements comply wilh the Companies Act 1985. The tnjslees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventson and detection of fraud and other irregularities. Accountant The Imstees agree to the reappointmenl ofBnan Clrfonl of Bright Grahame mU￿aY as a￿o￿nIan1. Soctlon S Slgnature and D8claratlon I declare In my capaclty of charlty trustse that the trustsas have approved the abovo: and have authorlsed mo to slgn It on thèir behalf. Elanor Warwlck IChaSr) Date.. MUSIKO MUSIKA TRUSTEES REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ms EJ P Warwick Tru$tge Dalè.. Aug 28, 2024 MUSIKO MUSIKA STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 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 ffinancial stalements in accordan￿ with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Ac￿PIed Accounting Practicel. 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 chantable company for that year. In preparing these financial statements. the trustees are required to: select suitable accounting policies an(J then apply Ihem consistenlly: - observe the methods and principles in the Charities SORP- - mak8 judg8m8nts and estimates that ar8 reasonable and prudent.. slate whether applicable UK Accounting Siandards have been followed, subject to any material departures disdosed and explained in the financial slalemenis,. and prepare th9 financial statements on the going concem basis unless il is inappropriate lo presume that the charity will continue in op9ration. The Iruslees are responsible for keeping adeouate accountsng records that disdose wth reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charity and hence for taking reasonable steps for the prevenlion an(J detects'on of fravd and olher irregularilies. MUSIKO MUSIKA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIKO MUSIKA I report to the trustees on my examination of the finanaal statements of Musiko Musika (the chartyl for the year ended 31 March 2024. Rosponsibilities and basis of report As the tnjstees of the charity land also its directors lor the purposes of company lawl you are responsible for the preparation of the financial statements in accordance wilh the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financyal statements of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examinab"on. I rew)rt in respect of my exarllinalion of the charity's financial slalements carried out under section 145 of the Charities Act 2011 lthe 2011 Actl. In carrying out my examination I have followed 811 the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Indep8nd8nt examlnorfs statement I have completed my examination. I confirm that no matters have cLJme lo my attention in connection with the examination giving rne cause lo believe that in any material respect.. accounting records were not kept in respect ol the charity as required by section 386 of the 2006 Act., or the financial slalemenls do not accord with Ihose records., or the financial statements do not comply with Ihe acwnting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is r￿¢ a matter considered as part of an independent examination., or the financial statements have not been prepared in aeLordance with the methods and principles of the Statement of Recommended Practice lor accounling and reporting by charities applicable lo charities preparing their accounts in accordonce wlh the Financial Reporting Standard applicable in thg UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which 8llenlion should be drawn in this report in order lo enable a proper understsnding of the financial slalemenls lo be reached. ri4L+V Ciilftrr¢ Brlan Clifford FCA Indepond8nt Examln8r 8rlght Grahame Murray Emperorfs Gate 1148 Cromwell R08d London SW7 4AG UK Date.. 29 Au.9USt 2024 MUSIKO MUSIKA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrastricted Rastricted funds funds 2024 2024 Total Unrestrict8d Restrict8d funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 27.560 21,086 291 148.795 176.355 21,086 291 101.075 4.650 37 1,267 148.161 249,236 4,650 37 1,267 Totsl Income 48,937 148,795 197.732 107.029 148.161 255,190 Expendlture on: Charitable activities Other expenditure 77,229 1,272 150.850 228,079 1,272 85,140 250 139,687 1.254 224,827 1,504 Total expendlture 78.501 150.850 229,351 85,390 140,941 226,331 Net In¢omellexp8ndltur81 and movement In funds 129,564) 12.055) 131,619) 21.639 7.220 28,859 R•¢onclllatlon ol fundi: Fund balances al 1 April 2023 59,891 7.220 67.111 38,252 38,252 Fund balancos at 31 March 2024 30.327 5.165 35,492 59.891 7,220 67,111 The statement of financial activitsas includes all gains and losses recognised in the year. ￿1 income and exp8nditure derive from continuing activities. MUSIKO MUSIKA BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 12 31.982 34,201 Current assets Stocks Debtors Cash at bank and in hand 13 14 174 12.491 38.721 393 92,495 51,386 92,888 Credltors: amounts falllng duo wlthln on8 yaar 17 125.7651 124,5581 Net curront a$sot8 25,621 68,330 Totsl assets less Current Ilabllltles 57,603 102,531 Credltors: amounts fallSng due aft•r mor• than on• yèar 18 122.111 135,4201 Net assets oxcludlng penslon Ilablllty 35,492 67,111 Net assets 35,492 67,111 The funds Of the charlty Restricted income funds Unrestricted funds 22 5,165 30,327 7,220 59,891 35,492 67,111 The company is entitled to the exemption from the audit requirement ￿ntained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The director aCkno￿edgeS her resrKJnsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparabon of finar￿la1 statements. The members have not required the company lo obtsin an au¢Jit of tts financial ststemenls for the year in question in accordance with section 476. These financial statements have been prepared in accordan￿ %wth the provisions applicable to companies subject lo the small companies regime. 11-7-2024 Thg financial statements were approved by the trustees on ......................... Ms EJ P Warwick Trustee Company registration number 04373867 (England and Wales) MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Informatlon Musiko Musika is a privale company limiled by guaranlee incorporated in England and Wales. The registered Offi￿ is 8 Red Square, Piano Lane. Carysfort Road. London. N16 9AW, UK. 1.1 A¢countlng Convention The financial statements have been prepared in a¢¢ordan¢e with Ihe charity's Igoverning do¢umenll. the Companies Act 2006, FRS 102 -The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. I'FRS 102 1 and the Charities SORP "Accountsng an(1 Reporbng by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol I￿land IFRS 1021. leffeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantsge of th8 provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in slerling, which is the functional currency of the charity. Monetary amounts in these financial slaiements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, Imodified lo include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair valuel. The principal accounting policies a¢Jopled are sel oul below. 1.2 Golng concern Al the lime of approving the fin8ncial slalemenls. the Iruslees have a ￿8$onable expectslion that the charity has adequate resources lo continue In oper81ional existence for the foreseeable future. Thus the Iruslees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Ch¥rftable lunds Unrestricted funds are available for use al the disuetion of the trusle8s in furtherance of their charitablo objectives. R8slrict8d funds are subject to SP8ufic conditions by donors or grantors as to how th8y may b8 US8d. Th8 purposes and uses of the restricted funds are set out in the notes to the financial ststements. Endowment funds ar8 subject to specffic condilions by donors that tha capital must bg maintained by the charity. 1.4 Incom8 Income is recognised when the charity is legally entitled lo il after any perforrnance conditions have been mel, the amounts can be measured reliably, and il 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 perforrllan￿ conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on ￿CeIpt or otherwise rf the charity has been notified of an impending dislribulion, the amount Is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingenl as5el. MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expgnditurn Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, il is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classrfied 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 belween those activib'es on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion ol Ihe asset's use. 1.6 Tanglble flxed assots Tangible fixed assets are initially measured al cosl and subsequently measured al cost or valuation, net of depreciation and any impaimenl losses. Depreciation is recognised so as lo write off the cosl ¢x valuation of assets less their residual values over Ihelr useful lives on the following bases.. Plant and equipment Fixtures and fittings Office Equipment Motor vehicles 33% Reducing balance basis 25Vo Reducing balance basis 33ts Siraight line basis 200A stra￿h1 line basis The gain or loss arising on the disposal ol an asset is delem)ined as the dIffe￿nCe between the sale proceeds and the carrying value of the asset, and is recc4Jnised in the statement of financsal activities. 1.7 Impaimient of fixed a$s•ts Al each reporting end dale, the charity reviews Ihe carrying amounts of ils tangible assets lo delomiine whether Ihgre is any indi¢alion that those assets have suffered an impaimienl loss. If any such indi¢alion exists, the recoverable amount of the asset is eslimaled in order lo delemiine the extent of the impaimienl loss lif any). 1.8 Stock$ Stocks are slated al the lower of cost and estimated selling price less costs to complele and sell. Cost comprises direct materials and, where applicable, direcl labour costs and Ihose overheads thal have been incurred in bringing ihe stocks to Iheir presenl locaknon and condits'on. Items held for distribution al no or nominal consideration are measured the lower of repla￿ment cosl and cost. Net realisable value is the estimated selling pri￿ less all eslimaled costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equlval¢nt$ Cash and cash equivalents indude cash in hand. derx)siis held at call with banks, other short-temi liquid investments with original maluritses of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilitses. MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Secb'on 12 'Other Financial Instruments Issues. of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balanca sheet when the charty beo3mes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial slalefflenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. B?$lc finan¢lal assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequenuy carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the presenl value of the future receipts discounlgd at a market rate of intergst. Financial assets lassified as receivable within one year are not amortised. Baslc Ilnan¢lal Ilabllltles Basic financial liabilities, including creditors and bank loans are inilially recognise(l al Iransaclion price unless th8 arrang8m8nt constitut8s a financing transaciion, where the dgbt instrument is m8asur8d at the pr8s8nt value of Ihe future payments discounled at a market rale of intsiesl. Financial liabilities classified as payable within one year are nol amortisod. Debt instruments are subsequenlly carried al 8morlised cost, using the effeclive inlergst rate method. Trade creditors are obligations to pay for goods or services thal have been acquired in the ordinary course of operations from suppliers. Amounts payablg are classified as current liabilities il paymenl is du8 within ong year or less. If not. they are presented as non-current liabilities. Trade crgditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. Do￿09n1t{On oifinan¢ial liabilities Financial liabilities are derecognised when the charity's contractual obligations explre or are dlscharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerrninale the employment of an employee or lo provide lerminalion benefit5. 1.12 R8tiromont bénefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Lèases Leases are dassified as finance leases whenever the terms of Ihe lease transfer substantially all the risks and rewards of ownership lo the lessees. All olher leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of in￿pIlOn and the present value of the minimum lease paymenls. The related liability is included in the balance sheet as a finance lease obligalion. Lease paymenls are treated as consisting of capital and interest elements. The interest is charged to net incomellexpenditurel for the year so as to produ￿ a constant periodic rate of interest on the remainin9 balar￿e ol the liability. MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacies Unre$trl¢t¢d Restrl¢l•d fund$ funds 2024 2024 Total Unr•strl¢t•d Rostrl¢t•d fund$ fund$ 2023 2023 Total 2024 2023 Donations and gifts Grants 27.560 6,750 142.045 34,310 142.045 101.075 101,075 148,161 148,161 27,560 148.795 176,355 101,075 148,161 249,236 Income from ¢harftabl• actlvltl Unrestrlcted Unr•strlcted funds funds 2024 2023 Muslc Workshop Fte$ Income from Charitable Activiles 17,952 2,471 Sal• of Muslcal Goods Income from Chariiablg Activites 743 83 Performan￿S Incorne from Charitable Activiles 2.391 2,096 21.086 4,650 Income from Snvestmants Unrestrl¢t•d Unr•strlctsd funds funds 2024 2023 Bank interest receivable 291 37 Oth8r Income Unrestri¢ted Unrestricted funds funds 2024 2023 Other income 1,267 MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Exp8ndSture on charStabl8 activlties Total 2024 Total 2023 Dlrect costs Staff costs Depreciation and impaimient Website and app costs Project costs Travelling Insuranc8 Repairs and renewals Cornmunicalion and slalionery 08S Checks Payroll costs Bank charges 125.911 7,970 13,796 60,021 7,940 3.618 123,175 13,865 12,708 62,446 4,024 2,387 751 2,242 179 175 104 969 290 276 130 220,921 222,056 Share of support and governance costs {8eo note 71 Support Governance 4,492 2,666 2,771 228,079 224,827 Analysls by fund Unrestricted funds Restricted funds 77,229 150,850 85,140 139,687 228,079 224,827 MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support and governance costs Support Governance costs costs 2024Support wsts Govemance costs 2023 Office expenses Project costs Fundraising and advertising 1.315 50 1.315 3,127 3,127 Legal and professional Independent examiner fees Olher govem8nce costs 1.993 169 1.993 169 1,921 850 1,921 850 4,492 7,158 2,771 2,771 Analysed between actlvi118S Fundraising Trading Charitable activities 4.492 7.158 2,771 2,771 4.492 7,158 2,771 2,771 N•t movement In funds 2024 2023 The net movement in funds is stsled after charginty{credilingl: Depreciation of owned tangible fixed assets 7,970 13,865 Trust•es None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Continued) Employm8nt costs 2024 2023 Wages and salaries Other pension costs 123,912 1,999 121,247 1,928 125,911 123,175 There were no employees whose annual remuneration was more than £60,th)0. Remuneration of key management personnel The remuneration of key management personnel was as follows: 11 Taxatlon The charity is exempt from laxalion on ils activities because all its income is applied for charitsble purposes. 12 Tanglble fixed ass•t8 Plant and Flxlur8• and oqulpment fittlng Motor vehlcle8 Total Equlpment Cost At 1 April 2023 Additions 6,361 2,156 227 32,503 3,595 31,662 70,753 5,751 At 31 March 2024 8,517 227 36.098 31,662 76,504 Deproclatlon and Impalrment Al 1 April 2023 Depreciation charged in the year 3.740 1.392 227 28,243 346 4,342 6,232 36,552 7,970 Al 31 March 2024 5,132 227 28,589 10,574 44,522 Carrylng amount Al 31 March 2024 3.385 7.509 21,088 31,982 At 31 March 2023 2,621 4,260 27,320 34,201 13 Stocks 2024 2023 Stocks 174 393 MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 D8btors 2024 2023 Amounts lalllng due within one year. Trade debtors Other debtors 7,491 5,000 12,491 15 Loans and ov•rdraft$ 2024 2023 Bank loans 17,304 25,304 Payable within one year 8,000 8,000 16 Flnance leas• obliga￿onS Future minimum lease payments due under finance leases: 2024 2023 Within one ygar Within ￿ and five years 5,309 12,807 5,132 18,116 18,116 23,248 17 Crgdltors.. amounts falllng due wlthln one year 2024 2023 Notes Bank loans Obligations under finance leases Other lax81ion 8nd social security Other creditors Accruals and deferred income 15 16 8,000 5,309 2,938 637 8,881 8,000 5,132 2,812 606 8,008 25,765 24,558 MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Creditors.. amounts falling due after more than one year 2024 2023 Notes Bank loans Obligations under financé leases 15 16 9,304 12,807 17,304 18,116 22.111 35,420 19 R¢tlr•m•nt bon•fit $¢hom•s 2024 2023 D•fined contribution schemes Charge lo profit or loss in respecl of defined contribulion schemes 1,999 1,928 The charity operates a defined contribuknon pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charily in an independently administered fund. 20 Unr•8trlctod funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants which are not subject to spgcific condilions by donors and grantors as lo how they may be used. These include dgsignaled funds which have been sel aside out of unrestricted funds by Ihe trustees for specific purposes. At 1 Aprll 2023 Incoming Resourcèy At 31 March re$ource$ èxpended 2024 General lunds 59,891 48,937 178,5011 30,327 Prevlous year: At 1 Aprll 2022 Incomlng resources Resources At 31 March •xp8nded 2023 General funds 38.252 107.029 185,3901 59.891 21 Analysis of net assets between funds Unrestricted fund$ 2024 Restricted funds 2024 Total 2024 At 31 March 2024-. Tangible assets Current assetsllliabilitiesl Long term liabilities 31,982 20,456 122,1111 31,982 25,621 122,1111 5,165 30.327 5,165 35,492 MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of net assets between funds (Continued) Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023.. Tangible assets Current asselsllliabililiesl Long term liabilities 34,201 61.110 135,4201 34,201 68,330 135,4201 7,220 59,891 7,220 87,111 22 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how Ihey may be used. Al 1 Aprll 2023 In¢omlng r•$ouru$ R•$our¢o$ At 31 March •xpond8d 2024 ACE NPO Funding Dr Edwards and Bishop King's Fulham Charity Harnmersmilh United Charities Ising & Learn) Hammersmilh United Charilies Icosl ol living funding) LBHF Fast Track Funding Education Endowmgnt Foundation Eady Stage Programme Devglopmgnt Cornic Relief Other lunders 109,9)0 1109,9001 14771 13,1651 477 3,165 soo 3,078 15001 13,0781 23,287 8,858 6,750 123,2871 17,3961 13,0471 1,462 3,703 7.220 148,795 1150,8501 5,165 Pr¢vl¢us year: At 1 Aprll 2022 In¢omlng R¢$our¢¢s At 31 Mar¢h rnsour¢e$ expended 2023 ACE NPO Funding Dr Edwards and Bishop King's Fulham Charty Hammersmilh United Charilies Ising & Learn) Harnmersmilh Unf(ed Charrties (Cost of Iwing funding) Peter Sowerby Foundatson LBHF Fast Track Funding 109,900 2,384 7.013 1109.9001 11,9071 13,8481 477 3,165 500 24,864 3.500 500 124,8641 14221 3,078 148,161 1140,9411 7,220 MUSIKO MUSIKA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 R81ated party transactions There were no di￿10$able related party transathons during the yeai12023 - none).