MUSIC FOUNDATION
'Ylfr
CONSOLIDATED REPORT
& FINANCIAL STATEMENTS
t80fft ITllE
' EtX]OED
21]

CL rn
nJJsrorDO
NQ)DL>I)
jl ¥lii I I





## 








## 

## 

## 

## 

## 

## 



## 













## 







## 



## 




## 

## 



## 


## 










## 


## 








## 

## 

## 



## 

## 

## 

## 

## 


## 


## 




## 

## 




## 

## 

## 

## 

## 

## 

## 

## 

## 



## 


## 

## 

## 




## 

## 

## 

## 



## 

## 

|||**Unrestricted**|**Restricted**|**Restricted**|**Totalfunds**|**Totalfunds**|
|---|---|---|---|---|---|---|
|||**funds**||**funds**|**2021**|**2020**|
||**Notes**|£|£||£|£|
|**Income from:**|||||||
|Donationsand legacies|**3**|683,514|||683,514|788,228|
|**Charitableactivities**|||||||
|Operationofmusicvenue|**4**|1,435,732|597,000||2,032,732|1,688,446|
|Othertrading activities|**5**|231,548|||231,548|2,738,276|
|**Total income**||2,350,794|597,000||2,947,794|5,214,950|
|||||||--|
|**Expenditure on:**|||||||
|Trading activities|**6**|266,459|||266,459|1,289,663|
|Charitableactivities|**7**|2,239,835|597,000||2,836,835|3,809,133|
|**Total expenditure**||2,506,294|597,000||3,103,294|5,098,796|
|**Net movement in funds**||(155,500)|||(155,500)|116,154|
|Totalfundsbroughtforward||273,221|||273,221|157,067|
|**Total funds carried forward**||117,721|||117,721|273,221|







||||**2021**||**2020**|
|---|---|---|---|---|---|
||**Notes**|£|£|£|£|
|**Fixed assets**||||||
|Intangibleassets|**12**||38,818||53,308|
|Tangibleassets|**13**||410,415||498,097|
||||--|||
||||449,233||551,405|
|**Currentassets**||||||
|Debtors|**15**|390146||426,737||
|Cash at bankandinhand||169,661||185,588||
|||559,807||612,325||
|**Credit ors: amount s falling due within**|**16**|||||
|**oneyear**||(891,319)||(890,509)||
|Netcurrentliabilities|||(331,512)||(278,184)|
||||---|||
|**Total assets less currentliabilities**|||117,721||273,221|
||||--|||
|**Income funds**||||||
|Unrestrictedfunds|**19**||117,721||273,221|
||||--|||
||||117,721||273,221|









## 



## 

## 

## 

## 

## 

## 

## 

## 

## 

## 

## 




## 

## 

## 

## 

## 

## 



## 

||**2021**|**2020**|
|---|---|---|
||£|£|
|Donationsand gifts|683,514|788,228|
|All incomefromcharitableactivitieswasunrestricted inboth2021and2020.|||



||**2021**|**2020**|
|---|---|---|
||£|£|
|**Operationofmusicvenue**|||
|Ticketsales|343,747|1,591,245|
|Otherprogrammerelatedincome|52,890|97,201|
|Governmentgrant income|1,039,095||
|Culturalrecoveryfund|562,000||
|Othergrant income|35,000||
||2,032,732|1,688,446|
|Aralysisbyfund|||
|Urrestrictedfunds|1,435,732||
|Restrictedfunds|597,000||
||2,032,732||
|**Forthe year ended 31 March 2020**|||
|Unrestrictedfunds||1,688,446|



||**2021**|**2020**|
|---|---|---|
||£|£|
|Commission|(4,534)|579,888|
|Property|25,918|120,612|
|People|14,424|358,876|
|Supportcost(seenote8)|230,651|230,287|
||---||
|Othertradingactivities|266,459|1,289,663|
|Allexpenditurewasunrestricted inboth2021 and2020.|||
|**7. Charitable activities**|||



|**7. Charitable activities**|||
|---|---|---|
||**2021**|**2020**|
||£|£|
|People|1,919,202|1,757,884|
|Artists|226,962|1,058,097|
|Marketing|120,208|310,812|
||---||
||2,266,372|3,126,793|
|Shareof supportcosts(seenote8)|561,463|675,190|
|Share ofgovernance costs(seenote8)|9,000|7,150|
||---||
|Othertradingactivities|2,836,835|3,809,133|
|£597,000ofexpenditurewasrestricted intheyear(2020.£0)|||



||**2021**|**2020**|
|---|---|---|
||£|£|
|Deskincome|85,756|188,355|
|Event income|75,165|2,392,856|
|Rcomhire|68,289|148,621|
|Otherincome|2,338|8,444|
||--||
|Othertradingactivities|231,548|2,738,276|









|**8. Supportcost**||||||
|---|---|---|---|---|---|
||**Support**|**Governance**|||**Basisof**|
||**cost**|**cost**|**`2021`**|**`2020`**|**allocation**|
||£|£|£|£||
|Property|722.,350||722,350|819,848|Direct|
|Finance/Professional|60,310||60,310|83,964|Direct|
|Governance||18,454|18,454|8,815|Governance|
|||--||---||
||782.660|18,454|801,114|912,627||
|||||---||
|Analysed between||||||
|Trading|221197|9,454|230,651|230,287||
|Charitableactivities|561,463|9,000|570,463|682,340||
||--|||||
||782660|18,454|801,114|92,627||
|||--||---||



|**Number of employees**|**Number of employees**||||
|---|---|---|---|---|
|Theaveragemonthlynumberemployeesduringtheyearwas:|||||
||**2021**|**`2020`**|**`2021`**|**`2020`**|
||**FTE**|**FTE**|**Number**|**Number**|
|Permanentstaff|27|33|26|33|
|Casualstaff|3|32|22|102|
|||-|||
|Othertradingactivities|30|65|48|135|
||||--||
|**Employmentcosts**|||**`2021`**|**`2020`**|
||||**FTE**|**FTE**|
|Wages andsalaries|||1,760,234|1,960,325|
|Socialsecuritycosts|||115,599|131,335|
|Otherpensioncosts|||24,330|25,100|
|Redundancycosts|||45111||
||||---||
||||1,978,737|2,116,760|
|Thenumberofemployeeswhoseannual remunerationwas£60,000||or 'TlOre|were:||
||||**`2021`**|**`2020`**|
||||Number|Number|
|£70,000-£80,000|||||
|£80,000-£90,000|||||



||||£80,000-£90,000||
|---|---|---|---|---|
||**`2021`**|**`2020`**|||
||£|£|||
|_Netmovementin fundsis statedafterchargng_<br>Fees payabletothegroup's auditorfortheauditofthecompany's|||Total pensioncostspaidonbehalfof theaboveemployeeswere£2,626 12020:£1,316).<br>**Lr**||
|financialstatements<br>Feespayabletothegroup's auditorfortaxcompliance<br>Feespayabletothegroup'sauditorforaccountancy<br>Depreciationofowned tangiblefixedassets<br>Amortisationof intangibleassets|12,750<br>1,375<br>3,900<br>90,260<br>14,490|11100<br>1,300<br>3,750<br>109,929<br>9,576|Thetrustee'sreceivednoremuneration<br>duringtheyear(2020:£nil) and no<br>trusteereceivedpaymentforprofessional<br>orother servicessuppliedtothecharity<br>(2020:£nil).|_KeyManagementPerson_<br>Thekeymanagementof<br>comprise ofthose listedo<br>administraticoninformatio<br>Totalemployeebenefitso|
|Operatingleasecharges|11,144|14,774|No exenseswerereimbursedtothe|managementpersomelf|







|**azz71**|||a|
|---|---|---|---|
|||**Website**||
|**Groupandcharity**|**Software**|**development**|**Total**|
||£|£|£|
|**Cost**||||
|At 1April2020 and 31March 2021|24,571|47,889|72,460|
|**Amortisation and impairment**||||
|At 1April2020||19,152|19,152|
|Amortisationchargedfortheyear|4,914|9,576|14,490|
|_At_31March 2021|4,914|28,728|33,642|
|**Carrying amount**||||
|At31March 2021|19,657|19161|38,818|
|_A_31March 2020|24,571|28,737|53,308|
||-|||



|**NOTES TO **|**THE FINANCIAL STATEMENTS**|**THE FINANCIAL STATEMENTS**|**THE FINANCIAL STATEMENTS**|**THE FINANCIAL STATEMENTS**||
|---|---|---|---|---|---|
|Re131IIVIERII[D230 7719IE383220%20|||||continued|
|**ETTI"7"**|||||I|
|**Groupandcharity**|**Leasehold**|**Office furniture**|**Computer**|**Performance**|Total|
||property|**andequipmen t**|**equipment**|**equipment**||
||**improvments**£|£|£|£|£|
|**Cost**||||||
|At1April 2020|123,786|145,567|145169|915,975|1,330,497|
|Additions||||2,578|2,578|
|Disposals|||(16,518)|(32,474)|(48,992)|
|At 31March 2021|123,786|145,567|128,651|886,079|1,284,083|
|**Depreciation**&**impairment**||||||
|At 1April2020|37,654|125,369|82,514|586,863|832,400|
|Depreciation charged||||||
|in theyear|12,179|10,788|11,406|55,887|90,260|
|Eliminatedin respect||||||
|ofdisposals|||(16,518)|(32,474)|(48,992)|
|At 31March 2021|49,833|136,157|77,402|610,276|873,668|
|**Car rying amount**||||||
|At 31March 2021|73,953|9,410|51,249|275,803|410,415|
||||||---|
|At 31March 2020|86,132|20,198|62,655|329,112|498,097|
|||||---||





|Theaggregateoftheassets, liabilitiesandundswas:|||
|---|---|---|
||**`2021`**|**`2020`**|
|Currentassets|100,372|925,796|
|Current liabilities|(216,914)|(92,994)|
||---||
|**Total net assets**|(116,542)<br>---|832,802|
|Thefinancialactivitieswereasfollows:|**`2021`**|**`2020`**|
|Turnover|342,428|2,849,156|
|Costofsales andadministrationexpenses|(458,980)<br>---|(1,496,364)|
|**Result fortheyear**|(116,552)|1,352,792|




||**`Group`**||**Charity**||
|---|---|---|---|---|
||**`2021`**|**`2020`**|**`2021`**|**`2020`**|
|**Amountsfalling due within one year:**|£|£|£|£|
|Tradedebtors<br>Amountsduefromgroupundertakings<br>Otherdebtors<br>Prepaymentsandaccrued Income|150,571<br>239,575|231,272<br>4,936<br>190,529<br>-|106,200<br>72,096<br>194,239|57,290<br>4,936<br>161,598<br>---|
||390,146|426,737|372,535|223,824|




|||**`Group`**||**Charity**||
|---|---|---|---|---|---|
|||**`2021`**|**`2020`**|**`2021`**|**`2020`**|
||**Notes**|£|£|£|£|
|Tradecreditors||338,507|354,329|241,702|316,710|
|Amounts**due**to|||||703,125|
|fellowgroupundertakings||||||
|Othertaxation& social security||59,994|77,988|59,994|79,019|
|Othercreditors||137138|68,846|137126|68,833|
|Accruals||143,368|152,353|116,288|103,599|
|Deferredincome|**17**|212,312|236,993|191,391|230,372|
|||--|||---|
|||891,319|890,509|746,501|1,501,658|
||||||---|



## 

|**ATITA**|||||
|---|---|---|---|---|
||**`Group`**||**Charity**||
||**`2021`**|**`2020`**|**`2021`**|**`2020`**|
||£|£|£|£|
|Balanceat1April|236,993|**244,194**|230,372|232,150|
|Amountsreleasedtoincomingresources|(228,614)|'244,194)|(221,993)|(232,150)|
|Amountsdeferred intheyear|203,933|236,993|204,745|230,372|
|Balanceat31March<br>|212,312<br>|236,993<br>|191,391<br>|230,372<br>|






|Fortheyearended31 March|2021|||||
|---|---|---|---|---|---|
|**Group**|**Balanceat**||**Movement in funds**||**Balance at**|
||**1April 2020**|**Income**|**Expenditure**|**Transfers**|**31March 2021**|
||£|£|£|£|£|
|**General funds**||||||
|Generalfunds|273,221|2,350,794|(2,506,294)||117,721|
||273,221|2,350,794|(2,506,294)||117,721|
|**Restric tedfunds**||||||
|CultureRecoveryFund||562,000|(562,000)|||
|ArtsCouncil England||35,000|(35,000)|||
|||597,000|(597,000)|||
|**Totalfunds**|273,221|2,947,794|(3,103,294)||117,721|
|**Company**|**Balance at**||**Movement in funds**||**Balance at**|
||**1April 2020**|**Income**|**Expenditure**|**Transfers**|**31March 2021**|
||£|£|£|£|£|
|**Generalfunds**||||||
|Generalfunds|(559,571)|3,116,486|(2,322,642)||234,273|
||(559,571)|3,116,486|(2,322,642)||234,273|
|**Restricted funds**||||||
|CultureRecoveryFund||562,000|(562,000)|||
|ArtsCouncilEngland||35,000|(35,000)|||
|||597,000|(597,000)|||
|**Totalfunds**|(559,571)|3,713,486|(2,916,642)||234,273|
|||-||||
|Fortheyearended31 March|2020|||||
|**Group**|**Balance at**||**Movement in funds**||**Balanceat**|
||**1April 2019**|**Income**|**Expenditure**||**31March 2020**|
||£|£|£||£|
|**Generalfunds**||||||
|Generalfunds|157,067|5,214,950|(5,098,796)||273,221|
|||---||||
||157,067|5,214,950|(5,098,796)||273,221|
||||||---|
|**Totalfunds**|157,067|5,214,950|(5,098,796)||273,221|



|Fortheyearended31March2021:||||
|---|---|---|---|
||**General**|**Restricted**||
||**Funds**|**Funds**|**Total**|
|**Group**|£|£|£|
|Intangiblefixedassets|38,818||38,818|
|Tangiblefixedassets|410,415||410,415|
|Netcurrentliabilities|(331,512)||(331,512)|
||117,721||117,721|
||**General**|**Restricted**||
||**Funds**|**Funds**|**Total**|
|**Charity**|£|£|£|
|Intangiblefixedassets|38,818||38,818|
|Tangiblefixedassets|410,425||410,425|
|Netcurrentliabilities|(214,970)||(214,970)|
||234,273||234,273|
|Fortheyearended31March 2020:||||
||**General**|**Restricted**||
||**Funds**|**Funds**|**Total**|
|**Group**|£|£|£|
|Intangiblefixedassets|53,308||53,308|
|Tangiblefixedassets|498,097||498,097|
|Netcurrentliabilities|(278,184)||(278,184)|
||273,221||273,221|
||**General**|**Restricted**||
||**Funds**|**Funds**|**Total**|
|**Charity**|£|£|£|
|Intangiblefixedassets|53,308||53,308|
|Tangiblefixedassets|498,107||498,107|
|Netcurrentliabilities|(1,110,986)||(1,110,986)|
||(559,571)||(559,571)|






|Thecharityasalessee:|Thecharityasalessee:||
|---|---|---|
|Thetotalfutureminimumleasepaymentsundernon-cancellable operatingleasesaresetoutbelow:|||
||**2021**|**2020**|
||£|£|
|Withinoneyear|11144|11,411|
|Betweenoneand fiveyears|29,099|40,243|
||40,243|51,654|




||**Income**||**Expenditure**||
|---|---|---|---|---|
||**2021**|**2020**|**2021**|**2020**|
||£|£|£|£|
|Green&FortuneLimited|113,823|1,925,853|26,684|41,385|
|ParabolaEdinburghLimited|30,000||||
|Pangolin|1,224|5,839||1,600|
|ParabolaFoundation|545,000|765,000|||
|ParabolaRealEstateInvestment|||||
|ManagementLLP|2,001|5,406|||
||692,048|2,702,098|26,684|42,985|



|Thefollowingamountswereoutstanding**_at_**thereporting enddale:|**Amountsowed to **|**relatedparties**|
|---|---|---|
||**2021**|**2020**|
||£|£|
|Green&FortuneLimited|123,997|45,424|
|Pangolin||950|
|||--|
||123,997|46,374|
|Thefollowingamountswereoutstandingalthereporting enddale:|**Amountsowed by **|**relatedparties**|
||**2021**|**2020**|
||`£`|`£`|
|Green&FortuneLimited|124,597|185,874|
|Pangolin|7,411||
||132,008|185,874|



|Thecharityisacharitylimitedbyguarantee|respectof**the**guaranteeislimitedto£1per|respectof**the**guaranteeislimitedto£1per|respectof**the**guaranteeislimitedto£1per|
|---|---|---|---|
|andhasnosharecapital.Inthe eventof|memberofthecharity.|||
|thecharitybeingwound up,the liabilityin||||
|E<br>hit<br>E3T"%**I7**|||**l**|
|||**2021**|**2020**|
|||£|£|
|(Defcit)/surpusfortheyear||(155,500)|116.154|
|Adjustmertsfor.||||
|Amortisation and impairmentof intangibleassets||14,490|9,576|
|Depreciation andimpairmentoftangiblefixedassets||90,260|109,929|
|Movementsinworkingcapital:||||
|(Increase)indebtors||(36,591)|(5,344)|
|Increase/(decrease)increditors||3,758|(39,234)|
|(Decrease)indeferredincome||(2,948)|(7,201)|
|||--||
|**Cash (absorbed by)/generated from operations**||(13,349)|183,880|
|**EFT7TE777777**||||
||**1April 2020**|**Cash flows**|**31March2021**|
||£|£|£|
|CashatbankandIn hand|185,588|(15,927)|169,661|
||185,588|(15,927)|169,661|
|egge||||
|Thecharityisexemptfromtaxonincome|TaxationofChargeableGains||Act1992|
|and gainsfallingwithinSection505of|totheextentthattheseareappliedtoits|||
|theTaxesAct1988or Section 252 ofthe|charitableobjects.|||