REGISTERED CHARITY NUMBER: 1108919
SOAR VALLEY MUSIC CENTRE
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
SOAR VALLEY MUSIC CENTRE
| CONTENTS | PAGES |
|---|---|
| Legal and Administrative Details | 1 |
| Report of the Trustee's | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 8 |
SOAR VALLEY MUSIC CENTRE
REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 AUGUST 2020
The trustees present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
Reference and Administrative Information
| Charity Name | Soar Valley Music Centre |
|---|---|
| Charity registered Number | 1108919 |
| Registered Office and | |
| Operational Office | 73 Pulford Drive |
| Thurnby | |
| Leicester | |
| Leicestershire | |
| LE7 9UQ | |
| Trustees | |
| Mrs E J Dunn | Chair |
| Mr John Bacon | |
| Richard O Dunn | |
| Mrs Angela Hubbard | |
| Charlotte Johnson | Resigned August 2020 |
| Oliver Theodore Deidrick-Hunte | Appointed 03 February 2020 |
| Bankers | Lloyds TSB |
| The Roundway Leicester Branch | |
| PO Box 1000 | |
| BX1 1LT | |
| Independent Examiners | Shabbeer & Co Limited |
| 62 Harringworth Road | |
| Leicester | |
| LE5 6TL | |
| Solicitors | Nelson Solicitors |
| Provincial House | |
| 37 New Walk | |
| Leicester | |
| LE1 6TU |
Page 1
SOAR VALLEY MUSIC CENTRE
REPORT OF THE TRUSTEES
FOR THE PERIOD ENDED 31 AUGUST 2020
The Trustees present their report together with the financial statements of the charity for the period ended 31 August 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Aims and objectives
The objectives of the society are to provide and operate a training centre specialising in music media and performing arts.
RISK MANAGEMENT
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Approved by order of the board of trustees and signed on its behalf by
08/03/2021 Trustee:________ Date:_____ Mrs E J Dunn - Trustee
Page 2
SOAR VALLEY MUSIC CENTRE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOAR VALLEY MUSIC CENTRE
I report on the accounts for the period ended 31 August 2020, which are set out on pages 4 to 9
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 and that an independent examination is required.
It is my responsibility to:
-
. examine the accounts under section 145 of the Charities Act,
-
. to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145 (5) (b) of the Charities Act), and
-
. to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts presents a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in, any material respect, the requirement:
-
to keep accounting records in accordance with section 130 of the Charities Act;
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
Shabbeer & Co Limited 62 Harringworth Road Leicester LE5 6TL
Page 3
SOAR VALLEY MUSIC CENTRE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 AUGUST 2020
| Notes INCOMING RESOURCES Incoming resources from generating funds Activities for generating funds 5 Total incoming resources RESOURCES EXPENDED |
Unrestricted Funds 75,862 75,862 |
Total Aug-20 75,862 75,862 |
Total Aug-19 41,499 |
|---|---|---|---|
| 41,499 | |||
| Charitable activities | |||
| Direct costs of charitable activities 6 Governance costs 7 Total resources expended Net incoming resources Total funds brought forward Prior year adjustment Total funds carried forward |
75,517 250 75,767 95 4,719 10,745 - 5,930 - |
75,517 250 75,767 95 4,719 10,745 - 5,930 - |
50,231 220 |
| 50,451 | |||
| 8,952 - 13,671 - |
|||
| 4,719 |
Page 4
SOAR VALLEY MUSIC CENTRE
BALANCE SHEET AT 31 AUGUST 2020
| Notes FIXED ASSETS |
Aug-20 £ |
Aug-19 £ |
|---|---|---|
| Tangible assets 8 |
463 | 617 |
| CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIAILITIES FUNDS Unrestricted funds 11 TOTAL FUNDS |
9,158 2,358 11,516 17,909 6,393 - 5,930 - 5,930 - 5,930 - |
28,682 3,682 32,364 28,263 4,102 4,719 4,719 4,719 |
Approved by the Trustees and signed on its behalf by:
Date:
Mrs E J Dunn - Trustee
Page 5
SOAR VALLEY MUSIC CENTRE
NOTES TO THE FINANCIAL STATEMENTS - 31 AUGUST 2020
1 . Accounting Policies
The principal accounting policies are summarised below.
(a) Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objective of the charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the granting body.
(d) Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
(e) Resources expended
All expenditure is recognised on an accrual basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
2. Trustee Remuneration and Related Party Transactions
There were no trustees who received any remuneration during the year.
No Trustee or other person related to the Charity had any personal interest in any contract or transaction entered into by charity during the year.
3. Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
4. Taxation
The charity is exempt from tax on its charitable activities.
Page 6
SOAR VALLEY MUSIC CENTRE
NOTES TO THE FINANCIAL STATEMENTS - 31 AUGUST 2020
5. Activities for generating funds
| Grants Donations Fundraising/Tuckshop HMRC JRS Grant (Furlough) Lessons and exam fees Other sales Quorn Hall School Peripatetic Service SVMC Sinfonia 6. Charitable activities costs Direct costs of charitable activities Bad debts Bank charges Cleaning Computer, software and consumables Depreciation Exam fees Insurance Miscellaneous expenses Motor vehicle expenses Musical equipment repairs Postage, printing and stationery Rent, rates and room hire Repairs and renewals Staff salaries Telephone Tour and exchange costs Tuck shop purchases Tuitions fees 7. Governance costs Independent Examiners Fees |
Aug-20 £ - - - 2,253 66,546 - - 7,064 - 75,862 Aug-20 £ - - - 962 154 2,208 384 - 828 57 943 2,700 300 12,544 367 784 - 53,285 75,517 Aug-20 £ 250 250 |
Aug-19 £ 1,092 159 1,936 - 35,166 1,038 785 734 590 |
|---|---|---|
| 41,499 | ||
| Aug-19 £ 728 20 7 - 206 5,524 382 539 1,062 - 70 4,325 1,528 3,861 40 1,565 380 29,993 |
||
| 50,231 | ||
| Aug-19 £ 220 |
||
| 220 |
Page 7
SOAR VALLEY MUSIC CENTRE
NOTES TO THE FINANCIAL STATEMENTS - 31 AUGUST 2020
8. Tangible Fixed Assets
| Cost At 1 September 2019 Depreciation At 1 September 2019 Charge for the year At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 9. Debtors; Amounts falling due within one year Trade debtors Other debtors 10. Creditors; Amounts falling due within one year Trade creditors Other creditors 11. Movement in funds Unrestricted funds General fund Total funds |
Aug-20 £ - 9,158 9,158 Aug-20 £ - 17,909 17,909 At 1.09.2019 £ 6,026 - 6,026 - |
Motor Vehicles 2,848 2,231 154 2,386 463 617 Aug-19 £ - 28,682 28,682 Aug-19 £ 6,242 22,021 28,263 Net movement in funds At 31.08.2020 £ £ 95 5,930 - 95 5,930 - |
|---|---|---|
Page 8