**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:
1. 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
2. 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