**REGISTERED CHARITY NUMBER: 1108919**
## **SOAR VALLEY MUSIC CENTRE**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
**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 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. 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**|Resigned May 2021|
|**Richard O Dunn**||
|**Mrs Angela Hubbard**||
|**Charlotte Johnson**|Resigned August 2021|
|**Oliver Theodore Deidrick-Hunte**||
|**Sarah Wain**|Appointed June 2021|
|**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 2021**
The Trustees present their report together with the financial statements of the charity for the period ended 31 August 2021
## **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.
## **Major Achievements**
This year has been markedly different as face to face teaching has not been possible due to Covid, but with unanimous parental agreement our instrumental teacher have delivered music instrument tuition online, and also valuable ensemble activities online. We have also had two online concerts which were very well supported by parents, and students enjoyed the opportunity to perform.
Individual instrumental music lessons, and a range of performance groups to develop a range of performing skills for young people, from beginners to advanced students. We are happy that we have been able to continue to offer music opportunities, despite the constraints and feel that we continue to move forward with the aim of returning to face to face tuition.
## **Future plans**
Despite the obvious restrictions of online teaching we have successfully recruited a range of new students, and we look forward to them being able to join in face to face in the new academic Year. We also hope to return to working in schools when the Covid restrictions are modified.
## **Reserves policy**
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (free reserves) held by the charity should be between 6 and 12 months of the resources expended, which equates to £3,000 to £5,000 in general funds. At this level the Trustees feel that they would be able to continue current activities of the charity in the event of a significant drop in funding.
## **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. Insurance and health and safety issues are assessed annually. DBS checks are carried out for staff and teaching staff where relevant. A trustee is nominated to act in the event of safeguarding concerns.
Approved by order of the board of trustees and signed on its behalf by
Trustee:________________________________________________ Mrs E J Dunn - Trustee
Date: 23 December 2021
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 2021, 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 accoun�ng records in accordance with sec�on 130 of the Chari�es Act;
- to prepare accounts which accord with the accoun�ng records and comply with the accoun�ng 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 2021**
|Notes
**INCOMING RESOURCES**
**Incoming resources from generating funds**
Activities for generating funds
5
**Total incoming resources**
**RESOURCES EXPENDED**|**Unrestricted**
**Funds**
75,706
**75,706**|**Total**
**Aug-21**
75,706
**75,706**|**Total**
**Aug-20**
75,862
**75,862**|
|---|---|---|---|
|**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**|62,699
550
**63,249**
12,457
5,930
-
**6,527**|62,699
550
**63,249**
12,457
5,930
-
**6,527**|75,517
250
**75,767**
95
4,719
10,744
-
**5,930**
**-**|
Page 4
## **SOAR VALLEY MUSIC CENTRE**
## **BALANCE SHEET AT 31 AUGUST 2021**
**----- Start of picture text -----**
Notes
Aug-21 Aug-20
£ £
FIXED ASSETS
Tangible assets 8 7,083 463
CURRENT ASSETS
Debtors 9 1,325 9,158
Cash at bank and in hand 16,141 2,358
17,466 11,516
CREDITORS
Amounts falling due within one year 10 18,022 17,909
NET CURRENT ASSETS - 556 - 6,393
TOTAL ASSETS LESS CURRENT LIAILITIES 6,527 - 5,930
FUNDS
Unrestricted funds 11 6,527 - 5,930
TOTAL FUNDS 6,527 - 5,930
Approved by the Trustees and signed on its behalf by:
Date: 23 December 2021
**----- End of picture text -----**
Mrs E J Dunn - Trustee
Page 5
## **SOAR VALLEY MUSIC CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - 31 AUGUST 2021**
## **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 Fixtures, fittings and instruments - 6 years
## **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 2021**
## **5. Activities for generating funds**
|HMRC JRS Grant (Furlough)
Donations
Fundraising/Tuckshop
Lessons and exam fees
School Peripatetic Service
Voluntary Action Leicester (VAL)
**6. Charitable activities costs**
Direct costs of charitable activities
Health and safety, PPE and sanitization
Computer, software and consumables
Depreciation
Exam fees
Insurance|**Aug-21**
**£**
5,396
-
-
64,748
4,120
1,442
**75,706**
**Aug-21**
**£**
1,192
342
1,463
4,028
388|**Aug-20**
**£**
2,253
-
-
66,546
7,064
-
**75,862**
**Aug-20**
**£**
-
962
154
2,208
384|
|---|---|---|
|Motor vehicle expenses|592|828|
|Musical equipment repairs|-|57|
|Postage, printing and stationery|100|943|
|Rent, rates and room hire|304|2,700|
|Repairs and renewals|90|300|
|Staff salaries|7,584|12,544|
|Telephone|367|367|
|Tour and exchange costs
Tuitions fees
**7. Governance costs**
Independent Examiners Fees|-
46,248
**62,699**
**Aug-21**
**£**
550
**550**|784
53,285
**75,517**
**Aug-20**
**£**
250
**250**|
Page 7
## **SOAR VALLEY MUSIC CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS - 31 AUGUST 2021**
## **8. Tangible Fixed Assets**
|**Cost**
At 1 September 2020
**Depreciation**
At 1 September 2020
Charge for the year
At 31 August 2021
**Net book value**
At 31 August 2021
At 31 August 2020
**9. Debtors; Amounts falling due within one year**
Other debtors
**10. Creditors; Amounts falling due within one year**
Other creditors
**11. Movement in funds**
**Unrestricted funds**
General fund
**Total funds**|**Fixtures**
**and fittings**
8,083
-
1,347
1,347
6,736
8,083
**Aug-21**
**£**
1,325
**1,325**
**Aug-21**
**£**
18,022
**18,022**
**At 1.09.2020**
**£**
5,930
-
**5,930**
**-**|**Motor**
**Vehicles**
**Total**
2,848
10,931
2,386
2,386
116
1,463
2,501
3,848
347
7,083
463
8,546
**Aug-20**
**£**
9,158
**9,158**
**Aug-20**
**£**
17,909
**17,909**
**Net**
**movement**
**in funds**
**At 31.08.2021**
**£**
**£**
12,457
6,527
**12,457**
**6,527**|
|---|---|---|
Page 8