2024-03-31-accounts - Eye Music Trust

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Accountancy Solutions

EYE MUSIC TRUST

Financial statements for the year ended 31st March 2024

Charity number: 1113190 Registered England and Wales

Company number: 05466017 Company limited by guarantee

[Call: 07926 450 250 ] Email: info@hslaccountancysolutions.co.uk www.hslaccountancysolutions.co.uk

EYE MUSIC TRUST Contents of the financial statements for the year ended 31st March 2024

	Page
Administrative Details	1
Directors (Trustees Report)	2 - 4
Independent Examiners Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the accounts	8 - 12

EYE MUSIC TRUST Administrative details for the year ended 31st March 2024

Registered Charity number

Registered Charity number 1113190 Registered Company number 05466017 Trustees (Directors) Mimi Doulton David Elliot – Deceased Simon Emmerson Jane Manning OBE - Deceased Nicky Rogers Edwin Roxburgh Mark Rowland Company secretary Antony Macdonald

Administrative address

Bankers

Independent Examiner

30 Penwortham Road, South Croydon, Surrey, CR2 0QS CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4TA NatWest Bank PO Box 12 39 High Street ` Princes Risborough Bucks HP27 0TT HSL Accountancy Solutions Ltd Enterprise House 61a Carr House Doncaster DN1 2BY

Page 1

EYE MUSIC TRUST The Trustees (Directors) present their annual report for the year ended 31st March 2024

The trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and financial statements for the year ended 31st March 2024.

Exemptions

The trustees have taken advantage of the exemptions available to small companies, including the audit exemption (see statement on balance sheet).

Structure Governance and Management

Recruitment and Appointment of Charity Trustees.

The aim of the Eye Music Trust, which produces the Colourscape Music Festival, is to take contemporary music, music-theatre and associated art forms to new audiences throughout Britain. We aim to enlarge the audience for contemporary music and to create new audiences that have not yet experienced these art forms.

The five Trustees have all been Trustees for a number of years and been closely involved in ensuring the furtherance of the Charity’s objectives. We have an aim to research and source another Trustee with skills in community and educational fields.

The Charity has a policy of on-going review to ensure the Board both contains the skills necessary and continues to represent the sector in which it specialises.

Trustee Induction and Training

The Trustees are already familiar with the work of the Charity. The Charity has an induction pack available to new Trustees which includes all relevant detail, protocols and policies of the organisation. New Trustees would generally meet with the Chair and Festival Directors to ensure the work of the Charity is fully understood.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to major risks. The principle external risk identified is the loss of funding that supports core costs. The Charity hopes to reduce this risk by extending the income and funding base. The Charity has initiated a programme of fund raising and income generation from new sources in order to broaden the funding base and thus reduce the risk attached to being dependant on one particular funder. Internal risks are minimised by the established procedures for the authorisation of all transactions as well as a new system of financial and budgetary control. All internal policies and procedures are reviewed on a regular basis.

Organisational Structure

Eye Music Trust has five Trustees who meet four times a year (currently by Zoom) and are responsible for the strategic direction and policy of the Charity. At present all Trustees have considerable experience of the sector that the Charity works in. Further consultation with Trustees is undertaken by holding electronic meetings.

A scheme of delegation is in place and the day to day responsibility for the provision of services and the general running of the Charity rests with the Festival Directors. The Festival Directors are responsible for ensuring key performance indicators are met and that funders are kept fully appraised of the results of their projects.

Related Parties

There are no related parties.

Aims and objectives

THE ENCOURAGEMENT OF THE ARTS ESPECIALLY CONTEMPORARY MUSIC WITH VISUAL ARTS AND DRAMA;
THE PROMOTION OF CONTEMPORARY MUSIC AND OTHER CONTEMPORARY ART FORMS PARTICULARLY THROUGH THE HOLDING OF EDUCATIONAL WORKSHOPS, PERFORMANCES AND EVENTS; AND
THE DISSEMINATION OF INFORMATION AND PROMOTION OF DIALOGUE BETWEEN ARTISTS AND PUBLIC AT ALL LEVELS.

Page 2

EYE MUSIC TRUST The Directors (trustees) present their annual report for the year ended 31st March 2024

Overview of the Trust’s work

During 2023/24 Eye Music Trust ran a full programme of events throughout the country.

KEY POINTS:

Reed Trust offered us a large grant to run our Colour/Music Sensory workshops in some of their partner SN schools across London. The first two schools (Cloudesley, Islington an Turney, Lambeth) took place in March 2024 and the remaining four schools were timetabled for June-October. This great was very welcome to compensate for the loss of City Bridge Trust which had funded our London SN work for five years.

ACE awarded us a Touring grant in June to take Colourscape, SN workshops and Family Arts workshops to Rochdale, Birmingham, Thurrock, Rotherham and Colchester. The first of these projects took place in MAC Birmingham with a ten day Little Geeks Festival. We also ran workshops in SN schools in Mansfield and Rotherham.

In 2023 we ran three full Colourscape festivals in: Watford, Waddesdon and Clapham. The Watford festival was particularly successful with sell-out audiences. Our Clapham festival was also sold out every day. This year as in 2022 our “TikTok coverage” contributed to our large audiences of a new young audience. Our

We ran Colour/Music Sensory workshop weeks in 14xSEND schools across the country including: Rotherham, Mansfield, Clacton, Luton, Corby, Aylesbury, Thurrock and 7 London SEND schools. In addition we ran workshops in Colourscape for SN and mainstream schools in Waddesdon and Clapham.

Creative-Sensory Rooms: We created a new Legacy Creative-Sensory room in May at Woodfield SN school, Hemel Hempstead.

Our Rawsthorn commission was awarded to Neil Luck. His work was a full music-theatre piece using the whole of Colourscape and received a great reception at our Clapham Common festival.

The three funding strands of our work are:

NPO projects: These include Clapham, Waddesdon and Watford full-length Colourscape festivals. Touring projects (funded by ACE GFA): Started in October 2023 and will run through to Dec 2024. SN projects funded by REED: took place in six London SEND schools.

The Future:

2023/24was extremely successful in terms of our full programme of Colourscape and SN work. In 2024/25 we aim to build and maintain our three successful Colourscape nine-day festivals, apply for further ACE Touring projects and build our SN work. Here are key pointers for 2024-25

A third full ten-day Colourscape festival in Watford confirmed
Installing another Sensory Room in Corby
Touring Colourscape and SEND events confirmed for Colchester, Birmingham, Corby, Clacton, Rochdale, Rotherham

*Full nine-day Colourscape festivals confirmed in Clapham

A new nine-day Colourscape festival confirmed for Boston Manor House, Brentford (replacing our Waddesdon festival which came to an end.
Our SN programme continuing in London boroughs and our Touring venues

Our Financial position is healthy due to our diverse income streams:

Our main funder is Arts Council England through our new three-year NPO grant. We always aim to achieve matchfunding of at least 50% from other sources giving a strong and diverse range of incomes:

All Eye Music events and projects are budgeted and planned on the basis that we receive contributory income. If no match-income is secured for any specific event we normally cancel, reduce or postpone that event. Our activities are extremely diverse in both location and variety: a loss of one particular funding source rarely has negative impacts on overall programming.
Our experience over many years is that new partnerships, funding and activities constantly develop: one loss being covered by another’s success.

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EYE MUSIC TRUST The Directors (trustees) present their annual report for the year ended 31st March 2024

Our Financial position is healthy due to our diverse income streams:

Our experience of being an ACE NPO-funded organisation has been extremely positive - encouraging greater partnership funding for our organisation - spreading NPO funding over wide ranges of activities.
Eye Music Trust benefits from operating with very limited fixed overheads. These are insurances, storage, governance, audit. We have no office, full-time paid staff or premises. All other operating costs are paid on event-byevent basis. This enables us to allocate over 85% of total income into direct event-delivery costs. We will continue this successful model of working: ensuring financial security for the Charity - being resilient to changes and variances within the funding environment. The benefit of NPO funding underpins this and our historical success in levering match funding further reinforces our long-term viability.
Box office and private charitable donations and grants are a significant extra source of funding into our healthy nonACE income stream.

Statement of Directors and Trustees' responsibilities

The trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable company and the group for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed:

Name and position: Simon Emmerson, Director (Chair of Trustees)

Date: 23th January 2025

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Independent Examiners report to the Trustees of EYE MUSIC TRUST for the year ended 31st March 2024

I report on the financial statements of the Charity for the period ended 31st March 2024 which are set out on pages 6 to 12.

Respective responsibilities of trustees and examiner

The charity’s trustees (who are also the directors of the Company for the purposes of company law) 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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the 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 present 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 requirements:
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities:

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.

Mr Heera Singh FMAAT Date: 24[th] January 2025 HSL Accountancy Solutions Ltd Enterprise House 61a Carr House Doncaster DN1 2BY

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EYE MUSIC TRUST Statement of Financial Activities for the year ended 31st March 2024

Income from: Notes Donations 2 Charitable activities Investments Total Expenditure on: Raising funds Charitable activities Total Net income/expenditure Balance brought forward At 1st April 2023 Balance carried forward At 31st March 2024	General Restricted 2024 Fund Fund Total £ £ £ 6,004 0 6,004 361,668 0 361,668 280 0 280 367,951 0 367,951 6,281 0 6,281 371,140 6,807 377,947 377,421 6,807 384,228 -9,469 -6,807 -16,276 155,745 6,807 162,552 146,275 0 146,275	General Restricted 2023 Fund Fund Total £ £ £ 2,700 5,000 7,700 288,554 58,405 346,959 0 0 0
		291,254 63,405 354,659
		6,970 0 6,970 293,421 72,655 366,076
		300,391 72,655 373,046
		-9,137 -9,250 -18,387 164,882 16,057 180,939
		155,745 6,807 162,552

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

The Statement of Financial Activities complies with the requirements for an income and expenditure account in accordance with the Companies Act 2006.

All the above amounts relate to continuing activities.

The accounting policies and notes on pages 8 to 12 form part of these financial statements.

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EYE MUSIC TRUST Balance sheet As at 31st March 2024

		2024	2023
	Notes	£	£
Fixed Assets	5	12,063	19,445
Current Assets
Debtors	6	19,743	14,329
Cash at bank & in hand		124,505	137,122
		144,248	151,451
Liabilities
Creditors - amounts due within one year	7	-10,036	-8,344
Deferred income		0	0
		-10,036	-8,344
Net current assets		134,212	143,107
Net assets		146,275	162,552
Funds of the company
Unrestricted Funds	8	83,331	92,800
Designated Funds		62,945	62,945
Restricted Funds	8	0	6,807
Total funds		146,275	162,552

For the period ended 31[st] March 2024, the company is entitled to the audit exemption under section 477 (2) of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

a) ensuring the company keeps accounting records which comply with section 386; and

b) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and its profit or loss for the financial year, in accordance with the requirement of the companies Act 2006 relating to accounts, so far as is applicable to the company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies' regime.

Signed:

Name and position: Simon Emmerson, Director (Chair of Trustees)

Date: 23th January 2025

The accounting policies and notes on pages 8 to 12 form part of these financial statements.

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EYE MUSIC TRUST Notes to the financial statements for the year ended 31st March 2024

1. Accounting policies

1.1.1. Basis of preparation

These accounts (financial statements) have been prepared under the historic cost convention, with items recognised at cost or transaction value, unless otherwise stated in the relevant note(s), in accordance with:
The Charities Act 2011
The Companies Act 2006
The Financial Reporting Standard applicable in the UK and the Republic of Ireland: FRS102
Accounting & Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS102) (effective January 2015)
1.1.2. The charity meets the definition of a public benefit entity as defined by FRS 102
1.1.3. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2. Incoming resources

These are included in the Statement of Financial Activities. Incoming resources are recognised when:
the company becomes entitled to the resources
the trustees are virtually certain they will receive the resources; and
the monetary value can be measured with sufficient reliability

Where incoming resources have related expenditure (as with fund-raising or contract income) the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.

Grants and donations are only included in the Statement of Financial Activities when the company has unconditional entitlement to the resources.

Contractual income is only included in the Statement of Financial Activities once the related goods or performance related services have been delivered. Investment income is included in the accounts when receivable.

1.3. Expenditure

Expenditure is charged to the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable expenditure comprises those costs incurred in the delivery of the charity’s activities and services for its beneficiaries, including both direct and support costs. The expenditure has been analysed but usage. Professional fees include those costs associated with meeting constitutional and statutory requirements, including Accountancy fees.

1.4. Fund accounting

Restricted funds are funds received from donors which are subject to restrictions on the purposes for which they may be used of which have been raised for a specific project. Unrestricted funds are those where there are no externally imposed restrictions. These include funds freely available to the charity for expenditure or appropriation to reserves for internally designated purposes.

1.5 Assets

Tangible assets are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost, or, if gifted, at the value to the company on receipt.

The rates applicable are;

Kitchen furniture and equipment 20% Straight line Motor vehicle 20% Straight line

1.6. Debtors

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

1.7. Cash

Cash comprises bank deposits repayable on demand and any short-term highly liquid investments with a maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.

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EYE MUSIC TRUST Notes to the financial statements for the year ended 31st March 2023

1.8. Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount, usually the invoice amount. Accrued charges are normally valued at their settlement amount.

1.9. Taxes

The company is not VAT registered. As a Charity the company is exempt from taxation on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of chargeable gains Act section 505 of the Taxes Act 1988 or s256 of the Taxation of chargeable gains Act 1992 to the extent that these are applied to its charitable objects.

2. Income from Donations

Income from Donations
Donations and gifts Other donations Total 2024 Total 2023 Charitable activities Sale of goods/services Performance related grants Total 2024 Total 2023 Performance related grants Arts Council England ACE Touring Rothschild Foundation City Bridge Trust Other Investment income Bank interest Total 2024 Total 2023	Unrestricted Restricted Funds Funds £ £ 2,004 0 4,000 0	Total Total 2024 2023 £ £ 2,004 5,000 4,000 2,700
	6,004 0	6,004 7,700
		7,700 Total Total 2024 2023 £ £ 85,467 36,525 276,201 310,434
	7,700 0
	Unrestricted Restricted Funds Funds £ £ 85,467 0 276,201 0
	361,668 0	361,668 346,959
		346,959 Total Total 2024 2023 £ £ 104,086 104,086 43,589 37,735 27,688 20,830 0 36,575 100,838 111,208
	288,554 58,405
	Unrestricted Restricted Funds Funds £ £ 280 0
		276,201 310,434
		Total Total 2024 2023 £ £ 280 0
	280 0	280 0
		0
	0 0

3. Charitable activities

4. Investment income

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EYE MUSIC TRUST Notes to the financial statements for the year ended 31st March 2024

5. Expenditure on raising funds

Fundraising costs Other costs Total 2024 Total 2023	Unrestricted Restricted Total Total Funds Funds 2024 2023 £ £ £ £ 6,281 0 6,281 6,970
	6,281 0 6,281 6,970
	6,970 0 6,970

6. Expenditure on charitable activities

Direct costs Depreciation Event costs Support costs Support Governance Total 2024 Total 2023 Support cost analysis Administration Equipment, renewals and maintenance Travel and accommodation Accountancy Total 2024 ebtors Debtors Trade debtors Prepayments and accrued income Total 2024 Total 2023	Unrestricted Restricted Total Total Funds Funds 2024 2023 £ £ £ £ 7,382 0 7,382 7,382 286,275 0 286,275 285,343 75,732 6,807 82,539 68,894 1,750 0 1,750 4,457
	371,140 6,807 377,947 366,076
	293,421 72,655 366,076 Support Governance Total Total Costs Costs 2024 2023 £ £ £ £ 31,239 0 31,239 18,650 12,784 0 12,784 9,659 38,516 0 38,516 40,586 0 1,750 1,750 4,457
	82,539 1,750 84,289 73,352
	Unrestricted Restricted Total Total Funds Funds 2024 2023 £ £ £ £ 19,045 0 19,045 13,134 698 0 698 1,194 19,743 0 19,743 14,328 14,328 0 14,328

7. Debtors

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EYE MUSIC TRUST Notes to the financial statements for the year ended 31st March 2024

Balance at 01/04/2023 6,807	Unrestricted Funds £ 2,286 7,750	Restricted Total Total Funds 2024 2023 £ £ £ 0 2,286 4,195 0 7,750 4,150
	10,036	0 10,036 8,345
		0 8,345 Equipment Motor Total Vehicle £ £ £ 102,388 28,700 131,088 0 0 0 0 0 0
	8,345
		102,388 28,700 131,088
		93,023 18,620 111,643 0 0 0 2,342 5,040 7,382
		95,365 23,660 119,025

		7,023 5,040 12,063
		9,365 10,080 19,445
6,807	0 -6,807 0 0

*Awards for all grant was awarded towards the costs of a new van.

Unrestricted funds Designated** Colourscape Maints Weather contingency General contingency Colourscape - replacement Training days General funds	Balance at Incoming Expended Balance at 01/04/2023 Resources Resources Transfers 31/03/2024 £ £ £ £ £ 16,125 0 0 0 16,125 10,000 0 0 0 10,000 4,820 0 0 0 4,820 20,000 0 0 0 20,000 12,000 0 0 0 12,000 92,800 367,951 -377,421 0 83,330
	155,745 367,951 -377,421 0 146,275 Page 11

EYE MUSIC TRUST Notes to the financial statements for the year ended 31st March 2024

10. Movement of Funds

**Designated funds are unrestricted funds in nature. These have been set aside by the Trustees for specific purposes.

11. Analysis between Funds

Analysis between funds Tangible assets Net current assets Total 2024 Total 2023	Unrestricted Restricted Total Total Funds Funds 2024 2023 £ £ £ £ 12,063 0 12,063 19,445 134,212 0 134,212 143,106
	146,275 0 146,275 162,552
	155,744 6,807 162,551

12. Share Capital

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding-up is limited to £1.

13. Payroll

During the period of these accounts, the Charity did not have any employees. Self-employed contractors are engaged as and when required.

13. Trustees remuneration and expenses

During the period of these accounts none of the Trustees received any remuneration. No out of pocket expense were reimbursed. (2023: None)

14. Previous year’s comparison

Previous year’s figures have been included where available for comparison purposes only.

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