Charity Registration No. 1121152
Company Registration No. 06262998 (England and Wales)
MUSIC ON THE MARCH (1952) LIMITED
THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr I A Yeoman Mrs C G Jepson Mrs M Jones
Charity number 1121152 Company number 06262998 Principal address 5 Risebridge Road Romford Essex United Kingdom RM2 5PR Registered office 5 Risebridge Road Romford Essex United Kingdom RM2 5PR Independent examiner Russell Whitlock Accountancy Ltd John Eccles House The Oxford Science Park Oxford Oxfordshire United Kingdom OX4 4GP
MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report and accounts for the year ended 31 July 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are to advance the musical education of children and young people, aged 10 years and upwards in the London Borough of Havering and the surrounding area.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
During the period, the charity has performed regularly with its military style marching band at events and competitions to raise awareness of its objectives.
On the back of the pandemic the Band suffered an arson attack on its premises in September 2021. We suffered severe damage to the hall and associated offices and practice rooms and lost a large number of instruments and uniforms in the fire. There is a substantial insurance claim underway and refurbishment of the premises is gradually being completed. As a consequence of the fire the Band has suffered a considerable loss of revenue as we are unable to practice in the hall, hold concerts or run charitable events. Instruments and uniforms that were lost in the fire are currently being replaced. Due to the longevity, stability and reputation of the organisation, we are confident that the Band will be not suffer long term as a result of this arson attack.
Financial review
The truste e s consider the charity's finances to be adequate to discharge its objectives and activities for the year ahead.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level at least equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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 the major risks.
The charity plans to continue with its objectives in future periods.
Structure, governance and management
The charity is a company limited by guarantee. It is governed by a memorandum and articles of association.
The trustees, who are also the directors for the purpose of company law, and who served during the year were:
Mr I A Yeoman Mrs C G Jepson
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
Mrs M Jones
New trustees are appointed by agreement of the existing trustees as and when required or if a suitably interested and experienced individual presents themselves to the trustees. New trustees are given introductory training and induction if required.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The charity organisational structure comprises a group of trusted volunteers, who are lead by the trustees.
The report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.
On behalf of the board of trustees
Mrs C G Jepson
Trustee Dated: 19 April 2022
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIC ON THE MARCH (1952) LIMITED
I report to the trustees on my examination of the financial statements of Music on the March (1952) Limited (the charity) for the year ended 31 July 2021.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Russell Whitlock Accountancy Ltd
John Eccles House The Oxford Science Park Oxford Oxfordshire OX4 4GP United Kingdom
Dated: 22 April 2022
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income and endowments from: | |||
| Donations and legacies | 2 | 24,045 | 20,724 |
| Charitable activities | 3 | 4,195 | 6,635 |
| Other trading activities | 4 | 2,434 | 7,195 |
| Investments | 5 | 2 | 60 |
| Other income | 6 | - | 2,291 |
| Total income | 30,676 | 36,905 | |
| Expenditure on: | |||
| Raising funds | 7 | 12,401 | 12,658 |
| Charitable activities | 8 | 11,798 | 12,006 |
| Total resources expended | 24,199 | 24,664 | |
| Net income for the year/ | |||
| Net movement in funds | 6,477 | 12,241 | |
| Fund balances at 1 August 2020 | 109,419 | 97,178 | |
| Fund balances at 31 July 2021 | 115,896 | 109,419 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS BALANCE SHEET
AS AT 31 JULY 2021
| Notes Fixed assets Tangible assets 12 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Unrestricted funds |
2021 £ 41,361 (5,404) |
£ 134,879 35,957 170,836 (54,940) 115,896 115,896 115,896 |
2020 £ 30,349 (5,404) |
£ 144,818 24,945 169,763 (60,344) 109,419 109,419 109,419 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2021.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 19 April 2022
Mrs C G Jepson Trustee Company Registration No. 06262998
Mrs M Jones Trustee
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
Charity information
Music on the March (1952) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Risebridge Road, Romford, Essex, RM2 5PR, United Kingdom. The charity operates from premises at 54 Western Road, Romford, RM1 3LP.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The Band suffered an arson attack on its premises in September 2021. We suffered severe damage to the hall and associated offices and practice rooms and lost a large number of instruments and uniforms in the fire. There is a substantial insurance claim underway and refurbishment of the premises is gradually being completed. As a consequence of the fire the Band has suffered a considerable loss of revenue as we are unable to practice in the hall, hold concerts or run charitable events. Instruments and uniforms that were lost in the fire are currently being replaced. Due to the longevity, stability and reputation of the organisation, we are confident that the Band will be not suffer long term as a result of this arson attack.
Therefore, a t the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of receipt.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
G rants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Grants relating to turnover are recognised as income over the periods when the related costs are incurred . Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.5 Expenditure
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements 12 years straight line Plant and machinery 5-10% reducing balance basis Fixtures, fittings & equipment 25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
Depreciation of improvements to leasehold premises should be depreciated over the shorter of the lease term or the useful economic life of the asset. The current lease is due to expire during the financial year ended 2023. The trustees have a reasonable expectation that the lease will be renewed, and based on the information available would estimate that the renewal would extend the term at least ten years. Therefore to prevent misstatement of the depreciation charge and grant income received in the period, and the net book value of the asset at the balance sheet date, the trustees have applied a term including an anticipated lease renewal of ten years when calculating depreciation of improvements to leasehold premises. Should the lease term eventually differ from this, the financial statements will be adjusted accordingly.
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
1 Accounting policies
(Continued)
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 400 | 8,472 |
| Grants received | 23,645 | 12,252 |
| 24,045 | 20,724 |
Grants received include £18,241 from the London Borough of Havering as Covid-19 support measures.
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
3 Charitable activities
| Grants | Grants |
||
|---|---|---|---|
| receivable | receivable |
||
| 2021 | 2020 |
||
| £ | £ |
||
| Sales within charitable activities | 4,195 | 6,635 |
|
| 4 | Other trading activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Membership subscriptions and sponsorships which are in substance a payment | |||
| for goods and services | 2,434 | 2,035 | |
| Fundraising events | - | 5,160 | |
| Other trading activities | 2,434 | 7,195 | |
| 5 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Interest receivable | 2 | 60 | |
| 6 | Other income | ||
| Total | Unrestricted | ||
| funds | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Other income | - | 2,291 |
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
7 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Fundraising and publicity | ||
| Seeking donations, grants and legacies | 112 | - |
| Staging fundraising events | 800 | 1,787 |
| Depreciation and impairment | 6,141 | 3,934 |
| Support costs | 5,348 | 6,937 |
| Fundraising and publicity | 12,401 | 12,658 |
| 12,401 | 12,658 | |
| Charitable activities | ||
| 2021 | 2020 |
|
| £ | £ |
|
| Depreciation and impairment | 6,141 | 3,933 |
| Musical tuition and meetings | 421 | 2,261 |
| 6,562 | 6,194 |
|
| Share of support costs (see note 9) | 5,124 | 5,812 |
| Share of governance costs (see note 9) | 112 | - |
| 11,798 | 12,006 |
8 Charitable activities
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
9 Support costs
| Support costs Governance costs £ £ Premises expenses 7,622 - Insurance 1,361 - Office and administration 1,405 - Other support costs 84 - Legal and professional - 224 10,472 224 Analysed between Fundraising 5,348 112 Charitable activities 5,124 112 10,472 224 |
2021 Support costs Governance costs £ £ £ 7,622 5,894 - 1,361 3,031 - 1,405 3,200 - 84 624 - 224 - - 10,696 12,749 - 5,460 6,937 - 5,236 5,812 - 10,696 12,749 - |
2020 £ 5,894 3,031 3,200 624 - 12,749 6,937 5,812 12,749 |
|---|---|---|
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.
11 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
| 12 Tangible fixed assets Leasehold improvements Plant and machinery Fixtures, fittings & equipment £ £ £ Cost At 1 August 2020 97,255 137,053 10,911 Additions 857 540 948 At 31 July 2021 98,112 137,593 11,859 Depreciation and impairment At 1 August 2020 3,220 86,981 10,202 Depreciation charged in the year 7,799 4,069 414 At 31 July 2021 11,019 91,050 10,616 Carrying amount At 31 July 2021 87,093 46,543 1,243 At 31 July 2020 94,035 50,073 710 13 Creditors: amounts falling due within one year 2021 Notes £ Deferred income 15 5,404 14 Creditors: amounts falling due after more than one year 2021 Notes £ Deferred income 15 54,940 |
Total £ 245,219 2,345 247,564 100,403 12,282 112,685 134,879 144,818 2020 £ 5,404 2020 £ 60,344 |
|---|---|
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MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
| 15 Deferred income Arising from Capital grant Deferred income is included in the financial statements as follows: Current liabilities Non-current liabilities |
2021 £ 60,344 2021 £ 5,404 54,940 60,344 |
2020 £ 65,748 2020 £ 5,404 60,344 65,748 |
|---|---|---|
Deferred income represents capital grants for improvements to leasehold premises. The deferred income is being released in line with the depreciation of the improvements to leasehold premises.
16 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
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