**Charity registration number 1121152**
**Company registration number 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 2024**
## **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 Robert Robinson Avenue 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|6 - 7|
|Notes to the financial statements|8 - 18|
## **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 2024**_
The trustees present their report and accounts for the year ended 31 July 2024.
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.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
During the period, the charity has performed with its military style marching band.
Activities have returned to a normal level now that the premises have been refurbished following the previously reported arson attack.
The instruments and other assets lost in the fire have been fully replaced.
## **Financial review**
Following the previously reported fire at the premises, the band hall has been refurbished and the instruments and uniforms lost in the fire have been replaced.
This has allowed the band to practice in the hall, hold concerts or run charitable events. The band has also been able to attend more performances in the period. As such the band has increased capacity to generate funds, and the income levels have returning to historic trends.
The trustees consider the charity's finances to be adequate to discharge its objectives and activities for the year ahead.
## _Reserves policy_
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.
## _Major risks_
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.
## **Structure, governance and management**
The charity is a company limited by guarantee. It is governed by a memorandum and articles of association.
- 1 -
## **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 2024**_
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
Mrs M Jones
## _Recruitment and appointment of trustees_
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.
## _Organisational structure_
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**
23 April 2025
- 2 -
**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 2024.
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 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
- 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 Robert Robinson Avenue Oxford Oxfordshire OX4 4GP United Kingdom
Dated: 24 April 2025
- 3 -
## **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 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
3,545
20,000
Charitable activities
**3**
27,953
-
Other trading activities
**4**
2,109
-
Investments
**5**
1,417
-
Other income
**6**
-
-
**Total income**
35,024
20,000
**Expenditure on:**
Raising funds
**7**
51,912
-
Charitable activities
**8**
23,188
-
**Total expenditure**
75,100
-
**Net income/(expenditure) and movement in**
**funds**
(40,076)
20,000
**Reconciliation of funds:**
Fund balances at 1 August 2023
225,896
-
**Fund balances at 31 July 2024**
185,820
20,000|**Total**
**Unrestricted**
**funds**
**2024**
**2023**
**£**
**£**
23,545
34,851
27,953
26,338
2,109
1,766
1,417
678
-
98,641
55,024
162,274
51,912
34,289
23,188
21,633
75,100
55,922
(20,076)
106,352
225,896
119,544
205,820
225,896|**Total**
**Unrestricted**
**funds**
**2024**
**2023**
**£**
**£**
23,545
34,851
27,953
26,338
2,109
1,766
1,417
678
-
98,641
55,024
162,274
51,912
34,289
23,188
21,633
75,100
55,922
(20,076)
106,352
225,896
119,544
205,820
225,896|
|---|---|---|
|||162,274|
|||34,289
21,633|
|||55,922|
|||106,352
119,544|
|||225,896|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 18 form part of these financial statements.
- 4 -
## **MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS SUMMARY INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 JULY 2024**_
|**All income funds**
**2024**
**£**
Gross income
55,024
Total expenditure from income funds
75,100
**Net (expenditure)/income for the year**
(20,076)|**2023**
**£**
162,274
55,922|
|---|---|
||106,352|
- 5 -
## **MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS BALANCE SHEET**
## _**AS AT 31 JULY 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**15**
**Current assets**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**18**
**Net assets excluding pension liability**
**Net assets**
**The funds of the charity**
Restricted income funds
**20**
Unrestricted funds|**2024**
**£**
10,611
64,773
75,384
(4,242)|**£**
181,730
71,142
252,872
(47,052)
205,820
205,820
20,000
185,820
205,820|**2023**
**£**
-
93,209
93,209
(7,684)|**£**
184,503
85,525
270,028
(44,132)
225,896
225,896
-
225,896
225,896|
|---|---|---|---|---|
The notes on pages 8 to 18 form part of these financial statements.
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 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
- 6 -
## **MUSIC ON THE MARCH (1952) LIMITED THE ROYAL BRITISH LEGION BAND AND CORPS OF DRUMS BALANCE SHEET (CONTINUED)**
## _**AS AT 31 JULY 2024**_
The financial statements were approved by the trustees on 23 April 2025
Mrs C G Jepson Mrs M Jones **Trustee Trustee**
Company registration number 06262998 (England and Wales)
- 7 -
**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 2024**_
## **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 amounts 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**
At 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 or grantors 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.
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.
- 8 -
**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 2024**_
## **1 Accounting policies**
**(Continued)**
Grants are recognised at the fair value of the asset received 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.
Insurance proceeds as a result of the fire at the premises were recognised as income to replace fixed assets when the assets were acquired and credited against revenue expenditure when the expenditure was incurred. This process is now completed.
## **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 payments 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 15 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 the statement of financial activities.
- 9 -
**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 2024**_
## **1 Accounting policies**
## **(Continued)**
Improvements to leasehold premises should be depreciated over the shorter of the lease term or the useful economic life of the asset. The lease expired during the financial year ended 2023. The trustees previously had a reasonable expectation that the lease will be renewed and extended by 10 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 previously applied this extension period when calculating depreciation of improvements to leasehold premises.
The lease has now formally been renewed and extended by 15 years from the previous expiry date. The amortisation of the improvements to leasehold has been recalculated based on the new term and adjusted in the year so that the carried forward value of the leasehold improvements is correct. The resulting difference was allocated to the annual amortisation charge.
A similar adjustment was made to the associated deferred income, as a grant was received towards the improvements to the leasehold. The difference was allocated to Grants received.
This adjustment is considered to be a change to a method of calculation rather than a change to accounting policy and therefore does not require a prior year adjustment to the financial statements.
## **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.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**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.
- 10 -
**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 2024**_
## **1 Accounting policies**
## **(Continued)**
## _**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 payments 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.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Donations and gifts
4,928
-
Grants received
(1,383)
-
Less: deferred income
-
20,000
3,545
20,000|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
4,928
29,447
-
(1,383)
5,404
-
20,000
-
-
23,545
34,851
-|**Total**
**2023**
**£**
29,447
5,404
-|
|---|---|---|
|||34,851|
## **3 Income from charitable activities**
||**Performances**|**Performances**|
|---|---|---|
||**and events**|**and events**|
||**2024**|**2023**|
||**£**|**£**|
|Performing and events|27,953|26,338|
|**Analysis by fund**|||
|Unrestricted funds|27,953|26,338|
- 11 -
**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 2024**_
## **4 Income from other trading activities**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Membership subscriptions and sponsorships which are in substance a payment|||
||for goods and services|2,109|1,766|
|**5**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Interest receivable|1,417|678|
|**6**|**Other income**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Insurance proceeds|-|98,641|
The insurance proceeds reported in the Statement of Financial Activities were for replacing fixed assets lost in the fire.
## **7 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**Fundraising and publicity**|||
|Staging fundraising events|33,128|12,747|
|Advertising|5,646|-|
|Depreciation and impairment|5,096|10,326|
|Support costs|8,042|11,216|
||51,912|34,289|
- 12 -
## **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 2024**_
## **8 Expenditure on charitable activities**
|||**Rehersals,**|**Rehersals,**|
|---|---|---|---|
|||**Tuition and**|**Tuition and**|
|||**band meetings**|**band meetings**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Direct costs**|||
||Depreciation and impairment|5,096|10,326|
||Musical tuition and meetings|3,269|1,747|
|||8,365|12,073|
||Grant funding of activities (see note 9)|7,000|-|
||**Share of support and governance costs (see note 10)**|||
||Support|7,823|9,560|
|||23,188|21,633|
||**Analysis by fund**|||
||Unrestricted funds|23,188|21,633|
|**9**|**Grants payable**|||
||||**Rehersals,**|
||||**Tuition and**|
||||**band**|
||||**meetings**|
||||**2024**|
||||**£**|
||Grants to individuals||7,000|
- 13 -
## **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 2024**_
## **10 Support costs allocated to activities**
|Rent, rates and utilities
Insurance
Printing and stationery
Bank and currency charges
Trophies and awards
Premises repairs
**Analysed between:**
Fundraising
Rehersals, Tuition and band meetings
**11**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets|**2024**
**£**
6,239
4,195
4,403
117
911
-
15,865
8,042
7,823
15,865
**2024**
**£**
10,192|**2023**
**£**
5,622
5,527
4,682
503
644
3,798|
|---|---|---|
|||20,776|
|||11,216
9,560|
|||20,776|
|||**2023**
**£**
20,652|
## **12 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year. Out of pocket expenses for costs relating to band events and activities reimbursed to trustees amounted to £Nil.
## **13 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
## **14 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 14 -
## **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 2024**_
|**15**
**Tangible fixed assets**
**Leasehold**
**improvements**
**Plant and**
**machinery**
**Fixtures,**
**fittings &**
**equipment**
**£**
**£**
**£**
**Cost**
At 1 August 2023
98,113
185,492
11,291
Additions
-
4,861
2,556
At 31 July 2024
98,113
190,353
13,847
**Depreciation and impairment**
At 1 August 2023
26,618
80,585
3,188
Depreciation charged in the year
(1,990)
9,517
2,665
At 31 July 2024
24,628
90,102
5,853
**Carrying amount**
At 31 July 2024
73,485
100,251
7,994
At 31 July 2023
71,495
104,907
8,101|**Total**
**£**
294,896
7,417|
|---|---|
||302,313|
||110,391
10,192|
||120,583|
||181,730|
||184,503|
The depreciation on leasehold improvements was estimated in line with an anticipated lease extension of 10 years. The lease has now been extended for 15 years and the depreciation has been recalculated to reflect this new term. The difference has been allocated to the annual charge and as such the charge is negative as the previous estimation was higher.
## **16 Debtors**
|**Debtors**|||
|---|---|---|
||**2024**|**2023**|
|**Amounts falling due within one year:**|**£**|**£**|
|Prepayments and accrued income|10,611|-|
The prepayments of £10,611 at 31 July 2022 represents a deposit paid towards roof repairs which are to be completed in the next period. These repairs are supported by a grant that has also been deferred until they are completed.
## **17 Creditors: amounts falling due within one year**
|**Notes**
Deferred income
**19**
Other creditors
Accruals and deferred income|**2024**
**£**
3,867
-
375
4,242|**2023**
**£**
5,404
2,280
-|
|---|---|---|
|||7,684|
- 15 -
## **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 2024**_
|**18**
**Creditors: amounts falling due after more than one year**
**Notes**
Deferred income
**19**
**19**
**Deferred income**
Arising from Capital grant
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Non-current liabilities
Movements in the year:
Deferred income at 1 August 2023
Released from previous periods
Deferred income at 31 July 2024|**2024**
**£**
47,052
**2024**
**£**
50,919
**2024**
**£**
3,867
47,052
50,919
49,536
1,383
50,919|**2023**
**£**
44,132
**2023**
**£**
49,536
**2023**
**£**
5,404
44,132
49,536
54,940
(5,404)
49,536|
|---|---|---|
Deferred income includes capital grants for improvements to leasehold premises.
The deferred income is being released in line with the depreciation of the improvements to leasehold premises. As noted in the accounting policies and fixed assets note, the lease has been extended and the previous estimated release of the deferred income relating to improvements to the leasehold property has been recalculated to match the new term. As this is longer than anticipated, the previous release of deferred income was too high and the adjustment results in a negative value for 31 July 2024.
## **20 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At**|**1**|**August**|**Incoming**|**At**|**31 July**|
|---|---|---|---|---|---|---|
||||**2023**|**resources**||**2024**|
||||**£**|**£**||**£**|
|Roof repairs|||-|20,000||20,000|
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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 2024**_
## **20 Restricted funds**
**(Continued)**
A Grant received from the Given Wilson Foundation is restricted to the purpose of roof repainting and repairs. The work was completed shortly after the year end.
## **21 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 August**|**Incoming**|**Resources**|**At 31 July**|
|---|---|---|---|---|
||**2023**|**resources**|**expended**|**2024**|
||**£**|**£**|**£**|**£**|
|General funds|225,896|35,024|(75,100)|185,820|
|**Previous year:**|**At 1 August**|**Incoming**|**Resources**|**At 31 July**|
||**2022**|**resources**|**expended**|**2023**|
||**£**|**£**|**£**|**£**|
|General funds|119,544|162,274|(55,922)|225,896|
|**Analysis of net assets between funds**|||||
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2024**|**2024**|**2024**|
|||**£**|**£**|**£**|
|**At 31 July 2024:**|||||
|Tangible assets||181,730|-|181,730|
|Current assets/(liabilities)||51,142|20,000|71,142|
|Long term liabilities||(47,052)|-|(47,052)|
|||185,820|20,000|205,820|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2023**|**2023**|**2023**|
|||**£**|**£**|**£**|
|**At 31 July 2023:**|||||
|Tangible assets||184,503|-|184,503|
|Current assets/(liabilities)||85,525|-|85,525|
|Long term liabilities||(44,132)|-|(44,132)|
|||225,896|-|225,896|
## **22 Analysis of net assets between funds**
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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 2024**_
## **23** Operating lease commitments
## **Lessee**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years
In over five years|**2024**
**£**
2,625
10,500
21,438
34,563|**2023**
**£**
-
-
-|
|---|---|---|
|||-|
## **24 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
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