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2022-03-31-accounts

Company number: 06581022 Charity Number: 1124609

The Organisation for New Music and Sound

(trading as Sound and Music)

Report and financial statements For the year ended 31 March 2022

The Organisation for New Music and Sound

Contents

For the year ended 31 March 2022

Reference and administrative information ...................................................................................... 1 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 16 Statement of financial activities (incorporating an income and expenditure account) ................... 20 Balance sheet ............................................................................................................................... 21 Statement of cash flows ................................................................................................................ 22 Notes to the financial statements ................................................................................................. 23

The Organisation for New Music and Sound

Reference and administrative information

For the year ended 31 March 2022

Company number 06581022 – incorporated in the United Kingdom Charity number 1124609 – registered in England and Wales Other name by Sound and Music which the charity makes itself known Registered office Oxford House and operational Derbyshire Street address London E2 6HG Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Gregory Davies (Chair) Juan Pablo Barrios Loaiza Catherine Bunting Edward Corn (retired December 2021) Belinda Dee David Lasserson Imogen Lawlor Dennis Lee Sam Palmer Jean-Baptiste Thiebaut (retired December 2021) Joanne Thomas Shirley Thompson (retired December 2021) Alastair Cotterill (appointed December 2021) Atem Mbeboh (appointed December 2021) Key management Susanna Eastburn MBE – Chief Executive personnel Hannah Bujic – Co-Head of Artist Development Will Dutta – Co-Head of Artistic Development Roger Horton – Finance Manager (left 30[th] June 2021) Nuria Rivero – Finance Manager (started 21[st] June 2021) Victoria Johnson – Head of Digital and Audience Engagement Sophie Morrison – Head of Development Judith Robinson – Head of Education (left 31[st] December 2021) Beatrice Hubble – Head of Education (started 1[st] January 2022) Sonia Stevenson – Head of Music Patron

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The Organisation for New Music and Sound

Reference and administrative information

For the year ended 31 March 2022

Investment Seven Investment Management Limited Managers 125 Old Broad Street London EC2N 1AR Cazenove Investment Management Limited 1 London Wall Place London EC2Y 5AU Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Solicitors Bircham Dyson Bell 50 Broadway London SW1H 0BL Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2022

The trustees present their report and the audited financial statements for the year ended 31 March 2022.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The charity’s purposes as set out in the objects contained in the Memorandum and Articles of Association are to:

“Promote and foster the understanding and appreciation of sonic art and music including (but not limited to) new British music.”

Its mission is to maximise the opportunities for people of all ages and from all backgrounds to create and enjoy new music.

The organisation has three aims:

The charity seeks to achieve these aims through activities that include composer and artist development, partnerships with a range of organisations, audience development including a range of digital platforms and services, a live events programme, network building, education, advocacy and campaigning. Sound and Music champions new music and the work of British composers and artists, and seeks to ensure that they are at the heart of cultural life and enjoyed by many.

The Trustees review the aims, objectives and activities of the charity each year, monitoring progress on a quarterly basis. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people it is set up to help. The review also helps the Trustees ensure the charity’s aims, objectives and activities remained focused on its stated purposes.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its

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Trustees’ annual report

For the year ended 31 March 2022

future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Benefits to the public of Sound and Music’s activities include:

Sound and Music is a national and international organisation that seeks to reach all those with an interest in new music in the UK, as well as to diversify the people engaging with it.

Achievements and performance

2021-22 was the fourth year of Sound and Music’s business plan and objectives agreed by the Trustees in January 2018 and included by Arts Council England in its National Portfolio Organisation funding agreement for the period (now extended to March 2023). Significant and measurable progress was made during the year against the objectives of this business plan, as the organisation reinstated some live activity (with appropriate health and safety policies) as well as building on the achievements of the pandemic, including continuing to extend reach and engagement with beneficiaries.

During the year, Sound and Music committed to a hybrid model of working, blending in office and home working through balancing the needs of the organisation with staff members’ location and

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Trustees’ annual report

For the year ended 31 March 2022

working preferences. This remains an ongoing area of development and testing, including opening up recruitment of many roles to candidates anywhere in the UK. To facilitate this hybrid model, the organisation moved offices in May 2021 to Oxford House, Bethnal Green – with a better digital set up for hybrid working, and a substantial reduction in overheads.

The Music Patron project, funded by the Boltini Trust, started to take shape with a dedicated team and the development of a beta site to test the relationship of composers and donors. This project is highly significant both for Sound and Music and for the sector, where it is hoped that it can also engender a cultural shift in how the work of composers is valued by society.

Objectives and key performance indicators (KPIs) were collated and reviewed quarterly by SMT and Board in order to measure and evaluate progress.

Some key highlights and learnings from the year follow, structured by the three core aims of the business plan.

Artist development

In total 77 composers (working across a wide range of genres, and from across the UK) were supported during the year (compared to 73 in 2020-21, and 37 in 2019-20). Maintaining this volume of support is an important commitment for the organisation in the aftermath of the pandemic. Composers were supported through a mix of programmes including New Voices (and its associated Seed Awards), the Composer-Curator programme, Adopt A Music Creator and the Covid-19 Composer Awards, which continued to evolve as a responsive, flexible cycle of awards, including (in February 2022) a call specifically targeted at composers from lower socio-economic backgrounds.

Selected applicant data demonstrates Sound and Music’s progress in selecting composers from Black, Asian and ethnically diverse backgrounds (34%, up from 25%); who are D/deaf or disabled (26%, up from 16%); minority gender (14%, up from 7%) - although there was a decrease in the number of selected composers who identify as women (40%, down from 52%). 84% of selected composers were based outside London, and 66% of them were working with the organisation for the very first time.

The Fair Access Principles signatories continued to increase, with over 30 partners now signed up.

An important development during the year was the roll out of regionally-based online Composer Socials in Birmingham, Hull, Liverpool, Somerset, Sunderland and West Yorkshire – reaching 248 composers and fostering networks and peer support.

Audience Engagement

Sound and Music works with both digital and live audiences, valuing and seeking insight into both of these equally. During the lockdown phase of the pandemic, the organisation greatly increased

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For the year ended 31 March 2022

its online activity, expanding the range of curated content available including through commissioning new digital-first work and making Minute of Listening free to all users. In 202122, the impact of this approach was maintained and extended, even while live audience engagement activity began again with the Composer-Curator programme. This saw the partnerships with Sunderland Culture and Back To Ours (Hull) come to fruition and develop further, with live events starting to happen in both areas, and a call for a new cohort of ComposerCurators announced in January 2022 (for projects to take place in 2022-23).

All of Sound and Music’s online platforms continued to perform strongly and exceed reach and engagement targets, even once lockdown restrictions were relaxed. Overall, the organisation reached over 180,000 unique users online across its various platforms. Key to this success was the continuation of strong curation across the platforms, including bespoke editorial commissioning and calls that focussed on particular communities and themes such as an LGBTQI+ composers, Black composers, and responses to the climate emergency. Minute of Listening, which performed very strongly in lockdown as the organisation made it free to home educating parents and then primary schools, saw a slight decrease in users but this levelled out to around 3,000 unique users quarterly. Minute of Listening was also supported by CPD and engagement activities.

Supporting children and young people to create their own music

The 2021 Summer School took place in person, under very careful Covid measures, with not a single Covid case during the week. The 60 young people who attended this residential week overwhelmingly fed back the value of creating music alongside their peers after such a difficult time for them and many of those attending the final performances commented that the music created by the young people conveyed powerful emotion, a real testimony to the importance of supporting young people to express themselves through creating music.

Alongside the Summer School, Sound and Music extended its programme of online New Music Labs piloted the previous year, reaching 97 young people most of whom had not worked with the organisation previously.

Overall, Sound and Music’s education work benefited 480 young people, of whom 43% were girls (up from 40%). However there continues to be a concerning decrease in other demographics, with 22% young people from backgrounds that experience racism (down from 27%); 5% D/deaf and disabled (down from 6%). These are key areas for attention in future years, as the music education sector begins to better understand the combined impact of the pandemic and economic context on young people, particularly those who face barriers. Sound and Music also (for the first time) collected data on socio-economic background, with 28% of young people engaged with from lowincome families – another area for future attention.

Sound and Music continued its Listen Imagine Compose programme which supports teachers to develop confidence and skills in teaching composing, and (thanks to funding from the Paul Hamlyn Foundation via Birmingham Contemporary Music Group) this extended into primary schools in Bristol and the West Midlands. Overall, 333 educators benefited from continuous

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Trustees’ annual report

For the year ended 31 March 2022

professional development (CPD) offered by Sound and Music, and 22 composers also developed skills as educators.

December 2021 also saw a milestone in Sound and Music’s education work, with the departure (after 13 years) of Judith Robinson. Her replacement as Head of Education is Beatrice Hubble, who brings with her experience leading projects for Drake Music and the National Open Youth Orchestra.

Financial review: Overview

Sound and Music’s total income for the year was £1,215,354 (2020-21: £900,677), of which £717,625 (2020-21: £717,625) was represented by the core grant from Arts Council England. Income from projects and fundraising was £407,095 (2020-21: £175,278). Income from other core grants and donations was £90,570 (2020-21: £7,625), and investment income and other activities totalled £63 (2020-21: £149).

The organisation expended £1,014,999 (2020-21: £871,571).

General funds

Following transfers between funds and movements in investments, the net increase in unrestricted general funds was £43,551.

Designation of funds

It is in the nature of the charity's activities that projects are budgeted in one particular year, but may only complete in the following year, with expenditure partly falling into the following year. The Board agrees in these cases to designate funds in order to secure the project delivery.

At 31st March 2021, the Project Completion Reserve held £321,950 in respect of projects which were originally budgeted for 2020-21 but in respect of which the expenditure was completed in 2022. The amount held at 31 March 2022 (£409,300) are funds designated for the completion of a number of projects that were committed to and started in the 2021-22 financial year but with delivery also taking place in 2022-23.

Balance on general funds

Retained general funds carried forward at 31 March 2022 amount to £365,797 compared with £322,246 at 31 March 2021.

Restricted funds

At 31 March 2022 there were unexpended restricted funds relating to projects of £205,129 (2021: £90,010).

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2022

Arthur A Paul Memorial Fund – Linked Charity

The Arthur A Paul Memorial Fund represents a linked charity currently administered and managed under a declaration of trust by the Trustees of Sound and Music. Trustees of the AA Paul Memorial Fund are the same as Trustees of Sound and Music. The fund may be applied to advance the knowledge and appreciation of new music by promoting the presentation of original work by emerging composers, musicians and artists. According to the conditions of the Trust Deed governing the transferral of the Fund to Sound and Music, Trustees must seek in the long term to preserve the value of the capital of the Fund having regard to inflation.

The Fund’s long term objective is to support, in perpetuity, the charitable activities of Sound and Music. It is invested therefore according to an agreed and annually reviewed Investment Policy Statement which seeks to protect the capital value of the fund whilst generating a sustainable level of financial return.

In accordance with the Investment Policy and the agreed formula within it for quarterly calculation of funds to be transferred, The Arthur A Paul Trustees agreed to transfer £56,400 over the year to the charitable activities of Sound and Music to support activities promoting the presentation of original work by emerging composers, musicians and artists, in accordance with the terms of the Trust Deed.

Investment Policy Statement

AA Paul Trustees have an approved Investment Policy Statement. This brings together all of the considerations that are relevant to the management of the AA Paul Memorial Fund portfolio in one place. Any investment managers appointed to manage the assets of the Fund must follow the requirements of the Investment Policy Statement.

The Investment Policy Statement is reviewed annually by the AA Paul Trustees to ensure that it continues to describe accurately the objectives, constraints and other requirements of the Fund.

The Trustees of the Arthur A Paul Memorial Fund are bound to promote the best long-term interests of the Charity and to make adequate provision for both the present and future funding needs of the Charity. The Fund’s long-term objective is to support, in perpetuity, the charitable activities of Sound and Music. To do this, the Investment Policy Statement includes an agreed approach to balancing the need to achieve a financial return sufficient to achieve the Charity’s funding objectives, whilst endeavouring to maintain the purchasing power of the Fund’s assets and the returns arising after taking into account the effects of inflation.

The Fund’s assets are invested in accordance with the requirements of the Trustee Act 2000, Sound and Music’s Articles of Association, and Charity Commission requirements. Trustee investment policy decisions are therefore to be made:

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In addition, the Trustees require any investment manager to whom they delegate discretionary powers to exercise their delegated powers only within the guidelines contained in the Investment Policy Statement.

Principal risks and uncertainties

The Board reviews and assesses the risks – strategic, operational and compliance – to which the organisation is exposed at every Board meeting, with the finance sub-committee conducting a prior scrutiny. It holds this information as a Risk Assessment and agrees actions to limit and mitigate risks identified.

The Trustees ensure that the management of risk is ongoing and embedded in management and operational procedures. Risk assessment and management is undertaken under the following areas:

The major risks to which the charity is exposed, as identified by the Trustees, are reviewed at least quarterly and systems have been established to mitigate those risks as far as possible. Principal risks in 2021-22 were around the impact of global events (the pandemic, war in Ukraine, cost of living crisis) on the UK economy; risks around income generation more broadly (which remains a challenging environment for all arts organisations); and staff capacity, which remains stretched. Risks around income generation are mitigated as far as possible (with measurable success this year) through a development strategy that includes clear and timed income targets; an ongoing programme of research into new income potential; engaging the wider team and the Board in supporting income generation; exploring new income sources including around earned income; balancing (and monitoring closely) expenditure commitments against funding secured or likely; ensuring that the programme is scalable wherever possible; developing strong and distinctive cases for support. With a new business plan to be developed for 2023-24 and beyond, Sound and Music will be reviewing its priorities and staff capacity in the autumn of 2022, and consideration of staff capacity will play a key role in this.

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Trustees’ annual report

For the year ended 31 March 2022

Reserves policy

Sound and Music’s reserves policy is that the organisation shall seek to maintain general fund reserves equal to six months operating expenditure. As at 31 March 2022, therefore, the target amount of general fund reserves is £357,803 which would enable Sound and Music to meet its operating costs and contractual commitments for six months in the event of having to wind up the charity. The current level of general fund reserves held (at 31 March 2022) is £365,797, which is above the target level.

Financial impact of Covid-19; going concern

The nature of Sound and Music’s business model is that the majority of its income comes from grant funding. The organisation does not run a venue, and is not heavily dependent on earned income from live attendances. Therefore, the financial impact of the pandemic and the resulting lockdown on Sound and Music was, in the immediate aftermath of lockdown, limited. In the medium to long term, the organisation has identified risks around grant based funders who are likely to face severe pressure on funds available, through a combination of high demand and potential reduction in funds available, because of a fall in value of investments.

Sound and Music has Arts Council National Portfolio Organisation funding committed until March 2023. In May 2022 – like hundreds of other cultural organisations – the organisation submitted an application for NPO funding for 2023-26. The outcome of this application will be known by the end of October 2022. Whilst Trustees are confident in the strength of the evidence-based case made to the Arts Council about Sound and Music’s track record in, and future plans for, significant contribution to ACE’s outcomes, nonetheless a degree of uncertainty is acknowledged.

However, at time of signing (September 2022) the combination of confirmed NPO funding until March 2023, and reserves at target level, means that Trustees foresee no material uncertainties about the charity’s ability to continue as a going concern for the twelve months from the signing of these accounts.

The Board will continue to review and sign off updated income and expenditure forecasts at least quarterly, with significant decisions being brought to them between meetings as necessary.

Plans for the future

2022-23 is an exciting year of transition for Sound and Music. At time of writing, extensive work has already been done (in advance of the NPO application) to consider key priorities for the next business plan, where and how the organisation’s work shall develop, and what this means for the management and governance of the organisation. This work will continue into the autumn of 2022, when the ACE decision will be known, and a new business plan will be created for 2023-26 that builds on the achievements of the current one but also aims for more impact on the organisation’s beneficiaries, defined more clearly as composers, young people and listeners. This impact will be strategically achieved through three shared cross-organisational priorities: removing barriers; developing sustainable local scenes; and nurturing creativity.

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Trustees’ annual report

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Strategies to achieve this will include deepening and extending existing regional partnerships, particularly targeting Levelling Up for Culture Areas; increasing the ways that beneficiaries can get actively involved as participants in our work; continuing and extending targeted online curation and commissioning; and improving the ways that Sound and Music measures, understands and communicates the impact of its work on changing the lives of its beneficiaries. Nurturing and extending regional and national partnerships and networks will be key, as will more closely involving our beneficiaries in shaping our work. It will also be an exciting time for Music Patron, as the online platform comes to life and creates more beneficial connections between composers and patrons.

Structure, Governance and Management

Sound and Music is a registered charity and a company limited by guarantee. Sound and Music was incorporated on 30 April 2008 and registered as a charity on 20 June 2008. Sound and Music was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

Sound and Music has one standing sub-committee: a Finance Sub-Committee.

The Board met four times in the period online, together with an in person Awayday. Meetings of the Sound and Music Board are normally attended by the Chief Executive, Executive Administrator and other members of the senior management team as required.

Appointment of trustees

The Articles of Association lay out the methods by which Trustees are elected and re-elected, the length of terms, and the maximum length of service. Sound and Music shall have at least 3 but no more than 12 Trustees. At each annual general meeting one quarter of the Trustees, being those longest in office, shall retire from office and offer themselves for re-election.

Sound and Music recruits new Trustees against a Trustee Brief which includes details of any specialist skills or expertise being sought, and, wherever practical, recruits via open advertisement through a number of channels.

Trustee induction and training

New Trustees receive a Welcome Pack which includes:

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Trustees’ annual report

For the year ended 31 March 2022

In addition, they have at least one meeting with the Chair. Potential Trustees are invited to observe a meeting before election at the subsequent meeting. New Trustees are also assigned another Board member (apart from the Chair) as a ‘board buddy’ to assist with any questions the new trustee may have. Training is available to all Board members.

Related parties and relationships with other organisations

Sound and Music keeps a Conflict of Interest register which is reviewed quarterly by Trustees as a standing agenda item at Board meetings. If a conflict of interest arises, then the conflicted individual takes no part in the discussion and at the judgement of the Chair (or Vice Chair, if it concerns the Chair) may be asked to leave the room.

Details of payments to trustees are shown in note 10 of the accounts.

As noted above, Trustees of Sound and Music automatically are elected as Trustees of the linked charity, the Arthur A Paul Memorial Fund.

Finance Sub-Committee

The Finance Sub-Committee’s remit is to focus in detail on the financial planning and management of Sound and Music, the investment of its assets, the audit process and the identification and control of risk. It meets four to five times a year and reports at each subsequent Board meeting to the full Board on its business. During the year in question, the Finance SubCommittee was chaired by Ed Corn until December 2021 and by Sam Palmer thereafter. Other members were Greg Davies and Belinda Dee.

The Finance Sub-Committee’s financial purpose is to: support the effective financial management of Sound and Music; advise and shape Sound and Music’s approach to financial planning and monitoring; ensure high standards are achieved in this area of Sound and Music’s work; seek to maximise Sound and Music’s income and control expenditure and maximise the use of Sound and Music’s financial assets; ensure a stable and realistic approach to managing Sound and Music’s finances to allow the organisation to undertake its charitable objects in the short, medium and long term.

The Finance Sub-Committee’s audit purpose is: to make recommendations to the Board about the appointment of auditors, their contract and remuneration, to review material to be submitted to the auditor and to work in detail with the Chief Executive, Finance Manager and auditors through the process, updating the Board as it proceeds.

The Finance Sub-Committee’s risk purpose is to: make regular reviews of the risks to which the organisation is susceptible, report on this to the full Board and to monitor actions in place to control these risks.

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Fundraising practice

As a charity, fundraising is an important aspect of Sound and Music and the organisation raises funds through applications to trusts and foundations; through individual donations; through grants from public bodies (including the Arts Council annual National Portfolio Organisation grant) and through earned income.

Sound and Music does not use external professional fundraisers, commercial participators or other third parties in fundraising. The organisation is fully compliant with all relevant and applicable codes and has received no complaints in the year. Individual giving campaigns are designed to protect vulnerable people through a number of measures including full compliance with GDPR legislation (in other words, consent has been given for the charity to be in contact); not employing telemarketers or other third parties to engage in telephone fundraising; and ensuring that any individual giving campaigns are supplied with sufficient information, and are designed to ensure a clear choice and decision on the part of the donor without time pressure being applied.

Remuneration policy

Sound and Music has a remuneration policy which is reviewed and agreed annually.

All roles are recruited within a salary range which is agreed by Trustees. This range is set through consideration of the following factors:

All roles, including paid internships, offer at least the London Living Wage.

Sound and Music also invests in its staff through training and personal development. All members of staff are required to undertake a personal and professional development plan which is reviewed and agreed biannually.

All permanent posts are advertised through open recruitment and the salary range is included in the application pack. Salary ranges are consistent across the same job roles held by different members of staff. Level of pay within this range at the point of contract is determined by factors which include:

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If an individual is recruited who has the potential but not yet the experience or skill to fill the requirements of the post, then a lower salary than the advertised range may be offered with an agreed package of training and professional development, together with a review point. Salaries are reviewed annually in line with budget setting and signed off as part of the budget approval process. Pay increases outside this cycle are not offered.

Pay increases are awarded against the factors outlined in Section (2) above, together with consideration of the CPIH measure.

Sound and Music takes a ‘whole staff’ approach to salary reviews rather than basing it on assessment of individual performance. All staff members are expected to deliver their roles to the best of their abilities and are supported to do so through performance management as well as their professional development plans. Pay increases will typically be a percentage increase on all staff member’s current salary levels. Exceptions to this are rare.

Trustees are ultimately responsible for setting remuneration levels for Sound and Music’s staff, advised by the Chief Executive.

The Remuneration Policy is reviewed annually by the Trustees and made available through the Staff Handbook and on the Sound and Music website.

Policy for employment of disabled persons

Sound and Music has an annually reviewed Diversity, Equality and Inclusion Policy which includes the following provision for disabled persons:

Sound and Music will make genuine efforts to recruit disabled people and take reasonable steps to make the workplace and individual jobs accessible to disabled people.

Sound and Music will regularly review its facilities for disabled employees, Trustees and volunteers and will try to overcome any problems faced wherever practicable and within reasonable resources available.

Sound and Music will ensure that people have maximum access to employment opportunities and to meetings and events, regardless of any disability.

Statement of responsibilities of the trustees

The trustees (who are also directors of The Organisation for New Music and Sound for the purposes of company law) are responsible for preparing the trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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The Organisation for New Music and Sound

Trustees’ annual report

For the year ended 31 March 2022

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2021 was 11 (2020: 11). The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

The trustees’ annual report has been approved by the Trustees on 13 September 2022 and signed on their behalf by

Greg Davies Chair

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

Opinion

We have audited the financial statements of The Organisation for New Music and Sound (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Organisation for New Music and Sound's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Independent auditor’s report

To the members of

The Organisation for New Music and Sound

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 3 November 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

19

The Organisation for New Music and Sound

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2022

Note
Income from:
3
4
5a
7
Reconciliation of funds:
17
Donations
Charitable activities
Net (expenditure)/income for the year
Total expenditure
Charitable activities
Digital and Audience engagement
Artist development
Education
Net (expenditure) before net gains on
investments
Net (losses)/gains on investments
Music Patron
Artist development
Education
Raising funds
Digital and Audience engagement
Investments
Total income
Expenditure on:
Music Patron
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward		 Unrestricted
General
funds
£
808,195
1,655
37,539
240
-
63		 Unrestricted
Designated
funds
£
-
-
-
-
-
-		 Restricted
funds
£
-
27,958
97,915
61,788
180,000
-		 Arthur A Paul
Memorial
Fund
£
-
-
-
-
-
-		 2022
Total
£
808,195
29,613
135,454
62,028
180,000
63		 2021
Total
£
725,250
33,788
86,228
10,262
45,000
149
847,693 - 367,661 - 1,215,354 900,677
50,404
265,951
155,499
159,932
-		 -
61,980
26,523
42,169
-		 -
43,958
102,727
5,000
100,857		 -
-
-
-
-		 50,404
371,889
284,749
207,101
100,857		 106,553
293,965
237,940
233,113
-
631,785 130,672 252,542 - 1,014,999 871,571
215,907
(10,735)		 (130,672)
-		 115,119
-		 -
90,937		 200,354
80,202		 29,106
282,842
205,173
(161,622)		 (130,672)
218,022		 115,119
-		 90,937
(56,400)		 280,557
-		 311,948
-
43,551
322,246		 87,350
321,950		 115,119
90,010		 34,537
1,162,748		 280,557
1,896,954		 311,948
1,585,006
365,797 409,300 205,129 1,197,285 2,177,511 1,896,954

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17a to the financial statements.

20

The Organisation for New Music and Sound

Balance sheet

Balance sheet
As at 31 March 2022 Company no. 06581022
Note
Fixed assets:
12
13
Current assets:
14
Liabilities:
15
16a
17a
General funds
Total funds
Total funds - Sound and Music
Linked charity unrestricted funds:
Investments
Cash at bank and in hand
Tangible assets
Debtors
Restricted income funds
Unrestricted income funds:
Designated funds
Arthur A Paul Memorial Fund
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets		 £
111,038
318,436		 2022
£
13,681
1,800,500		 £
30,399
310,808		 2021
£
4,224
1,601,697
1,814,181
363,330		 1,605,921
291,033
429,474
(66,144)		 341,207
(50,174)
409,300
365,797		 321,950
322,246
2,177,511 1,896,954
205,129
775,097		 90,010
644,196
980,226
1,197,285		 734,206
1,162,748
2,177,511 1,896,954

Approved by the trustees on 13 September 2022 and signed on their behalf by

Greg Davies Chair

21

The Organisation for New Music and Sound

Statement of cash flows

For the year ended 31 March 2022

For the year ended 31 March 2022
Note
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Depreciation charges eliminated on disposal
Losses/(Gains) on investments
Dividends, interest and rent from investments
Decrease / (Increase) in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Net cash (used in) investing activities
Disposals of fixed assets
Purchase of investments
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £
£
280,557
1,635
(4,544)
(80,202)
(63)
(80,639)
15,970
132,713
63
(11,991)
5,443
(175,000)
56,400
(125,085)
7,628
310,808
318,436
2022		 £
£
311,948
2,238
-
(282,842)
(149)
(14,824)
(3,912)
12,459
149
(950)
-
-
45,800
44,999
57,458
253,350
310,808
2021
63
(11,991)
5,443
(175,000)
56,400		 149
(950)
-
-
45,800
(125,085) 44,999
7,628
310,808		 57,458
253,350
318,436 310,808

22

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

1 Accounting policies

a) Statutory information

The Organisation for New Music and Sound is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is Oxford House, Derbyshire Street, Bethnal Green, London, EC2 6HG

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from charitable activities is received principally by way of grants and are included in full in the Statement of Financial Activities. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the income.

f) Investment income and interest receivable

Investment income and bank interest receivable is fully accrued at the balance sheet date.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

The Arthur A Paul Memorial Fund is a linked charity, comprised mainly of an endowment fund. Endowment funds comprise expendable endowment capital, over which the trustees have a power of discretion to convert into income. The investment income is therefore credited directly to the endowment fund.

23

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff costs, on the amount attributable to each activity:

Cost of raising funds 8%
Artist development 41%
Education 25%
Digital and Audience engagement 26%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

5 years 3 years

24

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

Heritage assets comprise the British Music collection that comprises a library of British music written since 1900. These items are not included on the balance sheet because in the opinion of the trustees the cost of professionally valuing them would outweigh the benefits to the users of the financial statements.

m) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

With the exception of the listed investments described above, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r) Pensions

Members of staff are eligible to join a stakeholder pension scheme to which the charity contributes. Contributions are charged to the Statement of Financial Activities for the year in which they relate.

25

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

2 Detailed comparatives for the statement of financial activities

Expenditure on:
Income from:
Donations and legacies
Charitable activities:
Investments
Total income
Artist development
Education
Digital & Audience engagement
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure) before gains
on investments
Organisational development
Net gains on investments
Artist development
Education
Digital and Audience engagement
Total funds carried forward
Total funds brought forward
Net (expenditure)/income for the year
Transfers between funds
Net movement in funds		 Unrestricted
General
funds
£
725,250
1,655
34,706
262
149		 Unrestricted
Designated
funds
£
-
-
-
-
-		 Restricted
funds
£
-
77,133
51,522
10,000
-		 Arthur A Paul
Memorial
Fund
£
-
-
-
-
-		 2021
Total
£
725,250
78,788
86,228
10,262
149
762,022 - 138,655 - 900,677
106,553
191,093
124,871
198,885
-		 -
72,801
51,547
24,228
-		 -
-
30,071
61,522
10,000
-		 -
-
-
-
-		 106,553
-
293,965
237,940
233,113
-
621,402 148,576 101,593 - 871,571
140,620
37,881		 (148,576)
-		 37,062
-		 -
244,961		 29,106
282,842
178,501
(177,426)		 (148,576)
223,226		 37,062
-		 244,961
(45,800)		 311,948
-
1,075
321,171		 74,650
247,300		 37,062
52,948		 199,161
963,587		 311,948
1,585,006
322,246 321,950 90,010 1,162,748 1,896,954

26

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

For the year ended 31 March 2022
3
Donations
Grants:
Arts Council England
Other Public Funding
4
Artist development:
Anthony & Elizabeth Mellows
Garfield Weston Foundation
Old Possum's Practical Trust
PRSF Grant
Others
Project income
Sub-total for Artist development
Education:
Bliss Trust
Boris Karloff Foundation
Derek Hill Foundation
Doyle Cart Foundation
Faber Music
Finzi Trust
Fran Hanley Fund
Lochlands Trust
Marchus Trust
Margaret Engering legacy
Michael Cornish Charitable Trust
Radcliffe Trust
Samuel Gardner Memorial Fund
Scops Arts Fund
Thomas Sivewright Catto
Three Monkeys Trust
Youth Music
D'Oyly Carte
Paul Hamlyn Foundation
Maria Bjornson Memorial Fund
Aspinwall Educational Trust
Nineveh Trust
Others
Project income
Sub-total for Education
PRS Foundation
British Council
Project income
Sub-total for Digital and Audience engagement
Boltini Trust
Anthony Bolton
Sub-total for Muic Patron
Total income from charitable activities
Income from charitable activities
Income from donations
Digital and Audience engagement:
Music Patron		 Unrestricted
£
2,396
717,625
88,174		 Restricted
£
-
-
-		 2022
Total
£
2,396
717,625
88,174		 Unrestricted
£
7,625
717,625
-		 Restricted
£
-
-
-		 2021
Total
£
7,625
717,625
-
808,195 - 808,195 725,250 - 725,250
Unrestricted
£
-
-
-
-
-
1,655		 Restricted
£
2,500
10,000
5,000
9,000
3,958
-		 2022
Total
£
2,500
10,000
5,000
9,000
3,958
1,655		 Unrestricted
£
-
-
-
-
-
1,655		 Restricted
£
-
10,000
-
10,000
12,133
-		 2021
Total
£
-
10,000
-
10,000
12,133
1,655
1,655 27,958 29,613 1,655 32,133 33,788
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37,539		 250
1,500
2,500
-
10,000
500
9,958
3,000
-
7,000
1,000
-
750
10,000
500
5,000
-
-
29,000
5,000
1,000
2,500
8,457
-		 250
1,500
2,500
-
10,000
500
9,958
3,000
-
7,000
1,000
-
750
10,000
500
5,000
-
-
29,000
5,000
1,000
2,500
8,457
37,539		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
34,706		 500
1,000
-
3,000
-
500
-
-
5,000
7,000
-
5,000
1,500
-
-
5,000
12,785
3,000
-
-
-
-
7,237
-		 500
1,000
-
3,000
-
500
-
-
5,000
7,000
-
5,000
1,500
-
-
5,000
12,785
3,000
-
-
-
-
7,237
34,706
37,539 97,915 135,454 34,706 51,522 86,228
-
-
240		 9,000
52,788
-		 9,000
52,788
240		 -
-
262		 10,000
-
-		 10,000
-
262
240 61,788 62,028 262 10,000 10,262
-
-		 100,000
80,000		 100,000
80,000		 -
-		 25,000
20,000		 25,000
20,000
-
39,434		 180,000
367,661		 180,000
407,095		 -
36,623		 45,000
138,655		 45,000
175,278

27

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

5a Analysis of expenditure (current year)

Staff costs (Note 8)
Direct costs
Grants (note 6)
Premises
Finance, legal and professional
Communications
Staff recruitment, travel, training and
subsistence
Depreciation of fixed assets
General office and administration
Computer maintenance and IT
Unrecoverable VAT
Support costs
Governance costs
Total expenditure 2022
Total expenditure 2021		 Cost of raising
funds
£
28,105
2,567
-
-
1,440
-
-
-
-
-
-		 Artist
development
£
149,827
124,545
-
-
-
-
-
-
-
-
-		 Education
Digital and
Audience
engagement
Organisational
development
£
£
£
92,829
95,426
-
131,501
49,565
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
224,330
144,991
-
53,944
55,452
-
6,475
6,658
-
284,749
207,101
-
237,940
233,113
-
Charitable activities		 Education
Digital and
Audience
engagement
Organisational
development
£
£
£
92,829
95,426
-
131,501
49,565
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
224,330
144,991
-
53,944
55,452
-
6,475
6,658
-
284,749
207,101
-
237,940
233,113
-
Charitable activities		 Education
Digital and
Audience
engagement
Organisational
development
£
£
£
92,829
95,426
-
131,501
49,565
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
224,330
144,991
-
53,944
55,452
-
6,475
6,658
-
284,749
207,101
-
237,940
233,113
-
Charitable activities		 Music Patron
48,870
51,987
-
-
-
-
-
-
-
-
-		 Governance
costs
£
16,094
-
-
-
9,450
-
-
-
-
-
-		 Support costs
£
99,728
28,846
-
28,939
2,079
2,301
15,089
1,635
5,566
12,687
15,924		 2022
Total
£
530,878
389,011
-
28,939
12,969
2,301
15,089
1,635
5,566
12,687
15,924		 2021 Total
£
461,801
254,987
12,271
57,643
8,691
4,847
7,021
2,238
17,092
22,416
22,565
32,112
16,332
1,960		 274,372
87,066
10,451		 224,330
53,944
6,475		 144,991
55,452
6,658		 -
-
-		 100,857
-
-		 25,544
-
(25,544)		 212,794
(212,794)
-		 1,014,999
-
-		 871,571
-
-
50,404 371,889 284,749 207,101 - 100,857 - 1,014,999 871,571
106,553 293,965 237,940 233,113 - - - -

28

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

5b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Staff costs (Note 8)
Direct costs
Grants (note 6)
Premises
Finance, legal and professional
Communications
Staff recruitment, travel, training and
subsistence
Depreciation of fixed assets
General office and administration
Computer maintenance and IT
Unrecoverable VAT
Support costs
Governance costs
Total expenditure 2021		 Cost of raising
funds
£
52,854
5,579
-
-
-
-
-
-
-
-
-		 Charitable activities Governance
costs
£
19,917
-
-
-
7,351
-
-
-
-
-
-		 Support costs
£
112,401
25,144
-
57,643
1,340
4,847
7,021
2,238
17,092
22,416
22,565		 2021
Total
£
461,801
254,987
12,271
57,643
8,691
4,847
7,021
2,238
17,092
22,416
22,565
Artist
development
£
104,195
94,907
-
-
-
-
-
-
-
-
-		 Education
£
71,808
88,484
12,271
-
-
-
-
-
-
-
-		 Digital and
Audience
engagement
£
100,626
40,873
-
-
-
-
-
-
-
-
-		 Organisational
development
£
-
-
-
-
-
-
-
-
-
-
-
58,433
43,746
4,374		 199,102
86,240
8,623		 172,563
59,434
5,943		 141,499
83,286
8,328		 -
-
-		 27,268
-
(27,268)		 272,706
(272,706)
-		 871,571
-
-
106,553 293,965 237,940 233,113 - - - 871,571

29

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

6 Grant making

Grant making
Cost
Community Music
At the end of the year
Drake Music
Birmingham University
University of Huddersfield		 2022
£
-
-
-
-		 2021
£
4,313
3,785
1,812
2,361
- 12,271
7 Net income / (expenditure) for the year
This is stated after charging / (crediting):
2022 2021
£ £
Depreciation 1,635 2,238
Operating lease rentals:
Property - 47,136
Auditor's remuneration (excluding VAT):
Audit - current year 7,875 7,500
Other services - under/(over) accrual in previous year 1,200 (150)
Other services - VAT advice - -

Staff costs were as follows:

Staff costs were as follows:
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Social security costs		 2022
£
473,903
37,875
19,101		 2021
£
412,276
33,629
15,896
530,879 461,801

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2022 2021
No. No.
£60,000 -£69,999 1 -

The total employee benefits (including employer national insurance and employer pension contributions) of the key management personnel were £297,388 (2021: £257,242).

No claims for trustee expenses were made in the year (2021: £nil).

30

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Charitable activities
Governance of the charity
Raising funds		 2022
No.
16.0
2.0
1.0		 2021
No.
14.0
1.4
1.0
19.0 16.4

10 Related party transactions

No payments were made to related parties in 2022 (2021: £nil).

There are no donations (2021: none) from related parties which are outside the normal course of business and no restricted donations from related parties.

11 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

12 Tangible fixed assets

Tangible fixed assets
At the end of the year
At the start of the year
At the end of the year
Net book value
At the start of the year
At the end of the year
Charge for the year
Cost
Depreciation
At the start of the year
Additions in year
Disposals in year
Eliminated on disposal		 Office
furniture
5,443
2,800
(5,443)		 Equipment &
computers
£
23,409
9,191
-		 Total
£
28,852
11,991
(5,443)
2,800 32,600 35,400
4,515
453
(4,544)		 20,113
1,182
-		 24,628
1,635
(4,544)
424 21,295 21,719
2,376 11,305 13,681
928 3,296 4,224

All of the above assets are used for charitable purposes.

31

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

12 Tangible fixed assets (continued)

In addition to the capitalised functional fixed assets, the charity also owns "The British Music Collection" comprising a music library of some 30,000 scores, 15,000 recordings and background information on British music written since 1900. It includes both published and commercially recorded and unpublished material, and is held on long term deposit at the University of Huddersfield's Archive Centre, Heritage Quay. The written archives of the founder organisations were also placed on long term deposit at Heritage Quay during 2015-16. These assets have not been included in the balance sheet because, in the opinion of the trustees, the cost of professionally valuing them to include a value in the financial statements would outweigh the benefits to the users of the financial statements.

13 Listed investments

Listed investments
Fair value at the end of the year
Cash held by investment managers for re-investment
Fair value at the end of the year
Listed investments are represented by:
UK mutual funds
Cash held for investment managers for reinvestment
Fair value at the end of the year
Net (losses) gains on revaluation
Disposal proceeds
Additions at cost
Fair value at the start of the year		 2022
£
1,601,697
175,000
(56,400)
80,202		 2021
£
1,364,655
-
(45,800)
282,842
1,800,500
-
1,800,500		 1,601,697
-
1,601,697
1,800,500
-		 846,677
755,020
1,800,500 1,601,697

14 Debtors

Debtors
Trade debtors
Other debtors
Prepayments
VAT
Accrued income
Creditors: amounts falling due within one year
Accruals
Trade creditors		 2022
£
100
80,325
6,223
-
24,390		 2021
£
-
1,623
1,234
1,417
26,125
111,038 30,399
2022
£
52,143
14,001		 2021
£
20,446
29,728
66,144 50,174

15 Creditors: amounts falling due within one year

32

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

16a Analysis of net assets between funds (current year)

Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Unrestricted
General
funds
£
13,681
328,335
23,780		 Unrestricted
Designated
funds
£
-
274,880
134,420		 Restricted
funds
£
-
-
205,129		 Arthur A Paul
Memorial
Fund
£
-
1,197,285
-		 Total
funds
£
13,681
1,800,500
363,330
365,797 409,300 205,129 1,197,285 2,177,511

16b Analysis of net assets between funds (prior year)

Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Unrestricted
General
funds
£
4,224
298,949
19,073		 Unrestricted
Designated
funds
£
-
140,000
181,950		 Restricted
funds
£
-
-
90,010		 Arthur A Paul
Memorial
Fund
£
-
1,162,748
-		 Total funds
£
4,224
1,601,697
291,033
322,246 321,950 90,010 1,162,748 1,896,954

33

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

e year ended 31 March 2022
Movements in funds (current year)
Restricted funds:
MP development costs
British Council
Listen, Imagine, Compose - Primary
Minute of Listening
Total designated funds
Go compose
Summer School
Podcast
Portfolio
Adopt a Composer
Total unrestricted funds
Networks
Project Completion Reserve
British Music Collection
Pathways
Artist Development:
New Voices
Other funds
Education
Arthur A Paul Memorial Fund
Artist development:
Designated funds:
Summer School
Composer/ Curator
Digital and Audience Engagement :
Other funds
Organisational development
Fran Hanley fund
New Voices
Unrestricted funds:
General fund
Total restricted funds
Francis Chagrin Covid19 Composer
awards
Music Patron :
MP running costs
Linked charity
Education
Composer/Curator
ISCM
Digital and Audience Engagement:
Listen, Imagine, Compose
Associates
Francis Chagrin Covid19 Composer
awards
Minute of Listening
Go compose Inspire Days
New Music Labs
Total funds		 At the start
of the year
£
1,162,748
5,000
20,000
-		 Incoming
resources
£
-
6,398
21,560
-		 Outgoing
resources
£
-
(11,398)
(32,560)
-		 Investment
(losses)/
gains
£
90,937
-
-
-		 Transfers
£
(56,400)
-
-
-		 At the end
of the year
£
1,197,285
-
9,000
-
25,000
35,000
2,448
-
-
-		 27,958
-
53,457
9,958
29,000
5,000
500		 (43,958)
(87,007)
-
(15,220)
-
(500)		 -
-
-
-
-
-		 -
-
-
-
-
-		 9,000
1,450
12,406
13,780
5,000
-
37,448
5,000
-		 97,915
9,000
52,788		 (102,727)
(5,000)
-		 -
-
-		 -
-
-		 32,636
9,000
52,788
5,000
22,562
-		 61,788
100,000
80,000		 (5,000)
(83,071)
(17,786)		 -
-
-		 -
-
-		 61,788
39,491
62,214
22,562
-		 180,000
-		 (100,857)
-		 -
-		 -
-		 101,705
-
90,010 367,661 (252,542) - - 205,129
322,246 847,693 (631,785) (10,735) (161,622) 365,797
-
7,000
5,000
3,000
20,000
111,650
8,300
-
10,000
-
-
25,000
65,000
-
25,000
30,000
12,000		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
(2,995)
(5,000)
-
(2,320)
(43,642)
(8,023)
-
(1,000)
-
-
(7,424)
(18,099)
-
(14,105)
(20,278)
(7,786)		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2,600
5,995
10,000
2,000
(7,680)
101,692
(277)
-
1,000
5,000
-
(2,576)
53,099
5,000
4,105
30,278
7,786		 2,600
10,000
10,000
5,000
10,000
169,700
-
-
10,000
5,000
-
15,000
100,000
5,000
15,000
40,000
12,000
321,950 - (130,672) - 218,022 409,300
644,196 847,693 (762,457) (10,735) 56,400 775,097
1,896,954 1,215,354 (1,014,999) 80,202 - 2,177,511

34

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

17b Movements in funds (prior year)

Movements in funds (prior year)
Linked charity
Restricted funds:
Total unrestricted funds
Total funds
ISCM
Go Compose
Summer School
Other funds
Designated funds:
Unrestricted funds:
General fund
Arthur A Paul Memorial Fund
New Voices
Other funds
Digital and Audience Engagement :
Composer Curator
Education:
Artist Development:
Francis Chagrin Covid19 Composer
awards
Music Patron
Project Completion Reserve
Artist development:
Fran Hanly fund
Organisational development
Total restricted funds
Adopt a Composer
Associates
Francis Chagrin Covid19 Composer
awards
Summer School
Digital and Audience Engagement:
British Music Collection
Total designated funds
ISCM
Networks
New Voices
Pathways
Portfolio
Education
Go compose
Listen, Imagine, Compose
Minute of Listening
Composer/Curator
Podcast		 At the start
of the year
£
963,587
500
-
-
-
-		 Incoming
resources
£
-
-
12,013
20,120
45,000
-		 Outgoing
resources
£
-
(500)
(7,013)
(120)
(22,438)
-		 Investment
gains
£
244,961
-
-
-
-
-		 Transfers
£
(45,800)
-
-
-
-
-		 At the end
of the year
£
1,162,748
-
5,000
20,000
22,562
-
500
10,000
35,000
2,448
-		 77,133
12,785
38,737
-
-		 (30,071)
(22,785)
(38,737)
-
-		 -
-
-
-
-		 -
-
-
-
-		 47,562
-
35,000
2,448
-
47,448
5,000		 51,522
10,000		 (61,522)
(10,000)		 -
-		 -
-		 37,448
5,000
- - - - - -
52,948 138,655 (101,593) - - 90,010
321,171 762,022 (621,402) 37,881 (177,426) 322,246
-
-
-
-
-
114,000
8,300
-
-
-
20,000
50,000
20,000
20,000
15,000		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
(8,887)
-
-
(63,914)
-
-
-
(14,981)
(9,337)
(27,229)
(9,520)
(9,156)
(5,552)		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
7,000
13,887
3,000
20,000
61,564
-
-
10,000
14,981
14,337
42,229
14,520
19,156
2,552		 -
7,000
5,000
3,000
20,000
111,650
8,300
-
10,000
-
25,000
65,000
25,000
30,000
12,000
247,300 - (148,576) - 223,226 321,950
568,471 762,022 (769,978) 37,881 45,800 644,196
1,585,006 900,677 (871,571) 282,842 - 1,896,954

35

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

Purposes of funds

Linked charity

The Arthur A Paul Memorial Fund represents a linked charity currently administered and managed under a declaration of trust by the trustees of Sound and Music. The fund may be applied to advance the knowledge and appreciation of new music by promoting the presentation of original work by emerging composers, musicians and artists. The trustees of the Arthur A Paul Memorial Fund are required to maintain the capital value of the fund.

Restricted funds

Francis Chagrin Covid 19 Composer Awards

Funded by the Old Possum's Practical Trust and individual donors, a responsive fund to support composers to create work and develop their practice.

New Voices

New Voices is an 18 month composer development programme funded in part by PRS for Music Foundation and the Garfield Weston Foundation.

Summer School

Funded in part by the Scops Arts Fund, Three Monkeys Trust and other trusts and foundation, and individual donors.

Fran Hanley Fund

Donations to a fund supporting young musicians.

Listen, Imagine, Compose - Primary

A project with Birmingham Contemporary Music Group and Birmingham University supporting the teaching of composing in primary schools, supported by the Paul Hamlyn Foundation. Funding comes via BCMG.

Minute of Listening

A donation from the Maria Bjornson Memorial Fund towards the costs of Minute of Listening, an online listening platform for primary school children.

Composer/Curator

Funded in part by PRS for Music Foundation, a programme of financial and other support for artist producers.

British Council

Funding to support the Digital Bridge project with CMMAS in Mexico, supporting UK and Mexico based sound artists to create and share work.

Music Patron

An online platform, in development, connecting composers and patrons. Funded by the Boltini Trust and through a donation from Anthony Bolton.

Designated funds

Project Completion Reserve. It is in the nature of the charity's activities that projects are committed to in one year but often continue into the following year. The Project Completion Reserve has been established to ensure these commitments can be met.

36

The Organisation for New Music and Sound

Notes to the financial statements

For the year ended 31 March 2022

18 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


each of the following periods
Less than one year
One to five years		 2022
2021
£
£
6,438
4,646
-
-
6,438
4,646
Property
6,438 4,646

The organisation moved to new offices on 04/05/2021 under a tenancy agreement of 12 months with rent payable monthly. Under the tenancy agreement the charity has a notice period of 3 months, which equates to £6,438 rent.

The charity had no contingent assets or liabilities at the balance sheet date (2018: none).

19 Legal status of the charity

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

37