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: 

- Artist development; 

- Public engagement; 

- Supporting children and young people to create their own music. 

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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The Organisation for New Music and Sound 

## 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: 

- Working to increase the diversity of composers who are benefiting from talent development opportunities and whose work is heard by the public, both through Sound and Music’s own programmes; and through campaigning including work around the Fair Access Principles; 

- Working in partnership with other organisations to develop composers’ talent and professional skills, and to enable new work to be presented publicly; 

- Supporting more composers, listeners and young people to access new music, especially in areas of low provision and engagement, including through Sound and Music’s ComposerCurator live events programme; 

- Supporting composers to develop new skills, networks and the capabilities necessary to thrive in a new music career; 

- Education work nationally both in and out of schools (including Sound and Music’s acclaimed Summer School for composers aged 14-18, the only activity of its kind in the UK); 

- Proactively working to improve the public’s access to and discovery of a wide range of new music and composers; 

- Online access to a vast range of resources, from national collections of music scores and recordings to blogs, opportunities for composers, toolkits, research and evaluation; 

- Disseminating information about new music, in the form of e-newsletters, information about upcoming events, social media and public events; 

- Extensive and constantly evolving curated creative content via our digital platforms; 

- Access to the British Music Collection, 30,000 20th and 21st century music scores located in Heritage Quay, the state-of-the-art archive centre at the University of Huddersfield, and also catalogued online alongside a wealth of content including AV footage, recordings, curated content, photographs and interviews. 

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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The Organisation for New Music and Sound 

## 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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The Organisation for New Music and Sound 

## Trustees’ annual report 

## 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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The Organisation for New Music and Sound 

## 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: 

- within the scope of the powers of investment available to the Trustees; 

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The Organisation for New Music and Sound 

## Trustees’ annual report 

For the year ended 31 March 2022 

- in accordance with the duties in section 4 of the Trustee Act 2000 including consideration of the suitability of investments and of diversification; 

- through the adoption of investment strategies agreed by the Trustees and contained within the Investment Policy Statement. 

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: 

- Governance; 

- Operational; 

- External factors; 

- Compliance with laws and regulations; 

- Human resources; 

- Environmental; 

- Technology, and 

- Financial. 

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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The Organisation for New Music and Sound 

## 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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The Organisation for New Music and Sound 

## Trustees’ annual report 

## For the year ended 31 March 2022 

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: 

- A Trustee Handbook 

- Past Board papers 

- Previous audited accounts and Annual Report 

- Business plan 

- Details of other Trustees 

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The Organisation for New Music and Sound 

## Trustees’ annual report 

For the year ended 31 March 2022 

- Current business plan 

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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The Organisation for New Music and Sound 

## Trustees’ annual report 

For the year ended 31 March 2022 

## 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: 

- Comparison with similar roles in the cultural and charity sectors, and other sectors if relevant to filling the role with appropriate qualified staff; 

- Sound and Music’s business plan and the requirements of its implementation; 

- Sound and Music’s ability to pay, including: 

   - The value created by these roles, both financial and against agreed KPIs 

   - The cost to Sound and Music of increasing remuneration levels 

   - The organisation’s performance against income generation targets 

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: 

- level and relevance of past experience; 

- assessment of competencies and training needs. 

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The Organisation for New Music and Sound 

## Trustees’ annual report 

## For the year ended 31 March 2022 

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: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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: 

- There is no relevant audit information of which the charitable company’s auditor is unaware 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information 

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: 

- Give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended 

- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Companies Act 2006 

## 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. 

16 



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: 

- The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- The trustees’ annual report has been prepared in accordance with applicable legal requirements. 

## 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: 

- Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- The financial statements are not in agreement with the accounting records and returns; or 

- Certain disclosures of trustees’ remuneration specified by law are not made; or 

- We have not received all the information and explanations we require for our audit; or 

- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 

## 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 

17 



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: 

- We enquired of management which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: 

   - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; 

   - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 

- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. 

18 



Independent auditor’s report 

## To the members of 

## The Organisation for New Music and Sound 

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. 

- We reviewed any reports made to regulators. 

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. 

- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 

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<br>Income from:<br>3<br>4<br>5a<br>7<br>Reconciliation of funds:<br>17<br>Donations<br>Charitable activities<br>Net (expenditure)/income for the year<br>Total expenditure<br>Charitable activities<br>Digital and Audience engagement<br>Artist development<br>Education<br>Net (expenditure) before net gains on<br>investments<br>Net (losses)/gains on investments<br>Music Patron<br>Artist development<br>Education<br>Raising funds<br>Digital and Audience engagement<br>Investments<br>Total income<br>Expenditure on:<br>Music Patron<br>Total funds carried forward<br>Transfers between funds<br>Net movement in funds<br>Total funds brought forward|Unrestricted<br>General<br>funds<br>£<br>808,195<br>1,655<br>37,539<br>240<br>-<br>63|Unrestricted<br>Designated<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-|Restricted<br>funds<br>£<br>-<br>27,958<br>97,915<br>61,788<br>180,000<br>-|Arthur A Paul<br>Memorial<br>Fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-|2022<br>Total<br>£<br>808,195<br>29,613<br>135,454<br>62,028<br>180,000<br>63|2021<br>Total<br>£<br>725,250<br>33,788<br>86,228<br>10,262<br>45,000<br>149|
|---|---|---|---|---|---|---|
||847,693|-|367,661|-|1,215,354|900,677|
||50,404<br>265,951<br>155,499<br>159,932<br>-|-<br>61,980<br>26,523<br>42,169<br>-|-<br>43,958<br>102,727<br>5,000<br>100,857|-<br>-<br>-<br>-<br>-|50,404<br>371,889<br>284,749<br>207,101<br>100,857|106,553<br>293,965<br>237,940<br>233,113<br>-|
||631,785|130,672|252,542|-|1,014,999|871,571|
||215,907<br>(10,735)|(130,672)<br>-|115,119<br>-|-<br>90,937|200,354<br>80,202|29,106<br>282,842|
||205,173<br>(161,622)|(130,672)<br>218,022|115,119<br>-|90,937<br>(56,400)|280,557<br>-|311,948<br>-|
||43,551<br>322,246|87,350<br>321,950|115,119<br>90,010|34,537<br>1,162,748|280,557<br>1,896,954|311,948<br>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<br>Fixed assets:<br>12<br>13<br>Current assets:<br>14<br>Liabilities:<br>15<br>16a<br>17a<br>General funds<br>Total funds<br>Total funds - Sound and Music<br>Linked charity unrestricted funds:<br>Investments<br>Cash at bank and in hand<br>Tangible assets<br>Debtors<br>Restricted income funds<br>Unrestricted income funds:<br>Designated funds<br>Arthur A Paul Memorial Fund<br>The funds of the charity:<br>Creditors: amounts falling due within one year<br>Net current assets<br>Total net assets|£<br>111,038<br>318,436|2022<br>£<br>13,681<br>1,800,500|£<br>30,399<br>310,808|2021<br>£<br>4,224<br>1,601,697|
|||1,814,181<br>363,330||1,605,921<br>291,033|
||429,474<br>(66,144)||341,207<br>(50,174)||
||409,300<br>365,797||321,950<br>322,246||
|||2,177,511||1,896,954|
|||205,129<br>775,097||90,010<br>644,196|
||||||
|||980,226<br>1,197,285||734,206<br>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<br>Net income for the reporting period<br>(as per the statement of financial activities)<br>Depreciation charges<br>Depreciation charges eliminated on disposal<br>Losses/(Gains) on investments<br>Dividends, interest and rent from investments<br>Decrease / (Increase) in debtors<br>Increase / (decrease) in creditors<br>Net cash provided by / (used in) operating activities<br>Cash flows from investing activities:<br>Dividends, interest and rents from investments<br>Purchase of fixed assets<br>Proceeds from sale of investments<br>Net cash (used in) investing activities<br>Disposals of fixed assets<br>Purchase of investments<br>Cash and cash equivalents at the beginning of the year<br>Cash and cash equivalents at the end of the year<br>Change in cash and cash equivalents in the year|£<br>£<br>280,557<br>1,635<br>(4,544)<br>(80,202)<br>(63)<br>(80,639)<br>15,970<br>132,713<br>63<br>(11,991)<br>5,443<br>(175,000)<br>56,400<br>(125,085)<br>7,628<br>310,808<br>318,436<br>2022||£<br>£<br>311,948<br>2,238<br>-<br>(282,842)<br>(149)<br>(14,824)<br>(3,912)<br>12,459<br>149<br>(950)<br>-<br>-<br>45,800<br>44,999<br>57,458<br>253,350<br>310,808<br>2021||
||63<br>(11,991)<br>5,443<br>(175,000)<br>56,400||149<br>(950)<br>-<br>-<br>45,800||
|||(125,085)||44,999|
||||||
|||7,628<br>310,808||57,458<br>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. 

- d) Going concern 

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 

- 1 Accounting policies (continued) 

- h) Expenditure and irrecoverable VAT 

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: 

   - Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose; 

   - Expenditure on charitable activities includes the costs of delivering its activities and programmes undertaken to further the purposes of the charity and their associated support costs. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them; 

   - Other expenditure represents those items not falling into any other heading. 

- i) Allocation of support costs 

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: 

- Office furniture 

- Equipment and computers 

5 years 3 years 

24 



The Organisation for New Music and Sound 

Notes to the financial statements 

## For the year ended 31 March 2022 

- 1 Accounting policies (continued) 

- l) Heritage assets 

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. 

- n) Debtors 

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. 

- o) Cash at bank and in hand 

   - Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

- p) Creditors and provisions 

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. 

- q) Financial instruments 

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:<br>Income from:<br>Donations and legacies<br>Charitable activities:<br>Investments<br>Total income<br>Artist development<br>Education<br>Digital & Audience engagement<br>Raising funds<br>Charitable activities<br>Total expenditure<br>Net income / (expenditure) before gains<br>on investments<br>Organisational development<br>Net gains on investments<br>Artist development<br>Education<br>Digital and Audience engagement<br>Total funds carried forward<br>Total funds brought forward<br>Net (expenditure)/income for the year<br>Transfers between funds<br>Net movement in funds|Unrestricted<br>General<br>funds<br>£<br>725,250<br>1,655<br>34,706<br>262<br>149|Unrestricted<br>Designated<br>funds<br>£<br>-<br>-<br>-<br>-<br>-|Restricted<br>funds<br>£<br>-<br>77,133<br>51,522<br>10,000<br>-|Arthur A Paul<br>Memorial<br>Fund<br>£<br>-<br>-<br>-<br>-<br>-|2021<br>Total<br>£<br>725,250<br>78,788<br>86,228<br>10,262<br>149|
|---|---|---|---|---|---|
||762,022|-|138,655|-|900,677|
||106,553<br>191,093<br>124,871<br>198,885<br>-|-<br>72,801<br>51,547<br>24,228<br>-|-<br>-<br>30,071<br>61,522<br>10,000<br>-|-<br>-<br>-<br>-<br>-|106,553<br>-<br>293,965<br>237,940<br>233,113<br>-|
||621,402|148,576|101,593|-|871,571|
||140,620<br>37,881|(148,576)<br>-|37,062<br>-|-<br>244,961|29,106<br>282,842|
||178,501<br>(177,426)|(148,576)<br>223,226|37,062<br>-|244,961<br>(45,800)|311,948<br>-|
||1,075<br>321,171|74,650<br>247,300|37,062<br>52,948|199,161<br>963,587|311,948<br>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<br>Donations<br>Grants:<br>Arts Council England<br>Other Public Funding<br>4<br>Artist development:<br>Anthony & Elizabeth Mellows<br>Garfield Weston Foundation<br>Old Possum's Practical Trust<br>PRSF Grant<br>Others<br>Project income<br>Sub-total for Artist development<br>Education:<br>Bliss Trust<br>Boris Karloff Foundation<br>Derek Hill Foundation<br>Doyle Cart Foundation<br>Faber Music<br>Finzi Trust<br>Fran Hanley Fund<br>Lochlands Trust<br>Marchus Trust<br>Margaret Engering legacy<br>Michael Cornish Charitable Trust<br>Radcliffe Trust<br>Samuel Gardner Memorial Fund<br>Scops Arts Fund<br>Thomas Sivewright Catto<br>Three Monkeys Trust<br>Youth Music<br>D'Oyly Carte<br>Paul Hamlyn Foundation<br>Maria Bjornson Memorial Fund<br>Aspinwall Educational Trust<br>Nineveh Trust<br>Others<br>Project income<br>Sub-total for Education<br>PRS Foundation<br>British Council<br>Project income<br>Sub-total for Digital and Audience engagement<br>Boltini Trust<br>Anthony Bolton<br>Sub-total for Muic Patron<br>Total income from charitable activities<br>Income from charitable activities<br>Income from donations<br>Digital and Audience engagement:<br>Music Patron|Unrestricted<br>£<br>2,396<br>717,625<br>88,174|Restricted<br>£<br>-<br>-<br>-|2022<br>Total<br>£<br>2,396<br>717,625<br>88,174|Unrestricted<br>£<br>7,625<br>717,625<br>-|Restricted<br>£<br>-<br>-<br>-|2021<br>Total<br>£<br>7,625<br>717,625<br>-|
||808,195|-|808,195|725,250|-|725,250|
||Unrestricted<br>£<br>-<br>-<br>-<br>-<br>-<br>1,655|Restricted<br>£<br>2,500<br>10,000<br>5,000<br>9,000<br>3,958<br>-|2022<br>Total<br>£<br>2,500<br>10,000<br>5,000<br>9,000<br>3,958<br>1,655|Unrestricted<br>£<br>-<br>-<br>-<br>-<br>-<br>1,655|Restricted<br>£<br>-<br>10,000<br>-<br>10,000<br>12,133<br>-|2021<br>Total<br>£<br>-<br>10,000<br>-<br>10,000<br>12,133<br>1,655|
||1,655|27,958|29,613|1,655|32,133|33,788|
||-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>37,539|250<br>1,500<br>2,500<br>-<br>10,000<br>500<br>9,958<br>3,000<br>-<br>7,000<br>1,000<br>-<br>750<br>10,000<br>500<br>5,000<br>-<br>-<br>29,000<br>5,000<br>1,000<br>2,500<br>8,457<br>-|250<br>1,500<br>2,500<br>-<br>10,000<br>500<br>9,958<br>3,000<br>-<br>7,000<br>1,000<br>-<br>750<br>10,000<br>500<br>5,000<br>-<br>-<br>29,000<br>5,000<br>1,000<br>2,500<br>8,457<br>37,539|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>34,706|500<br>1,000<br>-<br>3,000<br>-<br>500<br>-<br>-<br>5,000<br>7,000<br>-<br>5,000<br>1,500<br>-<br>-<br>5,000<br>12,785<br>3,000<br>-<br>-<br>-<br>-<br>7,237<br>-|500<br>1,000<br>-<br>3,000<br>-<br>500<br>-<br>-<br>5,000<br>7,000<br>-<br>5,000<br>1,500<br>-<br>-<br>5,000<br>12,785<br>3,000<br>-<br>-<br>-<br>-<br>7,237<br>34,706|
||37,539|97,915|135,454|34,706|51,522|86,228|
||-<br>-<br>240|9,000<br>52,788<br>-|9,000<br>52,788<br>240|-<br>-<br>262|10,000<br>-<br>-|10,000<br>-<br>262|
||240|61,788|62,028|262|10,000|10,262|
||-<br>-|100,000<br>80,000|100,000<br>80,000|-<br>-|25,000<br>20,000|25,000<br>20,000|
||-<br>39,434|180,000<br>367,661|180,000<br>407,095|-<br>36,623|45,000<br>138,655|45,000<br>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)<br>Direct costs<br>Grants (note 6)<br>Premises<br>Finance, legal and professional<br>Communications<br>Staff recruitment, travel, training and<br>subsistence<br>Depreciation of fixed assets<br>General office and administration<br>Computer maintenance and IT<br>Unrecoverable VAT<br>Support costs<br>Governance costs<br>Total expenditure 2022<br>Total expenditure 2021|Cost of raising<br>funds<br>£<br>28,105<br>2,567<br>-<br>-<br>1,440<br>-<br>-<br>-<br>-<br>-<br>-|Artist<br>development<br>£<br>149,827<br>124,545<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Education<br>Digital and<br>Audience<br>engagement<br>Organisational<br>development<br>£<br>£<br>£<br>92,829<br>95,426<br>-<br>131,501<br>49,565<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>224,330<br>144,991<br>-<br>53,944<br>55,452<br>-<br>6,475<br>6,658<br>-<br>284,749<br>207,101<br>-<br>237,940<br>233,113<br>-<br>Charitable activities|Education<br>Digital and<br>Audience<br>engagement<br>Organisational<br>development<br>£<br>£<br>£<br>92,829<br>95,426<br>-<br>131,501<br>49,565<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>224,330<br>144,991<br>-<br>53,944<br>55,452<br>-<br>6,475<br>6,658<br>-<br>284,749<br>207,101<br>-<br>237,940<br>233,113<br>-<br>Charitable activities|Education<br>Digital and<br>Audience<br>engagement<br>Organisational<br>development<br>£<br>£<br>£<br>92,829<br>95,426<br>-<br>131,501<br>49,565<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>224,330<br>144,991<br>-<br>53,944<br>55,452<br>-<br>6,475<br>6,658<br>-<br>284,749<br>207,101<br>-<br>237,940<br>233,113<br>-<br>Charitable activities|Music Patron<br>48,870<br>51,987<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Governance<br>costs<br>£<br>16,094<br>-<br>-<br>-<br>9,450<br>-<br>-<br>-<br>-<br>-<br>-|Support costs<br>£<br>99,728<br>28,846<br>-<br>28,939<br>2,079<br>2,301<br>15,089<br>1,635<br>5,566<br>12,687<br>15,924|2022<br>Total<br>£<br>530,878<br>389,011<br>-<br>28,939<br>12,969<br>2,301<br>15,089<br>1,635<br>5,566<br>12,687<br>15,924|2021       Total<br>£<br>461,801<br>254,987<br>12,271<br>57,643<br>8,691<br>4,847<br>7,021<br>2,238<br>17,092<br>22,416<br>22,565|
|---|---|---|---|---|---|---|---|---|---|---|
||32,112<br>16,332<br>1,960|274,372<br>87,066<br>10,451|224,330<br>53,944<br>6,475|144,991<br>55,452<br>6,658|-<br>-<br>-|100,857<br>-<br>-|25,544<br>-<br>(25,544)|212,794<br>(212,794)<br>-|1,014,999<br>-<br>-|871,571<br>-<br>-|
||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)<br>Direct costs<br>Grants (note 6)<br>Premises<br>Finance, legal and professional<br>Communications<br>Staff recruitment, travel, training and<br>subsistence<br>Depreciation of fixed assets<br>General office and administration<br>Computer maintenance and IT<br>Unrecoverable VAT<br>Support costs<br>Governance costs<br>Total expenditure 2021|Cost of raising<br>funds<br>£<br>52,854<br>5,579<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||Charitable activities|||Governance<br>costs<br>£<br>19,917<br>-<br>-<br>-<br>7,351<br>-<br>-<br>-<br>-<br>-<br>-|Support costs<br>£<br>112,401<br>25,144<br>-<br>57,643<br>1,340<br>4,847<br>7,021<br>2,238<br>17,092<br>22,416<br>22,565|2021<br>Total<br>£<br>461,801<br>254,987<br>12,271<br>57,643<br>8,691<br>4,847<br>7,021<br>2,238<br>17,092<br>22,416<br>22,565|
|||Artist<br>development<br>£<br>104,195<br>94,907<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Education<br>£<br>71,808<br>88,484<br>12,271<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Digital and<br>Audience<br>engagement<br>£<br>100,626<br>40,873<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Organisational<br>development<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||||
||58,433<br>43,746<br>4,374|199,102<br>86,240<br>8,623|172,563<br>59,434<br>5,943|141,499<br>83,286<br>8,328|-<br>-<br>-|27,268<br>-<br>(27,268)|272,706<br>(272,706)<br>-|871,571<br>-<br>-|
||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<br>Community Music<br>At the end of the year<br>Drake Music<br>Birmingham University<br>University of Huddersfield|2022<br>£<br>-<br>-<br>-<br>-|2021<br>£<br>4,313<br>3,785<br>1,812<br>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|-|-|



- 8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 

Staff costs were as follows: 

|Staff costs were as follows:|||
|---|---|---|
|Employer’s contribution to defined contribution pension schemes<br>Salaries and wages<br>Social security costs|2022<br>£<br>473,903<br>37,875<br>19,101|2021<br>£<br>412,276<br>33,629<br>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<br>Governance of the charity<br>Raising funds|2022<br>No.<br>16.0<br>2.0<br>1.0|2021<br>No.<br>14.0<br>1.4<br>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<br>At the start of the year<br>At the end of the year<br>Net book value<br>At the start of the year<br>At the end of the year<br>Charge for the year<br>Cost<br>Depreciation<br>At the start of the year<br>Additions in year<br>Disposals in year<br>Eliminated on disposal|Office<br>furniture<br>5,443<br>2,800<br>(5,443)|Equipment &<br>computers<br>£<br>23,409<br>9,191<br>-|Total<br>£<br>28,852<br>11,991<br>(5,443)|
||2,800|32,600|35,400|
||4,515<br>453<br>(4,544)|20,113<br>1,182<br>-|24,628<br>1,635<br>(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<br>Cash held by investment managers for re-investment<br>Fair value at the end of the year<br>Listed investments are represented by:<br>UK mutual funds<br>Cash held for investment managers for reinvestment<br>Fair value at the end of the year<br>Net (losses) gains on revaluation<br>Disposal proceeds<br>Additions at cost<br>Fair value at the start of the year|2022<br>£<br>1,601,697<br>175,000<br>(56,400)<br>80,202|2021<br>£<br>1,364,655<br>-<br>(45,800)<br>282,842|
||1,800,500<br>-<br>1,800,500|1,601,697<br>-<br>1,601,697|
||1,800,500<br>-|846,677<br>755,020|
||1,800,500|1,601,697|



## 14 Debtors 

|Debtors|||
|---|---|---|
|Trade debtors<br>Other debtors<br>Prepayments<br>VAT<br>Accrued income<br>Creditors: amounts falling due within one year<br>Accruals<br>Trade creditors|2022<br>£<br>100<br>80,325<br>6,223<br>-<br>24,390|2021<br>£<br>-<br>1,623<br>1,234<br>1,417<br>26,125|
||111,038|30,399|
||2022<br>£<br>52,143<br>14,001|2021<br>£<br>20,446<br>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<br>Investments<br>Net current assets<br>Net assets at the end of the year|Unrestricted<br>General<br>funds<br>£<br>13,681<br>328,335<br>23,780|Unrestricted<br>Designated<br>funds<br>£<br>-<br>274,880<br>134,420|Restricted<br>funds<br>£<br>-<br>-<br>205,129|Arthur A Paul<br>Memorial<br>Fund<br>£<br>-<br>1,197,285<br>-|Total<br>funds<br>£<br>13,681<br>1,800,500<br>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<br>Investments<br>Net current assets<br>Net assets at the end of the year|Unrestricted<br>General<br>funds<br>£<br>4,224<br>298,949<br>19,073|Unrestricted<br>Designated<br>funds<br>£<br>-<br>140,000<br>181,950|Restricted<br>funds<br>£<br>-<br>-<br>90,010|Arthur A Paul<br>Memorial<br>Fund<br>£<br>-<br>1,162,748<br>-|Total funds<br>£<br>4,224<br>1,601,697<br>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 

- 17a Movements in funds (current year) 

|e year ended 31 March 2022<br>Movements in funds (current year)|||||||
|---|---|---|---|---|---|---|
|Restricted funds:<br>MP development costs<br>British Council<br>Listen, Imagine, Compose - Primary<br>Minute of Listening<br>Total designated funds<br>Go compose<br>Summer School<br>Podcast<br>Portfolio<br>Adopt a Composer<br>Total unrestricted funds<br>Networks<br>Project Completion Reserve<br>British Music Collection<br>Pathways<br>Artist Development:<br>New Voices<br>Other funds<br>Education<br>Arthur A Paul Memorial Fund<br>Artist development:<br>Designated funds:<br>Summer School<br>Composer/ Curator<br>Digital and Audience Engagement :<br>Other funds<br>Organisational development<br>Fran Hanley fund<br>New Voices<br>Unrestricted funds:<br>General fund<br>Total restricted funds<br>Francis Chagrin Covid19 Composer<br>awards<br>Music Patron :<br>MP running costs<br>Linked charity<br>Education<br>Composer/Curator<br>ISCM<br>Digital and Audience Engagement:<br>Listen, Imagine, Compose<br>Associates<br>Francis Chagrin Covid19 Composer<br>awards<br>Minute of Listening<br>Go compose Inspire Days<br>New Music Labs<br>Total funds|At the start<br>of the year<br>£<br>1,162,748<br>5,000<br>20,000<br>-|Incoming<br>resources<br>£<br>-<br>6,398<br>21,560<br>-|Outgoing<br>resources<br>£<br>-<br>(11,398)<br>(32,560)<br>-|Investment<br>(losses)/<br>gains<br>£<br>90,937<br>-<br>-<br>-|Transfers<br>£<br>(56,400)<br>-<br>-<br>-|At the end<br>of the year<br>£<br>1,197,285<br>-<br>9,000<br>-|
||25,000<br>35,000<br>2,448<br>-<br>-<br>-|27,958<br>-<br>53,457<br>9,958<br>29,000<br>5,000<br>500|(43,958)<br>(87,007)<br>-<br>(15,220)<br>-<br>(500)|-<br>-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>-<br>-|9,000<br>1,450<br>12,406<br>13,780<br>5,000<br>-|
||37,448<br>5,000<br>-|97,915<br>9,000<br>52,788|(102,727)<br>(5,000)<br>-|-<br>-<br>-|-<br>-<br>-|32,636<br>9,000<br>52,788|
||5,000<br>22,562<br>-|61,788<br>100,000<br>80,000|(5,000)<br>(83,071)<br>(17,786)|-<br>-<br>-|-<br>-<br>-|61,788<br>39,491<br>62,214|
||22,562<br>-|180,000<br>-|(100,857)<br>-|-<br>-|-<br>-|101,705<br>-|
||90,010|367,661|(252,542)|-|-|205,129|
||322,246|847,693|(631,785)|(10,735)|(161,622)|365,797|
||-<br>7,000<br>5,000<br>3,000<br>20,000<br>111,650<br>8,300<br>-<br>10,000<br>-<br>-<br>25,000<br>65,000<br>-<br>25,000<br>30,000<br>12,000|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|-<br>(2,995)<br>(5,000)<br>-<br>(2,320)<br>(43,642)<br>(8,023)<br>-<br>(1,000)<br>-<br>-<br>(7,424)<br>(18,099)<br>-<br>(14,105)<br>(20,278)<br>(7,786)|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|2,600<br>5,995<br>10,000<br>2,000<br>(7,680)<br>101,692<br>(277)<br>-<br>1,000<br>5,000<br>-<br>(2,576)<br>53,099<br>5,000<br>4,105<br>30,278<br>7,786|2,600<br>10,000<br>10,000<br>5,000<br>10,000<br>169,700<br>-<br>-<br>10,000<br>5,000<br>-<br>15,000<br>100,000<br>5,000<br>15,000<br>40,000<br>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<br>Restricted funds:<br>Total unrestricted funds<br>Total funds<br>ISCM<br>Go Compose<br>Summer School<br>Other funds<br>Designated funds:<br>Unrestricted funds:<br>General fund<br>Arthur A Paul Memorial Fund<br>New Voices<br>Other funds<br>Digital and Audience Engagement :<br>Composer Curator<br>Education:<br>Artist Development:<br>Francis Chagrin Covid19 Composer<br>awards<br>Music Patron<br>Project Completion Reserve<br>Artist development:<br>Fran Hanly fund<br>Organisational development<br>Total restricted funds<br>Adopt a Composer<br>Associates<br>Francis Chagrin Covid19 Composer<br>awards<br>Summer School<br>Digital and Audience Engagement:<br>British Music Collection<br>Total designated funds<br>ISCM<br>Networks<br>New Voices<br>Pathways<br>Portfolio<br>Education<br>Go compose<br>Listen, Imagine, Compose<br>Minute of Listening<br>Composer/Curator<br>Podcast|At the start<br>of the year<br>£<br>963,587<br>500<br>-<br>-<br>-<br>-|Incoming<br>resources<br>£<br>-<br>-<br>12,013<br>20,120<br>45,000<br>-|Outgoing<br>resources<br>£<br>-<br>(500)<br>(7,013)<br>(120)<br>(22,438)<br>-|Investment<br>gains<br>£<br>244,961<br>-<br>-<br>-<br>-<br>-|Transfers<br>£<br>(45,800)<br>-<br>-<br>-<br>-<br>-|At the end<br>of the year<br>£<br>1,162,748<br>-<br>5,000<br>20,000<br>22,562<br>-|
||500<br>10,000<br>35,000<br>2,448<br>-|77,133<br>12,785<br>38,737<br>-<br>-|(30,071)<br>(22,785)<br>(38,737)<br>-<br>-|-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>-|47,562<br>-<br>35,000<br>2,448<br>-|
||47,448<br>5,000|51,522<br>10,000|(61,522)<br>(10,000)|-<br>-|-<br>-|37,448<br>5,000|
||-|-|-|-|-|-|
||52,948|138,655|(101,593)|-|-|90,010|
||321,171|762,022|(621,402)|37,881|(177,426)|322,246|
||-<br>-<br>-<br>-<br>-<br>114,000<br>8,300<br>-<br>-<br>-<br>20,000<br>50,000<br>20,000<br>20,000<br>15,000|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|-<br>-<br>(8,887)<br>-<br>-<br>(63,914)<br>-<br>-<br>-<br>(14,981)<br>(9,337)<br>(27,229)<br>(9,520)<br>(9,156)<br>(5,552)|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|-<br>7,000<br>13,887<br>3,000<br>20,000<br>61,564<br>-<br>-<br>10,000<br>14,981<br>14,337<br>42,229<br>14,520<br>19,156<br>2,552|-<br>7,000<br>5,000<br>3,000<br>20,000<br>111,650<br>8,300<br>-<br>10,000<br>-<br>25,000<br>65,000<br>25,000<br>30,000<br>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 

- 17 Movements in funds (continued) 

## 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 

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