OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Music And Arts Production Leeds

2024-07-31-accounts

REGISTERED COMPANY NUMBER: 06274330 (England and Wales) REGISTERED CHARITY NUMBER: 1125303 (England and Wales)

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024

FOR

MUSIC AND ARTS PRODUCTION LEEDS

Business Works UK Ltd

4 Lidgett Lane Garforth Leeds West Yorkshire LS25 1EQ

MUSIC AND ARTS PRODUCTION LEEDS

CONTENTS OF THE ANNUAL REPORT FOR THE YEAR ENDED 31ST JULY 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Statement of Cash Flows 9
Notes to the Statement of Cash Flows 10
Notes to the Financial Statements 11 to 18
Detailed Statement of Financial Activities 19 to 20

MUSIC AND ARTS PRODUCTION LEEDS

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST JULY 2024

TRUSTEES J Gill
I Gudelis
S Hassan
O Hope
L Lloyd-Henry
M Mookerjee
G Rosenberg-Colorni
G Yates
COMPANY SECRETARY T Smith
REGISTERED OFFICE Hope House
65 Mabgate Leeds
West Yorkshire
LS9 7DR
REGISTERED COMPANY NUMBER 06274330 (England and Wales)
REGISTERED CHARITY NUMBER 1125303 (England and Wales)
INDEPENDENT EXAMINER Joanna Tomlinson
ACMA
Business Works UK Ltd
4 Lidgett Lane
Garforth
Leeds
West Yorkshire
LS25 1EQ
BANKERS The Co-operative bank
PO Box 250
Skelmersdale
WN8 6WT
KEY MANAGEMENT PERSONNEL Tom Smith
Charlotte Stobbart
Kirsten Busby
Zena Zenonos - Walker (started September 2023)
WEBSITE www.mapcharity.org

Page 1

MUSIC AND ARTS PRODUCTION LEEDS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims Objectives

In furtherance of these objectives, Music and Arts Production Leeds (MAP), has established an arts centre situated at Hope Foundry, 65 Mabgate, Leeds. which is made up of arts and music studios for education sessions, creative workspaces and an adjoining space called Hope House Gallery that is suitable for exhibitions, workshops & performance.

MAP’s arts centre provides an alternative education provision programme offering arts, music and digital media education courses to young people who have difficulty in accessing mainstream school education. MAP also provides after-school arts sessions and maintains a volunteer programme.

Hope House Gallery is host to art exhibitions and events: the work presented ranges from that of young people at school to college and university students, through to professional artists.

Aims

Activities and strategy

The aims are addressed by a series of activities designed to achieve specific results. Targets will be set by the management in line with activity experienced during the previous year and will take into account any proposed expansion, which will be ratified by the next trustees’ meeting.

Page 2

MUSIC AND ARTS PRODUCTION LEEDS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

Education

CHIEVEMENT AND PERFORMANCE
haritable activities
ducation
Schools Education 48 participants 4144 hours used
57.1% attendance 97% achievement
Work Experience 1 participant 54 hours
Education Volunteers 5 participants 202 hours
Events & Exhibitions 57 events 377 artists/participants
254.5 openinghours 7586 Visitors/Viewers

The education income for 2023-24 of £156,000 has increased from the previous year where it was £150,000 for the full academic year. The number of referrals that were in place for the start of the 2024-25 academic year suggests this income can be maintained but there will be some decrease due to changes in education management staff.

The attendance levels for the year 2023-24 have improved when compared to the previous year. The education programme continues to be highly regarded as delivering quality provision, delivering BTEC Level 1 Introductory qualifications and Functional Skills, and the achievement rate for 2023-24 is up from 92% in the previous academic year.

Hope Foundry-Workspace Capital Project

In 2019 MAP purchased Hope Foundry for £1,075,000 using a loan for the full amount which was refinanced in late 2024. A RCIS registered professional carried out a valuation on the property in late 2023, placing the value at £1.4 million. In 2022 MAP completed the refurbishment of half of the building to provide 10,000 sq ft of affordable workspace which is now operational. This refurbishment was funded with a £1,090,000 grant from Leeds City Council and the European Regional Development Fund (ERDF), alongside a £270,000 contribution from MAP. However, to allow for increased costs within the building industry during 2021-22 MAP had to secure an additional £190,000 from ERDF and increase MAP's own contribution by £170,000.

FINANCIAL REVIEW

Performance in year

Income from fund-raising events activity in the year to 31 July 2024 was £65,178 (2023 £40,000). In the full year ending 31 July 2024, income from events was £144,891 which is an increase from 2023 (£124,644) due to continued effort and resources from MAP and extending our programme of events. MAP aims to sustain this level of fundraising events throughout the year ending 2025.

The newly refurbished workspaces became available in Summer 2023 and occupancy levels are on target for the year. MAP Trading Leeds Ltd was established as a wholly owned subsidiary trading arm to MAP, which will collect income from renting space within the building initially and in the following year will also run commercial activities on behalf of MAP associated with events.

The total income from donations for the year ending 31 July 2024 year is £208,000 which is lower than that of the year ending 31 July 2023, which was £266,500, this is due predominantly to one key donation which is designated for capital works and core costs. The total income from grants throughout the year ending 31 July 2024 was approximately £149,000 compared to £108,000 in the year ending 31 July 2023. This increase in grant income is due to funds received from Leeds City Council for the continuing refurbishment of Hope Foundry.

Reserves Policy

It is the policy of the charity that it should have a position where free reserves should be maintained at a level sufficient to sustain the operation of the charity for four months, the target being at least £100,000 (2023: £100,000).

During the prior year the charity established a designated fund which equals the equity that the charity holds in its property, being the carrying value less outstanding balance on the mortgage, this amounts to £325,000 (2023: £325,000). The trustees have also transferred £87,500 out of the designated fund for future development of the building into the unrestricted fund. This is to ensure that the charity’s reserves are adequate, and also more accurately reflects the intentions (but not restrictions) of the donors.

At the year end the free reserves of the charity amounted to £162,650 (2023: £115,832) which is in accordance with the charity’s reserves policy.

Page 3

MUSIC AND ARTS PRODUCTION LEEDS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

Future plans

With the refurbishment of the workspace on the top two floors of Hope Foundry completed and now partially rented out it is MAP’s goal to reach an occupancy of 80% by the end of year 25. In 2025 MAP also hopes to sustain income from education, events and development (grants and donations). MAP also plans to carry out some capital works on the ground floor (anticipated to be £150,000 worth of work) which will enable more efficient operation of fundraising and events income as well as allowing MAP to deliver more of its charitable objectives.

Post Balance Sheet events

The mortgage was repaid in September 2024, and a new mortgage was taken out. This is repayable by 31 August 2029.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Nature of Governing Document

Music And Arts Production Leeds is a private registered charitable company limited by guarantee, with no share capital, incorporated on the 8[th ] June 2007 and governed by its Memorandum and Articles of Association.

Each member undertakes to pay an amount not exceeding £10 towards liabilities in the event of the charity being dissolved.

Management

The policy and general management of the affairs of MAP are directed by the Trustees, one third of whom retire each year by rotation, but are eligible for re-election.

The day-to-day management of MAP is carried out by the managers, Tom Smith, Charlotte Stobbart, Kirsten Busby and Zena ZenonosWalker.

The trustees affirm and maintain their commitment to Safeguarding and Child Protection, Health and Safety, Behaviour and Anti-Bullying policies and Equal Opportunities policies. Details of the policies in force can be found in the MAP Trustees Handbook.

Recruitment, appointment and training of trustees

Trustees are appointed with a view to diversity, sound experience in a related field or professional expertise in a relevant area.

Such candidates are given first-hand experience of the work of MAP and are invited to a Trustees' meeting. Appointment is then conditional on the approval of the Trustees generally.

Trustees have fully documented roles and these are to be found in the MAP Trustee Handbook.

All new trustees are appropriately trained, and all existing trustees receive updates from the Charities Commission.

Key management remuneration

The trustees consider the Chief Executive, Financial Officer and Education Managers as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 8 and 18 to the financial statements.

Governance

MAP formally supports the principles of the Code of Good Governance as developed by The Governance Hub.

Page 4

MUSIC AND ARTS PRODUCTION LEEDS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2024

Risk Policy

Trustees place a high priority on risk management. Risks identified are categorised as follows:

-Governance and management risks

-External and compliance risks, including the Government reducing schools' ability to spend on alternative provision for their pupils.

It is the policy of the trustees to review all risks on an annual basis. The annual review seeks to establish that all risks are documented and that steps to mitigate such risks are established and executed. As a result of this process, the trustees are satisfied that residual risks are minimised.

Public Benefit

The Trustees are aware of the Charity Commission's advice on Charities and Public Benefit.

The Trustees confirm that they 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 future activities for the year.

MAP is of benefit to the public, specifically young people struggling to access mainstream education. This benefit is not restricted by the public's ability to pay, nor is it unreasonably restricted geographically. MAP is also of benefit to the public in providing arts exhibitions and events that foster understanding between people of different groups and promoting equality and diversity. For quantitative evidence supporting this please see section on 'Achievement and Performance' (page 3)

Approved by order of the board of trustees on ……………….. and signed on its behalf by: 28 April 2025

.............................................................................. WN M Mookerjee - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSIC AND ARTS PRODUCTION LEEDS FOR THE YEAR ENDED 31ST JULY 2024

Independent examiner's report to the trustees of Music and Arts Production Leeds ('the Company')

I report to the trustees (who are also directors for the purpose of company law) on my examination of the financial statements of Music and Arts Production Leeds (the charitable company’) for the year ended 31st July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.

This report is made solely to the charity’s trustee, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As trustees of the Charitable Company, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the Act').

Having satisfied myself that the financial statements of the Charitable Company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of your Charitable Company’s financial statement as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that is required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view, and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a registered member of CIMA which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Joanne Tomlinson ACMA Business Works UK Ltd 4 Lidgett Lane Garforth Leeds West Yorkshire LS25 1EQ

Date: ……………………….

Page 6

MUSIC AND ARTS PRODUCTION LEEDS

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST JULY 2024

Notes
INCOME FROM
Donations
2
Donations
Grants
Charitable activities
Education income
Events income
Insurance proceeds
Investment income
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Direct costs
Personnel costs
Support costs
Loan interest
Total
NET INCOME
Loss on mixed motive investment property
Gain on revaluation of tangible fixed asset
Transfer between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
208,151
3,250
155,947
144,891
26,765
64,489
603,493
54,189
122,598
228,820
56,980
43,000
505,587
97,906
-
-
3,750
_
101,656
553,332
_
654,988
========		 Restricted
funds
£
-
148,067
-
-
-
-
148,067
-
18,972
52,366
-
-
71,338
76,729
-
-
(3,750)
_
72,979
11,021
_
84,000
=======		 2024
Total
funds
£
208,151
151,317
155,947
144,891
26,765
64,489
751,560
54,189
141,570
281,186
56,980
43,000
576,925
174,635
-
-
-
_
174,635
564,353
_
738,988
=======		 2023
Total
funds
£
266,517
107,932
150,319
124,644
-
20,083

669,495
34,357
100,312
244,362
47,879
43,000
469,910
199,585
(990,703)
52,500
-
_
(738,618)
1,302,971
_
564,353
=======

The notes form part of these financial statements

Page 7

MUSIC AND ARTS PRODUCTION LEEDS

BALANCE SHEET

31ST JULY 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible fixed asset 12 700,000 - 700,000 700,000
Mixed motive investment property 13 700,000 - 700,000 700,000
1,400,000 - 1,400,000 1,400,000
CURRENT ASSETS
Debtors 14 231,079
84,000		 84,000 315,079 161,632
Cash at bank and in hand 205,916 - 205,916 78,971
436,995 84,000 520,995 240,603
CREDITORS
Amounts falling due within one year 15 (1,182,007) - (1,182,007) (1,250)
NET CURRENT ASSETS (745,012) 84,000 (661,012) 239,353
TOTAL ASSETS LESS CURRENT LIABILITIES 654,988 84,000 738,988 1,639,353
CREDITORS
Amounts falling due after more than one year 16 - - - (1,075,000)
NET ASSETS 654,988 84,000 738,988 564,353
FUNDS 18
Designated fund – Capital Assets 325,000 325,000
Restricted funds 84,000 11,021
Designated fund - Hope Foundry 167,338 112,500
Unrestricted funds (free reserves) 162,650 115,832
TOTAL FUNDS 738,988 564,353

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime.

28 April 2025

The financial statements were approved by the Board of Trustees and authorised for issue on ………….. and were signed on its behalf

by:

.............................................

O Hope (Treasurer) - Trustee

The notes form part of these financial statements

Page 8

MUSIC AND ARTS PRODUCTION LEEDS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST JULY 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Investing activities
Income from investment properties
Expenditure in relation to fixed asset
Net cash provided by (used in) investment activities
Financing activities
Interest paid
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period		 2024
£
105,456
105,456
64,489
______-

64,489

43,000
126,945
78,971
205,916
=======		 2023
£
852,764
852,764
20,083
(1,263,203)
(1,243,120)
43,000
(433,356)
512,327
78,971
======		 2023
£
852,764

852,764

78,971
======

The notes form part of these financial statements

Page 9

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST JULY 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024
£
Net income for the reporting period (as per the Statement of Financial Activities)
174,635
Interest payable
43,000
Decrease/increase in debtors
(153,447)
Income from investment properties
(64,489)
(Decrease)/increase in creditors
105,757
Net cash provided by operations
105,456
=======		 2023
£
199,585
43,000
724,544
(20,083)
(94,282)

852,764
=======

The notes form part of these financial statements

Page 10

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

1. ACCOUNTING POLICIES

Basis of preparing financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for investment properties and tangible fixed assets which are included at market value.

The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.

The financial statements have been prepared on a going concern basis, the trustees have assessed the foreseeable future being a period of not less than 12 months from the date of signing of the balance sheet and have identified no material uncertainties regarding the charity’s going concern status. As documented in notes 14 and 16 the charity mortgage amounting to £1,075,000 was due for repayment on 30 September 2024. The trustees have secured funding to repay the current mortgage and the new funding is repayable on 31 August 2029.

The significant accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income

All income is recognised in income and expenditure once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Properties

The charity only has one building, being Hope House, this property has been recognized based on its functionality. The top two floors are classified as a mixed motive investment property as they are either currently being rented out or will be in the future. The tenants are predominantly small to medium-sized creative businesses and are part of the charity’s vision to develop a creative hub. The ground floor and basement are used by the charity to run its activities and house its administrative function and are classified as a tangible asset.

The original cost of the building and its current value are pro-rated between the two elements based on floor space. Additions to the building are recognized on an actual basis.

The building was valued by an independent qualified RICS surveyor on 7 December 2023. The trustees do not believe that there was a material difference if the value of the building at this date and as at the reporting date. The valuer has extensive experience of valuing buildings of this nature in the local area. The valuation was based on the Red Book and was mainly derived from the sales prices achieved by similar building in the area, flexed for the special characteristics of Hope House.

Tangible fixed assets

Freehold property – depreciation rate 0%

The building is carried at fair value, and the continued programme of maintenance and development means that the residual value is not materially different from the current carrying value. Gains and losses are recognized in the other comprehensive

continued...

Page 11

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

income section of the Statement of Financial Activity.

Investment properties

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in income and expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Irrecoverable VAT is included in the cost of the items to which it relates to.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds which the trustees have ear-marked for a specific purpose.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to income and expenditure in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

2. GRANTS RECEIVABLE

3.

2024 2023
£ £
Grants received
National Lottery Grant 14,701 -
Sir George Martin Trust - 3,000
Yorkshire Young Achievers Foundation 5,000 2,500
Leeds City Council 1,250 3,750
West Yorkshire Combined Authority - 8,000
Workspace Fund-LCC - 682
Discretionary Fund - 90,000
Henry Smith Charity 23,500 -
Innovation Leeds 84,000 -
Targeted Community Experiences 10,866 -
St James’ Place Charitable Foundation 10,000 -
The Charles and Elsie Sykes Trust 2,000 -
_ __
151,317 107,932
======= =======
INVESTMENT INCOME
2024 2023
£ £
Property rental income 64,489 20,083
======= ======

continued...

Page 12

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

4. RAISING FUNDS

4.
RAISING FUNDS
2024
£
Cost of sales
22,995
Fund raising costs - Wages
31,194
---------
51,189
======
5.
CHARITABLE ACTIVITIES COSTS
Direct
Support
costs (see
costs (see
Note 6)
Note 7)
£
£
Direct costs
141,570
-
Personnel costs
-
281,186
Other costs
-
49,980
Loan interest
__-
43,000
141,570
374,166
======
======

6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2024
£
Education expenses
8,865
Events expenditure
37,502
Screen printing
1,934
Rent and rates
3,017
Facilities and maintenance
9,873
Office expenses
5,202
Hope House Project costs
-
Legal fees
17,516
Refurbishment costs
57,661
141,570
=======
7.
SUPPORT COSTS
Management
Finance
£
£
Personnel costs
281,186
-
Facilities and general costs
49,980
-
Loan interest
___-
_43,000
361,166
43,000
=======
======
 2023
£
19,709
14,648
---------
34,357
======
Totals
£
141,570
281,186
49,980
43,000
515,736
=======
2023
£
8,769
13,993
3,151
2,932
6,344
11,978
800
-
-
______
100,312
======
Totals
£
281,186
49,980
43,000
374,166
=======

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ending 31st July 2024 nor for the year ended 31st July 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ending 31st July 2024 nor for the year ended 31st July 2023.

9. INDEPENDENT EXAMINER’S REMUNERATION

The independent examiner’s remuneration amounts to an independent examination fee of £3,654 (2023: £2,085). For other services the independent examiner received £1,967 (2023 £nil).

continued...

Page 13

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

10. STAFF COSTS

2024 2023
£ £
Wages and salaries 233,759 203,173
Social security costs 17,460 12,839
Other pension costs 5,188 4,292
Freelance costs 24,779 24,058
281,186 244,362
======= =======

The Charity considers its key management personnel comprised: the trustees, the Chief Executive, Financial Officer and Education Managers. The total employment costs of the key management personnel in the financial year were £166,169 (2023:£132,680).

Reimbursed expenses, which are all subject to the Charity’s process of internal controls, do not form part of remuneration and are not included above.

The average monthly number of employees during the year was as follows:

11.

Management staff
Education staff
TANGIBLE FIXED ASSET
VALUE
As 1stAugust 2023
At 31stJuly 2024		 2024
2023
5
5
_3
_4
8
9
=====
=====
£
700,000
700,000
=======		 2023
5
4

12. MIXED MOTIVE INVESTMENT PROPERTY

MIXED MOTIVE INVESTMENT PROPERTY
£
VALUE
At 1stAugust 2023 700,000
At 31stJuly 2024 700,000
=======
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade and funding debtors 129,026 60,807
Other debtors from secured grant funding 162,265 61,857
VAT - 6,814
Sundry debtors 2,994 15,365
Prepayments 20,794 16,789
315,079 161,632
======= ======

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

continued...

Page 14

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Creditors in the ordinary course of activities 30,312 -
Social security and other taxes 9,604 -
VAT 7,438 -
Other loans (see note 16) 1,075,000 -
Accruals and deferred income _59,663 1,250
1,182,007 1,250
======= ======
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Other loans (see note 16) - 1,075,000
======== ========
16. LOANS
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due between two and five years:
Other loans – 2-5 years - 1,075,000
======== ========

Other loans represents a fixed rate (4%) mortgage with a final repayment date of 30th September 2024. The security for the loan is Hope House.

The loan was advanced in September 2019 by a company of which D Mischendahi is a director and material shareholder. Subsequently after the transaction D Mischendahi became a trustee of the charity in November 2019 and resigned May 2023.

continued...

Page 15

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

17. MOVEMENT IN FUNDS

X
Unrestricted funds
General fund
Designated fund–future development of Hope
Foundry
Designated fund – Capital Assets
Restricted funds
Sir George Martin Trust
Leeds Inspired Fund
Yorkshire Young Achievers
Arts Leeds
Small Sparks Fund
Leeds City Council – Innovation Leeds
TOTAL FUNDS		 Net
movement
At 1/8/23
in funds
£
£
115,832
43,068
112,500
325,000
54,838
-
3,000
(3,000)
1,421
(1,421)
2,500
(2,500)
3,750
-
350
(350)
84,000
11,021
76,729
564,353
174,635		 Transfer
between
At
funds
31/7/24
£
£
3,750
162,650
-
-
167,338
325,000
-
-
-
-
-
-
(3,750)
-
-
-
-
84,000
(3,750)
84,000
-
738,988

The transfer from restricted funds to unrestricted funds is because of capital expenditure on the building being undertaken, meaning that the promise that created the restricted fund has been satisfied.

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
Resources expended in funds
£ £ £
Unrestricted funds
General fund 490,993 447,925 43,068
Designated fund–future development of Hope
Foundry 112,500 57,662 54,838
-
Restricted funds
Sir George Martin Trust - 3,000 (3,000)
Leeds Inspired Fund - 1,421 (1,421)
Small Sparks Fund - 350 (350)
National Lottery Grant 14,701 14,701 -
Henry Smith Charity 23,500 23,500 -
Yorkshire Young Achievers 5,000 7,500 (2,500)
Innovation Leeds 84,000 - 84,000
Targeted Community Experiences 10,866 10,866 -
St James’ Place Charitable Foundation _ 10,000 10,000 _-
148,067 71,338 76,729
TOTAL FUNDS 751,560 576,925 174,635

continued...

Page 16

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds – future development of buildings
Designated funds – Capital Assets
Restricted funds
Sir George Martin Trust
Leeds Inspired Fund
Yorkshire Young Achievers
West Yorkshire Combined Authority
Robert Dyson
European Regional Development Fund
Workspace Fund – Leeds City Council
Arts Leeds
Small Sparks Fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are a		 Net
movement
At 1/8/22
in funds
£
£
56,946
(799,481)
200,000
-
-
-
-
3,000
739
682
-
2,500
-
8,000
100,000
-
587,746
-
357,190
42,931
-
3,750
_ 350
__-
1,046,025
60,863
1,302,971
(738,618)
s follows:		 Transfers
between
funds
£
858,367
(87,500)
325,000
-
-
-
(8,000)
(100,000)
(587,746)
(400,121)
-
__-

(1,095,867)
-		 At
31/7/23
£
115,832
112,500
325,000
3,000
1,421
2,500
-
-
-
-
3,750
350
___
11,021
563,353
Unrestricted funds
General fund
Restricted funds
Sir George Martin Trust
Leeds Inspired Grant
Yorkshire Young Achievers
West Yorkshire Combined Authority
Arts Leeds
Workspace Fund – Leeds City Council
TOTAL FUNDS		 Incoming
resources
£
561,563
3,000
682
2,500
8,000
3,750
90,000
107,932
669,495
 Resources
Movement
expended
in funds
£
£
(1,361,044)
(799,481)
-
3,000
-
682
-
-
2,500
8,000
-
3,750
(47,069)
42,931
(47,069)
60,863
(1,408,113)
(738,618)

Designated fund – future development of building

This has been designated for the development of the Hope House Project.

Designates fund – Capital Assets

A separate fund has been established to represent the value of the building less any outstanding mortgage .

Page 17

MUSIC AND ARTS PRODUCTION LEEDS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST JULY 2024

Restricted funds

Arts Council England– National Lottery Grant support awarded to assist with the delivery of workshops for women
Grant and non-binary people on music production, deejaying and analog mixers.
Provision of music industry talks with a grass roots record label on
professional music development. Provision of live music events from a
diverse range of local and national partners.
Sir George Martin Trust Grant to support the Education programme
Yorkshire Young Achievers Grant support awarded for the delivery of LPF events.
Leeds City Council - Leeds Inspired Fund Funding towards improvements to events spaces.
Small Sparks fund Awarded for MAP Education's young people's exhibition later in the year.
Yorkshire Young Achievers Awarded to support Plant Club in Education
Henry Smith Charity Awarded to support salary costs in the Education department
Leeds City Council – Innovation Leeds Awarded for the refurbishment of the building
Targeted Community Experiences Awarded to support salary costs in the Education department of Yr 11 cohort
delivery
St James’s Place Charitable Foundation Awarded to support the salary of MAP’s Digital Media Tutor

18. RELATED PARTY DISCLOSURES

There were no related party transactions in the current year bar the remuneration of key management personnel as detailed in note 10. In the prior year there was also the remuneration of key management personnel as detailed in note 10. In the prior year there was also the remuneration of key management personnel as detailed in note 10 and also the mortgage arrangement with a trustee, who resigned in May 2023.

19. POST BALANCE SHEET

The mortgage was repaid in September 2024, and a new mortgage was taken out. This is repayable by 31 August 2029.

Page 18

MUSIC AND ARTS PRODUCTION LEEDS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants received
Property related investment income
Property rental income
Charitable activities
Education income
Events income
Screen printing
Other income
Insurance claim
Total incoming resources
EXPENDITURE
Investment management costs
Cost of sales
Fund raising costs - Wages
Charitable activities
Direct costs
Education expenses
Events expenses
Screen printing
Rent and rates
Facilities and maintenance
Office expenses
Hope House project costs
Legal and professional fees
Support costs
Management
Wages
Social security
Pensions
Subcontractors
Insurance
Light and heat
Telephone
Travel and meetings
Sundries
Carried forward		 2024
£
208,151
151,317
359,468
64,489
155,947
142,338
2,553
303,838
26,765
751,560
22,995
31,194
54,189
8,865
37,502
1,934
3,017
9,873
5,202
57,662
17,516
141,570
233,759
17,460
5,188
24,779
23,032
18,041
3,420
8,721
3,765
338,165

2023
£
266,517
107,932
374,449
20,083
150,319
124,599
45
274,963
-
669,495
19,709
14,648
34,357
8,769
13,993
3,151
2,932
6,344
11,978
800
52,345
100,312
203,173
12,839
4,292
24,058
18,719
19,698
2,506
1,530
5,426
292,241



This page does not form part of the statutory financial statements

Page 19

MUSIC AND ARTS PRODUCTION LEEDS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2024

Finance
Loan interest
Total resources expended
Net income		 43,000
576,925
174,635		 43,000

469,910

199,585

This page does not form part of the statutory financial statements

Page 20