Compthy regisiration number". W60387 Clharity ￿giS{rati￿ numbcr.. 1128587 Leeds Music Trust IA comrAny limited by shar¢ ¢apital) Annual ReFTh( arKI Finantial Stathents fw the Year Ended 31 October 2021 *A813FIUJ* 0311212022 COMPANIES HOUSE #188 I￿edS Music Trust ConleDts Rtference and Adtninistrativc De¢ails TtUSLees Report 2to6 Statcrnent of Trust¢cs' Responsibililies Accountants. Rep)rt Ststement of Financial A¢iivitLes Balanee Sheei Notcs to the Financial Slaiements i£eds Music Trnst Reference and Administrative Details TNs¢tts Mr C Guerin Mr N Chapman Mrs S Srnith Ms A Holme5 Ch4riry Regl$ir4tion Number I 128587 Compaxy Rtgistr*tioA Number 06660387 Rtgistend Office Old Chapel Siudios I Ctossland Court CzAr Sirttt Lee4ts LSII 9PR Princip*l Office Old Ch>p¢l Studios I Cto&sland Court C7Ar Strcet Leeds LSI 19PR Aceountants Jon Child & Co Chartered Accountants 79 Tib Sttt Manchcsler M4 ILS Page I Leeds Music Trllst Tru5te¢s Report Structure governance and managtmtwt Leeds Music Tw5t (thc "Charity") wa5 incorwrat¢d as a eharitablc cotnpamy litnited by Bu¥ant¢e on 30 July 2(M)8. The Charity's goveming document is the Memorandum and Articles of Association. The company number and other admini￿ratIVe details are set Out in the introduetory parts of the Accounts. Followin8 a special resolution 10 8mend the obj'ects, the Cl￿ty was accewed for rc8istration with the Charity Commi55ion on 16 Mwrh 2(1)9 with the charity numEtr s¢L Out aknvc. The Trustees of the Ch3rity arc apw)inted by the members. The may ¢OryOPL further Ttusitcs. The Trustees have bern seletttd by the promotrT5 of the Charity for their C4)mmitslltni to Charity's object5 and achieving ihe objeciives. with reference to iht Naiional 0￿ratiOnal Standards for Tntstee5. The Charity's Trustee appointmcnts p)licy is based on identifyiThg sk-ills requircments and a 5trcngths athd weaknesses analy5LS tsf the ¢urreni 5kslls on the iM)ard Together demonsirniioth of ¢nthusi&sm for the Charity's objective5. Thc Charity's TTU5t¢¢ Inducti￿ Policy requirc5 as a minimum that new Trusiets shall be presented with copies of the Memorandum and Articles of A5sociaiion. Charity Commission publication CC3. the National Operational Stsndards for TN51ee5. management financial dat4 forecasi, and cashflow. and a precis of ihe currerb¢ objeciives of the Charity USU￿lY ith the fomi of the Charity's Lxtsiness plan. Mu¢h of the day to day administr4tsM and auivili¢s are dele8aied to the Charity's volunteers and consultants. All decision makin8 On strategy, capitsl projeeLS and financial mattcr5 15 Strictly rucrvcd tt> thc Trusttes. Th¢ Charity has a wholly owned tyading Subsidiary Old Chapel Music CIC IY)CM"l operatt a community based musie rehearsJl facility and non-¢hatitsWe community b&%ed music aciiviiits to fvnd thc Charity's activities. The Trustee5 undutske SWOT aThaly5is. fcasibility S￿di¢S and peer review to identify operational risk$ and devise the Charity'5 strategy for managing risk5 while delivering the Ch8rity'S obi¢¢tives. ObjectiV¢5 and activiti¢5 Th¢ Trn#ees sei th¢ Charbty's obj¢¢tiYes with reference to tht ¢haritsble otr4ecLS Sct out in the Mcmorandum and Article5 of Associ*ion. The vision of Ihe Charity is io [￿0VIde a 5U5tainable community based music rthearsal f8¢ility by which the pub.lic ￿nefit from th¢ provision of musi¢ f￿1)ill¢S for th¢ purp)s¢ of fomjal Ond infomial music education thereby promoting the art of mustc in a space in which It is intended all seeLions of thc local community can con8re8ate Ihertby breaking doivn ￿la1 economic and cultural barriu5 towards a bcltrr tornmunity. WLth the additional btne*its of local busirK5s and job Creation opp)rtunilies_ In developing the objcctives of thc ChaTity and in 811 th¢ Charity's StroLeBiC decision makit18 the Trus1tt5 have had r¢gard ￿ the Charity Comrni55ion's publish￿ guidance OTh public ￿nefIt and particular advice received duiin8 the rtgi51raiion pmccs5. The objecLS of the Chariry are set in full irt the Mtmordndum and Articles of A550ciatson and also on the Charity Commission's web5iie. In sumrnary the objects of thc Charity arc.. . PrornoLion of the art of music . PromoLion of musical ducation and trdining Provision of rharitablt rtcre*ional facilitie5 . Other eharitsbl¢ pury￿Ses cortsis￿t with th¢ purrA)5e5 scl out alx>ve Pa8e 2 Leeds Music Tru51 Tr•st¢e5 R¢port The Ch#rlty's #lm$ xr¢ . Provi$i(pn of a high quality low COSL mysic rehearsal facility . Provision of formal and infornial music ethEcation . Provision of opwrtLLnities for publi¢ perf(mat)ces . Provision of opportunities for disadvartta8¢d 8roups ￿ participate in rn￿1¢ ConduciinB the aknve in a manner by which the public will benefii from ¢ollai*>rniions and ¢ooperaiiv¢ )rkin8 betwten charilics. local i￿inesS and job creation. The Charity iniend5 to Crea￿ opp)rtunitI￿ for the public ¢0 btnefii from the provisiort of local livt music and to rnake a difference in the Charity's lool area by providin8 music and community faciliiies in a deprived are4. The main objectives of ihe Charity during ihis a¢¢ouniing period were.. Maintwning a rnu5ic rchearsal facility. Providing musi¢al educati(Ki aThJ 8rants and subsidiaries to amatvjr MI￿1¢12￿S towards Ichcars￿ fxilities and eqyipmenL Providing oprA)rtunities for disadvantaged groups to participalc in music. The coronavirus SARS Cov2 widemic conbnud during the accouniing period 3nd in line with gov¢rnmemt guidan¢¢ and legal requiremenLS the thority's rnain faeilitLes at Old Chapel, Czar Street Lced5 WCT¢ ¢ith¢T fully closed. partially or fvlly open dependit)8 on whai the current regulations wzrt at any onc tim Achievements aAd perfornante Notable achievtmcnts and ￿formanCe.￿8alnSt the rnain objectivcs of the Tharity during this a¢¢ouniin8 period were as follows.. l. M#lht#inlthg the rthe*r$41 facility. The Old Chapel studios were noi open or trading Is nomial durin8 this year thie to the Covid-19 pandemic. In line with government guidance and legal requirttnents the charity's main music rehearsal farilities ai Old cha￿1. Czar StreeL L¢¢ds ￿Te either closed or open for limited periods to c105ely managed and restri¢ied numi*rs of indi¥iduJls or groups_ The ventilaboD and h¢aiing sys¢¢ms were upgraded to h¢lp man4e the risk of contagion and an ouith)or space crea¢ed foT limiled EaLherinEs of 8n)ups. as F*Tmiued. Since 2J March 2020 all amateurs are currently unablc io perfomi or access faciliti¢5 such as ours due io the coronavirus pandcmic and lthough Professional musicians who perform Music as thEir rn￿￿ source ot iDcome ￿trt allowed lo actess within th¢ nlles dyrittg limiied period5. they all Chose no¢ ￿ tsk¢ yp this option. OCM conlinucs to dclivcr a charitable mu5ir r¢heatsal facility on bthalf ofthc ChaTity in accordance wth the regUITtments of the Charity &s prtsrribed by the Tnjstees from lime io time. The Ttustees have re¢eived regular rep)tts ort FYO8ttss from OCM and monitor d¢livery and r¢vicwed the coronavirus related laws and 8overnmeni 8uidanct. Charging rates when O￿n are approximalely IO% lowcr than sttndard Market rates for similar equipped rehearsaj facilitiCS. DiscounLS ￿ m&rket Mes are automaiiolly given to all the Charity's bthefi¢iaries i.e. amatair musicians Ifull market rdles are payable by professional musician51. Page 3 L£eds Music Trust Trustees Report 2. Provided rnusical education and grants swbsidies to rnu5itiaJi$ towxrds rehearsal facilities cquipment. The Charity via OCM subsidi5ed amateur mu5ician5' rthearsal lime and qU¢Fffient hire during the IiTnited periods whth tht sludios were optn in the same fashion as previous ycar5 and in line wth the IO% reduction ort open mark.ti rates. At differen( Itme5 during the year it was perniued to conlinue wth edu¢aiional aciiviiies and this meartt we could T￿Onvent oui MAS Yoyth Music education PTogJommt which had previously been suspended. B&nds rewrned Lo use the rchear5al Swdce and recording facilities whilst ob5¢rving rules to keep them safe su¢h as #Jlvays using the improved wentilation sysityn. wearing mask& obseNing riR)m oryupaiion restriaions and ￿1n8 hand saniliser. Duritlg this period ￿ I￿re approa¢hed by South L¢¢ds Community Radio, a gTas5roots community or8anisaiiort providin8 oppmunilies tor local disadvants8ed individua15. They were 5c¢king a base a5 thcir Previous accommodation was no Ion8cr available lo IhtTh. We providd th¢m with a ren¢ fr¢e room for th¢ y¢ar io suppjrt the organisation 10 continuc. The trusiee5 are c)Ktrcmcly gra*fi]I w thc dedicated staff and volun*ets wknse h¥d work h&5 enabled the siudios and projects ¢0 gJlltsiiue to nJn despite limitrd funding and in a very ditTl￿11 and uncertain period due to the coronavirus panthmic. Feedb3¢k from Ixrt¢fi¢iarbes and staktholders coniinues ￿ be vuy rx)sitive. Looking Lo the fvture and a tM)st lockdown era the T[￿Sit￿ remain committed to local community events and 5¢¢kin8 further Op￿r￿DitI¢$ towards nNyre structured musical education including opporttjnilies for teathin8, mentoring and perfom)an¢e. 3. Provided opporWhitl¢s for di58dvantsEtd yollp5 ¢0 partitlwte music Due ￿ the face io face nature Of making live music many of our nornial aciivities were forc¢d to close during goveTnmeTri enfoTced lockth)Mms. However. we needed 10 ensure continuity with our beneficiaries parti¢ul2rly it) our Bringing li All Ba¢k Horne projecl IBIABHI ts¢ering foT ￿]rterable PEople who wer¢ already isolated PIE-Covid. Th¢ ttam continued with the othline nKMJ¢l d¢veloped in the pwious year, 8ranLs wrre used to Supply eqlttpmenl required tt) keep rn tOLtch wtth the savtce ￿se¥S and have butli and sustained very regular ¢on¢a¢t with everyone. At different time5 fcstrictions ￿re relaxcd or lifted and trmcn ¢mployed on the progrdrnme continut to SUp￿rt the studio activiry in other Wdy4 ensurin6 a coniinuity of cxpcricnce and learning. 4. Loe#l FtstÈval Page 4 l*eds Musie Trust Trustees Report The Old Cha￿1 Siudi05 are located in an area whidj. 5inc£ 2014. was prescribed as the'managccl Appr03rh' by Leeds City Council which alloiv5 the presence of street 5ex-workErs within particular time5 of the evenin8 and nighi. It has allrdcted 5ignificani l(Kal and national attcntion. and from July 2021 this ended. Leed5 City Council offieeis and Ctsuncillors feli that the local comrnunity hod felL sigrtifi¢antly impactrd by this issue, as well a5 the pandemic, and we hosLed a M￿siC fe￿]Val r211ed Holbeek BI￿ which showc&%ed Old Chapel bands and attractrd over 2(K) people. Fin*Dci*l revltw This financial peiiod coniinued with the uneertatn operdiing envimnmeni of the PTeViOUS year due to the Pondemie and gov¢rnm¢ni lts¢kdown re5tri¢¢ions. The Chatity's finanoia] position is Slable. The ¢hatity ffjan8ged to se¢uT¢ grani assiswire thi¢h ¢overed ren¢ r•t¢s and s(xne ￿l]dIng adaplations. Mark Hubbard was part of a group formed io proviije fetdback to DCMS on music S￿dI0$ which had noi been covered in the carly 8ovcrnmcnt guidance. This led ￿ forming a new sector Teprew13tive iK)dy thc Aswci2tion of Independent Rehearsal and Recording Studios (AIRRS). AIRSS rc(xkmrnendtd continued closure of studi05 in line with exisring guidartce for Certain leisure faciliti￿. Around the country aeces5 and allocation of 8rants to similar facilities nationwide has rKJi been uniforni or 8uardnteed. Mark HuFl>ard OCM studio manager succtssfully argued Ihe c&se io be included in the leisure facilities 8Tants and securcd finav¢ial aid from Le¢ds City Courttil. Withou¢ this il is unlikely th¢ ¢h¥ity ¢ould hawe suryiv¢d. GrartL% from the 8ovetnment for the eovid pandrrnir totalled £26,143. Rtnthon8 t¢mi room use obviously Teduced for tht ytar. Long temi occupiers opted to rontinut to continuc to pay for (heir rooms and the incomt from that %￿r¢¢ was £13.898 in total whbth is a good pcrftsnnan¢¢ Considering Ihe circumstances. During thi5 period of tinaThcial ￿nterIal￿ty. we are wieful for the continuin8 supp)rt from the KaiseT Chiefs. Davt Whillaker Music Limiied and Cloth Cat Studios. who conunued to pay rent to Old Cha￿1 Siudi05 enabling the swdios ￿ Survive this diffiujlt time. The OCM SLudios were open unul 20 Mar 2020. during which time rehearsal r¢Jom and equipment hir¢ £45.7S7 which w&5 on track to be a B£￿ financial year. Overall the frusteGs are cwutiously optsmistic that once the lo¢kth)K4Tt ￿alon$ end atld the pand¢mic is at a manageable l¢v¢l i.e. wher¢ mosi Sludio users will be able and leel safe LO use ihe facilities and a(Ltnd events that the tinanccs can recover arLd the scrvice5 offere4J ivill bc atlradive to people in th¢'knew nomal" The Trustees are extrtmcly 8ratefvl to the hard U￿rk dedicati¢Jn and re5iliencc of Ockl dir¢rtQT Mark Hubbard and the OCM staff and volunteers. Without th￿ none of this would be PDssible. R¢la¢ion5hips and potential towflitts The Trusiees continue to manag¢ the rK)ttntial for conflias 10 ari%. No benefjt has beert (x)nferred up)n any Trusiee by virtue of their Fvsition as a Tru5tec. No paymcnts to have been made and expenses have been claimed by Tnjsitts. The Chority's Trustees and volwiiws have conlributed their lime to various dis¢ussions and rnee¢irtgs ￿WardS the devtlopmeni and delivery of the Charity'5 wojects. Tn tht acc4M]nting wiod tht charitablt activities have been deliveied with only incidentsl rnanagtmthi and administration eo$4 which WI￿ld not have been possible without the eontribution of the volunteers. Plans for future Thc aim to provide frec or 5ub5idised rd￿r5￿ timc itl th¢ OCM tacility in lin¢ with PT¢ViQU5 y¢ar5. Page 5 Leeds Mllsie Trust Trustees Report The Trustees aim ￿ emsur¢ thai all t*n¢fJ¢iari¢s have a¢¢¢ss LO OPFN)rtwiifi¢s for ￿ll¢ation and development irj music composition, trchni9ue artd peifomiart¢e. The Trus￿ aim LO ttthbrace onlirte t¢¢hnologies to help improvt access io tht pro8rammes opera￿. The Trusttts tontinut to rtflect ihe impact of tht pandemic and learn lessons fn)m the thrtats and oprM)rtuniiies that li presented. Due to events during the year. includtn8 personal bereavemeni. Mark Hubbard h&s decided to remain as a director of OCM, but step back. from orKrational and day to day decision mgking and recruit and involve and hand over 10 two new direc￿ls. This ivill b¢ a ¢ortsid¢red and infomed transi(ion that will be in fvll consultstion, and agrcetncnt with, the LMT ix)ard. From July Katie Hayes btcame a Director of Old ChaFI CIC and Look on the role of joini Chief Eyecuiive Officer alongside Mth( Hubbard 10 start the transition process. Joe Keni became a Director of Old Chapel CIC ￿ Sup￿)rt the developrneni of the Siudios. They have EK>th 2ttended LMT Erf)ard mcetings to rerM)rt back on aclivities and developmcnts. Page 6 L*eds Music Trnst St2tement of Trusttts. R¢sponsibilitie5 The trustees {who are also the diredors of Lecds Musi¢ Trltst for the purwses of company lawl are r&SFoll5ibl¢ for preparing the financ121 stalements in aceordane¢ with th¢ United Kingdom Accouniing Stsndards IUni¢ed Kin8dom Generally Accesmed Accouniin8 Pts￿let) and applicable law and re8ulations. Company law requires the tnLsieEs to prepare financigl staiernthLS for each financial year. Under cotnpany law the uiJsiee5 not apprnve the financial siatements unless they are satisfied that they give 3 and fair view of the siaie ol affairs of the charitable company and of ILS incorning fe%)urce5 and appliratitsn of resourrts, includin8 its income and exwdiwre. for thai period. In weparin8 these fJnaThcial 5¢aLemenW the trllststs ar¢ required to.. 5elec¢ Suitable accounting wlicies and apply thcm consisicntly- observ¢ the mcthods and principles in the Chari¢ies SORP. make judBernents artd estimaies are reawnable and prudent- st3te whether applicable UK Accouniin8 Stsndards have been folloived. subject to any miierial departures disclosed and explaincd in the financial 5tatcments' and prepare the financial Statements on the going concern basis unless it is inappwiat¢ to p￿ume that th¢ tharitable ojmpany will continue in iwsin￿_ The tTUSttts are r¢sp)nsible for keeping adequao a¢¢ounting re¢ords are sufficient to show and explain the ch8riiable company's transactions and diselose ivith rel￿nable aCcU￿tY ai any time the financial p051tioD of the chafitsble company and cnable iht¥n u) ensu￿ that the financial statements rornply with the Companies A 2006. They are also rcswnsible r(K safeguarding the a&sets of th¢ charitable company and hence for ￿kIn8 nablt Steps for the prtvenLion and deieciion of traud and other irregularitics. Approved by tht Injstees of the charity on 29 Novembtr 2022 and si8ned on its E¢halfby: Mr C Guerin Trustee Pa8e 7 Chartered Accountants, Report to the Trusttts on the Preparation of tbe Unaudited Statutory AteouDts of Leeds Music Trust for the Year Ended 31 October 2021 In ￿der ¢0 assisi you to fvifil yotsr duties ynder the Companies Aa 2006, ￿ have wepared for your approval thc accounLS of Leeds Mu5ir TnL# foi the yw ended 31 Ociobtr 2021 as sel out on pages 9 LO 23 from ihc rnpany's accounting records and from infomiation and eXplan￿lon$ you have given ￿$. As a practising rnernber tinn of the In5titutE ofchartered Ac¢ounlants in England and Wale5 (ICAEW). w¢ are subjEc¢ to ethiol and other professional requir•n¢nts which are d¢tsil¢d ht(p.'Ilwww.ieaew.comlenlmtsnbersJre8ulaiions-Standards-and%uidancel l. This reKK)rt is made 501ely th the Board of Dittcwr5 of Leeds Music Tru51. as a Edy. in accordance with the terns of our engagemcni letter. Our w)rk h&$ undutsken solely to prepar¢ for your approval the of Leeds Musi¢ Tn￿1 and sta* those mauers have a8te¢d w wte w the Boord of Direcu>rs of Leeds Musir Trusu &% a ix)dy, in this rep)rt a¢¢ord3D¢e with ICAEW Te¢hnIC￿ Release 07116 AAF. To the fullest extcnt pemiued by law, we do not accept or assume resrx)n5ibility Lo anyonc other than Leeds Music Trust and its Board of Direciors as a tA)dy for our Kirk or for this rep￿. It is your duty to ensure that Leeds Musi¢ Trust has keo ad4uate ac¢ounDng r¢wrds athd w prepare srawrory accounts that giv¢ a tn2e and tsir vi¢w of th¢ asse￿ liabilitie4 fjrtancial rrf)siiion and results ot. Le¢¢ls Mu5tc TrusL. You consider ihat Leeds Music TnJA is exempt from the staiutory audil requirernent foT the yeor. We have not Iten instruatd ￿ cany ovt an audpt or a review of the ac¢ounL5 of Leeds Music Tru51. For this resson, we hove Th)t vcrified the aeturacy or tompleteness of the aecouniing te£oids or infornation 8nd explanations you have giv¢n io us and we do noi therefore. express any opinion on the sthtutory a¢¢oun(5. Docu5¥n•Jbr. Jon Child & Co Chartercd AccountanLS 79 Tib Streei Manches￿r M4 ILS 29 November 2022 p￿¢8 Leeds Music Trust Statetnent of Finaneial Activities for the Yur Ended 31 October 2021 (Including Ittcome and Eipenditnre Attount alld S¢atem¢Dt of Total Reeognised Gains and i￿) U*r¢stritied ds Restritted nd5 Total 2021 N•te Intome and Endowments from: Donaiiorts and le8acies 2,543 50.853 53,396 Totsl ineome 2.543 50.853 53,396 Expenditure on: Raisin8 funds Charitabl¢ activiti¢s (4.866) {7,892) {33.770} (12,758) (33,770 Total cxpenditure (4,866) {41.662) Net lexp¢nilitUr¢Yin￿MC 2.323 9.191 6.868 Net rnovemetti in fijnds (2.323) 9.191 6.868 Rtconriliation of fvhds Total funds brought fofwwd 23.593 31,975 Toial funds carried foThvard 13 21,270 Unrestricted Dd5 41,166 Rt51ricted fvttds 62,436 Total ZO20 N•te Income and EndowmtTrts from: Donations and le8a¢ies 421 50.065 50,486 Toial I[￿Orne 421 50,065 50.486 EApenditUTe on: Raising funds Charitable atlivities (3.593) (2.￿) 17.899) 41,920) 111,492) 143.926 Total expenditllre (5.599) 49,8191 155.418) Net ItxpendiLureyincomt (5,178) 246 14.932 Nei movement in funds {5.178) 246 14,932) Rttontiliation of funds Total lund5 brought tonward 28,771 31.729 60,500 Toial fvnds ¢arried forw¥d 13 23.593 31,975 55,568 All of the chariry's aCIiVllies derive from coniinuin8 opernion5 during thc atr*)vc Iwo periods. The funds br¢akdowM lor 2020 1$ shown ip 13. The notes on pages I I to 23 fom an iThwl part of rhes¢ finan¢ial statements. Pa8¢ 9 I￿edS Music Trust (Registration number: 06660387) Balance Sheet as at 31 October 2021 Z1121 Note Fijtd •5Stts Intsngible &5sets Tangible assets Tnvestmen 10.O(K) 21.787 1.250 31,960 io 31,788 43.211 Current assets Cash at bank and in hand 31.448 13,157 Credilor5.- Amoynts f*lllnE dthe within 12 1800 18 Ntt turrtnt assets 30.648 12,357 N¢t •ss¢t$ 55.568 Funds of the tharity: Restricted incomt funds R¢siTlCt¢d lunds 41,166 31,975 UDrtstrl¢t¢d Ibtomt funds Unre5trieted fvnds 21,270 23,593 Total f¥nds 13 62.436 55.568 For the financial year ending 31 (ktLthr 2021 the clwity w&8 eniit]td to excrnplion from audit under seciion 477 of the Cornpanies Act 2tM)6 relating to 5rnall comparties. Dircctor5' TC5P)Th5ibilitics'. The munbu5 have not T¢quircd the charity to obtain an audit of its accouTLts for the year in question in acwrdancc with S￿11￿ 476" and The directOTS acknoivledge their ruponsibilities for tomplyin8 with th¢ r¢quirtments of the Act with Tespect a￿oUn11n& re￿rdS and ihe preparaiion of accounts. Thcse tinancial Statements have ken prepar￿ In accordance wilh the Special provisions relating to L¥)mpartie5 subject small cornpaDies ￿1￿¢ within Part 15 of the Companies Act 2006. The tinancial ststements on page5 9 to 23 wert appToved by the trustee& and authorised for issue ort 29 November 2022 and 518ned on their behalf by.. Mr C Gutrin Tnwe¢ The notes on pages l i to 23 fomi att in¢egtal part of these fLnan¢ial statcmerLts. Page 10 Iths Music Trust Notes to ibe Financial Staitments for ihe Year Ended 31 Oetober 2021 I Charity 5tstU5 The charity is limiied by share capita], incoTr*Jr*d in Wale5. The address of ils re8istrred office is.. Old Chapel SLudios I Crossland Court Czar Strtet Lcds LSII 9PR The principal place of tAJsincss is.. Old Chapel Studios I Crossland Court CzAr Street Leeds LSII 9PR Thc% financial 5tatcmcnts urrr authoTiscd for issu¢ by the trus*es on 29 Nov¢mi*r 2022. 2 Atcounline poli¢its Summary of significant ¥ccownring policies *thd kty accoontithg tstith*tES The principal accouniing p)licits applied in the prewtion of these financial stsiemenLS are set out below. These policies ha￿ consistently applied to all the years prtsthttsl, unless othen¥ise slated. S¢4temfllt of compli¥ac¢ The financial S￿lements have bttn weparcd in ¥¢cordancc ivith Accwniing artd Reportin8 by Charities.. S¢atemenL of Recommend¢d Pra¢iice (applicable ￿ ¢hariLies preparin8 their accounts in accoTdance with the Financial RtKM)rtin8 Sthndard applicable in the UK and Republic of Trtland (FRS 1021) lissud in Ortob¢T 2019) [Ch￿1th¢S SORP IFRS 102)), the Financi￿ REPOrting Standard appli¢Able in th¢ UK and Republi¢ of Treland (FRS 1021 and the Compnies Aci 2006. B•sls •Cprep4ratiOII Leeds Music Trusi meets the definition of a public F*nefit enlity under FRS 102. Awts and liabiliLies are irtilially rccogni5ed ai histori¢al cost or trnnsaclion value UTh1￿ otherwise in the felevartL accounting rM)licy notL%. Coing cotycern The trustees consider that thcre art no material unccrtainties aiK)Ut the ¢harity'S ￿lIlrY to contirtue a5 a 80ing ¢A)ncern rn)r any 5ignific8ttt area5 of uncertainty that affect the ¢2rryin8 value of asseLS held by the charity. Exemptian preparing a taib flow ststememt The thaTity opted ￿ early adopt Bullctin I published on 2 Ftbnw 2016 and have ther¢fore not in¢luded a c&sh tlow sthtement in ihese fir￿￿131 Ststtmcnts. Page 11 I￿$ Music Trnst Iyotes to the Financial Statemeats for the Year Ended 31 October 2021 Income *nd endowmeTrts All income is rwogrtistd onc¢ the charity h¥s ettii¢l¢meni ts) the Iii¢om4 Li is probable that th¢ income will be received and the amount of the income receivable can bE me&%ured relbably. Donations are Te¢ognis¢d when the charity has been nrtif?ed in wriiing of trx)ih Ihe amount and settlement dat Jn Ihe event thaL a donation 15 subjeci W c(JndiLions that require a level of p￿ro￿nanCe by the charity beftsr¢ the charity is eniitled io the funds, the income is defcTred and not wgnisEd wilil eith¢r thos¢ conditsons are fully me4 or the fvlfilment of those conditions is wholly within the control of the eharity and li 15 probable that thc5e conditions will be fulfilled in the reportin8 rthod. Expenditure All expendityjre 15 reco8ni5td once th￿C is a le8al or construdive obligatTron kn that expendiDJr< it is probable 5ettlemenl is required and the wnowil can be mtasured rtliobly. All costs ore aJlo¢aLed kn th¢ applicable expenditure heading that agBrtga￿ similar Costs eaLeBory. Wh¢re COSLS cannot be directly attributed to particular headirt8S they have been allocat¢d on a basis consisieni with iht use of re50UTC£4 With central staff cosis allocated on the basis of iimc 5Fatt, and d￿c}￿lon tharges allocated on the porlion of the as￿,$ ust. Oih¢r supp)rt ¢05ts are allocated based on the 5pr¢ad of stsff costs. These are costs incurrcd in attrading voluntary incomc. the mana8emcmt of invrstsn¢nts and those irb¢urr¢d in trading artiVilie5 that rdisc funds. Ch&rliabl¢ ttrtlvilie5 charl￿ble expendiiure Compris￿ thosc costs incurred by the ¢harity in the delivery of its a￿1¥1[1¢$ and servict5 for its beneficiaries. li includes b)th COS￿ that can be alloc*ed direttly th such activiucs and those costs of an Indire￿ nature neccssary to suprmjrt them. Gronlprovi5iOnS Provisions lor granLS are made when the In￿110￿ ￿ make a grani has been communicated to the recipieni bu¢ there is uncertainty atrATrut eiiher the tirnin8 of the Brant OT the amount of grant payable. Supptsrt costs SupFQrt Costs include ccntral fvnction5 and have beeTh all¢xatcd ¢0 auivity c05¢ categoTi¥ on a basis comsisient th the use of resources. for ¢%amplE allocating proF*Tty ro$ts by flwr arcas, OT pet capiw siaff costs by the tirne S￿nt and other o)sts by their usage. Taxation The th3rity is coftstdered to Pa55 tests set out in Paz3graph I SdKdule 6 of the Finantt Act 2010 and thertfoie li meets the definition of a charitable tompany for UK corFKtrralion tsx Purposes. Ac£oTdingly, the charity is ￿tentIallY exempt from tsxation irt rtspcth of income or capital gains received within categories COV¢Ted by chap￿ 3 Part I l of the CoTrAJrdiion Act 2010 OT Seciion 256 of the TaxatlOD of Chargeable Gairts Act 1992. to Ihe LXLent ihai such income or gains are apwliul exclusively tts Chatitsble pury￿SeS. Goodwill G4y)dwill is amortised over its usefLLI lift of 20 years on a strai8hi line basis. Page 12 ithls Musie Trnst Notes to the Financial St#temetsts for the Y￿r Ended 31 October 2021 Tangible fijtd #55ets Individual fixed assets Cosling £O.(Kl or more are initia]ly re£orded at cosL less any subsequtnt accumulated depreciation and 5ub5cqucni atcumula*d ÉmrAirn)eni Ios5e5. Page 13 lttds Music Trust Notes to the Finantial Statements for tbt Year EDded 31 Octobtr 2021 Depreciation ¥nd amortisatifj Depreciation is provided on tsngible fixed assets so as ¢0 write off the cost or valuation. less any ¢stim*ed residual v¥41ue, ovcr their expec*d useful C￿[nIC life a5 follows: Asset tlass Land artd buildings PlanL and machinery Dtpretiation method and r8t¢ straigh¢ line basis over 10 year5 1 S % reducing balance basis Busine55 combinalio#$ Business coTnbina¢ions are aC￿n￿d for undu the purthase method. Where ne¢¢g50ry, adjusLments afe made the firt8n¢ial stat¢menLS of subsidiaries ￿ bring the aetOUniin8 ￿lie1c$ used lint with those used by the charity. All intra-8roup transaciions, balances, inLyJmc and exrxn5cs are climinatcd on consolidation. In accordance wilh Scciion 35 of FRS 102. Seciion 19 of FRS 102 ha5 not ken applied in thtse fJnan¢tal siatcments in respeu ot b￿SInesS combinations effeC￿d wior LO th¢ of transitiott. Fixed 4s5¢t inV¢Sthi£fvts FixEd a￿¢ investrnents, other than programmc related investh1￿4 are included ai marf(et valuc at the balanct sheet dale. Realised 8ains and losses o# inv¢sthithLs are calculatrd as the difference ￿twttn sales proceeds and their market value ai Iht stan of the year, or thtir subsequent COSL and are charged OT credited w the Stsiement of Financial Aaivi¢ies in ihe period of disposal. Unrealised gains and Ios5C5 rcpreseni the movement in rnaTket value5 during thc yrar and art credited or ch3rged to the Staterneni of Financial Aclivities based on the markd valu¢ at the y¢ar ¢nd. Cash and ¢￿h eqwiv¥leDts C&%h and cash equivalents comwise c&th on harKI and Call dcp)sits. and other 5hort-temi highly liquid inve51rnents tha¢ ar¢ T￿llY tonv¢rtible to a kno￿ amount of r¥h and are subj¢d lo an insignifLWt risk of thange in value. Tride crtdbtors Trade credi¢ors are obligaiions to pHy for goods OT services that have bren a¢quiTed in th¢ ordinary course of business from suppliers. Accounts pwyoble are tI￿lfied as current liabilifies if the charity doe5 not have an Llnconditional ri8ht, ai ihe end ol. the rew)rtin8 period: 10 defer settltment ot. the crtdilor tor at least twelve mnih5 after the rcp)rtiDg datc. If there is an unconditional Tight to defu sadement for 3¢ least twelve months after the reporting da¢e, they are pres￿l¢d as Donnstrumcmts. ￿her ddyt in51rum¢nLS not mccting thesE ronditions are measured at fair value through profit or Ios5. Commitments LO make and receive loans whith meet the wmditi￿$ meniioned aFM)ve are measured ai cos¢ llvhich may ￿ nil) less impairnieni. Inve51ments Investments in non•¢onvertible Frcferen¢¢ shares and non-puttable ordinary or preferenct share5 (where shares are publicly traded or their fair valve 1$ reliably mwuwable) ate measured hi fair value throu8h profit or 105$. WhcT¢ fair value cannot ￿ me￿￿ed reliably. invcslm￿Ls are measured at cost less impainnent. TnvestmenL4 irt subsidiaries and a&so¢iat¢s are Measur￿ ar COSL less impirmcnL For inve5tm¢nts in 5ubs¥diarie5 acquired foi ¢onsid¢ratioft includirtg the issut of shares qualifying for rtlief. cost is Measured by rcfercncc to the nominal value of the share5 issued plus fair valut ot- othcT tonsideration. Any premium is ignored. Page 17 L*eds Music Trust Notes to the Financial StaiemeDts for the Year Ended 31 (ktober 2021 Derivolivefinonciol instruments The charity uses derivative financial instrumtnts to rcduce eNry)surt ¢0 foreigrk exchange risk and interest rate overnents. The charity doe5 not hold or i&w¢ derivaLiv¢ finan¢i￿ instruments for speculaEbve wrposes. Derivaiives are inilially reeo8nised at fa¢T value at the date a derivative contraa is entered into and a subsequenily remeasured Lo their fair value at tath rep)rting dale_ The regjlting Bain or Ioss 15 recognised in stsiemeni of financial activitics irnmedia*ly unless the derivaLiV¢ is d¢si8naied and effective as a hedging instrumen4 in whirh event the bming of the reco8rtition irt stsiement of financial activitits de￿ndS on ihe n3iuTC of ihc hcdge relalionship. FtTir vAthe meosuremenl The best evidence of fair value 15 a quoted price for identical assd irt 2n aciive markei. When quoted wces are unavailable. the price of > rt¢eni tronsadion for an identical wovide5 evidence of fair value &$ lon8 &$ th¢Te has no¢ b¢¢n a si8rtifi¢artL chan8e In economic cireurns(ance5 or a significaTht lapse of Iimt sinet tht transaction took. placc. If ihe mthei is not aciive and reccnt tr3nsa¢tions of an identical &wt on their own are not a go(Ml cstimate of fair Yalue. the fair vilue is estima*d by using a valuation technique. J Ineome from donatio•s l¢ycic% UDr¢strlcted futtds General Restricted fu￿d$ Total funds Dortalions and legacits" Donations from individua)s 2.i43 50.853 53,396 Total for 2021 2.543 50.853 53,396 TotAI for 20211 421 50,065 50,486 Letds Music Trnst Ntstes to the Fillaneial Stalements for the Year Ended 31 October 2021 4 Exptnditsr¢ r¥ising fv*ds a) Costs of gtnerating donation5 awd leE#d¢s Uortstr6eted funds R¢striri¢d (￿ndS Totsl fijnds Not¢ Depreciation. amorti5ation and othcr similar ¢05ts 3.531 7.892 11.423 Other direct Costs of 8eneratin8 voluntary incorne Allocated support ￿$ts 375 375 960 Total for 2021 4.866 7,892 12,758 Tolal for 2020 3.593 7,899 1,492 To¢al eosts S Expenditsr¢ £haritsble xctivitks Uarestrieted fund5 Ceneral Reslricted funds Total fund5 Nole Grant funding of a¢iiviti¢S 33.770 33,770 Total for Z020 43,926 Page 19 Leeds Music Trust Notes to ihe Financial Statements for Ibe Year Ended 31 October 2021 T0141 expendltsre 6 Net intO￿l￿gI0¥*IQlTrg r¢sowr¢¢s Net incomingllou￿o1nS) resourccs for the year ifjrlude.. zozi 2020 Deprttiation of fixed ￿ets Amortisaiion of go(xlwll 10,173 1.250 10.242 1,250 7 Taxation The rharity 15 * regi#ered charity and is ihcrefore e%mpt frotn tawiw. 8 Int*llgiblt fiied ￿ets Goodwill Tot8] C05t Ar l Novembtr 2020 25.orJ) 25,(M)O At 31 O¢10￿r 2021 25.000 25.000 Amortisatio Ai l November 2020 13,750 1250 13.750 1.250 Charge for the year At 31 October 2021 15,000 15.000 Nei book value At 31 OCto￿r 2021 lo.0¢￿> 10.000 At 31 October 2020 11250 11.250 Page 20 I￿S Musie Trnst Notes to the FiDancial Statements for the Yur Ended 31 October 2021 9 T*Dgibl¢ fixed ￿5¢¢5 and FurnitsTe and ¢quipmen¢ Total C05t Ai l November 2020 97.800 16,277 14.077 At 31 Ociober 2021 97.8(K> 16,277 114.077 Depreciatio At l Novcmb¢r 2020 Charge for the year 13,657 393 82.117 10.173 9.780 AL 31 OCto￿r 2021 78,240 14.050 92.290 Net b(￿k value At 31 OCto￿r 2021 19.560 2.227 21.787 At 31 Octhber 2020 29,340 2.620 31.960 10 Flxtd •ssd 2021 21120 Share5 in group undcr(akings and partiCiP31ing ith*rests Pa8e21 lths Music Trusl Notes to the Financial Statements for the Year Ewd¢d 31 October 2021 Shxrts th group undert*kiny And participa11￿1 inler¢sts Subsidiary undertakings Total Cosl At l Noverntr￿I 2020 At 31 October 2021 Net book v¥lut At 31 O¢wber 2021 AL 31 Octobtr 2020 I I C￿kn #Trd cgslj tquivaltnts 2021 2020 C&sh at bank 31,448 13.157 12 CreditOf5: *mOTAwts f*Jllllg dw¢ wlthlTr one year 2021 2020 Accnjals 800 Page 22 l*eds Music Trnst Nol&s to ihe Fi*ancial Siatements for the Year Ended 31 October 2021 13 Fu•d$ Balante at I Novernbtr R¢sourtts exptnded Balanee at 31 October 2011 2•20 r¢soyr¢¢s Unrestrlded fuwds General 23.593 2,168 (4,491) 21.270 Rtstritttd furtds 31.975 50.853 141,662 41,166 Total f•nds 55.568 5),021 46,IS3 62,436 Bal¥n¢t a¢ I November IAeoming Balance at 31 Ort•ber 2020 2019 expended Umrt5tTitled fund5 G¢ncrJl 28.771 421 {5,5991 23.593 31.729 50.065 149,819 31.975 Total funds 60.5 50.486 155.418) 55.568 Pa8t 23